INCOME TAXES |
N. INCOME TAXES
The following table sets forth our provisions for income taxes for the periods indicated: | | | | | | | | | | | | | | | | Years Ended December 31, | | | 2012 | | 2011 | | 2010 | Current income taxes | | (Thousands of dollars) | Federal | | $ | (16,083 | ) | | $ | (32,291 | ) | | $ | 58,844 |
| State | | 1,798 |
| | 1,707 |
| | 12,629 |
| Total current income taxes from continuing operations | | (14,285 | ) |
| (30,584 | ) | (a) | 71,473 |
| Deferred income taxes | | |
| | |
| | |
| Federal | | 213,127 |
| | 228,257 |
| | 124,126 |
| State | | 16,353 |
| | 28,375 |
| | 18,121 |
| Total deferred income taxes from continuing operations | | 229,480 |
| | 256,632 |
| (a) | 142,247 |
| Total provision for income taxes from continuing operations | | 215,195 |
| | 226,048 |
| | 213,720 |
| Discontinued operations | | 8,749 |
| | 1,255 |
| | 114 |
| Total provision for income taxes | | $ | 223,944 |
| | $ | 227,303 |
| | $ | 213,834 |
|
(a) Includes a $37.7 million reclassification from current income taxes to deferred related to revisions of estimated depreciation in our filed tax returns compared with our 2010 tax provision.
The following table is a reconciliation of our income tax provision from continuing operations for the periods indicated: | | | | | | | | | | | | | | | | Years Ended December 31, | | | 2012 | | 2011 | | 2010 | | | (Thousands of dollars) | Income from continuing operations before income taxes | | $ | 944,446 |
| | $ | 983,562 |
| | $ | 753,778 |
| Less: Net income attributable to noncontrolling interest | | 382,911 |
| | 399,150 |
| | 206,698 |
| Income from continuing operations attributable to ONEOK before income taxes | | 561,535 |
| | 584,412 |
| | 547,080 |
| Federal statutory income tax rate | | 35 | % | | 35 | % | | 35 | % | Provision for federal income taxes | | 196,537 |
| | 204,543 |
| | 191,478 |
| State income taxes, net of federal tax benefit | | 11,799 |
| | 20,334 |
| | 19,946 |
| Other, net | | 6,859 |
| | 1,171 |
| | 2,296 |
| Income tax provision from continuing operations | | $ | 215,195 |
| | $ | 226,048 |
| | $ | 213,720 |
|
The following table sets forth the tax effects of temporary differences that gave rise to significant portions of the deferred tax assets and liabilities for the periods indicated: | | | | | | | | | | | | December 31, 2012 | | December 31, 2011 | Deferred tax assets | | (Thousands of dollars) | Employee benefits and other accrued liabilities | | $ | 128,418 |
| | $ | 136,997 |
| Other comprehensive income | | 140,802 |
| | 134,037 |
| Other | | 33,436 |
| | 31,544 |
| Total deferred tax assets | | 302,656 |
| | 302,578 |
| Deferred tax liabilities | | |
| | |
| Excess of tax over book depreciation and depletion | | 760,211 |
| | 664,415 |
| Investment in partnerships | | 969,347 |
| | 851,408 |
| Regulatory assets | | 204,625 |
| | 200,010 |
| Total deferred tax liabilities | | 1,934,183 |
| | 1,715,833 |
| Net deferred tax liabilities before discontinued operations | | 1,631,527 |
| | 1,413,255 |
| Discontinued operations | | — |
| | 82 |
| Net deferred tax liabilities | | $ | 1,631,527 |
| | $ | 1,413,337 |
|
We had income taxes receivable of approximately $30.8 million and $10.7 million at December 31, 2012 and 2011, respectively. |