Pepsi 2013 Annual Report Download - page 104
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86
Note 5 — Income Taxes
The components of income before income taxes are as follows:
2013 2012 2011
U.S. $ 3,078 $ 3,234 $ 3,964
Foreign 5,813 5,070 4,870
$ 8,891 $ 8,304 $ 8,834
The provision for income taxes consisted of the following:
2013 2012 2011
Current: U.S. Federal $ 1,092 $ 911 $ 611
Foreign 807 940 882
State 124 153 124
2,023 2,004 1,617
Deferred: U.S. Federal 87 154 789
Foreign 11 (95) (88)
State (17) 27 54
81 86 755
$ 2,104 $ 2,090 $ 2,372
A reconciliation of the U.S. Federal statutory tax rate to our annual tax rate is as follows:
2013 2012 2011
U.S. Federal statutory tax rate 35.0% 35.0% 35.0%
State income tax, net of U.S. Federal tax benefit 1.2 1.4 1.3
Lower taxes on foreign results (8.8) (6.9) (8.7)
Tax benefits (2.4) (2.6) —
Other, net (1.3) (1.7) (0.8)
Annual tax rate 23.7% 25.2% 26.8%