| Income Tax Disclosure [Abstract] | Period [Axis] |
|---|
2016-01-01 - 2016-12-31 |
|---|
Income Tax Disclosure [Abstract] | |
(Loss) Income Before Income Taxes and Equity Gains (Losses) in Chinese Joint Venture |
(Loss) income before income
taxes and equity gains (losses) in Chinese joint venture is
comprised of the following:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2016 |
|
|
2015 |
|
|
2014 |
|
|
Domestic
|
|
$ |
(26,326 |
) |
|
$ |
6,000 |
|
|
$ |
(1,182 |
) |
|
Foreign
|
|
|
(31,194 |
) |
|
|
(1,480 |
) |
|
|
290 |
|
|
|
|
$ |
(57,520 |
) |
|
$ |
4,520 |
|
|
$ |
(892 |
) |
|
Income Tax Provision (Benefit) |
The income tax provision
(benefit) consisted of the following:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2016 |
|
|
2015 |
|
|
2014 |
|
|
Current:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal
|
|
$ |
(1,574 |
) |
|
$ |
4,577 |
|
|
$ |
3,458 |
|
|
State
|
|
|
465 |
|
|
|
378 |
|
|
|
210 |
|
|
Foreign
|
|
|
414 |
|
|
|
(20 |
) |
|
|
122 |
|
|
|
|
|
(695 |
) |
|
|
4,935 |
|
|
|
3,790 |
|
|
Deferred:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal
|
|
|
(2,688 |
) |
|
|
(2,203 |
) |
|
|
(4,678 |
) |
|
State
|
|
|
(1,838 |
) |
|
|
197 |
|
|
|
54 |
|
|
Foreign
|
|
|
(2,472 |
) |
|
|
(296 |
) |
|
|
101 |
|
|
Increase (reversal) of
valuation allowance
|
|
|
30,405 |
|
|
|
0 |
|
|
|
(33 |
) |
|
|
|
|
23,407 |
|
|
|
(2,302 |
) |
|
|
(4,556 |
) |
|
|
|
$ |
22,712 |
|
|
$ |
2,633 |
|
|
$ |
(766 |
) |
|
Difference Between Statutory U.S. Federal Income Tax and the Corporation's Effective Income Tax |
The difference between
statutory U.S. federal income tax and the Corporation’s
effective income tax was as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2016 |
|
|
2015(1) |
|
|
2014(1) |
|
|
Computed at statutory
rate
|
|
$ |
(19,984 |
) |
|
$ |
1,402 |
|
|
$ |
(683 |
) |
|
Tax differential on
non-U.S. earnings
|
|
|
1,790 |
|
|
|
106 |
|
|
|
128 |
|
|
State income
taxes
|
|
|
(1,535 |
) |
|
|
226 |
|
|
|
(227 |
) |
|
Manufacturers deduction
(I.R.C. Section 199)
|
|
|
204 |
|
|
|
(433 |
) |
|
|
(359 |
) |
|
Meals and
entertainment
|
|
|
143 |
|
|
|
136 |
|
|
|
224 |
|
|
Tax credits
|
|
|
0 |
|
|
|
(243 |
) |
|
|
(12 |
) |
|
Goodwill
impairment
|
|
|
9,191 |
|
|
|
0 |
|
|
|
0 |
|
|
Increase (reversal) of
valuation allowance
|
|
|
30,405 |
|
|
|
0 |
|
|
|
(33 |
) |
|
Change in tax
rates
|
|
|
1,913 |
|
|
|
224 |
|
|
|
301 |
|
|
Change in uncertain tax
positions
|
|
|
114 |
|
|
|
91 |
|
|
|
(80 |
) |
|
Acquisition-related
costs
|
|
|
571 |
|
|
|
981 |
|
|
|
0 |
|
|
Other –
net
|
|
|
(100 |
) |
|
|
143 |
|
|
|
(25 |
) |
|
|
|
$ |
22,712 |
|
|
$ |
2,633 |
|
|
$ |
(766 |
) |
| |
(1) |
Certain
reclassifications have been made to the prior year columns to
conform to the current year presentation. |
|
Deferred Income Tax Assets and Liabilities |
Deferred income tax assets
and liabilities as of December 31, 2016 and 2015 are
summarized below.
