Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

Income Tax Disclosure [Abstract]

Summary of Tax Expenses

Income taxes are summarized as follows:

	Year ended December 31,
	2018		2017			2016
	(in thousands)
Current:
Federal	$	101,427	$	116,400		$	24,208
State		12,285		9,382			1,943
Foreign		8,990		11,533			10,806
		122,702		137,315			36,957
Deferred:
Federal		4,381		(104,062	)		91,190
State		299		(10,724	)		3,753
Foreign		6,258		939			2,205
		10,938		(113,847	)		97,148
	$	133,640	$	23,468		$	134,105

Schedule of Effective Income Tax Rate Reconciliation

Income taxes differ from the amounts computed by applying the federal income tax rates of 21% for 2018 and 35.0% for 2017 and 2016. A reconciliation of these differences is as follows:

	Year ended December 31,
		2018					2017					2016
	(in thousands, except percentages)
Taxes calculated at federal rate	$	128,003		21.0	%	$	155,866		35.0	%	$	167,153		35.0	%
State taxes, net of federal benefit		9,941		1.6			(872	)	(0.2	)		3,703		0.8
Change in liability for tax positions		875		0.1			(3,482	)	(0.8	)		(10,512	)	(2.2	)
Foreign income taxed at different rates		7,287		1.2			(6,163	)	(1.3	)		(7,983	)	(1.7	)
Federal tax credits		—		—			—		—			(12,265	)	(2.6	)
Tax reform impact		(6,804	)	(1.1	)		(129,139	)	(29.0	)		—		—
Unremitted foreign earnings		(146	)	—			14,997		3.3			—		—
Other items, net		(5,516	)	(0.9	)		(7,739	)	(1.7	)		(5,991	)	(1.2	)
	$	133,640		21.9	%	$	23,468		5.3	%	$	134,105		28.1	%

Net Deferred Tax (Liability) Assets

The primary components of temporary differences that give rise to the Company’s net deferred tax liability are as follows:

	December 31,
	2018			2017
	(in thousands)
Deferred tax assets:
Deferred revenue	$	7,362		$	7,766
Employee benefits		87,960			86,519
Bad debt reserves		7,421			7,191
Loss reserves		1,793			1,372
Pension		18,817			22,600
Net operating loss carryforward		13,290			13,914
Securities		11,356			—
Foreign tax credit		8,415			7,976
Other		5,464			5,673
		161,878			153,011
Valuation allowance		(10,621	)		(10,333	)
		151,257			142,678
Deferred tax liabilities:
Depreciable and amortizable assets		230,758			204,863
Claims and related salvage		108,497			104,323
Investments in affiliates		1,957			3,343
Securities		—			11,656
Unremitted foreign earnings		10,506			14,997
		351,718			339,182
Net deferred tax liability	$	200,461		$	196,504

Changes in Unrecognized Tax Benefits

A reconciliation of the beginning and ending amounts of unrecognized tax benefits for the years ended December 31, 2018, 2017 and 2016 is as follows:

	December 31,
	2018		2017			2016
	(in thousands)
Unrecognized tax benefits—beginning balance	$	12,800	$	18,100		$	23,800
Gross decreases—prior period tax positions		—		(1,000	)		(7,100	)
Gross increases—current period tax positions		500		—			1,400
Settlements with taxing authorities		—		(4,300	)		—
Unrecognized tax benefits—ending balance	$	13,300	$	12,800		$	18,100