Dick's Sporting Goods 2012 Annual Report Download - page 90

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68
DICK’S SPORTING GOODS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)
Components of deferred tax assets (liabilities) consist of the following as of the fiscal periods ended (in
thousands):
2012 2011
Store closing expense $ 12,444 $ 14,250
Stock-based compensation 33,667 33,303
Capital loss carryforward 7,942 -
Employee benefits 26,876 22,185
Other accrued expenses not currently deductible for tax purposes 4,658 3,864
Deferred rent 25,625 23,232
Insurance 2,363 2,521
Gift cards 10,478 8,626
Deferred revenue currently taxable 4,829 4,212
Non income-based tax reserves 4,903 2,834
Uncertain income tax positions 2,981 3,640
Valuation allowance (7,942) -
Other - 43
Total deferred tax assets 128,824 118,710
Property and equipment (84,734) (69,186)
Inventory (5,790) (14,149)
Intangibles (10,930) (10,409)
Other (112) (70)
Total deferred tax liabilities (101,566) (93,814)
Net deferred tax asset $ 27,258 $ 24,896
In 2012, of the $27.3 million net deferred tax asset, $30.3 million is included within current assets,
$4.4 million is included within other long-term assets and $7.4 million is included within other
long-term liabilities on the Consolidated Balance Sheets. In 2011, of the $24.9 million net deferred tax
asset, $12.3 million is included within current assets and $12.6 million is included within other
long-term assets on the Consolidated Balance Sheets. The Company determined that a valuation
allowance totaling $7.9 million was required for a portion of the deferred tax asset recorded in fiscal
2012 relating to a $32.4 million net capital loss carry-forward resulting from the impairment of its
investment in JJB Sports, as the Company does not believe that it is ‘‘more likely than not’’ that the
Company will generate sufficient capital gains in future periods to recognize that portion of the
expected net capital loss.