Coach 2006 Annual Report Download - page 43
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taxes, minority interest and
discontinued operations:
United States $ 936,413 90.5% $ 663,084 88.7% $ 498,545 90.4%
Foreign 98,257 9.5 84,246 11.3 52,875 9.6
Total income before provision for
income taxes, minority interest
and discontinued operations:
$1,034,670 100.0% $ 747,330 100.0% $ 551,420 100.0%
Tax expense at U.S. statutory rate $ 362,135 35.0% $261,565 35.0% $192,997 35.0%
State taxes, net of federal
benefit
38,910 3.8 27,164 3.6 29,287 5.3
Reversal of deferred U.S. taxes on
foreign earnings
— 0.0 — 0.0 (16,247) (2.9)
Foreign income subject to reduced
tax rates
(13,892) (1.3) (11,548) (1.5) (4,458) (0.8)
Other, net 10,988 1.0 6,309 0.8 (447) (0.1)
Taxes at effective worldwide rates $ 398,141 38.5% $ 283,490 37.9% $ 201,132 36.5%
55
Current and deferred tax provisions (benefits) were:
Federal $ 323,087 $(5,352) $245,203 $(19,381) $ 172,491 $ (46,981)
Foreign 16,025 4,227 7,555 8,321 28,228 1,276
State 56,745 3,409 47,922 (6,130) 57,738 (11,620)
Total current and deferred tax provisions
(benefits)
$395,857 $ 2,284 $ 300,680 $(17,190) $258,457 $ (57,325)
The following are the components of the deferred tax provisions (benefits) occurring as a result of transactions being reported in different
years for financial and tax reporting:
Depreciation $ (5,699) $ 906 $ (9,546)
Employee benefits (209) 811 (2,945)
Advertising accruals (1,012) (508) 2
Nondeductible reserves 13,065 (11,209) (25,888)
Earnings of foreign subsidiaries — — (9,226)
Other, net (3,861) (7,190) (9,722)
Total deferred tax provisions (benefits) $ 2,284 $ (17,190) $ (57,325)
The deferred tax assets and liabilities at the respective year-ends were as follows:
Reserves not deductible until paid $ 101,658 $ 116,374
Pension and other employee benefits 10,685 10,502
Property, plant and equipment 25,580 20,606
Net operating loss 11,514 7,156
Other 4,914 7,458
Total deferred tax assets $ 154,351 $ 162,096
Equity adjustments $ 4,703 $ 3,107
Goodwill 34,859 17,823