Urban Outfitters 2009 Annual Report Download - page 70

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URBAN OUTFITTERS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
The significant components of deferred tax assets and liabilities as of January 31, 2009 and 2008
are as follows:
January 31,
2009 2008
Deferred tax liabilities:
Prepaid expenses .............................................. $ (1,407) $ (1,977)
Depreciation .................................................. (17,762) (17,399)
Gross deferred tax liabilities ......................................... (19,169) (19,376)
Deferred tax assets:
Deferred rent ................................................. 47,945 42,620
Inventories ................................................... 5,582 4,176
Accounts receivable ............................................ 626 563
Net operating loss carryforwards .................................. 2,760 1,666
FIN48 ...................................................... 4,368 4,090
Accrued salaries and benefits, and other ............................ 5,586 2,553
Gross deferred tax assets, before valuation allowances ..................... 66,867 55,668
Valuation allowances ............................................... (1,402) (1,246)
Net deferred tax assets .............................................. $46,296 $ 35,046
Net deferred tax assets are attributed to the jurisdictions in which the Company operates. As of
January 31, 2009 and 2008, respectively, $32,923 and $23,187 were attributable to U.S. federal,
$11,392 and $10,815 were attributed to state jurisdictions and $1,981 and $1,044 were attributed to
foreign jurisdictions.
As of January 31, 2009, certain non-U.S. subsidiaries of the Company had net operating loss
carryforwards for tax purposes of approximately $7,942 that do not expire and certain U.S.
subsidiaries of the Company had state net operating loss carryforwards for tax purposes of
approximately $5,462 that expire from 2014 through 2029. At January 31, 2009, The Company had a
full valuation allowance for certain foreign net operating loss carryforwards where it was uncertain the
carryforwards would be utilized. The Company had no valuation allowance for certain other foreign
net operating loss carryforwards where management believes it is more likely than not the tax benefit
of these carryforwards will be realized. As of January 31, 2009 and 2008, the non-current portion of
net deferred tax assets aggregated $40,378 and $31,362, respectively.
The cumulative amount of the Company’s share of undistributed earnings of non-U.S.
subsidiaries for which no deferred taxes have been provided was $53,553 as of January 31, 2009.
These earnings are deemed to be permanently re-invested to finance growth programs.
F-22