Sears 2013 Annual Report Download - page 98
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SEARS HOLDINGS CORPORATION
Notes to Consolidated Financial Statements—(Continued)
98
NOTE 10—INCOME TAXES
millions 2013 2012 2011
Income (loss) before income taxes:
U.S. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $(1,610) $ (1,226) $ (1,809)
Foreign . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 638 216 58
Total. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $(972) $ (1,010) $ (1,751)
Income tax expense (benefit):
Current:
Federal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2 $ 17 $ 19
State and local . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (6) 15 —
Foreign. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47 27 2
Total current . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43 59 21
Deferred:
Federal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 96 8 1,357
State and local . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (42)(41)(35)
Foreign. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47 18 26
Total deferred . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 101 (15) 1,348
Total. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 144 $ 44 $ 1,369
2013 2012 2011
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 . . . . . . . . . . . . . . . (3.5) (3.0) (1.3)
Federal and state valuation allowance. . . . . . . . . . . . . . . . . . . . . . . . . . . . 74.0 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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (15.7) (3.2) —
Tax benefit resulting from Other Comprehensive Income allocation. . . . (9.9) — —
Tax credits. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1.3) (1.0) (1.5)
Long life land and intangibles. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6 (0.8) —
Resolution of income tax matters . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1.4) (0.5) 0.7
Canadian repatriation cost on Sears Canada dividend received . . . . . . . . 6.1 0.5 —
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9 (0.5) (0.2)
14.8 % 4.4 % 78.2 %