Home Depot 2012 Annual Report Download - page 49
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43
7. INCOME TAXES
The components of Earnings before Provision for Income Taxes for fiscal 2012, 2011 and 2010 were as follows (amounts in
millions):
Fiscal Year Ended
February 3,
2013 January 29,
2012 January 30,
2011
United States $ 6,677 $ 5,508 $ 4,854
Foreign 544 560 419
Total $ 7,221 $ 6,068 $ 5,273
The Provision for Income Taxes consisted of the following (amounts in millions):
Fiscal Year Ended
February 3,
2013 January 29,
2012 January 30,
2011
Current:
Federal $ 2,060 $ 1,566 $ 1,478
State 302 234 181
Foreign 230 150 151
2,592 1,950 1,810
Deferred:
Federal 114 199 79
State 135 21
Foreign (21)1 25
94 235 125
Total $ 2,686 $ 2,185 $ 1,935
The Company’s combined federal, state and foreign effective tax rates for fiscal 2012, 2011 and 2010 were approximately
37.2%, 36.0% and 36.7%, 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
February 3,
2013 January 29,
2012 January 30,
2011
Income taxes at federal statutory rate $ 2,527 $ 2,125 $ 1,846
State income taxes, net of federal income tax benefit 197 175 131
Other, net (38)(115)(42)
Total $ 2,686 $ 2,185 $ 1,935