Pep Boys 2009 Annual Report Download - page 117
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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 8—INCOME TAXES (Continued)
Items that gave rise to significant portions of the deferred tax accounts are as follows:
January 30, January 31,
2010 2009
Deferred tax assets:
Employee compensation ......................... $ 3,293 $ 3,649
Store closing reserves ........................... 1,741 576
Legal reserve ................................. 769 1,826
Benefit accruals ............................... 4,628 4,998
Net operating loss carryforwards—Federal ............ 911 8,608
Net operating loss carryforwards—State .............. 105,375 104,671
Tax credit carryforwards .......................... 18,503 18,243
Accrued leases ................................ 12,078 13,588
Interest rate derivatives .......................... 5,872 4,861
Deferred gain on sale leaseback .................... 66,613 69,746
Other ....................................... 2,183 5,668
Gross deferred tax assets ......................... 221,966 236,434
Valuation allowance ............................ (108,416) (107,212)
$ 113,550 $ 129,222
Deferred tax liabilities:
Depreciation .................................. $ 34,601 $ 35,153
Inventories ................................... 45,879 47,403
Real estate tax ................................ 2,885 2,946
Insurance and other ............................ 1,998 1,860
$ 85,363 $ 87,362
Net deferred tax asset ............................. $ 28,187 $ 41,860
As of January 30, 2010 and January 31, 2009, the Company had available tax net operating losses
that can be carried forward to future years. The Company has $911 of federal net operating loss
carryforwards (tax effected) which begin to expire in 2026. The Company has $4,410 of state tax net
operating loss carryforwards (tax effected) related to unitary filings of which 10% will expire in the next
five years beginning in 2010. The balance of the Company’s net operating loss carryforwards relate to
separate company filing jurisdictions that will expire in various years beginning in 2010 and have full
valuation allowances against them.
The tax credit carryforward at January 30, 2010 consists of $7,232 of alternative minimum tax
credits, $3,267 of work opportunity credits and $8,004 of state and Puerto Rico tax credits. The tax
credit carryforward at January 30, 2009 consists of $6,970 of alternative minimum tax credits, $3,064 of
work opportunity credits, $8,152 of state and Puerto Rico tax credits, and $57 of charitable contribution
carryforward.
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