Estee Lauder 2013 Annual Report Download - page 156
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Total Returns and Other Charges Associated with
Restructuring Activities
The following table presents total returns and charges
associated with restructuring and other activities related
to the Program:
YEAR ENDED JUNE 30 2013 2012 2011
(In millions)
Sales returns (included in
Net Sales) $ 1.5 $ 2.1 $ 4.6
Cost of sales 1.2 1.5 5.8
Restructuring charges 14.6 53.6 41.1
Other charges 0.5 6.0 7.9
Total charges associated
with restructuring activities
$17.8 $63.2 $59.4
20
1
3
$
1.
5
1.2
1
4.
6
0
.
5
$
17.
8
During fiscal 2013, the Company recorded $1.5 million
reflecting sales returns (less related cost of sales of
$0.2 million) and a write-off of inventory of $1.4 million
associated with exiting unprofitable operations.
During fiscal 2012, the Company recorded $2.1 million
reflecting sales returns (less related cost of sales of
$0.3 million) and a write-off of inventory of $1.8 million
associated with exiting unprofitable operations.
During fiscal 2011, the Company recorded $4.6 million
reflecting sales returns (less related cost of sales of
$1.2 million) and a write-off of inventory of $7.0 million
associated with turnaround operations, primarily related
to the reformulation of Ojon brand products.
Other charges in connection with the implementation
of the Program primarily relate to consulting and other
professional services.
154 THE EST{E LAUDER COMPANIES INC.
NOTE 7
—
INCOME TAXES
The provision for income taxes is comprised of the following:
YEAR ENDED JUNE 30 2013 2012 2011
(In millions)
Current:
Federal $261.7 $154.5 $127.2
Foreign 241.5 254.1 220.0
State and local 24.3 14.1 (1.0)
527.5 422.7 346.2
Deferred:
Federal (35.2) (13.8) (27.8)
Foreign (41.3) (9.0) 2.6
State and local 0.4 0.7 0.7
(76.1) (22.1) (24.5)
$451.4 $400.6 $321.7
20
13
$
261.
7
24
1
.
5
2
4.
3
52
7.
5
(
35.2
)
(
41.3
)
0
.
4
(76.1
)
$
451.
4
A reconciliation of the U.S. federal statutory income tax rate to our actual effective tax rate on earnings before income
taxes is as follows:
YEAR ENDED JUNE 30 2013 2012 2011
(In millions)
Provision for income taxes at statutory rate 35.0% 35.0% 35.0%
Increase (decrease) due to:
State and local income taxes, net of federal tax benefit 1.3 1.1 0.8
Taxation of foreign operations (4.9) (4.2) (2.7)
Income tax reserve adjustments (1.0) (0.8) (1.8)
Other, net 0.2 0.7 0.1
Effective tax rate 30.6% 31.8% 31.4%
2
013
35.0
%
1.
3
(
4.9
)
(
1.0
)
0
.2
30.6
%