Panera Bread 2011 Annual Report Download - page 71
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63
A reconciliation of the statutory federal income tax rate to the effective tax rate is as follows for the periods indicated:
Statutory rate provision. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
State income taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
For the fiscal year ended
December 27,
2011
35.0%
4.5
(1.3)
38.2%
December 28,
2010
35.0%
5.0
(1.9)
38.1%
December 29,
2009
35.0%
4.7
(1.8)
37.9%
The tax effects of the significant temporary differences which comprise the deferred tax assets and liabilities were as follows for
the periods indicated (in thousands):
Deferred tax assets:
Accrued expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Stock-based compensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total deferred tax assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Deferred tax liabilities:
Property and equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Goodwill and other intangibles . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total deferred tax liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net deferred tax liability. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net deferred current tax asset . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net deferred non-current tax liability . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
December 27,
2011
$ 70,996
3,204
245
$ 74,445
$(62,812)
(18,452)
$(81,264)
$(6,819)
$ 27,526
$(34,345)
December 28,
2010
$ 59,952
2,405
287
$ 62,644
$(51,437)
(16,675)
$(68,112)
$(5,468)
$ 24,796
$(30,264)
The following is a rollforward of the Company’s total gross unrecognized tax benefit liabilities for the periods indicated (in
thousands):
Beginning balance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Tax positions related to the current year:
Additions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Tax positions related to prior years:
Additions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Reductions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Settlements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Expiration of statutes of limitations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Ending balance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
December 27,
2011
$ 2,896
526
264
(142)
—
—
$ 3,544
December 28,
2010
$ 3,357
477
724
(700)
(373)
(589)
$ 2,896
December 29,
2009
$ 3,598
617
—
(110)
(645)
(103)
$ 3,357
As of December 27, 2011 and December 28, 2010, the amount of unrecognized tax benefits that, if recognized in full, would be
recorded as a reduction of income tax expense was $3.4 million and $2.9 million, net of federal tax benefits and applicable interest
and penalties, respectively. In certain cases, the Company’s uncertain tax positions are related to tax years that remain subject to
examination by the relevant tax authorities. Tax returns in the Company’s major tax filing jurisdictions for years after 2008, as
well as certain returns in 2006, 2007, and 2008 are subject to future examination by tax authorities. Estimated interest and penalties
related to the underpayment of income taxes are classified as a component of income tax expense in the Consolidated Statements
of Operations and were $0.3 million during fiscal 2011, fiscal 2010, and fiscal 2009, respectively. Accrued interest and penalties
were $1.3 million as of December 27, 2011 and December 28, 2010, respectively.