Ross 2013 Annual Report Download - page 51

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The provision for taxes for financial reporting purposes is different from the tax provision computed by applying the statutory
federal income tax rate. The differences are reconciled below:
2013 2012 2011
Federal income taxes at the statutory rate 35% 35% 35%
State income taxes (net of federal benefit) and other, net 3% 3% 3%
Total
38% 38% 38%
The components of deferred income taxes at February 1, 2014 and February 2, 2013 are as follows:
($000) 2013 2012
Deferred Tax Assets
Accrued liabilities $ 87,835 $ 72,266
Deferred compensation 31,034 28,040
Stock-based compensation 33,048 28,781
Deferred rent 17,888 16,984
California franchise taxes 16,479 13,376
Employee benefits 16,177 18,315
Other
4,992 3,686
207,453 181,448
Deferred Tax Liabilities
Depreciation
(212,383) (210,343)
Merchandise inventory (28,558) (18,802)
Supplies
(10,730) (9,766)
Prepaid expenses (4,426) (6,431)
(256,097) (245,342)
Net Deferred Tax Liabilities
$ (48,644) $ (63,894)
Classified as:
Current net deferred tax asset $ 10,227 $ 20,407
Long-term net deferred tax liability (58,871) (84,301)
Net Deferred Tax Liabilities
$ (48,644) $ (63,894)
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