Burger King 2012 Annual Report Download - page 103
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Table of Contents
The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are presented below (in
millions):
Deferred tax assets:
Trade and notes receivable, principally due to allowance for doubtful accounts $11.6 $12.4
Accrued employee benefits 40.5 48.2
Unfavorable leases 76.7 76.1
Liabilities not currently deductible for tax 53.8 40.0
Tax loss and credit carryforwards 130.2 134.8
Property and equipment, principally due to differences in depreciation — —
Other 10.3 1.5
Total gross deferred tax assets 323.1 313.0
Valuation allowance (93.3) (99.6)
Net deferred tax assets 229.8 213.4
Less deferred tax liabilities:
Property and equipment, principally due to differences in depreciation 11.9 6.5
Intangible assets 644.3 629.8
Leases 104.3 124.4
Statutory Impairment 8.8 6.4
Total gross deferred tax liabilities 769.3 767.1
Net deferred tax liability $539.5 $553.7
The valuation allowance decreased by $6.3 million as a result of changes in the projected utilization of deferred tax assets in foreign jurisdictions and
currency fluctuations.
Changes in valuation allowance are as follows (in millions):
Beginning balance $99.6 $96.0 $93.9 $ 74.6 $ 78.7
Change in estimates recorded to deferred income tax expense (8.3) 4.6 3.3 (3.8) (1.7)
Changes from foreign currency exchange rates 2.0 (1.0) (0.4) 4.8 (3.1)
Other — — (0.8) — 0.7
Ending balance $93.3 $99.6 $96.0 $75.6 $ 74.6
102
Source: Burger King Worldwide, Inc., 10-K, February 22, 2013 Powered by Morningstar® Document Research℠
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