Big Lots 2010 Annual Report Download - page 138

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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 29, 2011 January 30, 2010
(In thousands)
Deferred tax assets:
Compensation related........................................ $ 29,663 $ 29,770
Workers’ compensation and other insurance reserves ............... 28,437 27,903
Uniform inventory capitalization ............................... 21,702 20,989
Depreciation and fixed asset basis differences..................... 19,862 21,552
Accrued rent ............................................... 17,755 11,549
Accrued state taxes.......................................... 8,327 8,374
State tax credits, net of federal tax benefit........................ 2,830 527
Accrued operating liabilities .................................. 1,721 2,684
State tax net operating losses, net of federal tax benefit ............. 1,171 1,046
Pension plans .............................................. 1,049 1,034
KB store lease and other discontinued operations contingencies ...... 1,409 1,899
Other..................................................... 23,008 21,212
Valuation allowances — primarily unrealized state tax credits ........ (1,382) —
Total deferred tax assets ................................... 155,552 148,539
Deferred tax liabilities:
Accelerated depreciation and fixed asset basis differences ........... 58,693 39,567
Lease construction reimbursements ............................. 12,701 11,339
Compensation related........................................ 8,101 —
Prepaid expenses ........................................... 5,699 5,409
Other..................................................... 13,440 13,076
Total deferred tax liabilities ................................ 98,634 69,391
Net deferred tax assets .................................... $ 56,918 $ 79,148
Net deferred tax assets are shown separately on our consolidated balance sheets as current and non-current
deferred income taxes. The following table summarizes net deferred income tax assets from the consolidated
balance sheets:
January 29, 2011 January 30, 2010
(In thousands)
Current deferred income taxes .................................... $ 50,252 $ 51,012
Noncurrent deferred income taxes ................................. 6,666 28,136
Net deferred tax assets ........................................ $ 56,918 $ 79,148
We have the following income tax loss and credit carryforwards at January 29, 2011 (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 ............. $ 1,877 Expires fiscal years 2014 through 2025
California enterprise zone credits................. 4,063 No expiration date
Texas business loss credits ...................... 292 Expires fiscal years through 2025
Total income tax loss and credit carryforwards ... $ 6,232