v2.4.0.6
INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2011
INCOME TAXES [Abstract]  
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]
Components of income tax expense related to certain of our operations conducted through separate taxable wholly owned corporate subsidiaries were as follows:
 
Year Ended December 31,
 
2011
 
2010
 
2009
 
(Thousands of Dollars)
Current:
 
 
 
 
 
U.S.
$
3,896

 
$
2,010

 
$
2,424

Foreign
8,632

 
11,464

 
10,144

Total current
12,528

 
13,474

 
12,568

 
 
 
 
 
 
Deferred:
 
 
 
 
 
U.S.
1,009

 
(3,786
)
 
(1,466
)
Foreign
3,342

 
2,053

 
(571
)
Total deferred
4,351

 
(1,733
)
 
(2,037
)
 
 
 
 
 
 
Total income tax expense
$
16,879

 
$
11,741

 
$
10,531
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]
The tax effects of significant temporary differences representing deferred income tax assets and liabilities were as follows:
 
December 31,
 
2011
 
2010
 
(Thousands of Dollars)
Deferred income tax assets:
 
 
 
Net operating losses
$
17,089

 
$
19,687

Environmental and legal reserves
14,822

 
14,774

Capital loss
1,044

 
1,264

Valuation allowance
(1,161
)
 
(1,129
)
Other
—

 
1,124

Total deferred income tax assets
31,794

 
35,720

 
 
 
 
Deferred income tax liabilities:
 
 
 
Property, plant and equipment
(57,392
)
 
(57,147
)
Other
(698
)
 
—

Total deferred income tax liabilities
(58,090
)
 
(57,147
)
 
 
 
 
Net deferred income tax liability
$
(26,296
)
 
$
(21,427
)
 
 
 
 
Reported on the Consolidated Balance Sheets as:
 
 
 
Deferred income tax asset
$
9,141

 
$
8,138

Deferred income tax liability
(35,437
)
 
(29,565
)
Net deferred income tax liability
$
(26,296
)
 
$
(21,427
)