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Income Taxes (Tables)
12 Months Ended
Dec. 31, 2012
Income Tax Disclosure [Abstract]  
Components of Income Tax Expense (Benefit)
Components of current and deferred income tax expense (benefit) are as follows ($000’s omitted):
 
 
2012
 
2011
 
2010
Current provision (benefit)
 
 
 
 
 
Federal
$
(8,523
)
 
$
(71,796
)
 
$
(114,617
)
State and other
(14,068
)
 
(28,116
)
 
(23,200
)
 
$
(22,591
)
 
$
(99,912
)
 
$
(137,817
)
Deferred provision (benefit)
 
 
 
 
 
Federal
$

 
$

 
$

State and other

 

 

 
$

 
$

 
$

Income tax expense (benefit)
$
(22,591
)
 
$
(99,912
)
 
$
(137,817
)
Effective Income Tax Rate Reconciliation
The following table reconciles the statutory federal income tax rate to the effective income tax rate:
 
 
2012
 
2011
 
2010
Income taxes at federal statutory rate
35.0
 %
 
35.0
 %
 
35.0
 %
Effect of state and local income taxes, net of federal tax
3.0

 
3.0

 
3.0

Deferred tax asset valuation allowance
(37.7
)
 
(7.0
)
 
(12.4
)
Tax contingencies
(10.6
)
 
28.4

 
5.0

Goodwill impairment

 
(28.7
)
 
(19.7
)
Other
(2.0
)
 
1.5

 
0.3

Effective rate
(12.3
)%
 
32.2
 %
 
11.2
 %
Deferred Tax Assets and Liabilities
The net deferred tax asset (liability) is as follows ($000’s omitted):
 
 
At December 31,
 
2012
 
2011
Deferred tax assets:
 
 
 
Non-deductible reserves and other
$
486,990

 
$
446,605

Inventory valuation reserves
953,266

 
1,197,271

Net operating loss ("NOL") carryforwards:
 
 
 
Federal
785,302

 
663,733

State
320,831

 
299,292

Alternative minimum tax credits
25,338

 
25,193

Energy credit and charitable contribution carryforward
38,895

 
38,586

 
2,610,622

 
2,670,680

Deferred tax liabilities:
 
 
 
Capitalized items, including real estate basis differences,
      deducted for tax, net
(84,637
)
 
(91,399
)
Trademarks and tradenames
(56,714
)
 
(61,692
)
 
(141,351
)
 
(153,091
)
Valuation allowance
(2,469,271
)
 
(2,517,589
)
Net deferred tax asset (liability)
$

 
$

Summary of Income Tax Contingencies
A reconciliation of the change in the unrecognized tax benefits is as follows ($000’s omitted):
 
 
2012
 
2011
 
2010
Unrecognized tax benefits, beginning of period
$
171,863

 
$
258,016

 
$
326,088

Decreases related to tax positions taken during the current
       period

 

 

Increases related to tax positions taken during a prior period
8,782

 
2,699

 
55,385

Decreases related to tax positions taken during a prior period
(9,373
)
 
(79,719
)
 
(14,025
)
Increases related to tax positions taken during the current
       period
11,797

 
1,620

 
1,441

Decreases related to settlements with taxing authorities

 

 
(94,779
)
Reductions as a result of a lapse of the applicable statute of
       limitations
(12,644
)
 
(10,753
)
 
(16,094
)
Unrecognized tax benefits, end of period
$
170,425

 
$
171,863

 
$
258,016