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Income Taxes | 12 Months Ended
--- | ---
Dec. 31, 2012
Income Taxes |
Income Taxes | 7. Income Taxes Income tax expense is summarized as follows:
|  | Year Ended December 31, |
--- | --- | --- | ---
(In thousands) |  | 2012 |  | 2011 |  | 2010 |
Current |  |  |  |  |  |  |  |  |  |
Federal |  | $ | 24,618 |  | $ | 39,749 |  | $ | 29,879 |
State |  |  | 563 |  |  | (1,714 | ) |  | 3,424 |
Total |  |  | 25,181 |  |  | 38,035 |  |  | 33,303 |
Deferred |  |  |  |  |  |  |  |  |  |
Federal |  |  | 57,704 |  |  | 46,599 |  |  | 37,981 |
State |  |  | 23,225 |  |  | 28,145 |  |  | 23,828 |
Total |  |  | 80,929 |  |  | 74,744 |  |  | 61,809 |
Total income tax expense |  | $ | 106,110 |  | $ | 112,779 |  | $ | 95,112 |
Total income taxes were different than the amounts computed by applying the statutory federal income tax rate as follows:
|  | Year Ended December 31, |
--- | --- | --- | ---
(Dollars in thousands) |  | 2012 |  | 2011 |  | 2010 |
Statutory federal income tax rate |  |  | 35% |  |  | 35% |  |  | 35% |
Computed "expected" federal income tax |  | $ | 83,244 |  | $ | 82,316 |  | $ | 69,475 |
State income tax, net of federal income tax benefit |  |  | 9,609 |  |  | 8,989 |  |  | 6,638 |
Deferred tax adjustment related to change in overall state tax rate |  |  | 13,596 |  |  | 19,068 |  |  | 18,973 |
Other, net |  |  | (339 | ) |  | 2,406 |  |  | 26 |
Total income tax expense |  | $ | 106,110 |  | $ | 112,779 |  | $ | 95,112 |
The tax effects of temporary differences that resulted in significant portions of the deferred tax liabilities and deferred tax assets were as follows:
|  | December 31, |
--- | --- | --- | ---
(In thousands) |  | 2012 |  | 2011 |
Deferred Tax Liabilities |  |  |  |  |  |  |
Property, plant and equipment |  | $ | 1,204,735 |  | $ | 1,068,762 |
Hedging liabilities / receivables |  |  | 19,915 |  |  | 68,670 |
Prepaid expenses and other |  |  | 736 |  |  | 9,261 |
Total |  |  | 1,225,386 |  |  | 1,146,693 |
Deferred Tax Assets |  |  |  |  |  |  |
Alternative minimum tax credit |  |  | 125,862 |  |  | 101,290 |
Net operating loss |  |  | 137,422 |  |  | 113,496 |
Foreign tax credits |  |  | 4,923 |  |  | 4,685 |
Pension and other post-retirement benefits |  |  | 16,498 |  |  | 19,892 |
Items accrued for financial reporting purposes and other |  |  | 52,806 |  |  | 49,606 |
Total |  |  | 337,511 |  |  | 288,969 |
Net deferred tax liabilities |  | $ | 887,875 |  | $ | 857,724 |
As of December 31, 2012, the Company had alternative minimum tax credit carryforwards of $125.9 million which do not expire and can be used to offset regular income taxes in future years to the extent that regular income taxes exceed the alternative minimum tax in any such year. The Company also had net operating loss carryforwards of $398.6 million and $378.2 million for federal and state reporting purposes, respectively, the majority of which will expire between 2016 and 2032. The Company believes it is more likely than not that these deferred tax benefits will be utilized prior to their expiration. Tax benefits related to employee stock-based compensation included in net operating loss carryforwards but not reflected in deferred tax assets as of December 31, 2012 are approximately $66.9 million. Uncertain Tax Positions A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
|  | Year Ended December 31, |
--- | --- | --- | ---
(In thousands) |  | 2012 |  | 2011 |  | 2010 |
Unrecognized tax benefit balance at beginning of year |  | $ | — |  | $ | — |  | $ | 500 |
Additions based on tax provisions related to the current year |  |  | — |  |  | — |  |  | — |
Additions for tax positions of prior years |  |  | — |  |  | — |  |  | — |
Reductions for tax positions of prior years |  |  | — |  |  | — |  |  | (500 | )
Settlements |  |  | — |  |  | — |  |  | — |
Unrecognized tax benefit balance at end of year |  | $ | — |  | $ | — |  | $ | — |
During 2010, unrecognized tax benefits were reduced by $0.5 million as a result of the completion of the Internal Revenue Service (IRS) Joint Committee on Taxation review of the 2005-2008 tax years that were under audit by the IRS. This reduction did not materially affect the effective tax rate. As of December 31, 2012 and 2011, the Company did not have any uncertain tax positions reported in the Consolidated Balance Sheet. The Company files income tax returns in the U.S. federal jurisdiction, various states and other jurisdictions. The Company is no longer subject to examinations by state authorities before 2008. The Company is not currently under examination by the IRS.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 136, 172 -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. Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)) -URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph h -Article 4 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 43, 44, 45, 46, 47, 48, 49 -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. Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319 + Details
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