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NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
(continued)
(Dollar
amounts in thousands except per share data)
8.INCOME
TAXES
The
provision for income taxes for the years ended February 3, 2001, January 29, 2000 and January 30, 1999, consists of the following:
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Y E A R E N D E D
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FEBRUARY 3, 2001
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JANUARY 29, 2000
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JANUARY 30, 1999
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|
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Currently payable:
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|
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Federal
|
$67,600
|
$32,871
|
$20,088
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State
|
8,957
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3,103
|
1,680
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|
|
|
|
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Total currently payable
|
76,557
|
35,974
|
21,768
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|
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Deferred:
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|
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Federal
|
(3,896)
|
229
|
1,374
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State
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(542)
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394
|
(187)
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|
|
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Total deferred
|
(4,438)
|
623
|
1,187
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|
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|
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Total income tax expense
|
$72,119
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$36,597
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$22,955
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The effect of temporary differences
which gives rise to deferred income tax balances at February 3, 2001
and January 29, 2000, respectively, are as follows:
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Y E A R E N D E D
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FEBRUARY
3, 2001
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JANUARY
30, 1999
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ASSETS
|
LIABILITIES
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TOTAL
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ASSETS
|
LIABILITIES
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TOTAL
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UNITED STATES:
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Current:
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Merchandise inventories
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$ 4,550
|
-
|
$ 4,550
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$ 3,335
|
-
|
$ 3,335
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Deferred catalog costs
|
-
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($1,124)
|
(1,124)
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-
|
($1,259)
|
(1,259)
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Accrued vacation pay
|
2,813
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-
|
2,813
|
2,409
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-
|
2,409
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Deferred compensation
|
4,674
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-
|
4,674
|
3,596
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-
|
3,596
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Other
|
3,888
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(1,052)
|
2,836
|
2,101
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(666)
|
1,435
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Total current
|
15,925
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(2,176)
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13,749
|
11,441
|
(1,925)
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9,516
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Noncurrent:
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Depreciation & amortization
-
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(7,006)
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(7,006)
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-
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(6,691)
|
(6,691)
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Lease commitments
|
-
|
-
|
6,528
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6,012
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-
|
6,012
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Other
|
1,583
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-
|
1,583
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1,579
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-
|
1,579
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|
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|
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Total noncurrent
|
8,111
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(7,006)
|
1,105
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7,591
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(6,691)
|
900
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|
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|
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FOREIGN:
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|
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Noncurrent:
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|
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Subsidiary tax loss
carryforwards
|
3,276
|
-
|
3,276
|
4,077
|
-
|
4,077
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Less: valuation
allowance
|
(2,117)
|
-
|
(2,117)
|
(2,918)
|
-
|
(2,918)
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|
|
|
|
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Total noncurrent
|
1,159
|
-
|
1,159
|
1,159
|
-
|
1,159
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|
|
|
|
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Total deferred income taxes
|
$25,195
|
($9,182)
|
$16,013
|
$20,191
|
($8,616)
|
$11,575
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At
February 3, 2001, a consolidated foreign subsidiary of the Company had a net operating loss carryforward that began to expire in fiscal year 1998. Management records a valuation
allowance each year reflecting the likelihood of the realization of the related deferred tax asset. For the year ended
February 3, 2001, the valuation allowance was reduced by $801.
For
the years ended February 3, 2001, January 29, 2000 and January 30, 1999, total income tax expense
differs from that computed by multiplying income before taxes by the
United States federal income tax rates as follows:
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Y E A R E N D E D
|
|
|
|
|
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FEBRUARY
3, 2001
|
JANUARY
29, 2000
|
JANUARY
30, 1999
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TAX
|
RATE
|
TAX
|
RATE
|
TAX
|
RATE
|
|
|
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Expected tax expense
|
$65,562
|
35.0%
|
$33,270
|
35.0%
|
$20,868
|
35.0%
|
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Adjustments resulting from:
|
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|
|
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State income taxes, net of federal
|
|
|
|
|
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tax benefit
|
5,469
|
2.9
|
2,273
|
2.4
|
970
|
1.6
|
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Goodwill amortization
|
470
|
0.3
|
470
|
0.5
|
470
|
0.8
|
|
Other
|
618
|
0.3
|
584
|
0.6
|
647
|
1.1
|
|
|
|
|
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Actual tax expense
|
$72,119
|
38.5%
|
$36,597
|
38.5%
|
$22,955
|
38.5%
|
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