Income Taxes (Tables)

12 Months Ended

Dec. 31, 2012

Income Tax Disclosure [Abstract]

Components of income tax provision

Income tax provision applicable to continuing operations consists of the following:

	Year ended December 31,
(in thousands)	2012			2011			2010
Current:
Federal	$	23,816		$	39,015		$	22,288
State and local	3,492			5,603			3,613
Foreign	757			962			1,156
	$	28,065		$	45,580		$	27,057
Deferred:
Federal	$	14,808		$	5,281		$	13,558
State and local	1,982			553			595
Foreign	(287		)	(361		)	(1,948		)
	$	16,503		$	5,473		$	12,205
Total:
Federal	$	38,624		$	44,296		$	35,846
State and local	5,474			6,156			4,208
Foreign	470			601			(792		)
	$	44,568		$	51,053		$	39,262

Components of income before income taxes

Income before income taxes from continuing operations consists of the following:

	Year ended December 31,
(in thousands)	2012		2011		2010
U.S. income	$	119,325	$	146,420	$	106,184
Foreign	808		1,458		(2,041		)
	$	120,133	$	147,878	$	104,143

Effective tax rate reconciliation

A reconciliation from the statutory U.S. federal tax rate to the effective tax rate follows:

	Year ended December 31,
	2012		2011		2010
Statutory U.S. federal tax rate	35.0	%	35.0	%	35.0	%
Increase (decrease) in rate resulting from:
Effect of qualified domestic production deduction	(0.8	)	(1.6	)	(1.1	)
Effect of Patient Protection and Affordable Care Act	(0.6	)	—		1.4
State and local income taxes, net of related federal taxes	3.0		2.7		2.5
Other, net	0.5		(1.6	)	(0.1	)
Effective tax rate	37.1	%	34.5	%	37.7	%

Deferred tax liabilities and assets

Significant components of the Company's deferred tax liabilities and assets are as follows:

	December 31,
(in thousands)	2012			2011
Deferred tax liabilities:
Property, plant and equipment and railcar assets leased to others	$	(85,556	)	$	(72,997	)
Prepaid employee benefits	(16,490		)	(15,419		)
Investments	(23,180		)	(23,262		)
Other	(6,402		)	(3,205		)
	(131,628		)	(114,883		)
Deferred tax assets:
Employee benefits	45,400			42,482
Accounts and notes receivable	1,920			1,909
Inventory	4,800			6,326
Deferred expenses	11,540			16,022
Net operating loss carryforwards	654			1,299
Other	5,038			3,688
Total deferred tax assets	69,352			71,726
Valuation allowance	—			—
	69,352			71,726
Net deferred tax liabilities	$	(62,276	)	$	(43,157	)

Unrecognized tax benefits excluding interest and penalties

A reconciliation of the January 1, 2010 to December 31, 2012 amount of unrecognized tax benefits is as follows:

(in thousands)
Balance at January 1, 2010	$	318
Additions based on tax positions related to the current year	20
Additions based on tax positions related to prior years	474
Reductions as a result of a lapse in statute of limitations	(198		)
Balance at December 31, 2010	614
Additions based on tax positions related to the current year	—
Additions based on tax positions related to prior years	43
Reductions as a result of a lapse in statute of limitations	(22		)
Balance at December 31, 2011	635
Additions based on tax positions related to the current year	97
Additions based on tax positions related to prior years	415
Reductions as a result of a lapse in statute of limitations	(101		)
Balance at December 31, 2012	$	—