Income Taxes (Tables)
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12 Months Ended |
Dec. 31, 2012
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Income Tax Disclosure [Abstract] |
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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 | ) |
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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 | % |
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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) | $ | — |
| | $ | — |
|
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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 |
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