Ingram Micro 2011 Annual Report Download - page 70

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INGRAM MICRO INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
(In 000s, except per share data)
The components of income (loss) before income taxes consist of the following:
Fiscal Year Ended
2011 2010 2009
United States ........................................ $129,412 $ 86,200 $ (19,473)
Foreign ............................................. 258,459 351,861 288,721
Total ............................................... $387,871 $438,061 $269,248
The provision for income taxes consists of the following:
Fiscal Year Ended
2011 2010 2009
Current:
Federal ............................................ $ 29,238 $ 36,859 $ 1,707
State .............................................. 3,951 3,839 54
Foreign ............................................ 81,617 87,664 59,429
114,806 128,362 61,190
Deferred:
Federal ............................................ 23,772 (718) 11,989
State .............................................. 707 3,401 (979)
Foreign ............................................ 4,346 (11,044) (5,090)
28,825 (8,361) 5,920
Provision for income taxes ............................... $143,631 $120,001 $67,110
The reconciliation of the statutory U.S. federal income tax rate to our effective tax rate is as follows:
Fiscal Year Ended
2011 2010 2009
U.S. statutory rate ............................................... 35.0% 35.0% 35.0%
State income taxes, net of federal income tax benefit .................... 1.5 1.4 (0.1)
U.S. tax on foreign earnings, net of foreign tax credits ................... 0.2 (8.8) 5.8
Effect of international operations ................................... (9.7) (14.7) (19.7)
Effect of change in valuation allowance .............................. 8.7 13.6 1.7
Other ......................................................... 1.3 0.9 2.2
Effective tax rate ................................................ 37.0% 27.4% 24.9%
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