Home Depot 2010 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 2010,
2009 and 2008 were as follows (amounts in millions):
Fiscal Year Ended
January 30,
2011 January 31,
2010 February 1,
2009
United States $4,854 $3,586 $3,136
Foreign 419 396 454
Total $5,273 $3,982 $3,590
The Provision for Income Taxes consisted of the following (amounts in millions):
Fiscal Year Ended
January 30,
2011 January 31,
2010 February 1,
2009
Current:
Federal $1,478 $1,157 $1,283
State 181 184 198
Foreign 151 195 85
1,810 1,536 1,566
Deferred:
Federal 79 (121) (209)
State 21 (24) (56)
Foreign 25 (29) (23)
125 (174) (288)
Total $1,935 $1,362 $1,278
The Company’s combined federal, state and foreign effective tax rates for fiscal 2010, 2009 and 2008, net of
offsets generated by federal, state and foreign tax benefits, were approximately 36.7%, 34.2% and 35.6%,
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 30,
2011 January 31,
2010 February 1,
2009
Income taxes at federal statutory rate $1,846 $1,394 $1,257
State income taxes, net of federal income tax benefit 131 104 92
Other, net (42) (136) (71)
Total $1,935 $1,362 $1,278
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