Orbitz 2008 Annual Report Download - page 102

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ORBITZ WORLDWIDE, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
11. Income Taxes (Continued)
Our effective income tax rate differs from the U.S. federal statutory rate as follows for the periods specified below:
Year Ended
December 31, 2007
Successor
Period from
August 23, 2006 to
December 31, 2006
Successor
Period from
January 1, 2006 to
August 22, 2006
Predecessor
Year Ended
December 31, 2005
Predecessor
Federal statutory rate 35.0% 35.0% 35.0% 35.0%
State and local income taxes,
net of federal benefit (1.2) (1.4)
— —
Rate change impact on
deferred income taxes (2.4) —
— —
Taxes on non-U.S. operations
at differing rates (2.4) (36.0)
(45.4) (26.0)
Taxes on other repatriated
foreign income, net of tax
credits — (3.1)
— —
Change in valuation allowance (110.6) 3.2 9.7 0.7
Foreign deemed dividends (12.5) — — —
Non deductible public offering
costs (2.0) —
— —
Reserve for uncertain tax
positions (5.1) —
— —
Other (1.5) (1.9) (0.1) 0.1
Effective income tax rate (102.7)% (4.2)% (0.8)% 9.8%
95
Source: Orbitz Worldwide, In, 10-K/A, August 28, 2008