OfficeMax 2010 Annual Report Download - page 76

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7. Income Taxes
The income tax (expense) benefit attributable to income (loss) from continuing operations as shown in the
Consolidated Statements of Operations includes the following components:
2010 2009 2008
(thousands)
Current income tax (expense) benefit:
Federal ..................................................... $ 9,507 $ 60,354 $ (10,111)
State ....................................................... (2,735) 33,770 (24,166)
Foreign ..................................................... (22,521) (9,999) (23,282)
Total ................................................... (15,749) 84,125 (57,559)
Deferred income tax (expenses) benefit:
Federal ..................................................... (24,628) (23,190) 274,376
State ....................................................... (2,552) (29,593) 76,129
Foreign ..................................................... 1,057 (2,584) 13,535
Total ................................................... (26,123) (55,367) 364,040
$(41,872) $ 28,758 $306,481
During 2010, 2009 and 2008, the Company made cash payments for income taxes, net of refunds received,
as follows:
2010 2009 2008
(thousands)
Cash tax payments (refunds), net ...................................... $(5,026) $(71,026) $91,530
The income tax expense attributable to income (loss) from continuing operations for the years ended
December 25, 2010, December 26, 2009 and December 27, 2008 differed from the amounts computed by
applying the statutory U.S. Federal income tax rate of 35% to pre-tax income (loss) from continuing operations
as a result of the following:
2010 2009 2008
(thousands)
Tax (expense) benefit at statutory rate ................................ $(40,507) $10,617 $ 690,340
State taxes (expense) benefit, net of federal effect ....................... (2,346) 2,516 29,041
Foreign tax provision differential .................................... 338 1,085 (3,283)
Impact of goodwill impairment ...................................... — — (418,920)
Net operating loss valuation allowance and credits ...................... (590) (2,484) 1,291
Change in tax contingency liability ................................... (308) (3,390) (3,394)
Tax settlement, net of other charges .................................. — 14,880 6,830
Repatriation of foreign earnings, net .................................. (2,291) 3,428 —
ESOP dividend deduction .......................................... 885 944 1,166
Other, net ....................................................... 2,947 1,162 3,410
Total ....................................................... $(41,872) $28,758 $ 306,481
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