Tech Data 2013 Annual Report Download - page 71
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Table of Contents
The reconciliation of income tax computed at the U.S. federal statutory tax rate to income tax expense is as follows:
In fiscal 2013 and fiscal 2012, the Company recorded income tax benefits of $25.1 million and $13.6 million , respectively, for the reversal of
deferred tax valuation allowances related to specific European jurisdictions which had been recorded in prior fiscal years. The income tax benefit
recorded in fiscal 2012 was substantially offset by an income tax expense associated with the write-off of deferred and other income tax assets
related to the closure of the Brazil in-country commercial operations.
66
Year ended January 31,
2013
2012
2011
(As restated)
(As restated)
U.S. statutory rate 35.0%
35.0%
35.0%
State income taxes, net of federal benefit 1.2
0.4
0.6
Net changes in deferred tax valuation allowances (9.0)
(3.4)
(1.5)
Tax on foreign earnings different than U.S. rate (9.9)
(9.9)
(8.5)
Nondeductible penalties 0.5
0.0
0.0
Nondeductible interest 0.8
1.6
1.4
Reserve established for foreign income tax contingencies 0.5
0.1
0.6
Reversal of previously accrued income tax reserves 0.0
(0.4)
(0.2)
Effect of company-owned life insurance (0.4)
0.0
(0.5)
Disposal of subsidiaries 0.0
3.2
0.0
Other, net 1.4
(0.5)
1.1
20.1%
26.1%
28.0%