Dollar Rent A Car 2011 Annual Report Download - page 79
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12. INCOME TAXES
Income tax expense consists of the following:
Year Ended December 31,
2011 2010 2009
(In Thousands)
Current:
Federal $ 6,019 $ 79 $ 4,867
State and local 8,184 12,535 13,417
Foreign 837 631 848
15,040 13,245 19,132
Deferred:
Federal 78,316 70,968 19,365
State and local 8,336 5,989 (2,511)
86,652 76,957 16,854
$ 101,692 $ 90,202 $ 35,986
Deferred tax assets and liabilities consist of the following:
December 31,
2011 2010
(In Thousands)
Deferred tax assets:
Intangible asset amortization $ 32,744 $ 37,176
Vehicle insurance reserves 30,183 38,456
Other accrued liabilities 27,450 33,621
Interest rate swap - 15,267
AMT credit carryforward - 7,252
Canadian NOL carryforwards 16,561 17,650
Other Canadian temporary differences 6,278 6,462
Federal and state NOL carryforwards 50,993 5,723
Allowance for doubtful accounts and notes receivable 1,036 1,729
Canadian depreciation 1,834 1,862
167,079 165,198
Valuation allowance (24,705) (26,042)
Total $ 142,374 $ 139,156
Deferred tax liabilities:
Depreciation $ 484,942 $ 381,078
Other 394 1,008
Total $ 485,336 $ 382,086
For the year ended December 31, 2011, the change in the net deferred tax liabilities constituted $86.7 million of deferred tax expense and $13.3 million
of other comprehensive income that relates to the interest rate swap and foreign currency translation.
The Company has provided for income taxes in the U.S. and in Canada based on taxable income or loss and other tax attributes separately for each
jurisdiction. The Company has established tax provisions separately for U.S. taxable income and Canadian losses, for which no income tax benefit
was recorded. Deferred income taxes are provided for the temporary differences between the financial reporting basis and the tax basis of the
Company’s assets and liabilities.
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