Thrifty Car Rental 2011 Annual Report Download - page 80

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12. INCOME TAXES
Income tax expense consists of the following:
Year Ended December 31,
2011 2010 2009
Current:
Federal 6,019$ 79$ 4,867$
State and local 8,184 12,535 13,417
Foreign 837 631 848
15,040 13,245 19,132
Deferred:
Federal 78,316 70,968 19,365
State and local 8,336 5,989 (2,511)
86,652 76,957 16,854
101,692$ 90,202$ 35,986$
(In Thousands)
Deferred tax assets and liabilities consist of the following:
2011 2010
Deferred tax assets:
Intangible asset amortization 32,744$ 37,176$
Vehicle insurance reserves 30,183 38,456
Other accrued liabilities 27,450 33,621
Interest rate swap - 15,267
AMT credit carryforward - 7,252
Canadian NOL carryforwards 16,561 17,650
Other Canadian temporary differences 6,278 6,462
Federal and state NOL carryforwards 50,993 5,723
Allowance for doubtful accounts and notes receivable 1,036 1,729
Canadian depreciation 1,834 1,862
167,079 165,198
Valuation allowance (24,705) (26,042)
Total 142,374$ 139,156$
Deferred tax liabilities:
Depreciation 484,942$ 381,078$
Other 394 1,008
Total 485,336$ 382,086$
December 31,
(In Thousands)
For the year ended December 31, 2011, the change in the net deferred tax liabilities constituted
$86.7 million of deferred tax expense and $13.3 million of other comprehensive income that
relates to the interest rate swap and foreign currency translation.
The Company has provided for income taxes in the U.S. and in Canada based on taxable
income or loss and other tax attributes separately for each jurisdiction. The Company has
established tax provisions separately for U.S. taxable income and Canadian losses, for which
no income tax benefit was recorded. Deferred income taxes are provided for the temporary