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EX-21.1 - SUBSIDIARIES OF REGISTRANT - ALLBRITTON COMMUNICATIONS COd404810dex211.htm
EX-24.1 - POWERS OF ATTORNEY - ALLBRITTON COMMUNICATIONS COd404810dex241.htm
EX-31.1 - CERTIFICATION OF CHAIRMAN AND CHIEF EXECUTIVE OFFICER - ALLBRITTON COMMUNICATIONS COd404810dex311.htm
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EX-31.2 - CERTIFICATION OF SENIOR VICE PRESIDENT AND CHIEF FINANCIAL OFFICER - ALLBRITTON COMMUNICATIONS COd404810dex312.htm
10-K - FORM 10-K - ALLBRITTON COMMUNICATIONS COd404810d10k.htm
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v2.4.0.6
Income Taxes
12 Months Ended
Sep. 30, 2012
Income Taxes

NOTE 6—INCOME TAXES

The provision for (benefit from) income taxes consists of the following:

 

     Years Ended September 30,  
     2010     2011     2012  

Continuing operations

   $ 6,888      $ 8,759      $ 16,674   

Discontinued operations

     1,028        —          —     
  

 

 

   

 

 

   

 

 

 
   $ 7,916      $ 8,759      $ 16,674   
  

 

 

   

 

 

   

 

 

 
     Years Ended September 30,  
     2010     2011     2012  

Current

      

Federal

   $ 6,761      $ 5,739      $ 14,472   

State

     (1,745     (661     2,439   
  

 

 

   

 

 

   

 

 

 
     5,016        5,078        16,911   
  

 

 

   

 

 

   

 

 

 

Deferred

      

Federal

     4,986        3,101        (670

State

     (2,086     580        433   
  

 

 

   

 

 

   

 

 

 
     2,900        3,681        (237
  

 

 

   

 

 

   

 

 

 
   $ 7,916      $ 8,759      $ 16,674   
  

 

 

   

 

 

   

 

 

 

The provision for income taxes for the year ended September 30, 2010 does not include the current tax effect of the distribution of the equity interests of POLITICO to Perpetual on November 13, 2009. Such tax effect of $1,766 was reflected as a reduction to stockholder’s investment during the year ended September 30, 2010 in accordance with the accounting rules for such transactions. See Note 7.

The components of deferred income tax assets (liabilities) are as follows:

 

     September 30,  
     2011     2012  

Deferred income tax assets:

    

State and local net operating loss carryforwards

   $ 2,839      $ 2,321   

Accrued employee benefits

     352        183   

Deferred rent

     2,084        1,896   

Deferred revenue

     303        523   

Allowance for accounts receivable

     615        579   

Other

     752        731   
  

 

 

   

 

 

 
     6,945        6,233   

Less valuation allowance

     (231     (229
  

 

 

   

 

 

 
     6,714        6,004   
  

 

 

   

 

 

 

Deferred income tax liabilities:

    

Property, plant and equipment

     (4,883     (3,844

Intangible assets

     (1,764     (1,856
  

 

 

   

 

 

 

Net deferred income tax assets

   $ 67      $ 304   
  

 

 

   

 

 

 

The deferred tax asset related to state and local net operating loss carryforwards of $2,321 at September 30, 2012 represents approximately $44,000 in state and local net operating loss carryforwards in certain jurisdictions which are available for future use for state and local income tax purposes and expire in various years from 2013 through 2030.

The decrease in the valuation allowance for deferred tax assets of $11 and $2 during the years ended September 30, 2011 and 2012, respectively, principally resulted from the expiration of net operating loss carryforward periods.

 

The following table reconciles the statutory federal income tax rate to the Company’s effective income tax rate for income before cumulative effect of change in accounting principle:

 

     Years ended September 30,  
     2010     2011     2012  

Statutory federal income tax rate

     35.0     35.0     35.0

State income taxes, net of federal income tax benefit

     (1.9     0.1        4.5   

Permanent items, principally a domestic production deduction

     (0.5     (1.2     (2.6

Change in valuation allowance

     (8.7     —          —     

Other, net

     —          (0.5 )     (0.3 )
  

 

 

   

 

 

   

 

 

 

Effective income tax rate

     23.9     33.4     36.6
  

 

 

   

 

 

   

 

 

 

A reconciliation of the beginning and ending balances of the total amounts of gross unrecognized tax benefits is as follows:

 

Gross unrecognized tax benefits at October 1, 2009

   $ 4,569   

Increases related to current year tax positions

     384   

Reductions related to expiration of statutes of limitations

     (2,111

Reductions related to expiration of net operating loss carryforwards

     (157
  

 

 

 

Gross unrecognized tax benefits at September 30, 2010

     2,685   

Increases related to current year tax positions

     —     

Reductions related to expiration of statutes of limitations

     (1,281
  

 

 

 

Gross unrecognized tax benefits at September 30, 2011

     1,404   

Increases related to current year tax positions

     —     

Reductions related to expiration of statutes of limitations

     (166
  

 

 

 

Gross unrecognized tax benefits at September 30, 2012

   $ 1,238   
  

 

 

 

As of September 30, 2011 and 2012, the Company had unrecognized tax benefits of $1,404 and $1,238, respectively. If all such benefits were recognized, $913 and $804, respectively, would have a favorable impact on the effective tax rate. Of the total gross unrecognized tax benefits of $1,404 at September 30, 2011, $642 were recorded in deferred rent and other noncurrent liabilities on the accompanying consolidated balance sheets, and the remaining $762 represented net operating losses which have not been recorded in accordance with the rules surrounding uncertain tax positions. Of the total gross unrecognized tax benefits of $1,238 at September 30, 2012, $766 are recorded in deferred rent and other noncurrent liabilities on the accompanying consolidated balance sheets, and the remaining $472 represents net operating losses which have not been recorded in accordance with the rules surrounding uncertain tax positions.

The Company expects that it is reasonably possible that the amount of unrecognized tax benefits will decrease during the next twelve months in the approximate range of $100 to $300, primarily due to the expected expiration of certain statutes of limitations.

The Company classifies interest and penalties related to its uncertain tax positions as a component of income tax expense. Accrued interest and penalties were $95 and $141 at September 30, 2011 and 2012, respectively. During the year ended September 30, 2011 the Company recognized a reduction in accrued interest and penalties of $343, while during the year ended September 30, 2012, the Company recognized an increase in accrued interest and penalties of $46.

The Company is no longer subject to Federal or state income tax examinations for years prior to the Company’s fiscal year ended September 30, 2009, although certain of the Company’s net operating loss carryforwards generated prior to September 30, 2009 remain subject to examination.

The Company’s operations are included in a consolidated federal income tax return and certain combined state income tax returns filed by Perpetual. Income tax expense is calculated and recorded in accordance with the accounting rules for income taxes as if the Company was a separate taxpayer from Perpetual. The Company makes payments to Perpetual in accordance with the terms of a tax sharing agreement between Perpetual and the Company.