Big Lots 2014 Annual Report Download - page 144
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66
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:
(In thousands) January 31, 2015 February 1, 2014
Deferred tax assets:
Workers’ compensation and other insurance reserves $ 32,242 $ 31,483
Compensation related 28,047 24,505
Accrued rent 26,283 30,962
Uniform inventory capitalization 17,649 20,708
Depreciation and fixed asset basis differences 9,972 12,727
Pension plans 9,086 3,414
Accrued state taxes 6,869 7,540
State tax credits, net of federal tax benefit 4,048 3,987
Accrued operating liabilities 1,751 2,585
Non-U.S. net operating losses — 24,430
Impaired investment in foreign subsidiary — 23,899
Other 20,099 26,105
Valuation allowances - primarily related to non-U.S. operations (2,373)(30,013)
Total deferred tax assets 153,673 182,332
Deferred tax liabilities:
Accelerated depreciation and fixed asset basis differences 67,299 71,829
Lease construction reimbursements 15,317 16,773
Prepaid expenses 6,247 6,220
Workers’ compensation and other insurance reserves 4,203 5,121
Other 14,314 17,502
Total deferred tax liabilities 107,380 117,445
Net deferred tax assets $ 46,293 $ 64,887
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:
(In thousands) January 31, 2015 February 1, 2014
Current deferred income taxes $ 39,154 $ 59,781
Noncurrent deferred income taxes 7,139 5,106
Net deferred tax assets $ 46,293 $ 64,887
In 2013, we fully reduced the amount of net deferred income tax assets (including a net operating loss carryforward) of Big
Lots Canada, Inc. by a valuation allowance. Big Lots Canada, Inc. had an accumulated retained deficit in 2013, thus we did not
provide for income taxes in the United States on undistributed earnings. The deferred tax asset related to the impaired
investment in a foreign subsidiary was recovered as a worthless stock deduction in 2014.