Napa Auto Parts 2014 Annual Report Download - page 63
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Genuine Parts Company and Subsidiaries
Notes to Consolidated Financial Statements — (Continued)
December 31, 2014
Significant components of the Company’s deferred tax assets and liabilities are as follows:
2014 2013
(In Thousands)
Deferred tax assets related to:
Expenses not yet deducted for tax purposes ......................... $337,792 $343,156
Pension liability not yet deducted for tax purposes ................... 341,904 227,880
679,696 571,036
Deferred tax liabilities related to:
Employee and retiree benefits .................................... 227,926 188,235
Inventory .................................................... 152,913 152,641
Other intangible assets ......................................... 105,482 110,272
Property, plant, and equipment ................................... 59,600 53,751
Other ....................................................... 30,641 29,733
576,562 534,632
Net deferred tax assets ............................................ 103,134 36,404
Current portion of deferred tax assets ................................ (30,282) (22,165)
Noncurrent net deferred tax assets .................................. $ 72,852 $ 14,239
The current portion of the deferred tax assets and liabilities are included in prepaid expenses and other cur-
rent assets and other accrued expenses, respectively, in the consolidated balance sheets.
The components of income before income taxes are as follows:
2014 2013 2012
(In Thousands)
United States .................................... $ 978,824 $ 850,866 $ 903,698
Foreign ........................................ 138,915 193,438 115,234
Income before income taxes ........................ $1,117,739 $1,044,304 $1,018,932
The components of income tax expense are as follows:
2014 2013 2012
(In Thousands)
Current:
Federal ........................................... $224,591 $303,016 $288,135
State ............................................. 43,513 47,010 44,653
Foreign ........................................... 84,030 30,941 23,352
Deferred ............................................ 54,319 (21,622) 14,751
$406,453 $359,345 $370,891
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