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SEC Filings
S-4
SUSSER HOLDINGS CORP filed this Form S-4 on 07/22/2016
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Table of Contents
Index to Financial Statements

ETP RETAIL HOLDINGS, LLC

NOTES TO CONSOLIDATED AND COMBINED FINANCIAL STATEMENTS (Continued)

(Dollars in millions)

 

8. Accrued and Other Current Liabilities:

Accrued and other current liabilities consisted of the following:

 

     December 31,
2015
     December 31,
2014
 

Customer advances and deposits

   $ —         $ 20   

Accrued capital expenditures

     —           16   

Accrued wages and benefits

     —           8   

Taxes payable other than income taxes

     —           104   

Price risk management

     —           7   

Other

     3         38   
  

 

 

    

 

 

 

Total accrued and other current liabilities

   $ 3       $ 193   
  

 

 

    

 

 

 

9. Income Taxes

The components of the federal and state income tax expense (benefit) were summarized as follows:

 

     Years Ended December 31,  
       2015          2014          2013    

Current expense (benefit):

        

Federal

   $ —         $ 32       $ 31   

State

     3         6         7   
  

 

 

    

 

 

    

 

 

 

Total

     3         38         38   

Deferred expense (benefit):

        

Federal

   $ —         $ 13       $ 13   

State

     —           2         3   
  

 

 

    

 

 

    

 

 

 

Total

     —           15         16   
  

 

 

    

 

 

    

 

 

 

Total income tax expense

   $ 3       $ 53       $ 54   
  

 

 

    

 

 

    

 

 

 

A reconciliation of income tax expense (benefit) at the U.S. statutory rate to the income tax expense (benefit) is as follows:

 

     Years Ended December 31,  
       2015          2014          2013    

Income tax expense at US statutory rate of 35%

   $ 116       $ 71       $ 60   

Increase (reduction) in income taxes resulting from:

        

State income taxes (net of federal income tax effects)

     3         5         7   

Domestic manufacturing deduction

     —           (2      (2

Biodiesel blending credit

     —           9         (9

Losses accruing no taxes

     (116      (30      (2
  

 

 

    

 

 

    

 

 

 

Income tax expense

   $ 3       $ 53       $ 54   
  

 

 

    

 

 

    

 

 

 

Deferred taxes result from the temporary differences between financial reporting carrying amounts and the tax basis of existing assets and liabilities. The Company had no deferred taxes as of December 31, 2015 and 2014.

 

F-26

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