Circuit City 2001 Annual Report Download - page 29

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7. INCOME TAXES
The provision (benefit) for income taxes consists of the following (in thousands):
Income taxes are accrued and paid by each foreign entity in accordance with applicable local regulations.
A reconciliation of the difference between the income tax expense (benefit) and the computed income tax expense based on the Federal
statutory corporate rate is as follows (in thousands):
The deferred tax assets (liabilities) are comprised of the following (in thousands):
The foreign net operating loss carryforwards generally expire from 2002 through 2010 except for carryforwards in the Netherlands and
Germany, which have no expiration. In accordance with SFAS 109 "Accounting for Income Taxes", the Company maintains valuation
allowances against certain of its foreign net operating loss carryforwards where the realizability of the related deferred tax benefits can not be
reasonably assured.
$ 5.01 to $15.00 685,600 7.79 $ 7.49 318,261 $ 7.48
$15.01 to $20.00 163,550 4.65 $ 17.54 134,152 $ 17.53
$20.01 to $30.00 18,000 4.67 $ 22.67 18,000 $ 22.67
$30.01 to $39.06 4,000 4.33 $ 39.06 4,000 $ 39.06
----------- -----------
$ 1.95 to $39.06 1,675,491 8.09 $ 6.05 478,413 $ 11.10
=========== ===========
Year Ended December 31 2001 2000 1999
---------------------- -------- -------- --------
Current:
Federal $ (9,256) $(24,915) $ 18,145
State (730) (1,146) 3,558
Foreign 2,446 1,348 1,648
Deferred 7,929 230 1,160
-------- -------- --------
Total $ 389 $(24,483) $ 24,511
======== ======== ========
Year Ended December 31 2001 2000 1999
---------------------- -------- -------- --------
Income tax at Federal statutory rate $ 365 $(22,839) $ 21,183
State and local income taxes, net of
federal tax benefit 145 (766) 2,461
Foreign operating losses with no
benefit provided 575 932
Foreign income taxed at different rates (481)
Change in valuation allowance (1,118)
Nondeductible expenses 142
Other items, net 280 (397) (65)
-------- -------- --------
$ 389 $(24,483) $ 24,511
======== ======== ========
2001 2000
-------- --------
Current:
Deductible assets.............................. $ (1,940) $ (5,030)
Non-deductible accruals and reserves........... 10,897 12,416
Non-deductible assets.......................... 688 1,430
Other.......................................... 5 (35)
-------- --------
Current...................................... 9,650 8,781
-------- --------
Non-current:
Net operating loss carryforwards............... 4,210 4,280
Currency translation adjustments............... 4,909 3,569
Accelerated depreciation....................... (6,213) (1,035)
Basis differences from acquisitions............ (2,658) (667)
Valuation allowances........................... (1,805) (2,923)
-------- --------
Non-current.................................. (1,557) 3,224
-------- --------
Total.................................. $ 8,093 $ 12,005
======== ========