Best Buy 2002 Annual Report Download - page 53

Download and view the complete annual report

Please find page 53 of the 2002 Best Buy 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 64

  • 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

Best Buy Co., Inc. 51
7. Income Taxes
The following is a reconciliation of income tax expense to the federal statutory tax rate:
2002 2001 2000
Federal income tax at the statutory rate $328 $224 $197
State income taxes, net of federal benefit 35 27 23
Tax-exempt interest income (4) (9) (6)
Goodwill amortization 6——
Other 132
Income tax expense $366 $245 $216
Effective tax rate 39.1% 38.3% 38.3%
Income tax expense consists of the following:
2002 2001 2000
Current:
Federal $303 $179 $165
State 39 23 21
Foreign 1——
343 202 186
Deferred:
Federal 15 38 26
State 254
Foreign 6——
23 43 30
Income tax expense $ 366 $245 $216
$ in millions, except per share amounts