XML 57 R14.htm IDEA: XBRL DOCUMENT v2.4.0.6
Income Taxes
3 Months Ended
Mar. 31, 2013
Income Tax Disclosure [Abstract]  
Income Taxes
Income Taxes
For the three months ended March 31, 2013, income tax expense attributable to continuing operations was $36,649, representing an effective tax rate of 37%. The effective tax rate differs from the federal statutory rate of 35% due primarily to state income tax expense of $2,022 and tax expense of $1,060 related to uncertain tax positions, including accrued interest.
For the three months ended March 31, 2012, income tax expense attributable to continuing operations was $23,970, representing an effective tax rate of 36%. The effective tax rate differs from the federal statutory rate of 35% due primarily to state income tax expense of $1,354, tax expense of $764 related to uncertain tax positions, including accrued interest, partially offset by a tax benefit of $2,015 resulting from a decrease in the valuation allowance with regard to certain local income tax credit carry forwards.
At March 31, 2013, the Company had foreign tax credit carry forwards of approximately $19,000, expiring on various dates from 2014 through 2023. For the three months ended March 31, 2013, excess tax benefits of $1,333 relating to share-based compensation awards and $406 relating to amortization of tax deductible second component goodwill were realized as a reduction in tax liability (as determined on a 'with-and-without' approach).
For the three months ended March 31, 2013, as a result of the enactment of The American Taxpayer Relief Act of 2012, we reduced the Company's current income tax liability and net deferred asset by approximately $28,000, primarily as a result of the extension of the provision allowing a current tax deduction for certain television production costs.
Under the Company's Tax Disaffiliation Agreement with Cablevision, Cablevision is liable for all income taxes of the Company for periods prior to the Distribution except for New York City Unincorporated Business Tax. The City of New York is currently auditing the Company's Unincorporated Business Tax Returns for the years 2006 through 2008. The Internal Revenue Service is currently auditing the Company's U.S. Corporation Income Tax Return for 2011.