Dillard's 2012 Annual Report Download - page 69

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Notes to Consolidated Financial Statements (Continued)
5. Trade Accounts Payable and Accrued Expenses
Trade accounts payable and accrued expenses consist of the following:
(in thousands of dollars) February 2, 2013 January 28, 2012
Trade accounts payable ...................... $469,237 $452,408
Accrued expenses:
Taxes, other than income ................... 63,890 67,822
Salaries, wages and employee benefits ......... 63,361 64,544
Liability to customers ..................... 42,127 42,173
Interest ............................... 4,328 14,408
Rent.................................. 3,928 3,382
Other ................................. 6,898 10,916
$653,769 $655,653
6. Income Taxes
The provision for federal and state income taxes is summarized as follows:
Fiscal Fiscal Fiscal
(in thousands of dollars) 2012 2011 2010
Current:
Federal ............................... $205,019 $ 141,473 $65,911
State ................................. 1,134 6,878 100
206,153 148,351 66,011
Deferred:
Federal ............................... (60,616) (208,847) 18,126
State ................................. (477) (2,022) 313
(61,093) (210,869) 18,439
$145,060 $ (62,518) $84,450
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) 2012 2011 2010
Income tax at the statutory federal rate (inclusive
of income on (equity in losses of) joint ventures) . $168,358 $ 140,487 $92,424
State income taxes, net of federal benefit (inclusive
of income on (equity in losses of) joint ventures) . 5,375 2,261 4,846
Net changes in unrecognized tax benefits, interest,
and penalties /reserves .................... (1,766) (565) (6,062)
Tax benefit of federal credits ................. (2,759) (3,702) (2,473)
Changes in cash surrender value of life insurance
policies ............................... (1,160) (982) (1,218)
Changes in valuation allowance ............... (1,027) (199,299) (3,642)
Tax benefit of dividends paid to ESOP .......... (19,728) (797) (903)
Other .................................. (2,233) 79 1,478
$145,060 $ (62,518) $84,450
F-19