Income Taxes (Tables)

12 Months Ended

Dec. 31, 2015

Income Tax Disclosure [Abstract]

Summary of Tax Expenses

Income taxes are summarized as follows:

	Year ended December 31,
	2015			2014			2013
	(in thousands)
Current:
Federal	$	94,036		$	87,189		$	86,406
State		3,636			4,751			7,887
Foreign		10,589			812			24,331
		108,261			92,752			118,624
Deferred:
Federal		33,446			15,594			8,937
State		3,413			(304	)		9,774
Foreign		(1,225	)		8,303			(13,691	)
		35,634			23,593			5,020
	$	143,895		$	116,345		$	123,644

Schedule of Effective Income Tax Rate Reconciliation

Income taxes differ from the amounts computed by applying the federal income tax rate of 35.0%. A reconciliation of this difference is as follows:

	Year ended December 31,
		2015					2014					2013
	(in thousands, except percentages)
Taxes calculated at federal rate	$	151,468		35.0	%	$	122,696		35.0	%	$	108,748		35.0	%
State taxes, net of federal benefit		4,581		1.1			2,891		0.8			11,480		3.7
Change in liability for tax positions		1,094		0.3			412		0.1			3,537		1.1
Foreign income taxed at different rates		(7,111	)	(1.6	)		(6,091	)	(1.7	)		8,567		2.8
Foreign tax credits		(1,710	)	(0.4	)		(2,184	)	(0.6	)		(5,640	)	(1.8	)
Other items, net		(4,427	)	(1.1	)		(1,379	)	(0.4	)		(3,048	)	(1.0	)
	$	143,895		33.3	%	$	116,345		33.2	%	$	123,644		39.8	%

Net Deferred Tax (Liability) Assets

The primary components of temporary differences that give rise to the Company’s net deferred tax liability are as follows:

	December 31,
	2015			2014
	(in thousands)
Deferred tax assets:
Deferred revenue	$	11,639		$	9,887
Employee benefits		77,994			74,068
Bad debt reserves		14,943			15,253
Investments in affiliates		—			13,670
Loss reserves		3,062			2,507
Pension		105,398			120,401
Net operating loss carryforward		15,541			23,727
Securities		6,128			—
Foreign tax credit		1,769			2,184
Other		7,904			8,712
		244,378			270,409
Valuation allowance		(6,729	)		(15,706	)
		237,649			254,703
Deferred tax liabilities:
Depreciable and amortizable assets		304,632			284,532
Claims and related salvage		40,901			36,653
Investments in affiliates		3,193			—
Securities		—			8,934
		348,726			330,119
Net deferred tax liability	$	111,077		$	75,416

Changes in Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits for the years ended December 31, 2015, 2014 and 2013 is as follows:

	December 31,
	2015			2014			2013
	(in thousands)
Unrecognized tax benefits—opening balance	$	24,100		$	47,800		$	47,900
Gross decreases—prior period tax positions		(800	)		(24,100	)		(600	)
Gross increases—current period tax positions		500			400			500
Unrecognized tax benefits—ending balance	$	23,800		$	24,100		$	47,800