|
Income Taxes (Tables)
|
9 Months Ended |
|
Sep. 30, 2013
|
| Income Tax Disclosure [Abstract] |
|
| Schedule of Components of Income Tax Expense (Benefit) |
Income tax expense consists of the following (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
2013 |
|
2012 |
|
2013 |
|
2012 |
Current: |
|
|
|
|
|
|
|
Federal |
$ |
42,508 |
|
|
$ |
35,464 |
|
|
$ |
99,540 |
|
|
$ |
101,762 |
|
State and local |
2,865 |
|
|
3,232 |
|
|
5,383 |
|
|
1,006 |
|
Foreign |
725 |
|
|
140 |
|
|
1,654 |
|
|
1,069 |
|
|
46,098 |
|
|
38,836 |
|
|
106,577 |
|
|
103,837 |
|
Deferred: |
|
|
|
|
|
|
|
Federal |
(9,995 |
) |
|
(4,517 |
) |
|
(1,861 |
) |
|
(18,070 |
) |
State and local |
107 |
|
|
(55 |
) |
|
4,660 |
|
|
14,805 |
|
|
(9,888 |
) |
|
(4,572 |
) |
|
2,799 |
|
|
(3,265 |
) |
Income tax expense |
$ |
36,210 |
|
|
$ |
34,264 |
|
|
$ |
109,376 |
|
|
$ |
100,572 |
|
|
| Schedule of Effective Income Tax Rate Reconciliation |
Income tax expense differs from the amounts computed by applying the U.S. federal income tax rate of 35% as a result of the following (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
2013 |
|
2012 |
|
2013 |
|
2012 |
Computed expected tax expense |
$ |
31,254 |
|
|
$ |
31,761 |
|
|
$ |
100,345 |
|
|
$ |
106,791 |
|
State and local income taxes, net of federal income taxes |
2,138 |
|
|
1,868 |
|
|
6,613 |
|
|
8,607 |
|
Foreign taxes, net of foreign tax credit |
8 |
|
|
(475 |
) |
|
908 |
|
|
(395 |
) |
Change in valuation allowance affecting tax expense |
3,417 |
|
|
2,018 |
|
|
2,287 |
|
|
77,471 |
|
Taxable liquidation of subsidiary |
— |
|
|
(1,420 |
) |
|
— |
|
|
(101,299 |
) |
Change in subsidiary tax status |
— |
|
|
983 |
|
|
791 |
|
|
9,792 |
|
Other, net |
(607 |
) |
|
(471 |
) |
|
(1,568 |
) |
|
(395 |
) |
Income tax expense |
$ |
36,210 |
|
|
$ |
34,264 |
|
|
$ |
109,376 |
|
|
$ |
100,572 |
|
|
| Schedule of Deferred Tax Assets and Liabilities |
The tax effects of temporary differences that give rise to the deferred tax assets and deferred tax liabilities at September 30, 2013 and December 31, 2012 are presented below (in thousands):
|
|
|
|
|
|
|
|
|
|
September 30,
2013 |
|
December 31,
2012 |
Deferred tax assets: |
|
|
|
Tax loss and credit carryforwards |
$ |
6,604 |
|
|
$ |
155,861 |
|
Accrued stock compensation |
11,945 |
|
|
5,575 |
|
Investments |
33,502 |
|
|
25,516 |
|
Investment in films and television programs |
— |
|
|
1,163 |
|
Other future deductible amounts |
— |
|
|
219 |
|
Deferred tax assets |
52,051 |
|
|
188,334 |
|
Valuation allowance |
(706 |
) |
|
(155,861 |
) |
Deferred tax assets, net |
51,345 |
|
|
32,473 |
|
|
|
|
|
Deferred tax liabilities: |
|
|
|
Property and equipment |
(11,733 |
) |
|
(18,807 |
) |
Investment in films and television programs |
(15,628 |
) |
|
— |
|
Other future taxable amounts |
(1,288 |
) |
|
(454 |
) |
Deferred tax liabilities |
(28,649 |
) |
|
(19,261 |
) |
|
|
|
|
Net deferred tax assets |
$ |
22,696 |
|
|
$ |
13,212 |
|
|