Dollar Tree 2014 Annual Report Download - page 65

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49
The provision for income taxes consists of the following:
Year Ended
January 31, February 1, February 2,
(in millions) 2015 2014 2013
Federal - current $ 325.1 $ 304.6 $ 324.5
State - current 47.6 45.9 42.4
Foreign - current 0.4 0.4 0.5
Total current 373.1 350.9 367.4
Federal - deferred (9.7) 10.5 0.3
State - deferred (3.2) 0.9 (3.5)
Foreign - deferred (5.2)(4.7)(4.6)
Total deferred $ (18.1) $ 6.7 $ (7.8)
Included in current tax expense for the years ended January 31, 2015, February 1, 2014 and February 2, 2013, are amounts
related to uncertain tax positions associated with temporary differences, in accordance with ASC 740.
A reconciliation of the statutory federal income tax rate and the effective rate follows:
Year Ended
January 31,
2015
February 1,
2014
February 2,
2013
Statutory tax rate 35.0% 35.0% 35.0%
Effect of:
State and local income taxes,
net of federal income tax benefit 3.3 3.3 3.0
Other, net (1.1)(0.8)(1.3)
Effective tax rate 37.2% 37.5% 36.7%
The rate reduction in “other, net” consists primarily of benefits from federal job credits and foreign taxes offset by certain
nondeductible expenses.
United States income taxes have not been provided on accumulated but undistributed earnings of the Company's foreign
subsidiaries as the Company intends to permanently reinvest earnings.