Thrifty Car Rental 2008 Annual Report Download - page 78
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16. INCOME TAXES
Income tax expense consists of the following:
Year Ended December 31,
2008 2007 2006
Current:
Federal 201$ 2,979$ 3,786$
State and local 989 124 179
Foreign 834 513 2,071
2,024 3,616 6,036
Deferred:
Federal (98,858) 3,287 27,217
State and local (19,545) 4,690 3,476
(118,403) 7,977 30,693
(116,379)$ 11,593$ 36,729$
(In Thousands)
Deferred tax assets and liabilities consist of the following:
2008 2007
Deferred tax assets:
Vehicle insurance reserves 39,689$ 39,263$
Allowance for doubtful accounts and notes receivable 1,886 2,087
Other accrued liabilities 30,752 41,548
Federal and state NOL carryforwards 104,986 143,568
Interest rate swap 49,277 19,715
AMT credit carryforward 16,966 16,718
Intangible asset amortization 63,123 -
Canadian NOL carryforwards 10,672 19,880
Canadian depreciation 2,039 526
Other Canadian temporary differences 8,716 6
328,106 283,311
Valuation allowance (22,162) (23,186)
Total 305,944$ 260,125$
Deferred tax liabilities:
Depreciation 439,066$ 501,115$
Intangible asset amortization - 23,012
Other Canadian temporary differences - -
Other 521 3,410
Total 439,587$ 527,537$
December 31,
(In Thousands)
For the year ended December 31, 2008, the change in the net deferred tax liabilities constituted
($118.4 million) of deferred tax expense and ($15.4 million) of other comprehensive income that
relates to the interest rate swap and foreign currency translation.
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