Wendy's 2009 Annual Report Download - page 112
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The following table presents the fair values for those assets and liabilities measured at fair value during
2009 on a non-recurring basis. Total losses include losses recognized from all non-recurring fair value
measurements during the year ended January 3, 2010. See Note 15 for more information on the impairment of
our long-lived assets.
January 3,
2010 Level 1 Level 2 Level 3 Total Losses
Fair Value Measurements
Properties...................................... $1,619,248 $ — $ — $1,619,248 $74,458
Other intangible assets . . . . . . . . . . . . . . . . . . . . . . . . . . 1,392,883 — — 1,392,883 7,674
Total................................. $3,012,131 $— $— $3,012,131 $82,132
(11) Income Taxes
Income Taxes
The (loss) income from continuing operations before income taxes consisted of the following components:
2009 2008 2007
Domestic................................................. $(34,438) $(583,679) $6,768
Foreign .................................................. 14,305 2,427 (36)
$(20,133) $(581,252) $6,732
The benefit from (provision for) income taxes from continuing operations consisted of the following
components:
2009 2008 2007
U.S. Federal.............................................. $ — $ — $ —
State .................................................... (10,318) (4,017) (2,036)
Foreign, principally Canada . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (6,160) (1,965) (387)
Current tax provision. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (16,478) (5,982) (2,423)
U.S. Federal.............................................. 8,066 90,465 9,036
State .................................................... 28,985 14,608 1,741
Foreign, principally Canada................................ 3,076 203 —
Deferred tax benefit.................................. 40,127 105,276 10,777
Income tax benefit................................... $23,649 $ 99,294 $ 8,354
105
Wendy’s/Arby’s Group, Inc. and Subsidiaries
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—CONTINUED
(In Thousands Except Per Share Amounts)