Pep Boys 2013 Annual Report Download - page 128
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THE PEP BOYS—MANNY, MOE & JACK AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Years ended February 1, 2014, February 2, 2013 and January 28, 2012
NOTE 8—INCOME TAXES (Continued)
The provision for income taxes includes the following:
Year Ended
February 1, February 2, January 28,
(dollar amounts in thousands) 2014 2013 2012
Current:
Federal ............................. $ (267) $ (338) $ —
State ............................... 451 471 602
Foreign ............................. 2,132 1,636 1,557
Deferred:
Federal(a) ............................ 2,765 6,548 14,743
State ............................... 840 988 (3,887)
Foreign ............................. (3,684) 40 (555)
Total income tax expense from continuing
operations(a) .......................... $2,237 $9,345 $12,460
(a) Excludes tax benefit recorded to discontinued operations of $0.1 million, $0.2 million and
$0.1 million in fiscal years 2013, 2012 and 2011, respectively.
A reconciliation of the statutory federal income tax rate to the effective rate for income tax
expense follows:
Year Ended
February 1, February 2, January 28,
2014 2013 2012
Statutory tax rate ........................ 35.0% 35.0% 35.0%
State income taxes, net of federal tax ......... 6.0 4.1 3.2
Foreign taxes, net of federal tax ............. 4.4 5.6 1.7
Tax credits, net of valuation allowance ........ (7.5) (3.2) (2.3)
Foreign deferred adjustment ................ (8.4) — —
Foreign tax law change impact .............. (3.8) — —
Tax uncertainty adjustment ................. (3.0) (1.5) (0.1)
Release of valuation allowance .............. — — (8.3)
Non deductible expenses .................. 3.5 0.5 0.7
Stock compensation ...................... — 1.8 0.1
Other, net ............................. (2.1) (0.8) —
24.1% 41.5% 30.0%
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