Circuit City 2002 Annual Report Download - page 39

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$ 20.01 to $ 30.00 18,000 3.67 $ 22.67 18,000 $ 22.67
$ 30.01 to $ 39.06 4,000 3.33 $ 39.06 4,000 $ 39.06
------------ ---------
$ 1.95 to $ 39.06 2,091,315 7.80 $ 5.01 1,093,294 $ 6.69
============ =========
9. INCOME TAXES
The provision (benefit) for income taxes consists of the following (in thousands):
Years Ended December 312002 2001 2000
----------------------- -------- -------- ----------
Current:
Federal$ (3,037) $ (9,256) $ (24,915)
State758 (730) (1,146)
Foreign4,715 2,446 1,348
-------- --------- ----------
Total current2,436 (7,540) (24,713)
-------- --------- ----------
Deferred:
Federal(3,800) 6,777 (1,110)
State(604) 585 (33)
Foreign929 567 1,373
--------- --------- ----------
Total deferred(3,475) 7,929 230
--------- --------- ----------
Total$ (1,039) $ 389 $ (24,483)
========= ========= ==========
Years Ended December 31 2002 2001 2000
----------------------- -------- -------- --------
Income tax at Federal statutory rate$(3,152) $ 365 $ (22,839)
State and local income taxes, net of federal tax benefit (111) 145 (766)
Tax credits(906)
Foreign operating losses with no benefit provided542 575
Foreign income taxed at different rates949 (481)
Change in valuation allowances288 (1,118)
Prior year assessments1,318
Other items, net33 422 (397)
------- -------- ----------
$(1,039) $ 389 $ (24,483)
======== ======== ==========
2002 2001
------- --------
Current:
Deductible assets...............................................$(855) $ (1,940)
Accrued expenses and other liabilities..........................10,700 10,897
Non-deductible assets...........................................615 688
Other...........................................................183 5
Valuation allowances............................................(1,570)
------- --------
Total current.................................................9,073 9,650
------- --------
Non-current:
Net operating loss and credit carryforwards.....................4,359 4,210
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):