Nordstrom 2014 Annual Report Download - page 34

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Table of Contents
34
Income Taxes
We regularly evaluate the likelihood of realizing the benefit for income tax positions we have taken in various federal, state and foreign filings
by considering all relevant facts, circumstances and information available. If we believe it is more likely than not that our position will be
sustained, we recognize a benefit at the largest amount that we believe is cumulatively greater than 50% likely to be realized. Our
unrecognized tax benefit was $15 as of January 31, 2015 and $14 as of February 1, 2014.
Unrecognized tax benefits require significant management judgment regarding applicable statutes and their related interpretation, the status
of various income tax audits and our particular facts and circumstances. Also, as audits are completed or statutes of limitations lapse, it may
be necessary to record adjustments to our taxes payable, deferred taxes, tax reserves or income tax expense. Such adjustments did not
materially impact our effective income tax rate in 2014 or 2013.
RECENT ACCOUNTING PRONOUNCEMENTS
See Note 1: Nature of Operations and Summary of Significant Accounting Policies in the Notes to Consolidated Financial Statements of
Item 8: Financial Statements and Supplementary Data for a discussion of recent accounting pronouncements. We are currently evaluating
the impact of these standards or do not expect any of these pronouncements to have a material effect on our results of operations, liquidity or
capital resources.