Dollar General 2007 Annual Report Download - page 82
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80
purposes. Significant components of the Company’ s deferred tax assets and liabilities are as
follows:
(In thousands)
Successor
February 1,
2008
Predecessor
February 2,
2007
Deferred tax assets:
Deferred compensation expense $ 6,354 $ 10,090
Accrued expenses and other 4,379 4,037
Accrued rent 5,909 10,487
Accrued insurance 61,887 9,899
Deferred gain on sale/leasebacks - 2,312
Inventories - 5,874
Interest rate hedges 30,891 -
Tax benefit of FIN 48 income tax and interest reserves 16,209 -
Other 9,947 4,609
State tax net operating loss carryforwards, net of federal tax 10,342 4,004
State tax credit carryforwards, net of federal tax 8,727 8,604
154,645 59,916
Less valuation allowances (1,560) (5,249)
Total deferred tax assets 153,085 54,667
Deferred tax liabilities:
Property and equipment (108,675) (71,465)
Inventories (20,291) -
Trademarks (428,627) -
Amortizable assets (64,419) -
Other (501) (478)
Total deferred tax liabilities (622,513) (71,943)
Net deferred tax liabilities $ (469,428) $ (17,276)
Net deferred tax liabilities are reflected separately on the consolidated balance sheets as
current and noncurrent deferred income taxes. The following table summarizes net deferred tax
liabilities as recorded in the consolidated balance sheets:
(In thousands)
Successor
February 1,
2008
Predecessor
February 2,
2007
Current deferred income tax assets, net $ 17,297 $ 24,321
Noncurrent deferred income tax liabilities, net (486,725) (41,597)
Net deferred tax liabilities $ (469,428) $ (17,276)
The Company has a federal net operating loss carryforward as of February 1, 2008 of
approximately $44.5 million which will expire in 2027. The Company also has state net
operating loss carryforwards that total approximately $261.1 million and will expire beginning in
2012 through 2027 and state tax credit carryforwards of approximately $13.4 million that will
expire beginning in 2008 through 2027.
The valuation allowance has been provided principally for state tax credit carryforwards.
The full amount of the change in the valuation allowance for the 2007 Successor period, a
decrease of $4.2 million, was recorded as an adjustment to goodwill. The increase of $0.6
million in the Predecessor period ended July 6, 2007, the increase of $3.2 million in 2006 and the