Thrifty Car Rental 2006 Annual Report Download - page 73

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15. INCOME TAXES
Income tax expense consists of the following:
Year Ended December 31,
2006 2005 2004
(In Thousands)
Current:
Federal 3,786$ 10,000$ -$
State and local 179 826 (1,857)
Foreign 2,071 424 286
6,036 11,250 (1,571)
Deferred:
Federal 27,217 35,100 36,677
State and local 3,476 7,840 7,284
30,693 42,940 43,961
36,729$ 54,190$ 42,390$
Deferred tax assets and liabilities consist of the following:
2006 2005
Deferred tax assets:
Vehicle insurance reserves 38,633$ 37,434$
Allowance for doubtful accounts and notes receivable 4,063 8,433
Other accrued liabilities 55,283 44,469
Federal and state NOL carryforwards 168,243 215,173
AMT credit carryforward 13,786 10,000
Canadian NOL carryforwards 17,700 17,046
Canadian depreciation 489 912
298,197 333,467
Valuation allowance (18,572) (17,452)
Total 279,625$ 316,015$
Deferred tax liabilities:
Depreciation 521,808$ 529,675$
Interest rate swap 4,727 8,609
Other Canadian temporary differences 836 506
Other 18,709 13,169
Total 546,080$ 551,959$
December 31,
(In Thousands)
For the year ended December 31, 2006, the change in the net deferred tax liabilities constituted
$30,693,000 of deferred tax expense and ($182,000) of other comprehensive income that relates to
foreign currency translation.
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