Ingram Micro 2013 Annual Report Download - page 29
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Table of Contents
points of the effective tax rate, primarily comprised of the release of valuation allowances on our deferred tax assets and the release of uncertain tax position
liabilities. The prior year income tax provision included net discrete tax benefits totaling $34,890, or 8.8 percentage points of the effective tax rate, primarily
comprised of a tax benefit related to the write-off of the historical tax basis of the investment we had maintained in one of our Latin American subsidiary
holding companies, a tax benefit related to the partial release of a valuation allowance that had previously been recorded against foreign tax credit carryforwards
maintained in the U.S., partially offset by a tax charge for a valuation allowance recorded against our deferred tax assets in Australia. The change in our
effective tax rate also reflects the change in mix of profit among different tax jurisdictions and losses in other tax jurisdictions in which we are not able to record
a tax benefit. Our effective tax rate may vary significantly depending on the actual operating results in the various tax jurisdictions, as well as changes in the
valuation allowance related to the expected recovery of our deferred tax assets.
Year ended December 29, 2012 compared with the year ended December 31, 2011
2012
2011
Change - Increase (Decrease)
Net sales by reporting segment:
North America $ 15,880,103
42%
$15,250,560
42%
$629,543
4.1 %
Europe 10,614,811
28
11,371,043
31
(756,232)
(6.7)
Asia-Pacific 8,347,170
22
7,920,649
22
426,521
5.4
Latin America 1,943,841
5
1,786,449
5
157,392
8.8
BrightPoint 1,041,374
3
—
—
1,041,374
—
Total $37,827,299
100%
$ 36,328,701
100%
$1,498,598
4.1 %
2012
2011
Change - Increase (Decrease)
Operating income and operating margin
by reporting segment:
North America $283,689
1.79%
$281,155
1.84%
$ 2,534
(0.05)%
Europe 103,278
0.97
136,306
1.20
(33,028)
(0.23)
Asia-Pacific 53,613
0.64
46,508
0.59
7,105
0.05
Latin America 37,700
1.94
25,488
1.43
12,212
0.51
BrightPoint 11,290
1.08
—
—
11,290
1.08
Stock-based compensation (27,218)
—
(30,811)
—
3,593
—
Total $462,352
1.22%
$458,646
1.26%
$ 3,706
(0.04)%
2012
2011
Net sales 100.00%
100.00%
Cost of sales 94.62
94.75
Gross profit 5.38
5.25
Operating expenses:
Selling, general and administrative 4.08
3.95
Amortization of intangible assets 0.05
0.03
Reorganization costs 0.03
0.01
Income from operations 1.22
1.26
Other expense, net 0.17
0.19
Income before income taxes 1.05
1.07
Provision for income taxes 0.24
0.40
Net income 0.81%
0.67%
29