Cablevision 2013 Annual Report Download - page 162

COMBINED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
(Dollars in thousands, except per share amounts)
F-53
Noncurrent
NOLs and tax credit carry forwards .................................................................
65,322
389,851
Compensation and benefit plans ......................................................................
106,595
85,196
Partnership investments...................................................................................
132,384
127,297
Other ..............................................................................................................
4,896
3,541
Deferred tax asset ........................................................................................
309,197
605,885
Valuation allowance........................................................................................
(7,488)
(12,559)
Net deferred tax asset, noncurrent ................................................................
301,709
593,326
Fixed assets and intangibles ............................................................................
(840,375)
(762,438)
Investments.....................................................................................................
(29,563)
(41,235)
Other ..............................................................................................................
(1,827)
-
Deferred tax liability, noncurrent .................................................................
(871,765)
(803,673)
Net deferred tax liability, noncurrent ............................................................
(570,056)
(210,347)
Total net deferred tax liability .........................................................................
$(410,232)
$ (70,824)
At December 31, 2013, Cablevision had consolidated federal NOLs of $934,730 expiring on various dates
from 2023 through 2031. Cablevision has recorded a deferred tax asset related to $567,923 of such
NOLs. A deferred tax asset has not been recorded for the remaining NOL of $366,807 as this portion
relates to 'windfall' deductions on share-based awards that have not yet been realized. Cablevision uses
the 'with-and-without' approach to determine whether an excess tax benefit has been realized. Upon
realization, such excess tax benefits is recorded as an increase to paid-in capital. Cablevision realized
state excess tax benefit of $1,280 during the year ended December 31, 2013 resulting in an increase to
paid-in capital.
As of December 31, 2013, Cablevision has $35,138 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.
CSC Holdings
CSC Holdings and its 80% or more owned subsidiaries are included in the consolidated federal income
tax returns of Cablevision. The income tax provision for CSC Holdings is determined on a stand-alone
basis for all periods presented as if CSC Holdings filed separate consolidated income tax returns.
Income tax expense (benefit) attributable to continuing operations consists of the following components:
Years Ended December 31,
2013
2012
2011
Current expense:
Federal ............................................................................. $ 66,800
$ 47,250
$ 2,487
State ................................................................................. 21,579
39,561
40,338
88,379
86,811
42,825
Deferred expense (benefit):
Federal ............................................................................. 89,832
79,731
235,264
State ................................................................................. 10,035
(7,352)
44,087
99,867
72,379
279,351
Tax expense (benefit) relating to uncertain tax positions,
including accrued interest .................................................. (167)
(6,643)
6,538
Income tax expense .............................................................. $188,079
$152,547
$328,714