CompUSA 2011 Annual Report Download - page 54

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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 components of income before income taxes are as follows (in thousands):
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.
Table of Contents
10.
INCOME TAXES
Year Ended December 31,
2011
2010
2009
Income tax at Federal statutory rate
$
27,539
35.00
%
$
23,112
35.00
%
$
25,580
35.00
%
State and local income taxes and changes in
valuation allowances, net of federal tax
benefit
1,680
2.14
1,381
2.09
2,402
3.29
Foreign taxes at rates different from the U.S.
rate
(893
)
(1.13
)
(1,407
)
(2.13
)
(991
)
(1.36
)
Changes in valuation allowances
(3,666
)
(4.66
)
(87
)
(.13
)
965
1.32
Decrease in tax reserves
-
(1,195
)
(1.64
)
Non
-
deductible items
75
.10
680
1.03
Adjustment for prior year taxes
(30
)
(.05
)
107
.15
Other items, net
(460
)
(.58
)
(167
)
(.25
)
32
.04
Income tax at Federal statutory rate
$
24,275
30.85
%
$
23,482
35.56
%
$
26,900
36.81
%
Year Ended December 31,
2011
2010
2009
United States
$
43,162
$
43,386
$
54,468
Foreign
35,521
22,647
18,617
Total
$
78,683
$
66,033
$
73,085
Year Ended December 31,
2011
2010
2009
Current:
Federal
$
13,472
$
9,535
$
11,987
State
2,158
2,269
3,005
Foreign
8,436
7,106
6,204
Total current
24,066
18,910
21,196
Deferred:
Federal
456
4,712
4,271
State
426
(193
)
844
Foreign
(673
)
53
589
Total deferred
209
4,572
5,704
TOTAL
$
24,275
$
23,482
$
26,900
50