Big Lots 2009 Annual Report Download - page 184

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BIG LOTS, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Continued)
Note 9 — Income Taxes (Continued)
Deferred taxes reflect the net tax effects of temporary differences between carrying amounts of assets
and liabilities for financial reporting purposes and the amounts used for income tax, including income tax
uncertainties. Significant components of our deferred tax assets and liabilities were as follows:
January 30, 2010 January 31, 2009
(In thousands)
Deferred tax assets:
Compensation related........................................ $ 29,770 $ 21,003
Workers’ compensation and other insurance reserves ............... 27,903 27,951
Depreciation and fixed asset basis differences..................... 21,552 38,020
Uniform inventory capitalization ............................... 20,989 21,502
Accrued rent............................................... 11,549 11,475
Accrued state taxes.......................................... 8,374 8,443
Accrued operating liabilities .................................. 2,684 1,828
Pension plans .............................................. 1,034 4,490
State tax net operating losses, net of federal tax benefit ............. 1,046 2,507
KB store lease and other discontinued operations contingencies ...... 1,899 1,995
Other..................................................... 21,739 21,260
Valuation allowances — primarily unrealized capital losses.......... — (1,269)
Total deferred tax assets ................................... 148,539 159,205
Deferred tax liabilities:
Accelerated depreciation and fixed asset basis differences ........... 39,567 31,017
Lease construction reimbursements ............................. 11,339 11,512
Prepaid expenses ........................................... 5,409 5,316
Other..................................................... 13,076 12,322
Total deferred tax liabilities ................................ 69,391 60,167
Net deferred tax assets .................................... $ 79,148 $ 99,038
Net deferred tax assets are shown separately on our consolidated balance sheets as current and noncurrent
deferred income taxes. The following table summarizes net deferred income tax assets from the balance sheet:
January 30, 2010 January 31, 2009
(In thousands)
Current deferred income taxes ................................... $51,012 $45,275
Noncurrent deferred income taxes ................................ 28,136 53,763
Net deferred tax assets ....................................... $79,148 $99,038
We have the following income tax loss and credit carryforwards at January 30, 2010 (amounts are shown net of
tax excluding the federal income tax effect of the state and local items):
(In thousands)
State and local:
State net operating loss carryforwards ............... $ 1,704 Expires fiscal years 2014 through 2025
California enterprise zone credits................... 485 No expiration date
Texas business loss credits........................ 292 Expires fiscal years through 2025
New Jersey alternative minimum tax credits .......... 35 No expiration date
Total income tax loss and credit carryforwards ..... $2,516