GNC 2012 Annual Report Download - page 91
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Table of Contents
NOTE 4. INCOME TAXES (Continued)
Income tax expense (benefit) for all periods consisted of the following components:
Year ended December 31,
2011 2010 2009
(in thousands)
Current:
Federal $ 63,130 $ 47,483 $ 10,320
State 13,371 10,422 6,700
Foreign 4,091 690 3,111
80,592 58,595 20,131
Deferred:
Federal (3,310) (3,747) 20,548
State (1,351) (4,385) 883
Foreign (660) — —
(5,321) (8,132) 21,431
Income tax expense $ 75,271 $ 50,463 $ 41,562
The following table summarizes the differences between the Company's effective tax rate for financial reporting purposes and the federal statutory tax
rate:
Year ended December 31,
2011 2010 2009
Percent of pretax earnings:
Statutory federal tax rate 35.0% 35.0% 35.0%
Increase (reduction) resulting from:
State income tax, net of federal tax benefit 3.0% 0.9% 2.6%
Other permanent differences 2.0% 0.8% 0.9%
International operations, net of foreign tax credits (1.6)% 0.1% (0.6)%
Federal tax credits and income deductions (2.4)% (4.1)% (1.4)%
Tax impact of uncertain tax positions and other 0.3% 1.6% 0.9%
Effective income tax rate 36.3% 34.3% 37.4%
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting
purposes and the amounts used for income tax purposes.
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