Neiman Marcus 2007 Annual Report Download - page 116
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Table of Contents
NOTE 12. INCOME TAXES
The significant components of income tax expense are as follows:
(Successor)
(Predecessor)
(in thousands)
Fiscal year
ended
August 2,
2008
Fiscal year
ended
July 28,
2007
Forty-three
weeks ended
July 29,
2006
Nine weeks
ended
October 1,
2005
Current:
Federal $ 108,467 $ 127,754 $ 71,807
$ 31,022
State 19,976 15,063 8,408
2,522
128,443 142,817 80,215
33,544
Deferred:
Federal (37,693) (53,763) (58,291) (6,501)
State (6,934)(6,759)(7,329) (817)
(44,627)(60,522)(65,620) (7,318)
Income tax expense $ 83,816 $ 82,295 $ 14,595
$ 26,226
A reconciliation of income tax expense to the amount calculated based on the federal and state statutory rates is as follows:
(Successor)
(Predecessor)
(in thousands)
Fiscal year
ended
August 2,
2008
Fiscal year
ended
July 28,
2007
Forty-three
weeks ended
July 29,
2006
Nine weeks
ended
October 1,
2005
Income tax expense at statutory rate $ 79,319 $ 75,954 $ 14,366
$ 24,910
State income taxes, net of federal income tax benefit 5,821 6,989 1,411
2,177
Tax expense (benefit) related to tax settlements and other changes in
tax liabilities 159 1,925 (113)
(222)
Impact of non-taxable income (1,709) (2,422) (1,378) (1,058)
Impact of non-deductible expenses 226 326 256
607
Other — (477)53
(188)
Total $ 83,816 $ 82,295 $ 14,595
$ 26,226
Effective tax rate 37.0% 37.9% 35.6% 36.8%
Our effective tax rate for fiscal year 2008 was favorably impacted by a decrease in tax liabilities for settlements with taxing
authorities. Our effective tax rate for fiscal year 2007 was negatively impacted by increases in tax liabilities for settlements with
taxing authorities. Our combined effective tax rate for fiscal year 2006 of 36.4% was favorably impacted by a higher level of tax-
exempt interest income earned.
F-30