Circuit City 2003 Annual Report Download - page 57

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Years Ended December 31 2003 2002 2001
----------------------- ---- ---- ----
United States $ 18,359 $ (6,731) $(10,390)
Foreign (7,425) (2,276) 11,432
-------- -------- --------
Total $ 10,934 $ (9,007) $ 1,042
======== ======== ========
Years Ended December 31 2003 2002 2001
----------------------- ---- ---- ----
Current:
Federal $ 5,247 $ (3,037) $ (9,256)
State 709 758 (730)
Foreign 1,214 4,715 2,446
-------- -------- --------
Total current 7,170 2,436 (7,540)
-------- -------- --------
Deferred:
Federal 1,932 (3,800) 6,777
State (864) (604) 585
Foreign (2,915) 929 567
-------- -------- --------
Total deferred (1,847) (3,475) 7,929
-------- -------- --------
Total $ 5,323 $ (1,039) $ 389
======== ======== =======
Years Ended December 31 2003 2002 2001
----------------------- ---- ---- ----
Income tax (benefit) at Federal statutory rate $ 3,827 $(3,152) $ 365
State and local income taxes, net of federal tax benefit 461 (111) 145
Non-deductible goodwill impairment 900
Tax credits (906)
Foreign operating losses with no benefit provided 158 542 575
Foreign income taxed at different rates 91 949
Change in valuation allowances (1,174) 288 (1,118)
Prior year assessments 1,318
Other items, net 1,060 33 422
------- ------- -------
$ 5,323 $(1,039) $ 389
======= ======= =======
2003 2002
---- ----
Current:
Deductible assets............................................. $ (640) $ (855)
Accrued expenses and other liabilities........................ 11,069 10,700
Non-deductible assets......................................... 837 615
Other......................................................... (436) 183
Valuation allowances.......................................... (698) (1,570)
------- -------
Total current............................................. 10,132 9,073
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):