Cablevision 2013 Annual Report Download - page 70
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(64)
Income tax expense of $51,994 for the year ended December 31, 2012, reflected an effective tax rate of
41%. An increase in the valuation allowance relating to certain state net operating loss carry forwards
resulted in tax expense of $5,480. The Company recorded tax benefits of $2,659 related to uncertain tax
positions and $3,935 resulting from re-measuring the deferred tax asset for certain state net operating loss
carry forwards. The exclusion of pretax income of an entity that is not consolidated for income tax
purposes resulted in tax benefit of $2,605. Absent these items, the effective tax rate for the year ended
December 31, 2012 would have been 44%.
The Company recorded income tax expense of $220,552 for the year ended December 31, 2011,
reflecting an effective tax rate of 43%. The Company recorded tax expense of $2,233 due to the impact
of a change in the state rate used to measure deferred taxes. An increase in the valuation allowance
relating to certain state net operating loss carry forwards resulted in tax expense of $1,822. The Company
recorded tax expense of $1,699 related to uncertain tax positions. In addition, the exclusion of the pretax
loss of an entity that is not consolidated for income tax purposes resulted in additional tax expense of
$2,509. Absent these items, the effective tax rate for the year ended December 31, 2011 would have been
41%.
Income from discontinued operations
Income from discontinued operations, net of income taxes, for the years ended December 31, 2012 and
2011 reflects the following items:
Years Ended December 31,
2012 2011
Litigation settlement, net of related costs, net of income taxes .............................. $200,250 $ -
Net operating results of Clearview Cinemas, net of income taxes ......................... (11,667) (10,618)
Net operating results of Bresnan Cable, net of income taxes ................................. (29,295) (42,051)
Net operating results of AMC Networks, including transaction costs, net of
income taxes(a) ................................................................................................. - 53,623
$159,288 $ 954
___________________________
(a) Includes the operating results of AMC Networks through the date of the AMC Networks Distribution.
See Note 5 to our consolidated financial statements for additional information regarding discontinued
operations.