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Income Taxes (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2011
Income Taxes |
Schedule of income tax expense (benefit) |
|  | Year Ended December 31, |
--- | --- | --- | ---
|  | 2011 |  | 2010 |  | 2009 |
|  | (in thousands) |
Current |  |  |  |  |  |  |  |  |  |
Federal |  | $ | 141,305 |  | $ | 13,434 |  | $ | 33,651 |
State |  |  | 7,972 |  |  | 1,262 |  |  | 2,866 |
Total current |  |  | 149,277 |  |  | 14,696 |  |  | 36,517 |
Deferred |  |  |  |  |  |  |  |  |  |
Federal |  |  | 40,350 |  |  | 808 |  |  | (6,613 | )
State |  |  | 19,936 |  |  | (1,721 | ) |  | (669 | )
Total deferred |  |  | 60,286 |  |  | (913 | ) |  | (7,282 | )
Total income tax expense |  | $ | 209,563 |  | $ | 13,783 |  | $ | 29,235 |
Schedule of reconciliation of total income tax expense (benefit) to income tax expense (benefit) computed by applying the statutory federal income tax rate (35%) to pre-tax income (loss) |
|  | Year Ended December 31, |
--- | --- | --- | ---
|  | 2011 |  | 2010 |  | 2009 |
|  | (in thousands) |
Tax computed at federal statutory rate |  | $ | 205,843 |  | $ | 9,826 |  | $ | 34,506 |
State income taxes, net of federal tax benefit |  |  | 20,600 |  |  | 1,923 |  |  | 5,402 |
State tax incentives, net of federal tax expense |  |  | (3,174 | ) |  | (2,382 | ) |  | (3,205 | )
Domestic production activities deduction |  |  | (10,562 | ) |  | (2,025 | ) |  | (3,798 | )
Federal tax credit for production of ultra-low sulfur diesel fuel |  |  | — |  |  | — |  |  | (4,783 | )
Non-deductible share-based compensation |  |  | 2,000 |  |  | 6,747 |  |  | 1,457 |
IRS interest (income)/expense, net |  |  | 34 |  |  | (814 | ) |  | — |
Noncontrolling interest |  |  | (11,474 | ) |  | — |  |  | — |
Partnership basis adjustment |  |  | 4,174 |  |  | — |  |  | — |
Other, net |  |  | 2,122 |  |  | 508 |  |  | (344 | )
Total income tax expense |  | $ | 209,563 |  | $ | 13,783 |  | $ | 29,235 |
Schedule of income tax effect of temporary differences that give rise to significant portions of the deferred income tax assets and deferred income tax liabilities |
|  | Year Ended December 31, |
--- | --- | --- | ---
|  | 2011 |  | 2010 |
|  | (in thousands) |
Deferred income tax assets: |  |  |  |  |  |  |
Allowance for doubtful accounts |  | $ | 475 |  | $ | 286 |
Personnel accruals |  |  | 6,437 |  |  | 10,389 |
Inventories |  |  | 2,097 |  |  | 469 |
Unrealized derivative losses, net |  |  | — |  |  | 1,604 |
Low sulfur diesel fuel credit carry forward and other general business credit carryforward |  |  | — |  |  | 23,653 |
Accrued expenses |  |  | 101 |  |  | 199 |
State tax credit carryforward, net of federal expense |  |  | 17,682 |  |  | 29,955 |
Deferred financing |  |  | 76 |  |  | 101 |
Other |  |  | 2,695 |  |  | 3,018 |
Total gross deferred income tax assets |  |  | 29,563 |  |  | 69,674 |
Deferred income tax liabilities: |  |  |  |  |  |  |
Unrealized derivative gains, net |  |  | (31,990 | ) |  | — |
Property, plant, and equipment |  |  | (224,452 | ) |  | (323,839 | )
Investment in CVR Partners |  |  | (134,920 | ) |  | — |
Prepaid expenses |  |  | (4,945 | ) |  | (1,427 | )
Total gross deferred income tax liabilities |  |  | (396,307 | ) |  | (325,266 | )
Net deferred income tax liabilities |  | $ | (366,744 | ) | $ | (255,592 | )
Schedule of reconciliation of the unrecognized tax benefits |
|  | Year Ended December 31, |
--- | --- | --- | ---
|  | 2011 |  | 2010 |  | 2009 |
|  | (in thousands) |
Balance beginning of year |  | $ | 245 |  | $ | — |  | $ | — |
Increase based on prior year tax positions |  |  | — |  |  | 245 |  |  | — |
Decrease based on prior year tax positions |  |  | — |  |  | — |  |  | — |
Increases and decrease in current year tax positions |  |  | 17,467 |  |  | — |  |  | — |
Settlements |  |  | — |  |  | — |  |  | — |
Reductions related to expirations of statute of limitations |  |  | — |  |  | — |  |  | — |
Balance end of year |  | $ | 17,712 |  | $ | 245 |  | $ | — |

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- Definition 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. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Topic 740 -SubTopic 10 -Publisher FASB -Number -Article -Subparagraph -Name Accounting Standards Codification -Paragraph 9 -Section 50 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 + Details
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- Definition 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. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Topic 740 -SubTopic 10 -Publisher FASB -Number -Article -Subparagraph -Name Accounting Standards Codification -Paragraph 2 -Section 50 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 + Details
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- Definition 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. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Topic 740 -SubTopic 10 -Publisher FASB -Number -Article -Subparagraph -Name Accounting Standards Codification -Paragraph 12 -Section 50 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32687-109319 + Details
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- Definition 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. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name FASB Interpretation (FIN) -Number 48 -Paragraph 21 -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 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 + Details
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