Amazon.com 2011 Annual Report Download - page 73

Download and view the complete annual report

Please find page 73 of the 2011 Amazon.com annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 88

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88

Note 9—OTHER COMPREHENSIVE INCOME (LOSS)
The components of other comprehensive income (loss) are as follows:
Year Ended December 31,
2011 2010 2009
(in millions)
Net income ............................................................. $631 $1,152 $902
Net change in unrealized gains/losses on available-for-sale securities:
Unrealized gains (losses), net of tax of $1, $(2), and $(2) ................. (1) 5 7
Reclassification adjustment for losses (gains) included in net income, net of
tax effect of $1, $0, and $1 ....................................... (2) (2) (3)
Net unrealized gains (losses) on available for sale securities ........... (3) 3 4
Foreign currency translation adjustment, net of tax effect of $20, $29, and $0 ..... (123) (137) 62
Other .............................................................. 0 — 1
Other comprehensive income (loss) .......................... (126) (134) 67
Comprehensive income .................................. $505 $1,018 $969
Balances within accumulated other comprehensive income (loss) are as follows:
December 31,
2011 2010
(in millions)
Net unrealized losses on foreign currency translation, net of tax ................ $(326) $(203)
Net unrealized gains on available-for-sale securities, net of tax ................. 10 13
Total accumulated other comprehensive income (loss) .................... $(316) $(190)
Note 10—INCOME TAXES
In 2011, 2010, and 2009 we recorded net tax provisions of $291 million, $352 million, and $253 million.
A majority of this provision is non-cash. We have tax benefits relating to excess stock-based compensation that
are being utilized to reduce our U.S. taxable income. As such, cash taxes paid, net of refunds, were $33 million,
$75 million, and $48 million for 2011, 2010, and 2009.
The components of the provision for income taxes, net are as follows:
Year Ended December 31,
2011 2010 2009
(in millions)
Current taxes:
U.S. and state ............................................ $103 $311 $149
International ............................................. 52 37 23
Current taxes ......................................... 155 348 172
Deferred taxes:
U.S. and state ............................................ 157 1 89
International ............................................. (21) 3 (8)
Deferred taxes ........................................ 136 4 81
Provision for income taxes, net ...................... $291 $352 $253
65