Ingram Micro 2013 Annual Report Download - page 55
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Table of Contents
INGRAM MICRO INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
(In 000s, except per share data)
Note 7 — Income Taxes
We account for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected
future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined
based on the differences between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the
differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the
enactment date. The estimates and assumptions we use in computing the income taxes reflected in our consolidated financial statements could differ from the
actual results reflected in our income tax returns filed during the subsequent year. We record adjustments based on filed returns as such returns are finalized
and resultant adjustments are identified.
The components of income before income taxes consist of the following:
Fiscal Year Ended
2013
2012
2011
United States $ 200,663
$156,134
$129,412
Foreign 235,436
240,050
258,459
Total $436,099
$396,184
$ 387,871
The provision for income taxes consists of the following:
Fiscal Year Ended
2013
2012
2011
Current:
Federal $ 80,910
$ 13,642
$29,238
State 8,225
2,547
3,951
Foreign 69,468
80,003
81,617
158,603
96,192
114,806
Deferred:
Federal (13,894)
(20,738)
23,772
State (1,776)
1,161
707
Foreign (17,417)
13,660
4,346
(33,087)
(5,917)
28,825
Provision for income taxes $125,516
$90,275
$143,631
The reconciliation of the statutory U.S. federal income tax rate to our effective tax rate is as follows:
Fiscal Year Ended
2013
2012
2011
U.S. statutory rate 35.0 %
35.0 %
35.0 %
State income taxes, net of federal income tax benefit 1.5
1.2
1.5
U.S. tax on foreign earnings, net of foreign tax credits (4.6)
0.6
0.2
Effect of international operations (5.6)
(7.7)
(9.7)
Effect of change in valuation allowances 2.9
2.6
8.7
Effect of worthless stock deduction —
(9.0)
—
Other (0.4)
0.1
1.3
Effective tax rate 28.8 %
22.8 %
37.0 %
55