Pottery Barn 2014 Annual Report Download - page 49
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claims, and an estimate of claims incurred but not yet reported. Factors affecting these estimates include future
inflation rates, changes in severity, benefit level changes, medical costs and claim settlement patterns. Should a
different amount of claims occur compared to what was estimated, or costs of the claims increase or decrease
beyond what was anticipated, reserves may need to be adjusted accordingly. We determine our workers’
compensation liability and product and general liability claims reserves based on an actuarial analysis of
historical claims data. Self-insurance reserves for employee health benefits, workers’ compensation and product
and general liability claims were $24,901,000 and $21,755,000 as of February 1, 2015 and February 2, 2014,
respectively.
Income Taxes
Income taxes are accounted for using the asset and liability method. Under this method, deferred income taxes
arise from temporary differences between the tax basis of assets and liabilities and their reported amounts in our
Consolidated Financial Statements. We record reserves for our estimates of probable settlements of foreign and
domestic tax examinations. At any one time, many tax years are subject to audit by various taxing jurisdictions.
The results of these examinations and negotiations with taxing authorities may affect the ultimate settlement of
these issues. Additionally, our effective tax rate in a given financial statement period may be materially impacted
by changes in the mix and level of our earnings in various taxing jurisdictions.
35
Form 10-K