Thrifty Car Rental 2009 Annual Report Download - page 78

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14. INCOME TAXES
Income tax expense consists of the following:
Year Ended December 31,
2009 2008 2007
Current:
Federal 4,867$ 201$ 2,979$
State and local 13,417 989 124
Foreign 848 834 513
19,132 2,024 3,616
Deferred:
Federal 19,365 (93,259) 3,287
State and local (2,511) (18,848) 4,690
16,854 (112,107) 7,977
35,986$ (110,083)$ 11,593$
(In Thousands)
Deferred tax assets and liabilities consist of the following:
2009 2008
Deferred tax assets:
Intangible asset amortization 43,255$ 56,827$
Vehicle insurance reserves 38,741 39,689
Other accrued liabilities 32,790 30,752
Interest rate swap 30,707 49,277
AMT credit carryforward 17,670 16,966
Canadian NOL carryforwards 16,609 10,672
Other Canadian temporary differences 7,419 8,716
Federal and state NOL carryforwards 5,759 104,986
Allowance for doubtful accounts and notes receivable 2,768 1,886
Canadian depreciation 795 2,039
196,513 321,810
Valuation allowance (24,918) (22,162)
Total 171,595$ 299,648$
Deferred tax liabilities:
Depreciation 332,991$ 439,066$
Other 1,527 521
Total 334,518$ 439,587$
December 31,
(In Thousands)
For the year ended December 31, 2009, the change in the net deferred tax liabilities constituted
$16.9 million of deferred tax expense, $7.3 million of other comprehensive income that relates to the
interest rate swap and foreign currency translation, and ($1.3 million) of tax benefit of equity
compensation recognized as an increase to paid-in capital.
During 2009, the Company utilized all of the remaining federal net operating loss (“NOL”) and has
no remaining federal NOL carryforwards at December 31, 2009. The Company has net operating
loss carryforwards available in certain states to offset future state taxable income. A valuation
allowance of approximately $0.1 million and $0.7 million existed at December 31, 2009 and 2008,
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