Income Taxes (Tables)

12 Months Ended

Dec. 31, 2011

Schedule of Components of Income Tax Expense (Benefit)

The amounts provided for income taxes are as follows:



	Year Ended December 31,
	2011		2010			2009
Current:
U.S. Federal	$	30,458	$	33,142		$	94,640
State	8,313		101			19,274
	$	38,771	$	33,243		$	113,914
Deferred:
U.S. Federal	$	7,765	$	(3,381	)	$	(85,158	)
State	1,601		1,624			(25,025		)
	9,366		(1,757		)	(110,183		)
Total	$	48,137	$	31,486		$	3,731

Schedule of Deferred Tax Assets and Liabilities

The tax effect of temporary differences which give rise to a significant portion of deferred tax assets and liabilities are as follows:



	December 31, 2011					December 31, 2010
	Deferred Tax Assets			Deferred Tax Liabilities		Deferred Tax Assets			Deferred Tax Liabilities
Excess of tax basis over book basis- non-consolidated entities	$	4,488		$	—	$	10,603		$	—
Employee benefit accruals	16,418			—		10,701			—
Book/tax differences on fixed and Intangible assets	—			41,616		—			34,293
Book/tax differences on inventory	—			20,865		—			21,589
Book/tax differences on long-term investments	22			—		7,067			—
Impact of accounting on convertible debt	—			15,990		—			16,155
Impact of timing of settlement payments	38,164			—		26,962			—
Various U.S. state tax loss carryforwards	14,428			—		14,496			—
Other	10,200			18,056		10,075			16,742
Valuation allowance	(9,752		)	—		(10,290		)	—
	$	73,968		$	96,527	$	69,614		$	88,779

Schedule of Effective Income Tax Rate Reconciliation

Differences between the amounts provided for income taxes and amounts computed at the federal statutory tax rate are summarized as follows:



	Year Ended December 31,
	2011			2010			2009
Income before income taxes	$	123,157		$	85,570		$	28,537
Federal income tax expense at statutory rate	43,105			29,950			9,988
Increases (decreases) resulting from:
State income taxes, net of federal income tax benefits	6,444			1,121			261
Non-deductible expenses	1,974			1,491			1,682
Impact of domestic production deduction	(4,256		)	(654		)	(1,201		)
Tax credits	—			(25		)	(833		)
Equity and other adjustments	—			—			—
Changes in valuation allowance, net of equity and tax audit adjustments	870			(397		)	(6,166		)
Income tax expense	$	48,137		$	31,486		$	3,731

Summary of Income Tax Contingencies

The following table summarizes the activity related to the unrecognized tax benefits:



Balance at January 1, 2009	$	7,503
Additions based on tax positions related to current year	3,380
Additions based on tax positions related to prior years	2,619
Reductions based on tax positions related to prior years	(550		)
Settlements	(903		)
Expirations of the statute of limitations	(1,833		)
Balance at December 31, 2009	10,216
Additions based on tax positions related to current year	847
Additions based on tax positions related to prior years	1,178
Reductions based on tax positions related to prior years	(2,303		)
Settlements	(1,076		)
Expirations of the statute of limitations	(2,094		)
Balance at December 31, 2010	6,768
Additions based on tax positions related to current year	—
Additions based on tax positions related to prior years	250
Reductions based on tax positions related to prior years	—
Settlements	—
Expirations of the statute of limitations	(421		)
Balance at December 31, 2011	$	6,597

- Definition

Tabular disclosure of tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities (i.e., uncertain tax positions) and other types of income tax contingencies, including: (1) the policy on classification of interest and penalties; (2) a tabular reconciliation of the total amounts of unrecognized tax benefits at the beginning and end of the period; the total amount(s) of: (3) unrecognized tax benefits that, if recognized, would affect the effective tax rate, and (4) interest and penalties recognized in each of the income statement and balance sheet; (5) for positions for which it is reasonably possible that the total amounts unrecognized will significantly change within 12 months of the reporting date the: (i) nature of the uncertainty, (ii) nature of the event that could occur that would cause the change, and (iii) an estimate of the range of the reasonably possible change or a statement that an estimate of the range cannot be made; and (6) a description of tax years that remain subject to examination by major tax jurisdictions.

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