DSW 2014 Annual Report Download - page 69
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Table of Contents
.
Income Tax Provision- The following table presents the composition of the provision for income taxes for continuing operations for the periods presented:
Fiscal
January 31, 2015
February 1, 2014
February 2, 2013
Current: (in thousands)
Federal $ 80,205
$ 36,407
$ 14,070
Foreign 717
22
—
State and local 16,152
14,817
9,193
Total current tax expense 97,074
51,246
23,263
Deferred:
Federal (1,616)
42,557
70,158
State and local 255
(1,098)
2,006
Total deferred tax expense (1,361)
41,459
72,164
Income tax provision $ 95,713
$ 92,705
$ 95,427
Rate Reconciliation- The following table presents a reconciliation of the expected income taxes for continuing operations based upon the statutory federal
income tax rate:
Fiscal
January 31, 2015
February 1, 2014
February 2, 2013
(in thousands)
Income tax expense at federal statutory rate $ 87,059
$ 85,402
$ 84,215
State and local taxes-net 8,808
8,532
7,631
Warrants —
—
2,142
Other (154)
(1,229)
1,439
Income tax provision $ 95,713
$ 92,705
$ 95,427
Deferred Tax Assets and Liabilities- The following tables present the deferred tax assets and liabilities and the components of deferred tax assets and
liabilities as of the periods presented:
January 31, 2015
February 1, 2014
(in thousands)
Current deferred tax assets $ 19,747
$ 18,130
Non-current deferred tax assets 11,332
11,587
Total net deferred tax asset $ 31,079
$ 29,717
F- 29
Source: DSW Inc., 10-K, March 26, 2015 Powered by Morningstar® Document Research℠
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