|
|
|
|
|
|
|
|
|
|
|
|
2016 |
|
|
2015 |
|
|
Assets:
|
|
|
|
|
|
|
|
|
|
Employment – related
liabilities
|
|
$ |
18,659 |
|
|
$ |
9,644 |
|
|
Pension liability –
foreign
|
|
|
2,241 |
|
|
|
2,822 |
|
|
Pension liability –
domestic
|
|
|
16,133 |
|
|
|
12,934 |
|
|
Liabilities related to
discontinued operations
|
|
|
241 |
|
|
|
704 |
|
|
Capital loss
carryforwards
|
|
|
282 |
|
|
|
223 |
|
|
Asbestos-related
liability
|
|
|
21,024 |
|
|
|
16,356 |
|
|
Net operating loss –
domestic
|
|
|
653 |
|
|
|
0 |
|
|
Net operating loss –
state
|
|
|
2,123 |
|
|
|
1,445 |
|
|
Net operating loss –
foreign
|
|
|
19,106 |
|
|
|
0 |
|
|
Inventory
related
|
|
|
2,157 |
|
|
|
4,292 |
|
|
Impairment charge
associated with investment in UES-MG
|
|
|
2,184 |
|
|
|
2,298 |
|
|
Investment tax credits
– foreign
|
|
|
791 |
|
|
|
0 |
|
|
Other
|
|
|
6,660 |
|
|
|
3,311 |
|
|
Gross deferred income tax
assets
|
|
|
92,254 |
|
|
|
54,029 |
|
|
Valuation
allowance(1)
|
|
|
(45,449 |
) |
|
|
(2,481 |
) |
|
|
|
|
46,805 |
|
|
|
51,548 |
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
Depreciation
|
|
|
(37,584 |
) |
|
|
(29,223 |
) |
|
Mark-to-market adjustment
– derivatives
|
|
|
(187 |
) |
|
|
(40 |
) |
|
Intangible assets –
definite life
|
|
|
(2,067 |
) |
|
|
0 |
|
|
Intangible assets –
indefinite life
|
|
|
(731 |
) |
|
|
0 |
|
|
Other
|
|
|
(2,003 |
) |
|
|
(1,716 |
) |
|
Gross deferred income tax
liabilities
|
|
|
(42,572 |
) |
|
|
(30,979 |
) |
|
Net deferred income tax
assets
|
|
$ |
4,233 |
|
|
$ |
20,569 |
|
| (1) |
Certain deferred income
tax assets acquired in the ASW acquisition had valuation allowances
recorded in the opening balance sheet. Accordingly, the valuation
allowance indicated in the deferred income tax table differs from
the valuation allowance recognized in the income tax provision for
2016. |
|
Summary of Changes in Unrecognized Tax Benefits |
The following summarizes
changes in unrecognized tax benefits for the year ended
December 31:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2016 |
|
|
2015 |
|
|
2014 |
|
|
Balance at the beginning of
the year
|
|
$ |
315 |
|
|
$ |
52 |
|
|
$ |
270 |
|
|
Gross increases for tax
positions taken in the current year
|
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
Gross increases for tax
positions taken in prior years
|
|
|
0 |
|
|
|
283 |
|
|
|
2 |
|
|
Gross decreases in tax
positions due to lapse in statute of limitations
|
|
|
(79 |
) |
|
|
(20 |
) |
|
|
(61 |
) |
|
Gross decreases for tax
positions taken in prior years
|
|
|
0 |
|
|
|
0 |
|
|
|
(17 |
) |
|
Gross decreases for tax
settlements with taxing authorities
|
|
|
0 |
|
|
|
0 |
|
|
|
(142 |
) |
|
Balance at the end of the
year
|
|
$ |
236 |
|
|
$ |
315 |
|
|
$ |
52 |
|
|