Ross 2015 Annual Report Download - page 58
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56
In fiscal 2015, 2014, and 2013, the Company realized tax benefits of $42.4 million, $29.8 million and $27.7 million,
respectively, related to employee equity programs that were recorded in additional paid-in capital.
The provision for taxes for financial reporting purposes is different from the tax provision computed by applying the statutory
federal income tax rate. The differences are reconciled below:
2015
2014
2013
Federal income taxes at the statutory rate
35%
35%
35%
State income taxes (net of federal benefit) and other, net
2%
3%
3%
Total
37%
38%
38%
The components of deferred taxes at January 30, 2016 and January 31, 2015 are as follows:
($000)
2015
2014
Deferred Tax Assets
Accrued liabilities
$
69,144
$
77,791
Deferred compensation
29,932
33,456
Stock-based compensation
41,388
35,332
Deferred rent
23,903
26,370
California franchise taxes and credits
21,973
18,478
Employee benefits
22,156
23,136
Other
6,835
4,927
215,331
219,490
Deferred Tax Liabilities
Depreciation
(304,191
)
(252,013
)
Merchandise inventory
(28,085
)
(26,668
)
Supplies
(12,559
)
(11,616
)
Prepaid expenses
(584
)
(2,923
)
(345,419
)
(293,220
)
Net Deferred Tax Liabilities
$
(130,088
)
$
(73,730
)
At the end of fiscal 2015 and 2014, the Company's state tax credit carryforwards for income tax purposes were
approximately $16.1 million and $12.1 million, respectively. The state tax credit carryforwards will begin to expire in fiscal
2023.