Costco 2009 Annual Report Download - page 81
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Income before income taxes is comprised of the following:
2009 2008 2007
Domestic (including Puerto Rico) ................... $1,426 $1,542 $1,374
Foreign ........................................ 288 457 336
Total ....................................... $1,714 $1,999 $1,710
The provisions for income taxes for 2009, 2008, and 2007 are as follows:
2009 2008 2007
Federal:
Current ..................................... $396 $470 $520
Deferred .................................... 67 35 (74)
Total federal ............................. 463 505 446
State:
Current ..................................... 66 84 81
Deferred .................................... 12 (7) (9)
Total state .............................. 78 77 72
Foreign:
Current ..................................... 94 138 118
Deferred .................................... (7) (4) (9)
Total foreign ............................. 87 134 109
Total provision for income taxes .................... $ 628 $ 716 $ 627
Tax benefits associated with the exercise of employee stock options and other employee stock
programs were allocated to shareholders’ equity in the amount of $2, $62, and $42, in 2009, 2008, and
2007, respectively.
The reconciliation between the statutory tax rate and the effective rate for 2009, 2008, and 2007 is as
follows:
2009 2008 2007
Federal taxes at statutory rate .............. $599 35.0% $699 35.0% $598 35.0%
State taxes, net .......................... 48 2.8 51 2.6 43 2.5
Foreign taxes, net ........................ (19) (1.1) (23) (1.2) (7) (0.4)
Tax (provision) benefit on unremitted
earnings .............................. (1) (0.1) 4 0.2 — —
Other ................................... 1 0.1 (15) (0.8) (7) (0.4)
Total ............................... $628 36.7% $716 35.8% $627 36.7%
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