Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.19.3.a.u2
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2019
Income Tax Disclosure [Abstract]  
Schedule Of Income Before Income Tax, Domestic and Foreign
Income 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):
2019 2018 2017
United States $ 41,398    $ 33,563    $ 28,546   
Foreign 6,182    56,558    4,748   
Eliminations and other 1,517    1,568    1,911   
$ 49,097    $ 91,689    $ 35,205   
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):
2019 2018 2017
Current:
State $ 739    $ 253    $ 1,136   
Federal (244)   20,776    (17,181)  
Foreign 1,165    2,899    333   
1,660    23,928    (15,712)  
Deferred:
State 404    (3,001)   12   
Federal 7,765    (12,512)   (51,489)  
8,169    (15,513)   (51,477)  
$ 9,829    $ 8,415    $ (67,189)  
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,:
2019 2018 2017
Statutory rate 21.0  % 21.0  % 35.0  %
Income subject to tonnage tax (2.3) % (1.3) % (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 1.6  % 0.2  % 0.8  %
Noncontrolling interests (3.1) % (5.7) % (22.4) %
Foreign earnings not subject to U.S. income tax (4.1) % (16.2) % —  %
Foreign taxes not creditable against U.S. income tax 1.4  % 3.2  % —  %
Losses of foreign subsidiaries not benefited —  % —  % (6.6) %
Subpart F income 1.5  % 12.1  % —  %
State taxes 2.0  % (3.1) % 1.2  %
Share award plans 0.6  % (0.3) % 2.0  %
Other 1.4  % (0.7) % 1.1  %
20.0  % 9.2  % (190.9) %
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):
2019 2018
Deferred tax liabilities:
Property and equipment $ 121,840    $ 93,049   
Long-term debt 15,395    18,355   
Gains on marketable securities 459    —   
Investments in 50% or less owned companies 1,541    1,934   
Intangible assets 706    614   
Deductible goodwill 1,002    344   
Other —    31   
Total deferred tax liabilities 140,943    114,327   
Deferred tax assets:
Net operating loss carryforwards 21,385    —   
Capital loss carryforwards 5,192    —   
Share award plans 3,686    3,711   
Losses on marketable securities —    8,596   
Debt and equity issuance costs 515    379   
Other 8,721    11,178   
Total deferred tax assets 39,499    23,864   
Valuation allowance (4,217)   (3,957)  
Net deferred tax assets 35,282    19,907   
Net deferred tax liabilities $ 105,661    $ 94,420