Foot Locker 2009 Annual Report Download - page 65
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The income tax provision (benefit) consists of the following:
2009 2008 2007
(in millions)
Current:
Federal ..................................... $(6) $ 2 $ (3)
State and local ................................ — 3 (4)
International ................................. 30 18 43
Total current tax provision ......................... 24 23 36
Deferred:
Federal ..................................... (3) (42) (52)
State and local ................................ — (6) 1
International ................................. 5 4 (78)
Total deferred tax provision (benefit) ................... 2 (44) (129)
Total income tax provision (benefit) .................... $26 $(21) $ (93)
Provision has been made in the accompanying Consolidated Statements of Operations for additional income
taxes applicable to dividends received or expected to be received from international subsidiaries. The amount of
unremitted earnings of international subsidiaries for which no such tax is provided and which is considered to be
permanently reinvested in the subsidiaries totaled $599 million and $511 million at January 30, 2010, and
January 31, 2009, respectively. Determination of the amount of the deferred tax liability, if any, related to
permanently reinvested earnings is not practicable.
A reconciliation of the significant differences between the federal statutory income tax rate and the
effective income tax rate on pre-tax income (loss) from continuing operations is as follows:
2009 2008 2007
Federal statutory income tax rate ...................... 35.0% (35.0)% (35.0)%
State and local income taxes, net of federal tax benefit ....... 0.2 (6.6) (11.0)
International income taxed at varying rates ............... 1.3 (2.1) 7.5
Foreign tax credits ................................ (7.4) (5.3) (53.1)
Increase (decrease) in valuation allowance ............... — 0.2 (120.0)
Domestic/foreign tax settlements ..................... (2.8) (2.2) —
Tax exempt obligations ............................ — — (3.7)
Federal tax credits ................................ (2.0) (1.2) (1.6)
Foreign dividends and gross-up ....................... — — 25.4
Non-deductible impairment charges .................... — 26.9 —
Canadian tax rate changes .......................... 6.0 0.4 —
Other, net ..................................... 5.7 4.1 4.5
Effective income tax rate ........................... 36.0% (20.8)% (187.0)%
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