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Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2020
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)202020192018
Current:
  Federal$(42,718)$1,079 $(549)
  State and local(748)1,215 323 
  Foreign7,133 4,361 1,138 
(36,333)6,655 912 
Deferred:
  Federal29,158 4,409 10,073 
  State and local1,127 1,925 578 
  Foreign(4,211)62 367 
26,074 6,396 11,018 
Total:
  Federal(13,560)5,488 9,525 
  State and local379 3,140 901 
  Foreign2,922 4,423 1,505 
$(10,259)$13,051 $11,931 
Components of Income Before Income Taxes
Income (loss) before income taxes from continuing operations consists of the following:
Year ended December 31,
(in thousands)202020192018
  U.S.$(38,419)$18,982 $46,678 
  Foreign13,945 9,129 6,478 
$(24,474)$28,111 $53,156 
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,
202020192018
Statutory U.S. federal tax rate21.0 %21.0 %21.0 %
Increase (decrease) in rate resulting from:
State and local income taxes, net of related federal taxes4.6 7.3 3.4 
U.S. tax rate change and other tax law impacts (a)
60.2 2.1 (1.5)
Effect of noncontrolling interest(18.8)2.4 0.1 
Derivative instruments and hedging activities(13.0)— — 
Income taxes on foreign earnings(6.8)(0.6)(1.5)
Nondeductible compensation(6.1)4.6 1.5 
Release (accrual) of unrecognized tax benefits2.7 3.9 (0.1)
Tax effect of GILTI— 0.4 1.4 
Research and development and other tax credits1.4 (23.2)(3.4)
Equity method investments(0.1)5.7 1.1 
Acquisition related permanent item— 24.0 — 
Other, net(3.2)(1.2)0.5 
Effective tax rate41.9 %46.4 %22.5 %
(a) Reflects the impact of the CARES Act which provided a financial statement benefit of $14.8 million.
Schedule of Deferred Tax Liabilities and Assets
Significant components of the Company's deferred tax liabilities and assets are as follows:
December 31,
(in thousands)20202019
Deferred tax liabilities:
 Property, plant and equipment and Rail assets leased to others$(203,432)$(149,317)
 Identifiable intangibles(9,677)(13,736)
 Investments(50,244)(41,354)
 Other(7,878)(10,228)
(271,231)(214,635)
Deferred tax assets:
 Employee benefits20,910 20,583 
 Accounts and notes receivable4,207 3,577 
 Inventory1,905 2,437 
 Federal income tax credits25,163 12,005 
 Deferred interest (b)
359 2,385 
 Net operating loss carryforwards25,427 5,259 
 Derivatives instruments5,949 3,123 
 Lease liability9,068 11,072 
 Other9,548 8,970 
Total deferred tax assets102,536 69,411 
less: Valuation allowance1,452 931 
101,084 68,480 
Net deferred tax liabilities$(170,147)$(146,155)
(b) The deferred interest tax asset represents disallowed interest deductions under IRC Section 163(j) (Limitation on Deduction for interest on Certain Indebtedness) for the current year. The disallowed interest is able to be carried forward indefinitely and utilized in future years pursuant to IRC Section 163(j)).
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, 2018
$787 
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 year1,766 
Additions based on tax positions related to prior years20,649 
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 
Additions based on tax positions related to the current year11,598 
Additions based on tax positions related to prior years12,013 
Reductions based on tax positions related to prior years(1,566)
Reductions as a result of a lapse in statute of limitations(59)
Balance at December 31, 2020
$44,401