Foot Locker 2013 Annual Report Download - page 77
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Foot Locker, Inc.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
18. Income Taxes
Following are the domestic and international components of pre-tax income:
2013 2012 2011
(in millions)
Domestic $558 $508 $321
International 105 99 114
Total pre-tax income $663 $607 $435
The income tax provision consists of the following:
2013 2012 2011
(in millions)
Current:
Federal $164 $152 $ 93
State and local 26 22 11
International 25 16 24
Total current tax provision 215 190 128
Deferred:
Federal 13 13 16
State and local 556
International 127
Total deferred tax provision 19 20 29
Total income tax provision $234 $210 $157
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 $890 million and $835 million at February 1, 2014 and
February 2, 2013, respectively. The determination of the amount of the deferred tax liability related to perma-
nently 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 is as follows:
2013 2012 2011
Federal statutory income tax rate 35.0% 35.0% 35.0%
State and local income taxes, net of federal tax benefit 3.5 3.2 3.1
International income taxed at varying rates (1.6) (0.4) (0.3)
Foreign tax credits (2.5) (1.8) (1.3)
Domestic/foreign tax settlements (1.1) (2.2) 0.3
Federal tax credits (0.2) (0.2) (0.6)
Other, net 2.2 1.0 (0.2)
Effective income tax rate 35.3% 34.6% 36.0%
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