Mattel 2004 Annual Report Download - page 74
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annual impairment test required by SFAS No. 142 and determined that its goodwill was not impaired as of
September 30, 2004.
Prior to implementing SFAS No. 142, Mattel reviewed all goodwill assets for impairment under the
methodology of SFAS No. 121, Accounting for the Impairment of Long-Lived Assets and for Long-Lived Assets
to Be Disposed Of. The undiscounted cash flows associated with all goodwill assets were in excess of the book
value of the related goodwill assets, including the American Girl Brands goodwill. Therefore, no goodwill assets,
including the American Girl Brands goodwill, were impaired under SFAS No. 121.
Note 3—Income Taxes
Consolidated pre-tax income from continuing operations consists of the following (in thousands):
For the Year
2004 2003 2002
US operations ................................................... $ 89,934 $166,884 $ 89,461
Foreign operations ............................................... 606,320 573,970 532,036
$696,254 $740,854 $621,497
The provision for current and deferred income taxes consists of the following (in thousands):
For the Year
2004 2003 2002
Current
Federal .................................................... $ (8,456) $ 55,904 $ 27,762
State ...................................................... 7,950 6,100 8,300
Foreign .................................................... 142,597 127,629 109,814
142,091 189,633 145,876
Deferred
Federal .................................................... 16,387 25,989 42,949
State ...................................................... 2,550 (5,800) (800)
Foreign .................................................... (37,497) (6,600) (21,570)
(18,560) 13,589 20,579
Provision for income taxes ......................................... $123,531 $203,222 $166,455
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