Mattel 2012 Annual Report Download - page 78
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Note 3—Income Taxes
Consolidated pre-tax income consists of the following:
For the Year
2012 2011 2010
(In thousands)
US operations ................................................... $104,707 $169,706 $124,160
Foreign operations ............................................... 840,338 800,967 722,665
$945,045 $970,673 $846,825
The provision (benefit) for current and deferred income taxes consists of the following:
For the Year
2012 2011 2010
(In thousands)
Current
Federal .................................................... $ 69,639 $ 15,933 $ 14,057
State ...................................................... 8,660 5,268 8,686
Foreign .................................................... 126,465 131,596 143,090
204,764 152,797 165,833
Deferred
Federal .................................................... (26,489) 49,853 (10,894)
State ...................................................... 520 (2,629) 10,599
Foreign .................................................... (10,214) 2,144 (3,576)
(36,183) 49,368 (3,871)
Provision for income taxes ......................................... $168,581 $202,165 $161,962
Deferred income taxes are provided principally for tax credit carryforwards, research and development
expenses, net operating loss carryforwards, employee compensation-related expenses and certain other reserves
that are recognized in different years for financial statement and income tax reporting purposes. Mattel’s deferred
income tax assets (liabilities) are composed of the following:
December 31,
2012 2011
(In thousands)
Tax credit carryforwards .................................................. $ 59,372 $ 124,404
Research and development expenses ......................................... 181,449 183,270
Loss carryforwards ....................................................... 131,989 54,351
Allowances and reserves .................................................. 229,056 133,068
Deferred compensation .................................................... 118,878 100,122
Postretirement benefits .................................................... 72,912 76,587
Other .................................................................. 67,942 56,185
Gross deferred income tax assets ........................................ 861,598 727,987
Intangible assets ......................................................... (279,592) (132,320)
Other .................................................................. (8,262) (10,563)
Gross deferred income tax liabilities ..................................... (287,854) (142,883)
Deferred income tax asset valuation allowances ................................ (67,705) (42,286)
Net deferred income tax assets .............................................. $506,039 $ 542,818
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