Burger King 2011 Annual Report Download - page 103

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Table of Contents
BURGER KING HOLDINGS, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements — (Continued)
The following table provides the amount of income tax expense (benefit) allocated to continuing operations and amounts separately allocated to other
items (in millions):
Successor Predecessor
2011
October 19, 2010 to
December 31, 2010
July 1, 2010 to
October 18, 2010
Fiscal 2010 Fiscal 2009
Income tax expense (benefit)
from continuing operations $ 39.8 $ (25.1) $ 15.8 $ 97.5 $ 84.7
Interest rate caps in accumulated
other comprehensive income (loss) (26.4) 13.9 — — —
Interest rate swaps in
accumulated other
comprehensive income (loss) — — 0.9 2.0 (11.0)
Pension liability in accumulated other comprehensive
income (loss) (5.8) 3.9 3.1 (11.3) (9.4)
Adjustments to deferred income
taxes related to Brand — — — — (0.2)
Adjustments to the valuation
allowance related to Brand — — — — (0.3)
Stock option tax benefit in
additional paid-in capital — — 0.4 (3.5) (3.3)
$ 7.6 $ (7.3) $ 20.2 $ 84.7 $ 60.5
The significant components of deferred income tax expense (benefit) attributable to income from continuing operations are as follows (in millions):
Successor Predecessor
2011
October 19, 2010 to
December 31, 2010
July 1, 2010 to
October 18, 2010
Fiscal 2010 Fiscal 2009
Deferred income tax expense
(exclusive of the effects of
components listed below) $ 2.1 $ 15.3 $ 8.3 $ 15.7 $ 3.2
Change in valuation allowance (net
of amounts allocated as
adjustments to purchase
accounting in 2009 and 2008) 4.6 3.3 (3.8) (1.7) 3.0
Change in effective state income tax rate — — — 0.8 4.5
Change in effective foreign income tax rate — (1.0) (1.0) 2.1 1.4
Total $ 6.7 $ 17.6 $ 3.5 $ 16.9 $ 12.1
102
Source: Burger King Holdings Inc, 10-K, March 14, 2012 Powered by Morningstar® Document Research℠