Income Taxes (Tables)

12 Months Ended

Dec. 31, 2013

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)	2013		2012			2011
Current:
Federal	$	11,812	$	23,816		$	39,015
State and local	225		3,492			5,603
Foreign	1,400		757			962
	$	13,437	$	28,065		$	45,580
Deferred:
Federal	$	35,147	$	14,808		$	5,281
State and local	4,321		1,982			553
Foreign	906		(287		)	(361		)
	$	40,374	$	16,503		$	5,473
Total:
Federal	$	46,959	$	38,624		$	44,296
State and local	4,546		5,474			6,156
Foreign	2,306		470			601
	$	53,811	$	44,568		$	51,053

Components of income before income taxes

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

	Year ended December 31,
(in thousands)	2013		2012		2011
U.S. income	$	141,673	$	119,325	$	146,420
Foreign	7,840		808		1,458
	$	149,513	$	120,133	$	147,878

Effective tax rate reconciliation

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

	Year ended December 31,
	2013		2012		2011
Statutory U.S. federal tax rate	35.0	%	35.0	%	35.0	%
Increase (decrease) in rate resulting from:
Effect of qualified domestic production deduction	(0.4	)	(0.8	)	(1.6	)
Effect of Patient Protection and Affordable Care Act	0.9		(0.6	)	—
Effect of noncontrolling interest	(1.3	)	1.1		(0.4	)
State and local income taxes, net of related federal taxes	2.0		3.0		2.7
Other, net	(0.2	)	(0.6	)	(1.2	)
Effective tax rate	36.0	%	37.1	%	34.5	%

Deferred tax liabilities and assets

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

	December 31,
(in thousands)	2013			2012
Deferred tax liabilities:
Property, plant and equipment and railcar assets leased to others	$	(110,472	)	$	(85,556	)
Prepaid employee benefits	(17,725		)	(16,490		)
Investments	(29,749		)	(23,180		)
Other	(5,426		)	(6,402		)
	(163,372		)	(131,628		)
Deferred tax assets:
Employee benefits	36,593			45,400
Accounts and notes receivable	1,890			1,920
Inventory	6,605			4,800
Deferred expenses	689			11,540
Net operating loss carryforwards	631			654
Other	1,905			5,038
Total deferred tax assets	48,313			69,352
Valuation allowance	(92		)	—
	48,221			69,352
Net deferred tax liabilities	$	(115,151	)	$	(62,276	)

Unrecognized tax benefits excluding interest and penalties

A reconciliation of the January 1, 2011 to December 31, 2013 amount of unrecognized tax benefits is as follows:

(in thousands)
Balance at January 1, 2011	$	614
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	1,046
Additions based on tax positions related to the current year	114
Reductions based on tax positions related to prior years	(45		)
Reductions as a result of a lapse in statute of limitations	(5		)
Balance at December 31, 2013	$	1,110