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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2016
Income Tax Disclosure [Abstract] |
Components of income tax provision | Income tax provision (benefit) applicable to continuing operations consists of the following:
| Year ended December 31,
(in thousands) | 2016 |  | 2015 |  | 2014
Current: |  |  |  |  |
Federal | $ | (702 | ) |  | $ | (3,237 | ) |  | $ | 32,600 |
State and local | 199 |  |  | (762 | ) |  | 5,677 |
Foreign | 1,385 |  |  | 1,224 |  |  | 1,409 |
| $ | 882 |  |  | $ | (2,775 | ) |  | $ | 39,686 |
Deferred: |  |  |  |  |
Federal | $ | 3,523 |  |  | $ | 1,756 |  |  | $ | 19,741 |
State and local | 1,696 |  |  | 519 |  |  | 1,830 |
Foreign | 810 |  |  | 258 |  |  | 244 |
| $ | 6,029 |  |  | $ | 2,533 |  |  | $ | 21,815 |
Total: |  |  |  |  |
Federal | $ | 2,821 |  |  | $ | (1,481 | ) |  | $ | 52,341 |
State and local | 1,895 |  |  | (243 | ) |  | 7,507 |
Foreign | 2,195 |  |  | 1,482 |  |  | 1,653 |
| $ | 6,911 |  |  | $ | (242 | ) |  | $ | 61,501 |
Components of income before income taxes | Income (loss) before income taxes from continuing operations consists of the following:
| Year ended December 31,
(in thousands) | 2016 |  | 2015 |  | 2014
U.S. | $ | 11,526 |  |  | $ | (18,867 | ) |  | $ | 174,262 |
Foreign | 9,855 |  |  | 7,303 |  |  | 9,884 |
| $ | 21,381 |  |  | $ | (11,564 | ) |  | $ | 184,146 |
Effective tax rate reconciliation | A reconciliation from the statutory U.S. federal tax rate to the effective tax rate follows:
| Year ended December 31,
| 2016 |  | 2015 |  | 2014
Statutory U.S. federal tax rate | 35.0 | % |  | 35.0 | % |  | 35.0 | %
Increase (decrease) in rate resulting from: |  |  |  |  |
Effect of noncontrolling interest | (4.7 | ) |  | 5.3 |  |  | (2.5 | )
State and local income taxes, net of related federal taxes | 5.8 |  |  | 1.4 |  |  | 2.7 |
Income taxes on foreign earnings | (1.3 | ) |  | 9.4 |  |  | (0.4 | )
Change in pre-acquisition tax liability and other costs | — |  |  | 3.5 |  |  | — |
Tax associated with accrued and unpaid dividends | 3.2 |  |  | (13.6 | ) |  | — |
Goodwill impairment | — |  |  | (35.6 | ) |  | — |
Nondeductible compensation | 2.0 |  |  | (5.0 | ) |  | 0.2 |
Federal income tax credits | (7.3 | ) |  | — |  |  | — |
Other, net | (0.4 | ) |  | 1.7 |  |  | (1.6 | )
Effective tax rate | 32.3 | % |  | 2.1 | % |  | 33.4 | %
Deferred tax liabilities and assets | Significant components of the Company's deferred tax liabilities and assets are as follows:
| December 31,
(in thousands) | 2016 |  | 2015
Deferred tax liabilities: |  |  |
Property, plant and equipment and Rail Group assets leased to others | $ | (179,250 | ) |  | $ | (170,588 | )
Equity method investments | (45,244 | ) |  | (45,673 | )
Other | (22,286 | ) |  | (22,261 | )
| (246,780 | ) |  | (238,522 | )
Deferred tax assets: |  |  |
Employee benefits | 25,403 |  |  | 27,160 |
Accounts and notes receivable | 2,964 |  |  | 2,611 |
Inventory | 9,979 |  |  | 11,918 |
Federal income tax credits | 7,150 |  |  | — |
Net operating loss carryforwards | 3,322 |  |  | 4,542 |
Other | 16,224 |  |  | 13,583 |
Total deferred tax assets | 65,042 |  |  | 59,814 |
Valuation allowance | (310 | ) |  | (593 | )
| 64,732 |  |  | 59,221 |
Net deferred tax liabilities | $ | (182,048 | ) |  | $ | (179,301 | )
Unrecognized tax benefits excluding interest and penalties | A reconciliation of the January 1, 2014 to December 31, 2016 amount of unrecognized tax benefits is as follows:
(in thousands) |
Balance at January 1, 2014 | $ | 1,110 |
Additions based on tax positions related to the current year | 125 |
Additions based on tax positions related to prior years | 384 |
Reductions as a result of a lapse in statute of limitations | (132 | )
Balance at December 31, 2014 | 1,487 |
Additions based on tax positions related to the current year | 55 |
Additions based on tax positions related to prior years | 691 |
Reductions based on tax positions related to prior years | (518 | )
Reductions as a result of a lapse in statute of limitations | (284 | )
Balance at December 31, 2015 | 1,431 |
Additions based on tax positions related to the current year | 113 |
Additions based on tax positions related to prior years | — |
Reductions based on tax positions related to prior years | (40 | )
Reductions as a result of a lapse in statute of limitations | (52 | )
Balance at December 31, 2016 | $ | 1,452 |

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- Definition 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. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 + Details
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- Definition 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. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 + Details
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- Definition 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. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32687-109319 + Details
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- Definition Tabular disclosure of tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities (i.e., uncertain tax positions) and other types of income tax contingencies, including: (1) the policy on classification of interest and penalties; (2) a tabular reconciliation of the total amounts of unrecognized tax benefits at the beginning and end of the period; the total amount(s) of: (3) unrecognized tax benefits that, if recognized, would affect the effective tax rate, and (4) interest and penalties recognized in each of the income statement and balance sheet; (5) for positions for which it is reasonably possible that the total amounts unrecognized will significantly change within 12 months of the reporting date the: (i) nature of the uncertainty, (ii) nature of the event that could occur that would cause the change, and (iii) an estimate of the range of the reasonably possible change or a statement that an estimate of the range cannot be made; and (6) a description of tax years that remain subject to examination by major tax jurisdictions. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 + Details
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