Dillard's 2004 Annual Report Download - page 48

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6. Trade Accounts Payable and Accrued Expenses
Trade accounts payable and accrued expenses consist of the following:
(in thousands of dollars) January 29, 2005 January 31, 2004
Trade accounts payable $597,046 $457,485
Accrued expenses:
Taxes, other than income 70,290 76,263
Salaries, wages,
and employee benefits 55,099 44,661
Liability to customers 51,974 47,340
Interest 31,877 39,789
Rent 9,563 9,949
Other 4,393 4,367
$820,242 $679,854
7. Income Taxes
The provision for federal and state income taxes is summarized as follows:
Fiscal Fiscal Fiscal
(in thousands of dollars) 2004 2003 2002
Current:
Federal $ 156,137 $(5,293) $45,428
State 32,784 (1,680) 2,029
188,921 (6,973) 47,457
Deferred:
Federal (92,359) 12,046 23,570
State (29,677) 1,577 1,308
(122,036) 13,623 24,878
$ 66,885 $ 6,650 $72,335
A reconciliation between the Company’s income tax provision and income taxes using the federal statutory income tax
rate is presented below:
Fiscal Fiscal Fiscal
(in thousands of dollars) 2004 2003 2002
Income tax at the
statutory federal rate $64,593 $5,598 $71,493
State income taxes,
net of federal benefit 1,834 122 2,008
Nondeductible
goodwill write off 433 869 -
Other 25 61 (1,166)
$66,885 $6,650 $72,335
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and
liabilities for financial reporting purposes and the amounts used for income tax purposes. The Company’s actual federal
and state income tax rate (exclusive of the effect of non-deductible goodwill write-off) was 36% in fiscal 2004, 2003 and
2002. Significant components of the Company’s deferred tax assets and liabilities as of January 29, 2005 and January
31, 2004 are as follows:
F-16