Wendy's 2011 Annual Report Download - page 105
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THE WENDY’S COMPANY AND SUBSIDIARIES
WENDY’S RESTAURANTS, LLC AND SUBSIDIARIES
COMBINED 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:
The Wendy’s Company
2011 2010 2009
Current:
U.S. Federal ...................................................... $ — $ — $ —
State ............................................................ (675) (5,774) (12,687)
Foreign, principally Canada .......................................... (5,540) (7,076) (5,779)
Current tax provision ........................................... (6,215) (12,850) (18,466)
Deferred:
U.S. Federal ...................................................... 1,367 10,982 12,634
State ............................................................ (2,788) 4,356 24,493
Foreign, principally Canada .......................................... 1,108 2,067 2,979
Deferred tax (provision) benefit ................................... (313) 17,405 40,106
Income tax (provision) benefit .................................... $ (6,528) $ 4,555 $ 21,640
Wendy’s Restaurants
2011 2010 2009
Current:
U.S. Federal ...................................................... $ — $ 3,382 $(60,588)
State ............................................................ (675) (8,014) (10,697)
Foreign, principally Canada .......................................... (5,540) (7,076) (5,779)
Current tax provision ........................................... (6,215) (11,708) (77,064)
Deferred:
U.S. Federal ...................................................... (2,610) 5,875 63,287
State ............................................................ (8,905) 5,436 16,851
Foreign, principally Canada .......................................... 1,108 2,067 2,979
Deferred tax (provision) benefit ................................... (10,407) 13,378 83,117
Income tax (provision) benefit .................................... $(16,622) $ 1,670 $ 6,053
Deferred tax assets (liabilities) are set forth below:
The Wendy’s Company Wendy’s Restaurants
Year End Year End
2011 2010 2011 2010
Deferred tax assets:
Operating and capital loss carryforwards ................. $ 98,173 $ 99,354 $ 97,152 $ 105,818
Tax credit carryforwards ............................. 83,708 62,518 31,018 13,951
Accrued compensation and related benefits ............... 38,198 37,512 37,458 35,333
Unfavorable leases .................................. 18,731 31,009 18,731 31,009
Other ........................................... 56,017 71,664 47,665 63,679
Valuation allowances ............................... (17,397) (88,363) (21,059) (95,850)
Total deferred tax assets ................................. 277,430 213,694 210,965 153,940
Deferred tax liabilities:
Intangible assets ................................... (502,570) (462,627) (502,570) (462,627)
Owned and leased fixed assets net of related obligations ..... (125,788) (100,198) (121,610) (95,588)
Other ........................................... (26,209) (28,773) (29,511) (29,130)
Total deferred tax liabilities ............................... (654,567) (591,598) (653,691) (587,345)
$(377,137) $(377,904) $(442,726) $(433,405)
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