Neiman Marcus 2014 Annual Report Download - page 131
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Table of Contents
The significant components of income tax expense (benefit) are as follows:
Current:
Federal
$ 73,928
$ 23,432
$ 12,100
$ 114,632
State
7,955
4,617
2,145
18,540
Foreign
980
—
—
—
82,863
28,049
14,245
133,172
Deferred:
Federal
(60,780)
(98,443)
(5,291)
(18,648)
State
(6,080)
(19,431)
(1,035)
(791)
Foreign
(2,876)
—
—
—
(69,736)
(117,874)
(6,326)
(19,439)
Income tax expense (benefit)
$ 13,127
$ (89,825)
$ 7,919
$ 113,733
The significant components of earnings (loss) before income taxes are as follows:
United States
$ 38,399
$ (223,908)
$ (5,179)
$ 277,432
Foreign
(10,323)
—
—
—
Earnings (loss) before income taxes
$ 28,076
$ (223,908)
$ (5,179)
$ 277,432
A reconciliation of income tax expense (benefit) to the amount calculated based on the federal and state statutory rates is as follows:
Income tax expense (benefit) at statutory rate
$ 9,827
$ (78,365)
$ (1,814)
$ 97,101
State income taxes, net of federal income tax benefit
1,235
(9,256)
635
11,672
Impact of non-deductible expenses
3,330
(2,354)
8,514
683
Tax (benefit) expense related to tax settlements and other
changes in tax liabilities
(555)
(1,101)
133
525
Impact of non-taxable income
(3)
(4)
(10)
(13)
Impact of foreign tax differential
(706)
—
—
—
Unbenefitted losses of foreign subsidiary
—
1,265
533
4,594
Other
(1)
(10)
(72)
(829)
Total
$ 13,127
$ (89,825)
$ 7,919
$ 113,733
Effective tax rate
46.8%
40.1%
(152.9)%
41.0%
Our effective income tax rate on the earnings for fiscal year 2015, the thirty-nine weeks ended August 2, 2014 and fiscal year 2013 exceeded the
federal statutory tax rate due primarily to the non-deductible portion of transaction and other costs incurred in connection with acquisitions and state income
taxes. Our effective income tax rate on the loss for the thirteen weeks ended November 2, 2013 exceeded the federal statutory tax rate due primarily to the
non-deductible portion of transaction costs incurred in connection with the Acquisition and state income taxes.
F-28