Best Buy 2011 Annual Report Download - page 113
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$ in millions, except per share amounts or as otherwise noted
11. Income Taxes
The following is a reconciliation of the federal statutory income tax rate to income tax expense in fiscal 2011, 2010 and
2009:
2011 2010 2009
Federal income tax at the statutory rate $ 727 $ 768 $ 595
State income taxes, net of federal benefit 42 66 49
Benefit from foreign operations (50) (41) (30)
Non-taxable interest income — (1) (3)
Other (5) 10 16
Impairments(1) ——47
Income tax expense $ 714 $ 802 $ 674
Effective income tax rate 34.4% 36.5% 39.6%
(1) Tax impact of the other-than-temporary impairment of our investment in the common stock of CPW and the non-deductibility of our
goodwill impairment charge.
Earnings before income tax expense and equity in income of affiliates by jurisdiction was as follows in fiscal 2011, 2010
and 2009:
2011 2010 2009
United States $1,629 $1,870 $1,540
Outside the United States 449 325 160
Earnings before income tax expense and equity in income of affiliates $2,078 $2,195 $1,700
Income tax expense was comprised of the following in fiscal 2011, 2010 and 2009:
2011 2010 2009
Current:
Federal $ 689 $666 $573
State 67 113 78
Foreign 92 53 66
848 832 717
Deferred:
Federal (113) (13) (7)
State (2) (11) 1
Foreign (19) (6) (37)
(134) (30) (43)
Income tax expense $ 714 $802 $674
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