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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Income Tax Disclosure [Abstract]

Components of Provision (Benefit) for Income Taxes

The components of the provision (benefit) for income taxes for the years ended December 31, 2014 and 2013 are as follows:

		Year Ended December 31,
(Thousands of dollars)		2014				2013
Current:
Federal		$	345			$	(462	)
State			262				266
Total current			607				(196	)
Deferred:
Federal			13,134				6,549
State			103				465
Total deferred			13,237				7,014
Total income tax provision		$	13,844			$	6,818

Components of Net Deferred Tax Assets and Liabilities

The components of net deferred tax assets and liabilities are as follows:

		At December 31,
(Thousands of dollars)		2014				2013
Current Assets:
Accrued liabilities		$	610			$	683
Allowance for doubtful accounts			124				118
Derivative contracts			52				677
Total current assets			786				1,478
Current Liabilities:
Derivative contracts			6,333				—
Total current liabilities			6,333				—
Net current deferred income tax liabilities (assets)		$	5,547			$	(1,478	)
Non-Current Assets:
Alternative minimum tax credits		$	5,722			$	5,852
Net operating loss carry-forwards			620				168
Percentage depletion carry-forwards			3,959				4,543
Total non-current assets			10,301				10,563
Non-Current Liabilities:
Basis differences relating to managed partnerships			4,300				2,462
Depletion and depreciation			44,192				39,694
Derivative contracts			—				369
Total non-current liabilities			48,492				42,525
Net non-current deferred income tax liabilities		$	38,191			$	31,962

Provision for Income Taxes Varies from Federal Statutory Tax Rate

The total provision for income taxes for the years ended December 31, 2014 and 2013 varies from the federal statutory tax rate as a result of the following:

		Year Ended December 31,
(Thousands of dollars)		2014				2013
Expected tax expense		$	13,902			$	6,491
State income tax, net of federal benefit			254				488
Percentage depletion			(312	)			(422	)
Other, net			—				261
Total income tax provision		$	13,844			$	6,818

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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

-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

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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.

+ References

Reference 1: 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

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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

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 12

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32687-109319

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