Pep Boys 2010 Annual Report Download - page 114
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THE PEP BOYS—MANNY, MOE & JACK AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Years ended January 29, 2011, January 30, 2010 and January 31, 2009
NOTE 8—INCOME TAXES (Continued)
Items that gave rise to the deferred tax accounts are as follows:
January 29, January 30,
(dollar amounts in thousands) 2011 2010
Deferred tax assets:
Employee compensation ......................... $ 3,060 $ 3,293
Store closing reserves ........................... 1,064 1,741
Legal reserve ................................. 569 769
Benefit accruals ............................... 3,576 4,628
Net operating loss carryforwards—Federal ............ 2,527 911
Net operating loss carryforwards—State .............. 107,941 105,375
Tax credit carryforwards .......................... 17,086 18,503
Accrued leases ................................ 12,107 12,078
Interest rate derivatives .......................... 5,960 5,872
Deferred gain on sale leaseback .................... 61,904 66,613
Deferred revenue .............................. 5,871 5,332
Other ....................................... 2,570 2,523
Gross deferred tax assets ......................... 224,235 227,638
Valuation allowance ............................ (104,486) (108,416)
119,749 119,222
Deferred tax liabilities:
Depreciation .................................. $ 44,634 $ 34,601
Inventories ................................... 57,538 49,364
Real estate tax ................................ 3,132 2,885
Insurance and other ............................ 2,574 1,998
Gain on debt buyback ........................... 2,187 2,187
110,065 91,035
Net deferred tax asset ............................. $ 9,684 $ 28,187
As of January 29, 2011 and January 30, 2010, the Company had available tax net operating losses
that can be carried forward to future years. The Company has $2.5 million of deferred tax assets
related to federal net operating loss carryforwards which begin to expire in 2027. The Company has
$4.5 million of deferred tax assets related to state tax net operating loss carryforwards related to
unitary filings of which 8% will expire in the next five years for which a full valuation allowance has
been recorded. The balance of the Company’s net operating loss carryforwards relate to separate
company filing jurisdictions that will expire in various years beginning in 2011 for which full valuation
allowances have been recorded.
The tax credit carryforward at January 29, 2011 consists of $7.3 million of alternative minimum tax
credits, $3.4 million of work opportunity credits and $6.4 million of state and Puerto Rico tax credits of
which $3.3 million have full valuation allowances recorded against them. The tax credit carryforward at
January 30, 2010 consists of $7.2 million of alternative minimum tax credits, $3.3 million of work
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