Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v2.4.0.8
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2013
Income Tax Expense (Benefit), Continuing Operations [Abstract]  
Components Of Provision For Income Taxes
The components of the provision for income taxes are as follows (in thousands):

 
 
Year Ended December 31,
 
 
2013
 
2012
 
2011
Current income tax provision:
 
 
 
 
 
 
Federal
 
$
(81,521
)
 
$
(76,992
)
 
$
(68,593
)
State
 
(9,990
)
 
(8,904
)
 
(9,217
)
Current income tax provision
 
(91,511
)
 
(85,896
)
 
(77,810
)
Deferred income tax (provision) benefit:
 
 
 
 
 
 
Federal
 
(6,489
)
 
1,814

 
(1,900
)
State
 
308

 
709

 
(396
)
Deferred income tax (provision) benefit
 
(6,181
)
 
2,523

 
(2,296
)
Income tax provision
 
$
(97,692
)
 
$
(83,373
)
 
$
(80,106
)
Schedule of Deferred Tax Assets and Liabilities
 
 
December 31,
 
 
2013
 
2012
Deferred tax assets:
 
 
 
 
Provision for accrued expenses
 
$
33,647

 
$
38,548

Inventories
 
13,125

 
11,927

Stock-based compensation
 
10,888

 
16,036

Net operating losses
 
1,531

 
1,369

Other
 
4,078

 
2,024

Total deferred tax assets
 
63,269

 
69,904

Less valuation allowance
 
(1,495
)
 
(5,293
)
Net deferred tax assets
 
61,774

 
64,611

Deferred tax liabilities:
 
 
 
 
Intangible and other assets
 
(91,018
)
 
(91,783
)
Prepaid expenses
 
(13,574
)
 
(11,692
)
Property and equipment
 
(15,455
)
 
(12,535
)
Total deferred tax liabilities
 
(120,047
)
 
(116,010
)
Net deferred tax liability
 
$
(58,273
)
 
$
(51,399
)
Reconciliation Of Income Tax Provision
A reconciliation of the income tax provision to the amounts computed by applying the statutory federal income tax rate to earnings before income taxes is shown as follows (in thousands):

 
 
Year Ended December 31,
 
 
2013
 
2012
 
2011
Income tax provision at the federal statutory rate of 35%
 
$
(96,649
)
 
$
(76,955
)
 
$
(72,715
)
State income taxes, net of effect of federal tax benefit
 
(6,293
)
 
(5,327
)
 
(6,386
)
Other, net
 
5,250

 
(1,091
)
 
(1,005
)
Income tax provision
 
$
(97,692
)
 
$
(83,373
)
 
$
(80,106
)
Reconciliation Of Beginning And Ending Amount Of Unrecognized Tax Benefits
A reconciliation of the beginning and ending amount of unrecognized tax benefits, excluding interest, is as follows (in thousands):

 
 
2013
 
2012
 
2011
Balance at beginning of year
 
$
682

 
$
664

 
$
630

Additions based on tax positions related to the current year
 
417

 
—

 
225

Additions for tax positions of prior years
 
—

 
18

 
—

Reductions for tax positions of prior years
 
(189
)
 
—

 
(191
)
Balance at end of year
 
$
910

 
$
682

 
$
664