Hasbro 2012 Annual Report Download - page 76
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HASBRO, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements — (Continued)
(Thousands of Dollars and Shares Except Per Share Data)
A reconciliation of the statutory United States federal income tax rate to Hasbro’s effective income tax rate
is as follows:
2012 2011 2010
Statutory income tax rate .......................................... 35.0% 35.0% 35.0%
State and local income taxes, net .................................... 0.3 0.3 0.4
Tax on international earnings ...................................... (9.4) (11.4) (11.2)
Exam settlements and statute expirations ............................. (0.7) (4.6) (4.4)
Other, net ...................................................... 0.7 1.5 1.9
25.9% 20.8% 21.7%
The components of earnings before income taxes, determined by tax jurisdiction, are as follows:
2012 2011 2010
United States .......................................... $113,893 132,255 168,436
International ........................................... 339,509 354,138 339,284
Total earnings before income taxes ......................... $453,402 486,393 507,720
The components of deferred income tax expense (benefit) arise from various temporary differences and
relate to items included in the consolidated statements of operations as well as items recognized in other
comprehensive earnings. The tax effects of temporary differences that give rise to significant portions of the
deferred tax assets and liabilities at December 30, 2012 and December 25, 2011 are:
2012 2011
Deferred tax assets:
Accounts receivable ............................................ $ 21,410 22,007
Inventories ................................................... 15,472 18,398
Loss carryforwards ............................................. 25,083 27,943
Operating expenses ............................................ 46,879 39,623
Pension ...................................................... 49,159 35,969
Other compensation ............................................ 53,611 49,780
Postretirement benefits .......................................... 16,447 15,723
Tax sharing agreement .......................................... 25,510 25,991
Other ........................................................ 31,038 17,749
Gross deferred tax assets ...................................... 284,609 253,183
Valuation allowance ............................................ (17,145) (18,145)
Net deferred tax assets ........................................ 267,464 235,038
Deferred tax liabilities:
International earnings not indefinitely reinvested ..................... 1,919 7,846
Depreciation and amortization of long-lived assets .................... 76,365 73,301
Equity method investment ....................................... 19,967 21,396
Other ........................................................ 5,736 3,075
Deferred tax liabilities ........................................ 103,987 105,618
Net deferred income taxes ......................................... $163,477 129,420
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