Cabela's 2005 Annual Report Download - page 98
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CABELA’S INCORPORATED AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(Dollar Amounts in Thousands Except Share and Per Share Amounts)
A reconciliation of the statutory federal income tax rate to the effective income tax rate is a follows:
2005 2004 2003
Statutory federal rate ...................................... 35.0% 35.0% 35.0%
State income taxes, net of federal tax benefit ................... 1.2 0.5 0.4
Other nondeductible items ................................. (0.1) 0.1 0.2
Other .................................................. 1.0 (0.5) —
37.1% 35.1% 35.6%
Deferred tax assets and liabilities consisted of the following at each respective fiscal year:
2005 2004
Deferred tax assets:
Deferred compensation ........................................ $ 3,528 $ 4,132
Deferred revenue ............................................ 4,153 4,135
Reserve for returns ........................................... 6,729 6,538
Accrued vacation pay ......................................... 3,148 2,045
Reserve for health insurance claims .............................. 1,521 1,484
Inventory ................................................... — 3,405
Unrealized gains on available-for-sale securities .................... 14 —
Accrued expenses ............................................ 917 681
Amortization ................................................ 1,347 1,348
Allowance for doubtful accounts ................................ 1,390 742
Other ...................................................... 1,088 1,078
23,835 25,588
Deferred tax liabilities:
Prepaid catalog costs ......................................... 13,456 9,603
Depreciation ................................................ 20,999 22,978
Capitalized software costs ..................................... 2,230 1,277
Credit card issuance costs ...................................... 1,415 1,001
Inventory ................................................... 1,875 —
Unrealized gains on available-for-sale securities .................... — 1,411
Investment in equity method investees ............................ 40 142
Retained interest in securitized receivables ........................ 5,635 3,561
Other ...................................................... 2,369 —
48,019 39,973
Net deferred tax liability ........................................... $(24,184) $(14,385)
Included on the accompanying consolidated balance sheets under the following captions:
2005 2004
Deferred income tax (liability) asset—current .......................... $ (3,994) $ 2,240
Deferred income tax liability—noncurrent ............................ (20,190) (16,625)
$(24,184) $(14,385)
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