Ross 2007 Annual Report Download - page 56

Download and view the complete annual report

Please find page 56 of the 2007 Ross annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 82

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82

54
The aggregate future minimum annual lease payments under leases in effect at February 2, 2008 are as follows:
Residual
Operating Synthetic value
($000) leases leases guarantee Total leases
2008 $ 307,991 $ 10,494 $ 4,733 $ 323,218
2009 288,219 4,597 1,317 294,133
2010 262,264 4,091 — 266,355
2011 228,133 4,091 — 232,224
2012 193,504 4,091 — 197,595
Thereafter 457,863 2,045 56,000 515,908
Total $ 1,737,974 $ 29,409 $ 62,050 $ 1,829,433
Total rent expense for all leases was as follows:
($000)
2007 2006 2005
Rent expense $ 301,582 $ 274,211 $ 246,214
Note F: Taxes on Earnings
The provision for taxes consists of the following:
($000) 2007 2006 2005
Current
Federal $ 160,155 $ 153,263 $ 112,040
State 14,613 14,064 19,260
174,768 167,327 131,300
Deferred
Federal (9,263) (10,268) (1,433)
State (1,436) (416) (1,157)
(10,699) (10,684) (2,590)
Total $ 164,069 $ 156,643 $ 128,710
In fiscal 2007, 2006 and 2005, the Company realized tax benefits of $6.5 million, $12.1 million and $21.9 million, respectively,
related to employee equity programs that were credited to additional paid-in capital.