Best Buy 2014 Annual Report Download - page 95

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90
11. Income Taxes
The following is a reconciliation of the federal statutory income tax rate to income tax expense in fiscal 2014, 2013 (11-month)
and 2012 ($ in millions):
12-Month 11-Month 12-Month
2014 2013 2012
Federal income tax at the statutory rate $ 380 $ (70) $ 758
State income taxes, net of federal benefit 25 (2) 47
(Benefit) expense from foreign operations (13) 49 (63)
Other 6 5 —
Goodwill impairments (non-deductible) — 287 —
Income tax expense $ 398 $ 269 $ 742
Effective income tax rate 36.7% (135.8)% 34.3%
Earnings (loss) from continuing operations before income tax expense and equity in income (loss) of affiliates by jurisdiction
was as follows in fiscal 2014, 2013 (11-month) and 2012 ($ in millions):
12-Month 11-Month 12-Month
2014 2013 2012
United States $ 687 $ 279 $ 1,644
Outside the United States 400 (477) 522
Earnings (loss) from continuing operations before income tax expense and equity in
income (loss) of affiliates $ 1,087 $ (198) $ 2,166
Income tax expense was comprised of the following in fiscal 2014, 2013 (11-month) and 2012 ($ in millions):
12-Month 11-Month 12-Month
2014 2013 2012
Current:
Federal $ 306 $ 204 $ 520
State 45 (1) 61
Foreign 64 66 72
415 269 653
Deferred:
Federal (21) 26 86
State 1 (3) 11
Foreign 3 (23)(8)
(17) — 89
Income tax expense $ 398 $ 269 $ 742