Best Buy 2000 Annual Report Download - page 47
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$ in thousands, except per share amounts
Best Buy Co., Inc. Fiscal 2000 Annual Report
Income tax expense consists of the following:
2000 1999 1998
Current: Federal $ 164,938 $ 120,892 $ 50,950
State 21,329 15,252 5,487
186,267 136,144 56,437
Deferred: Federal 25,725 (665) (4,509)
State 3,508 (84) (463)
29,233 (749) (4,972)
Income tax expense $215,500 $ 135,395 $ 51,465
Deferred taxes are the result of differences between the basis of assets and liabilities for financial reporting
and income tax purposes. Significant deferred tax assets and liabilities consist of the following:
Feb. 26 Feb. 27
2000 1999
Accrued expenses $ 19,001 $ 15,690
Deferred revenues 25,009 23,284
Compensation and benefits 17,293 8,052
Other 2,763 4,608
Total deferred tax assets 64,066 51,634
Property and equipment 42,937 10,973
Inventory 15,639 2,215
Other 4,606 3,603
Total deferred tax liabilities 63,182 16,791
Net deferred tax assets $ 884 $ 34,843
Income taxes paid (net of refunds) were $82,600, $84,000 and $12,700 in fiscal 2000, 1999 and 1998,
respectively.
9. Legal Proceedings
The Company is involved in various legal proceedings arising during the normal course of conducting
business. Management believes that the resolution of these proceedings will not have any material adverse
impact on the Company’s consolidated financial statements.
Notes to Consolidated Financial Statements