Income Taxes (Tables)

12 Months Ended

Dec. 31, 2011

Income Tax Provision (Benefit) for Federal, and State and Local Income Taxes

The income tax provision (benefit) for federal, and state and local income taxes in the consolidated income statements consists of the following:

(000's omitted)	Year Ended  December 31,  2011			Year Ended  December 31,  2010			Year Ended  December 31,  2009
Current:
Federal	$	40,315		$	37,745		$	23,650
State and local		512			(256	)		100
Foreign		2,722			1,472			338
Total current		43,549			38,961			24,088
Deferred:
Federal		28,066			13,703			17,372
State and local		(329	)		(315	)		(235	)
Foreign		-			60			-
Total deferred		27,737			13,448			17,137
Total provision	$	71,286		$	52,409		$	41,225

Significant Components of Net Deferred Tax Assets

The significant components of net deferred tax assets of the Company consist of the following: 

	December 31,
(000's omitted)	2011			2010
State net operating loss carryforwards	$	12,337		$	17,108
Receivable reserves		2,247			1,901
Hedging transaction		20,874			8,057
Intangibles		2,570			2,854
Capital loss		-			4,550
Equity compensation		12,193			8,875
Accrued compensation and other		363			1,206
Total deferred tax assets		50,584			44,551
Valuation allowance		(12,337	)		(17,108	)
Net deferred tax assets		38,247			27,443
Trademarks, goodwill and other intangibles		(130,255	)		(98,037	)
Depreciation		(3,308	)		(3,031	)
Difference in cost basis of acquired intangibles		(49,000	)		(49,000	)
Convertible notes		(22,616	)		(9,875	)
Investment in joint ventures		(5,192	)		(4,334	)
Total deferred tax liabilities		(210,371	)		(164,277	)
Total net deferred tax assets (liabilities)	$	(172,124	)	$	(136,834	)
Balance Sheet detail on total  net deferred tax assets (liabilities):
Current portion of net deferred tax assets	$	2,114		$	1,743
Non-current portion of net deferred tax assets (liabilities)	$	(174,238	)	$	(138,577	)

Rate Reconciliation Between the Amount of Income Tax Provision at the Federal Rate and Provision for (Benefit from) Taxes on Income

The following is a rate reconciliation between the amount of income tax provision at the Federal rate of 35% and provision for (benefit from) taxes on operating profit (loss):

	Year ended December, 31
(000's omitted)	2011			2010			2009
Income tax provision computed at the federal rate of 35%	$	74,384		$	57,014		$	40,714
Increase (reduction) in income taxes resulting from:
State and local income taxes (benefit), net of federal income tax		113			(1,626	)		(4,013	)
Increase in valuation allowance		-			1,282			3,843
Non-controlling interest		(5,048	)		(3,987	)		-
Non-deductable executive compensation		1,855			-			-
Other, net		(18	)		(274	)		681
Total	$	71,286		$	52,409		$	41,225

Reconciliation of Beginning and Ending Amount of Gross Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows:

(000’s omitted)	FY 2011		FY 2010		FY 2009
Uncertain tax positions at January 1	$	1,180	$	1,180	$	1,180
Increases during the year		-		-		-
Decreases during the year		-		-		-
Uncertain tax positions at December 31	$	1,180	$	1,180	$	1,180