Express 2013 Annual Report Download - page 53
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Table of Contents
The provision for income taxes consists of the following:
Current:
U.S. federal $ 64,071
$74,306
$76,984
U.S. state and local 12,815
14,296
18,048
Foreign 548
165
156
Total 77,434
88,767
95,188
Deferred:
U.S. federal 757
3,346
714
U.S. state and local (1,541)
615
(949)
Foreign (23)
(24)
(85)
Total (807)
3,937
(320)
Provision for income taxes $76,627
$ 92,704
$94,868
The following table provides a reconciliation between the statutory federal income tax rate and the effective tax rate:
Federal income tax rate 35.0%
35.0%
35.0%
State income taxes, net of federal income tax effect 3.8%
4.3%
4.7%
Other items, net 0.9%
0.7%
0.6%
Effective tax rate 39.7%
40.0%
40.3%
The following table provides the effect of temporary differences that created deferred income taxes as of February 1, 2014 and February 2, 2013. Deferred tax
assets and liabilities represent the future effects on income taxes resulting from temporary differences and carry-forwards at the end of the respective periods.
Deferred tax assets:
Accrued expenses and deferred compensation $27,554
$24,776
Rent 21,854
12,703
Lease financing obligations 5,972
—
Other 1,515
164
Tax credits/carryforwards 214
478
Valuation allowance (1,366)
(978)
Total deferred tax assets 55,743
37,143
Deferred tax liabilities:
Inventory 2,532
2,884
Prepaid expenses 4,827
2,895
Intangible assets 9,530
5,981
Property and equipment 22,036
9,372
Total deferred tax liabilities 38,925
21,132
Net deferred tax asset/(liability) $16,818
$16,011
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