v2.4.0.6

Income Taxes (Tables) | 12 Months Ended
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Dec. 29, 2012
Income Tax Disclosure [Abstract] |
Income before income taxes | U.S. and foreign income before taxes are set forth below:
|  | 2012 |  | 2011 |  | 2010
U.S. |  | $ | 504 |  |  | $ | 266 |  |  | $ | 345 |
Foreign |  | 1,641 |  |  | 1,393 |  |  | 1,249 |
|  | $ | 2,145 |  |  | $ | 1,659 |  |  | $ | 1,594 |
Details of income tax provision (benefit) | The details of our income tax provision (benefit) are set forth below:
|  |  |  | 2012 |  | 2011 |  | 2010
Current: |  | Federal |  | $ | 160 |  |  | $ | 78 |  |  | $ | 155 |
|  | Foreign |  | 314 |  |  | 374 |  |  | 356 |
|  | State |  | 35 |  |  | 9 |  |  | 15 |
|  |  |  | $ | 509 |  |  | $ | 461 |  |  | 526 |
Deferred: |  | Federal |  | 91 |  |  | (83 | ) |  | (82 | )
|  | Foreign |  | (57 | ) |  | (40 | ) |  | (29 | )
|  | State |  | (6 | ) |  | (14 | ) |  | 1 |
|  |  |  | 28 |  |  | (137 | ) |  | (110 | )
|  |  |  | $ | 537 |  |  | $ | 324 |  |  | $ | 416 |
Effective income tax and tax rate reconciliation | The reconciliation of income taxes calculated at the U.S. federal tax statutory rate to our effective tax rate is set forth below:
|  | 2012 |  | 2011 |  | 2010
U.S. federal statutory rate |  | $ | 751 |  |  | 35.0 | % |  | $ | 580 |  |  | 35.0 | % |  | $ | 558 |  |  | 35.0 | %
State income tax, net of federal tax benefit |  | 4 |  |  | 0.2 |  |  | 2 |  |  | 0.1 |  |  | 12 |  |  | 0.7 |
Statutory rate differential attributable to foreign operations |  | (165 | ) |  | (7.7 | ) |  | (218 | ) |  | (13.1 | ) |  | (235 | ) |  | (14.7 | )
Adjustments to reserves and prior years |  | (47 | ) |  | (2.2 | ) |  | 24 |  |  | 1.4 |  |  | 55 |  |  | 3.5 |
Net benefit from LJS and A&W divestitures |  | — |  |  | — |  |  | (72 | ) |  | (4.3 | ) |  | — |  |  | — |
Change in valuation allowances |  | 14 |  |  | 0.6 |  |  | 22 |  |  | 1.3 |  |  | 22 |  |  | 1.4 |
Other, net |  | (20 | ) |  | (0.9 | ) |  | (14 | ) |  | (0.9 | ) |  | 4 |  |  | 0.2 |
Effective income tax rate |  | $ | 537 |  |  | 25.0 | % |  | $ | 324 |  |  | 19.5 | % |  | $ | 416 |  |  | 26.1 | %
Details of deferred tax assets (liabilities) | The details of 2012 and 2011 deferred tax assets (liabilities) are set forth below:
|  | 2012 |  | 2011
Operating losses and tax credit carryforwards |  | $ | 495 |  |  | $ | 592 |
Employee benefits |  | 251 |  |  | 260 |
Share-based compensation |  | 108 |  |  | 106 |
Self-insured casualty claims |  | 50 |  |  | 47 |
Lease-related liabilities |  | 115 |  |  | 134 |
Various liabilities |  | 82 |  |  | 75 |
Property, plant and equipment |  | 39 |  |  | 55 |
Deferred income and other |  | 57 |  |  | 35 |
Gross deferred tax assets |  | 1,197 |  |  | 1,304 |
Deferred tax asset valuation allowances |  | (358 | ) |  | (368 | )
Net deferred tax assets |  | $ | 839 |  |  | $ | 936 |
Intangible assets, including goodwill |  | $ | (256 | ) |  | $ | (167 | )
Property, plant and equipment |  | (95 | ) |  | (121 | )
Other |  | (48 | ) |  | (48 | )
Gross deferred tax liabilities |  | $ | (399 | ) |  | $ | (336 | )
Net deferred tax assets (liabilities) |  | $ | 440 |  |  | $ | 600 |
Reported in Consolidated Balance Sheets as: |  |  |  |
Deferred income taxes – current |  | $ | 111 |  |  | $ | 112 |
Deferred income taxes – long-term |  | 481 |  |  | 549 |
Accounts payable and other current liabilities |  | (5 | ) |  | (16 | )
Other liabilities and deferred credits |  | (147 | ) |  | (45 | )
|  | $ | 440 |  |  | $ | 600 |
Loss carryforwards, by year of expiration | At December 29, 2012, the Company has foreign operating and capital loss carryforwards of $1.0 billion and U.S. state operating loss, capital loss and tax credit carryforwards of $1.0 billion and U.S. federal capital loss and tax credit carryforwards of $0.2 billion. These losses are being carried forward in jurisdictions where we are permitted to use tax losses from prior periods to reduce future taxable income and will expire as follows:
|  | Year of Expiration |  |
|  | 2013 |  | 2014-2017 |  | 2018-2032 |  | Indefinitely |  | Total
Foreign |  | $ | 21 |  |  | $ | 66 |  |  | $ | 121 |  |  | $ | 836 |  |  | $ | 1,044 |
U.S. state |  | 20 |  |  | 128 |  |  | 848 |  |  | 5 |  |  | 1,001 |
