Ingram Micro 2010 Annual Report Download - page 66

Download and view the complete annual report

Please find page 66 of the 2010 Ingram Micro annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 96

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96

The provision for (benefit from) income taxes consists of the following:
2010 2009 2008
Fiscal Year Ended
Current:
Federal . . . ....................................... $ 36,859 $ 1,707 $ 16,178
State............................................ 3,839 54 1,301
Foreign. . . ....................................... 87,664 59,429 71,634
128,362 61,190 89,113
Deferred:
Federal . . . ....................................... (718) 11,989 (62,095)
State............................................ 3,401 (979) (13,014)
Foreign. . . ....................................... (11,044) (5,090) (1,221)
(8,361) 5,920 (76,330)
Provision for income taxes ............................. $120,001 $67,110 $ 12,783
The reconciliation of the statutory U.S. federal income tax rate to our effective tax rate is as follows:
2010 2009 2008
Fiscal Year Ended
U.S. statutory rate ........................................... 35.0% 35.0% 35.0%
State income taxes, net of federal income tax benefit .................. 1.4 (0.1) 3.1
U.S. tax on foreign earnings, net of foreign tax credits ................ (8.8) 5.8 (2.7)
Effect of international operations ................................ (14.7) (19.7) 19.6
Effect of goodwill impairment .................................. — 0.3 (46.3)
Effect of change in valuation allowance ........................... 13.6 1.7 (10.6)
Other ..................................................... 0.9 1.9 (1.4)
Effective tax rate ............................................ 27.4% 24.9% (3.3)%
58
INGRAM MICRO INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)