Dollar General 2012 Annual Report Download - page 149

10-K
DOLLAR GENERAL CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
5. 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:
February 1, February 3,
(In thousands) 2013 2012
Deferred tax assets:
Deferred compensation expense .................... $ 9,276 $ 7,851
Accrued expenses and other ...................... 5,727 6,735
Accrued rent .................................. 15,450 11,125
Accrued insurance .............................. 72,442 70,180
Accrued bonuses ............................... 15,399 16,686
Interest rate hedges ............................. 1,883 4,479
Tax benefit of income tax and interest reserves related to
uncertain tax positions ......................... 2,696 2,690
Other ....................................... 13,914 16,010
State tax net operating loss carry forwards, net of federal
tax ....................................... 645 33
State tax credit carry forwards, net of federal tax ....... 8,925 10,628
146,357 146,417
Less valuation allowances .......................... (1,830) (4,881)
Total deferred tax assets ........................... 144,527 141,536
Deferred tax liabilities:
Property and equipment ......................... (294,204) (287,447)
Inventories ................................... (67,246) (49,345)
Trademarks ................................... (435,529) (435,611)
Amortizable assets ............................. (6,809) (13,234)
Bonus related tax method change ................... (6,534) (13,078)
Other ....................................... (4,498) (3,539)
Total deferred tax liabilities ......................... (814,820) (802,254)
Net deferred tax liabilities .......................... $(670,293) $(660,718)
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:
February 1, February 3,
(In thousands) 2013 2012
Current deferred income tax liabilities, net .............. $ (23,223) $ (3,722)
Noncurrent deferred income tax liabilities, net ........... (647,070) (656,996)
Net deferred tax liabilities .......................... $(670,293) $(660,718)
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