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              [html]<thead><tr><td></td><td>January 31.2015</td><td>February 1.2014</td></tr></thead><tbody><tr><td>Compensation and benefits accruals</td><td>$ 191</td><td>$ 182</td></tr><tr><td>Allowance for sales returns</td><td>62</td><td>56</td></tr><tr><td>Accrued expenses</td><td>51</td><td>48</td></tr><tr><td>Allowance for credit losses</td><td>29</td><td>32</td></tr><tr><td>Merchandise inventories</td><td>31</td><td>28</td></tr><tr><td>Gift cards</td><td>23</td><td>21</td></tr><tr><td>Gain on sale of interest rate swap</td><td>12</td><td>19</td></tr><tr><td>Nordstrom Notes</td><td>22</td><td>18</td></tr><tr><td>Federal benefit of state taxes</td><td>3</td><td>6</td></tr><tr><td>Other</td><td>4</td><td>16</td></tr><tr><td>Total deferred tax assets</td><td>428</td><td>426</td></tr><tr><td>Land, property and equipment basis and depreciation differences</td><td>( 116 )</td><td>( 98 )</td></tr><tr><td>Debt exchange premium</td><td>( 22 )</td><td>( 24 )</td></tr><tr><td>Total deferred tax liabilities</td><td>( 138 )</td><td>( 122 )</td></tr><tr><td>Net deferred tax assets</td><td>$ 290</td><td>$ 304</td></tr></tbody>
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