HollyFrontier 2013 Annual Report Download - page 90
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82
The statutory federal income tax rate applied to pre-tax book income reconciles to income tax expense as follows:
Years Ended December 31,
2013 2012 2011
(In thousands)
Tax computed at statutory rate $ 405,790 $ 975,798 $ 574,682
State income taxes, net of federal tax benefit 21,363 110,739 64,284
Domestic production activities deduction (22,101)(54,745)(32,194)
Noncontrolling interest in net income (12,378)(12,783)(14,221)
Uncertain tax positions (193) 7,309 (12,125)
Other (905) 1,644 1,565
$ 391,576 $ 1,027,962 $ 581,991
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities
for financial reporting purposes and the amounts used for income tax purposes. Our deferred income tax assets and liabilities as
of December 31, 2013 and 2012 are as follows:
December 31, 2013
Assets Liabilities Total
(In thousands)
Deferred income taxes
Accrued employee benefits $ 3,138 $ — $ 3,138
Accrued environmental costs 5,010 — 5,010
Hedging instruments 12,417 — 12,417
Inventory differences — (235,823)(235,823)
Prepaid insurance — (7,222)(7,222)
Prepayments and other — (1,519)(1,519)
Total current 20,565 (244,564)(223,999)
Properties, plants and equipment (due primarily to
tax in excess of book depreciation) —(578,958)(578,958)
Accrued employee benefits 41,997 — 41,997
Accrued post-retirement benefits — (8,071)(8,071)
Accrued environmental costs 20,431 — 20,431
Hedging instruments 3,744 — 3,744
Deferred turnaround costs — (101,158)(101,158)
Net operating loss and tax credit carryforwards 24,086 — 24,086
Investment in HEP — (29,771)(29,771)
Other 10,858 — 10,858
Total noncurrent 101,116 (717,958)(616,842)
Total $ 121,681 $ (962,522) $ (840,841)
Table of Contents HOLLYFRONTIER CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Continued