Income Taxes (Tables)

12 Months Ended

Dec. 31, 2012

Pre-Tax Book Income

Pre-tax book income for the year ended December 31, 2012 was:

Domestic	$	178,451
Foreign	$	4,021
Total pre-tax income	$	182,472

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, 2012			Year Ended December 31, 2011			Year Ended December 31, 2010
Current:
Federal	$	31,109		$	40,315		$	37,745
State and local		575			512			(256	)
Foreign		2,894			2,722			1,472
Total current		34,578			43,549			38,961
Deferred:
Federal		25,040			28,066			13,703
State and local		(655	)		(329	)		(315	)
Foreign		—			—			60
Total deferred		24,385			27,737			13,448
Total provision	$	58,963		$	71,286		$	52,409

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)	2012			2011
State net operating loss carryforwards	$	10,756		$	12,337
Receivable reserves		3,540			2,247
Hedging transaction		14,047			20,874
Intangibles		2,216			2,570
Capital loss		817			—
Equity compensation		14,983			12,193
Accrued compensation and other		129			363
Total deferred tax assets		46,488			50,584
Valuation allowance		(10,756	)		(12,337	)
Net deferred tax assets		35,732			38,247
Trademarks, goodwill and other intangibles		(163,252	)		(130,255	)
Depreciation		(1,828	)		(3,308	)
Difference in cost basis of acquired intangibles		(49,000	)		(49,000	)
Convertible notes		(16,195	)		(22,616	)
Investment in joint ventures		(7,176	)		(5,192	)
Other accruals		(1,696	)		—
Total deferred tax liabilities		(239,147	)		(210,371	)
Total net deferred tax liabilities	$	(203,415	)	$	(172,124	)
Balance Sheet detail on total net deferred tax assets (liabilities):
Current portion of net deferred tax assets	$	3,497		$	2,114
Non-current portion of net deferred tax liabilities	$	(206,912	)	$	(174,238	)

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

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)	2012			2011			2010
Income tax provision computed at the federal rate of 35%	$	63,865		$	74,384		$	57,014
Increase (reduction) in income taxes resulting from:
State and local income taxes (benefit), net of federal income tax		(53	)		113			(1,626	)
Increase in valuation allowance		—			—			1,282
Non-controlling interest		(4,535	)		(5,048	)		(3,987	)
Non-deductible executive compensation		266			1,855			—
Foreign Earnings (rate differential)		(1,013	)		—			—
Other, net		433			(18	)		(274	)
Total	$	58,963		$	71,286		$	52,409

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 2012		FY 2011		FY 2010
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