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Income Taxes | 9 Months Ended
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Sep. 30, 2017
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes On a quarterly basis, the Company estimates the effective tax rate expected to be applicable for the full year and makes changes if necessary based on new information or events. The estimated annual effective tax rate is forecast based on actual historical information and forward-looking estimates and is used to provide for income taxes in interim reporting periods. The Company also recognizes the tax impact of certain unusual or infrequently occurring items, such as the effects of changes in tax laws or rates and impacts from settlements with tax authorities, discretely in the quarter in which they occur. Additionally, the annual effective tax rate differs from the statutory U.S. Federal tax rate of 35%primarily due to the impact of state income taxes, impact of foreign equity earnings and to benefits or costs related to various permanent book versus tax differences and tax credits. For the three months ended September 30, 2017, the Company recorded income tax expense of $2.4 million at an effective tax rate of 47.7%, which varied from the U.S. Federal tax rate of 35% primarily due to a 6.7% increase in the rate related to the reversal of previously recorded railroad track maintenance tax credit benefits and tax charges related to non-deductible expenses. For the three months ended September 30, 2016, the Company recorded an income tax expense of $1.1 million at an effective tax rate of 24.8%. For the nine months ended September 30, 2017, the Company recorded income tax expense of $7.5 million at an effective tax rate of (38.2)%, which varied from the U.S. Federal tax rate of 35% primarily due to the recording of the $42.0 million goodwill impairment charge which did not provide a corresponding tax benefit. For the nine months ended September 30, 2016, the Company recorded income tax expense of $1.5 million at an effective tax rate of 32.0%.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 + Details
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