Saks Fifth Avenue 2009 Annual Report Download - page 75
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Table of Contents
SAKS INCORPORATED & SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(In thousands, except per share amounts)
Income tax (benefit) expense from continuing operations varies from the amounts computed by applying the statutory federal income tax rate to income
before taxes. The reasons for these differences were as follows:
2009
2008
(Revised)
2007
(Revised)
Expected federal income taxes at 35% $ (35,757) $ (61,434) $ 25,848
State income taxes, net of federal benefit (4,267) (6,777) 3,095
State NOL valuation allowance adjustment 3,045 6,110 (2,957)
Effect of settling tax exams and other tax reserve adjustments (5,226) 624 690
Executive compensation — 318 367
Tax-exempt interest — — (662)
Change in state tax law — (414) —
State tax rate adjustment (2,703) — —
Write-off of expired Federal NOL — 10,980 —
Other items, net 407 1,691 374
Provision (benefit) for income taxes from continuing operations $ (44,501) $ (48,902) $ 26,755
Components of the net deferred tax asset or liability recognized in the consolidated balance sheets were as follows:
January 30,
2010
January 31,
2009
(Revised)
Current:
Deferred tax assets:
Accrued expenses $ 34,478 $ 28,099
NOL carryforwards — 1,029
Valuation allowance — (2,322)
Inventory 1,496 3,110
Net current deferred tax asset $ 35,974 $ 29,916
Non-current:
Deferred tax assets:
Capital leases $ 22,000 $ 23,968
Rent Adjustments 20,384 18,433
Pension 14,638 15,993
Other long-term liabilities 33,853 29,036
AMT Credit 23,103 24,269
NOL carryforwards 138,122 134,557
Valuation allowance (42,810) (39,868)
Deferred tax liabilities:
Property and equipment 12,053 (11,446)
Other assets 11 14
Net non-current deferred tax asset $ 221,354 $ 194,956
Total Net Deferred Tax Asset $ 257,328 $ 224,872
F-19
Source: SAKS INC, 10-K, March 18, 2010 Powered by Morningstar® Document Research℠