Lululemon 2014 Annual Report Download - page 61

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Table of Contents
The tax effects of temporary differences that give rise to significant portions of the deferred tax asset and deferred tax liability at
February 1, 2015 and February 2, 2014 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 $471,322 of cumulative undistributed earnings of
foreign subsidiaries at February 1, 2015 . The Company intends to reinvest these earnings for the foreseeable future. U.S. income taxes of
approximately $44,148 would be incurred if these earnings were distributed.
55
February 1, 2015
February 2,
2014
Deferred income tax asset
Net operating loss carryforward
$
8,803
$
5,097
Foreign tax credits
—
4,585
Property and equipment
(15,850
)
(12,447
)
Deferred lease liability
6,977
6,284
Stock-based compensation
4,662
3,758
Inventory
3,058
4,681
Tenant inducements
6,965
5,841
Other
1,403
501
16,018
18,300
Deferred income tax liability
Property and equipment
(5,027
)
(5,122
)
Other
1,394
1,145
(3,633
)
(3,977
)
Net deferred income tax asset
$
12,385
$
14,323
February 1, 2015
February 2, 2014
February 3, 2013
Income before provision for income taxes
Domestic
$
94,234
$
81,688
$
63,426
Foreign
288,901
315,438
317,970
Income before provision for income taxes
383,135
397,126
381,396
Current taxes
Federal
$
54,172
$
27,818
$
22,598
State
8,203
4,017
3,795
Foreign
80,461
84,924
90,017
Total current
142,836
116,759
116,410
Deferred taxes
Federal
$
7,763
$
266
$
(5,667
)
State
77
38
(786
)
Foreign
(6,574
)
516
8
Total deferred
1,266
820
(6,445
)
Provision for income taxes
$
144,102
$
117,579
$
109,965