Express 2010 Annual Report Download - page 91
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through to the members due to Express Parent’s partnership tax treatment. The taxable gain correspondingly
increased the tax basis in the assets acquired by the Company in the Reorganization. Also as a result of the
Reorganization, the Company has a liability due to a management holding company totaling $0.8 million as of
January 29, 2011. Additionally, as of January 29, 2011, the Company has a net receivable totaling $0.5 million,
which is comprised of a gross receivable of $3.5 million from taxing authorities and a gross liability of $3.0
million payable to a Golden Gate entity.
The provision for income taxes consists of the following:
2010 2009 2008
(in thousands)
Current:
U.S. federal ....................................... $25,623 $ — $ —
U.S. state and local ................................. 7,746 1,572 480
Total ............................................ 33,369 1,572 480
Deferred:
U.S. federal ....................................... (16,085) — —
U.S. state and local ................................. (2,930) (336) (234)
Total ............................................ (19,015) (336) (234)
Provision for income taxes ........................... $14,354 $1,236 $ 246
The following table provides a reconciliation between the statutory federal income tax rate and the effective tax
rate:
2010 2009 2008
Federal income tax rate .................................... 35.0% — % — %
State income taxes, net of federal income tax effect .............. 4.5% 1.6% 0.9%
Entity status change from partnership ......................... (22.5)% — % — %
Partnership income not taxable .............................. (7.6)% — % — %
Other items, net .......................................... 0.7% — % — %
Effective tax rate ......................................... 10.1% 1.6% 0.9%
The following table provides the effect of temporary differences that created deferred income taxes as of
January 29, 2011 and January 30, 2010. Deferred tax assets and liabilities represent the future effects on income
taxes resulting from temporary differences and carry-forwards at the end of the respective periods.
January 29, 2011 January 30, 2010
(in thousands)
Deferred tax assets:
Accrued expenses and deferred
compensation .................... $17,964 $ 250
Property and equipment .............. — 89
Intangible assets .................... 934 —
Rent .............................. 5,932 —
Total deferred tax assets .................. 24,830 339
Deferred tax liabilities:
Inventory .......................... 1,653 62
Intangible assets .................... — 553
Property and equipment .............. 1,905 —
Other ............................. 1,644 79
Total deferred tax liabilities ............... 5,202 694
Net deferred tax assets/(liabilities) .......... $19,628 $(355)
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