Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Pre-tax book income for FY 2014, FY 2013 and FY 2012 were as follows:


	FY 2014 (Restated)		FY 2013		FY 2012
Domestic	$	148,296	$	149,988	$	178,451
Foreign		74,881		50,674		4,021
Total pre-tax income	$	223,177	$	200,662	$	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:


	Year Ended December 31, 2014 (Restated)		Year Ended December 31, 2013		Year Ended December 31, 2012
Current:
Federal	$	1,511	$	8,817	$	31,109
State and local		1,500		1,524		575
Foreign		13,153		16,318		2,894
Total current		16,164		26,659		34,578
Deferred:
Federal		39,061		30,350		25,040
State and local		3,996		630		(655	)
Foreign		423		436		—
Total deferred		43,474		31,416		24,385
Total provision	$	59,641	$	58,075	$	58,963

Significant Components of Net Deferred Tax Assets

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


	December 31,
	2014 (Restated)			2013
State net operating loss carryforwards	$	11,205		$	11,205
Receivable reserves		5,046			4,282
Hedging transaction		25,183			34,957
Intangibles		2,535			3,350
Equity compensation		14,858			14,757
Foreign Tax Credit		5,262			—
Other		2,096			—
Total deferred tax assets		66,185			68,551
Valuation allowance		(11,205	)		(11,205	)
Net deferred tax assets		54,980			57,346
Trademarks, goodwill and other intangibles		(257,677	)		(213,720	)
Depreciation		(1,055	)		(1,404	)
Difference in cost basis of acquired intangibles		(49,441	)		(49,000	)
Convertible notes		(28,003	)		(37,251	)
Investment in joint ventures		(28,841	)		(10,740	)
Other accruals		(427	)		(1,676	)
Total deferred tax liabilities		(365,444	)		(313,791	)
Total net deferred tax liabilities	$	(310,464	)	$	(256,445	)
Balance Sheet detail on total net deferred tax assets (liabilities):
Current portion of net deferred tax assets	$	10,328		$	4,160
Non-current portion of net deferred tax liabilities	$	(320,792	)	$	(260,605	)

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
	2014 (Restated)			2013			2012
Income tax provision computed at the federal rate of 35%	$	78,112		$	70,232		$	63,865
Increase (reduction) in income taxes resulting from:
State and local income taxes (benefit), net of federal income tax		3,090			991			(53	)
Non-controlling interest		(6,040	)		(5,940	)		(4,535	)
Non-deductible executive compensation		1,018			727			266
Foreign Earnings (rate differential)		(17,255	)		(8,209	)		(1,013	)
Other, net		716			274			433
Total	$	59,641		$	58,075		$	58,963

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 2014		FY 2013		FY 2012
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