Wendy's 2012 Annual Report Download - page 92
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THE WENDY’S COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—CONTINUED
(In Thousands Except Per Share Amounts)
(14) Income Taxes
(Loss) income from continuing operations before income taxes and noncontrolling interests is set forth below:
Year Ended
2012 2011 2010
Domestic .............................................. $(23,154) $11,967 $ (2,244)
Foreign, principally Canada ................................ 10,029 12,473 15,800
$(13,125) $24,440 $13,556
The benefit from (provision for) income taxes from continuing operations is set forth below:
Year Ended
2012 2011 2010
Current:
U.S. Federal ........................................ $ 104 $ — $ —
State .............................................. (669) (675) (5,774)
Foreign, principally Canada ............................ (8,667) (5,540) (7,076)
Current tax provision ............................. (9,232) (6,215) (12,850)
Deferred:
U.S. Federal ........................................ 6,458 1,367 10,982
State .............................................. 18,026 (2,788) 4,356
Foreign, principally Canada ............................ 5,831 1,108 2,067
Deferred tax benefit (provision) ..................... 30,315 (313) 17,405
Income tax benefit (provision) ...................... $21,083 $(6,528) $ 4,555
Deferred tax assets (liabilities) are set forth below:
Year End
2012 2011
Deferred tax assets:
Operating and capital loss carryforwards ................. $108,297 $ 98,173
Tax credit carryforwards .............................. 91,319 83,708
Accrued compensation and related benefits ............... 35,397 38,198
Unfavorable leases .................................. 16,581 18,731
Accrued expenses and reserves ......................... 32,090 35,338
Other ............................................ 18,442 20,679
Valuation allowances ................................ (21,052) (17,397)
Total deferred tax assets .................................. 281,074 277,430
Deferred tax liabilities:
Intangible assets .................................... (480,790) (502,570)
Owned and leased fixed assets net of related obligations ...... (121,706) (125,788)
Other ............................................ (25,306) (26,209)
Total deferred tax liabilities ............................... (627,802) (654,567)
$(346,728) $(377,137)
Changes in the Company’s deferred tax asset and liability balances were primarily the result of the tax impact of
domestic losses, an increase to credit carryforwards, corrections related to prior years and the acquisitions described in
Note 3.
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