Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.8.0.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2017
Income Tax Disclosure [Abstract]  
Schedule Of Income Before Income Tax, Domestic and Foreign
Income (loss) before income tax expense (benefit) and equity in earnings (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):
 
2017
 
2016
 
2015
United States
$
28,546

 
$
(93,145
)
 
$
(1,785
)
Foreign
4,748

 
(1,105
)
 
(934
)
Eliminations and other
1,911

 
2,014

 
968

 
$
35,205

 
$
(92,236
)
 
$
(1,751
)
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):
 
2017
 
2016
 
2015
Current:
 
 
 
 
 
State
$
1,136

 
$
4,830

 
$
1,772

Federal
(17,181
)
 
6,998

 
19,518

Foreign
333

 
379

 
63

 
(15,712
)
 
12,207

 
21,353

Deferred:
 
 
 
 
 
State
12

 
(2,280
)
 
(1,674
)
Federal
(51,489
)
 
(46,652
)
 
(19,429
)
 
(51,477
)
 
(48,932
)
 
(21,103
)
 
$
(67,189
)
 
$
(36,725
)
 
$
250

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:
 
2017
 
2016
 
2015
Statutory rate
35.0
 %
 
35.0
 %
 
35.0
 %
Income subject to tonnage tax
(5.9
)%
 
 %
 
 %
Dorian distribution
22.8
 %
 
 %
 
 %
Reversal of uncertain tax position
(28.7
)%
 
 %
 
 %
U.S. federal income tax statutory changes
(190.2
)%
 
 %
 
 %
Non-deductible expenses
0.8
 %
 
1.0
 %
 
8.2
 %
Noncontrolling interests
(22.4
)%
 
6.3
 %
 
11.4
 %
Losses of foreign subsidiaries not benefited
(6.6
)%
 
(1.4
)%
 
(92.8
)%
State taxes
1.2
 %
 
(0.9
)%
 
29.9
 %
Share award plans
2.0
 %
 
 %
 
(5.5
)%
Other
1.1
 %
 
(0.2
)%
 
(0.5
)%
 
(190.9
)%
 
39.8
 %
 
(14.3
)%
Components Of The 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):
 
2017
 
2016
Deferred tax liabilities:
 
 
 
Property and equipment
$
92,127

 
$
153,214

Long-term debt
22,519

 
44,782

Unremitted earnings of foreign subsidiaries

 
179

Investments in 50% or less owned companies
811

 
1,346

Intangible assets
1,006

 
1,908

Other
96

 
138

Total deferred tax liabilities
116,559

 
201,567

Deferred tax assets:
 
 
 
Share award plans
3,476

 
7,952

Losses on marketable securities
5,986

 
17,758

Deductible goodwill
312

 
1,611

Debt and equity issuance costs
406

 
7,638

Other
11,652

 
12,767

Total deferred tax assets
21,832

 
47,726

Valuation allowance
(6,695
)
 
(3,600
)
Net deferred tax assets
15,137

 
44,126

Net deferred tax liabilities
$
101,422

 
$
157,441