Home Depot 2014 Annual Report Download - page 52

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47
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 1,
2015 February 2,
2014 February 3,
2013
Income taxes at federal statutory rate $ 3,492 $ 2,964 $ 2,527
State income taxes, net of federal income tax benefit 235 227 197
Other, net (96)(109)(38)
Total $ 3,631 $ 3,082 $ 2,686
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, 2015 and February 2, 2014 were as follows (amounts in millions):
February 1,
2015 February 2,
2014
Assets:
Deferred compensation $ 272 $ 252
Accrued self-insurance liabilities 440 447
State income taxes 121 117
Non-deductible reserves 283 275
Capital loss carryover —104
Net operating losses 45 66
Impairment of investment 30 120
Other 279 281
Total Deferred Tax Assets 1,470 1,662
Valuation Allowance (6)(26)
Total Deferred Tax Assets after Valuation Allowance 1,464 1,636
Liabilities:
Inventory (61)(97)
Property and equipment (1,156)(1,236)
Goodwill and other intangibles (161)(150)
Other (234)(138)
Total Deferred Tax Liabilities (1,612)(1,621)
Net Deferred Tax (Liabilities) Assets $(148)$ 15
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,
2015 February 2,
2014
Other Current Assets $ 444 $ 482
Other Assets 51 49
Other Accrued Expenses (1)(2)
Deferred Income Taxes (642)(514)
Net Deferred Tax (Liabilities) Assets $(148)$ 15