Panera Bread 2011 Annual Report Download - page 70

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62
Standards Act. The complaint seeks, among other relief, collective, and class certification of the lawsuit, unspecified damages,
costs and expenses, including attorneys’ fees and such other relief as the Court might find just and proper. The Company believes
it and the other defendant have meritorious defenses to each of the claims in this lawsuit and the Company is prepared to vigorously
defend the lawsuit. There can be no assurance, however, that the Company will be successful, and an adverse resolution of the
lawsuit could have a material adverse effect on the Company’s consolidated financial statements in the period in which the lawsuit
is resolved.
In addition, the Company is subject to other routine legal proceedings, claims, and litigation in the ordinary course of its business.
Defending lawsuits requires significant management attention and financial resources and the outcome of any litigation, including
the matters described above, is inherently uncertain. The Company does not, however, currently expect that the costs to resolve
these matters individually or in the aggregate will have a material adverse effect on its consolidated financial position, results of
operations, or cash flows.
Other
The Company is subject to on-going federal and state income tax audits and sales tax audits and any unfavorable rulings could
materially and adversely affect its consolidated financial condition or results of operations. The Company believes reserves for
these matters are adequately provided for in its consolidated financial statements.
14. Income Taxes
The components of income before income taxes, by tax jurisdiction, were as follows for the periods indicated (in thousands):
United States . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Canada. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Income before income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
For the fiscal year ended
December 27,
2011
$ 221,906
(2,003)
$ 219,903
December 28,
2010
$ 180,458
(296)
$ 180,162
December 29,
2009
$ 139,005
919
$ 139,924
The provision for income taxes consisted of the following for the periods indicated (in thousands):
Current:
Federal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
State . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Foreign . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Deferred:
Federal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
State . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Foreign . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Tax Provision . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
For the fiscal year ended
December 27,
2011
$ 67,466
15,705
(571)
82,600
1,084
267
—
1,351
$ 83,951
December 28,
2010
$ 64,471
8,919
(167)
73,223
(4,306)
(354)
—
(4,660)
$ 68,563
December 29,
2009
$ 24,428
5,390
304
30,122
20,006
2,944
—
22,950
$ 53,073