Big Lots 2014 Annual Report Download - page 143
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65
NOTE 9 – INCOME TAXES
The provision for income taxes from continuing operations was comprised of the following:
(In thousands) 2014 2013 2012
Current:
U.S. Federal $ 74,235 $ 81,270 $ 91,373
U.S. State and local 12,840 14,506 13,380
Total current tax expense 87,075 95,776 104,753
Deferred:
U.S. Federal (2,022)(8,275) 10,269
U.S. State and local 186 (1,986) 2,049
Total deferred tax expense (1,836)(10,261) 12,318
Income tax provision $ 85,239 $ 85,515 $ 117,071
Net deferred tax assets fluctuated by items that are not reflected in deferred tax expense in the above table, primarily related to
matters associated with discontinued operations. Net deferred tax assets decreased by $24.3 million in 2014, increased by
$22.0 million in 2013, and decreased by $0.3 million in 2012 as a result of deferred income tax expense associated with our
discontinued operations. Additionally, net deferred tax assets also increased by $4.0 million in 2014, $2.3 million in 2013, and
$1.7 million in 2012, principally from pension-related charges recorded in accumulated other comprehensive loss.
Reconciliation between the statutory federal income tax rate and the effective income tax rate for continuing operations was as
follows:
2014 2013 2012
Statutory federal income tax rate 35.0% 35.0% 35.0%
Effect of:
State and local income taxes, net of federal tax benefit 3.8 3.6 3.3
Work opportunity tax and other employment tax credits (0.7)(1.0)(0.3)
Valuation allowance — — —
Other, net 0.3 0.1 0.1
Effective income tax rate 38.4% 37.7% 38.1%
Income tax payments and refunds were as follows:
(In thousands) 2014 2013 2012
Income taxes paid $ 69,919 $ 122,672 $ 95,596
Income taxes refunded (135)(551)(2,764)
Net income taxes paid $ 69,784 $ 122,121 $ 92,832