MINERALS TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS  The provision for taxes on income shown in the previous table is classified based on the location of the taxing authority,  regardless of the location in which the taxable income is generated.  The provision (benefit) for taxes on income consists of the following:  The major elements contributing to the difference between the U.S. federal statutory tax rate and the consolidated  effective tax rate are as follows:  Millions of Dollars  2013  2012  2011  Domestic  Taxes currently payable  Federal ............................................................... $  13.7  $  14.9  $ 11.8  State and local.................................................... 2.6  1.3  2.2  Deferred income taxes.................................................. 2.5  3.2  (1.9)  Domestic tax provision ..................................... 18.8  19.4  12.1  Foreign  Taxes currently payable................................................ 13.8  14.3  13.1  Deferred income taxes.................................................. 1.9  (1.8)  3.5  Foreign tax provision ........................................ 15.7  12.5  16.6  Total tax provision ........................... $  34.5  $  31.9  $ 28.7  Percentages  2013  2012  2011  U.S. statutory tax rate ................................................... 35.0% 35.0% 35.0% Depletion ...................................................................... (3.6) (3.8)  (4.0) Difference between tax provided on foreign earnings  and the U.S. statutory rate ..................................... (3.6) (4.0)  (1.0) State and local taxes, net of Federal tax benefit ........... 1.7  1.5  1.2  Tax credits and foreign dividends ................................ (1.7) (0.1)  (0.1) Change in valuation allowance..................................... 0.3  (1.1)  (1.2) Impact of uncertain tax positions……………………. (0.6) 0.9   (2.7) Impact of officer’s non -deductible compensation ........ 2.3  2.1  2.9  Other ............................................................................. (1.9) (1.6)  (1.8) Consolidated effective tax rate ..................................... 27.9% 28.9% 28.3% The Company believes that its accrued liabilities are sufficient to cover its U.S. and foreign tax contingencies. The tax  effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are  presented below:  Millions of Dollars  2013  2012  Deferred tax assets:  Accrued expenses ................................................................................... $  9.4 $ 12.2  Net operating loss carry forwards........................................................... 9.6 11.4  Pension and post-retirement benefits costs............................................. 21.6 43.8  Other ....................................................................................................... 14.3 12.9  Valuation allowance. .............................................................................. (5.9) (5.7)  Total deferred tax assets ......................................................................... $  49.0 $ 74.6  Millions of Dollars  2013  2012  Deferred tax liabilities:  Plant and equipment, principally due to differences in depreciation...... $  14.3 $ 10.3  Intangible assets ..................................................................................... 13.3 12.4  Other ....................................................................................................... 1.6 4.4  Total deferred tax liabilities ................................................................... 29.2 27.1  Net deferred tax assets............................................................................ $  19.8 $ 47.5  F-14 