Abercrombie & Fitch 2010 Annual Report Download - page 84
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Table of Contents
ABERCROMBIE & FITCH CO.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
The provision for income taxes from continuing operations consisted of (in thousands):
2010 2009 2008
Current:
Federal $ 94,922 $ 33,212 $ 166,327
State 16,126 4,003 17,467
Foreign 11,395 5,086 8,112
$ 122,443 $ 42,301 $ 191,906
Deferred:
Federal $ (32,669) $ 10,055 $ 14,028
State (7,229) (147) 2,480
Foreign (4,258) (11,652) (6,939)
$ (44,156) $ (1,744) $ 9,569
Total provision $ 78,287 $ 40,557 $ 201,475
Reconciliation between the statutory federal income tax rate and the effective tax rate for continuing operations is as follows:
2010 2009 2008
Federal income tax rate 35.0% 35.0% 35.0%
State income tax, net of federal income tax effect 2.5 2.1 2.5
Tax effect of foreign earnings (2.9) (4.4) (0.1)
Internal Revenue Code ("IRC") Section 162(m) 0.5 1.5 2.5
Other items, net (0.8) (0.3) (0.4)
Total 34.3% 33.9% 39.5%
Amounts paid directly to taxing authorities were $85.1 million, $27.1 million, and $198.2 million in Fiscal 2010, Fiscal 2009,
and Fiscal 2008, respectively.
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