Invacare 2006 Annual Report Download - page 89
Download and view the complete annual report
Please find page 89 of the 2006 Invacare annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.-
1 -
2
-
3
-
4
-
5
-
6
-
7
-
8
-
9
-
10
-
11
-
12
-
13
-
14
-
15
-
16
-
17
-
18
-
19
-
20
-
21
-
22
-
23
-
24
-
25
-
26
-
27
-
28
-
29
-
30
-
31
-
32
-
33
-
34
-
35
-
36
-
37
-
38
-
39
-
40
-
41
-
42
-
43
-
44
-
45
-
46
-
47
-
48
-
49
-
50
-
51
-
52
-
53
-
54
-
55
-
56
-
57
-
58
-
59
-
60
-
61
-
62
-
63
-
64
-
65
-
66
-
67
-
68
-
69
-
70
-
71
-
72
-
73
-
74
-
75
-
76
-
77
-
78
-
79 -
80 -
81 -
82 -
83 -
84 -
85 -
86 -
87 -
88 -
89 -
90 -
91 -
92 -
93 -
94 -
95 -
96 -
97 -
98 -
99 -
100
-
101
-
102
-
103
-
104
 |
 |
A reconciliation to the effective income tax rate from the federal statutory rate follows:
2006 2005 2004
Statutory federal income tax rate ................................ (35.0)% 35.0% 35.0%
State and local income taxes, net of federal income tax benefit .......... 0.2 0.5 1.6
Tax credits ................................................ (0.1) (0.8) (1.6)
Foreign taxes at less than the federal statutory rate ................... (2.0) (5.2) (2.1)
Asset write-downs related to goodwill and other intangibles, without tax
benefit ................................................. 30.2 — —
Federal valuation allowance.................................... 9.3 — —
Other, net ................................................. 0.1 2.0 (1.0)
2.7% 31.5% 31.9%
Significant components of deferred income tax assets and liabilities at December 31, 2006 and 2005 are as
follows (in thousands):
2006 2005
Current deferred income tax assets (liabilities), net:
Loss carryforwards .......................................... $ 7,375 $ 6,246
Bad debt.................................................. 14,006 7,386
Warranty.................................................. 3,365 4,036
State and local taxes ......................................... 3,154 2,764
Other accrued expenses and reserves ............................. 2,645 2,754
Inventory ................................................. 2,337 1,361
Compensation and benefits .................................... 3,079 2,061
Product liability ............................................ 292 292
Valuation allowance ......................................... (22,552) —
Other, net ................................................. (189) 546
$ 13,512 $ 27,446
Long-term deferred income tax assets (liabilities), net:
Goodwill & intangibles ....................................... (29,480) (36,252)
Fixed assets ............................................... (18,289) (20,030)
Compensation and benefits .................................... 16,541 10,344
Loss and credit carryforwards .................................. 6,453 5,674
Product liability ............................................ 4,715 3,812
State and local taxes ......................................... 10,619 8,628
Valuation allowance ......................................... (27,721) (7,100)
Other, net ................................................. 2,569 7,132
$(34,593) $(27,792)
Net Deferred Income Taxes ..................................... $(21,081) $ (346)
FS-30
INVACARE CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
Income Taxes — Continued