Papa Johns 2000 Annual Report Download - page 59

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54
10. Income Taxes
A summary of the provision for income taxes (exclusive of the tax effect related to the cumulative effect
of accounting change) follows (in thousands):
2000 1999 1998
Current
Federal 23,380$ 22,893$ 18,849$
State and local 1,991 3,781 3,247
Deferred (federal and state) (5,609) 1,757 85
Total 19,762$ 28,431$ 22,181$
Significant deferred tax assets (liabilities) follow (in thousands):
2000 1999
Unearned development fees 2,398$ 2,324$
Accrued expenses and other 10,549 4,069
Acquired franchise rights 4,870 5,245
Other 23 74
Total deferred tax assets 17,840$ 11,712$
Deferred expenses (3,218) (3,696)
Accelerated depreciation (6,680) (5,599)
Other (1,447) (1,549)
Total deferred tax liabilities (11,345) (10,844)
Net deferred tax asset 6,495$ 868$
The reconciliation of income tax computed at the U.S. federal statutory rate to income tax expense
(exclusive of the tax effect related to the cumulative effect of accounting change) for the years ended
December 31, 2000, December 26, 1999 and December 27, 1998 is as follows (in thousands):
2000 1999 1998
Tax at U.S. federal statutory rate 18,055$ 26,501$ 20,001$
State and local income taxes 1,728 2,450 1,845
Tax exempt investment income - (551) (761)
Losses on pooled entity - - 1,037
Other (21) 31 59
Total 19,762$ 28,431$ 22,181$
Income taxes paid were $23.8 million in 2000, $19.4 million in 1999 and $15.9 million in 1998.