Napa Auto Parts 2009 Annual Report Download - page 51
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Table of Contents
The current portion of the deferred tax liability is included in income taxes payable in the consolidated balance sheets. The Company
has a capital loss carryforward of approximately $62,000,000 that will expire in 2013.
The components of income tax expense are as follows:
Current:
Federal $261,250 $262,922
State 45,167 42,101
Foreign 26,657 13,449
Deferred (40,023) (8,066)
$ 293,051 $ 310,406
The reasons for the difference between total tax expense and the amount computed by applying the statutory Federal income tax rate
to income before income taxes are as follows:
Statutory rate applied to income $268,964 $285,861
Plus state income taxes, net of Federal tax benefit 25,831 26,672
Capital loss (30,038) —
Capital loss — valuation allowance 24,787 —
Other 3,507 (2,127)
$ 293,051 $ 310,406
The Company or one of its subsidiaries files income tax returns in the U.S. federal jurisdiction, various states, and foreign
jurisdictions. With few exceptions, the Company is no longer subject to federal, state and local tax examinations by tax authorities for
years before 2006 or subject to non-United States income tax examinations for years ended prior to 2002. The Company is currently
under audit in the United States and Canada. Some audits may conclude in the next 12 months and the unrecognized tax benefits
recorded in relation to the audits may differ from actual settlement amounts. It is not possible to estimate the effect, if any, of the amount
of such change during the next twelve months to previously recorded uncertain tax positions in connection with the audits. However, the
Company does not anticipate total unrecognized tax benefits will significantly change during the year due to the settlement of audits and
the expiration of statutes of limitations.
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
Balance at beginning of year $ 32,100
Additions based on tax positions related to the current year 7,376
Additions for tax positions of prior years 3,790
Reductions for tax positions for prior years (190)
Reduction for lapse in statute of limitations (5,449)
Settlements (1,198)
Balance at end of year $36,429
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