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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2011
Income Tax Disclosure [Abstract] |
Components of Income Tax Expense (Benefit) | Components of current and deferred income tax expense (benefit) are as follows ($000’s omitted):
| 2011 |  | 2010 |  | 2009
Current provision (benefit) |  |  |  |  |
Federal | $ | (71,796 | ) |  | $ | (114,617 | ) |  | $ | (812,744 | )
State and other | (28,116 | ) |  | (23,200 | ) |  | (17,395 | )
| $ | (99,912 | ) |  | $ | (137,817 | ) |  | $ | (830,139 | )
Deferred provision (benefit) |  |  |  |  |
Federal | $ | — |  |  | $ | — |  |  | $ | 37,587 |
State and other | — |  |  | — |  |  | — |
| $ | — |  |  | $ | — |  |  | $ | 37,587 |
Income tax expense (benefit) | $ | (99,912 | ) |  | $ | (137,817 | ) |  | $ | (792,552 | )
Effective Income Tax Rate Reconciliation | The following table reconciles the statutory federal income tax rate to the effective income tax rate:
| 2011 |  | 2010 |  | 2009
Income taxes at federal statutory rate | 35.0 | % |  | 35.0 | % |  | 35.0 | %
Effect of state and local income taxes, net of federal tax | 3.0 |  |  | 3.0 |  |  | 3.0 |
Deferred tax asset valuation allowance | (7.0 | ) |  | (12.4 | ) |  | 18.4 |
Tax contingencies | 28.4 |  |  | 5.0 |  |  | (4.7 | )
Goodwill impairment | (28.7 | ) |  | (19.7 | ) |  | (9.7 | )
Other | 1.5 |  |  | 0.3 |  |  | (1.9 | )
Effective rate | 32.2 | % |  | 11.2 | % |  | 40.1 | %
Deferred Tax Assets and Liabilities | The net deferred tax asset (liability) is as follows ($000’s omitted):
| At December 31,
| 2011 |  | 2010
Deferred tax assets: |  |  |
Non-deductible reserves and other | $ | 446,605 |  |  | $ | 312,186 |
Inventory valuation reserves | 1,197,271 |  |  | 1,449,261 |
Net operating loss ("NOL") carryforwards: |  |  |
Federal | 663,733 |  |  | 592,345 |
State | 299,292 |  |  | 287,458 |
Alternative minimum tax credits | 25,193 |  |  | 25,193 |
Energy credit and charitable contribution carryforward | 38,586 |  |  | 36,045 |
| 2,670,680 |  |  | 2,702,488 |
Deferred tax liabilities: |  |  |
Capitalized items, including real estate basis differences, deducted for tax, net | (91,399 | ) |  | (64,130 | )
Trademarks and tradenames | (61,692 | ) |  | (66,671 | )
| (153,091 | ) |  | (130,801 | )
Valuation allowance | (2,517,589 | ) |  | (2,571,687 | )
Net deferred tax asset (liability) | $ | — |  |  | $ | — |
Summary of Income Tax Contingencies | A reconciliation of the change in the unrecognized tax benefits is as follows ($000’s omitted):
| 2011 |  | 2010 |  | 2009
Unrecognized tax benefits, beginning of period | $ | 258,016 |  |  | $ | 326,088 |  |  | $ | 126,299 |
Assumed with Centex merger | — |  |  | — |  |  | 121,667 |
Decreases related to tax positions taken during the current period | — |  |  | — |  |  | (10,029 | )
Increases related to tax positions taken during a prior period | 2,699 |  |  | 55,385 |  |  | 37,303 |
Decreases related to tax positions taken during a prior period | (79,719 | ) |  | (14,025 | ) |  | (10,414 | )
Increases related to tax positions taken during the current period | 1,620 |  |  | 1,441 |  |  | 82,973 |
Decreases related to settlements with taxing authorities | — |  |  | (94,779 | ) |  | (1,389 | )
Reductions as a result of a lapse of the applicable statute of limitations | (10,753 | ) |  | (16,094 | ) |  | (20,322 | )
Unrecognized tax benefits, end of period | $ | 171,863 |  |  | $ | 258,016 |  |  | $ | 326,088 |

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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Topic 740 -SubTopic 10 -Publisher FASB -Number -Article -Subparagraph -Name Accounting Standards Codification -Paragraph 9 -Section 50 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 + Details
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- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Topic 740 -SubTopic 10 -Publisher FASB -Number -Article -Subparagraph -Name Accounting Standards Codification -Paragraph 2 -Section 50 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 + Details
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- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Topic 740 -SubTopic 10 -Publisher FASB -Number -Article -Subparagraph -Name Accounting Standards Codification -Paragraph 12 -Section 50 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32687-109319 + Details
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- Definition Tabular disclosure of tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities (i.e., uncertain tax positions) and other types of income tax contingencies, including: (1) the policy on classification of interest and penalties; (2) a tabular reconciliation of the total amounts of unrecognized tax benefits at the beginning and end of the period; the total amount(s) of: (3) unrecognized tax benefits that, if recognized, would affect the effective tax rate, and (4) interest and penalties recognized in each of the income statement and balance sheet; (5) for positions for which it is reasonably possible that the total amounts unrecognized will significantly change within 12 months of the reporting date the: (i) nature of the uncertainty, (ii) nature of the event that could occur that would cause the change, and (iii) an estimate of the range of the reasonably possible change or a statement that an estimate of the range cannot be made; and (6) a description of tax years that remain subject to examination by major tax jurisdictions. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name FASB Interpretation (FIN) -Number 48 -Paragraph 21 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 + Details
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