Kohl's 2010 Annual Report Download - page 61

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Table of Contents


 
Deferred income taxes consist of the following:





Deferred tax liabilities:
Property and equipment  $653
Deferred tax assets:
Merchandise inventories   36
Accrued and other liabilities, including stock options   190
Accrued step rent liability  100
Unrealized loss on auction rate securities  23
 349
 $304
The components of the provision for income taxes are as follows:
  

Current federal  $480 $411
Current state  59 45
Deferred federal  53 76
Deferred state   5 8
 $597 $540
Amounts paid for income taxes  $470 $471
The provision for income taxes differs from the amount that would be provided by applying the statutory U.S. corporate tax rate due to the following
items:
  
Provision at statutory rate  35.0% 35.0%
State income taxes, net of federal tax benefit   2.9 3.1
Tax-exempt interest income  (0.3) (0.2)
Provision for income taxes  37.6% 37.9%
We have analyzed filing positions in all of the federal and state jurisdictions where we are required to file income tax returns, as well as all open tax years
in these jurisdictions. The only federal returns subject to examination are for the 2003 through 2010 tax years. State returns subject to examination are generally
for the 2003 through 2010 tax years. Certain states have proposed adjustments which we are currently appealing. If we do not prevail on our appeals, we do not
anticipate that the adjustments would result in a material change in our financial position.
F-17