Staples 2014 Annual Report Download - page 156
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APPENDIX C
C-24 STAPLES Form 10-K
STAPLES, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements (continued)
NOTE J — INCOME TAXES
Deferred income taxes reflect the net tax effects of temporary
differences between the carrying amount of assets and
liabilities for financial reporting purposes and the amounts
used for income tax purposes. The approximate tax effect of
the significant components of Staples’ deferred tax assets and
liabilities, including those related to discontinued operations,
are as follows (in thousands):
January 31, 2015 February 1, 2014
Deferred income tax assets:
Deferred rent $28,442 $34,953
Foreign tax credit carryforwards 3,189 6,775
Net operating loss carryforwards 287,886 333,920
Capital loss carryforwards 26,514 18,231
Employee benefits 159,344 124,356
Bad debts 20,147 16,356
Inventory 24,906 39,111
Insurance 37,202 36,312
Deferred revenue 14,102 16,143
Depreciation 50,361 56,768
Financing 25,768 30,629
Accrued expenses 14,641 18,505
Store closures 34,802 4,725
Other—net 13,757 11,011
Total deferred income tax assets 741,061 747,795
Total valuation allowance (350,304) (414,258)
Net deferred income tax assets $390,757 $333,537
Deferred income tax liabilities:
Intangibles $(141,911) $(142,772)
Other—net (3,327) 624
Total deferred income tax liabilities (145,238) (142,148)
Net deferred income tax assets $245,519 $191,389
The deferred tax asset from tax loss carryforwards of
$287.9 million represents approximately $1.10 billion of net
operating loss carryforwards, $496.6 million of which are
subject to expiration beginning in 2015. The remainder has
an indefinite carryforward period. The deferred tax asset
from foreign tax credit carryforwards of $3.2 million is subject
to expiration beginning in 2019. The valuation allowance
decreased by $64.0 million during 2014, primarily due to the
expiration of net operating loss carryforwards against which
a valuation allowance had been maintained, as well as the
impact of currency translation adjustments, partially offset by
the establishment of valuation allowances in certain foreign
jurisdictions and current year operating losses generated in
foreign jurisdictions that the Company has determined are not
more-likely-than-not realizable.
For financial reporting purposes, income from continuing operations before income taxes includes the following components
(in thousands):
2014 2013 2012
Pretax income (loss):
United States $544,851 $881,204 $1,027,547
Foreign (276,716) 181,601 (762,124)
Income from continuing operations before income taxes $268,135 $1,062,805 $265,423