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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2021
Income Tax Disclosure [Abstract] |
Schedule of Components of Income Tax Provision | Income tax provision (benefit) from continuing operations consists of the following:
| Year ended December 31,
(in thousands) | 2021 |  | 2020 |  | 2019
Current: |  |  |  |  |
Federal | $ | 23,333 |  |  | $ | (42,718) |  |  | $ | 1,162 |
State and local | 4,934 |  |  | (748) |  |  | 740 |
Foreign | 760 |  |  | 6,731 |  |  | 3,687 |
| 29,027 |  |  | (36,735) |  |  | 5,589 |
Deferred: |  |  |  |  |
Federal | (3,687) |  |  | 28,665 |  |  | 1,999 |
State and local | 819 |  |  | 1,180 |  |  | 1,952 |
Foreign | 3,069 |  |  | (4,020) |  |  | (395) |
| 201 |  |  | 25,825 |  |  | 3,556 |
Total: |  |  |  |  |
Federal | 19,646 |  |  | (14,053) |  |  | 3,161 |
State and local | 5,753 |  |  | 432 |  |  | 2,692 |
Foreign | 3,829 |  |  | 2,711 |  |  | 3,292 |
| $ | 29,228 |  |  | $ | (10,910) |  |  | $ | 9,145 |
Components of Income Before Income Taxes | Income (loss) before income taxes from continuing operations consists of the following:
| Year ended December 31,
(in thousands) | 2021 |  | 2020 |  | 2019
U.S. | $ | 143,712 |  |  | $ | (38,319) |  |  | $ | 8,159 |
Foreign | 17,058 |  |  | 11,238 |  |  | 4,862 |
| $ | 160,770 |  |  | $ | (27,081) |  |  | $ | 13,021 |
Schedule of Effective Tax Rate Reconciliation | A reconciliation from the statutory U.S. federal tax rate to the effective tax rate follows:
| Year ended December 31,
| 2021 |  | 2020 |  | 2019
Statutory U.S. federal tax rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
Increase (decrease) in rate resulting from: |  |  |  |  |
State and local income taxes, net of related federal taxes | 2.5 |  |  | 0.5 |  |  | 15.8 |
Federal tax rate differential | 0.4 |  |  | (2.1) |  |  | 2.0 |
U.S. tax rate change and other tax law impacts (a) | 0.5 |  |  | 56.2 |  |  | 4.5 |
Effect of noncontrolling interest | (4.2) |  |  | (17.0) |  |  | 5.2 |
Derivative instruments and hedging activities | 0.4 |  |  | (11.8) |  |  | (5.4) |
U.S. income taxes on foreign earnings | 0.7 |  |  | (1.8) |  |  | 11.1 |
Nondeductible compensation | 1.9 |  |  | (5.5) |  |  | 10.0 |
Unrecognized tax benefits | 2.1 |  |  | (72.2) |  |  | 146.7 |
Valuation allowance | 0.1 |  |  | (1.9) |  |  | (2.0) |
Foreign tax credits | (1.3) |  |  | (0.5) |  |  | (10.8) |
Research and development and other tax credits | (5.0) |  |  | 75.6 |  |  | (189.4) |
Equity method investments | (0.6) |  |  | (0.1) |  |  | 12.2 |
Acquisition related permanent item | — |  |  | — |  |  | 51.8 |
Other, net | (0.3) |  |  | (0.1) |  |  | (2.5) |
Effective tax rate | 18.2 | % |  | 40.3 | % |  | 70.2 | %
(a) Reflects the impact of the CARES Act which provided a financial statement benefit of $14.8 million in 2020.
Schedule of Deferred Tax Liabilities and Assets | Significant components of the Company's deferred tax liabilities and assets are as follows:
| December 31,
(in thousands) | 2021 |  | 2020
Deferred tax liabilities: |  |  |
Property, plant and equipment and Rail assets leased to others | $ | (66,913) |  |  | $ | (203,432) |
Identifiable intangibles | (7,022) |  |  | (9,677) |
Investments | (35,842) |  |  | (50,244) |
Other | (3,859) |  |  | (3,427) |
| (113,636) |  |  | (266,780) |
Deferred tax assets: |  |  |
Employee benefits | 27,695 |  |  | 20,910 |
Accounts and notes receivable | 2,189 |  |  | 4,207 |
Inventory | 4,533 |  |  | 1,905 |
Federal income tax credits | 2,292 |  |  | 25,163 |
Net operating loss carryforwards | 2,906 |  |  | 25,427 |
Derivative instruments | 1,774 |  |  | 5,949 |
Lease liability | 64 |  |  | 9,068 |
Other | 5,426 |  |  | 5,456 |
Total deferred tax assets | 46,879 |  |  | 98,085 |
less: Valuation allowance | 2,834 |  |  | 1,452 |
| 44,045 |  |  | 96,633 |
Net deferred tax liabilities(a) | $ | (69,591) |  |  | $ | (170,147) |
(a) The Company had deferred tax assets of $1.5 million included in Other assets in the Consolidated Balance Sheets as of December 31, 2021.
Schedule of Unrecognized Tax Benefits Excluding Interest and Penalties | A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows:
(in thousands) | 2021 |  | 2020 |  | 2019
Balance at beginning of period | $ | 44,401 |  |  | $ | 22,415 |  |  | $ | 618 |
Tax positions related to the current year |  |  |  |  |
Gross additions | 13,179 |  |  | 11,598 |  |  | 1,766 |
Tax positions related to prior years |  |  |  |  |
Gross additions | 1,364 |  |  | 12,013 |  |  | 20,649 |
Gross reductions | (7,190) |  |  | (1,566) |  |  | (155) |
Lapse in statute of limitations | — |  |  | (59) |  |  | (463) |
Balance at end of period | $ | 51,754 |  |  | $ | 44,401 |  |  | $ | 22,415 |

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=121826272&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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=121826272&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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319 + Details
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- Definition Tabular disclosure for 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 and other income tax contingencies. Includes, but is not limited to, interest and penalties, reconciliation of unrecognized tax benefits, unrecognized tax benefits that would affect the effective tax rate, tax years that remain subject to examination by tax jurisdictions, and information about positions for which it is reasonably possible that amounts unrecognized will significantly change within 12 months. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15A -URI http://asc.fasb.org/extlink&oid=121826272&loc=SL6600010-109319 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32718-109319 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 19 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32840-109319 + Details
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