Ross 2014 Annual Report Download - page 54

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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:
2014 2013 2012
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 January 31, 2015 and February 1, 2014 are as follows:
($000) 2014 2013
Deferred Tax Assets
Accrued liabilities $ 77,791 $ 87, 8 3 5
Deferred compensation 33,456 31,034
Stock-based compensation 35,332 33,048
Deferred rent 26,370 17,888
California franchise taxes and credits 18,478 16,479
Employee benefits 23,136 16,177
Other
4,927 4,992
219,490 2 07,4 5 3
Deferred Tax Liabilities
Depreciation
(252,013) (212,383 )
Merchandise inventory (26,668) (28,558)
Supplies
(11,616 ) (10,730)
Prepaid expenses (2,923) (4,426)
(293,220) (256,097)
Net Deferred Tax Liabilities
$ (73,730) $ (48,644)
Classified as:
Current net deferred tax asset $ 12,951 $ 10,227
Long-term net deferred tax liability (86,681) (58,871)
Net Deferred Tax Liabilities
$ (73,730) $ (48,644)
At the end of fiscal 2014 and 2013, the Company’s state tax credit carryforwards for income tax purposes were approximately
$12.1 million and $11.0 million, respectively. The state tax credit carryforwards will begin to expire in fiscal 2023.
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