Big Lots 2007 Annual Report Download - page 154
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66
BIG LOTS, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Continued)
Note 9 — Income Taxes (Continued)
Reconciliation between the statutory federal income tax rate and the effective income tax rate was as follows:
2007 2006 2005
Statutory federal income tax rate ....................................... 35.0 % 35.0 % 35.0 %
Effect of:
State and local income taxes, net of federal tax benefit ..................... 3.3 2.8 0.6
Work opportunity tax and other employment tax credits .................... (0.4) (0.9) (5.1)
Net benefit recognized for prior year FIN No. 48 uncertainties............... (0.4) — —
Expiration of capital loss carryover .................................... — — 47.6
Valuation allowance ................................................ (0.5) (0.8) (48.7)
Municipal interest.................................................. (0.5) (0.3) (0.5)
Reversal of previously accrued federal taxes ............................. — (0.8) (2.8)
Charitable donation of appreciated inventory ............................ — (0.2) (2.3)
Other, net ........................................................ 0.3 (0.9) 1.0
Effective income tax rate ........................................ 36.8 % 33.9 % 24.8 %
The expiration of the capital loss carryover and related reduction in the valuation allowance in 2005 relates primarily
to a $9.1 million capital loss that was generated in 2000 in connection with the sale of the KB Toys business.
Income tax payments and refunds were as follows:
2007 2006 2005
(In thousands)
Income taxes paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 65,767 $ 35,727 $ 22,227
Income taxes refunded . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (4,241) (22,178) (12,166)
Net income taxes paid. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 61,526 $ 13,549 $ 10,061