DuPont 2011 Annual Report Download - page 63
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Table of Contents E. I. du Pont de Nemours and Company
Notes to the Consolidated Financial Statements (continued)
(Dollars in millions, except per share)
5. PROVISION FOR INCOME TAXES
2011 2010 2009
Current tax expense (benefit):
U.S. federal $ 397 $ (109) $ 23
U.S. state and local (11) — (9)
International 586 454 328
Total current tax expense 972 345 342
Deferred tax expense (benefit):
U.S. federal (144) 245 57
U.S. state and local (4) 3 1
International (52) 66 15
Total deferred tax (benefit) expense (200) 314 73
Provision for income taxes $ 772 $ 659 $ 415
The significant components of deferred tax assets and liabilities at December 31, 2011 and 2010, are as follows:
2011 2010
Asset Liability Asset Liability
Depreciation $ — $ 1,781 $ — $ 1,614
Accrued employee benefits 5,562 252 3,731 81
Other accrued expenses 1,020 354 928 369
Inventories 199 39 273 154
Unrealized exchange gains/losses — 35 34 —
Tax loss/tax credit carryforwards/backs 2,854 — 2,680 —
Investment in subsidiaries and affiliates 46 259 41 279
Amortization of intangibles 69 1,399 53 636
Other 250 279 314 144
Valuation allowance (1,971) — (1,666) —
$ 8,029 $ 4,398 $ 6,388 $ 3,277
Net deferred tax asset $ 3,631 $ 3,111
An analysis of the company's effective income tax rate (EITR) follows:
2011 2010 2009
Statutory U.S. federal income tax rate 35.0 % 35.0 % 35.0 %
Exchange gains/losses1(0.6) 2.1 (0.7)
Domestic operations (3.0) (2.6) (2.0)
Lower effective tax rates on international operations-net (11.2) (14.9) (13.1)
Tax settlements (0.2) (1.8) (0.2)
Sale of a business (2.0) — —
18.0 % 17.8 % 19.0 %
1. Principally reflects the impact of non-taxable exchange gains and losses resulting from remeasurement of foreign currency-denominated monetary assets and liabilities. Further
information about the company's foreign currency hedging program is included in Note 19 under the heading Foreign Currency Risk.
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