|
Income Taxes (Tables)
|
12 Months Ended |
|
Dec. 31, 2013
|
| Income Tax Disclosure [Abstract] |
|
| Schedule of Components of Income Tax Expense (Benefit) |
Income tax expense consists of the following (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Years ended December 31, |
|
2013 |
|
2012 |
|
2011 |
Current: |
|
|
|
|
|
Federal |
$ |
119,220 |
|
|
$ |
141,537 |
|
|
$ |
122,505 |
|
State and local |
9,253 |
|
|
4,580 |
|
|
10,018 |
|
Foreign |
2,549 |
|
|
1,758 |
|
|
2,643 |
|
|
131,022 |
|
|
147,875 |
|
|
135,166 |
|
Deferred: |
|
|
|
|
|
Federal |
530 |
|
|
(21,782 |
) |
|
34,423 |
|
State and local |
7,828 |
|
|
4,372 |
|
|
2,600 |
|
|
8,358 |
|
|
(17,410 |
) |
|
37,023 |
|
Income tax expense |
$ |
139,380 |
|
|
$ |
130,465 |
|
|
$ |
172,189 |
|
|
| 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):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Years ended December 31, |
|
2013 |
|
2012 |
|
2011 |
Computed expected tax expense |
$ |
136,213 |
|
|
$ |
133,959 |
|
|
$ |
145,630 |
|
State and local income taxes, net of federal income taxes |
11,512 |
|
|
10,162 |
|
|
8,000 |
|
Foreign taxes, net of foreign tax credit |
854 |
|
|
832 |
|
|
1,024 |
|
Noncontrolling interest - partnership investment |
(871 |
) |
|
1,297 |
|
|
— |
|
Change in valuation allowance affecting tax expense |
3,061 |
|
|
76,933 |
|
|
(223,992 |
) |
Deduction for qualified production activity |
(12,602 |
) |
|
— |
|
|
— |
|
Taxable liquidation of subsidiary |
— |
|
|
(101,299 |
) |
|
— |
|
Change in subsidiary tax status |
791 |
|
|
9,018 |
|
|
— |
|
Expiration of capital loss |
— |
|
|
— |
|
|
241,934 |
|
Other, net |
422 |
|
|
(437 |
) |
|
(407 |
) |
Income tax expense |
$ |
139,380 |
|
|
$ |
130,465 |
|
|
$ |
172,189 |
|
|
| Schedule of Deferred Tax Assets and Liabilities |
The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at December 31, 2013 and 2012 are presented below (in thousands):
|
|
|
|
|
|
|
|
|
|
December 31, |
|
2013 |
|
2012 |
Deferred tax assets: |
|
|
|
Tax loss and credit carryforwards |
$ |
7,133 |
|
|
$ |
155,861 |
|
Accrued stock compensation |
12,566 |
|
|
5,575 |
|
Investments |
34,227 |
|
|
25,516 |
|
Intangible assets |
— |
|
|
1,163 |
|
Other future deductible amounts |
102 |
|
|
7,767 |
|
Deferred tax assets |
54,028 |
|
|
195,882 |
|
Valuation allowance |
(1,480 |
) |
|
(155,861 |
) |
Deferred tax assets, net |
52,548 |
|
|
40,021 |
|
|
|
|
|
Deferred tax liabilities: |
|
|
|
Property and equipment |
(15,989 |
) |
|
(18,807 |
) |
Intangible assets |
(9,287 |
) |
|
— |
|
Program rights |
(7,038 |
) |
|
(7,282 |
) |
Other future taxable amounts |
(1,198 |
) |
|
(720 |
) |
Deferred tax liabilities |
(33,512 |
) |
|
(26,809 |
) |
|
|
|
|
Net deferred tax assets |
$ |
19,036 |
|
|
$ |
13,212 |
|
|