Home Depot 2014 Annual Report Download - page 51

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46
term of the applicable ASR agreement. The $2.7 billion of shares repurchased are included in Treasury Stock in the
accompanying Consolidated Balance Sheets.
In fiscal 2013, the Company entered into ASR agreements with third-party financial institutions to repurchase $6.2 billion of
the Company’s common stock. Under the agreements, the Company paid $6.2 billion to the financial institutions and received
a total of 81 million shares in fiscal 2013. 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 $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 March 2015, the Company entered into an ASR agreement with a third-party financial institution to repurchase $850
million of the Company's common stock. Under the agreement, the Company paid $850 million to the financial institution
and received an initial delivery of approximately 7 million shares in the first quarter of fiscal 2015. 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 before Provision for Income Taxes for fiscal 2014, 2013 and 2012 were as follows (amounts in
millions):
Fiscal Year Ended
February 1,
2015 February 2,
2014 February 3,
2013
United States $ 9,217 $ 7,770 $ 6,677
Foreign 759 697 544
Total $ 9,976 $ 8,467 $ 7,221
The Provision for Income Taxes consisted of the following (amounts in millions):
Fiscal Year Ended
February 1,
2015 February 2,
2014 February 3,
2013
Current:
Federal $ 2,884 $ 2,503 $ 2,060
State 373 346 302
Foreign 258 265 230
3,515 3,114 2,592
Deferred:
Federal 127 (12) 114
State (11)4 1
Foreign —(24)(21)
116 (32) 94
Total $ 3,631 $ 3,082 $ 2,686
The Company’s combined federal, state and foreign effective tax rates for fiscal 2014, 2013 and 2012 were approximately
36.4%, 36.4% and 37.2%, respectively.