TGT » Topics » Provision for Income Taxes

This excerpt taken from the TGT 10-K filed Mar 18, 2010.

Provision for Income Taxes

        Our effective income tax rate was 35.7 percent in 2009 and 37.4 percent in 2008. The decrease in the effective rate between periods is primarily due to nontaxable capital market returns on investments used to economically hedge the market risk in deferred compensation plans in 2009 compared with nondeductible losses in 2008. The 2009 effective income tax rate is also lower due to federal and state discrete items.

        Our effective income tax rate for 2008 was 37.4 percent compared with 38.4 percent in 2007. The decrease in 2008 was primarily due to tax reserve reductions resulting from audit settlements and the effective resolution of other issues. The 2008 effective income tax rate was also lower due to a comparatively greater proportion of earnings subject to rate differences between taxing jurisdictions. These rate declines were partially offset by lower capital market returns on investments used to economically hedge the market risk in deferred compensation plans. Gains and losses from these investments are not taxable.

This excerpt taken from the TGT 10-K filed Mar 12, 2010.

Provision for Income Taxes

        Our effective income tax rate was 35.7 percent in 2009 and 37.4 percent in 2008. The decrease in the effective rate between periods is primarily due to nontaxable capital market returns on investments used to economically hedge the market risk in deferred compensation plans in 2009 compared with nondeductible losses in 2008. The 2009 effective income tax rate is also lower due to federal and state discrete items.

        Our effective income tax rate for 2008 was 37.4 percent compared with 38.4 percent in 2007. The decrease in 2008 was primarily due to tax reserve reductions resulting from audit settlements and the effective resolution of other issues. The 2008 effective income tax rate was also lower due to a comparatively greater proportion of earnings subject to rate differences between taxing jurisdictions. These rate declines were partially offset by lower capital market returns on investments used to economically hedge the market risk in deferred compensation plans. Gains and losses from these investments are not taxable.

This excerpt taken from the TGT 10-Q filed Jun 5, 2009.

Provision for Income Taxes

 

Our effective income tax rate was 36.7 percent for the three months ended May 2, 2009 compared with 37.1 percent for the three months ended May 3, 2008. The decrease between the two periods was primarily due to higher capital market returns on investments used to economically hedge the market risk in deferred compensation plans. Gains and losses from these investments are not taxable. The current period’s effective income tax rate was also affected by a decrease in the amount of reserves recorded for tax uncertainties.

 

These excerpts taken from the TGT 10-K filed Mar 13, 2009.

Provision for Income Taxes

        Our effective income tax rate was 37.4 percent in 2008, 38.4 percent in 2007 and 38.0 percent in 2006. The decrease in 2008 was primarily due to tax reserve reductions resulting from audit settlements and the effective resolution of other issues. The 2008 effective income tax rate is also lower due to a comparatively greater proportion of earnings subject to rate differences between taxing jurisdictions. These rate declines were partially offset by lower capital market returns on investments used to economically hedge the market risk in deferred compensation plans. Gains and losses from these investments are not taxable. The increase in the 2007 effective rate from the prior year was primarily due to lower capital market returns on these investments as compared to 2006.

Provision for Income Taxes



        Our effective income tax rate was 37.4 percent in 2008, 38.4 percent in 2007 and 38.0 percent in 2006. The
decrease in 2008 was primarily due to tax reserve reductions resulting from audit settlements and the effective resolution of other issues. The 2008 effective income tax rate is also lower due to a
comparatively greater proportion of earnings subject to rate differences between taxing jurisdictions. These rate declines were partially offset by lower capital market returns on investments used to
economically hedge the market risk in deferred compensation plans. Gains and losses from these investments are not taxable. The increase in the 2007 effective rate from the prior year was primarily
due to lower capital market returns on these investments as compared to 2006.



These excerpts taken from the TGT 10-K filed Mar 13, 2008.

Provision for Income Taxes

        Our effective income tax rate was 38.4 percent in 2007, 38.0 percent in 2006 and 37.6 percent in 2005. The increase in 2007 was primarily due to the less favorable impact that capital market returns had on certain book to tax differences during 2007, compared to the more favorable returns in 2006. Our lower 2005 effective rate was due to the favorable resolution of various tax matters in 2005. We do not expect our 2008 effective income tax rate to change significantly from 2007.

Provision for Income Taxes



        Our effective income tax rate was 38.4 percent in 2007, 38.0 percent in 2006 and 37.6 percent in 2005. The increase in 2007 was primarily due
to the less favorable impact that capital market returns had on certain book to tax differences during 2007, compared to the more favorable returns in 2006. Our lower 2005 effective rate was due to
the favorable resolution of various tax matters in 2005. We do not expect our 2008 effective income tax rate to change significantly from 2007.



This excerpt taken from the TGT 10-K filed Mar 15, 2007.

Provision for Income Taxes

        Our effective income tax rate from continuing operations was 38.0 percent in 2006, 37.6 percent in 2005 and 37.8 percent in 2004. Our lower 2005 effective rate was due to the favorable resolution of various tax matters in 2005. We expect our effective income tax rate in 2007 to rise modestly from 2006.

This excerpt taken from the TGT 10-K filed Apr 10, 2006.

Provision for Income Taxes

 

Our effective income tax rate from continuing operations was 37.6 percent in 2005 and 37.8 percent in 2004 and 2003, respectively.  The slight decrease in our effective rate for 2005 related to several non-recurring favorable components of our provision for income taxes.  We expect our effective income tax rate in 2006 to be approximately 38.0 to 38.5 percent.

 

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