Home Depot 2013 Annual Report Download - page 48

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43
term of the applicable ASR agreement. The $6.2 billion of shares repurchased are included in Treasury Stock in the
accompanying Consolidated Balance Sheets.
In fiscal 2012, the Company entered into ASR agreements with third-party financial institutions to repurchase $3.05 billion of
the Company’s common stock. Under the agreements, the Company paid $3.05 billion to the financial institutions and
received a total of 58 million shares in fiscal 2012. The final number of shares delivered upon settlement of each agreement
was determined with reference to the average price of the Company’s common stock over the term of the applicable ASR
agreement. The $3.05 billion of shares repurchased are included in Treasury Stock in the accompanying Consolidated
Balance Sheets.
In fiscal 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 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.
In March 2014, the Company entered into an ASR agreement with a third-party financial institution to repurchase $950
million of the Company's common stock. Under the agreement, the Company paid $950 million to the financial institution
and received an initial delivery of approximately 10 million shares in the first quarter of fiscal 2014. 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.
5. INCOME TAXES
The components of Earnings before Provision for Income Taxes for fiscal 2013, 2012 and 2011 were as follows (amounts in
millions):
Fiscal Year Ended
February 2,
2014 February 3,
2013 January 29,
2012
United States $ 7,770 $ 6,677 $ 5,508
Foreign 697 544 560
Total $ 8,467 $ 7,221 $ 6,068
The Provision for Income Taxes consisted of the following (amounts in millions):
Fiscal Year Ended
February 2,
2014 February 3,
2013 January 29,
2012
Current:
Federal $ 2,503 $ 2,060 $ 1,566
State 346 302 234
Foreign 265 230 150
3,114 2,592 1,950
Deferred:
Federal (12)114 199
State 41 35
Foreign (24)(21) 1
(32)94 235
Total $ 3,082 $ 2,686 $ 2,185