Pier 1 2009 Annual Report Download - page 80
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
NOTE 10—INCOME TAXES
The provision (benefit) for income taxes for each of the last three fiscal years consists of (in
thousands):
2009 2008 2007
Federal:
Current ................................... $296 $ 521 $(25,442)
Deferred .................................. — — 22,980
State:
Current ................................... 236 1,623 (365)
Deferred .................................. — — 1,596
Foreign:
Current ................................... 92 450 346
Deferred .................................. — — —
Provision (benefit) for income taxes from continuing
operations ................................. 624 2,594 (885)
Provision (benefit) for income taxes from discontinued
operations ................................. — — (231)
Total provision (benefit) for income taxes ............ $624 $2,594 $ (1,116)
The Company files a U.S. federal income tax return and income tax returns in various states and
foreign jurisdictions. The Company has settled and closed all Internal Revenue Service (‘‘IRS’’)
examinations of the Company’s tax returns for all years through fiscal 2002. Certain refund claims have
been through appeals and during fiscal 2009 the Company received a refund of $12,429,000, including
interest. With only a few exceptions, and other than changes to state taxable income required by the
IRS adjustments from the fiscal years 2000 through 2002 audit, the Company is no longer subject to
state, local and non-U.S. income tax examinations by tax authorities for years before fiscal 2003. The
IRS completed its examination of fiscal years 2003 through 2007 during the first quarter of fiscal 2010.
As a result of prior refunds received for the years under audit, the final audit results are subject to
approval by the Joint Committee on Taxation. Final approval is expected to be received within
15 months. There were no adjustments from this examination which resulted in significant permanent
differences that had not already been reserved.
The Company has net operating loss carryforwards of approximately $276,000,000. These loss
carryforwards can be utilized to offset future income but will begin to expire in fiscal year 2027 if not
utilized before then.
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