04-HP-876_newMDA.qxd 12/15/04 3:04 PM Page 66 NOTE 5 INCOME TAXES  Reclassifications have been made to the fiscal 2003 balances for cer tain components of deferred tax assets and liabilities in order to conform to the current year’s presentation. 67 Years Ended September 30, 2004 2003 2002 (In thousands) CURRENT: Federal $ (5,997) $ (34,495) $ 13,324  Foreign 4,622 6,870 5,080 State (194) 883 1,022 (1,569) (26,742) 19,426 DEFERRED: Federal 4,037 42,835 16,019 Foreign 1,902 (3,383) 3,732 State  (5) 1,939 1,396 5,934 41,391 21,147 TOTAL PROVISION:  $ 4,365 $ 14,649  $ 40,573  Years Ended September 30, 2004 2003 2002 (In thousands) Income (loss) from continuing operations before income taxes and equity in income (loss) of affiliates: Domestic  $ (2,972)  $ 31,164  $ 82,012  Foreign 10,972 2,778 9,208 $  8,000 $ 33,942  $ 91,220 September 30, 2004 2003 (In thousands) Deferred tax liabilities: Property, plant and equipment  $ 188,409 $164,078 Available-for-sale securities  28,203 25,106  Equity investments  17,793 17,349  Total deferred tax liabilities 234,405  206,533  Deferred tax assets: Pension reserves  7,283  4,918 Insurance reserves 4,452  3,688 Net operating loss carryforwards 21,077  4,074 Alternative minimum tax credit carryforwards 2,542  5,333 Financial accruals  7,574  4,446 Other 1,250 2,337 Total deferred tax assets 44,178 24,796 Net deferred tax liabilities $190,227 $181,737 The components of the Company’s net deferred tax liabilities ar as follows: The amounts of domestic and foreign income (loss) from continuing operations are as follows:  The components of the provision (benefit) for income taxes from continuing operations are as follows: