O'Reilly Auto Parts 2015 Annual Report Download - page 71

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FORM 10-K
The following table identifies significant components of the Company's net deferred tax liabilities as presented on the accompanying
Consolidated Balance Sheets as of December 31, 2015 and 2014 (in thousands):
December 31,
2015 2014
Deferred tax assets:
Allowance for doubtful accounts $ 2,492 $ 2,357
Tax credits 11,747 14,725
Other accruals 151,635 131,436
Net operating losses 337 746
Other 19,051 16,468
Total deferred tax assets 185,262 165,732
Deferred tax liabilities:
Inventories 82,313 90,333
Property and equipment 141,930 139,604
Other 40,791 38,217
Total deferred tax liabilities 265,034 268,154
Net deferred tax liabilities $(79,772)$ (102,422)
Provision for income taxes:
The following tables reconcile the “Provision for income taxes" included in the accompanying Consolidated Statements of Income for
the years ended December 31, 2015, 2014 and 2013 (in thousands):
For the Year Ended
December 31, 2015
Current Deferred Total
Federal income tax expense (benefit) $ 504,558 $ (21,973) $ 482,585
State income tax expense (benefit) 47,242 (677) 46,565
Net income tax expense (benefit) $ 551,800 $ (22,650) $ 529,150
For the Year Ended
December 31, 2014
Current Deferred Total
Federal income tax expense $ 399,271 $ 5,987 $ 405,258
State income tax expense (benefit) 43,242 (4,500) 38,742
Net income tax expense $ 442,513 $ 1,487 $ 444,000
For the Year Ended
December 31, 2013
Current Deferred Total
Federal income tax expense $ 348,303 $ 847 $ 349,150
State income tax expense 38,428 1,072 39,500
Net income tax expense $ 386,731 $ 1,919 $ 388,650