Pier 1 2013 Annual Report Download - page 59
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
Deferred tax assets and liabilities at March 2, 2013 and February 25, 2012 were comprised of the
following (in thousands):
2013 2012
Deferred tax assets:
Deferred compensation $ 22,845 $ 24,404
Net operating loss carryforward 3,544 7,254
Accrued average rent 9,088 9,691
Properties, net 4,398 14,215
Self insurance reserves 10,623 9,310
Deferred gain on credit card transactions 665 2,281
Cumulative foreign currency translation 2,115 1,860
Deferred revenue and revenue reserves 6,506 5,984
Foreign and other tax credits 3,104 8,159
Other 904 1,811
Total deferred tax assets 63,792 84,969
Deferred tax liabilities:
Inventory (20,982) (20,561)
Deferred gain on debt repurchase (19,273) (19,636)
Other (235) (315)
Total deferred tax liabilities (40,490) (40,512)
Valuation allowance (1,944) (2,978)
Net deferred tax assets (1) $ 21,358 $ 41,479
(1) The current portion of $6,880 and $2,690 for fiscal 2013 and 2012, respectively, was included in the balance sheet with prepaid
expenses and other current assets. The remainder was included in other noncurrent assets.
During fiscal 2007, the Company recorded a valuation allowance against all deferred tax assets. Taxes
arising from the earnings in fiscal 2011 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 valuation allowance related to certain states
net operating loss carryforwards. State net operating losses at March 2, 2013 and February 25, 2012 were
$3,544,000 and $7,254,000, respectively. State losses vary as to carryforward position and will expire from fiscal
2014 through fiscal 2029.
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