Pottery Barn 2014 Annual Report Download - page 62
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Significant components of our deferred tax accounts are as follows:
In thousands Feb. 1, 2015 Feb. 2, 2014
Current:
Compensation $ 15,968 $ 14,378
Merchandise inventories 30,328 27,337
Accrued liabilities 28,866 26,461
Customer deposits 60,989 58,479
Prepaid catalog expenses (12,753) (12,576)
Other 7,220 7,407
Total current 130,618 121,486
Non-current:
Depreciation (9,888) (4,216)
Deferred rent 18,925 17,500
Deferred lease incentives (37,098) (33,065)
Stock-based compensation 19,857 28,948
Executive deferral plan 5,437 5,699
Uncertainties 7,061 4,378
Valuation allowance (1,568) (1,048)
Other 1,539 (4,372)
Total non-current 4,265 13,824
Total deferred tax assets, net $ 134,883 $ 135,310
The following table summarizes the activity related to our gross unrecognized tax benefits:
In thousands
Fiscal 2014
(52 Weeks)
Fiscal 2013
(52 Weeks)
Fiscal 2012
(53 Weeks)
Balance at beginning of year $ 10,765 $ 8,990 $ 10,023
Increases related to current year tax positions 3,093 3,351 2,188
Increases related to prior years’ tax positions 2,007 328 936
Decreases related to prior years’ tax positions (138) (42) (171)
Settlements (1,144) (170) (1,069)
Lapses in statute of limitations (224) (1,692) (2,917)
Balance at end of year $ 14,359 $ 10,765 $ 8,990
As of February 1, 2015, we had $14,359,000 of gross unrecognized tax benefits, of which $9,602,000 would, if
recognized, affect the effective tax rate.
We accrue interest and penalties related to unrecognized tax benefits in the provision for income taxes. As of
February 1, 2015 and February 2, 2014, our accruals for the payment of interest and penalties totaled $2,412,000
and $2,231,000, respectively, primarily related to interest.
Due to the potential resolution of state issues, it is reasonably possible that the balance of our gross unrecognized
tax benefits could decrease within the next twelve months by a range of $0 to $1,900,000.
We file income tax returns in the U.S. federal jurisdiction and various states and foreign jurisdictions. The
Internal Revenue Service (IRS) had concluded examination of our U.S. federal income tax returns for years prior
to fiscal 2011 without any significant adjustments. Substantially all material state, local and foreign income tax
examinations have been concluded through fiscal 2004.
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