American Eagle Outfitters 2005 Annual Report Download - page 75

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AMERICAN EAGLE OUTFITTERS
PAGE 51
The significant components of the Company's deferred tax assets and liabilities were as follows:
(In thousands)
January 28,
2006
January 29,
2005
D
eferred tax assets:
Current:
Inventories $7,018 $4,192
Rent 16,393 14,732
Deferred compensation 16,206 17,562
Capital loss 1,173 1,426
Valuation allowance (477) (1,426)
Other 6,663 2,827
Total current deferred tax assets 46,976 39,313
Long-term:
Purchase accounting basis differences 124 1,194
Deferred compensation 9,544 8,441
Property and equipment 2,194 2,682
Operating losses — 9,750
Other 1,659 1,987
Total long-term deferred tax assets 13,521 24,054
Total deferred tax assets $60,497 $63,367
Deferred tax liabilities:
Property and equipment $22,077 $20,829
Total deferred tax liabilities $22,077 $20,829
Significant components of the provision for income taxes are as follows:
For the Years Ended
(In thousands)
January 28,
2006
January 29,
2005
January 31,
2004
Current:
Federal $152,416 $130,988 $33,519
State 26,722 24,338 5,860
Total current 179,138 155,326 39,379
Deferred:
Federal (3,387) (18,860) 10,424
Foreign taxes 8,109 9,572 525
State (604) (3,435) 1,851
Total deferred 4,118 (12,723) 12,800
Provision for income taxes $183,256 $142,603 $52,179
As a result of additional tax deductions related to vested restricted stock grants and stock option exercises, tax benefits
have been recognized as contributed capital for the years ended January 28, 2006, January 29, 2005 and January 31,
2004 in the amounts of $35.3 million, $28.8 million and $0.7 million, respectively.