CompUSA 2013 Annual Report Download - page 64

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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 millions):
The deferred tax assets and liabilities are comprised of the following (in millions):
During the current year the Company recorded valuation allowances against deferred tax assets of approximately $28.9 million. These
valuation allowances were recorded against U.S. federal deferred tax assets of $20.5 million, state deferred tax assets of $3.9 million and
foreign deferred tax assets of $4.5 million. These valuation allowances were recorded primarily as a result of Managements’
belief that the
deferred assets are not likely to be realized due to recent losses.
60
Table of Contents
Year Ended December 31,
2013
2012
2011
Income tax at Federal statutory rate
$
(7.6
)
(35.0
)%
$
(14.5
)
(35.0
)%
$
27.6
35.0
%
Foreign taxes at rates different from the
U.S. rate
2.3
10.6
(3.7
)
(8.9
)
(0.9
)
(1.1
)
State and local income taxes, net of
federal tax benefit
(0.3
)
(1.4
)
(2.1
)
(5.0
)
1.3
1.6
Changes in valuation allowances
28.9
132.6
(13.3
)
(31.9
)
(3.7
)
(4.7
)
Change in deferred tax liability
(1.2
)
(5.5
)
-
-
-
-
Non
-
deductible items
0.1
0.5
0.1
0.2
0.1
0.1
Other items, net
(0.2
)
(0.9
)
(0.1
)
(0.2
)
-
-
Income tax at Federal statutory rate
$
22.0
100.9
$
(33.6
)
(80.8
)%
$
24.4
30.9
%
December 31,
2013
2012
Assets:
Current:
Accrued expenses and other liabilities
$
10.8
$
12.1
Inventory
4.6
6.2
Valuation allowances
(11.2
)
(2.2
)
Total current assets
$
4.2
$
16.1
Non
-
current:
Net operating loss and credit carryforwards
$
30.1
$
25.7
Depreciation
2.0
2.6
Intangible & other
15.2
22.4
Valuation allowances
(28.5
)
(8.9
)
Total non-current assets
$
18.8
$
41.8
Liabilities :
Current :
Deductible assets
$
0.7
$
2.5
Other
1.2
-
Total current liabilities
$
1.9
$
2.5
Non
-
current:
Amortization
$
1.1
$
6.2
Depreciation
1.8
5.4
Other
0.6
-
Total non-current liabilities
$
3.5
$
11.6