Advance Auto Parts 2008 Annual Report Download - page 82

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ADVANCE AUTO PARTS, INC. AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS – (Continued)
January 3, 2009, December 29, 2007 and December 30, 2006
(in thousands, except per share data)
The accompanying notes to the consolidated financial statements
are an integral part of these statements.
F-28
certain deferred tax assets for NOLs in certain jurisdictions, the Company recorded a valuation allowance of $1,887
as of January 3, 2009 and $1,396 as of December 29, 2007. The amount of deferred income tax assets realizable,
however, could change in the near future if projections of future taxable income change.
Temporary differences which give rise to significant deferred income tax assets (liabilities) are as follows:
January 3, December 29,
2009 2007
Current deferred income tax assets (liabilities):
Inventory valuation differences (94,373)$ (86,012)$
Accrued medical and workers compensation 28,527 26,125
Accrued expenses not currently deductible for tax 28,394 13,635
Net operating loss carryforwards 510 817
Other, net 3,606 -
Total current deferred income tax assets (liabilities) (33,336)$ (45,435)$
Long-term deferred income tax assets (liabilities):
Property and equipment (42,569) (32,392)
Postretirement benefit obligation 3,612 3,661
Share-based compensation 17,562 12,854
Net operating loss carryforwards 2,071 2,397
Valuation allowance (1,887) (1,396)
Other, net 15,895 14,171
Total long-term deferred income tax assets (liabilities) (5,316)$ (705)$
These amounts are recorded in Other current liabilities and Other long-term liabilities in the accompanying
consolidated balance sheets, as appropriate.
13. Lease Commitments:
At January 3, 2009, future minimum lease payments due under non-cancelable operating leases with lease terms
ranging from 1 year to 20 years through the year 2028 for all open stores are as follows:
Total
2009 282,967$
2010 247,640
2011 226,361
2012 202,022
2013 177,500
Thereafter 1,012,744
2,149,234$