Wesco Aircraft Holdings, Inc | 2013 | FY | 3

 

 

 
   2013   2012   2011  

Current provision

                    

Federal

   $ 29,366   $ 14,007   $ 31,840  

State and local

     3,943     1,355     5,897  

Foreign

     9,566     5,744     3,613  
               

Subtotal

     42,875     21,106     41,350  

Deferred provision (benefit)

                    

Federal

     8,901     18,867     9,157  

State and local

     1,022     1,719     1,991  

Foreign

     17     (205 )   28  
               

Subtotal

     9,940     20,381     11,176  
               

Provision for income taxes

   $ 52,815   $ 41,487   $ 52,526  
               

        

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   2013   2012  

Current deferred tax assets/(liabilities)

              

Inventories

   $ 34,537   $ 29,345  

Reserves and other accruals

     2,811     1,517  

Compensation accruals

     2,292     2,010  

Other

     31        
           

Total current deferred tax assets/(liabilities)

     39,671     32,872  

Non-current deferred tax assets/(liabilities)

              

Property and equipment

     (2,107 )   (2,237 )

Goodwill and intangible assets

     (73,268 )   (56,987 )

Stock options

     3,062     3,779  

Deferred financing costs and other

     129     —  
           

Total non-current deferred tax assets/(liabilities)

     (72,184 )   (55,445 )
           

Net deferred tax assets/(liabilities)

   $ (32,513 ) $ (22,573 )
           

        

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   2013   2012   2011  

Provision for income taxes at statutory rate

   $ 55,169     35.00 % $ 46,782     35.00 % $ 44,843     35.00 %

State taxes, net of tax benefit

     3,228     2.05     2,100     1.57     5,141     4.01  

Nondeductible items

     5,310     3.37     1,340     1.00     2,948     2.30  

Other

     (2,060 )   (1.31 )   (407 )   (0.30 )   1,302     1.02  

IRC Section 199 and 41

     (610 )   (0.39 )   (3,550 )   (2.66 )   —     —  

Foreign income not taxed at the Federal rate

     (4,910 )   (3.11 )   (2,699 )   (2.02 )   2     —  

Foreign tax credit

     (3,312 )   (2.10 )   (2,079 )   (1.55 )   (1,710 )   (1.33 )
                           

Actual provision for income taxes

   $ 52,815     33.51 % $ 41,487     31.04 % $ 52,526     41.00 %
                           

        

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   2013   2012   2011  

U.S. income

   $ 115,194   $ 110,120   $ 118,475  

Foreign income

     42,433     23,542     9,649  
               

Total

   $ 157,627   $ 133,662   $ 128,124  
               

        

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