DSW 2014 Annual Report Download - page 70
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Table of Contents
January 31, 2015
February 1, 2014
(in thousands)
Deferred tax assets:
State net operating loss and tax credits $ 701
$ 332
Inventory 7,562
5,826
Construction and tenant allowances 6,074
7,441
Stock-based compensation 9,624
7,457
Benefit from uncertain tax positions 100
58
Guarantees 1,185
1,347
Accrued expenses 1,890
961
Accrued rewards 5,918
7,756
Accrued rent 15,395
14,790
Other 14,317
13,068
Total deferred tax assets, gross of valuation allowance 62,766
59,036
Less: valuation allowance (1,246)
(860)
Total deferred tax assets, net of valuation allowance 61,520
58,176
Deferred tax liabilities:
Property and equipment (27,236)
(24,214)
Prepaid expenses (1,113)
(957)
Other (2,092)
(3,288)
Total deferred tax liabilities (30,441)
(28,459)
Total – net deferred tax asset $ 31,079
$ 29,717
The federal net operating loss and state net operating loss and tax credits were fully utilized in 2013. The Company establishes valuation allowances for
deferred tax assets when the amount of expected future taxable income is not likely to support the use of the deduction or credit. The valuation allowance as
of January 31, 2015 is related to a capital loss carryforward, state income tax credits and state income tax refunds. The valuation allowance as of February 1,
2014 was related to a capital loss carryforward and state income tax credits.
As of January 31, 2015, U.S. taxes have not been provided on unremitted earnings of subsidiaries operating outside of the United States. These earnings,
which are considered to be invested indefinitely, would become subject to income tax if the Company elects to distribute these foreign earnings in the
future. Determination of the amount of unrecognized deferred U.S. income tax liability on these unremitted earnings is not practicable because such liability,
if any, is dependent on circumstances existing if and when remittance occurs.
F- 30
Source: DSW Inc., 10-K, March 26, 2015 Powered by Morningstar® Document Research℠
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