Snapple 2010 Annual Report Download - page 102
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DR PEPPER SNAPPLE GROUP, INC.
NOTES TO AUDITED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
The following is a reconciliation of income taxes computed at the U.S. federal statutory tax rate to the income taxes
reported in the Consolidated Statements of Operations (in millions):
Statutory federal income tax of 35%
State income taxes, net
U.S. federal domestic manufacturing benefit
Impact of non-U.S. operations
Impact of impairments
Indemnified taxes(1)
Other(2)
Total provision for income taxes
Effective tax rate
For the Year Ended December 31,
2010
$ 287
30
(18)
(8)
—
10
(7)
$ 294
35.8%
2009
$ 304
30
(9)
(14)
—
17
(13)
$ 315
36.3%
2008
$(131)
(1)
(5)
(8)
53
19
12
$(61)
16.3%
____________________________
(1) Amounts represent tax expense recorded by the Company for which Kraft is obligated to indemnify DPS under the Tax
Indemnity Agreement.
(2) Included in other items is $3 million, $(5) million and $16 million of non-indemnified tax (benefit) expense the Company
recorded in the years ended December 31, 2010, 2009 and 2008, respectively, driven by separation related transactions.
Deferred income taxes reflect the tax consequences on future years of temporary differences between the tax basis of assets
and liabilities and their financial reporting basis using enacted tax rates in effect for the year in which the temporary differences
are expected to reverse.
Deferred tax assets (liabilities), as determined under U.S. GAAP, were comprised of the following as of December 31,
2010 and 2009 (in millions):
Deferred income tax assets:
Pension and postretirement benefits
Accrued liabilities
Compensation
Net operating loss and credit carryforwards
Deferred revenue
Inventory
Other
Deferred income tax liabilities:
Intangible assets
Fixed assets
Other
Valuation allowance
Net deferred income tax liability
December 31,
2010
$4
73
23
18
13
11
53
195
(888)
(164)
(9)
(1,061)
(16)
$(882)
December 31,
2009
$19
54
15
15
—
13
53
169
(842)
(120)
(23)
(985)
(18)
$(834)
82