Thrifty Car Rental 2010 Annual Report Download - page 84
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14. INCOME TAXES
Income tax expense consists of the following:
Year Ended December 31,
2010 2009 2008
Current:
Federal 79$ 4,867$ 201$
State and local 12,535 13,417 989
Foreign 631 848 834
13,245 19,132 2,024
Deferred:
Federal 70,968 19,365 (93,259)
State and local 5,989 (2,511) (18,848)
76,957 16,854 (112,107)
90,202$ 35,986$ (110,083)$
(In Thousands)
Deferred tax assets and liabilities consist of the following:
2010 2009
Deferred tax assets:
Intangible asset amortization 37,176$ 43,255$
Vehicle insurance reserves 38,456 38,741
Other accrued liabilities 33,621 32,790
Interest rate swap 15,267 30,707
AMT credit carryforward 7,252 17,670
Canadian NOL carryforwards 17,650 16,609
Other Canadian temporary differences 6,462 7,419
Federal and state NOL carryforwards 5,723 5,759
Allowance for doubtful accounts and notes receivable 1,729 2,768
Canadian depreciation 1,862 795
165,198 196,513
Valuation allowance (26,042) (24,918)
Total 139,156$ 171,595$
Deferred tax liabilities:
Depreciation 381,078$ 332,991$
Other 1,008 1,527
Total 382,086$ 334,518$
December 31,
(In Thousands)
For the year ended December 31, 2010, the change in the net deferred tax liabilities constituted
$77.0 million of deferred tax expense, $3.4 million of other comprehensive income that relates
to the interest rate swap and foreign currency translation, and ($0.4 million) of tax benefit of
equity compensation recognized as an increase to paid-in capital.
The Company utilizes a like-kind exchange program for its vehicles whereby tax basis gains on
disposal of eligible revenue-earning vehicles are deferred (the “Like-Kind Exchange Program”).
To qualify for Like-Kind Exchange Program treatment, the Company exchanges (through a
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