Income Taxes (Tables)

12 Months Ended

Dec. 31, 2013

Pre-Tax Book Income

Pre-tax book income for FY 2013, FY 2012 and FY 2011 were as follows:

	FY 2013		FY 2012		FY 2011
Domestic	$	149,988	$	178,451	$	212,527
Foreign		50,674		4,021		—
Total pre-tax income	$	200,662	$	182,472	$	212,527

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:

	Year Ended December 31, 2013		Year Ended December 31, 2012			Year Ended December 31, 2011
	(000’s omitted)
Current:
Federal	$	8,817	$	31,109		$	40,315
State and local		1,524		575			512
Foreign		16,318		2,894			2,722
Total current		26,659		34,578			43,549
Deferred:
Federal		30,350		25,040			28,066
State and local		630		(655	)		(329	)
Foreign		436		—			—
Total deferred		31,416		24,385			27,737
Total provision	$	58,075	$	58,963		$	71,286

Significant Components of Net Deferred Tax Assets

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

	December 31,
	2013			2012
	(000’s omitted)
State net operating loss carryforwards	$	11,205		$	10,756
Receivable reserves		4,282			3,540
Hedging transaction		34,957			14,047
Intangibles		3,350			2,216
Capital loss		—			817
Equity compensation		14,757			14,983
Accrued compensation and other		—			129
Total deferred tax assets		68,551			46,488
Valuation allowance		(11,205	)		(10,756	)
Net deferred tax assets		57,346			35,732
Trademarks, goodwill and other intangibles		(213,720	)		(163,252	)
Depreciation		(1,404	)		(1,828	)
Difference in cost basis of acquired intangibles		(49,000	)		(49,000	)
Convertible notes		(37,251	)		(16,195	)
Investment in joint ventures		(10,740	)		(7,176	)
Other accruals		(1,676	)		(1,696	)
Total deferred tax liabilities		(313,791	)		(239,147	)
Total net deferred tax liabilities	$	(256,445	)	$	(203,415	)
Balance Sheet detail on total net deferred tax assets (liabilities):
Current portion of net deferred tax assets	$	4,160		$	3,497
Non-current portion of net deferred tax liabilities	$	(260,605	)	$	(206,912	)

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
	2013			2012			2011
	(000’s omitted)
Income tax provision computed at the federal rate of 35%	$	70,232		$	63,865		$	74,384
Increase (reduction) in income taxes resulting from:
State and local income taxes (benefit), net of federal income tax		991			(53	)		113
Increase in valuation allowance		—			—			—
Non-controlling interest		(5,940	)		(4,535	)		(5,048	)
Non-deductible executive compensation		727			266			1,855
Foreign Earnings (rate differential)		(8,209	)		(1,013	)		—
Other, net		274			433			(18	)
Total	$	58,075		$	58,963		$	71,286

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:

	FY 2013		FY 2012		FY 2011
	(000’s omitted)
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