Staples 2015 Annual Report Download - page 139
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APPENDIX C
STAPLES C-22
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 are as follows (in millions):
January 30, 2016 January 31, 2015
Deferred income tax assets:
Deferred rent $22 $28
Foreign tax credit carryforwards — 3
Net operating loss carryforwards 270 288
Capital loss carryforwards 24 27
Employee benefits 106 159
Bad debts 18 20
Inventory 15 25
Insurance 34 37
Deferred revenue 11 14
Depreciation 7 50
Financing 57 26
Accrued expenses 19 15
Store closures 35 35
Acquisition Costs 20 —
Other—net 12 14
Total deferred income tax assets 650 741
Total valuation allowance (333) (350)
Net deferred income tax assets $317 $391
Deferred income tax liabilities:
Intangibles $(124) $(142)
Other—net (5) (3)
Total deferred income tax liabilities (129) (145)
Net deferred income tax assets $188 $246
The deferred tax asset from tax loss carryforwards of
$270 million represents approximately $1.0 billion of net
operating loss carryforwards, $421 million of which are
subject to expiration beginning in 2016. The remainder has
an indefinite carryforward period. The valuation allowance
decreased by $17 million during 2015, 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 on current year operating losses 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 millions):
2015 2014 2013
Pretax income (loss):
United States $463 $545 $881
Foreign 29 (277) 182
Income from continuing operations before income taxes $492 $268 $1,063