Best Buy 2012 Annual Report Download - page 102
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$ in millions, except per share amounts or as otherwise noted
102
Earnings from continuing operations before income tax expense and equity in (loss) income of affiliates by jurisdiction was as
follows in fiscal 2012, 2011 and 2010:
2012 2011 2010
United States $ 1,537 $ 1,739 $ 1,944
Outside the United States (494) 592 385
Earnings from continuing operations before income tax expense and equity in
(loss) income of affiliates $ 1,043 $ 2,331 $ 2,329
Income tax expense was comprised of the following in fiscal 2012, 2011 and 2010:
2012 2011 2010
Current:
Federal $ 447 $ 735 $ 686
State 61 73 116
Foreign 173 105 63
681 913 865
Deferred:
Federal 94 (113)(13)
State 1 (2)(11)
Foreign (67)(19)(6)
28 (134)(30)
Income tax expense $ 709 $ 779 $ 835
Deferred taxes are the result of differences between the bases of assets and liabilities for financial reporting and income tax
purposes. Deferred tax assets and liabilities were comprised of the following:
March 3,
2012 February 26,
2011
Accrued property expenses $ 146 $ 154
Other accrued expenses 108 122
Deferred revenue 128 141
Compensation and benefits 103 86
Stock-based compensation 157 137
Loss and credit carryforwards 310 303
Other 121 125
Total deferred tax assets 1,073 1,068
Valuation allowance (204)(212)
Total deferred tax assets after valuation allowance 869 856
Property and equipment (376)(316)
Convertible debt — (79)
Goodwill and intangibles (118)(123)
Inventory (85)(25)
Other (27)(22)
Total deferred tax liabilities (606)(565)
Net deferred tax assets $ 263 $ 291