Abercrombie & Fitch 2010 Annual Report Download - page 85
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Table of Contents
ABERCROMBIE & FITCH CO.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
The effect of temporary differences which give rise to deferred income tax assets (liabilities) were as follows (thousands):
2010 2009
Deferred tax assets:
Deferred compensation $ 59,027 $ 48,476
Rent 26,158 40,585
Accrued expenses 22,920 15,464
Foreign net operating losses 11,510 11,329
Reserves 8,666 8,757
Inventory 13,683 7,829
Other 2,476 2,223
Realized and unrealized investment losses 592 1,152
Valuation allowance — (1,369)
Total deferred tax assets $ 145,032 $ 134,446
Deferred tax liabilities:
Store supplies (11,911) (12,128)
Property and equipment (94,630) (127,983)
Total deferred tax liabilities $ (106,541) $ (140,111)
Net deferred income tax assets (liabilities) $ 38,491 $ (5,665)
Accumulated other comprehensive income is shown net of deferred tax assets and deferred tax liabilities, resulting in a deferred
tax asset of $5.2 million and of $4.6 million for Fiscal 2010 and Fiscal 2009, respectively. Accordingly, these deferred taxes are not
reflected in the table above.
As of January 29, 2011 and January 30, 2010, the net operating foreign subsidiaries' valuation allowance totaled $0 and
$0.2 million, respectively.
As of January 29, 2011 and January 30, 2010, the valuation allowance for realized and unrealized investment losses totaled $0
and $1.1 million, respectively.
No other valuation allowances have been provided for deferred tax assets because management believes that it is more likely
than not that the full amount of the net deferred tax assets will be realized in the future.
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