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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2010
INCOME TAXES [Abstract] |
Income Tax from Continuing Operations | The income tax expense on income from continuing operations for each of the three years in the period ended December 31, 2010 consisted of the following (in millions):
|  | 2010 |  |  | 2009 |  |  | 2008 |
Current: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | 43 |  |  | $ | 24 |  |  | $ | 53 |
State and foreign |  |  | 6 |  |  |  | 2 |  |  |  | 4 |
Current |  |  | 49 |  |  |  | 26 |  |  |  | 57 |
Deferred |  |  | (4 | ) |  |  | (21 | ) |  |  | (9 | )
Total continuing operations tax expense |  | $ | 45 |  |  | $ | 5 |  |  | $ | 48 |
Income Tax Reconciliation | Income tax expense for 2010, 2009, and 2008 differs from amounts computed by applying the statutory federal rate to income from continuing operations before income taxes for the following reasons (in millions):
|  | 2010 |  |  | 2009 |  |  | 2008 |
Computed federal income tax expense |  | $ | 40 |  |  | $ | 4 |  |  | $ | 46 |
State income taxes |  |  | 5 |  |  |  | 4 |  |  |  | 3 |
Tax effect of HS&TC consolidation |  |  | -- |  |  |  | (2 | ) |  |  | -- |
Other-net |  |  | -- |  |  |  | (1 | ) |  |  | (1 | )
Income tax expense |  | $ | 45 |  |  | $ | 5 |  |  | $ | 48 |
Temporary Differences Affecting Deferred Tax Assets and Deferred Tax Liabilities | The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at December 31 of each year are as follows (in millions):
|  | 2010 |  |  | 2009 |
Deferred tax assets: |  |  |  |  |  |  |  |
Benefit plans |  | $ | 77 |  |  | $ | 70 |
Insurance reserves |  |  | 10 |  |  |  | 10 |
Capitalized development costs |  |  | 14 |  |  |  | 3 |
Other |  |  | 6 |  |  |  | 9 |
Total deferred tax assets |  |  | 107 |  |  |  | 92 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Basis differences for property and equipment |  |  | 287 |  |  |  | 287 |
Tax-deferred gains on real estate transactions |  |  | 216 |  |  |  | 197 |
Capital Construction Fund |  |  | 3 |  |  |  | 3 |
Joint ventures and other investments |  |  | 7 |  |  |  | 5 |
Other |  |  | 17 |  |  |  | 22 |
Total deferred tax liabilities |  |  | 530 |  |  |  | 514 |
Net deferred tax liability |  | $ | 423 |  |  | $ | 422 |
Reconciliation of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows (in millions):
Balance at January 1, 2008 |  | $ | 10 |
Additions for tax positions of prior years |  |  | -- |
Reductions for tax positions of prior years |  |  | (1 | )
Reductions for lapse of statute of limitations |  |  | (3 | )
Balance at December 31, 2008 |  |  | 6 |
Additions for tax positions of prior years |  |  | -- |
Additions for tax positions of current year |  |  | 3 |
Reductions for tax positions of prior years |  |  | -- |
Reductions for lapse of statute of limitations |  |  | (1 | )
Balance at December 31, 2009 |  |  | 8 |
Additions for tax positions of prior years |  |  | -- |
Additions for tax positions of current year |  |  | 2 |
Reductions for tax positions of prior years |  |  | (1 | )
Reductions for lapse of statute of limitations |  |  | (1 | )
Balance at December 31, 2010 |  | $ | 8 |

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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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