Stein Mart 2015 Annual Report Download - page 39

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STEIN MART, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in tables in thousands, except per share amounts)
F-15
6. Income Taxes
Temporary differences, which give rise to deferred tax assets and liabilities, are as follows:
January 30, January 31,
2016 2015
Deferred income tax assets:
Employee benefit expense 13,427$ 13,648$
Inventory 912 -
Deferred rents 15,636 11,888
Net operating loss carryforwards in certain states 163 177
Other 4,844 5,679
Total deferred income tax assets 34,982$ 31,392$
Deferred income tax liabilities:
Property and equipment (35,038)$ (33,681)$
Inventory - (2,652)
Other (1,331) (1,281)
Total deferred income tax liabilities (36,369) (37,614)
Net deferred income tax liabilities (1,387)$ (6,222)$
As of January 30, 2016, we had net operating losses (“NOL”) carryforwards for state income tax purposes of $1.9 million that will begin to
expire in 2023.
Deferred tax assets (liabilities) are reflected on the Consolidated Balance Sheets as follows:
January 30, January 31,
2016 2015
Non-current deferred tax assets (included in other assets) 408$ 129$
Non-current deferred tax liabilities (included in other liabilities) (1,795) (6,351)
Net deferred tax liability (1,387)$ (6,222)$
The components of income tax expense (benefit) are as follows:
2015 2014 2013
Current:
Federal 18,298$ 15,475$ 14,466$
State 1,392 861 1,213
19,690 16,336 15,679
Deferred:
Federal (4,820) 499 (597)
State (301) 702 (69)
(5,121) 1,201 (666)
Income tax expense 14,569$ 17,537$ 15,013$