O'Reilly Auto Parts 2000 Annual Report Download - page 33

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2000 AR
31
NOTE 13 – INCOME TAXES
Deferred income taxes reflect the net tax effects of temporary dif-
ferences between the carrying amounts of assets and liabilities for
financial reporting purposes and the amounts used for income tax
purposes. Significant components of the Company’s deferred tax
assets and liabilities are as follows at December 31:
(In thousands)
2000 1999
Deferred tax assets:
Current:
Allowance for doubtful
accounts $51 $ 226
Other accruals 2,960 3,586
3,011 3,812
Noncurrent:
Other 834 1,306
Total deferred tax assets 3,845 5,118
Deferred tax liabilities:
Current:
Inventory carrying value 1,609 2,036
Noncurrent:
Property and equipment 4,920 2,521
Total deferred tax liabilities 6,529 4,557
Net deferred tax assets (liabilities) $ (2,684) $ 561
The provision for income taxes consists of the following:
(In thousands)
Current Deferred Total
2000:
Federal $ 25,120 $ 2,946 $ 28,066
State 3,086 299 3,385
$ 28,206 $ 3,245 $ 31,451
1999:
Federal $ 19,934 $ 4,959 $ 24,893
State 1,996 496 2,492
$ 21,930 $ 5,455 $ 27,385
1998:
Federal $ 10,386 $ 6,852 $ 17,238
State 1,156 777 1,933
$ 11,542 $ 7,629 $ 19,171
A reconciliation of the provision for income taxes to the amounts
computed at the federal statutory rate is as follows:
(In thousands)
2000 1999 1998
Federal income taxes
at statutory rate $ 29,106 $ 25,558 $ 17,480
State income taxes,
net of federal tax benefit 2,200 1,625 1,256
Other items, net 145 202 435
$ 31,451 $ 27,385 $ 19,171
The tax benefit associated with the exercise of non-qualified stock
options has been reflected as additional paid-in capital in the
accompanying consolidated financial statements.
During the years ended December 31, 2000, 1999, and 1998,
cash paid by the Company for income taxes amounted to
$24,244,000, $17,151,000 and $16,229,000, respectively.