Circuit City 2006 Annual Report Download - page 45

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Severance and Other
Personnel Costs Exit Costs Total
--------------- ---------- -----
Balance as of January 1, 2005 $633 $1,396 $2,029
Charged to expense in 2005 3,945 (93) 3,852
Amounts utilized (4,325) (1,038) (5,363)
------ ------ ------
Balance at December 31, 2005 253 265 518
--- --- ---
Amounts utilized (253) (176) (429)
---- ---- ----
Balance at December 31, 2006 $0 $89 $89
== === ===
Years Ended December 31 2006 2005 2004
----------------------- ---- ---- ----
United States $53,587 $38,912 $33,268
Foreign $16,108 (6,038) (16,712)
------- ------- -------
Total $69,695 $32,874 $16,556
======= ======= =======
Years Ended December 31 2006 2005 2004
----------------------- ---- ---- ----
Current:
Federal $15,437 $10,499 $8,622
State 3,179 3,146 565
Foreign 3,678 1,560 (442)
----- ----- ----
Total current 22,294 15,205 8,745
====== ====== =====
Deferred:
Federal 1,235 (265) 725
State 511 (490) (899)
Litigation Settlements
In May 2006, the Company entered into a stipulation of settlement with all of the plaintiffs who had filed derivative
complaints in 2005 alleging misconduct in connection with the Company’
s restatement of its 2004 financial results (see
Note 11).
Other Severance and Exit Costs
The Company recorded restructuring costs of $3.8 million during 2005 and $2.5 million during 2004 in Europe in
connection with workforce reductions and facility exit costs. In 2005, these costs were comprised of employee
severance costs. In 2004, these costs were comprised of $1.8 million of employee severance costs and $0.7 million of
other exit costs, primarily asset write
-
downs.
The following table summarizes the components of the accrued restructuring charges and the movements within these
components during the years ended December 31, 2006 and 2005 (in thousands). The balance of the restructuring
reserves is included in the Consolidated Balance Sheets within accrued expenses and other current liabilities.
10.
INCOME TAXES
The components of income (loss) before income taxes are as follows (in thousands):
The provision (benefit) for income taxes consists of the following (in thousands):