GameStop 2007 Annual Report Download - page 92

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Company to purchase their remaining shares in incremental percentages at a price to be determined based partially
on the Company’s price to earnings ratio and GameStop Group Limited’s earnings. No additional shares have been
purchased by the Company to date. The Company already consolidates the results of GameStop Group Limited;
therefore, any additional amounts acquired will not have a material effect on the Company’s financial statements.
12. Income Taxes
The provision for income tax consisted of the following:
52 Weeks
Ended
February 2,
2008
53 Weeks
Ended
February 3,
2007
52 Weeks
Ended
January 28,
2006
(In thousands)
Current tax expense (benefit):
Federal ....................................... $ 34,107 $32,127 $40,251
State......................................... 5,149 2,370 2,300
Foreign....................................... 31,874 18,894 7,954
71,130 53,391 50,505
Deferred tax expense (benefit):
Federal ....................................... (2,582) 571 (3,093)
State......................................... (1,805) (2,149) (894)
Foreign....................................... (8,764) (1,502) 312
(13,151) (3,080) (3,675)
Charge in lieu of income taxes, relating to the tax effect of
stock-based awards tax deduction ................... 94,786 45,735 12,308
Total income tax expense ........................... $152,765 $96,046 $59,138
The components of earnings (loss) before income tax expense consisted of the following:
52 Weeks
Ended
February 2,
2008
53 Weeks
Ended
February 3,
2007
52 Weeks
Ended
January 28,
2006
(In thousands)
United States .................................... $364,929 $211,814 $142,362
International ..................................... 76,127 42,482 17,560
Total .......................................... $441,056 $254,296 $159,922
F-25
GAMESTOP CORP.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)