AutoZone 2015 Annual Report Download - page 148
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55
Note D – Income Taxes
The components of income from continuing operations before income taxes are as follows:
Year Ended
(in thousands) August 29,
2015
August 30,
2014
August 31,
2013
Domestic ............................................................................. $ 1,676,640 $ 1,550,203 $ 1,486,386
International ........................................................................ 125,972 112,511 101,297
$ 1,802,612 $ 1,662,714 $ 1,587,683
The provision for income tax expense consisted of the following:
Year Ended
(in thousands) August 29,
2015
August 30,
2014
August 31,
2013
Current:
Federal .............................................................................. $ 522,073 $ 516,983 $ 466,803
State .................................................................................. 41,921 54,481 46,494
International ...................................................................... 42,406 36,204 38,202
606,400 607,668 551,499
Deferred:
Federal .............................................................................. 38,299 (762) 16,816
State .................................................................................. 941 (7,752) 3,139
International ...................................................................... (3,269) (6,184) (251)
35,971 (14,698) 19,704
Income tax expense .............................................................. $ 642,371 $ 592,970 $ 571,203
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 29,
2015
August 30,
2014
August 31,
2013
Federal tax at statutory U.S. income tax rate ....................... 35.0% 35.0% 35.0%
State income taxes, net ......................................................... 1.5% 1.8% 2.0%
Other .................................................................................... (0.9%) (1.1%) (1.0%)
Effective tax rate .................................................................. 35.6% 35.7% 36.0%
10-K