Home Depot 2007 Annual Report Download - page 68

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The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities as of
February 3, 2008 and January 28, 2007, were as follows (amounts in millions):
Current deferred tax assets and current deferred tax liabilities are netted by tax jurisdiction and noncurrent deferred tax assets and noncurrent
deferred tax liabilities are netted by tax jurisdiction, and are included in the accompanying Consolidated Balance Sheets as follows (amounts in
millions):
The Company believes that the realization of the deferred tax assets is more likely than not, based upon the expectation that it will generate the
necessary taxable income in future periods and, except for certain net operating losses discussed below, no valuation reserves have been
provided. As a result
51
February 3,
2008
January 28,
2007
Current:
Deferred Tax Assets:
Accrued self
-
insurance liabilities
$
155
$
94
Other accrued liabilities
601
603
Current Deferred Tax Assets
756
697
Deferred Tax Liabilities:
Accelerated inventory deduction
(118
)
(137
)
Other
(113
)
(29
)
Current Deferred Tax Liabilities
(231
)
(166
)
Current Deferred Tax Assets, net
525
531
Noncurrent:
Deferred Tax Assets:
Accrued self
-
insurance liabilities
285
325
State income taxes
105
—
Capital loss carryover
56
—
Net operating losses
52
66
Other
54
—
Valuation allowance
(7
)
—
Noncurrent Deferred Tax Assets
545
391
Deferred Tax Liabilities:
Property and equipment
(1,133
)
(1,365
)
Goodwill and other intangibles
(69
)
(361
)
Other
(31
)
(74
)
Noncurrent Deferred Tax Liabilities
(1,233
)
(1,800
)
Noncurrent Deferred Tax Liabilities, net
(688
)
(1,409
)
Net Deferred Tax Liabilities
$
(163
)
$
(878
)
February 3,
2008
January 28,
2007
Other Current Assets
$
535
$
561
Other Assets
—
7
Other Accrued Expenses
(10
)
(30
)
Deferred Income Taxes
(688
)
(1,416
)
Net Deferred Tax Liabilities
$
(163
)
$
(878
)