Dick's Sporting Goods 2015 Annual Report Download - page 61

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11. Income Taxes
The components of the provision for income taxes are as follows for the fiscal periods ended (in thousands):
2015 2014 2013
Current:
Federal $ 164,165 $ 187,735 $ 156,177
State 27,076 30,340 27,769
191,241 218,075 183,946
Deferred:
Federal 8,198 (5,740) 23,499
State 1,045 (519) 1,064
9,243 (6,259) 24,563
Total provision $ 200,484 $ 211,816 $ 208,509
The provision for income taxes differs from the amounts computed by applying the federal statutory rate as follows for the
following periods:
2015 2014 2013
Federal statutory rate 35.0 %35.0%35.0 %
State tax, net of federal benefit 3.5 %3.1%3.5 %
Valuation allowance (0.1)% —%(0.4)%
Other permanent items (0.6)% —%0.1 %
Effective income tax rate 37.8 %38.1%38.2 %
Components of deferred tax assets (liabilities) consist of the following as of the fiscal periods ended (in thousands):
2015 2014
Inventory $ 45,442 $ 42,163
Employee benefits 37,295 34,167
Deferred rent 36,485 31,234
Stock-based compensation 26,843 25,913
Gift cards 15,884 13,691
Other accrued expenses not currently deductible for tax purposes 9,532 5,520
Capital loss carryforward 5,304 5,608
Non income-based tax reserves 5,274 8,174
Deferred revenue currently taxable 4,957 4,837
Store closing expense 4,569 4,984
Uncertain income tax positions 4,253 3,524
Insurance 2,280 2,432
Other 179 77
Valuation allowance (5,304) (5,608)
Total deferred tax assets 192,993 176,716
Property and equipment (152,287) (134,057)
Inventory (35,095) (27,386)
Intangibles (5,900) (6,319)
Total deferred tax liabilities (193,282) (167,762)
Net deferred tax (liability) asset $ (289) $ 8,954
DICK'S SPORTING GOODS,€INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)
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