v2.4.0.8

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2013

INCOME TAXES

Schedule of component of income tax provision reflected in the consolidated statements of operations

(In thousands)		12 Months Ended December 31, 2013			From Inception August 31, 2012 through December 31, 2012					March 30, 2012 through August 30, 2012			52 Weeks Ended March 29, 2012
		(Successor)			(Successor)					(Predecessor)			(Predecessor)
Current:
Federal		$	—		$	—				$	—		$	—
Foreign			—			—					—			—
State			4,045			480					3,700			2,015
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Total current			4,045			480					3,700			2,015
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Deferred:
Federal			(229,778	)		3,020					—			—
Foreign			—			—					—			—
State			(36,820	)		—					—			—
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Total deferred			(266,598	)		3,020					—			—
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Total provision (benefit)			(262,553	)		3,500					3,700			2,015
Tax provision from discontinued operations			830			—					1,200			—
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Total provision (benefit) from continuing operations		$	(263,383	)	$	3,500				$	2,500		$	2,015
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​

Schedule of pre-tax income (losses)

(In thousands)		12 Months Ended December 31, 2013			From Inception August 31, 2012 through December 31, 2012					March 30, 2012 through August 30, 2012			52 Weeks Ended March 29, 2012
		(Successor)			(Successor)					(Predecessor)			(Predecessor)
Domestic		$	103,526		$	(39,294	)			$	98,093		$	(78,677	)
Foreign			(1,679	)		124					7			(1,296	)
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Total		$	101,847		$	(39,170	)			$	98,100		$	(79,973	)
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​

Schedule of the difference between the effective tax rate on earnings (loss) from continuing operations before income taxes and the U.S. federal income tax statutory rate

(In thousands)		12 Months Ended December 31, 2013			From Inception August 31, 2012 through December 31, 2012					March 30, 2012 through August 30, 2012			52 Weeks Ended March 29, 2012
		(Successor)			(Successor)					(Predecessor)			(Predecessor)
Income tax expense (benefit) at the federal statutory rate		$	34,902		$	(13,470	)			$	21,600		$	(26,730	)
Effect of:
State income taxes			1,479			(1,930	)				2,500			2,015
Change in ASC 740 (formerly FIN 48) reserve			2,193			—					—			(5,400	)
Federal credits			(2,600	)		—					—			—
Change in net operating loss carryforward for excess tax deductions			(28,206	)		—					—			—
Permanent items			537			20					100			825
Other items			(6,088	)		—					—			—
Valuation allowance			(265,600	)		18,880					(21,700	)		31,305
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Income tax expense (benefit)		$	(263,383	)	$	3,500				$	2,500		$	2,015
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Effective income tax rate			(264.1	)%		(9.1	)%				4.0	%		(2.6	)%
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
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Schedule of significant components of deferred income tax assets and liabilities

		December 31, 2013 (Successor)						December 31, 2012 (Successor)
		Deferred Income Tax						Deferred Income Tax
(In thousands)		Assets			Liabilities			Assets			Liabilities
Tangible assets		$	—		$	(102,669	)	$	—		$	(125,641	)
Accrued reserves			33,156			—			35,359			—
Intangible assets			—			(89,761	)		—			(76,430	)
Receivables			—			(3,513	)		—			(1,632	)
Investments			—			(227,718	)		—			(231,524	)
Capital loss carryforwards			564			—			2,077			—
Pension postretirement and deferred compensation			29,290			—			28,001			—
Corporate borrowings			43,839			—			50,558			—
Deferred revenue			154,155			—			136,350			—
Lease liabilities			97,307			—			86,417			—
Capital and financing lease obligations			37,956			—			40,102			—
Alternative minimum tax and other credit carryovers			19,545			—			15,083			—
Charitable contributions			—			—			1,051			—
Net operating loss carryforward			214,770			—			241,216			—
​	​	​	​	​	​	​	​	​	​	​	​	​	​
Total		$	630,582		$	(423,661	)	$	636,214		$	(435,227	)
Less: Valuation allowance			—			—			(248,420	)		—
​	​	​	​	​	​	​	​	​	​	​	​	​	​
Total deferred income taxes		$	630,582		$	(423,661	)	$	387,794		$	(435,227	)
​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​	​	​	​

Schedule of rollforward of the Company's valuation allowance for deferred tax assets

(In thousands)		Balance at Beginning of Period			Additions Charged (Credited) to Revenues, Costs and Expenses			Charged (Credited) to Goodwill			Charged (Credited) to Other Accounts(1)			Balance at End of Period
Calendar Year 2013
Valuation allowance-deferred income tax assets		$	248,420			(265,600	)		11,088			6,092		$	—
From Inception August 31, 2012 through December 31, 2012
Valuation allowance-deferred income tax assets		$	232,985			18,880			195			(3,640	)	$	248,420
March 30, 2012 through August 30, 2012
Valuation allowance-deferred income tax assets		$	413,666			(21,700	)		(158,981	)		—		$	232,985
Fiscal Year 2012
Valuation allowance-deferred income tax assets		$	329,221			32,560			—			51,885		$	413,666

(1)

Primarily relates to amounts resulting from the Company's tax sharing arrangement, changes in deferred tax assets and associated valuation allowance that are not related to income statement activity as well as amounts charged to other comprehensive income.

Schedule of reconciliation of the change in the amount of unrecognized tax benefits

(In millions)		12 Months Ended December 31, 2013			From Inception August 31, 2012 through December 31, 2012					March 30, 2012 through August 30, 2012			52 Weeks Ended March 29, 2012
		(Successor)			(Successor)					(Predecessor)			(Predecessor)
Balance at beginning of period		$	21.9		$	22.4				$	22.7		$	28.2
Gross increases—current period tax positions			3.8			—					0.6			0.7
Gross increases—prior period tax positions			2.2
Favorable resolutions with authorities			(0.5	)		—					—			(1.0	)
Expired attributes			—			—					—			(5.2	)
Cash settlements			—			(0.5	)				(0.9	)		—
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Balance at end of period		$	27.4		$	21.9				$	22.4		$	22.7
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
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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.

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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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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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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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Tabular disclosure of the change in unrecognized tax benefits.

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Tabular disclosure of valuation allowances to reduce deferred tax assets to net realizable value, including identification of the deferred tax asset more likely than not will not be fully realized and the corresponding amount of the valuation allowance.

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