Income Taxes (Tables)

12 Months Ended

Dec. 31, 2011

Income Taxes [Abstract]

Components of Income (Loss) Before Income Taxes

The components of income (loss) before income taxes were taxed under the following jurisdictions:

(In thousands)	2011		2010		2009
Domestic	$	118,208	$	88,262	$	36,478
Foreign		11,953		33,588		(13,349	)
Income before income taxes	$	130,161	$	121,850	$	23,129

Components of Income Tax Expense

Income tax expense consists of the following:

(In thousands)	2011			2010			2009
Current tax expense:
Federal	$	43,127		$	32,132		$	14,834
Foreign		1,740			6,292			3,248
State and local		2,398			2,518			2,264
Current tax expense		47,265			40,942			20,346
Deferred tax (benefit) expense:
Federal		(6,480	)		(4,057	)		(4,321	)
Foreign		344			(2,036	)		3,893
State and local		1,946			(534	)		(2,126	)
Deferred tax (benefit) expense		(4,190	)		(6,627	)		(2,554	)
Income tax expense	$	43,075		$	34,315		$	17,792

Income Tax Reconciliation

The difference between the reported income tax expense and a tax determined by applying the applicable U.S. federal statutory income tax rate to income before income taxes is reconciled as follows:

(In thousands)	2011			2010			2009
Expected income tax expense	$	45,556		$	42,647		$	8,095
State and local income tax, net of federal benefit		4,267			2,867			2,844
Effect of foreign statutory rate different from U.S. and other foreign adjustments		(560	)		(2,143	)		435
Valuation allowance changes		(443	)		(5,496	)		52
U.S. production activities deduction		(3,850	)		(2,975	)		(700	)
Gain on early retirement of debt		-			-			(45	)
Goodwill impairment		-			-			8,728
Tax contingency changes		(1,934	)		(1,516	)		(973	)
Other, net		39			931			(644	)
Income tax expense	$	43,075		$	34,315		$	17,792

Unrecognized Tax Benefits Reconciliation

The following summarizes the activity related to the Company's unrecognized tax benefits:

(In thousands)	2011			2010
Beginning balance	$	8,565		$	11,282
Increases related to prior year tax positions		-			134
Increases related to current year tax positions		-			47
Decreases related to prior year tax positions		(802	)		(612	)
Decreases related to settlements with taxing authorities		-			(392	)
Decreases due to lapses in the statute of limitations		(1,191	)		(1,894	)
Ending balance	$	6,572		$	8,565

Components of Deferred Tax Assets and Liabilities

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are presented below:

(In thousands)	2011			2010
Deferred tax assets:
Accounts receivable	$	424		$	1,961
Inventories		11,075			7,885
Other postretirement benefits and accrued items		13,880			13,889
Pension		19,262			14,764
Other reserves		14,671			13,516
Federal and foreign tax attributes		7,421			6,651
State tax attributes, net of federal benefit		30,478			32,138
Other		2,296			2,062
Total deferred tax assets		99,507			92,866
Less valuation allowance		(29,705	)		(28,714	)
Deferred tax assets, net of valuation allowance		69,802			64,152
Deferred tax liabilities:
Property, plant, and equipment		44,757			48,330
Foreign withholding tax		-			719
Pension		8,589			8,621
Other		893			1,093
Total deferred tax liabilities		54,239			58,763
Net deferred tax asset	$	15,563		$	5,389