Costco 2010 Annual Report Download - page 74
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Note 9—Income Taxes
Income before income taxes is comprised of the following:
2010 2009 2008
Domestic (including Puerto Rico) ................... $1,426 $1,426 $1,542
Foreign ........................................ 628 301 469
Total ....................................... $2,054 $1,727 $2,011
The provisions for income taxes for 2010, 2009, and 2008 are as follows:
2010 2009 2008
Federal:
Current ..................................... $445 $396 $470
Deferred .................................... 1 67 35
Total federal ............................. 446 463 505
State:
Current ..................................... 79 66 84
Deferred .................................... 5 12 (7)
Total state .............................. 84 78 77
Foreign:
Current ..................................... 200 94 138
Deferred .................................... 1 (7) (4)
Total foreign ............................. 201 87 134
Total provision for income taxes .................... $ 731 $ 628 $ 716
Tax benefits associated with the exercise of employee stock options and other employee stock
programs were allocated to equity attributable to Costco in the amount of $15, $2, and $62, in 2010,
2009, and 2008, respectively.
The reconciliation between the statutory tax rate and the effective rate for 2010, 2009, and 2008 is as
follows:
2010 2009 2008
Federal taxes at statutory rate .............. $718 35.0% $604 35.0% $704 35.0%
State taxes, net .......................... 56 2.7 48 2.8 51 2.5
Foreign taxes, net ........................ (38) (1.9) (24) (1.4) (28) (1.4)
Tax (provision) benefit on unremitted
earnings .............................. 0 0 (1) (0.1) 4 0.2
Other ................................... (5) (0.2) 1 0.1 (15) (0.7)
Total ............................... $731 35.6% $628 36.4% $716 35.6%
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