Comfort Inn 2014 Annual Report Download - page 96
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Table of Contents
Total income from continuing operations before income taxes, classified by source of income, was as follows:
U.S.
$ 122,517
$ 131,722
Outside the U.S.
36,155
37,784
Income from continuing operations before income taxes
$ 158,672
$ 169,506
The provision for income taxes, classified by the timing and location of payment, was as follows:
Current tax expense
Federal
$ 46,925
$ 40,821
State
4,891
4,705
Foreign
1,914
2,345
Deferred tax (benefit) expense
Federal
(7,011)
(249)
State
(635)
101
Foreign
(762)
505
Income taxes
$ 45,322
$ 48,228
Net deferred tax assets consisted of:
Property, equipment and intangible assets
$ (10,153)
Accrued compensation
15,696
Accrued expenses
12,718
Foreign operations
603
Valuation allowance on foreign deferred tax assets
(227)
Foreign net operating losses
1,441
Valuation allowance on foreign net operating losses
(1,441)
Deferred tax asset on unrecognized tax positions
1,736
Other
1,162
Net deferred tax assets
$ 21,535
As of December 31, 2014, the Company had foreign net operating loss carryforwards of approximately $5.5 million before applying tax rates for the
respective jurisdictions. These foreign net operating loss carryforwards have an indefinite life, subject to a full valuation allowance. In addition, the
Company has recorded a valuation allowance on approximately $0.5 million of foreign deferred tax assets before applying the tax rate of the respective
jurisdiction.
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