Circuit City 2009 Annual Report Download - page 56

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Table of Contents
The provision 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 and the computed income tax expense based on the Federal statutory
corporate rate is as follows (in thousands):
The deferred tax assets and liabilities are comprised of the following (in thousands):
Year Ended December 31,
2009
2008
2007
Current:
Federal
$
11,987
$
15,753
$
26,174
State
3,005
4,106
4,842
Foreign
6,204
4,844
5,632
Total current
21,196
24,703
36,648
Deferred:
Federal
4,271
2,242
(1,004
)
State
844
154
277
Foreign
589
3,801
(5,379
)
Total deferred
5,704
6,197
(6,106
)
TOTAL
$
26,900
$
30,900
$
30,542
Year Ended December 31,
2009
2008
2007
Income tax at Federal statutory rate
$
25,580
$
29,311
$
35,008
State and local income taxes and changes in valuation allowances, net of
federal tax benefit
2,402
3,036
3,332
Foreign taxes at rates different from the U.S. rate
(991
)
(940
)
(2,260
)
Changes in valuation allowances for foreign deferred tax assets
965
(120
)
(6,184
)
Decrease in tax reserves
(1,195
)
—
—
Refunds
-
prior years
—
(
872
)
Non
-
deductible items
—
—
963
Adjustment for prior year taxes
107
253
(593
)
Other items, net
32
232
276
$
26,900
$
30,900
$
30,542
December 31,
2009
2008
Assets:
Current:
Accrued expenses and other liabilities
$
7,612
$
8,524
Inventory
1,838
1,899
Valuation allowances
(1,507
)
—
Total current assets
$
7,943
$
10,423
Non
-
current:
Net operating loss and credit carryforwards
$
19,058
$
8,834
Accelerated depreciation
10,516
1,089
Intangible and other assets
2,264
4,606
Other
6,910
5,300
Valuation allowances
(28,326
)
(8,377
)
Total non
-
current assets
$
10,422
$
11,452
Liabilities
:
Current :
Deductible assets
$
1,298
$
753
Other
19
112
Total current liabilities
$
1,317
$
865
Non
-
current:
Accelerated depreciation
$
1,858
$
248
Other
—
6
Total non
-
current liabilities
$
1,858
$
254