CompUSA 2010 Annual Report Download - page 97

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46
The provision for income taxes consists of the following (in thousands):
Year Ended December 31,
2010 2009 2008
Current:
Federal $ 9,535 $ 11,987 $ 15,753
State 2,269 3,005 4,106
Foreign 7,106 6,204 4,844
Total current 18,910 21,196 24,703
Deferred:
Federal 4,712 4,271 2,242
State (193) 844 154
Foreign 53 589 3,801
Total deferred 4,572 5,704 6,197
TOTAL $ 23,482 $ 26,900 $ 30,900
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):
Year Ended December 31,
2010 2009 2008
Income tax at Federal statutory rate $ 23,112 $ 25,580 $ 29,311
State and local income taxes and changes in valuation
allowances, net of federal tax benefit 1,381
2,402
3,036
Foreign taxes at rates different from the U.S. rate (1,407)
(991
)
(940
)
Changes in valuation allowances (87)
965
(120
)
Decrease in tax reserves -
(1,195
)
—
Refunds- prior years -
—
(872
)
Non
-deductible items 680
—
—
Adjustment for prior year taxes (30)
107
253
Other items, net (167)
32
232
$ 23,482 $ 26,900 $ 30,900
The deferred tax assets and liabilities are comprised of the following (in thousands):
December 31,
2010 2009
Assets:
Current:
Accrued expenses and other liabilities $ 12,720 $ 7,612
Inventory 1,902 1,838
Valuation allowances (1,605) (1,507)
Total current assets $ 13,017 $ 7,943
Non
-current:
Net operating loss and credit carryforwards $ 22,842 $ 19,058
Accelerated depreciation 4,728 10,516
Intangible and other assets
_
2,264
Other 8,594 6,910
Valuation allowances (27,671) (28,326)
Total non-current assets $ 8,493 $ 10,422
Liabilities :
Current :
Deductible assets $ 1,350 $ 1,298
Other 4,534 19
Total current liabilities $ 5,884 $ 1,317