Tootsie Roll expects $11 million to $12 million non-cash tax charge in Q4 2024
Tootsie Roll said its Board revoked a 2018 authorization on December 3, 2024, that had aimed to preserve tax deductions on certain nonqualified deferred compensation plans. As a result, the company expects to write off related deferred tax assets, creating a non-cash tax charge of approximately $11 million to $12 million in fourth quarter 2024. The company does not expect future cash expenditures from the write-off, though it will be unable to deduct certain deferred compensation payments against future taxable income.
Key points
- Non-cash tax charge expected at approximately $11 million to $12 million in fourth quarter 2024
- Board revoked its December 28, 2018 authorization on December 3, 2024
- Charge will be reflected in the 2024 annual report on Form 10-K
- No future cash expenditures expected from the write-off, other than inability to deduct certain deferred compensation payments
The filing
Written by AI (Anthropic Claude, claude-haiku-5-5) on Nov 8, 2026, 2:07 AM ET, from the text of the filing and its press-release exhibits only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on December 09, 2024.
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