Wendy's 2013 Annual Report Download - page 98
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THE WENDY’S COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—CONTINUED
(In Thousands Except Per Share Amounts)
The (provision for) benefit from income taxes from continuing operations is set forth below:
Year Ended
2013 2012 2011
Current:
U.S. Federal ........................................ $ (1,603) $ 104 $ —
State .............................................. 7,879 (669) (675)
Foreign ............................................ (7,446) (8,667) (5,540)
Current tax provision ............................. (1,170) (9,232) (6,215)
Deferred:
U.S. Federal ........................................ (21,103) 6,458 1,367
State .............................................. 6,173 18,026 (2,788)
Foreign ............................................ 1,946 5,831 1,108
Deferred tax (provision) benefit ..................... (12,984) 30,315 (313)
Income tax (provision) benefit ...................... $(14,154) $21,083 $(6,528)
Deferred tax assets (liabilities) are set forth below:
Year End
2013 2012
Deferred tax assets:
Tax credit carryforwards .............................. $102,783 $ 91,319
Accrued compensation and related benefits ............... 40,289 35,397
Accrued expenses and reserves ......................... 31,555 32,090
Unfavorable leases .................................. 13,913 16,581
Net operating loss carryforwards ....................... 13,127 108,297
Deferred rent ...................................... 13,121 11,215
Other ............................................ 8,682 7,227
Valuation allowances ................................ (10,548) (21,052)
Total deferred tax assets .................................. 212,922 281,074
Deferred tax liabilities:
Intangible assets .................................... (473,011) (480,790)
Owned and leased fixed assets net of related obligations ...... (83,352) (121,706)
Other ............................................ (18,996) (25,306)
Total deferred tax liabilities ............................... (575,359) (627,802)
$(362,437) $(346,728)
Changes in the Company’s deferred tax asset and liability balances were primarily the result of the utilization of
net operating loss carryforwards and the impact of the system optimization initiative, as described in Note 2, primarily
on properties as offset by an increase in tax credit carryforwards and a reduction in valuation allowances on certain
state net operating loss carryforwards.
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