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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2012

INCOME TAXES

Schedule of significant components of the provision or benefit for income taxes

Significant components of the provision or benefit for income taxes for the years ended December 31 were as follows:

		2012			2011			2010
		(in thousands)
Current provision (benefit):
Federal		$	–		$	(872	)	$	(10,756	)
State		694			487			549
Foreign		405			489			288
		1,099			104			(9,919		)
Deferred provision (benefit):
Federal		(8,656		)	2,664			(7,831		)
State		(1,699		)	415			(3,596		)
Foreign		(4		)	(23		)	(30		)
		(10,359		)	3,056			(11,457		)
Total provision (benefit) for income taxes		$	(9,260	)	$	3,160		$	(21,376	)

Schedule of significant components of the deferred tax provision or benefit

Significant components of the deferred tax provision or benefit for the years ended December 31 were as follows:

		2012			2011			2010
					(in thousands)
Amortization, depreciation, and basis differences for property, plant and equipment and other long-lived assets		$	137		$	15,059		$	(11,552	)
Amortization of intangibles		(1,604		)	–			–
Changes in reserves for workers’ compensation and cargo claims		(3,319		)	(970		)	1,759
Revenue recognition		(253		)	654			1,201
Allowance for doubtful accounts		229			(705		)	(428		)
Foreign tax credit carryforward		(133		)	(240		)	286
Nonunion pension and other retirement plans		702			(4,885		)	(963		)
Deferred compensation plans		669			853			696
Federal net operating loss carryforwards		(2,538		)	(680		)	–
State net operating loss carryforwards		(725		)	705			(302		)
State depreciation adjustments		20			(1,179		)	74
Share-based compensation		(702		)	(941		)	(971		)
Valuation allowance decrease		(3,180		)	(782		)	(558		)
Leases		806			(316		)	(585		)
Other accrued expenses		(1,586		)	(863		)	629
Other		1,118			(2,654		)	(743		)
Deferred tax provision (benefit)		$	(10,359	)	$	3,056		$	(11,457	)

Schedule of significant components of deferred tax assets and liabilities

Significant components of deferred tax assets and liabilities at December 31 were as follows:

		2012			2011
		(in thousands)
Deferred tax assets:
Accrued expenses		$	51,715		$	45,970
Pension liabilities		34,163			35,529
Postretirement liabilities other than pensions		7,127			6,701
Share-based compensation		6,034			7,138
Federal and state net operating loss carryovers		14,071			3,799
Other		2,092			1,223
Total deferred tax assets		115,202			100,360
Valuation allowance		(2,511		)	(5,644		)
Total deferred tax assets, net of valuation allowance		112,691			94,716
Deferred tax liabilities:
Amortization, depreciation, and basis differences for property, plant and equipment and other long-lived assets		73,558			71,755
Intangibles		37,282			954
Revenue recognition		4,268			3,013
Prepaid expenses		3,647			3,368
Total deferred tax liabilities		118,755			79,090
Net deferred tax assets (liabilities)		$	(6,064	)	$	15,626

Reconciliation between the effective income tax rate, as computed on income or loss before income taxes, and the statutory federal income tax rate

Reconciliation between the effective income tax rate, as computed on income or loss before income taxes, and the statutory federal income tax rate for the years ended December 31 is presented in the following table:

		2012			2011			2010
		(in thousands)
Income tax provision (benefit) at the statutory federal rate		$	(5,947	)	$	3,323		$	(18,829	)
Federal income tax effects of:
State income taxes		352			(316		)	976
Nondeductible expenses		1,415			1,079			1,179
Life insurance proceeds and changes in cash surrender value		(752		)	(906		)	(882		)
Dividends received deduction		(5		)	–			(14		)
Alternative fuel credit		–			(995		)	(979		)
Decrease in valuation allowances		(3,180		)	(211		)	(558		)
Other		(539		)	(182		)	520
Federal income tax provision (benefit)		(8,656		)	1,792			(18,587		)
State income tax provision (benefit)		(1,005		)	902			(3,047		)
Foreign income tax provision		401			466			258
Total provision (benefit) for income taxes		$	(9,260	)	$	3,160		$	(21,376	)
Effective tax (benefit) rate		(54.5		)%	33.3		%	(39.7		)%

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Tabular disclosure of components of deferred tax expense (benefit).

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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.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

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