Travelzoo 2014 Annual Report Download - page 103
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68
Income tax expense consists of current and deferred components categorized by federal, state and foreign jurisdictions, as
shown below. The current provision is generally that portion of income tax expense that is currently payable to the taxing
authorities. The Company makes estimated payments of these amounts during the year. The deferred tax provision results from
changes in the Company’s deferred tax assets (future deductible amounts) and tax liabilities (future taxable amounts), which are
presented in the table below:
Current Deferred Total
(In thousands)
Year Ended December 31, 2014
Federal $ 2,124 $ 294 $ 2,418
State 670 21 691
Foreign 1,725 5 1,730
$ 4,519 $ 320 $ 4,839
Year Ended December 31, 2013
Federal $ 5,504 $ 21 $ 5,525
State 1,023 (30) 993
Foreign 517 683 1,200
$ 7,044 $ 674 $ 7,718
Year Ended December 31, 2012
Federal $ 7,692 $ (640) $ 7,052
State 952 (204) 748
Foreign 610 (810)(200)
$ 9,254 $ (1,654) $ 7,600
During 2012, an income tax benefit of $800,000 was recorded to recognize the foreign net operating loss carryforward
deferred tax assets due to a partial release of valuation allowance.