Abercrombie & Fitch 2009 Annual Report Download - page 74
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The provision for income taxes from continuing operations consisted of (thousands):
2009 2008 2007
Currently Payable:
Federal..................................... $33,212 $166,327 $254,089
State ...................................... 4,003 17,467 38,649
Foreign .................................... 5,086 8,112 2,805
$ 42,301 $191,906 $295,543
Deferred:
Federal..................................... $10,055 $ 14,028 $ 4,611
State ...................................... (147) 2,480 459
Foreign .................................... (11,652) (6,939) (2,003)
$ (1,744) $ 9,569 $ 3,067
Total provision ................................. $40,557 $201,475 $298,610
Reconciliation between the statutory federal income tax rate and the effective tax rate for continuing
operations is as follows:
2009 2008 2007
Federal income tax rate .................................. 35.0% 35.0% 35.0%
State income tax, net of federal income tax effect............... 2.1 2.5 3.2
Tax effect of foreign earnings ............................. (4.4) (0.1) 0.4
Internal Revenue Code (“IRC”) Section 162(m) ................ 1.5 2.5 0.2
Other items, net........................................ (0.3) (0.4) (1.4)
Total ................................................ 33.9% 39.5% 37.4%
Amounts paid directly to taxing authorities were $27.1 million, $198.2 million and $259.0 million in
Fiscal 2009, Fiscal 2008, and Fiscal 2007, respectively.
73
ABERCROMBIE & FITCH CO.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)