OfficeMax 2014 Annual Report Download - page 94
Download and view the complete annual report
Please find page 94 of the 2014 OfficeMax annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.-
1 -
2
-
3
-
4
-
5
-
6
-
7
-
8
-
9
-
10
-
11
-
12
-
13
-
14
-
15
-
16
-
17
-
18
-
19
-
20
-
21
-
22
-
23
-
24
-
25
-
26
-
27
-
28
-
29
-
30
-
31
-
32
-
33
-
34
-
35
-
36
-
37
-
38
-
39
-
40
-
41
-
42
-
43
-
44
-
45
-
46
-
47
-
48
-
49
-
50
-
51
-
52
-
53
-
54
-
55
-
56
-
57
-
58
-
59
-
60
-
61
-
62
-
63
-
64
-
65
-
66
-
67
-
68
-
69
-
70
-
71
-
72
-
73
-
74
-
75
-
76
-
77
-
78
-
79
-
80
-
81
-
82
-
83
-
84 -
85 -
86 -
87 -
88 -
89 -
90 -
91 -
92 -
93 -
94 -
95 -
96 -
97 -
98 -
99 -
100 -
101 -
102 -
103 -
104 -
105
-
106
-
107
-
108
-
109
-
110
-
111
-
112
-
113
-
114
-
115
-
116
-
117
-
118
-
119
-
120
-
121
-
122
-
123
-
124
-
125
-
126
-
127
-
128
-
129
-
130
-
131
-
132
-
133
-
134
-
135
-
136
-
137
-
138
-
139
-
140
-
141
-
142
-
143
-
144
-
145
-
146
-
147
-
148
-
149
-
150
-
151
-
152
-
153
-
154
-
155
-
156
-
157
-
158
-
159
-
160
-
161
-
162
-
163
-
164
-
165
-
166
-
167
-
168
-
169
-
170
-
171
-
172
-
173
-
174
-
175
-
176
-
177
 |
 |
Table of Contents
The components of deferred income tax assets and liabilities consisted of the following:
(In millions)
December 28,
2013
U.S. and foreign net operating loss carryforwards $ 314
Deferred rent credit 97
Pension and other accrued compensation 170
Accruals for facility closings 38
Inventory 25
Self-insurance accruals 33
Deferred revenue 34
U.S. and foreign income tax credit carryforwards 234
Allowance for bad debts 8
Accrued expenses 60
Basis difference in fixed assets 15
Other items, net 6
Gross deferred tax assets 1,034
Valuation allowance (683)
Deferred tax assets 351
Internal software 22
Installment gain on sale of timberlands 258
Deferred Subpart F income 23
Undistributed foreign earnings 12
Deferred tax liabilities 315
Net deferred tax assets $ 36
For financial reporting purposes, a jurisdictional netting process is applied to deferred tax assets and deferred tax liabilities, resulting in the balance sheet
classification shown below.
(In millions)
December 28,
2013
Deferred tax assets:
Included in Prepaid and other current assets $ 114
Deferred income taxes — noncurrent 35
Deferred tax liabilities:
Included in Accrued expenses and other current liabilities 3
Included in Deferred income taxes and other long-term liabilities 110
Net deferred tax asset $ 36
As of December 27, 2014, the Company has $39 million of U.S. Federal net operating loss (“NOL”) carryforwards, $9 million of which resulted from excess
stock-based compensation deductions that will increase additional paid-in capital by $3 million if realized in future periods. The Company has $852 million
of foreign and $1.7 billion of state NOL carryforwards. Of the foreign NOL carryforwards, $668 million can be carried forward indefinitely, $8 million will
expire in 2015, and the remaining balance will expire between 2016 and 2034. Of the state NOL carryforwards, $23 million will expire in 2015, and the
remaining balance will expire between 2016 and 2034. The Company also has $109 million of U.S. Federal alternative minimum tax credit carryforwards,
which can be used to reduce future regular federal income tax, if any, over an indefinite period.
92