Ingram Micro 2006 Annual Report Download - page 77
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Note 8 — Income Taxes
The components of income before income taxes consist of the following:
2006 2005 2004
Fiscal Year
United States ...................................... $133,399 $ 80,263 $ 85,757
Foreign .......................................... 233,934 221,674 177,519
Total ............................................ $367,333 $301,937 $263,276
The provision for (benefit from) income taxes consist of the following:
2006 2005 2004
Fiscal Year
Current:
Federal . . . ....................................... $ 60,962 $19,933 $ 23,173
State............................................ 4,231 260 1,369
Foreign. . . ....................................... 38,485 48,014 44,686
103,678 68,207 69,228
Deferred:
Federal . . . ....................................... (16,066) (7,044) (31,729)
State............................................ 1,030 2,381 2,118
Foreign. . . ....................................... 12,925 21,487 3,758
(2,111) 16,824 (25,853)
Provision for income taxes ............................. $101,567 $85,031 $ 43,375
The reconciliation of the statutory U.S. federal income tax rate to the Company’s effective rate is as follows:
2006 2005 2004
Fiscal Year
U.S. statutory rate ................................... $128,567 $105,678 $ 92,147
Reversal of Softbank federal deferred tax liability ........... (801) (2,385) (41,078)
State income taxes, net of federal income tax benefit ......... 2,692 1,391 2,266
Effect of international operations ........................ (26,161) (21,965) (10,210)
Other ............................................ (2,730) 2,312 250
Total tax provision .................................. $101,567 $ 85,031 $ 43,375
53
INGRAM MICRO INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)