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Table of Contents CDW CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Income (loss) before income taxes was taxed under the following jurisdictions:
Components of the income tax expense (benefit) consisted of the following:
The reconciliation between the statutory tax rate expressed as a percentage of income (loss) before income taxes and the effective tax
rate is as follows:
72
9.
Income Taxes
(in millions) Years Ended December 31,
2012
2011
2010
Domestic
$
170.3
$
11.4
$
(48.8
)
Foreign
15.8
16.9
11.8
Total
$
186.1
$
28.3
$
(37.0
)
(in millions) Years Ended December 31,
2012
2011
2010
Current:
Federal
$
110.3
$
17.9
$
(10.6
)
State
8.0
(0.6
)
4.3
Foreign
5.1
4.1
2.8
Total current
123.4
21.4
(3.5
)
Deferred:
Domestic
(56.2
)
(9.9
)
(3.5
)
Foreign
(0.1
)
(0.3
)
(0.8
)
Total deferred
(56.3
)
(10.2
)
(4.3
)
Income tax expense (benefit)
$
67.1
$
11.2
$
(7.8
)
(dollars in millions) December 31,
2012
2011
2010
Statutory federal income tax rate
$
65.1
35.0
%
$
9.9
35.0
%
$
(13.0
)
35.0
%
State taxes, net of federal effect
0.4
0.2
%
(3.4
)
(11.8
)%
0.9
(2.5
)%
Equity-based compensation
5.7
3.1
%
5.1
17.9
%
3.9
(10.4
)%
Effect of rates different than statutory
(1.4
)
(0.8
)%
(1.1
)
(4.0
)%
(0.4
)
1.0
%
Valuation allowance —
—
%
(
0.9
)
(3.1
)%
0.9
(2.5
)%
Other
(2.7
)
(1.5
)%
1.6
5.7
%
(0.1
)
0.5
%
Effective tax rate
$
67.1
36.0
%
$
11.2
39.7
%
$
(7.8
)
21.1
%