Income Taxes (Tables)

12 Months Ended

Dec. 31, 2011

Income before income taxes and minority interest consists of the following:

Significant components of the provision for income taxes are as follows:

The reconciliation of income taxes computed at the U.S. federal statutory tax rate to income tax expense is as follows:



	Year Ended December 31,
	2011			2010			2009
Income tax expense at U.S. statutory rate	$	22,041		$	9,974		$	29,589
State income taxes, net of federal tax benefit	810			976			319
Foreign income (loss), net of credit on foreign taxes	137			176			(31		)
Effective tax rate differential of earnings outside of U.S.	(1,901		)	(1,221		)	(1,455		)
Foreign investment tax credit	(777		)	(305		)	(385		)
Non-taxable gain on acquisition of business	—			(394		)	(2,434		)
Non-deductible (taxable) items	74			(144		)	(735		)
(Income) provision for tax contingencies	(28		)	2			(69		)
Domestic production activities deduction	(1,626		)	(1,071		)	(1,413		)
	$	18,730		$	7,993		$	23,386

Significant components of the Company’s deferred tax assets and liabilities are as follows:



	December 31, 2011			December 31, 2010
Deferred tax assets:
Accruals and reserves	$	14,036		$	13,699
Pensions	5,562			4,245
Inventory	1,630			1,363
Stock options	4,539			5,412
Tax credit carryforwards	1,070			594
Foreign net operating loss carryforwards	1,405			861
Federal net operating loss carryforward	—			10,189
State net operating loss carryforward	1,442			947
Other — net	1,138			1,279
Total deferred tax assets before valuation allowance	$	30,822		$	38,589
Valuation allowance	(1,869		)	(758		)
Total deferred tax assets, net of valuation allowance	$	28,953		$	37,831
Deferred tax liabilities:
Property, plant and equipment	$	16,392		$	11,973
Intangibles	38,888			52,312
Convertible notes	3,613			—
Total deferred tax liabilities	$	58,893		$	64,285
Net deferred tax liabilities	$	29,940		$	26,454