Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Provision

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

	Year ended December 31,
(in thousands)	2019		2018			2017
Current:
Federal	$	1,079	$	(549	)	$	(1,668	)
State and local	1,215		323			643
Foreign	4,361		1,138			1,125
	6,655		912			100
Deferred:
Federal	4,409		10,073			(61,655		)
State and local	1,925		578			(2,107		)
Foreign	62		367			528
	6,396		11,018			(63,234		)
Total:
Federal	5,488		9,525			(63,323		)
State and local	3,140		901			(1,464		)
Foreign	4,423		1,505			1,653
	$	13,051	$	11,931		$	(63,134	)

Components of Income Before Income Taxes

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

	Year ended December 31,
(in thousands)	2019		2018		2017
U.S.	$	18,982	$	46,678	$	(25,645	)
Foreign	9,129		6,478		5,120
	$	28,111	$	53,156	$	(20,525	)

Schedule of Effective Tax Rate Reconciliation

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

	Year ended December 31,
	2019		2018		2017
Statutory U.S. federal tax rate	21.0	%	21.0	%	35.0	%
Increase (decrease) in rate resulting from:
Acquisition related permanent item	24.0		—		—
Federal income tax credits	(23.2	)	(3.4	)	—
State and local income taxes, net of related federal taxes	7.3		3.4		(4.2	)
Equity method investments	5.7		1.1		(0.4	)
Nondeductible compensation	4.6		1.5		(2.5	)
Impact of unrecognized tax benefits	3.9		(0.1	)	3.0
Effect of noncontrolling interest	2.4		0.1		0.2
Change in federal and state tax rates	2.1		(2.1	)	374.8
Income taxes on foreign earnings	(0.6	)	(1.5	)	(2.2	)
Tax effect of GILTI	0.4		1.4		—
Other, net	(1.2	)	0.5		4.4
Impacts related to the 2017 Tax Act	—		0.6		(7.1	)
Goodwill impairment	—		—		(93.5	)
Tax associated with accrued and unpaid dividends	—		—		0.1
Effective tax rate	46.4	%	22.5	%	307.6	%

Schedule of Deferred Tax Liabilities and Assets

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

	December 31,
(in thousands)	2019			2018
Deferred tax liabilities:
Property, plant and equipment and Rail Group assets leased to others	$	(149,317	)	$	(169,558	)
Identifiable intangibles	(13,736		)	—
Investments	(41,354		)	(24,732		)
Other	(10,228		)	(7,999		)
	(214,635		)	(202,289		)
Deferred tax assets:
Employee benefits	20,583			13,161
Accounts and notes receivable	3,577			2,069
Inventory	2,437			7,595
Federal income tax credits	12,005			13,075
Identifiable intangibles	—			1,213
Net operating loss carryforwards	5,259			12,766
Deferred interest (a)	2,385			6,476
Lease liability	11,072			8,473
Other	12,093			8,839
Total deferred tax assets	69,411			73,667
less: Valuation allowance	931			1,185
	68,480			72,482
Net deferred tax liabilities	$	(146,155	)	$	(129,807	)

Schedule of Unrecognized Tax Benefits Excluding Interest and Penalties

A reconciliation of theses unrecognized tax benefits is as follows:

(in thousands)
Balance at January 1, 2017	$	1,452
Additions based on tax positions related to the current year	—
Additions based on tax positions related to prior years	—
Reductions based on tax positions related to prior years	(92		)
Reductions as a result of a lapse in statute of limitations	(573		)
Balance at December 31, 2017	787
Additions based on tax positions related to the current year	—
Reductions based on tax positions related to prior years	—
Reductions as a result of a lapse in statute of limitations	(169		)
Balance at December 31, 2018	618
Additions based on tax positions related to the current year	1,766
Additions based on tax positions related to prior years	20,649
Reductions based on tax positions related to prior years	(155		)
Reductions as a result of a lapse in statute of limitations	(463		)
Balance at December 31, 2019	$	22,415