Neiman Marcus 2013 Annual Report Download - page 122
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Table of Contents
The significant components of income tax (benefit) expense are as follows:
Current:
Federal
$ 23,432
$ 12,100
$ 114,632
$ 84,800
State
4,617
2,145
18,540
13,545
28,049
14,245
133,172
98,345
Deferred:
Federal
(98,443)
(5,291)
(18,648)
(8,307)
State
(19,431)
(1,035)
(791)
(1,787)
(117,874)
(6,326)
(19,439)
(10,094)
Income tax (benefit) expense
$ (89,825)
$ 7,919
$ 113,733
$ 88,251
A reconciliation of income tax (benefit) expense to the amount calculated based on the federal and state statutory rates is as follows:
Income tax (benefit) expense at statutory rate
$ (78,365)
$ (1,814)
$ 97,101
$ 79,918
State income taxes, net of federal income tax benefit
(9,256)
635
11,672
8,672
Unbenefitted losses of foreign subsidiary
1,265
533
4,594
530
Tax (benefit) expense related to tax settlements and other
changes in tax liabilities
(1,101)
133
525
(1,137)
Impact of non-taxable income
(4)
(10)
(13)
(18)
Impact of non-deductible expenses
(2,354)
8,514
683
1,000
Other
(10)
(72)
(829)
(714)
Total
$ (89,825)
$ 7,919
$ 113,733
$ 88,251
Effective tax rate
40.1%
(152.9)%
41.0%
38.7%
Our effective income tax rates for the thirty-nine weeks ended August 2, 2014 and fiscal years 2013 and 2012 exceeded the federal statutory tax rate
primarily due to state income taxes and the lack of a U.S. tax benefit related to the losses from our investment in a foreign e-commerce retailer. Our effective
income tax rate on the loss for the thirteen weeks ended November 2, 2013 exceeded the federal statutory tax rate due to the non-deductible portion of
transaction costs incurred in connection with the Acquisition, state income taxes and the lack of a U.S. tax benefit related to the losses from our investment in
a foreign e-commerce retailer.
F-26