Home Depot 2008 Annual Report Download - page 48

Download and view the complete annual report

Please find page 48 of the 2008 Home Depot annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 66

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66

The reconciliation of the Provision for Income Taxes at the federal statutory rate of 35% to the actual tax expense for the
applicable fiscal years was as follows (amounts in millions):
February 1,
2009 February 3,
2008 January 28,
2007
Fiscal Year Ended
Income taxes at federal statutory rate $1,257 $2,317 $2,976
State income taxes, net of federal income tax benefit 92 196 234
Other, net (71) (103) 26
Total $1,278 $2,410 $3,236
The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax
liabilities as of February 1, 2009 and February 3, 2008, were as follows (amounts in millions):
February 1,
2009 February 3,
2008
Current:
Deferred Tax Assets:
Property and equipment $85 $—
Accrued self-insurance liabilities 143 155
Other accrued liabilities 490 601
Current Deferred Tax Assets 718 756
Deferred Tax Liabilities:
Accelerated inventory deduction (114) (118)
Other (118) (113)
Current Deferred Tax Liabilities (232) (231)
Current Deferred Tax Assets, net 486 525
Noncurrent:
Deferred Tax Assets:
Accrued self-insurance liabilities 317 285
State income taxes 118 105
Capital loss carryover 65 56
Net operating losses 71 52
Other 222 54
Valuation allowance (12) (7)
Noncurrent Deferred Tax Assets 781 545
Deferred Tax Liabilities:
Property and equipment (1,068) (1,133)
Goodwill and other intangibles (78) (69)
Other —(31)
Noncurrent Deferred Tax Liabilities (1,146) (1,233)
Noncurrent Deferred Tax Liabilities, net (365) (688)
Net Deferred Tax Assets (Liabilities) $ 121 $ (163)
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):
February 1,
2009 February 3,
2008
Other Current Assets $ 491 $ 535
Other Assets 4—
Other Accrued Expenses (5) (10)
Deferred Income Taxes (369) (688)
Net Deferred Tax Assets (Liabilities) $ 121 $(163)
43