Nautilus 2002 Annual Report Download - page 59
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The provision for income taxes consists of the following for the three years ended December 31, 2002:
2002 2001 2000
Current:
Federal $ 48,483 $ 34,516 $
22,536
State 1,597 1,986
733
-------- --------
--------
Total current 50,080 36,502
23,269
-------- --------
--------
Deferred:
Federal 4,821 1,706
145
State 159 27
--
-------- --------
--------
Total deferred 4,980 1,733
145
-------- --------
--------
Total provision $ 55,060 $ 38,235 $
23,414
======== ========
========
The components of the net deferred tax asset (liability) at December 31, 2002 and 2001 are as follows:
2002 2001
Current:
Assets:
Accrued vacation $ 396 $ 166
Allowance for doubtful accounts 617 112
Inventory valuation 537 166
Uniform capitalization 470 88
Accrued reserves 2,046 1,128
Other 111 125
Liabilities:
Prepaid advertising (502)
(210)
Other prepaids (751)
(150)
--------- ---------
Net current deferred tax asset 2,924 1,425
Noncurrent liability:
Depreciation and amortization (9,149)
(2,670)
--------- ---------
Net deferred tax liability $ (6,225) $
(1,245)
========= =========
A reconciliation of the statutory income tax rate with the Company's effective income tax rate is as follows:
2003. EDGAR Online, Inc.