Dollar General 2009 Annual Report Download - page 92

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DOLLAR GENERAL CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
6. Income taxes (Continued)
Deferred taxes reflect the effects of temporary differences between carrying amounts of assets and
liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant
components of the Company’s deferred tax assets and liabilities are as follows:
Successor
January 29, January 30,
(In thousands) 2010 2009
Deferred tax assets:
Deferred compensation expense .................... $ 7,214 $ 5,350
Accrued expenses and other ...................... 4,223 4,815
Accrued rent .................................. 5,329 4,830
Accrued insurance .............................. 67,124 66,091
Accrued bonuses ............................... 26,112 23,016
Interest rate hedges ............................. 22,249 25,327
Tax benefit of income tax and interest reserves related to
uncertain tax positions ......................... 9,498 11,859
Other ....................................... 15,399 12,021
State tax net operating loss carryforwards, net of federal
tax ....................................... 7,000 9,252
State tax credit carryforwards, net of federal tax ........ 15,696 13,545
179,844 176,106
Less valuation allowances .......................... (8,086) (9,808)
Total deferred tax assets ........................... 171,758 166,298
Deferred tax liabilities:
Property and equipment ......................... (177,171) (156,591)
Inventories ................................... (66,002) (38,901)
Trademarks ................................... (435,336) (431,654)
Amortizable assets ............................. (31,724) (47,446)
Insurance related tax method change ................ (30,059) (42,641)
Other ....................................... (2,699) (566)
Total deferred tax liabilities ......................... (742,991) (717,799)
Net deferred tax liabilities .......................... $(571,233) $(551,501)
Net deferred tax liabilities are reflected separately on the consolidated balance sheets as current
and noncurrent deferred income taxes. The following table summarizes net deferred tax liabilities as
recorded in the consolidated balance sheets:
Successor
January 29, January 30,
(In thousands) 2010 2009
Current deferred income tax assets (liabilities), net ........ $ (25,061) $ 4,600
Noncurrent deferred income tax liabilities, net ........... (546,172) (556,101)
Net deferred tax liabilities .......................... $(571,233) $(551,501)
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