Cablevision 2014 Annual Report Download - page 135

COMBINED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
(Dollars in thousands, except share and per share amounts)
F-46
December 31,
2014 2013
Deferred Tax Asset (Liability)
Current
NOLs and tax credit carry forwards ............................................................................................... $ 144,833 $ 224,968
Compensation and benefit plans..................................................................................................... 74,220 44,629
Allowance for doubtful accounts.................................................................................................... 4,557 5,502
Other liabilities ............................................................................................................................... 4,909 13,389
Deferred tax asset....................................................................................................................... 228,519 288,488
Valuation allowance........................................................................................................................ (3,496)(6,988)
Net deferred tax asset, current ................................................................................................... 225,023 281,500
Investments..................................................................................................................................... (159,475)(97,565)
Prepaid expenses............................................................................................................................. (27,605)(24,111)
Deferred tax liability, current..................................................................................................... (187,080)(121,676)
Net deferred tax asset, current ........................................................................................................ 37,943 159,824
Noncurrent
NOLs and tax credit carry forwards ............................................................................................... 25,427 65,322
Compensation and benefit plans..................................................................................................... 99,076 106,595
Newsday Holdings and other partnership investments................................................................... 123,243 132,384
Investments..................................................................................................................................... 22,294 —
Other ............................................................................................................................................... 7,345 4,896
Deferred tax asset....................................................................................................................... 277,385 309,197
Valuation allowance........................................................................................................................ (3,901)(7,488)
Net deferred tax asset, noncurrent ............................................................................................. 273,484 301,709
Fixed assets and intangibles............................................................................................................ (884,120)(840,375)
Investments..................................................................................................................................... — (29,563)
Other ............................................................................................................................................... (452)(1,827)
Deferred tax liability, noncurrent............................................................................................... (884,572)(871,765)
Net deferred tax liability, noncurrent......................................................................................... (611,088)(570,056)
Total net deferred tax liability......................................................................................................... $ (573,145) $ (410,232)
At December 31, 2014, Cablevision had consolidated federal net operating loss carry forwards ("NOLs") of $619,955 expiring on
various dates from 2024 through 2031. Cablevision has recorded a deferred tax asset related to $241,005 of such NOLs. A deferred
tax asset has not been recorded for the remaining NOL of $378,950 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 are recorded as an increase to paid-in capital. Cablevision
realized excess tax benefit of $336 and $1,280 during the years ended December 31, 2014 and 2013, respectively, resulting in an
increase to paid-in capital.
As of December 31, 2014, Cablevision has $39,919 of federal alternative minimum tax credit carry forwards which do not expire.
As of December 31, 2014, Cablevision has $14,818 of research credits, expiring in varying amounts from 2023 through 2034.
Subsequent to the utilization of Cablevision's NOLs and tax credit carry forwards, payments for income taxes are expected to
increase significantly.