Ingram Micro 1999 Annual Report Download - page 46

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4444
Ingram Micro
Annual Report
Note 8 — Income Taxes
The components of income before taxes, minority interest and extraordinary item consist of the following:
Fiscal Year
1999 1998 1997
United States $275,013 $350,631 $279,762
Foreign 15,480 56,229 46,727
Total $290,493 $406,860 $326,489
The provision for income taxes consists of the following:
Fiscal Year
1999 1998 1997
Current:
Federal $62,832 $111,862 $87,156
State 8 15,146 16,697
Foreign 25,488 31,145 19,384
88,328 158,153 123,237
Deferred:
Federal 27,867 4,057 7,355
State 7,832 6,926 1,582
Foreign (13,175) (7,451) (711)
22,524 3,532 8,226
Total income tax provision $110,852 $161,685 $131,463
Deferred income taxes reflect the tax effect of temporary differences between the carrying amount of assets and liabilities for
financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s net deferred
tax assets and liabilities are as follows:
Fiscal Year
1999 1998
Net deferred tax assets and (liabilities):
Tax in excess of book basis of foreign operations $37,466 $31,391
Items not currently taxable (31,045) (8,049)
Depreciation (25,485) (3,659)
Credits not currently utilizable 23,525 12,426
4,461 32,109
Unrealized gain on available for sale securities (227,248) —
Total $(222,787) $32,109
Net current deferred tax assets of $51,460 and $15,562 are included in other current assets at January 1, 2000, and
January 2, 1999, respectively. Net non-current deferred tax (liabilities) assets of ($274,247) and $16,547 are included in other
(liabilities) assets at January 1, 2000 and January 2, 1999, respectively.
continued
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