Sears 2012 Annual Report Download - page 92
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SEARS HOLDINGS CORPORATION
Notes to Consolidated Financial Statements—(Continued)
92
NOTE 10—INCOME TAXES
millions 2012 2011 2010
Income (loss) before income taxes:
U.S. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $(1,226) $ (1,809) $ (157)
Foreign . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 216 58 323
Total. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $(1,010) $ (1,751) $ 166
Income tax expense (benefit):
Current:
Federal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 17 $ 19 $ 1
State and local . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 — (7)
Foreign. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27 2 110
Total current . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59 21 104
Deferred:
Federal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 1,357 (84)
State and local . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (41)(35) 7
Foreign. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 26 —
Total deferred . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (15) 1,348 (77)
Total. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 44 $ 1,369 $ 27
2012 2011 2010
Effective tax rate reconciliation:
Federal income tax rate (benefit rate) . . . . . . . . . . . . . . . . . . . . . . . . . . . . (35.0)% (35.0)% 35.0%
State and local tax (benefit) net of federal tax benefit . . . . . . . . . . . . . . . (3.0) (1.3) 0.1
Federal and state valuation allowance. . . . . . . . . . . . . . . . . . . . . . . . . . . . 23.5 104.1 —
Tax on separation of Sears Hometown and Outlet Stores, Inc.. . . . . . . . . 10.3 — —
Nondeductible goodwill impairment . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.2 11.4 —
Tax on partial spin-off of Sears Canada . . . . . . . . . . . . . . . . . . . . . . . . . . 3.9 — —
Adjust foreign statutory rates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (3.2) — —
Tax credits. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1.0) (1.5) (13.0)
Long life land and intangibles. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.8) — —
Resolution of income tax matters . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.5) 0.7 (9.2)
Canadian repatriation cost on Sears Canada dividend received . . . . . . . . 0.5 — 5.3
Canadian rate differential on noncontrolling interest . . . . . . . . . . . . . . . . — — (0.1)
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.5) (0.2) (1.8)
4.4 % 78.2 % 16.3%