Dollar General 2015 Annual Report Download - page 131
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10-K
DOLLAR GENERAL CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
4. Income taxes
The provision (benefit) for income taxes consists of the following:
(In thousands) 2015 2014 2013
Current:
Federal ............................... $590,120 $543,089 $530,728
Foreign ............................... 1,678 1,245 1,324
State ................................ 84,021 81,816 101,174
675,819 626,150 633,226
Deferred:
Federal ............................... 6,410 (7,697) (16,132)
State ................................ 5,715 (2,937) (13,880)
12,125 (10,634) (30,012)
$687,944 $615,516 $603,214
A reconciliation between actual income taxes and amounts computed by applying the federal
statutory rate to income before income taxes is summarized as follows:
(Dollars in thousands) 2015 2014 2013
U.S. federal statutory rate on earnings before
income taxes ......................... $648,558 35.0% $588,303 35.0% $569,916 35.0%
State income taxes, net of federal income tax
benefit .............................. 59,700 3.2 49,819 3.0 56,822 3.5
Jobs credits, net of federal income taxes ....... (21,366) (1.2) (18,961) (1.1) (19,348) (1.2)
Increase (decrease) in valuation allowances ..... (1,371) (0.1) 1,453 0.1 (437) —
Decrease in income tax reserves ............. (2,037) (0.1) (6,449) (0.4) (6,391) (0.4)
Other, net ............................. 4,460 0.3 1,351 — 2,652 0.1
$687,944 37.1% $615,516 36.6% $603,214 37.0%
The 2015 effective tax rate was an expense of 37.1%. This expense was greater than the federal
statutory tax rate of 35% due primarily to the inclusion of state income taxes in the total effective tax
rate. The 2015 effective income tax rate increased from 2014 due principally to federal and state
reserve releases in 2014 that did not reoccur, to the same extent, in 2015.
The 2014 effective tax rate was an expense of 36.6%. This expense was greater than the federal
statutory tax rate of 35% due primarily to the inclusion of state income taxes in the total effective tax
rate. The 2014 effective income tax rate decreased from 2013 due principally to the favorable resolution
of state income tax examinations and a reduction in other state income tax reserve increases.
The 2013 effective tax rate was an expense of 37.0%. This expense was greater than the federal
statutory tax rate of 35% due primarily to the inclusion of state income taxes in the total effective tax
rate.
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