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FORM 10-K
69
Provision for income taxes:
The following table reconciles the “Provision for income taxes” included in the accompanying Consolidated Statements of Income for
the years ended December 31, 2013, 2012 and 2011 (in thousands):
Current Deferred Total
2013
Federal $ 348,303 $ 847 $ 349,150
State 38,428 1,072 39,500
$ 386,731 $ 1,919 $ 388,650
2012
Federal $ 311,631 $ 10,030 $ 321,661
State 35,982 (1,868) 34,114
$ 347,613 $ 8,162 $ 355,775
2011
Federal $ 228,443 $ 55,175 $ 283,618
State 25,537 (1,055) 24,482
$ 253,980 $ 54,120 $ 308,100
The following table outlines the reconciliation of the “Provision for income taxes” amounts included in the accompanying Consolidated
Statements of Income to the amounts computed at the federal statutory rate for the years ended December 31, 2013, 2012 and 2011 (in
thousands):
For the Year Ended December 31,
2013 2012 2011
Federal income taxes at statutory rate $ 370,632 $ 329,532 $ 285,524
State income taxes, net of federal tax benefit 26,802 22,426 16,132
Other items, net (8,784)3,817 6,444
Total provision for income taxes $ 388,650 $ 355,775 $ 308,100
The excess tax benefit associated with the exercise of non-qualified stock options has been included within “Additional paid-in capital”
on the accompanying consolidated financial statements.
As of December 31, 2013, the Company had tax credit carryforwards available for state tax purposes, net of federal impact, of $7.0
million. As of December 31, 2013, the Company had net operating loss carryforwards available for state purposes of $23.2 million. The
Company’s state net operating loss carryforwards generally expire in years ranging from 2021 to 2027, and the Company’s tax credits
generally expire in 2024.
CSK had net operating losses in various years dating back to the tax year 1993. For CSK, the statute of limitation for a particular tax
year for examination by the IRS is three years subsequent to the last year in which the loss carryover is finally used. The IRS completed
an examination of the CSK consolidated federal tax return for the fiscal years ended January 30, 2005, January 29, 2006, February 4,
2007 and February 2, 2008. The statute of limitation for a particular tax year for examination by various states is generally three to four
years subsequent to the last year in which the loss carryover is finally used.