Office Depot 2011 Annual Report Download - page 236
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A reconciliation of the net deferred income tax asset from MFRS to U.S. GAAP and the composition of the net
deferred income tax asset under U.S. GAAP is as follows:
28
2011 2010
(Unaudited)
Reconciliation of deferred income tax asset:
Net deferred income tax asset under MFRS
$ 27,224
$ 231
Effects of elimination of inflation
132,397
110,051
Effects of em
p
lo
y
ee retirement obli
g
ations
319
(387)
Effects of rent holida
y
s
11,880
12,003
Effects of amortization of
g
oodwill
(4,144)
(4,144)
Effects of actuarial
g
ains in other com
p
rehensive income
91
670
Total U.S. GAAP ad
j
ustments to net deferred income tax asset
$ 140,543
$ 118,193
Net deferred income tax asset under U.S. GAAP
167,767
118,424
Net deferred ISR asset under U.S. GAAP
208,170
144,255
Net deferred IETU asset under U.S. GAAP
(40,403)
(25,831)
2011 2010
(Unaudited)
Com
p
osition of net deferred income tax asset:
ISR
Current deferred ISR assets (liabilities):
Allowance for doubtful accounts
$ 853
$ 1,891
Inventories
(55,539)
(96,920)
Accrued liabilities
17,422
24,598
Advanced
p
a
y
ments
(19,957)
(31,523)
Current deferred ISR liabilit
y
–
Net
(57,221)
(101,954)
Non
–
current deferred ISR assets (liabilities):
Rents holida
y
s
11,880
12,003
Property, equipment and leasehold
im
p
rovements
239,163
221,663
Effect of tax loss carr
y
forwards
78,229
79,663
Other, net
11,706
12,122
Valuation allowance for deferred ISR asset
(75,587)
(79,242)
Non
–
current deferred ISR asset
–
Net
265,391
246,209
Net deferred ISR asset under U.S. GAAP
$ 208,170
$ 144,255
IETU
Current deferred IETU liabilit
y
:
Account receivable
$
—
$(1,761)
Account receivable from affiliated com
p
anies
(49,690)
(33,395)
(49,690)
(35,156)
Non
–
current deferred IETU assets
–
(liabilities):
Vehicles
(1,789)
(344)
Accrued ex
p
enses
11,076
9,669
Non
–
current deferred IETU asset
–
Net
9,287
9,325
Total IETU liabilit
y
asset under U.S. GAAP
$ (40,403)
$ (25,831)