|12 Months Ended|
Dec. 29, 2012
|Income Taxes [Abstract]|
NOTE E – INCOME TAXES
Income tax expense (benefit) included in income from net earnings consists of the following:
The income tax provision, as reconciled to the tax computed at the federal statutory rate of 35% for 2010, 2011, and 2012, is as follows:
USANA HEALTH SCIENCES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) (in thousands, except per share data)
NOTE E – INCOME TAXES – CONTINUED
The significant categories of deferred taxes are as follows:
At December 29, 2012, the Company had foreign operating loss carry forwards of approximately $8,960. If these operating losses are not used, they will expire between 2013 and 2017. A valuation allowance of approximately $6,400 has been placed on these foreign operating loss carry forwards. The valuation allowance is determined using a more likely than not realization criteria and is based upon all available positive and negative evidence, including future reversals of temporary differences. A future increase or decrease in the current valuation allowance is not expected to impact the income tax provision due to the Company's ability to fully utilize foreign tax credits associated with taxable income in these jurisdictions.
The Components of deferred taxes, net on a jurisdiction basis are as follows:
The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.
Reference 1: http://www.xbrl.org/2003/role/presentationRef