Ulta 2015 Annual Report Download - page 62

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The Company is also involved in various legal proceedings that are incidental to the conduct of our business. In
the opinion of management, the amount of any liability with respect to these proceedings, either individually or
in the aggregate, will not be material.
5. Accrued liabilities
Accrued liabilities consist of the following:
(In thousands)
January 30,
2016
January 31,
2015
Accrued vendor liabilities (including accrued property and equipment
costs) ...................................................... $ 27,894 $ 24,705
Accrued customer liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54,496 39,593
Accrued payroll, bonus and employee benefits . . . . . . . . . . . . . . . . . . . . . . . 61,068 50,931
Accruedtaxes,other ............................................ 20,486 17,824
Otheraccruedliabilities ......................................... 23,407 16,359
Accruedliabilities .............................................. $187,351 $149,412
6. Income taxes
The provision for income taxes consists of the following:
(In thousands)
Fiscal
2015
Fiscal
2014
Fiscal
2013
Current:
Federal ........................................... $163,048 $128,159 $105,731
State ............................................. 18,694 16,909 15,310
Totalcurrent ......................................... 181,742 145,068 121,041
Deferred:
Federal ........................................... 6,981 8,392 3,891
State ............................................. (1,291) 714 (75)
Totaldeferred ........................................ 5,690 9,106 3,816
Provision for income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $187,432 $154,174 $124,857
A reconciliation of the federal statutory rate to the Company’s effective tax rate is as follows:
Fiscal
2015
Fiscal
2014
Fiscal
2013
Federalstatutoryrate............................................. 35.0% 35.0% 35.0%
State effective rate, net of federal tax benefit . . . . . . . . . . . . . . . . . . . . . . . . . . 2.2% 2.8% 3.0%
Other ......................................................... (0.3%) (0.3%) 0.1%
Effectivetaxrate ................................................ 36.9% 37.5% 38.1%
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