Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

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):

	2014			2013			2012
Current provision (benefit)
Federal	$	5,619		$	5,725		$	(8,523	)
State and other	(13,968		)	(1,596		)	(14,068		)
	$	(8,349	)	$	4,129		$	(22,591	)
Deferred provision (benefit)
Federal	$	232,969		$	(1,833,580	)	$	—
State and other	(9,200		)	(262,843		)	—
	$	223,769		$	(2,096,423	)	$	—
Income tax expense (benefit)	$	215,420		$	(2,092,294	)	$	(22,591	)

Effective Income Tax Rate Reconciliation

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

	2014		2013		2012
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		4.0		3.0
Deferred tax asset valuation allowance	(6.6	)	(438.0	)	(37.7	)
Tax contingencies	(1.4	)	0.3		(10.6	)
Other	1.2		2.3		(2.0	)
Effective rate	31.2	%	(396.4	)%	(12.3	)%

Deferred Tax Assets and Liabilities

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

	At December 31,
	2014			2013
Deferred tax assets:
Non-deductible reserves and other	$	445,128		$	475,730
Inventory valuation reserves	599,763			770,566
Net operating loss ("NOL") carryforwards:
Federal	515,568			726,398
State	257,738			292,195
Alternative minimum tax credits	34,812			28,683
Energy credit and charitable contribution carryforward	27,858			39,978
	1,880,867			2,333,550
Deferred tax liabilities:
Capitalized items, including real estate basis differences,       deducted for tax, net	(31,584		)	(39,449		)
Trademarks and tradenames	(46,362		)	(50,047		)
	(77,946		)	(89,496		)
Valuation allowance	(82,253		)	(157,300		)
Net deferred tax asset	$	1,720,668		$	2,086,754

Summary of Income Tax Contingencies

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

	2014			2013			2012
Unrecognized tax benefits, beginning of period	$	173,310		$	170,425		$	171,863
Increases related to tax positions taken during a prior period	—			12,877			8,782
Decreases related to tax positions taken during a prior period	(133,883		)	(7,502		)	(9,373		)
Increases related to tax positions taken during the current        period	237			381			11,797
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		)	(12,644		)
Unrecognized tax benefits, end of period	$	32,911		$	173,310		$	170,425