Lululemon 2011 Annual Report Download - page 74

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Table of Contents
The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at
January 29, 2012 and January 30, 2011 are presented below:
The Company’s current and deferred taxes from federal, state and foreign sources were as follows:
U.S. income and foreign withholding taxes have not been provided on approximately CDN $283,607 at January 29, 2012 of cumulative
undistributed earnings of foreign subsidiaries and equity investees. We intend to reinvest these earnings for the foreseeable future. If these
amounts were distributed to the U.S., in the form of dividends or otherwise, we would be subject to additional U.S. income taxes, which could be
material. Determination of the amount of unrecognized deferred income tax liabilities on these earnings is not practicable because such liability,
if any, is dependent on circumstances existing if and when remittance occurs.
71
January 29,
2012
January 30,
2011
Deferred tax assets/(liabilities)
Net operating loss carryforward
$
655
$
472
Foreign tax credits
—
672
Property and equipment
(6,957
)
(734
)
Deferred lease liability
5,825
4,896
Lease exit costs
957
92
Stock
-
based compensation
2,171
1,567
Inventory
1,230
168
Tenant inducements
3,505
—
Other
1,201
761
$
8,587
$
7,894
January 29,
2012
January 30,
2011
January 31,
2010
Current taxes
Federal
$
45,623
$
9,476
$
3,621
State
8,438
2,435
243
Foreign
51,126
37,935
25,965
Total current
105,187
49,846
29,829
Deferred taxes
Federal
$
73
$
11,182
$
(2,030
)
State
12
635
—
Foreign
(778
)
(583
)
630
Total deferred
(693
)
11,234
(1,400
)
Provision for income taxes
$
104,494
$
61,080
$
28,429