Cablevision 2012 Annual Report Download - page 184

COMBINED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
(Dollars in thousands, except per share amounts)
I-56
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, 2012 and
2011 are as follows:
December 31,
2012 2011
Deferred Tax Asset (Liability)
Current
NOLs and tax credit carry forwards .................................................................... $ 170,407 $ 69,689
Compensation and benefit plans ......................................................................... 23,158 41,330
Allowance for doubtful accounts ........................................................................ 4,982 5,286
Other liabilities .................................................................................................... 11,079 10,868
Deferred tax asset ............................................................................................ 209,626 127,173
Valuation allowance ............................................................................................ (4,194) (2,311)
Net deferred tax asset, current ......................................................................... 205,432 124,862
Investments ......................................................................................................... (63,950) (39,937)
Deferred tax liability, current .......................................................................... (63,950) (39,937)
Net deferred tax asset, current ......................................................................... 141,482 84,925
Noncurrent
NOLs and tax credit carry forwards .................................................................... 389,851 523,548
Compensation and benefit plans ......................................................................... 101,479 85,122
Partnership investments ...................................................................................... 127,297 159,456
Other ................................................................................................................... 9,097 11,948
Deferred tax asset ............................................................................................ 627,724 780,074
Valuation allowance ............................................................................................ (12,559) (12,036)
Net deferred tax asset, noncurrent ................................................................... 615,165 768,038
Fixed assets and intangibles ................................................................................ (831,312) (793,332)
Investments ......................................................................................................... (41,072) (35,943)
Other assets ......................................................................................................... (18,686) (19,309)
Deferred tax liability, noncurrent .................................................................... (891,070) (848,584)
Net deferred tax liability, noncurrent............................................................... (275,905) (80,546)
Total net deferred tax asset (liability) ................................................................. $(134,423) $ 4,379
The increase in the deferred tax liability with regard to fixed assets from December 31, 2011 to
December 31, 2012 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, 2012, Cablevision had consolidated federal NOLs of $1,641,269 expiring on various
dates from 2021 through 2031. Cablevision has recorded a deferred tax asset related to $1,286,840 of
such NOLs. A deferred tax asset has not been recorded for the remaining NOL of $354,429 as this
portion relates to excess tax benefits that have not yet been realized, including 'windfall' deductions on
share-based awards. 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.
As of December 31, 2012, Cablevision has $21,273 of federal alternative minimum tax credit carry
forwards, which do not expire.
Subsequent to the utilization of Cablevision's NOLs and tax credit carry forwards, payments for income
taxes are expected to increase significantly.