v2.4.0.6
INCOME TAXES (Tables)
 6 Months Ended
Jun. 30, 2012
INCOME TAXES [Abstract]  
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:
 
June 30,
2012
 
December 31, 2011
 
(Thousands of Dollars)
Deferred income tax assets:
 
 
 
Net operating losses
$
18,000

 
$
17,089

Environmental and legal reserves
4,675

 
14,822

Capital loss
672

 
1,044

Valuation allowance
(272
)
 
(1,161
)
Total deferred income tax assets
23,075

 
31,794

 
 
 
 
Deferred income tax liabilities:
 
 
 
Property, plant and equipment
(53,248
)
 
(57,392
)
Other
(1,423
)
 
(698
)
Total deferred income tax liabilities
(54,671
)
 
(58,090
)
 
 
 
 
Net deferred income tax liability
$
(31,596
)
 
$
(26,296
)
 
 
 
 
Reported on the Consolidated Balance Sheets as:
 
 
 
Deferred income tax asset
$
—

 
$
9,141

Deferred income tax liability
(31,596
)
 
(35,437
)
Net deferred income tax liability
$
(31,596
)
 
$
(26,296
)