Company: UTZ
Filing Date: 2025-02-20
Form Type: 10-K
Source: 0001739566-25-000053
Chunk: 144

Company: Utz Brands, Inc.
Filing Date: 2025-02-20
Form: 10-K
Item: Item 8
Chunk 144
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 required or allowed, these subsidiaries also file and pay tax as a consolidated group for federal and state income tax purposes. The Company anticipates this structure to remain in existence for the foreseeable future.

79

The provision (benefit) for income taxes was as follows:(in thousands)For the Fiscal Year Ended December 29, 2024For the Fiscal Year Ended December 31, 2023For the Fiscal Year Ended January 1, 2023Current: Federal $21,382 $7,816 $4,038 State3,203 1,879 1,403 Total current24,585 9,695 5,441 Deferred:Federal 9,973 (7,591)(20,986)State4,172 (1,347)(8,374)Total deferred14,145 (8,938)(29,360)Total$38,730 $757 $(23,919)A reconciliation of the expected statutory federal tax and the total income tax (benefit) expense was as follows:(in thousands)For the Fiscal Year Ended December 29, 2024For the Fiscal Year Ended December 31, 2023For the Fiscal Year Ended January 1, 2023Federal statutory rate (21%)$14,588 $(8,248)$(7,972)State income taxes, net of federal benefit5,773 (528)(2,435)Investment in UBH941 177 31 Noncontrolling interest in UBH(1,169)2,610 2,792 Valuation allowance7,556 5,878 (17,177)Remeasurement of warrant liability(2,147)(469)(151)Return to provision 307 2 (79)Gain on Sale to Our Home12,559 — — Credits(27)(41)(201)IRC §162(m)291 1,401 875 Nondeductible expenses71 88 12 Other(13)(113)386 $38,730 $757 $(23,919)

80

The tax effect of temporary differences that gave rise to significant components of deferred tax assets and liabilities consisted of the following at December 29, 2024 and December 31, 2023: (in thousands)As of December 29, 2024As of December