WeightWatchers 2013 Annual Report Download - page 110
Download and view the complete annual report
Please find page 110 of the 2013 WeightWatchers annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.-
1 -
2
-
3
-
4
-
5
-
6
-
7
-
8
-
9
-
10
-
11
-
12
-
13
-
14
-
15
-
16
-
17
-
18
-
19
-
20
-
21
-
22
-
23
-
24
-
25
-
26
-
27
-
28
-
29
-
30
-
31
-
32
-
33
-
34
-
35
-
36
-
37
-
38
-
39
-
40
-
41
-
42
-
43
-
44
-
45
-
46
-
47
-
48
-
49
-
50
-
51
-
52
-
53
-
54
-
55
-
56
-
57
-
58
-
59
-
60
-
61
-
62
-
63
-
64
-
65
-
66
-
67
-
68
-
69
-
70
-
71
-
72
-
73
-
74
-
75
-
76
-
77
-
78
-
79
-
80
-
81
-
82
-
83
-
84
-
85
-
86
-
87
-
88
-
89
-
90
-
91
-
92
-
93
-
94
-
95
-
96
-
97
-
98
-
99
-
100 -
101 -
102 -
103 -
104 -
105 -
106 -
107 -
108 -
109 -
110 -
111 -
112 -
113 -
114 -
115 -
116 -
117 -
118 -
119 -
120 -
121
-
122
-
123
-
124
-
125
-
126
-
127
-
128
-
129
-
130
-
131
-
132
-
133
-
134
-
135
-
136
-
137
-
138
 |
 |
WEIGHT WATCHERS INTERNATIONAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
The components of the Company’s consolidated income before income taxes consist of the following:
December 28,
2013
December 29,
2012
December 31,
2011
Domestic ................................................. $255,183 $337,321 $400,310
Foreign .................................................. 80,182 79,640 82,782
$335,365 $416,961 $483,092
The difference between the US federal statutory tax rate and the Company’s consolidated effective tax rate
are as follows:
December 28,
2013
December 29,
2012
December 31,
2011
US federal statutory rate ..................................... 35.0% 35.0% 35.0%
Federal and state tax reserve provision .......................... (0.1) 0.2 (0.6)
States income taxes (net of federal benefit) ...................... 2.7 2.6 3.0
Foreign taxes .............................................. 0.3 (0.3) (0.4)
Increase in valuation allowance ............................... 0.9 0.7 0.5
Loss on closure of Finland ................................... 0.0 0.0 (0.8)
Other .................................................... 0.2 0.1 0.3
Effective tax rate ....................................... 39.0% 38.3% 37.0%
The deferred tax assets and liabilities recorded on the Company’s consolidated balance sheets are as
follows:
December 28,
2013
December 29,
2012
Provision for estimated expenses ................................ $ 8,593 $ 8,561
Operating loss carryforwards ................................... 40,587 34,714
Salaries and wages ........................................... 6,238 4,522
Share-based compensation ..................................... 4,705 6,958
Other ..................................................... 6,562 6,336
Less: valuation allowance ..................................... (36,372) (31,015)
Total deferred tax assets ....................................... $ 30,313 $ 30,076
Depreciation ................................................ $ (6,381) $ (2,844)
Other comprehensive income .................................. (5,446) (8,180)
Other ..................................................... (1,046) 0
Amortization ............................................... (157,047) (126,726)
Total deferred tax liabilities .................................... $(169,920) $(137,750)
Net deferred tax liabilities ..................................... $(139,607) $(107,674)
Certain foreign operations of the Company have generated net operating loss carryforwards. If it has been
determined that it is more likely than not that the deferred tax assets associated with these net operating loss
carryforwards will not be utilized, a valuation allowance has been recorded. As of December 28, 2013 and
December 29, 2012, various foreign subsidiaries had net operating loss carryforwards of approximately $148,107
and $126,219, respectively, most of which can be carried forward indefinitely.
F-24