Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Provision

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

	Year ended December 31,
(in thousands)	2021		2020		2019
Current:
Federal	$	23,333	$	(42,718)	$	1,162
State and local	4,934		(748)		740
Foreign	760		6,731		3,687
	29,027		(36,735)		5,589
Deferred:
Federal	(3,687)		28,665		1,999
State and local	819		1,180		1,952
Foreign	3,069		(4,020)		(395)
	201		25,825		3,556
Total:
Federal	19,646		(14,053)		3,161
State and local	5,753		432		2,692
Foreign	3,829		2,711		3,292
	$	29,228	$	(10,910)	$	9,145

Components of Income Before Income Taxes

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

	Year ended December 31,
(in thousands)	2021		2020		2019
U.S.	$	143,712	$	(38,319)	$	8,159
Foreign	17,058		11,238		4,862
	$	160,770	$	(27,081)	$	13,021

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,
	2021		2020		2019
Statutory U.S. federal tax rate	21.0	%	21.0	%	21.0	%
Increase (decrease) in rate resulting from:
State and local income taxes, net of related federal taxes	2.5		0.5		15.8
Federal tax rate differential	0.4		(2.1)		2.0
U.S. tax rate change and other tax law impacts (a)	0.5		56.2		4.5
Effect of noncontrolling interest	(4.2)		(17.0)		5.2
Derivative instruments and hedging activities	0.4		(11.8)		(5.4)
U.S. income taxes on foreign earnings	0.7		(1.8)		11.1
Nondeductible compensation	1.9		(5.5)		10.0
Unrecognized tax benefits	2.1		(72.2)		146.7
Valuation allowance	0.1		(1.9)		(2.0)
Foreign tax credits	(1.3)		(0.5)		(10.8)
Research and development and other tax credits	(5.0)		75.6		(189.4)
Equity method investments	(0.6)		(0.1)		12.2
Acquisition related permanent item	—		—		51.8
Other, net	(0.3)		(0.1)		(2.5)
Effective tax rate	18.2	%	40.3	%	70.2	%

(a) Reflects the impact of the CARES Act which provided a financial statement benefit of $14.8 million in 2020.

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)	2021		2020
Deferred tax liabilities:
Property, plant and equipment and Rail assets leased to others	$	(66,913)	$	(203,432)
Identifiable intangibles	(7,022)		(9,677)
Investments	(35,842)		(50,244)
Other	(3,859)		(3,427)
	(113,636)		(266,780)
Deferred tax assets:
Employee benefits	27,695		20,910
Accounts and notes receivable	2,189		4,207
Inventory	4,533		1,905
Federal income tax credits	2,292		25,163
Net operating loss carryforwards	2,906		25,427
Derivative instruments	1,774		5,949
Lease liability	64		9,068
Other	5,426		5,456
Total deferred tax assets	46,879		98,085
less: Valuation allowance	2,834		1,452
	44,045		96,633
Net deferred tax liabilities(a)	$	(69,591)	$	(170,147)

(a) The Company had deferred tax assets of $1.5 million included in Other assets in the Consolidated Balance Sheets as of December 31, 2021.

Schedule of Unrecognized Tax Benefits Excluding Interest and Penalties

A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows:

(in thousands)	2021		2020		2019
Balance at beginning of period	$	44,401	$	22,415	$	618
Tax positions related to the current year
Gross additions	13,179		11,598		1,766
Tax positions related to prior years
Gross additions	1,364		12,013		20,649
Gross reductions	(7,190)		(1,566)		(155)
Lapse in statute of limitations	—		(59)		(463)
Balance at end of period	$	51,754	$	44,401	$	22,415