Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.20.4
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2020
Income Tax Disclosure [Abstract]  
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