Cablevision 2014 Annual Report Download - page 134
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COMBINED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
(Dollars in thousands, except share and per share amounts)
F-45
The income tax expense attributable to Cablevision's continuing operations differs from the amount derived by applying the
statutory federal rate to pretax income principally due to the effect of the following items:
Years Ended December 31,
2014 2013 2012
Federal tax expense at statutory rate........................................................................... $ 148,803 $ 67,536 $ 44,212
State income taxes, net of federal benefit................................................................... 19,059 3,607 4,763
Changes in the valuation allowance ........................................................................... (344) 5,631 5,480
Changes in the state apportionment rates used to measure deferred taxes, net of
federal benefit ......................................................................................................... (322)(11,228) 2,273
Tax benefit relating to uncertain tax positions, including accrued interest, net of
deferred tax benefits................................................................................................ (52,914)(124)(2,659)
Impact of New York State tax reform enacted on March 31, 2014............................ (2,050) — —
Impact of non-deductible officers' compensation....................................................... 1,532 796 470
Other non-deductible expenses................................................................................... 3,697 3,628 3,363
Increase in the deferred tax asset for certain state tax loss carry forwards pursuant
to LLC conversions of certain subsidiaries............................................................. — — (3,935)
Research credit............................................................................................................ (2,634)(3,739) —
Tax benefit from exclusion of pretax income of an entity that is not consolidated
for income tax purposes.......................................................................................... — — (2,605)
Other, net .................................................................................................................... 941 (472) 632
Income tax expense..................................................................................................... $ 115,768 $ 65,635 $ 51,994
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, 2014 and 2013 are as follows: