Urban Outfitters 2009 Annual Report Download - page 69

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URBAN OUTFITTERS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
8. Income Taxes
The components of income before income taxes are as follows:
Fiscal Year Ended January 31,
2009 2008 2007
Domestic .............................................. $297,747 $229,600 $161,985
Foreign ................................................ 11,743 4,795 8,173
$309,490 $234,395 $170,158
The components of the provision for income tax expense are as follows:
Fiscal Year Ended January 31,
2009 2008 2007
Current:
Federal .............................................. $103,907 $66,000 $48,893
State ................................................ 15,037 9,936 8,442
Foreign .............................................. 533 1,010 1,576
119,477 76,946 58,911
Deferred:
Federal .............................................. (7,917) (2,189) 6
State ................................................ (462) (2,499) (2,333)
Foreign .............................................. (1,128) 891 284
(9,507) (3,797) (2,043)
Change in valuation allowances .............................. 156 1,015 (2,916)
$110,126 $74,164 $53,952
The Company’s effective tax rate was different than the statutory U.S. federal income tax rate for
the following reasons:
Fiscal Year Ended January 31,
2009 2008 2007
Expected provision at statutory U.S. federal tax rate .............. 35.0% 35.0% 35.0%
State and local income taxes, net of federal tax benefit ............ 2.6 2.1 2.3
Foreign taxes ............................................. (1.5) 0.5 (2.3)
Federal rehabilitation tax credits .............................. 0 (5.0) (2.8)
Other ................................................... (0.5) (1.0) (0.5)
Effective tax rate .......................................... 35.6% 31.6% 31.7%
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