Supercuts 2003 Annual Report Download - page 74
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Table of Contents
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, CONTINUED
The components of the net deferred tax asset (liability) are as follows:
The components of income before income taxes are as follows:
The provision for income taxes differs from the amount of income tax determined by applying the applicable United States (U.S.) statutory rate
to earnings before income taxes, as a result of the following:
As of June 30, 2003 and 2002, undistributed earnings of international subsidiaries of approximately $10.0 and $2.1 million, respectively, were
considered to have been reinvested indefinitely and, accordingly, the Company has not provided United States income taxes on such earnings.
70
(Dollars in thousands)
2003
2002
Net current deferred tax asset:
Insurance
$
8,415
$
1,677
Payroll and payroll related costs
3,014
3,015
Nonrecurring items
455
680
Reserve for impaired assets
1,485
756
Accrued litigation
1,321
Other, net
3,779
3,715
$
18,469
$
9,843
Net noncurrent deferred tax liability:
Depreciation and amortization
$
(37,592
)
$
(38,126
)
Deferred rent
3,576
3,221
Payroll and payroll related costs
7,088
5,345
Other, net
456
(253
)
$
(26,472
)
$
(29,813
)
(Dollars in thousands)
2003 2002 2001
Income before income taxes:
United States
$
126,906
$
108,116
$
83,484
International
11,695
7,534
5,395
$
138,601
$
115,650
$
88,879
(Dollars in thousands)
2003
2002
2001
U.S. statutory rate
35.0
%
35.0
%
35.0
%
State income taxes, net of federal income tax benefit
3.0
3.3
3.3
Other, primarily meals and entertainment, and nondeductible goodwill
(0.5
)
0.9
2.0
Nonrecurring federal benefit
(1.5
)
37.5
%
37.7
%
40.3
%