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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2017

INCOME TAXES

Schedule of significant components of the provision or benefit for income taxes

Significant components of the provision or benefit for income taxes for the years ended December 31 were as follows:

		2017(1)			2016			2015
		(in thousands)
Current provision (benefit):
Federal		$	(1,969)		$	(604)		$	9,156
State			3,701			(335)			165
Foreign			331			1,052			2,124
			2,063			113			11,445
Deferred provision (benefit):
Federal			(9,312)			8,161			12,914
State			(867)			1,354			3,589
Foreign			(34)			7			(68)
			(10,213)			9,522			16,435
Total provision (benefit) for income taxes		$	(8,150)		$	9,635		$	27,880

¹⁾ For 2017, the income tax provision (benefit) reflects the provisional impact of the Tax Reform Act, as previously disclosed in this Note. Deferred income tax liabilities were reduced by approximately $24.5 million as a result of the decrease in the U.S. corporate statutory rate from 35% to 21%, effective January 1, 2018, and current tax expense was reduced by approximately $1.3 million as a result of the law change and the Company’s application of a blended rate due to the use of a fiscal year other than the calendar year for U.S. income tax filing purposes.

Schedule of components of the deferred tax provision or benefit

Components of the deferred tax provision or benefit for the years ended December 31, were as follows:

		2017(1)			2016(1)			2015(1)
		(in thousands)
Amortization, depreciation, and basis differences for property, plant and equipment and other long-lived assets		$	21,876		$	12,182		$	21,098
Amortization of intangibles			(1,030)			(3,623)			(3,184)
Changes in reserves for workers’ compensation, third-party casualty, and cargo claims			(812)			362			(674)
Revenue recognition			332			1,862			7
Allowance for doubtful accounts			(719)			(295)			307
Foreign tax credit carryforward utilized			—			—			434
Nonunion pension and other retirement plans			(1,977)			3,861			(234)
Deferred compensation plans			226			203			541
Federal net operating loss carryforwards utilized			28			161			70
State net operating loss carryforwards utilized (generated)			229			(304)			623
State depreciation adjustments			(1,244)			(758)			(657)
Share-based compensation			352			(681)			(621)
Valuation allowance increase (decrease)			401			(61)			22
Leases			16			(1)			(969)
Other accrued expenses			(852)			(4,108)			1,256
Provisional impact of the Tax Reform Act(2)			(24,542)			—			—
Other			(2,497)			722			(1,584)
Deferred tax provision (benefit)		$	(10,213)		$	9,522		$	16,435

¹⁾ The components of the deferred tax provision above reflect the statutory U.S. income tax rate in effect for the applicable year, which is 35%.  

²⁾ For 2017, the provisional effect of the change in the U.S. corporate tax rate to 21% in accordance with the Tax Reform Act is reflected as a separate component of the deferred tax provision.

Schedule of significant components of deferred tax assets and liabilities

Significant components of the deferred tax assets and liabilities at December 31 were as follows:

		2017(1)			2016(1)
		(in thousands)
Deferred tax assets:
Accrued expenses		$	36,843		$	53,366
Pension liabilities			4,413			4,869
Postretirement liabilities other than pensions			6,236			9,903
Share-based compensation			4,466			7,119
Federal and state net operating loss carryovers			1,781			2,229
Other			1,508			1,856
Total deferred tax assets			55,247			79,342
Valuation allowance			(844)			(293)
Total deferred tax assets, net of valuation allowance			54,403			79,049
Deferred tax liabilities:
Amortization, depreciation, and basis differences for property, plant and equipment, and other long-lived assets			73,725			95,248
Intangibles			14,573			24,715
Revenue recognition			6,172			5,679
Prepaid expenses			3,125			5,109
Total deferred tax liabilities			97,595			130,751
Net deferred tax liabilities		$	(43,192)		$	(51,702)

¹⁾ The amounts for deferred tax assets and liabilities reflect the applicable tax rates for each category, with the U.S. federal rate at 35% for 2016 and at 21% for a substantial portion of 2017 temporary differences in accordance with the Tax Reform Act. The amounts also include deferred taxes for states and foreign jurisdictions.

Reconciliation between the effective income tax rate, as computed on income or loss before income taxes, and the statutory federal income tax rate

Reconciliation between the effective income tax rate, as computed on income before income taxes, and the statutory federal income tax rate for the years ended December 31 is presented in the following table:

		2017(1)			2016(1)			2015(1)
		(in thousands)
Income tax provision at the statutory federal rate		$	18,052		$	9,901		$	25,457
Federal income tax effects of:
State income taxes			(992)			(357)			(1,314)
Nondeductible expenses			1,551			1,653			1,426
Life insurance proceeds and changes in cash surrender value			(927)			(1,001)			(110)
Dividends received deduction			(9)			(11)			(3)
Alternative fuel credit			—			(1,180)			(1,141)
Increase (decrease) in valuation allowances			401			(61)			22
Decrease in uncertain tax positions(2)			(720)			—			—
Adoption of ASC 718 relating to stock compensation(3)			(1,129)			—			—
Impact of the Tax Reform Act on current tax(1)			(1,288)			—			—
Impact of the Tax Reform Act on deferred tax(1)			(24,542)			—			—
Other(4)			(1,678)			(1,387)			(2,267)
Federal income tax provision (benefit)			(11,281)			7,557			22,070
State income tax provision			2,834			1,019			3,754
Foreign income tax provision			297			1,059			2,056
Total provision (benefit) for income taxes		$	(8,150)		$	9,635		$	27,880
Effective tax (benefit) rate			(15.8)	%		34.1	%		38.3	%

⁽¹⁾ Amounts in this reconciliation reflect the statutory U.S. income tax rate in effect for the applicable year prior to the enactment of the Tax Reform Act, which is 35%. For 2017, the effect of the change in the U.S. corporate tax rate to 21% in accordance with the Tax Reform Act is reflected in separate components of the reconciliation.

⁽²⁾ The statute of limitations for the federal return on which these credits were claimed expired in the fourth quarter of 2017.

⁽³⁾ The Company made a policy election to account for forfeitures as they occur.

⁽⁴⁾ Includes foreign income tax provision, as presented in this table.

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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