American Eagle Outfitters 2011 Annual Report Download - page 65

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Table of Contents
AMERICAN EAGLE OUTFITTERS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
The significant components of the Company's deferred tax assets and liabilities were as follows:
January 28,
2012
January 29,
2011
(In thousands)
Deferred tax assets:
Deferred compensation $ 31,379 $ 30,801
Rent 27,642 25,145
Foreign tax credits 22,302 25,498
Capital loss carryforward 18,440 20,381
Inventories 11,734 10,432
Foreign and state income taxes 6,723 7,575
Employee compensation and benefits 6,345 4,942
State tax credits 6,105 5,866
Other 9,650 8,547
Gross deferred tax assets 140,320 139,187
Valuation allowance (18,440) (20,381)
Total deferred tax assets $ 121,880 $ 118,806
Deferred tax liabilities:
Property and equipment $ (55,503) $ (47,852)
Prepaid expenses (4,149) (3,279)
Total deferred tax liabilities $ (59,652) $ (51,131)
Total deferred tax assets, net $ 62,228 $ 67,675
Classification in the Consolidated Balance Sheet:
Current deferred tax assets $ 48,761 $ 48,059
Noncurrent deferred tax assets 13,467 19,616
Total deferred tax assets $ 62,228 $ 67,675
The net decrease in deferred tax assets and liabilities was primarily due to an increase in the deferred tax liability for property and equipment basis
differences.
Significant components of the provision for income taxes from continuing operations were as follows:
For the Years Ended
January 28,
2012
January 29,
2011
January 30,
2010
(In thousands)
Current:
Federal $ 63,631 $ 89,110 $ 92,074
Foreign taxes 6,621 13,429 14,526
State 10,841 9,610 13,575
Total current 81,093 112,149 120,175
Deferred:
Federal $ 7,158 $ (310) $ (32,361)
Foreign taxes (1,120) (991) 6,513
State (1,826) 2,302 (3,350)
Total deferred 4,212 1,001 (29,198)
Provision for income taxes $ 85,305 $ 113,150 $ 90,977
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