Income Taxes (Tables)

12 Months Ended

Dec. 31, 2015

Income Tax Disclosure [Abstract]

Components of income tax provision

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

	Year ended December 31,
(in thousands)	2015			2014		2013
Current:
Federal	$	(3,237	)	$	32,600	$	11,812
State and local	(762		)	5,677		225
Foreign	1,224			1,409		1,400
	$	(2,775	)	$	39,686	$	13,437
Deferred:
Federal	$	1,756		$	19,741	$	35,147
State and local	519			1,830		4,321
Foreign	258			244		906
	$	2,533		$	21,815	$	40,374
Total:
Federal	$	(1,481	)	$	52,341	$	46,959
State and local	(243		)	7,507		4,546
Foreign	1,482			1,653		2,306
	$	(242	)	$	61,501	$	53,811

Components of income before income taxes

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

	Year ended December 31,
(in thousands)	2015			2014		2013
U.S.	$	(18,867	)	$	174,262	$	141,673
Foreign	7,303			9,884		7,840
	$	(11,564	)	$	184,146	$	149,513

Effective tax rate reconciliation

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

	Year ended December 31,
	2015		2014		2013
Statutory U.S. federal tax rate	35.0	%	35.0	%	35.0	%
Increase (decrease) in rate resulting from:
Effect of qualified domestic production deduction	—		(1.4	)	(0.4	)
Effect of Patient Protection and Affordable Care Act	—		—		0.9
Effect of noncontrolling interest	5.3		(2.5	)	(1.3	)
State and local income taxes, net of related federal taxes	1.4		2.7		2.0
Income taxes on foreign earnings	9.4		(0.4	)	0.1
Change in pre-acquisition tax liability and other costs	3.5		—		0.4
Tax associated with accrued and unpaid dividends	(13.6	)	—		—
Goodwill impairment	(35.6	)	—		—
Nondeductible compensation	(5.0	)	0.2		0.1
Other, net	1.7		(0.2	)	(0.8	)
Effective tax rate	2.1	%	33.4	%	36.0	%

Deferred tax liabilities and assets

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

	December 31,
(in thousands)	2015			2014
Deferred tax liabilities:
Property, plant and equipment and Rail Group assets leased to others	$	(170,588	)	$	(133,869	)
Prepaid employee benefits	—			(18,453		)
Equity method investments	(45,673		)	(36,045		)
Other	(22,261		)	(5,388		)
	(238,522		)	(193,755		)
Deferred tax assets:
Employee benefits	27,160			52,107
Accounts and notes receivable	2,611			1,784
Inventory	11,918			9,964
Net operating loss carryforwards	4,542			1,155
Other	13,583			148
Total deferred tax assets	59,814			65,158
Valuation allowance	(593		)	(232		)
	59,221			64,926
Net deferred tax liabilities	$	(179,301	)	$	(128,829	)

Unrecognized tax benefits excluding interest and penalties

A reconciliation of the January 1, 2013 to December 31, 2015 amount of unrecognized tax benefits is as follows:

(in thousands)
Balance at January 1, 2013	$	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
Additions based on tax positions related to the current year	125
Additions based on tax positions related to prior years	384
Reductions as a result of a lapse in statute of limitations	(132		)
Balance at December 31, 2014	1,487
Additions based on tax positions related to the current year	55
Additions based on tax positions related to prior years	691
Reductions based on tax positions related to prior years	(518		)
Reductions as a result of a lapse in statute of limitations	(284		)
Balance at December 31, 2015	$	1,431