Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v2.4.1.9
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2014
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,
 
 
2014
 
2013
 
2012
Current income tax provision:
 
 
 
 
 
 
Federal
 
$
(96,269
)
 
$
(81,521
)
 
$
(76,992
)
State
 
(10,289
)
 
(9,990
)
 
(8,904
)
Current income tax provision
 
(106,558
)
 
(91,511
)
 
(85,896
)
Deferred income tax (provision) benefit:
 
 
 
 
 
 
Federal
 
1,468

 
(6,489
)
 
1,814

State
 
547

 
308

 
709

Deferred income tax (provision) benefit
 
2,015

 
(6,181
)
 
2,523

Income tax provision
 
$
(104,543
)
 
$
(97,692
)
 
$
(83,373
)
Schedule of Deferred Tax Assets and Liabilities
 
 
December 31,
 
 
2014
 
2013
Deferred tax assets:
 
 
 
 
Provision for accrued expenses
 
$
34,987

 
$
33,647

Inventories
 
13,969

 
13,125

Stock-based compensation
 
12,072

 
10,888

Net operating losses
 
1,705

 
1,531

Other
 
4,098

 
4,078

Total deferred tax assets
 
66,831

 
63,269

Less valuation allowance
 
(1,577
)
 
(1,495
)
Net deferred tax assets
 
65,254

 
61,774

Deferred tax liabilities:
 
 
 
 
Intangible and other assets
 
(92,267
)
 
(91,018
)
Prepaid expenses
 
(12,890
)
 
(13,574
)
Property and equipment
 
(16,216
)
 
(15,455
)
Total deferred tax liabilities
 
(121,373
)
 
(120,047
)
Net deferred tax liability
 
$
(56,119
)
 
$
(58,273
)
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,
 
 
2014
 
2013
 
2012
Income tax provision at the federal statutory rate of 35%
 
$
(97,135
)
 
$
(96,649
)
 
$
(76,955
)
State income taxes, net of effect of federal tax benefit
 
(6,306
)
 
(6,293
)
 
(5,327
)
Other, net
 
(1,102
)
 
5,250

 
(1,091
)
Income tax provision
 
$
(104,543
)
 
$
(97,692
)
 
$
(83,373
)
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):

 
 
2014
 
2013
 
2012
Balance at beginning of year
 
$
910

 
$
682

 
$
664

Additions based on tax positions related to the current year
 
525

 
417

 
—

Additions for tax positions of prior years
 
576

 
—

 
18

Reductions for tax positions of prior years
 
—

 
(189
)
 
—

Balance at end of year
 
$
2,011

 
$
910

 
$
682