GameStop 2011 Annual Report Download - page 99

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GAMESTOP CORP.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
July 2011, respectively, bringing the Company’s total interest in GameStop Group Limited to approximately
91%. 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.
13. Income Taxes
The provision for income tax consisted of the following:
52 Weeks
Ended
January 28,
2012
52 Weeks
Ended
January 29,
2011
52 Weeks
Ended
January 30,
2010
(In millions)
Current tax expense:
Federal ......................................... $193.5 $133.3 $162.3
State ........................................... 20.9 13.3 12.1
Foreign ......................................... 21.4 29.8 39.6
235.8 176.4 214.0
Deferred tax expense (benefit):
Federal ......................................... (10.2) 39.1 0.2
State ........................................... (0.2) 2.7 1.5
Foreign ......................................... (14.8) (3.6) (2.9)
(25.2) 38.2 (1.2)
Total income tax expense ............................. $210.6 $214.6 $212.8
The components of earnings (loss) before income tax expense consisted of the following:
52 Weeks
Ended
January 28,
2012
52 Weeks
Ended
January 29,
2011
52 Weeks
Ended
January 30,
2010
(In millions)
United States ....................................... $551.9 $553.8 $508.9
International ....................................... (2.8) 67.6 79.6
Total ............................................. $549.1 $621.4 $588.5
The difference in income tax provided and the amounts determined by applying the statutory rate to income
before income taxes resulted from the following:
52 Weeks
Ended
January 28,
2012
52 Weeks
Ended
January 29,
2011
52 Weeks
Ended
January 30,
2010
Federal statutory tax rate ............................. 35.0% 35.0% 35.0%
State income taxes, net of federal effect .................. 2.6 1.7 1.5
Foreign income taxes ................................ 1.4 0.4 1.5
Other (including permanent differences) ................. (0.6) (2.6) (1.8)
38.4% 34.5% 36.2%
F-25