Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Schedule of Income Before Income Tax, Domestic and Foreign

Income before income tax expense (benefit) and equity in losses of 50% or less owned companies derived from U.S. and foreign companies for the years ended December 31, were as follows (in thousands):


	2020		2019		2018
United States	$	20,132	$	41,398	$	33,563
Foreign	4,744		6,182		56,558
Eliminations and other	1,516		1,517		1,568
	$	26,392	$	49,097	$	91,689

Components of Income Tax Expense (Benefit)

The Company files a consolidated U.S. federal tax return. The components of income tax expense (benefit) for the years ended December 31, were as follows (in thousands):


	2020		2019		2018
Current:
State	$	2,301	$	739	$	253
Federal	15,823		(244)		20,776
Foreign	1,151		1,165		2,899
	19,275		1,660		23,928
Deferred:
State	(254)		404		(3,001)
Federal	(25,050)		7,765		(12,512)
Foreign	(1,093)		—		—
	(26,397)		8,169		(15,513)
	$	(7,122)	$	9,829	$	8,415

Components of Effective Income Tax Rate Reconciliation

The following table reconciles the difference between the statutory federal income tax rate for the Company and the effective income tax rate for the years ended December 31,:


	2020		2019		2018
Statutory rate	21.0	%	21.0	%	21.0	%
Income subject to tonnage tax	(7.3)	%	(2.3)	%	(1.3)	%


U.S. federal income tax statutory changes	(49.1)	%	—	%	—	%
Non-deductible expenses	3.4	%	1.6	%	0.2	%
Noncontrolling interests	—	%	(3.1)	%	(5.7)	%
Foreign earnings not subject to U.S. income tax	(4.8)	%	(4.1)	%	(16.2)	%
Foreign taxes not creditable against U.S. income tax	0.2	%	1.4	%	3.2	%

Subpart F income	3.0	%	1.5	%	12.1	%
State taxes	5.9	%	2.0	%	(3.1)	%
Share award plans	1.6	%	0.6	%	(0.3)	%
Other	(0.9)	%	1.4	%	(0.7)	%
	(27.0)	%	20.0	%	9.2	%

Components of Net Deferred Income Tax Liabilities

The components of the net deferred income tax liabilities for the years ended December 31, were as follows (in thousands):


	2020		2019
Deferred tax liabilities:
Property and equipment	$	114,577	$	121,840
Long-term debt	10,905		15,395
Gains on marketable securities	340		459
Investments in 50% or less owned companies	774		1,541
Intangible assets	562		706
Deductible goodwill	1,659		1,002

Total deferred tax liabilities	128,817		140,943
Deferred tax assets:
Federal net operating loss carryforwards	2,022		21,385
State net operating loss carryforwards and other temporary differences	5,804		4,922
Capital loss carryforwards	5,199		5,192
Share award plans	3,853		3,686


Other	5,870		4,314
Total deferred tax assets	22,748		39,499
Valuation allowance	(4,846)		(4,217)
Net deferred tax assets	17,902		35,282
Net deferred tax liabilities	$	110,915	$	105,661