Home Depot 2011 Annual Report Download - page 48

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42
5. ACCELERATED SHARE REPURCHASE AGREEMENTS
In March 2011, the Company entered into an ASR agreement with a third-party financial institution to repurchase $1.0 billion
of the Company’s common stock. Under the agreement, the Company paid $1.0 billion to the financial institution, using a
portion of the proceeds from the March 2011 issuance, and received a total of 27 million shares in fiscal 2011. The final
number of shares delivered upon settlement of the agreement was determined with reference to the average price of the
Company’s common stock over the term of the ASR agreement. The $1.0 billion of shares repurchased are included in
Treasury Stock in the accompanying Consolidated Balance Sheets as of January 29, 2012.
In March 2012, the Company entered into an ASR agreement with a third-party financial institution to repurchase $1.0 billion
of the Company’s common stock. Under the agreement, the Company paid $1.0 billion to the financial institution, using cash
on hand, and received an initial delivery of approximately 17 million shares in the first quarter of fiscal 2012. The final
number of shares delivered upon settlement of the agreement will be determined with reference to the average price of the
Company’s common stock over the term of the ASR agreement.
6. INCOME TAXES
The components of Earnings from Continuing Operations before Provision for Income Taxes for fiscal 2011, 2010 and 2009
were as follows (amounts in millions):
United States
Foreign
Total
Fiscal Year Ended
January 29,
2012
$ 5,508
560
$ 6,068
January 30,
2011
$ 4,854
419
$ 5,273
January 31,
2010
$ 3,586
396
$ 3,982
The Provision for Income Taxes consisted of the following (amounts in millions):
Current:
Federal
State
Foreign
Deferred:
Federal
State
Foreign
Total
Fiscal Year Ended
January 29,
2012
$ 1,566
234
150
1,950
199
35
1
235
$ 2,185
January 30,
2011
$ 1,478
181
151
1,810
79
21
25
125
$ 1,935
January 31,
2010
$ 1,157
184
195
1,536
(121)
(24)
(29)
(174)
$ 1,362
The Company’s combined federal, state and foreign effective tax rates for fiscal 2011, 2010 and 2009 were approximately
36.0%, 36.7% and 34.2%, respectively.