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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2012

Components of Consolidated Income Tax Provision

Following is an analysis of the components of the consolidated income tax provision:

		2012				2011				2010
		(In thousands)
Current —
U.S.		$	27,100			$	41,452			$	44,595
State and local			6,437				16,678				23,653
Total current provision for taxes			33,537				58,130				68,248
Deferred —
U.S.			180,997				29,895				(117,945	)
State and local			2,205				(2,548	)			(2,634	)
Total deferred provision for taxes			183,202				27,347				(120,579	)
Total provision (benefit) for taxes		$	216,739			$	85,477			$	(52,331	)

Summary of Effective Tax Rate

The effective tax rate varies from the U.S. Federal statutory tax rate principally due to the following:

		2012				2011				2010
		(In thousands)
Provision computed at U.S. Federal statutory rate of 35%		$	133,196			$	85,226			$	53,586
Alternative fuel mixture and cellulosic biofuel producer credits			81,695				—				(104,785	)
State and local taxes, net of federal benefit			9,135				7,504				7,694
Domestic manufacturers deduction			(7,155	)			(7,670	)			(7,540	)
Other			(132	)			417				(1,286	)
Total		$	216,739			$	85,477			$	(52,331	)

Deferred Income Tax Assets and Liabilities

Deferred income tax assets and liabilities at December 31 are summarized as follows:

		December 31,
		2012				2011
		(In thousands)
Deferred tax assets:
Accrued liabilities		$	7,332			$	5,287
Employee benefits and compensation			16,002				15,100
Inventories			—				6,809
Stock options and restricted stock			8,389				8,596
Pension and postretirement benefits			65,520				60,455
Derivatives			20,381				15,072
Cellulosic biofuel tax credit carryforward			—				167,452
Total deferred tax assets		$	117,624			$	278,771
Deferred tax liabilities:
Property, plant and equipment		$	(210,486	)		$	(216,109	)
Goodwill and intangible assets			(7,267	)			(10,676	)
Inventories			(1,533	)			—
Investment in joint venture			(1,119	)			(1,121	)
Total deferred tax liabilities		$	(220,405	)		$	(227,906	)
Net deferred tax assets (liabilities)		$	(102,781	)		$	50,865

Net Deferred Tax Assets (Liabilities) Classified In Balance Sheet

The net deferred tax assets (liabilities) at December 31 are classified in the balance sheet as follows:

		December 31,
		2012				2011
		(In thousands)
Current deferred tax assets		$	22,328			$	62,789
Non-current deferred tax liabilities			(125,109	)			(11,924	)
Net deferred tax assets (liabilities)		$	(102,781	)		$	50,865

Summary of Uncertain Tax Position

The following table summarizes the changes related to PCA’s gross unrecognized tax benefits excluding interest:

		2012				2011
		(In thousands)
Balance as of January 1		$	(111,013	)		$	(112,311	)
Increases related to prior years’ tax positions			(128	)			(56	)
Increases related to current year tax positions			(1,267	)			(624	)
Settlements with taxing authorities			—				—
Expiration of the statute of limitations			1,105				1,978
Balance at December 31		$	(111,303	)		$	(111,013	)

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities (i.e., uncertain tax positions) and other types of income tax contingencies, including: (1) the policy on classification of interest and penalties; (2) a tabular reconciliation of the total amounts of unrecognized tax benefits at the beginning and end of the period; the total amount(s) of: (3) unrecognized tax benefits that, if recognized, would affect the effective tax rate, and (4) interest and penalties recognized in each of the income statement and balance sheet; (5) for positions for which it is reasonably possible that the total amounts unrecognized will significantly change within 12 months of the reporting date the: (i) nature of the uncertainty, (ii) nature of the event that could occur that would cause the change, and (iii) an estimate of the range of the reasonably possible change or a statement that an estimate of the range cannot be made; and (6) a description of tax years that remain subject to examination by major tax jurisdictions.

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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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