Napa Auto Parts 2010 Annual Report Download - page 52
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Table of Contents
unrecognized deferred income tax liability. Significant components of the Company’s deferred tax assets and liabilities are as follows:
Deferred tax assets related to:
Expenses not yet deducted for tax purposes $ 151,488
Pension liability not yet deducted for tax purposes 267,544
Capital loss 24,780
Valuation allowance (24,780)
419,032
Deferred tax liabilities related to:
Employee and retiree benefits 150,294
Inventory 79,327
Property, plant and equipment 30,438
Other 19,047
279,106
Net deferred tax asset 139,926
Current portion of deferred tax liability 27,796
Non-current deferred tax asset $ 167,722
The current portion of the deferred tax liability is included in income taxes payable in the consolidated balance sheets. The Company
has a capital loss carryforward of approximately $61,500,000 that will expire in 2013.
The components of income tax expense are as follows:
Current:
Federal $171,691 $261,250
State 28,591 45,167
Foreign 16,409 26,657
Deferred 27,899 (40,023)
$ 244,590 $ 293,051
The reasons for the difference between total tax expense and the amount computed by applying the statutory Federal income tax rate
to income before income taxes are as follows:
Statutory rate applied to income $225,458 $268,964
Plus state income taxes, net of Federal tax benefit 20,977 25,831
Capital loss — (30,038)
Capital loss — valuation allowance — 24,787
Other (1,845) 3,507
$ 244,590 $ 293,051
The Company or one of its subsidiaries files income tax returns in the U.S. federal jurisdiction, various states, and foreign
jurisdictions. With few exceptions, the Company is no longer subject to federal, state and local tax examinations by tax authorities for
years before 2006 or subject to non-United States income tax examinations for
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