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฀
74
15.฀฀Income฀Taxes฀(continued)฀฀
฀
Significant฀deferred฀tax฀assets฀(liabilities)฀follow฀(in฀thousands):฀
฀
2013 2012 ฀
Accrued฀liabilities 10,584$฀฀฀฀฀฀ 10,412$฀฀฀฀฀฀ ฀
Accrued฀bonuses 4,153฀฀฀฀฀฀฀฀฀฀ 5,365฀฀฀฀฀฀฀฀฀฀
Other฀assets฀and฀liabilities 10,209฀฀฀฀฀฀฀฀ 11,492฀฀฀฀฀฀฀฀
Equity฀awards 5,974฀฀฀฀฀฀฀฀฀฀ 5,377฀฀฀฀฀฀฀฀฀฀
Other 3,992฀฀฀฀฀฀฀฀฀฀ 4,643฀฀฀฀฀฀฀฀฀฀
Foreign฀net฀operating฀losses 7,233฀฀฀฀฀฀฀฀฀฀ 7,896฀฀฀฀฀฀฀฀฀฀
Valuation฀allowance฀on฀foreign฀net฀operating
฀฀฀losses฀and฀foreign฀deferred฀tax฀assets (7,682)฀฀฀฀฀฀฀฀฀ (8,240)฀฀฀฀฀฀฀฀฀
Total฀deferred฀tax฀assets 34,463฀฀฀฀฀฀฀฀ 36,945฀฀฀฀฀฀฀฀ ฀
Deferred฀expenses (5,655)฀฀฀฀฀฀฀฀฀ (4,581)฀฀฀฀฀฀฀฀฀
Accelerated฀depreciation (16,838)฀฀฀฀฀฀฀ (15,966)฀฀฀฀฀฀฀
Goodwill (13,953)฀฀฀฀฀฀฀ (12,269)฀฀฀฀฀฀฀
Other (4,673)฀฀฀฀฀฀฀฀฀ (4,522)฀฀฀฀฀฀฀฀฀
Total฀deferred฀tax฀liabilities (41,119)฀฀฀฀฀฀฀ (37,338)฀฀฀฀฀฀฀
Net฀deferred฀(liability)฀asset (6,656)$฀฀฀฀฀฀฀ (393)$฀฀฀฀฀฀฀฀฀฀
฀
The฀ Company฀ had฀ approximately฀ $34.0฀ million฀ and฀ $32.5฀ million฀ of฀ foreign฀ tax฀ net฀ operating฀ loss฀
carryovers฀ as฀ of฀ December฀ 29,฀ 2013฀ and฀ December฀ 30,฀ 2012,฀ respectively,฀ for฀ which฀ a฀ full฀ valuation฀
allowance฀has฀been฀provided.฀A฀substantial฀majority฀of฀our฀foreign฀tax฀net฀operating฀losses฀do฀not฀have฀an฀
expiration฀date.฀
฀
The฀reconciliation฀of฀income฀tax฀computed฀at฀the฀U.S.฀federal฀statutory฀rate฀to฀income฀tax฀expense฀for฀the฀
years฀ended฀December฀29,฀2013,฀December฀30,฀2012฀and฀December฀25,฀2011฀is฀as฀follows฀in฀both฀dollars฀
and฀as฀a฀percentage฀of฀income฀before฀income฀taxes฀($฀in฀thousands):฀
฀
Income฀Tax฀
Expense
Income฀
Tax฀Rate
Income฀Tax฀
Expense
Income฀
Tax฀Rate
Income฀Tax฀
Expense
Income฀
Tax฀Rate
Tax฀at฀U.S.฀federal฀statutory฀rate 37,138$฀฀฀฀฀฀ 35.0% 34,438$฀฀฀฀฀฀ 35.0% 29,677$฀฀฀฀฀฀ 35.0%
State฀and฀local฀income฀taxes 1,820฀฀฀฀฀฀฀฀฀฀ 1.7% 1,936฀฀฀฀฀฀฀฀฀฀ 2.0% 1,702฀฀฀฀฀฀฀฀฀฀ 2.0%
Foreign฀income฀taxes 1,974฀฀฀฀฀฀฀฀฀฀ 1.9% 1,669฀฀฀฀฀฀฀฀฀฀ 1.7% 1,273฀฀฀฀฀฀฀฀฀฀ 1.5%
Settlement฀of฀certain฀tax฀issues (909)฀฀฀฀฀฀฀฀฀฀฀ (0.9%) 305฀฀฀฀฀฀฀฀฀฀฀฀฀ 0.3% (711)฀฀฀฀฀฀฀฀฀฀฀ (0.9%)
Income฀of฀consolidated฀partnerships
฀฀฀฀attributable฀to฀noncontrolling฀interests (1,263)฀฀฀฀฀฀฀฀ (1.2%) (1,604)฀฀฀฀฀฀฀฀ (1.6%) (1,379)฀฀฀฀฀฀฀฀ (1.6%)
Non-qualified฀deferred฀compensation
฀฀฀฀plan฀(income)฀loss (599)฀฀฀฀฀฀฀฀฀฀฀ (0.6%) (355)฀฀฀฀฀฀฀฀฀฀฀ (0.4%) 153฀฀฀฀฀฀฀฀฀฀฀฀฀ 0.2%
Tax฀credits฀and฀other (5,031)฀฀฀฀฀฀฀฀ (4.7%) (3,996)฀฀฀฀฀฀฀฀ (4.1%) (4,391)฀฀฀฀฀฀฀฀ (5.2%)
Total 33,130$฀฀฀฀฀฀ 31.2% 32,393$฀฀฀฀฀฀ 32.9% 26,324$฀฀฀฀฀฀ 31.0%
2013 2012 2011
฀