Neiman Marcus 2002 Annual Report Download - page 57

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NOTE 8. Income Taxes
The significant components of income tax expense are as follows:
Years Ended
(in thousands)
August 2,
2003
August 3,
2002
July 28,
2001
Current:
Federal $ 64,758 $ 67,015 $ 73,278
State 6,854 4,837 6,313
Foreign 192 136 —
71,804 71,988 79,591
Deferred:
Federal 6,944 (9,620) (10,878)
State 500 (715)(906)
7,444 (10,335)(11,784)
Income tax expense $ 79,248 $ 61,653 $ 67,807
A reconciliation of income tax expense to the amount calculated based on the federal and state statutory rates are as follows:
Years Ended
(in thousands)
August 2,
2003
August 3,
2002
July 28,
2001
Income tax expense at statutory rate $ 72,044 $ 56,785 $ 62,454
State income taxes, net of federal income tax benefit 7,354 4,122 5,407
Other (150)746 (54)
Total $ 79,248 $ 61,653 $ 67,807
The Company's effective income tax rate was 38.5 percent in 2003, 38.0 percent in both 2002 and 2001.
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