Dollar General 2008 Annual Report Download - page 90
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88
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
January 30,
2009
February 1,
2008
Current deferred income tax assets, net
$
4,600
$
17,297
Noncurrent deferred income tax liabilities, net
(556,101)
(486,725)
Net deferred tax liabilities
$
(551,501)
$
(469,428)
The Company has state net operating loss carryforwards as of January 30, 2009 that total
approximately $307.7 million which will expire in 2013 through 2028. The Company also has
state tax credit carryforwards of approximately $20.8 million that will expire beginning in 2009
through 2027.
The valuation allowance has been provided for federal capital losses and state tax credit
carryforwards. The 2008 increase of $8.2 million was recorded as income tax expense of $3.0
million and an adjustment to goodwill of $5.2 million. 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 and the increase of $3.2 million in 2006 were included in income tax expense for the
respective periods. Based upon expected future income, management believes that it is more
(In thousands)
Successor
January 30,
2009
February 1,
2008
Deferred tax assets:
Deferred compensation expense
$
5,350
$
6,254
Accrued expenses and other
4,815
4,379
Accrued rent
4,830
5,909
Accrued insurance
66,091
61,887
Accrued bonuses
23,016
100
Interest rate hedges
25,327
30,891
Tax benefit of FIN 48 income tax and interest reserves
11,859
16,209
Other
12,021
9,947
State tax net operating loss carryforwards, net of federal tax
9,252
10,342
State tax credit carryforwards, net of federal tax
13,545
8,727
176,106
154,645
Less valuation allowances
(9,808)
(1,560)
Total deferred tax assets
166,298
153,085
Deferred tax liabilities:
Property and equipment
(156,591)
(108,675)
Inventories
(38,901)
(20,291)
Trademarks
(431,654)
(428,627)
Amortizable assets
(47,446)
(64,419)
Insurance related tax method change
(42,641)
-
Other
(566)
(501)
Total deferred tax liabilities
(717,799)
(622,513)
Net deferred tax liabilities
$
(551,501)
$
(469,428)