Note 5 – Income taxes:

Summarized below are (i) the differences between the provision for income taxes and the amounts that would be expected using the U. S. federal statutory income tax rate of 35%, and (ii) the components of the comprehensive provision for income taxes.


	Years ended December 31,
	2010			2011			2012
	(In thousands)

Expected tax provision, at statutory rate	$	7,231		$	17,868		$	11,257
U.S. state income taxes, net		1,372			3,298			1,036
Other, net		42			(328	)		(350	)

Provision for income taxes	$	8,645		$	20,838		$	11,943


Provision for income taxes:
Currently payable:
U.S. federal	$	1,984		$	8,800		$	5,002
U.S. state		108			1,562			896

Net currently payable		2,092			10,362			5,898
Deferred income taxes, net		6,553			10,476			6,045

Provision for income taxes	$	8,645		$	20,838		$	11,943


Comprehensive provision for income taxes allocable to:
Net income	$	8,645		$	20,838		$	11,943
Other comprehensive income (loss):
Pension plans		25,771			(49,721	)		8,151
OPEB plans		(3,980	)		(5,890	)		(4,920	)
Additional paid-in capital:
Retirement of treasury stock		—			456			—
Transactions with stockholders		—			106			—

	$	30,436		$	(34,211	)	$	15,174

The components of the net deferred tax asset/(liability) are summarized below.


	December 31,
	2011						2012
	Assets			Liabilities			Assets			Liabilities
	(In thousands)

Tax effect of temporary differences relating to:
Inventories	$	4,587		$	—		$	5,859		$	—
Property and equipment		—			(18,612	)		—			(20,246	)
Pension asset		—			(28,197	)		—			(40,323	)
Accrued pension cost		8,430			—			11,036			—
Accrued OPEB cost		20,445			—			21,454			—
Accrued employee benefits		5,604			—			5,825			—
Accrued insurance		1,389			—			1,066			—
Other accrued liabilities		555			—			226			—
Other deductible differences		210			—			236			—


Gross deferred tax assets / (liabilities)		41,220			(46,809	)		45,702			(60,569	)
Reclassification, principally netting by tax jurisdiction		(29,026	)		29,026			(32,862	)		32,862


Net deferred tax asset / (liability)		12,194			(17,783	)		12,840			(27,707	)
Less current deferred tax asset		(12,194	)		—			(12,840	)		—


Noncurrent deferred tax liability	$	—		$	(17,783	)	$	—		$	(27,707	)

Our provision for income taxes during 2011 includes a $1.0 million non-cash charge for state deferred income taxes. The non-cash charge is related to an increase in our effective state income tax rate primarily as a result of an increase in the tax rate of the State of Illinois.

We file income tax returns in various U.S. federal, state and local jurisdictions. Our income tax returns prior to 2009 are generally considered closed to examination by applicable tax authorities.