Income Taxes (Tables)

12 Months Ended

Dec. 31, 2013

Schedule of Income Tax (Expense) Benefit From Continuing Operations



	Current			Deferred			Total
	(in millions)
Year ended December 31, 2013:
U.S. Federal	$	—		$	53.8		$	53.8
State	(3.3		)	4.6			1.3
	$	(3.3	)	$	58.4		$	55.1
Year ended December 31, 2012:
U.S. Federal	$	—		$	(0.9	)	$	(0.9	)
State	(4.0		)	0.1			(3.9		)
	$	(4.0	)	$	(0.8	)	$	(4.8	)
Year ended December 31, 2011:
U.S. Federal	$	—		$	1.4		$	1.4
State	(3.4		)	(0.3		)	(3.7		)
	$	(3.4	)	$	1.1		$	(2.3	)

Schedule of Effective Income Tax Rate Reconciliation



	2013					2012					2011
	Percent		Amount			Percent		Amount			Percent		Amount
	(dollars in millions)
Federal income tax (expense) benefit at the statutory rate	35.0	%	$	66.0		35.0	%	$	3.0		(35.0	)%	$	(10.9	)
State income taxes, net of federal tax benefits	3.4	%	6.5			(52.5	)%	(4.4		)	(15.0	)%	(4.7		)
Non-deductible expenses and other	(0.9	)%	(1.8		)	(8.1	)%	(0.7		)	(2.2	)%	(0.7		)
Cancellation of stock options	—	%	—			(24.5	)%	(2.1		)	(3.9	)%	(1.2		)
Non-deductible donation of land	—	%	—			—	%	—			(3.7	)%	(1.1		)
Acquisition costs	(5.4	)%	(10.2		)	—	%	—			—	%	—
Reserves for unrecognized tax benefits	(0.1	)%	(0.2		)	(1.4	)%	(0.1		)	1.7	%	0.5
Credits	0.8	%	1.6			6.2	%	0.4			3.0	%	0.9
Change in valuation allowance/reserve of deferred tax assets	(3.6	)%	(6.8		)	(10.9	)%	(0.9		)	47.8	%	14.9
Income tax (expense) benefit from continuing operations	29.2	%	$	55.1		(56.2	)%	$	(4.8	)	(7.3	)%	$	(2.3	)

Allocation of Income Tax (Expense) Benefit Between Continuing Operations, Discontinued Operations and Equity



	For the year ended December 31,
	2013			2012			2011
	(in millions)
Income (loss) from continuing operations before income taxes	$	(188.5	)	$	(8.4	)	$	31.2
Income tax (expense) benefit allocated to continuing operations	55.1			(4.8		)	(2.3		)
Income (loss) from continuing operations	(133.4		)	(13.2		)	28.9
Loss from discontinued operations before income taxes	(123.8		)	(18.9		)	(31.6		)
Income tax (expense) benefit allocated to discontinued operations	1.2			0.3			0.2
Loss from discontinued operations	(122.6		)	(18.6		)	(31.4		)
Net loss	$	(255.9	)	$	(31.8	)	$	(2.5	)
Income tax (expense) benefit allocated to other comprehensive income	$	—		$	—		$	0.2

Schedule of Deferred Tax Assets and Liabilities



	December 31,
	2013			2012
	(in millions)
Deferred tax assets—current:
Workers’ compensation insurance reserve	$	4.3		$	2.7
Allowance for doubtful accounts	2.8			3.1
Legal and merger costs	4.8			3.6
Accruals, reserves and other	29.2			7.7
Less valuation allowance	(22.5		)	(16.4		)
Total deferred tax assets—current	18.6			0.7
Deferred tax liabilities—current:
Prepaid expenses	(7.0		)	(3.9		)
Accruals, reserves and other	(3.9		)	—
Total deferred tax liabilities—current	(10.9		)	(3.9		)
Net current deferred tax asset (liabilities)	$	7.7		$	(3.2	)
Deferred tax assets—non-current:
Federal tax credit carry-forwards	$	31.2		$	28.9
Federal net operating loss carry-forwards	188.1			91.4
State net operating loss carry-forwards	29.6			9.8
Capital loss carry-forwards	5.9			6.3
Deferred compensation	2.6			2.6
Pre-opening expenses capitalized for tax purposes	10.8			11.6
ACDL investment write-down	38.5			9.1
Share-based compensation expense—book cost	8.8			11.9
Bond payable	27.7			—
Accruals, reserves and other	42.0			18.6
Less valuation allowance	(237.7		)	(184.7		)
Total deferred tax assets—non-current	147.5			5.5
Deferred tax liabilities—non-current:
Land, buildings, vessels and equipment, net	(187.2		)	(2.9		)
Intangible assets	(126.8		)	(6.1		)
Total deferred tax liabilities—non-current	(314.0		)	(9.0		)
Net non-current deferred tax liabilities	$	(166.5	)	$	(3.5	)

The following table summarizes the total deferred tax assets and total deferred tax liabilities provided in the previous table:



	December 31,
	2013			2012
	(in millions)
Total deferred tax assets	$	426.3		$	207.3
Less valuation allowances	(260.2		)	(201.1		)
Less total deferred tax liabilities	(324.9		)	(12.9		)
Net deferred tax liabilities	$	(158.8	)	$	(6.7	)

Schedule of Unrecognized Tax Benefits

The following table summarizes the activity related to uncertain tax benefits for 2013 and 2012, excluding any interest or penalties:



	2013			2012
	(in millions)
Balance as of January 1	$	9.4		$	7.7
Gross increases - tax positions in prior periods	—			1.5
Gross increases - tax positions in current period	3.5			0.2
Gross decreases - tax positions in current period	(0.9		)	—
Acquisition	23.8			—
Statute of limitation expirations	(0.1		)	—
Balance as of December 31	$	35.7		$	9.4

- 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+ Details