Aarons 2015 Annual Report Download - page 76
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Other Debt
As of December 31, 2014, other debt included $3.3 million of industrial development corporation revenue bonds. This debt was repaid during 2015.
Future maturities under the Company’s debt and capital lease obligations are as follows:
2016 $ 157,178
2017 100,134
2018 98,856
2019 133,190
2020 60,755
Thereafter 60,337
$ 610,450
Following is a summary of the Company’s income tax expense for the years ended December 31:
Current Income Tax Expense:
Federal $ 32,999
$ 41,946
$ 91,664
State 5,442
8,682
9,393
38,441
50,628
101,057
Deferred Income Tax Expense (Benefit):
Federal 35,413
(3,314)
(35,941)
State 3,557
(3,843)
(822)
38,970
(7,157)
(36,763)
$ 77,411
$ 43,471
$ 64,294
As a result of the extended bonus depreciation provisions in the Protecting Americans From Tax Hikes Act of 2015 not being enacted until December 2015,
the Company paid more than anticipated for the 2015 federal tax liability. The Company applied for and received a refund of $120.0 million in February
2016.
Significant components of the Company’s deferred income tax liabilities and assets at December 31 are as follows:
Deferred Tax Liabilities:
Lease Merchandise and Property, Plant and Equipment $ 228,174
$ 228,002
Goodwill & Other Intangibles 47,421
40,644
Investment in Partnership 88,913
61,342
Other, Net 2,062
1,866
Total Deferred Tax Liabilities 366,570
331,854
Deferred Tax Assets:
Accrued Liabilities 29,192
42,024
Advance Payments 15,713
14,272
Other, Net 14,936
7,713
Total Deferred Tax Assets 59,841
64,009
Less Valuation Allowance (752)
(706)
Net Deferred Tax Liabilities $ 307,481
$ 268,551
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