Popeye's 2013 Annual Report Download - page 84

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Popeyes Louisiana Kitchen, Inc.
Notes to Consolidated Financial Statements
For Fiscal Years 2013, 2012, and 2011 — (Continued)
68
Note 17 — Interest Expense, Net
(in millions) 2013 2012 2011
Interest on debt $2.4 $2.8 $2.8
Amortization and write-offs of debt issuance costs 0.8 0.4 0.4
Other debt related charges 0.6 0.5 0.6
Interest income (0.1)(0.1)(0.1)
$3.7 $3.6 $3.7
Note 18 — Income Taxes
Total income taxes for fiscal years 2013,2012, and 2011, were allocated as follows:
(in millions) 2013 2012 2011
Income taxes in the statements of operations, net $ 20.4 $17.3 $12.8
Income taxes charged (credited) to statements of shareholders’ equity (deficit):
Compensation expense for tax purposes in excess of amounts recognized for
financial reporting purposes (3.4)(0.4)(0.1)
Other comprehensive income 0.2 —(0.5)
$17.2 $16.9 $12.2
During the first quarter of 2013 Congress passed the “American Taxpayer Relief Act of 2012” which included the
retroactive extension of business provisions that had expired at the end of 2011 and 2012. Since the bill was not signed
until the first fiscal quarter of 2013, the financial statement benefits were not reflected until the first fiscal quarter of
2013.
Total U.S. and foreign income before income taxes for fiscal years 2013,2012, and 2011, were as follows:
(in millions) 2013 2012 2011
United States $49.5 $41.3 $31.4
Foreign 5.0 6.4 5.6
$54.5 $47.7 $37.0
The components of income tax expense were as follows:
(in millions) 2013 2012 2011
Current income tax expense:
Federal $ 12.8 $12.2 $9.2
Foreign 1.4 1.3 1.1
State 1.7 1.6 1.2
15.9 15.1 11.5
Deferred income tax expense:
Federal 4.1 2.0 1.2
State 0.4 0.2 0.1
4.5 2.2 1.3
$20.4 $17.3 $12.8