Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v2.4.0.6
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2011
Income Taxes [Abstract]  
Income before income taxes
                         
    Year Ended December 31,  
    2009     2010     2011  

Income before income taxes:

                       

U.S.

  $ 98,908     $ 124,335     $ 114,692  

Foreign

    46,693       83,166       90,940  
   

 

 

   

 

 

   

 

 

 

Total

  $ 145,601     $ 207,501     $ 205,632  
   

 

 

   

 

 

   

 

 

 

Current:

                       

Federal

  $ 35,303     $ 35,172     $ 17,070  

Foreign

    13,706       21,933       26,830  

State

    8,450       9,336       7,099  
   

 

 

   

 

 

   

 

 

 

Total current expense

    57,459       66,441       50,999  
   

 

 

   

 

 

   

 

 

 

Deferred:

                       

Federal

    (9,527     (143     22,100  

Foreign

    (2,405     (7,188     (2,332

State

    (682     (1,272     2,283  
   

 

 

   

 

 

   

 

 

 

Total deferred taxes

    (12,614     (8,603     22,051  
   

 

 

   

 

 

   

 

 

 

Income taxes

  $ 44,845     $ 57,838     $ 73,050  
   

 

 

   

 

 

   

 

 

 
Reconciliation between income tax expense and taxes computed
                         
    Year Ended December 31,  
    2009     2010     2011  

Computed normal tax expense

  $ 50,960     $ 72,625     $ 71,972  

Foreign inflation adjustments

    1,614       47       (1,587

State and local income taxes, net of federal income tax impact

    5,215       5,195       7,310  

Foreign losses not benefited and other changes in valuation allowance

    (552     (5,685     (676

Foreign tax rate differential

    (1,464     (4,798     (3,321

Foreign dividends

    2,141       3,952       4,173  

Capital loss benefit

    (12,913     —         —    

Changes in uncertain tax positions

    6,957       (8,080     396  

True up to deferred tax items

    (6,453     —         —    

Other — net

    (660     (5,418     (5,217
   

 

 

   

 

 

   

 

 

 

Income taxes

  $ 44,845     $ 57,838     $ 73,050  
   

 

 

   

 

 

   

 

 

 
Tax effects of significant temporary differences and tax loss and tax credit carryforwards
                 
    December 31,  
    2010     2011  

Deferred liabilities:

               

Theatre properties and equipment

  $ 101,162     $ 92,466  

Deferred intercompany sales

    12,905       12,051  

Intangible asset — other

    23,872       24,749  

Intangible asset — tradenames

    112,720       116,333  

Investment in partnerships

    56,732       98,742  
   

 

 

   

 

 

 

Total deferred liabilities

    307,391       344,341  
   

 

 

   

 

 

 

Deferred assets:

               

Deferred lease expenses

    21,333       23,225  

Theatre properties and equipment

    14,152       5,910  

Deferred revenue — NCM and Fandango

    84,206       88,616  

Capital lease obligations

    51,294       51,211  

Interest rate swap agreements

    (606     5,882  

Tax loss carryforwards

    8,847       10,602  

Alternative minimum tax and other credit carryforwards

    9,076       7,548  

Other expenses, not currently deductible for tax purposes

    13,320       23,750  
   

 

 

   

 

 

 

Total deferred assets

    201,622       216,744  
   

 

 

   

 

 

 

Net deferred income tax liability before valuation allowance

    105,769       127,597  

Valuation allowance against deferred assets

    15,425       15,443  
   

 

 

   

 

 

 

Net deferred income tax liability

  $ 121,194     $ 143,040  
   

 

 

   

 

 

 

Net deferred tax liability — Foreign

  $ 6,807     $ 10,757  

Net deferred tax liability — U.S.

    114,387       132,283  
   

 

 

   

 

 

 

Total

  $ 121,194     $ 143,040  
   

 

 

   

 

 

 
Reconciliation of total amounts of unrecognized tax benefits excluding interest and penalties
                         
    Year Ended December 31,  
    2009     2010     2011  

Balance at January 1,

  $ 13,976     $ 23,857     $ 15,197  

Gross increases-tax positions in prior periods

    2,274       —         3,153  

Gross decreases-tax positions in prior periods

    —         (1,392     —    

Gross increases — current period tax positions

    7,845       3,551       3,729  

Gross decreases — current period tax positions

    (622     (613     (633

Settlements

    —         (10,383     (2,467

Foreign currency translation adjustments

    384       177       (319
   

 

 

   

 

 

   

 

 

 

Balance at December 31,

  $ 23,857     $ 15,197     $ 18,660