Pottery Barn 2011 Annual Report Download - page 66
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The provision for income taxes consists of the following:
Fiscal Year Ended
Dollars in thousands Jan. 29, 2012 Jan. 30, 2011 Jan. 31, 2010
Current
Federal $ 104,370 $ 79,719 $ 55,563
State 22,275 15,576 8,122
Foreign 4,044 3,972 2,757
Total current 130,689 99,267 66,442
Deferred
Federal 15,650 20,429 (21,636)
State (1,427) 3,047 (2,280)
Foreign (13) 90 321
Total deferred 14,210 23,566 (23,595)
Total provision $ 144,899 $ 122,833 $ 42,847
Except where required by U.S. tax law, we have historically elected not to provide for U.S. income taxes with
respect to the undistributed earnings of our foreign subsidiaries as we intended to utilize those earnings in our
foreign operations for an indefinite period of time. As of January 29, 2012, the accumulated undistributed earnings
of all foreign subsidiaries were approximately $26,600,000 and are sufficient to support our anticipated future cash
needs for our foreign operations. We currently intend to utilize the remainder of those undistributed earnings for an
indefinite period of time and will only repatriate such earnings when it is tax effective to do so. It is currently not
practical to estimate the tax liability that might be payable if these foreign earnings were to be repatriated.
A reconciliation of income taxes at the federal statutory corporate rate to the effective rate is as follows:
Fiscal Year Ended
Jan. 29, 2012 Jan. 30, 2011 Jan. 31, 2010
Federal income taxes at the statutory rate 35.0% 35.0% 35.0%
State income tax rate 3.5% 3.8% 2.4%
Other (0.6%) (0.8%) (1.8%)
Effective tax rate 37.9% 38.0% 35.6%
Significant components of our deferred tax accounts are as follows:
Dollars in thousands Jan. 29, 2012 Jan. 30, 2011
Current:
Compensation $ 8,638 $ 8,086
Merchandise inventories 21,923 20,424
Accrued liabilities 15,438 16,182
Customer deposits 53,638 50,452
Prepaid catalog expenses (12,869) (14,614)
Other 4,976 5,082
Total current 91,744 85,612
Non-current:
Depreciation (9,008) 16,064
Deferred rent 15,824 15,067
Deferred lease incentives (28,353) (26,990)
Stock-based compensation 20,211 17,370
Executive deferral plan 4,563 5,253
Uncertainties 4,856 5,407
Other 4,289 475
Total non-current 12,382 32,646
Total deferred tax assets, net $ 104,126 $ 118,258
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