Dillard's 2008 Annual Report Download - page 66

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7. Trade Accounts Payable and Accrued Expenses
Trade accounts payable and accrued expenses consist of the following:
January 31, 2009 February 2, 2008
(in thousands of dollars)
Trade accounts payable .......................... $457,062 $565,215
Accrued expenses:
Taxes, other than income ..................... 62,885 58,477
Salaries, wages and employee benefits .......... 43,244 46,248
Liability to customers ........................ 49,750 61,599
Interest ................................... 18,503 11,097
Rent ...................................... 5,048 6,027
Other ..................................... 6,448 4,646
$642,940 $753,309
8. Income Taxes
The provision for federal and state income taxes is summarized as follows:
Fiscal
2008
Fiscal
2007
Fiscal
2006
(in thousands of dollars)
Current:
Federal .................................. $ (84,424) $24,977 $ 47,509
State .................................... 1,556 (9,568) 5,878
(82,868) 15,409 53,387
Deferred:
Federal .................................. (49,145) (4,914) (35,338)
State .................................... (8,507) 2,515 2,531
(57,652) (2,399) (32,807)
$(140,520) $13,010 $ 20,580
A reconciliation between the Company’s income tax provision and income taxes using the federal statutory
income tax rate is presented below:
Fiscal
2008
Fiscal
2007
Fiscal
2006
(in thousands of dollars)
Income tax at the statutory federal rate (inclusive of
equity in earnings of joint ventures) ............. $(133,555) $23,370 $ 93,179
State income taxes, net of federal benefit (inclusive of
equity in earnings of joint ventures) ............. (6,538) 1,585 5,591
Net changes in FIN 48 liabilities /reserves .......... 2,495 (5,867) (57,236)
Tax benefit of federal credits ..................... (4,069) (3,340) —
Nondeductible goodwill write off ................. 11,680 933 —
Changes in cash surrender value of life insurance
policies .................................... (803) (914) —
Changes in valuation allowance .................. (10,492) (1,733) (24,408)
Other ....................................... 762 307 3
Tax benefit of state restructuring .................. — (1,331) —
Changes in tax rate ............................ — — 3,451
$(140,520) $13,010 $ 20,580
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