Coach 2014 Annual Report Download - page 80
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TABLE OF CONTENTS
The change in the carrying amount of the Company’s goodwill, all of which is included within the International reportable segment, is as follows:
Total
Balance at June 30, 2012 $ 376,035
Acquisition of Singapore and Taiwan retail businesses 31,645
Foreign exchange impact (62,641)
345,039
Acquisition of Europe retail business
Foreign exchange impact
At June 28, 2014 and June 29, 2013, the Company’s intangible assets, which are not subject to amortization, consisted of $9,788 of trademarks.
The provisions for income taxes computed by applying the U.S. statutory rate to income before taxes as reconciled to the actual provisions were:
June 29, 2013
June 30, 2012
Amount
Percentage
Amount
Percentage
Income before provision for income
taxes:
United States
$ 1,116,819
73.4 %
$ 1,152,576
76.5 %
Foreign
403,707
26.6
353,087
23.5
Total income before provision for
income taxes:
$ 1,520,526
100.0 %
$ 1,505,663
100.0 %
Tax expense at U.S. statutory rate
$ 532,184
35.0 %
$ 526,979
35.0 %
State taxes, net of federal benefit
51,036
3.4
46,233
3.1
Effects of foreign operations
(119,218)
(7.9)
(120,642)
(8.1)
Tax benefit related to agreements with
tax authorities
(3,546)
(0.2)
(11,553)
(0.7)
Other, net
25,650
1.7
25,736
1.7
Taxes at effective worldwide rates
$ 486,106
32.0 %
$ 466,753
31.0 %
Current and deferred tax provision (benefit) was:
June 29, 2013
June 30, 2012
Current
Deferred
Current
Deferred
Federal
$ 411,646
$ (11,596)
$ 398,494
$ 9,676
Foreign
12,944
4,146
(13,685)
16,623
State
68,036
930
54,108
1,537
Total current and deferred tax provision
(benefit)
$ 492,626
$ (6,520)
$ 438,917
$ 27,836
78