ManageMent’s Discussion anD analysis Amortization of deferred financing cost was lower by $0.1 million in fiscal 2013 due to the lower financing costs incurred  and therefore amortized on the fifth series convertible debentures versus the redeemed third series convertible debentures. A five-year interest rate swap of $70.0 million, taken in June 2008, expired on June 28, 2013. It was replaced by a 2.09%  interest rate swap of $50.0 million, decreasing to $40.0 million on June 29, 2015 and to $30.0 million on June 28, 2016. The  mark-to-market unrealized gain on the swap of $1.8 million in fiscal 2013 and of $2.1 million in fiscal 2012 is due mainly to  the passage of time as the previous years’ mark-to-market losses reversed as the 2008 interest rate swap approached maturity. With the redemption of the third series convertible debentures in December 2011, unamortized deferred financing costs of  approximately $0.8 million were expensed, which was partially offset by a gain of $0.2 million from the mark-to-market of  the conversion feature for that series on the redemption date. Current income taxes are $1.5 million higher than in fiscal 2012, as Rogers’ taxable income increased compared to fiscal  2012 and also due to a slight increase in tax rates. Deferred income taxes reflect temporary differences, which result primarily from the difference between capital cost  allowance claimed for tax purposes and depreciation amounts recognized for financial reporting purposes, employee future  benefits and derivative financial instruments. Deferred income tax assets and liabilities are measured using the enacted or  substantively enacted tax rates anticipated to apply to income in the years in which temporary differences are expected to  be realized or reversed. The effect of a change in income tax rates on future income taxes is recognized in income in the  period in which the change occurs. Annual Report 2013 19 (In thousands of dollars) 2013 2012 $ $ Current 11,659 10,141 Deferred 1,487 507 Total 13,146 10,648 Taxation The income tax expense is as follows: