Circuit City 2004 Annual Report Download - page 55

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----- ----- -----
57
Deferred:
Federal 725 1,934 (3,683)
State (899) (864) (604)
Foreign (2,203) (3,886) 1,039
------ ------ -----
Total deferred (2,377) (2,816) (3,248)
------ ------ ------
TOTAL $6,368 $4,354 $(812)
====== ====== =====
Years Ended December 31 2004 2003 2002
----------------------- ---- ---- ----
Income tax (benefit) at Federal statutory rate $5,795 $2,646 $(2,888)
State and local income taxes (benefits) and
changes in valuation allowances, net of
federal tax benefit (172) (100) 100
Foreign taxes at rates different from the U.S.
rate and changes in valuation allowances for
foreign deferred tax assets, net 2,375 434 2,620
Non-deductible goodwill impairment 900
Tax credits (599) (660) (909)
Adjustment for prior year taxes (588) 1,311
Other items, net (443) (177) 265
---- ---- ---
$6,368 $4,354 $(812)
====== ====== =====
58
2004 2003
---- ----
Current:
Deductible assets $(699) $(640)
Accrued expenses and other liabilities 9,885 11,643
Non-deductible assets 1,179 837
Other (358) (436)
Valuation allowances (413) (698)
---- ----
Total current 9,594 10,706
----- ------
Non-current:
Net operating loss and credit carryforwards 17,419 18,170
Foreign currency translation adjustments (2,816) (1,635)
Accelerated depreciation 1,622 (1,539)
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):