AutoZone 2013 Annual Report Download - page 114
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52
is managed through a wholly owned insurance captive. The Company maintains certain levels for stop-loss
coverage for each self-insured plan in order to limit its liability for large claims. The limits are per claim and are
$1.5 million for workers’ compensation and property, $0.5 million for employee health, and $1.0 million for
general, products liability, and vehicle.
Note D – Income Taxes
The components of income from continuing operations before income taxes are as follows:
Year Ended
(in thousands)
August 31,
2013
August 25,
2012
August 27,
2011
Domestic ............................................................................. $ 1,486,386 $ 1,373,142 $ 1,255,127
International ........................................................................ 101,297 79,844 69,119
$ 1,587,683 $ 1,452,986 $ 1,324,246
The provision for income tax expense consisted of the following:
Year Ended
(in thousands)
August 31,
2013
August 25,
2012
August 27,
2011
Current:
Federal ............................................................................. $ 466,803 $ 424,895 $ 364,117
State ................................................................................. 46,494 47,386 39,473
International ..................................................................... 38,202 24,775 27,015
551,499 497,056 430,605
Deferred:
Federal ............................................................................. 16,816 33,679 57,625
State ................................................................................. 3,139 (2,822) (5,031)
International ..................................................................... (251 ) (5,300) (7,927)
19,704 25,557 44,667
Income tax expense ............................................................. $ 571,203 $ 522,613 $ 475,272
A reconciliation of the provision for income taxes to the amount computed by applying the federal statutory tax
rate of 35% to income before income taxes is as follows:
Year Ended
(in thousands)
August 31,
2013
August 25,
2012
August 27,
2011
Federal tax at statutory U.S. income tax rate ...................... 35.0% 35.0% 35.0%
State income taxes, net ........................................................ 2.0% 2.0% 1.7%
Other ................................................................................... (1.0%) (1.0%) (0.8%)
Effective tax rate ................................................................. 36.0% 36.0% 35.9%
10-K