U.S. federal |  | — |  |  | 107 |  |  | 103 |  |  | — |  |  | 210 |
|  | $ | 41 |  |  | $ | 301 |  |  | $ | 1,072 |  |  | $ | 841 |  |  | $ | 2,255 |
Unrecognized tax benefits reconciliation | The Company had $309 million and $348 million of unrecognized tax benefits at December 29, 2012 and December 31, 2011, respectively, $184 million and $197 million of which, if recognized, would impact the effective income tax rate. A reconciliation of the beginning and ending amount of unrecognized tax benefits follows:
|  | 2012 |  | 2011
Beginning of Year |  | $ | 348 |  |  | $ | 308 |
Additions on tax positions - current year |  | 50 |  |  | 85 |
Additions for tax positions - prior years |  | 23 |  |  | 38 |
Reductions for tax positions - prior years |  | (90 | ) |  | (58 | )
Reductions for settlements |  | (6 | ) |  | (8 | )
Reductions due to statute expiration |  | (16 | ) |  | (22 | )
Foreign currency translation adjustment |  | — |  |  | 5 |
End of Year |  | $ | 309 |  |  | $ | 348 |
Summary of income tax examinations | The following table summarizes our major jurisdictions and the tax years that are either currently under audit or remain open and subject to examination:
Jurisdiction |  | Open Tax Years
U.S. Federal |  | 2004 – 2012
China |  | 2009 – 2012
United Kingdom |  | 2003 – 2012
Mexico |  | 2006 – 2012
Australia |  | 2008 – 2012
In addition, the Company is subject to various U.S. state income tax examinations, for which, in the aggregate, we had significant unrecognized tax benefits at December 29, 2012, each of which is individually insignificant. The accrued interest and penalties related to income taxes at December 29, 2012 and December 31, 2011 are set forth below:
|  | 2012 |  | 2011
Accrued interest and penalties |  | $ | 50 |  |  | $ | 53 |

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- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32687-109319 + Details
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- Definition Tabular disclosure of tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities (i.e., uncertain tax positions) and other types of income tax contingencies, including: (1) the policy on classification of interest and penalties; (2) a tabular reconciliation of the total amounts of unrecognized tax benefits at the beginning and end of the period; the total amount(s) of: (3) unrecognized tax benefits that, if recognized, would affect the effective tax rate, and (4) interest and penalties recognized in each of the income statement and balance sheet; (5) for positions for which it is reasonably possible that the total amounts unrecognized will significantly change within 12 months of the reporting date the: (i) nature of the uncertainty, (ii) nature of the event that could occur that would cause the change, and (iii) an estimate of the range of the reasonably possible change or a statement that an estimate of the range cannot be made; and (6) a description of tax years that remain subject to examination by major tax jurisdictions. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name FASB Interpretation (FIN) -Number 48 -Paragraph 21 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
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- Definition Tabular disclosure of income tax examinations that an enterprise is currently subject to or that have been completed in the current period typically including a description of the examination, the jurisdiction conducting the examination, the tax year(s) under examination, the likelihood of an unfavorable settlement, the range of possible losses, the liability recorded, the increase or decrease in the liability from the prior period, and any penalties and interest that have been recorded. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name FASB Interpretation (FIN) -Number 48 -Paragraph 21 -Subparagraph e -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name FASB Interpretation (FIN) -Number 14 -Paragraph 3 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 55 -Paragraph 217 -URI http://asc.fasb.org/extlink&oid=21917533&loc=d3e36027-109320 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -Subparagraph (c),(d)(2)-(3) -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 + Details
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