Pep Boys 2009 Annual Report Download - page 115

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THE PEP BOYS—MANNY, MOE & JACK AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Years ended January 30, 2010, January 31, 2009 and February 2, 2008
(dollar amounts in thousands, except share and per share data)
NOTE 7—ASSET RETIREMENT OBLIGATIONS (Continued)
The Company has recorded a liability pertaining to the asset retirement obligation in accrued
expenses and other long-term liabilities on its consolidated balance sheet. The liability for asset
retirement obligations activity from February 2, 2008 through January 30, 2010 is as follows:
Asset retirement obligation at February 2, 2008 ..................... $7,346
Change in assumptions ..................................... (380)
Settlements .............................................. (99)
Accretion expense ......................................... 263
Asset retirement obligation at January 31, 2009 ..................... $7,130
Change in assumptions ..................................... (466)
Settlements .............................................. (154)
Accretion expense ......................................... 214
Asset retirement obligation at January 30, 2010 ..................... $6,724
NOTE 8—INCOME TAXES
The provision (benefit) for income taxes includes the following:
Year Ended
January 30, January 31, February 2,
2010 2009 2008
Current:
Federal ............................. $ 398 $ (464) $ (3,646)
State ............................... (511) 1,276 654
Foreign ............................. 149 433 2,187
Deferred:
Federal(a) ........................... 13,820 (8,717) (20,570)
State ............................... 42 754 (3,761)
Foreign ............................. (395) 579 (458)
Total income tax expense/(benefit) from
continuing operations(a) ................. $13,503 $(6,139) $(25,594)
(a) Excludes tax benefit recorded to discontinued operations of $580 in fiscal 2009, $857 in
fiscal 2008 and $2,463 in fiscal 2007.
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