Kroger 2015 Annual Report Download - page 121
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A-47
Approximately $264 and $260, net book value, of property, plant and equipment collateralized
certain mortgages at January 30, 2016 and January 31, 2015, respectively.
5. TAXES BASED ON INCOME
The provision for taxes based on income consists of:
2015 2014 2013
Federal
Current $ 723 $847 $638
Deferred 266 (15) 81
Subtotal federal 989 832 719
State and local
Current 37 59 42
Deferred 19 11 (10)
Subtotal state and local 56 70 32
Total $1,045 $902 $751
A reconciliation of the statutory federal rate and the effective rate follows:
2015 2014 2013
Statutory rate 35.0% 35.0% 35.0%
State income taxes, net of federal tax benefit 1.2% 1.7% 0.9%
Credits (1.2)% (1.2)% (1.3)%
Favorable resolution of issues (0.2)% (0.4)% —%
Domestic manufacturing deduction (0.7)% (0.7)% (1.1)%
Other changes, net (0.3)% (0.3)% (0.6)%
33.8% 34.1% 32.9%
The 2015 effective tax rate differed from the federal statutory rate primarily as a result of the
utilization of tax credits, the Domestic Manufacturing Deduction and other changes, partially offset by the
effect of state income taxes. The 2015 rate for state income taxes is lower than 2014 due to the filing of
amended returns to claim additional benefits in years still under review, the favorable resolution of state
issues and an increase in state credits. The 2013 rate for state income taxes is lower than 2015 and 2014
due to an increase in state credits, including the benefit from filing amended returns to claim additional
credits. The 2013 benefit from the Domestic Manufacturing Deduction is greater than 2015 and 2014 due
to the amendment of prior years’ tax returns to claim the additional benefit available in years still under
review by the Internal Revenue Service.