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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2015

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):

	2015				2014				2013
Current expense (benefit)
Federal	$	8,760			$	5,619			$	5,725
State and other	1,474				(13,968		)		(1,596		)
	$	10,234			$	(8,349	)		$	4,129
Deferred expense (benefit)
Federal	$	277,895			$	232,969			$	(1,833,580	)
State and other	33,804				(9,200		)		(262,843		)
	$	311,699			$	223,769			$	(2,096,423	)
Income tax expense (benefit)	$	321,933			$	215,420			$	(2,092,294	)

Effective Income Tax Rate Reconciliation

The following table reconciles the statutory federal income tax rate to the effective income tax rate:

	2015			2014			2013
Income taxes at federal statutory rate	35.0	%		35.0	%		35.0	%
State and local income taxes, net of federal tax	2.8			3.0			4.0
Deferred tax asset valuation allowance	0.4			(6.6	)		(438.0	)
Tax contingencies	0.1			(1.4	)		0.3
Other	1.2			1.2			2.3
Effective rate	39.5	%		31.2	%		(396.4	)%

Deferred Tax Assets and Liabilities

Components of our net deferred tax asset are as follows ($000’s omitted):

	At December 31,
	2015				2014
Deferred tax assets:
Accrued insurance	$	237,836			$	254,031
Non-deductible reserves and other	155,488				191,097
Inventory valuation reserves	476,673				599,763
Net operating loss ("NOL") carryforwards:
Federal	367,302				515,568
State	274,686				257,738
Alternative minimum tax credit carryforwards	44,161				34,812
Energy and other credit carryforwards	28,669				27,858
	1,584,815				1,880,867
Deferred tax liabilities:
Capitalized items, including real estate basis differences,       deducted for tax, net	(39,220		)		(31,584		)
Trademarks and tradenames	(41,664		)		(46,362		)
	(80,884		)		(77,946		)
Valuation allowance	(109,052		)		(82,253		)
Net deferred tax asset	$	1,394,879			$	1,720,668

Summary of Income Tax Contingencies

A reconciliation of the change in the unrecognized tax benefits is as follows ($000’s omitted):

	2015				2014				2013
Unrecognized tax benefits, beginning of period	$	32,911			$	173,310			$	170,425
Increases related to tax positions taken during a prior period	5,763				—				12,877
Decreases related to tax positions taken during a prior period	—				(133,883		)		(7,502		)
Increases related to tax positions taken during the current        period	318				237				381
Decreases related to settlements with taxing authorities	—				(6,753		)		(1,434		)
Reductions as a result of a lapse of the applicable statute of        limitations	—				—				(1,437		)
Unrecognized tax benefits, end of period	$	38,992			$	32,911			$	173,310

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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

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-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
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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.

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-SubTopic 10
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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.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
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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
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