Best Buy 2015 Annual Report Download - page 94
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Table of Contents
87
Income tax expense was comprised of the following in fiscal 2015, 2014 and 2013 (11-month) ($ in millions):
12-Month 12-Month 11-Month
2015 2014 2013
Current:
Federal $ 354 $ 305 $ 211
State 51 46 (3)
Foreign 33 55 49
438 406 257
Deferred:
Federal (275)(22) 25
State (26) 1 (1)
Foreign 4 3 (18)
(297)(18) 6
Income tax expense $ 141 $ 388 $ 263
Deferred taxes are the result of differences between the bases of assets and liabilities for financial reporting and income tax
purposes. Deferred tax assets and liabilities were comprised of the following ($ in millions):
January 31, 2015 February 1, 2014
Accrued property expenses $ 129 $ 162
Other accrued expenses 91 133
Deferred revenue 93 81
Compensation and benefits 103 114
Stock-based compensation 94 110
Goodwill and intangibles 287 —
Loss and credit carryforwards 156 176
Other 88 103
Total deferred tax assets 1,041 879
Valuation allowance (143)(158)
Total deferred tax assets after valuation allowance 898 721
Property and equipment (251)(286)
Goodwill and intangibles — (75)
Inventory (54)(60)
Other (27)(16)
Total deferred tax liabilities (332)(437)
Net deferred tax assets $ 566 $ 284