INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2016

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:

	2016		2015		2014
	(in thousands)
Current provision (benefit):
Federal	$	(604)	$	9,156	$	18,063
State		(335)		165		23
Foreign		1,052		2,124		1,657
		113		11,445		19,743
Deferred provision (benefit):
Federal		8,161		12,914		1,575
State		1,354		3,589		3,366
Foreign		7		(68)		(249)
		9,522		16,435		4,692
Total provision for income taxes	$	9,635	$	27,880	$	24,435

Schedule of components of the deferred tax provision or benefit

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

	2016		2015		2014
	(in thousands)
Amortization, depreciation, and basis differences for property, plant and equipment and other long-lived assets	$	12,182	$	21,098	$	3,579
Amortization of intangibles		(3,623)		(3,184)		(2,934)
Changes in reserves for workers’ compensation, third-party casualty, and cargo claims		362		(674)		(1,970)
Revenue recognition		1,862		7		361
Allowance for doubtful accounts		(295)		307		(501)
Foreign tax credit carryforward utilized		—		434		665
Nonunion pension and other retirement plans		3,861		(234)		(1,595)
Deferred compensation plans		203		541		350
Federal net operating loss carryforwards utilized		161		70		4,472
State net operating loss carryforwards utilized (generated)		(304)		623		2,812
State depreciation adjustments		(758)		(657)		(539)
Share-based compensation		(681)		(621)		959
Valuation allowance increase (decrease)		(61)		22		(696)
Leases		(1)		(969)		237
Other accrued expenses		(4,108)		1,256		(362)
Other		722		(1,584)		(146)
Deferred tax provision	$	9,522	$	16,435	$	4,692

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:

	2016		2015
	(in thousands)
Deferred tax assets:
Accrued expenses	$	53,366	$	50,351
Pension liabilities		4,869		10,797
Postretirement liabilities other than pensions		9,903		9,552
Share-based compensation		6,961		6,926
Federal and state net operating loss carryovers		2,229		2,185
Other		1,856		2,032
Total deferred tax assets		79,184		81,843
Valuation allowance		(293)		(354)
Total deferred tax assets, net of valuation allowance		78,891		81,489
Deferred tax liabilities:
Amortization, depreciation, and basis differences for property, plant and equipment, and other long-lived assets		95,248		84,150
Intangibles		24,715		28,272
Revenue recognition		5,679		4,176
Prepaid expenses		5,109		4,503
Total deferred tax liabilities		130,751		121,101
Net deferred tax liabilities	$	(51,860)	$	(39,612)

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:

	2016			2015			2014
	(in thousands)
Income tax provision at the statutory federal rate	$	9,901		$	25,457		$	24,714
Federal income tax effects of:
State income taxes		(357)			(1,314)			(1,186)
Nondeductible expenses		1,653			1,426			1,239
Life insurance proceeds and changes in cash surrender value		(1,001)			(110)			(1,329)
Dividends received deduction		(11)			(3)			(6)
Alternative fuel credit		(1,180)			(1,141)			(1,148)
Increase (decrease) in valuation allowances		(61)			22			(696)
Other(1)		(1,387)			(2,267)			(1,950)
Federal income tax provision		7,557			22,070			19,638
State income tax provision		1,019			3,754			3,389
Foreign income tax provision		1,059			2,056			1,408
Total provision for income taxes	$	9,635		$	27,880		$	24,435
Effective tax rate		34.1	%		38.3	%		34.6	%

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