Home Depot 2013 Annual Report Download - page 49

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44
The Company’s combined federal, state and foreign effective tax rates for fiscal 2013, 2012 and 2011 were approximately
36.4%, 37.2% and 36.0%, respectively.
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):
Fiscal Year Ended
February 2,
2014 February 3,
2013 January 29,
2012
Income taxes at federal statutory rate $ 2,964 $ 2,527 $ 2,125
State income taxes, net of federal income tax benefit 227 197 175
Other, net (109)(38)(115)
Total $ 3,082 $ 2,686 $ 2,185
The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax
liabilities as of February 2, 2014 and February 3, 2013 were as follows (amounts in millions):
February 2,
2014 February 3,
2013
Assets:
Deferred compensation $ 252 $ 265
Accrued self-insurance liabilities 447 459
State income taxes 117 97
Non-deductible reserves 275 285
Capital loss carryover 104 104
Net operating losses 66 71
Impairment of investment 120 120
Other 281 174
Total Deferred Tax Assets 1,662 1,575
Valuation Allowance (26)(27)
Total Deferred Tax Assets after Valuation Allowance 1,636 1,548
Liabilities:
Inventory (97)(92)
Property and equipment (1,236)(1,194)
Goodwill and other intangibles (150)(112)
Other (138)(128)
Total Deferred Tax Liabilities (1,621)(1,526)
Net Deferred Tax Assets $ 15 $ 22
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 2,
2014 February 3,
2013
Other Current Assets $ 482 $ 313
Other Assets 49 30
Other Accrued Expenses (2)(2)
Deferred Income Taxes (514)(319)
Net Deferred Tax Assets $ 15 $ 22