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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2011

Earnings (Loss) Before Income Taxes Composition in Each Tax Jurisdiction

Earnings (loss) before income taxes is comprised of in the following tax jurisdictions:

(In thousands)		2011				2010				2009
United States		$	72,156			$	76,196			$	275,685
Canada			(1,236	)			—				—
Earnings before income taxes		$	70,920			$	76,196			$	275,685

Provision (Benefit) for Income Taxes

The income tax provision is comprised of the following:

(In thousands)		2011				2010				2009
Current
Federal		$	9,619			$	12,331			$	87,543
State			6,880				5,056				10,804
Foreign			(30	)			—				—
			16,469				17,387				98,347
Deferred
Federal			12,865				(16,371	)			(5,095)
State			1,931				1,380				(31)
Foreign			(19	)			—				—
			14,777				(14,991	)			(5,126)
Income tax provision		$	31,246			$	2,396			$	93,221

Income Tax Reconciliation

The income tax provision differs from the amount computed by applying the statutory federal income tax rate of 35.0% to earnings before income taxes due to the following:

(In thousands)		2011				2010				2009
Computed expected tax provision		$	24,822			$	26,668			$	96,490
State and local taxes, net of federal income tax impact			1,482				4,157				6,035
Adjustment for state deferred tax rate			2,916				—				—
State investment tax credits			—				(1,649	)			958
Federal credits			(412	)			(25,153	)			(9,922)
Federal manufacturing deduction			(2,443	)			(2,993	)			(2,373)
Uncertain tax positions			2,610				(3,796	)			—
Patient Protection and Affordable Care Act			—				3,290				—
Non-deductible acquisition costs			(1,215	)			1,263				—
Change in valuation allowances			2,796				—				—
U.S. tax provision on foreign operations			365				—				—
Other			325				609				2,033
Income tax provision		$	31,246			$	2,396			$	93,221
Effective tax rate			44.1	%			3.1	%			33.8%

Tax Effects of Significant Temporary Differences Creating Deferred Tax Assets and Liabilities

The tax effects of significant temporary differences creating deferred tax assets and liabilities at December 31 were:

(In thousands)		2011				2010
Deferred tax assets:
Employee benefits		$	7,930			$	11,599
Postretirement employee benefits			47,024				55,186
Incentive compensation			7,949				2,835
Pensions			34,919				22,067
Federal and state credit carryforwards			30,809				45,238
Net operating losses			16,749				21,444
Federal benefit from state taxes resulting from uncertain tax positions			5,595				5,595
Other			6,492				3,146
Total deferred tax assets		$	157,467			$	167,110
Valuation allowance			(8,025	)			(5,229	)
Deferred tax assets, net of valuation allowance		$	149,442			$	161,881
Deferred tax liabilities:
Plant and equipment		$	(166,885	)		$	(168,572	)
Intangible assets			(10,879	)			(13,238	)
Inventories			(1,570	)			(3,350	)
Other			—				(411	)
Total deferred tax liabilities			(179,334	)			(185,571	)
Net deferred tax liabilities		$	(29,892	)		$	(23,690	)

Net Deferred Tax Assets (Liabilities)

Net deferred tax assets (liabilities) consist of:

(In thousands)		2011				2010
Current deferred tax assets		$	41,237			$	37,374
Current deferred tax liabilities			(1,771	)			—
Net current deferred tax assets			39,466				37,374
Non-current deferred tax assets			108,205				124,507
Non-current deferred tax liabilities			(177,563	)			(185,571	)
Net non-current deferred tax liabilities			(69,358	)			(61,064	)
Net deferred tax liabilities		$	(29,892)			$	(23,690	)

Tax Years Subject to Examination by Major Taxing Jurisdictions

Tax years subject to examination by major taxing jurisdictions are as follows:

Jurisdiction		Years
United States		2008 – 2011
Canada		2008 – 2011
Arkansas		2008 – 2011
California		2007 – 2011
Georgia		2008 – 2011
Idaho		2008 – 2011
Illinois		2008 – 2011
Wisconsin		2007 – 2011

Tax Credits and Losses Subject to Expiration by Major Taxing Jurisdictions

Tax credits and losses subject to expiration by major taxing jurisdictions are as follows (in thousands):

Jurisdiction		Gross Values				Years
United States
Net operating losses		$	31,203				2030
Cellulosic biofuel producer tax credits			15,879				2015
Foreign tax credits			3,832				2016 – 2019
Other federal tax credits			3,677				2026 – 2030
Connecticut tax losses			2,722				2029 – 2031
Georgia tax losses			1,296				2028 – 2031
Idaho tax credits			5,321				2012 – 2025
North Carolina tax credits			3,454				2015
Oklahoma tax losses			2,580				2030 – 2031

Roll Forward of Unrecognized Tax Benefits and Associated Interest and Penalties Included in the Accrued Taxes line item in non-current liabilities

The following presents a roll forward of our unrecognized tax benefits and associated interest and penalties, as included in the Accrued Taxes line item in non-current liabilities in our consolidated balance sheet.

(In thousands)		Gross Unrecognized Tax Benefits, Excluding Interest and Penalties				Interest and Penalties				Total Gross Unrecognized Tax Benefits
Balance at January 1, 2011		$	69,633			$	2,378			$	72,011
Changes in prior year tax positions			(174	)			—				(174)
Increase in current year tax positions			222				2,435				2,657
Reductions as a result of a lapse of the applicable statute of limitations			(30	)			—				(30)
Balance at December 31, 2011		$	69,651			$	4,813			$	74,464

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