Netgear 2011 Annual Report Download - page 88

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Table of Contents
The provision for income taxes consists of the following (in thousands):
Net deferred tax assets consist of the following (in thousands):
Management’s judgment is required in determining the Company’s provision for income taxes, its deferred tax assets and any valuation
allowance recorded against its deferred tax assets. In management’s judgment it is more likely than not that such assets will be realized in the
future as of December 31, 2011, and as such no valuation allowance has been recorded against the Company’s deferred tax assets.
84
Year Ended December 31,
2011
2010
2009
Current:
U.S. Federal
$
27,415
$
37,954
$
23,718
State
3,319
5,654
2,270
Foreign
6,760
4,947
2,749
37,494
48,555
28,737
Deferred:
U.S. Federal
(3,151
)
(8,928
)
(4,951
)
State
(713
)
643
(469
)
Foreign
(788
)
45
(83
)
(4,652
)
(8,240
)
(5,503
)
Total
$
32,842
$
40,315
$
23,234
Year Ended December 31,
2011
2010
Deferred Tax Assets:
Accruals and allowances
$
22,329
$
18,453
Net operating loss carryforwards
326
351
Stock
-
based compensation
6,304
5,982
Deferred rent
2,138
2,313
Deferred revenue
411
286
Tax credit carryforwards
1,433
1,732
Acquired intangible assets
566
—
Other
256
593
33,763
29,710
Deferred Tax Liabilities:
Acquired intangible assets
—
(
258
)
Depreciation and amortization
(2,698
)
(2,969
)
Unremitted earnings of foreign subsidiaries
—
(
39
)
(2,698
)
(3,266
)
Net deferred tax assets
31,065
26,444
Current portion
23,088
$
19,332
Non
-
current portion
7,977
7,112
Net deferred tax assets
$
31,065
$
26,444