Income Taxes (Tables)

12 Months Ended

Dec. 31, 2012

Summary Of Income Tax Benefit (Provision)


		Year Ended December 31,
		2012		2011		2010
Current:
U.S. Federal	$	55,928	$	(1,212)	$	(691)
State and local		59,390		305		(2,390)
Total current		115,318		(907)		(3,081)
Deferred:
U.S. Federal		(3,325)		(32,670)		270,470
State and local		(18,678)		(7,798)		57,756
Total deferred		(22,003)		(40,468)		328,226
Total income tax benefit (provision)	$	93,315	$	(41,375)	$	325,145

Summary Of Changes To Company's Liabilities For UTPs


		Year Ended December 31,
		2012		2011		2010
Decrease to unrecognized tax benefits	$	61,470	$	2,198	$	1,187
Interest expense		27,672		(4,880)		(5,493)
Penalties		21,175		627		557
Total	$	110,317	$	(2,055)	$	(3,749)

Summary Of Additional Income Tax Disclosures


		Year Ended December 31,
		2012		2011		2010
Tax provision on income from discontinued operations	$	(10,157)	$	(47,770)	$	(16,523)
Tax provision on Sale of discontinued operations		(267,451)		—		—
Excess tax benefit from stock option exercises recorded to paid-in-capital⁽ⁱ⁾		16,919		1,198		412
Deferred tax (provision) benefit for adjustments in other comprehensive loss (See Note 4)		(22,612)		39,416		22,300

⁽ⁱ⁾The Company uses the with-and-without approach of determining when excess tax benefits from equity compensation have been realized.

Schedule Of Effective Income Tax Rate Reconciliation


		Year Ended December 31,
		2012		2011		2010
Tax benefit at U.S. Statutory Rate of 35%	$	9,524	$	4,321	$	8,114
Permanent adjustments which change statutory amounts:
State and local income taxes, net of federal income tax		34,605		(2,802)		(28,788)
Equity in net income of affiliates		(12,019)		(37,215)		(29,969)
Extraterritorial income exclusion		11,200		—		—
Provision for unrecognized tax benefits		46,542		(1,137)		1,476
Nondeductible expenses		(603)		(1,906)		(639)
Change in valuation allowance		2,311		684		375,367
Other, net		1,755		(3,320)		(416)
Total income tax benefit (provision)	$	93,315	$	(41,375)	$	325,145

Unrecognized Tax Benefits


		Year Ended December 31,
		2012		2011		2010
Balance at January 1	$	115,293	$	132,211	$	120,124
Increases related to prior year tax positions		453		1,220		339
Decreases related to prior year tax positions		(27)		(24,745)		(1,933)
Decreases as a result of statute expirations		(61,021)		(1,629)		(1,886)
Decreases as a result of tax settlements		(8,184)		(7,606)		(5,207)
Increases related to current year tax positions		29,566		15,842		20,774
Balance at December 31	$	76,080	$	115,293	$	132,211

Schedule Of Net Deferred Tax Assets


		December 31,
		2012		2011
Deferred tax assets:
Postretirement benefits other than pensions	$	432	$	26,685
Inventoried costs		—		20,165
Net operating loss and tax credit carryforwards		131,359		139,070
Compensation and benefits		3,766		24,984
Deferred research & development costs		—		3,269
Income recognition on long-term contracts		—		22,402
Indemnification liabilities		7,440		—
Investments in and advances to affiliates		—		6,175
Property, plant and equipment		996		—
Other, net		4,022		5,850
Federal benefit of uncertain tax positions		9,931		29,576
Pension costs		15,746		93,948
Total deferred tax assets before valuation allowance		173,692		372,124
Less valuation allowance		(7,108)		(10,887)
Net deferred tax assets		166,584		361,237
Deferred tax liabilities:
Gain from installment sale		(38,818)		—
Property, plant and equipment		—		(27,515)
Intangible assets		—		(3,289)
Investments in and advances to affiliates		(9,883)		—
Total deferred tax liabilities		(48,701)		(30,804)
Net deferred tax assets	$	117,883	$	330,433

Classification on consolidated balance sheets:
Current deferred tax assets	$	4,165	$	67,070
Long-term deferred tax assets		117,381		263,363
Long-term liabilities		(3,663)		—
Total deferred tax assets	$	117,883	$	330,433

- Definition

Tabular disclosure of tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities (i.e., uncertain tax positions) and other types of income tax contingencies, including: (1) the policy on classification of interest and penalties; (2) a tabular reconciliation of the total amounts of unrecognized tax benefits at the beginning and end of the period; the total amount(s) of: (3) unrecognized tax benefits that, if recognized, would affect the effective tax rate, and (4) interest and penalties recognized in each of the income statement and balance sheet; (5) for positions for which it is reasonably possible that the total amounts unrecognized will significantly change within 12 months of the reporting date the: (i) nature of the uncertainty, (ii) nature of the event that could occur that would cause the change, and (iii) an estimate of the range of the reasonably possible change or a statement that an estimate of the range cannot be made; and (6) a description of tax years that remain subject to examination by major tax jurisdictions.

+ References+ Details