Pep Boys 2008 Annual Report Download - page 141

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THE PEP BOYS—MANNY, MOE & JACK AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Years ended January 31, 2009, February 2, 2008 and February 3, 2007
(dollar amounts in thousands, except share data)
reconciliation of the beginning balance and ending carrying amounts of the Company’s asset retirement
obligation under SFAS No.143 from February 3, 2007 through January 31, 2009:
Asset retirement obligation, February 3, 2007 ....................... $7,045
Asset retirement obligation incurred during the period .............. 290
Asset retirement obligation settled during the period ................ (273)
Accretion expense ......................................... 284
Asset retirement obligation, February 2, 2008 ....................... $7,346
Asset retirement obligation reduced during the period ............... (380)
Asset retirement obligation settled during the period ................ (99)
Accretion expense ......................................... 263
Asset retirement obligation, January 31, 2009 ....................... $7,130
NOTE 14—INCOME TAXES
The (benefit) provision for income taxes includes the following:
Year ended
January 31, February 2, February 3,
2009 2008 2007
Current:
Federal .................................... $ (464) $ (3,646) $ —
State ...................................... 1,276 654 933
Foreign .................................... 433 2,187 105
Deferred:
Federal(a) .................................. (8,717) (20,570) (4,745)
State ...................................... 754 (3,761) (3,007)
Foreign .................................... 579 (458) 315
Total income tax expense/(benefit) from continuing
operations(a) ................................ $(6,139) $(25,594) $(6,399)
(a) Excludes tax expense/(benefit) recorded to Discontinued Operations and Change in Accounting
Principles of $(857) in fiscal year 2008, ($2,463) in fiscal year 2007 and $1,718 in fiscal year 2006.
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