Company: UTZ
Filing Date: 2025-02-20
Form Type: 10-K
Source: 0001739566-25-000053
Chunk: 145

Company: Utz Brands, Inc.
Filing Date: 2025-02-20
Form: 10-K
Item: Item 8
Chunk 145
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31, 2023Deferred Tax Assets:Accrued expenses$452 $427 Pension, retirement and other benefits408 419 Inventories, including uniform capitalization93 145 Investment in UBH, operations30,378 20,943 Acquisition costs487 592 Net operating losses19,104 23,596 IRC §163(j) 8,661 12,753 Credits345 713 Charitable contributions— 149 Other deferred tax assets185 172 Total gross deferred tax assets60,113 59,909 Valuation allowance(48,655)(36,947)Net deferred tax assets11,458 22,962 Deferred Tax Liabilities:Plant and equipment, accelerated depreciation(2,571)(6,957)Intangibles(63,393)(66,556)Investment in UBH, nonreversing(68,988)(63,900)Other deferred tax liabilities(250)(239)Total deferred tax liabilities(135,202)(137,652)Net deferred tax liabilities$(123,744)$(114,690)Net Operating Loss and Tax Credit CarryforwardAs of December 29, 2024 and December 31, 2023, the Company and certain subsidiaries had federal net operating loss ("NOL") carryforwards of $82.5 million and $102.2 million, respectively. Of these, $29.1 million will expire, if not utilized, by 2037. As of December 29, 2024 and December 31, 2023, the Company and certain subsidiaries also had state NOL carryforwards in the amount of $34.2 million and $48.1 million, respectively. The state NOL carryforwards continued to expire in 2024, however, some state NOL's are able to be carried forward indefinitely.As of December 29, 2024 and December 31, 2023, the Company and certain subsidiaries had federal tax credit carryforwards in the amount of $0.3 million and $0.7 million, respectively. Utilization of some of the federal and state NOL and credit carryforwards are subject to annual limitations due to the "change in ownership” provisions of the Code and similar state provisions. The annual limitations may result in the expiration of NOL and credit carryforwards before utilization.

81

Valuation Allow