Cablevision 2014 Annual Report Download - page 57

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51
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%.
Income from discontinued operations
Income from discontinued operations, net of income taxes, for the years ended December 31, 2013 and 2012 reflects the following
items:
Years Ended December 31,
2013 2012
Litigation settlement, net of legal fees, net of income taxes............................................................ $ 103,636 $ 200,250
Income (loss) of Bresnan Cable, including gain on sale in 2013, net of income taxes.................... 259,692 (29,295)
Loss of Clearview Cinemas, including loss on sale in 2013, net of income taxes........................... (25,012)(11,667)
Income from discontinued operations, net of income taxes - Cablevision ...................................... 338,316 159,288
Income tax benefit recognized at Cablevision, not applicable to CSC Holdings ............................ (7,605) —
Income from discontinued operations, net of income taxes - CSC Holdings............................. $ 330,711 $ 159,288
See Note 5 to our consolidated financial statements for additional information regarding discontinued operations.
Business Segments Results
Cable
The table below sets forth, for the periods presented, certain historical financial information and the percentage that those items
bear to revenues, net for our Cable segment:
Years Ended December 31,
2013 2012
Amount % of Net
Revenues Amount % of Net
Revenues Favorable
(Unfavorable)
Revenues, net .......................................................... $ 5,576,011 100% $ 5,479,108 100% $ 96,903
Technical and operating expenses (excluding
depreciation and amortization shown below)...... 2,742,709 49 2,645,835 48 (96,874)
Selling, general and administrative expenses ......... 1,126,126 20 1,073,589 20 (52,537)
Restructuring expense............................................. 11,283 — — — (11,283)
Depreciation and amortization................................ 743,431 13 742,681 14 (750)
Operating income.................................................. $ 952,462 17% $ 1,017,003 19% $ (64,541)
The following is a reconciliation of operating income to AOCF:
Years Ended December 31,
2013 2012 Favorable
(Unfavorable)
Amount Amount
Operating income.................................................................................................... $ 952,462 $ 1,017,003 $ (64,541)
Share-based compensation...................................................................................... 32,353 38,357 (6,004)
Restructuring expense............................................................................................. 11,283 — 11,283
Depreciation and amortization................................................................................ 743,431 742,681 750
AOCF.................................................................................................................... $ 1,739,529 $ 1,798,041 $ (58,512)