AutoZone 2014 Annual Report Download - page 124
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54
Note D – Income Taxes
The components of income from continuing operations before income taxes are as follows:
Year Ended
(in thousands)
August 30,
2014
August 31,
2013
August 25,
2012
Domestic ............................................................................. $ 1,550,203 $ 1,486,386 $ 1,373,142
International ........................................................................ 112,511 101,297 79,844
$ 1,662,714 $ 1,587,683 $ 1,452,986
The provision for income tax expense consisted of the following:
Year Ended
(in thousands)
August 30,
2014
August 31,
2013
August 25,
2012
Current:
Federal ............................................................................. $ 516,983 $ 466,803 $ 424,895
State ................................................................................. 54,481 46,494 47,386
International..................................................................... 36,204 38,202 24,775
607,668 551,499
497,056
Deferred:
Federal ............................................................................. (762) 16,816 33,679
State ................................................................................. (7,752) 3,139 (2,822)
International..................................................................... (6,184) (251) (5,300)
(14,698) 19,704 25,557
Income tax expense ............................................................. $ 592,970 $ 571,203 $ 522,613
A reconciliation of the provision for income taxes to the amount computed by applying the federal statutory tax
rate of 35% to income before income taxes is as follows:
Year Ended
(in thousands)
August 30,
2014
August 31,
2013
August 25,
2012
Federal tax at statutory U.S. income tax rate ...................... 35.0% 35.0% 35.0%
State income taxes, net ........................................................ 1.8% 2.0% 2.0%
Other ................................................................................... (1.1%) (1.0%) (1.0%)
Effective tax rate ................................................................. 35.7% 36.0% 36.0%
10-K