INCOME TAXES INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2014

The provision for/(benefit from) income taxes consisted of the following:



	2014			2013			2012
Current
Federal	$	42,183		$	95,997		$	96,820
State and other	305			4,312			4,400
	42,488			100,309			101,220
Deferred
Federal	(34,301		)	(31,051		)	(1,747		)
State and other	(641		)	(110		)	664
	(34,942		)	(31,161		)	(1,083		)
Changes in valuation allowance	1,270			—			256
Total	$	8,816		$	69,148		$	100,393

A reconciliation of the U.S. federal statutory income tax rate to the actual income tax rate was as follows:



	2014		2013		2012
U.S. federal statutory income tax rate	35.0	%	35.0	%	35.0	%
Domestic manufacturing production deduction	(14.4	)	(3.4	)	(3.2	)
CBPC reserve reversal	(11.8	)	—		—
State credits	(2.9	)	—		—
AFMC for CBPC exchange	—		(6.5	)	(3.6	)
Nondeductible executive compensation	2.4		—		—
Research credit adjustment	2.4		(1.0	)	—
Adjustment to prior tax returns	2.7		—		—
Change in valuation allowance	3.1		—		—
Nondeductible transaction costs	4.0		—		—
Other	1.3		(0.2	)	1.1
Income tax rate as reported	21.8	%	23.9	%	29.3	%

The nature of the temporary differences and the resulting net deferred tax liability for the two years ended December 31, were as follows:



	2014			2013
Gross deferred tax assets:
Pension, postretirement and other employee benefits	$	67,104		$	5,364
Tax credit carryforwards	15,740			45,429
Environmental reserves	56,508			—
Capitalized costs	14,042			12,773
State net operating losses	4,892			—
Total gross deferred tax assets	158,286			63,566
Less: Valuation allowance	(20,517		)	(24,588		)
Total deferred tax assets after valuation allowance	137,769			38,978
Gross deferred tax liabilities:
Accelerated depreciation	(49,917		)	(63,578		)
Other	(1,030		)	(2,092		)
Total gross deferred tax liabilities	(50,947		)	(65,670		)
Net deferred tax asset (liability)	$	86,822		$	(26,692	)
Current portion of deferred tax asset	$	8,275		$	22,532
Noncurrent portion of deferred tax asset	78,547			—
Noncurrent portion of deferred tax liability	—			(49,224		)
Net deferred tax asset (liability)	$	86,822		$	(26,692	)

Included above are the following tax credit carryforwards and net operating losses as of December 31, 2014:

A reconciliation of the beginning and ending unrecognized tax benefits for the three years ended December 31 is as follows:



	2014			2013		2012
Balance at January 1,	$	4,767		$	—	$	—
Decreases related to prior year tax positions	(4,767		)	—		—
Increases related to prior year tax positions	—			4,767		—
Balance at December 31,	$	—		$	4,767	$	—

The following table provides detail of tax years that remain open to examination by significant taxing jurisdictions: