Pep Boys 2008 Annual Report Download - page 142
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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)
A reconciliation of the statutory federal income tax rate to the effective rate of the benefit for
income taxes follows:
Year ended
January 31, February 2, February 3,
2009 2008 2007
Statutory tax rate .............................. 35.00% 35.0% 35.0%
State income taxes, net of federal tax ................ 1.2 3.1 (3.6)
Job credits ................................... 1.5 0.9 5.8
Changes in state tax law ......................... 6.4 — —
State deferred adjustment(a) ...................... — — 18.2
FIN 48 adjustment ............................. 1.3 4.2 —
Valuation Allowance ............................ (8.9) — —
Non Deductible Penalties ........................ (5.3) (0.1) (1.6)
Stock Compensation ............................ (3.9) — —
Foreign taxes, net of federal ...................... (2.0) 1.0 (3.8)
Other, net ................................... (7.7) (3.5) (2.5)
17.6% 40.6% 47.5%
(a) The tax rate for the year ended February 3, 2007 includes an adjustment to the state deferred
liabilities primarily due to change in the Company’s filing position in certain states. Based on the
new filing position, the Company has recorded certain tax attributes that were not recognized
previously.
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