Income Taxes (Tables)

12 Months Ended

Dec. 31, 2012

Income Taxes

Provision (Benefit) For Income Taxes

		2012		2011		2010
	(in thousands)
Current:
Federal	$	15,500	$	3,378	$	10,421
State		3,189		820		1,518
		18,689		4,198		11,939
Deferred:
Federal		(388,209)		345,922		319,279
State		(71,582)		60,941		59,982
Foreign		(2,037)		2,160		459
		(461,828)		409,023		379,720
Provision (benefit) for income taxes	$	(443,139)	$	413,221	$	391,659

Reconciliation Of Provision For Income Taxes

		2012			2011		2010
	(in thousands)
Expected provision (benefit) at federal statutory rate	$		(402,571)	$	367,854	$		348,632
Increase (decrease) resulting from:
State income taxes, net of federal income tax effect			(44,454)		40,145			39,975
Nondeductible expenses			2,100		1,244			660
Other			1,786		3,978			2,392
Provision (benefit) for income taxes	$		(443,139)	$	413,221	$		391,659

Schedule of Deferred Tax Assets and Liabilities

		2012		2011
	(in thousands)
Deferred tax liabilities:
Differences between book and tax basis of property	$	1,441,149	$	1,916,619
Cash flow hedges		112,625		276,063
Other		4,460		15,755
		1,558,234		2,208,437
Deferred tax assets:
Accrued compensation		16,387		30,316
Alternative minimum tax credit carryforward		89,016		73,516
Stored natural gas		7,812		9,053
Accrued pension costs		7,686		3,982
Asset retirement obligations		39,249		13,188
Net operating loss carryforward		217,276		287,830
Differences between book and tax basis of property - state		16,872		–
Other		12,354		9,591
		406,652		427,476
Net deferred tax liability	$	1,151,582	$	1,780,961