Best Buy 2001 Annual Report Download - page 54

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55
$ in thousands, except per share amounts
Income tax expense consists of the following:
2001 2000 1999
Current: Federal $179,314 $164,938 $120 ,892
State 23,533 21,329 15,252
202,847 186,267 136,14 4
Deferred: Federal 37 ,850 25,725 (665)
State 4,943 3,508 (84)
42,793 29,233 (749)
Income tax expense $245,640 $215,500 $135 ,395
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:
March 3 Feb. 26
2001 2000
Accrued expenses $ 46,481 $ 19,001
Deferred revenues 13,057 25,009
Compensation and benefits 30,681 17,293
Inventory 8,319 —
O ther 19,827 2,763
Total deferred tax assets 118,365 64,066
Property and equipment 93,454 42,937
Inventory —15,639
O ther 4,870 4,606
Total deferred tax liabilities 98,324 63,182
N et deferred tax assets $ 20,041 $ 884
Income taxes paid (net of refunds) were $61,700, $82,600 and $84,000 in fiscal 2001, 2000 and 1999, respectively.
Best Buy Co., Inc.
N otes