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Income Taxes | 12 Months Ended
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Dec. 31, 2017
Income Taxes [Abstract] |
Income Taxes | ﻿ Note 15 - Income Taxes ﻿ On December 22, 2017, the President of the United States signed into law the Tax Act. The Tax Act includes a number of changes to existing U.S. tax laws that impact the company, most notably a reduction of the U.S. corporate income tax rate from 35 percent to 21 percent for tax years beginning after December 31, 2017. The Tax Act also provides for the acceleration of depreciation for certain assets placed into service after September 27, 2017 as well as prospective changes beginning in 2018, including the repeal of the domestic manufacturing deduction and additional limitations on executive compensation. ﻿ The C ompany recognized the income tax effects of the Tax Act in its 2017 financial statements in accordance with Staff Accounting Bulletin No. 118, which provides SEC staff guidance for the application of ASC 740, Income Taxes, in the reporting period in which the Tax Act was signed into law. The Company is still analyzing the Tax Act and refining its calculations; however, reasonable estimates have been made for the remeasurement of U.S. deferred tax balances to reflect the new U.S. corporate income tax rate. The accounting is expected to be complete when the 2017 U.S. corporate income tax return is filed in 2018. ﻿ The change to existing U.S. tax law as a result of the Tax Act which we believe has the most s ignificant impact on the C ompany’s income tax provision is the reduction of the U.S. cor porate statutory tax rate. The C ompany measures deferred tax assets and liabilities using enacted tax rates that will apply in the years in which the temporary differences are expected to be recov ered or paid. Accordingly, the C ompany’s deferred tax assets and liabilities were remeasured to reflect the reduction in the U.S. corporate income tax rate from 35 percent to 21 percent, resulting in a $2,502 increase in income tax expense for the year ended December 31, 2017 and a corresponding $2,502 decrease in net deferred tax assets as of December 31, 2017. ﻿ ﻿ The (benefit) provision for income taxes for the periods indicated includes current and deferred components as follows: ﻿
﻿ |  |  |  |  |
﻿ | Year Ended December 31,
﻿ | 2017 |  | 2016 |  | 2015
﻿Current taxes |  |  |  |  |
﻿Federal | $ (2,230) |  | $ (15,747) |  | $ 16,709
﻿State | (187) |  | (486) |  | 751
﻿ | (2,417) |  | (16,233) |  | 17,460
﻿Deferred taxes |  |  |  |  |
﻿Federal | (4,703) |  | 23,869 |  | (2,767)
﻿State | (1,721) |  | (1,146) |  | 88
﻿ | (6,424) |  | 22,723 |  | (2,679)
﻿Tax (benefit) expense related to a (decrease) increase in unrecognized tax benefits | (57) |  | (1,120) |  | 59
﻿Interest expense, gross of related tax effects | 53 |  | (1,906) |  | (9)
﻿Total (benefit) provision | $ (8,845) |  | $ 3,464 |  | $ 14,831
﻿ ﻿ ﻿ ﻿ The (benefit) provision for income taxes for the periods indicated differs from the amounts computed by applying the federal statutory rate as follows: ﻿ ﻿
﻿ |  |  |  |  |
﻿ | Year Ended December 31,
﻿ | 2017 |  | 2016 |  | 2015
﻿Statutory U.S. federal income tax rate | 35.0% |  | 35.0% |  | 35.0%
﻿State income taxes, net of federal tax benefit | 3.4% |  | 3.4% |  | 3.2%
﻿Valuation allowance | 0.1% |  | (2.6)% |  | (1.0)%
﻿Enactment of the Tax Cuts and Jobs Act | (8.0)% |  | 0.0% |  | 0.0%
﻿Domestic manufacturing deduction | (1.0)% |  | 7.6% |  | (3.6)%
﻿State rate and other changes in deferred taxes | (1.3)% |  | (1.9)% |  | 0.4%
﻿Federal and state credits | 0.1% |  | (4.8)% |  | (2.7)%
﻿Uncertain tax positions | (0.3)% |  | (16.1) % |  | 0.4%
﻿Nondeductible expenses and other | 0.2% |  | 1.3% |  | 0.1%
﻿Effective income tax rate | 28.2% |  | 21.9% |  | 31.8%
﻿ ﻿ ﻿ Deferred income taxes result from temporary differences in the financial and tax basis of assets and liabilities. Components of deferred tax assets (liabilities) consisted of the following: ﻿ ﻿ ﻿
﻿ |  |  |  |  |  |  |  |  |
﻿ |  |  | December 31, 2017 |  | December 31, 2016
﻿Description |  |  | Assets |  | Liabilities |  | Assets |  | Liabilities
﻿ |  |  |  |  |  |  |  |  |
﻿Accrued postretirement and pension benefits |  |  | $ 2,545 |  | $ - |  | $ 4,624 |  | $ -
