Pizza Hut 2015 Annual Report Download - page 166
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YUM! BRANDS, INC.-2015 Form10-K58
Form 10-K
PART II
ITEM 8Financial Statements and Supplementary Data
Changes in accumulated other comprehensive income (loss) (“OCI”) are presented below.
Translation Adjustments
and Gains (Losses) From
Intra-Entity Transactions
of a Long-Term Nature
Pension and
Post-Retirement Benefits(a)
Derivative
Instruments Total
Balance at December 28, 2013, net of tax $ 170 $ (97) $ (9) $ 64
Gains (losses) arising during the year classified into
accumulated OCI, net of tax (143) (131) 15 (259)
(Gains) losses reclassified from accumulated OCI,
net of tax 2 18 (15) 5
OCI, net of tax (141) (113) — (254)
Balance at December 27, 2014, net of tax $ 29 $ (210) $ (9) $ (190)
Gains (losses) arising during the year classified into
accumulated OCI, net of tax (250) 63 28 (159)
(Gains) losses reclassified from accumulated OCI,
net of tax 112 34 (36) 110
OCI, net of tax (138) 97 (8) (49)
Balance at December 26, 2015, net of tax $ (109) $ (113
)
$ (17) $ (239)
(a) Amounts reclassified from accumulated OCI for pension and post-retirement benefit plan losses during 2015 include amortization of net losses of $46 million, settlement charges of
$5million, amortization of prior service cost of $2 million and related income tax benefit of $20 million. Amounts reclassified from accumulated OCI for pension and post-retirement benefit
plan losses during 2014 include amortization of net losses of $20 million, settlement charges of $6 million, amortization of prior service cost of $1 million and the related income tax benefit
of $9 million. See Note 13.
NOTE16 Income Taxes
U.S. and foreign income before taxes are set forth below:
2015 2014 2013
U.S. $ 471 $ 506 $ 464
Foreign 1,316 921 1,087
$ 1,787 $ 1,427 $ 1,551
The details of our income tax provision (benefit) are set forth below:
2015 2014 2013
Current: Federal $ 287 $ 255 $ 159
Foreign 263 321 330
State 28 2 22
$ 578 $ 578 $ 511
Deferred: Federal $ (143) $ (67) $ 42
Foreign 54 (106) (53)
State — 1 (13)
$ (89) $ (172) $ (24)
$ 489 $ 406 $ 487
The reconciliation of income taxes calculated at the U.S. federal statutory rate to our effective tax rate is set forth below:
2015 2014 2013
U.S. federal statutory rate $ 625 35.0% $ 500 35.0% $ 543 35.0%
State income tax, net of federal tax benefit 12 0.7 8 0.6 3 0.2
Statutory rate differential attributable to foreign operations (210) (11.8) (168) (11.7) (177) (11.4)
Adjustments to reserves and prior years 12 0.7 (5) (0.3) 49 3.1
Change in valuation allowances 54 3.0 35 2.4 23 1.5
Other, net (4) (0.3) 36 2.5 46 3.0
Effective income tax rate $ 489 27.3% $ 406 28.5% $ 487 31.4%