O'Reilly Auto Parts 2011 Annual Report Download - page 80

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70
NOTE 14—INCOME TAXES
Deferred income tax assets (liabilities):
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for
financial reporting purposes and the amounts used for income tax purposes, and also include the tax effect of carryforwards.
The following table identifies significant components of the Company’s deferred tax assets and liabilities as of December 31, 2011
and 2010 (in thousands):
Deferred tax assets:
Current:
Allowance for doubtful accounts $1,933 $ 2,683
Unrealized loss on cash flow hedges - 1,875
Net operating losses - 1,893
Tax credits 541 5,437
Other accruals 55,209 78,479
Total current deferred tax assets: $57,683 $ 90,367
Noncurrent:
Tax credits 4,605 3,558
Net operating losses 3,008 3,408
Other accruals 50,855 20,464
Total noncurrent deferred tax assets: $58,468 $ 27,430
Total deferred tax assets $116,151 $ 117,797
Deferred tax liabilities:
Current:
Inventories $59,673 $ 56,490
Total current deferred tax liabilities: $59,673 56,490
Noncurrent:
Property and equipment 138,132 95,300
Other 9,200 866
Total noncurrent deferred tax liabilities: 147,332 96,166
Total deferred tax liabilities 207,005 152,656
Net deferred tax liabilities $(90,854) $ (34,859)
December 31,
2011
2010
The following table reconciles the above net deferred tax assets (liabilities) as presented on the accompanying Consolidated Balance
Sheets as of December 31, 2011 and 2010 (in thousands):
Deferred tax assets - current $57,683 $ 90,367
Deferred tax liabilities - current (59,673) (56,490)
Deferred tax assets (liabilities) - current (1,990) $ 33,877
Deferred tax assets - noncurrent 58,468 27,430
Deferred tax liabilities - noncurrent (147,332) (96,166)
Deferred tax assets (liabilities) - noncurrent (88,864) $ (68,736)
Net deferred tax liabilities $(90,854) $ (34,859)
December 31,
2011
2010
FORM 10-K