Kohl's 2009 Annual Report Download - page 59
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Table of Contents
The components of the provision for income taxes are as follows:
Current federal $411 $604
Current state 45 66
Deferred federal 76 (11)
Deferred state 8 (1)
$540 $658
Amounts paid for income taxes $471 $ 709
The provision for income taxes differs from the amount that would be provided by applying the statutory U.S. corporate tax rate due to the following
items:
Provision at statutory rate 35.0% 35.0%
State income taxes, net of federal tax benefit 3.1 3.2
Tax-exempt interest income (0.2) (0.4)
Provision for income taxes 37.9% 37.8%
We have analyzed filing positions in all of the federal and state jurisdictions where we are required to file income tax returns, as well as all open tax years
in these jurisdictions. The only federal returns subject to examination are for the 2003 through 2009 tax years. State returns subject to examination are generally
for the 2003 through 2009 tax years. Certain states have proposed adjustments which we are currently appealing. If we do not prevail on our appeals, we do not
anticipate that the adjustments would result in a material change in our financial position.
A reconciliation of the beginning and ending gross amount of unrecognized tax benefits is as follows:
Balance at beginning of year $ 81
Increases due to:
Tax positions taken in prior years —
Tax positions taken in current year 16
Decreases due to:
Tax positions taken in prior years (4)
Settlements with taxing authorities (1)
Lapse of applicable statute of limitations —
Balance at end of year $92
Not included in the unrecognized tax benefits reconciliation above are gross unrecognized accrued interest and penalties of $25 million at January 30,
2010 and $23 million at January 31, 2009. Interest and penalty expense was $4 million for 2009 and $6 million for 2008.
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