Famous Footwear 2004 Annual Report Download - page 56
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Net deferred tax asset $2,993 $9,958
At the end of fiscal 2003, the Company had foreign tax credit carryforwards of $6.2 million, which expire in fiscal 2006. No valuation
allowance is deemed necessary for the foreign tax credit carryforward or the net deferred tax asset as of January 31, 2004, as management
believes it is more likely than not the deferred tax asset will be fully realized.
As of January 31, 2004, no deferred taxes have been provided on the accumulated unremitted earnings of the Company’s foreign
subsidiaries that are not subject to United States income tax. The Company’s intention is to reinvest these earnings indefinitely or to
repatriate the earnings only when it is tax-effective to do so. If these
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