Income Taxes (Tables)

12 Months Ended

Dec. 31, 2011

Income Taxes (Tables) [Abstract]

Components of income tax provision

	Year ended December 31,
(in thousands)	2011			2010			2009
Current:
Federal	$	39,015		$	22,288		$	4,848
State and local		5,603			3,613			828
Foreign		962			1,156			(176	)
	$	45,580		$	27,057		$	5,500
Deferred:
Federal	$	5,281		$	13,558		$	15,638
State and local		553			595			1,833
Foreign		(361	)		(1,948	)		(1,041	)
	$	5,473		$	12,205		$	16,430
Total:
Federal	$	44,296		$	35,846		$	20,486
State and local		6,156			4,208			2,661
Foreign		601			(792	)		(1,217	)
	$	51,053		$	39,262		$	21,930

Components of income before income taxes

	Year ended December 31,
(in thousands)	2011		2010			2009
U.S. income	$	146,420	$	106,184		$	64,359
Foreign		1,458		(2,041	)		(2,863	)
	$	147,878	$	104,143		$	61,496

Effective tax rate reconciliation

	Year ended December 31,
	2011			2010			2009
Statutory U.S. federal tax rate		35.0	%		35.0	%		35.0	%
Increase (decrease) in rate resulting from:
Effect of qualified domestic production deduction		(1.6	)		(1.1	)		(0.4	)
Effect of Patient Protection and Affordable Care Act		—			1.4			—
State and local income taxes, net of related federal taxes		2.7			2.5			2.8
Other, net		(1.6	)		(0.1	)		(1.7	)
Effective tax rate		34.5	%		37.7	%		35.7	%

Deferred tax liabilities and assets

	December 31,
(in thousands)	2011			2010
Deferred tax liabilities:
Property, plant and equipment and railcar assets leased to others	$	(72,997	)	$	(64,392	)
Prepaid employee benefits		(15,419	)		(12,724	)
Investments		(23,262	)		(20,242	)
Other		(3,205	)		(3,877	)
		(114,883	)		(101,235	)
Deferred tax assets:
Employee benefits		42,482			32,463
Accounts and notes receivable		1,909			2,212
Inventory		6,326			7,056
Deferred expenses		16,022			10,036
Net operating loss carryforwards		1,299			1,207
Other		3,688			2,425
Total deferred tax assets		71,726			55,399
Valuation allowance
		71,726			55,399
Net deferred tax liabilities	$	(43,157	)	$	(45,836	)

Unrecognized tax benefits excluding interest and penalties

(in thousands)
Balance at January 1, 2009	$	727
Additions based on tax positions related to the current year		28
Reductions based on tax positions related to prior years		(25	)
Reductions for settlements with taxing authorities		(153	)
Reductions as a result of a lapse in statute of limitations		(259	)
Balance at December 31, 2009		318
Additions based on tax positions related to the current year		20
Additions based on tax positions related to prior years		474
Reductions as a result of a lapse in statute of limitations		(198	)
Balance at December 31, 2010		614
Additions based on tax positions related to the current year
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