Papa Johns 2010 Annual Report Download - page 88
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81
13. Income Taxes (continued)
Significant deferred tax assets (liabilities) follow (in thousands):
2010 2009
Unearned development fees 2,392$ 2,034$
Accrued liabilities 14,647 12,861
Other assets and liabilities 10,920 6,022
BIBP net operating loss - 7,064
Stock options 6,291 4,816
Other 144 1,496
Foreign net operating losses 8,123 7,158
Valuation allowance on foreign net
operating losses (8,123) (7,158)
Total deferred tax assets 34,394 34,293
Deferred expenses (2,497) (2,461)
Accelerated depreciation (10,192) (5,349)
Goodwill (8,506) (6,254)
Other (3,893) (5,017)
Total deferred tax liabilities (25,088) (19,081)
Net deferred tax assets 9,306$ 15,212$
The Company had approximately $29.4 million and $25.9 million of foreign tax net operating loss
carryovers as of December 26, 2010 and December 27, 2009, respectively, for which a full valuation
allowance has been provided. A substantial majority of our foreign tax net operating losses do not have
an expiration date.
Management believes it is more likely than not that the Company’s future earnings will be sufficient to
ensure the realization of the recorded net deferred tax assets for U.S. federal and state purposes.