Ingram Micro 2008 Annual Report Download - page 72

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The provision for (benefit from) income taxes consists of the following:
2008 2007 2006
Fiscal Year Ended
Current:
Federal ......................................... $26,971 $ 67,597 $ 60,962
State........................................... 1,301 6,140 4,231
Foreign......................................... 60,841 68,919 38,485
89,113 142,656 103,678
Deferred:
Federal ......................................... (62,095) (19,256) (16,066)
State........................................... (13,014) 373 1,030
Foreign......................................... (1,221) (14,443) 12,925
(76,330) (33,326) (2,111)
Provision for income taxes ............................ $12,783 $109,330 $101,567
The reconciliation of the statutory U.S. federal income tax rate to the Company’s effective tax rate is as follows:
2008 2007 2006
Fiscal Year Ended
U.S. statutory rate .................................. $(133,748) $134,833 $128,567
Reversal of federal deferred tax liability ................. — — (801)
State income taxes, net of federal income tax benefit ........ (7,701) 3,816 2,692
Effect of international operations ....................... (47,550) (74,380) (50,483)
Effect of goodwill impairment......................... 177,055 — —
Effect of change in valuation allowance .................. 24,695 41,977 22,092
Other ........................................... 32 3,084 (500)
Total tax provision ............................... $ 12,783 $109,330 $101,567
62
INGRAM MICRO INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)