﻿Intangible assets |  |  | - |  | (1,669) |  | - |  | (2,838)
﻿Accrued expenses |  |  | 4,104 |  | - |  | 6,961 |  | -
﻿Deferred state and local incentive revenue |  |  | 2,933 |  | - |  | 4,733 |  | -
﻿Inventory valuation |  |  | 1,869 |  | - |  | 2,621 |  | -
﻿Property, plant and equipment and railcars on operating leases |  |  | - |  | (8,957) |  | - |  | (14,897)
﻿Net operating loss and tax credit carryforwards |  |  | 13,371 |  | - |  | 5,731 |  | -
﻿Stock-based compensation expense |  |  | 807 |  | - |  | 2,825 |  | -
﻿Other |  |  | 1,085 |  | (379) |  | 419 |  | (761)
﻿ |  |  | 26,714 |  | (11,005) |  | 27,914 |  | (18,496)
﻿Valuation allowance |  |  | (6,263) |  | - |  | (5,197) |  | -
﻿Deferred tax assets (liabilities) |  |  | $ 20,451 |  | $ (11,005) |  | $ 22,717 |  | $ (18,496)
﻿Increase (decrease) in valuation allowance |  |  | $ 1,066 |  |  |  | $ (600) |  |
﻿ ﻿ ﻿ A valuation allowance is provided when it is more likely than not that some portion or all of the deferred tax assets will not be realized. Although realization of our net deferred assets is not certain, management has concluded that, based on the positive and negative evidence considered, we will more likely than not realize the full benefit of the deferred tax assets except for our deferred tax assets in certain states. The Company has certain pretax state net operating loss carryforwards of $116,621 which will expire between 2020 and 2037, of which $80,749 have a valuation allowance recorded. The Company has federal net operating loss carryforwards and federal tax credit carryforwards of $18,578 and $2,051, respectively, which will expire between 2030 and 2037. A reconciliation of the beginning and ending gross amounts of unrecognized tax benefits for t he years ended December 31, 2017, 2016 and 2015, were as follows: ﻿ ﻿
﻿ |  |  |  |  |
﻿ | 2017 |  | 2016 |  | 2015
﻿Beginning of year balance | $ 1,572 |  | $ 2,503 |  | $ 2,444
﻿Increases in prior period tax positions | - |  | 13 |  | -
﻿Decreases in prior period tax positions | (189) |  | (1,924) |  | -
﻿Increases in current period tax positions | - |  | 980 |  | 59
﻿End of year balance | $ 1,383 |  | $ 1,572 |  | $ 2,503
﻿ ﻿ ﻿ The total estimated unrecognized tax benefit that, if recognized, would affect the Company's effective tax rate was approximately $408, $465 and $1,581 as of December 31, 2017, 2016 and 2015, respectively. Due to the nature of the Company's unrecognized tax benefits, the Company does not expect changes in its unrecognized tax benefit reserve in the next twelve months to have a material impact on its financial statements. The Company's income tax provision included $106 of expense (net of a federal tax benefit of $13), $1,419 of benefit (net of a federal tax expense of $667) and $110 of expense (net of a federal tax benefit of $60) related to interest and penalties for the years ended December 31, 2017, 2016 and 2015, respectively. The Company records interest and penalties as a component of income tax expense. Such expenses brought the balance of accrued interest and penalties to $106, $0 and $2,086 at December 31, 201 7, 201 6 and 201 5, respectively. The Company and/or its subsidiaries file income tax returns with the U.S. f ederal government and in various state and foreign jurisdictions. The Company is currently under examination of its 2015 and 2016 federal income tax return s by the Internal Revenue Service. A summary of tax years that remain subject to examination is as follows: ﻿ ﻿
﻿ |
﻿Jurisdiction | Earliest Year Open to Examination
﻿U.S. Federal | 2010
﻿States: |
﻿Pennsylvania | 2000
﻿Texas | 2013
﻿Illinois | 2010
﻿Virginia | 2014
﻿Colorado | 2010
﻿Indiana | 2010
﻿Nebraska | 2010
﻿Alabama | 2014
﻿Foreign: |
﻿ China | 2015
﻿ ﻿ ﻿

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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 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32559-109319 Reference 3: 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=65882285&loc=d3e32718-109319 Reference 4: 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=65882285&loc=d3e32639-109319 Reference 5: 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=65882285&loc=d3e32537-109319 + Details
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