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.4 4 |INGRAM MICRO
N o t e 8 — I n c o m e t a x e s
The components of income before taxes and extraordinary item consist of the following:
Fiscal Year
2000 1999 1998
United States $ 3 3 2, 2 4 1 $ 2 7 5, 0 1 3 $ 350,631
Foreign 3 0, 2 6 8 15,480 56,229
Total $ 3 6 2, 5 0 9 $ 2 9 0, 4 9 3 $ 4 0 6, 8 6 0
The provision for income taxes consists of the following:
Fiscal Year
2000 1999 1998
Current:
Federal $ 5 5, 0 3 8 $ 62,832 $ 1 1 1, 8 6 2
S tate 4 , 6 2 6 8 1 5, 1 4 6
Foreign 2 8, 3 3 5 2 5, 4 8 8 3 1, 1 4 5
8 7, 9 9 9 8 8, 3 2 8 1 5 8, 1 5 3
Deferred:
Federal 5 6, 1 3 0 2 7, 8 6 7 4, 0 5 7
Sta te 6 , 1 1 5 7, 8 3 2 6, 9 2 6
Foreign ( 1 1, 4 8 8 ) ( 1 3, 1 7 5 ) ( 7, 4 5 1 )
5 0, 7 5 7 2 2, 5 2 4 3, 5 3 2
Total income tax provision $ 1 3 8, 7 5 6 $ 1 1 0, 8 5 2 $ 1 6 1, 6 8 5
Deferred income taxes reflect the tax effect of temporary differences between the carrying amount of assets and liabilities for
financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s net deferred
tax assets and liabilities are as follows:
Fiscal Year
2000 1999
Net deferred tax assets and (liabilities):
Tax in excess of book basis of foreign operations $ 5 0, 9 8 3 $ 3 7, 4 6 6
Items not currently taxable ( 1 2 1, 5 1 4 ) ( 3 1, 0 4 5 )
Depreciation ( 1 3, 3 5 1 ) ( 2 5, 4 8 5 )
Tax credit carryforwards 2 6, 3 0 1 2 3, 5 2 5
(57,581) 4, 4 6 1
Unrealized gain on available for sale securities ( 1 0, 8 0 1 ) ( 2 2 7, 2 4 8 )
Total $ ( 6 8, 3 8 2 ) $ ( 2 2 2, 7 8 7 )
Net current deferred tax assets of $26,297 and $51,460 are included in other current assets at December 30,2000 and
January 1, 2000, respectively. Net non-current deferred tax liabilities of $94,679 and $274,247 are included in other liabilities at
December 30, 2000 and January 1, 2000, respectively.
N o tes to co n s o l i d ated financial st at e m e nts ]c o n t i nu e d
Dollars in 000s,except per share data