Big Lots 2011 Annual Report Download - page 181

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BIG LOTS, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Continued)
Note 9 — Income Taxes (Continued)
Income tax payments and refunds were as follows:
2011 2010 2009
(In thousands)
Income taxes paid .......................................... $114,406 $100,973 $105,961
Income taxes refunded....................................... (983) (837) (694)
Net income taxes paid .................................... $113,423 $100,136 $105,267
Deferred taxes reflect the net tax effects of temporary differences between carrying amounts of assets
and liabilities for financial reporting purposes and the amounts used for income tax, including income tax
uncertainties. Significant components of our deferred tax assets and liabilities were as follows:
January 28, 2012 January 29, 2011
(In thousands)
Deferred tax assets:
Workers’ compensation and other insurance reserves .............. $ 28,998 $ 28,437
Compensation related....................................... 28,788 29,663
Accrued rent.............................................. 26,516 17,755
Uniform inventory capitalization .............................. 20,289 21,702
Non-U.S. net operating losses ................................ 19,019 —
Depreciation and fixed asset basis differences.................... 10,695 19,862
Accrued state taxes......................................... 7,779 8,327
Pension plans ............................................. 4,467 1,049
State tax credits, net of federal tax benefit....................... 3,390 2,830
Accrued operating liabilities ................................. 3,023 1,721
State tax net operating losses, net of federal tax benefit ............ 710 1,171
KB store lease and other discontinued operations contingencies ..... 1,474 1,409
Other.................................................... 24,366 23,008
Valuation allowances - primarily related to Non-U.S. operations ..... (20,392) (1,382)
Total deferred tax assets .................................. 159,122 155,552
Deferred tax liabilities:
Accelerated depreciation and fixed asset basis differences .......... 70,569 58,693
Lease construction reimbursements ............................ 13,584 12,701
Compensation related....................................... 5,401 8,101
Prepaid expenses .......................................... 5,695 5,699
Other.................................................... 14,540 13,440
Total deferred tax liabilities ............................... 109,789 98,634
Net deferred tax assets ................................... $ 49,333 $ 56,918
Net deferred tax assets are shown separately on our consolidated balance sheets as current and non-current
deferred income taxes. The following table summarizes net deferred income tax assets from the consolidated
balance sheets:
January 28, 2012 January 29, 2011
(In thousands)
Current deferred income taxes................................... $42,784 $50,252
Noncurrent deferred income taxes................................ 6,549 6,666
Net deferred tax assets ...................................... $49,333 $56,918