Neiman Marcus 2004 Annual Report Download - page 104
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A reconciliation of income tax expense to the amount calculated based on the federal and state statutory rates is as follows:
Years Ended
July 30,
2005
July 31,
2004
August 2,
2003
(in thousands)
Income tax expense at statutory rate $139,702 $115,260 $72,044
State income taxes, net of federal income tax benefit 14,006 12,925 7,354
Tax benefit related to favorable state tax settlements and reductions in deferred tax liabilities (7,585) (7,500) —
Other 364 247 (150)
Total $146,487 $120,932 $79,248
Our effective income tax rate was 36.7% for 2005, 36.7% for 2004 and 38.5% for 2003. In the fourth quarter of 2005, we recognized tax benefits
aggregating $7.6 million related to a favorable settlement associated with previous state tax filings and reductions in previously recorded deferred tax
liabilities. Excluding these benefits, our effective tax rate was 38.6% for 2005. In the second quarter of 2004, we also recognized a tax benefit of $7.5 million
related to favorable settlements associated with previous state tax filings. Excluding this benefit, our effective tax rate was 39.0% for 2004.
Significant components of our net deferred income tax asset are as follows:
July 30,
2005
July 31,
2004
(in thousands)
Deferred income tax assets:
Accruals and reserves $ 24,140 $ 27,618
Employee benefits 52,794 42,891
Pension obligation 6,327 —
Other 2,035 2,629
Total deferred tax assets 85,296 73,138
Deferred income tax liabilities:
Inventory (11,674) (10,951)
Depreciation and amortization (39,343) (49,133)
Pension obligation — (17,517)
Other (3,610) (6,840)
Total deferred tax liabilities (54,627) (84,441)
Net deferred income tax asset (liability) $ 30,669 $(11,303)
Net deferred income tax asset (liability):
Current $ 17,783 $ 9,078
Non-current 12,886 (20,381)
Total $ 30,669 $(11,303)
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