GameStop 2012 Annual Report Download - page 104

Download and view the complete annual report

Please find page 104 of the 2012 GameStop 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.

Page out of 123

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123

GAMESTOP CORP.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
Future minimum annual rentals, excluding percentage rentals, required under leases that had initial,
noncancelable lease terms greater than one year, as of February 2, 2013, are approximately:
Year Ending Amount
(In millions)
January 2014 ............................................................. $ 325.8
January 2015 ............................................................. 229.0
January 2016 ............................................................. 157.2
January 2017 ............................................................. 103.5
January 2018 ............................................................. 67.3
Thereafter ............................................................... 145.6
$1,028.4
12. Commitments and Contingencies
Contingencies
In the ordinary course of the Company’s business, the Company is, from time to time, subject to various
legal proceedings, including matters involving wage and hour employee class actions and consumer class actions.
The Company may enter into discussions regarding settlement of these and other types of lawsuits, and may enter
into settlement agreements, if it believes settlement is in the best interest of the Company’s stockholders.
Management does not believe that any such existing legal proceedings or settlements, individually or in the
aggregate, will have a material adverse effect on the Company’s financial condition, results of operations or
liquidity.
13. Income Taxes
The provision for income tax consisted of the following:
53 Weeks
Ended
February 2,
2013
52 Weeks
Ended
January 28,
2012
52 Weeks
Ended
January 29,
2011
(In millions)
Current tax expense:
Federal ........................................ $229.6 $193.5 $133.3
State .......................................... 24.1 20.9 13.3
Foreign ........................................ 29.4 21.4 29.8
283.1 235.8 176.4
Deferred tax expense (benefit):
Federal ........................................ (46.3) (10.2) 39.1
State .......................................... (3.5) (0.2) 2.7
Foreign ........................................ (8.4) (14.8) (3.6)
(58.2) (25.2) 38.2
Total income tax expense ............................ $224.9 $210.6 $214.6
F-29