INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2015

INCOME TAXES

Schedule of significant components of the provision or benefit for income taxes

Significant components of the provision or benefit for income taxes for the years ended December 31 were as follows:

	2015		2014		2013
	(in thousands)
Current provision:
Federal	$	9,156	$	18,063	$	12,739
State		165		23		865
Foreign		2,124		1,657		413
		11,445		19,743		14,017
Deferred provision (benefit):
Federal		12,914		1,575		(10,335)
State		3,589		3,366		160
Foreign		(68)		(249)		(192)
		16,435		4,692		(10,367)
Total provision for income taxes	$	27,880	$	24,435	$	3,650

Schedule of significant components of the deferred tax provision or benefit

Significant components of the deferred tax provision or benefit for the years ended December 31 were as follows:

	2015		2014		2013
	(in thousands)
Amortization, depreciation, and basis differences for property, plant and equipment and other long-lived assets	$	21,098	$	3,579	$	(13,137)
Amortization of intangibles		(3,184)		(2,934)		(3,048)
Changes in reserves for workers’ compensation and cargo claims		(674)		(1,970)		(1,751)
Revenue recognition		7		361		(1,704)
Allowance for doubtful accounts		307		(501)		516
Foreign tax credit carryforward utilized		434		665		71
Nonunion pension and other retirement plans		(234)		(1,595)		3,493
Deferred compensation plans		541		350		530
Federal net operating loss carryforwards utilized		70		4,472		4,207
State net operating loss carryforwards utilized		623		2,812		254
State depreciation adjustments		(657)		(539)		569
Share-based compensation		(621)		959		(1,437)
Valuation allowance increase (decrease)		22		(696)		(1,436)
Leases		(969)		237		612
Other accrued expenses		1,256		(362)		3,284
Other		(1,584)		(146)		(1,390)
Deferred tax provision (benefit)	$	16,435	$	4,692	$	(10,367)

Schedule of significant components of deferred tax assets and liabilities

Significant components of the deferred tax assets and liabilities at December 31 were as follows:

	2015		2014
	(in thousands)
Deferred tax assets:
Accrued expenses	$	50,351	$	51,996
Pension liabilities		10,797		9,022
Postretirement liabilities other than pensions		9,552		8,589
Share-based compensation		6,926		6,310
Federal and state net operating loss carryovers		2,185		2,840
Other		2,032		1,654
Total deferred tax assets		81,843		80,411
Valuation allowance		(354)		(332)
Total deferred tax assets, net of valuation allowance		81,489		80,079
Deferred tax liabilities:
Amortization, depreciation, and basis differences for property, plant and equipment, and other long-lived assets		84,150		64,522
Intangibles		28,272		31,398
Revenue recognition		4,176		3,944
Prepaid expenses		4,503		4,393
Total deferred tax liabilities		121,101		104,257
Net deferred tax liabilities	$	(39,612)	$	(24,178)

Reconciliation between the effective income tax rate, as computed on income or loss before income taxes, and the statutory federal income tax rate

Reconciliation between the effective income tax rate, as computed on income before income taxes, and the statutory federal income tax rate for the years ended December 31 is presented in the following table:

	2015			2014			2013
	(in thousands)
Income tax provision at the statutory federal rate	$	25,457		$	24,714		$	6,811
Federal income tax effects of:
State income taxes		(1,314)			(1,186)			(359)
Nondeductible expenses		1,426			1,239			1,090
Life insurance proceeds and changes in cash surrender value		(110)			(1,329)			(1,320)
Dividends received deduction		(3)			(6)			(9)
Alternative fuel credit		(1,141)			(1,148)			(1,935)
Increase (decrease) in valuation allowances		22			(696)			(1,436)
Other(1)		(2,267)			(1,950)			(440)
Federal income tax provision		22,070			19,638			2,402
State income tax provision		3,754			3,389			1,026
Foreign income tax provision		2,056			1,408			222
Total provision for income taxes	$	27,880		$	24,435		$	3,650
Effective tax rate		38.3	%		34.6	%		18.8	%

⁽¹⁾ Includes foreign income tax provision, as presented in this table.