Dollar Tree 2012 Annual Report Download - page 39
Download and view the complete annual report
Please find page 39 of the 2012 Dollar Tree annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.Notes to Consolidated Financial Statements
NOTE 3—INCOME TAXES
Total income taxes were allocated as follows:
(in millions)
YearEnded
February 2, 2013
January28,2012 January29,2011
Income from continuing operations $ 359.6 $ 291.2 $ 232.6
Accumulatedothercomprehensiveincome(loss)
markingderivativenancialinstrumentstofairvalue — (0.1) 1.3
Stockholders’equity,taxbenetonexercises/vesting
of equity-based compensation (21.3) (13.8) (7.8)
$ 338.3 $ 277.3 $ 226.1
e provision for income taxes consists of the following:
(in millions)
YearEnded
February 2, 2013
January28,2012 January29,2011
Federal - current 324.5 240.4 215.7
State - current 42.4 39.4 31.3
Foreign - current 0.5 0.3 —
Total current 367.4 280.1 247.0
Federal - deferred 0.3 14.9 (10.0)
State - deferred (3.5) 0.1 (4.4)
Foreign - deferred (4.6) (3.9) —
Total deferred (7.8) 11.1 (14.4)
IncludedincurrenttaxexpensefortheyearsendedFebruary2,2013,January28,2012andJanuary29,2011,are
amountsrelatedtouncertaintaxpositionsassociatedwithtemporarydierences.
Areconciliationofthestatutoryfederalincometaxrateandtheeectiveratefollows:
YearEnded
February 2, 2013
January28,2012 January29,2011
Statutory tax rate 35.0% 35.0% 35.0%
Eectof:
Sta te and local income taxes, net of federal
incometaxbenet 3.0 3.4 3.4
Other, net (1.3) (1.0) (1.5)
Eectivetaxrate
36.7% 37.4% 36.9%
eratereductionin“other,net”consistsprimarilyofbenetsfromtheresolutionoftaxuncertainties,intereston
taxreserves,federaljobscreditsandtax-exemptinterestosetbycertainnondeductibleexpenses.
United States income taxes have not been provided on accumulated but undistributed earnings of its foreign
subsidiaries as the company intends to permanently reinvest earnings.
2012AnnualReport37