Pier 1 2012 Annual Report Download - page 61
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
Deferred tax assets and liabilities at February 25, 2012 and February 26, 2011 were comprised of the
following (in thousands):
2012 2011
Deferred tax assets:
Deferred compensation $ 24,404 $ 20,386
Net operating loss carryforward 7,254 9,443
Accrued average rent 9,691 11,546
Properties, net 14,215 26,899
Self insurance reserves 9,310 9,385
Deferred gain on sale of credit card operations 2,281 14,596
Cumulative foreign currency translation 1,860 3,343
Deferred revenue and revenue reserves 5,984 6,882
Foreign and other tax credits 8,159 -
Other 1,811 1,628
Total deferred tax assets 84,969 104,108
Deferred tax liabilities:
Inventory (20,561) (20,456)
Deferred gain on debt repurchase (19,636) (19,636)
Other (315) (287)
Total deferred tax liabilities (40,512) (40,379)
Valuation allowance (2,978) (63,729)
Net deferred tax assets $ 41,479 $ -
During fiscal 2007, the Company recorded a valuation allowance against all deferred tax assets. Taxes
arising from the earnings in fiscal 2011 and 2010 were offset by utilization of the Company’s federal net
operating loss carryforwards. During the fourth quarter of fiscal 2012, the Company was able to conclude that
given its improved performance, the realization of its deferred tax assets was more likely than not and
accordingly reversed substantially all of its valuation allowance. The remaining $2,978,000 valuation allowance
relates to certain states temporarily disallowing the use of net operating loss carryforwards. State net operating
losses at February 25, 2012 and February 26, 2011 were $7,254,000 and $9,443,000, respectively. State losses
vary as to carryforward position and will expire from fiscal 2013 through fiscal 2028.
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