Cablevision 2011 Annual Report Download - page 184

COMBINED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
(Dollars in thousands, except per share amounts)
I-60
For Cablevision, the tax effects of temporary differences which give rise to significant portions of
deferred tax assets or liabilities and the corresponding valuation allowance at December 31, 2011 and
2010 are as follows:
December 31,
2011 2010
Deferred Tax Asset (Liability)
Current
NOLs and tax credit carry forwards .................................................................... $ 69,689 $ 96,570
Compensation and benefit plans ......................................................................... 41,330 43,074
Allowance for doubtful accounts ........................................................................ 5,286 6,260
Other liabilities .................................................................................................... 10,868 8,626
Deferred tax asset ............................................................................................ 127,173 154,530
Valuation allowance ............................................................................................ (2,311 ) (2,217)
Net deferred tax asset, current ......................................................................... 124,862 152,313
Investments ......................................................................................................... (39,937) (48,668)
Deferred tax liability, current .......................................................................... (39,937) (48,668)
Net deferred tax asset, current ......................................................................... 84,925 103,645
Noncurrent
NOLs and tax credit carry forwards .................................................................... 523,548 513,319
Compensation and benefit plans ......................................................................... 85,122 57,929
Investments ......................................................................................................... - 4,565
Partnership investments ...................................................................................... 159,456 161,501
Other ................................................................................................................... 11,948 8,483
Deferred tax asset ............................................................................................ 780,074 745,797
Valuation allowance ............................................................................................ (12,036) (11,224)
Net deferred tax asset, noncurrent ................................................................... 768,038 734,573
Fixed assets and intangibles ................................................................................ (793,332) (620,987)
Investments ......................................................................................................... (35,943) -
Other assets ......................................................................................................... (19,309) (14,299)
Deferred tax liability, noncurrent .................................................................... (848,584) (635,286)
Net deferred tax asset (liability), noncurrent ................................................... (80,546) 99,287
Total net deferred tax asset ................................................................................. $ 4,379 $ 202,932
The increase in the deferred tax liability with regard to fixed assets from December 31, 2010 to
December 31, 2011 is primarily attributable to the estimated impact of additional first-year bonus
depreciation deductions for federal income tax purposes for certain capital expenditures.
At December 31, 2011, Cablevision had consolidated federal NOLs of $1,659,345 expiring on various
dates from 2021 through 2031. Cablevision has recorded a deferred tax asset related to $1,402,443 of
such NOLs. A deferred tax asset has not been recorded for the remaining NOL of $256,902 as this
portion relates to excess tax benefits that have not yet been realized, including 'windfall' deductions on
share-based awards and amortization of certain tax deductible goodwill. The tax deduction resulting from
the exercise and issuance of certain share-based awards exceeded the aggregate compensation expense for
such awards by $46,362 in 2011 and by $242,525 on a cumulative basis through December 31, 2011.
Cablevision uses the 'with-and-without' approach to determine whether an excess tax benefit has been
realized. Upon realization, such excess tax benefits will be recorded as an increase to paid-in capital with
regard to share-based awards and as a decrease in goodwill with regard to certain tax deductible goodwill.
As of December 31, 2011, Cablevision has $20,443 of federal alternative minimum tax credit carry
forwards, which do not expire.