Abercrombie & Fitch 2013 Annual Report Download - page 68
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68
15. INCOME TAXES
Income from continuing operations before taxes was comprised of (in thousands) (amounts restated due to change in
accounting principle referenced in Note 4):
2012 2011 2010
Domestic $ 302,589 $ 192,312 $ 188,444
Foreign 64,356 25,495 45,374
Total $ 366,945 $ 217,807 $ 233,818
Domestic income from continuing operations above includes intercompany charges to foreign affiliates for management
fees, cost-sharing, royalties, including those related to international direct-to-consumer operations, and interest. The provision
for tax expense from continuing operations consisted of (in thousands):
2012 2011 2010
Current:
Federal $ 111,761 $ 100,495 $ 94,922
State 15,323 11,085 16,126
Foreign 17,984 13,262 11,395
$ 145,068 $ 124,842 $ 122,443
Deferred:
Federal $(10,456) $ (32,776) $ (33,441)
State 458 (8,662)(7,299)
Foreign (5,136)(8,735)(3,594)
$(15,134) $ (50,173) $ (44,334)
Total provision $ 129,934 $ 74,669 $ 78,109
Reconciliation between the statutory federal income tax rate and the effective tax rate for continuing operations is as
follows:
2012 2011 2010
Federal income tax rate 35.0% 35.0% 35.0%
State income tax, net of federal income tax effect 2.7 3.9 2.5
Tax effect of foreign earnings (1.8)(3.0)(3.7)
Other items, net (0.5)(1.6)(0.4)
Total 35.4% 34.3% 33.4%
Amounts paid directly to taxing authorities were $122.7 million, $118.2 million, and $85.1 million in Fiscal 2012, Fiscal
2011, and Fiscal 2010, respectively.
Table of Contents ABERCROMBIE & FITCH CO.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)