Home Depot 2009 Annual Report Download - page 51

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6. INCOME TAXES
The components of Earnings from Continuing Operations before Provision for Income Taxes for fiscal 2009,
2008 and 2007 were as follows (amounts in millions):
Fiscal Year Ended
January 31,
2010 February 1,
2009 February 3,
2008
United States $3,586 $3,136 $5,905
Foreign 396 454 715
Total $3,982 $3,590 $6,620
The Provision for Income Taxes consisted of the following (amounts in millions):
Fiscal Year Ended
January 31,
2010 February 1,
2009 February 3,
2008
Current:
Federal $1,157 $1,283 $2,055
State 184 198 285
Foreign 195 85 310
1,536 1,566 2,650
Deferred:
Federal (121) (209) (242)
State (24) (56) 17
Foreign (29) (23) (15)
(174) (288) (240)
Total $1,362 $1,278 $2,410
The Company’s combined federal, state and foreign effective tax rates for fiscal 2009, 2008 and 2007, net of
offsets generated by federal, state and foreign tax benefits, were approximately 34.2%, 35.6% and 36.4%,
respectively.
The reconciliation of the Provision for Income Taxes at the federal statutory rate of 35% to the actual tax
expense for the applicable fiscal years was as follows (amounts in millions):
Fiscal Year Ended
January 31,
2010 February 1,
2009 February 3,
2008
Income taxes at federal statutory rate $1,394 $1,257 $2,317
State income taxes, net of federal income tax benefit 104 92 196
Other, net (136) (71) (103)
Total $1,362 $1,278 $2,410
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