Cabela's 2009 Annual Report Download - page 103
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94
CABELA’S INCORPORATED AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in Thousands Except Share and Per Share Amounts)
Deferred tax assets and liabilities consisted of the following for the years ended:
2009 2008
Deferred tax assets:
Deferred compensation $ 9,325 $5,820
Deferred revenue 4,396 4,589
Reserve for returns 5,886 5,607
Accrued expenses 15,444 5,506
Gift certificates liability 8,453 5,514
Allowance for doubtful accounts 4,624 3,337
Economic development bonds 1,197 3,684
Other 2,891 3,560
52,216 37,617
Deferred tax liabilities:
Prepaid expenses 14,736 17,321
Property and equipment 36,297 52,094
Inventories 6,791 10,181
Retained interests in securitized loans 9,167 8,414
Asset-backed securities 2,071 -
Credit card loan fee deferral 29,302 -
Other 542 21
98,906 88,031
Net deferred tax liability 46,690 50,414
Less current deferred income taxes 25,866 11,707
Long-term deferred income taxes $ 20,824 $38,707
In August 2009 we completed a restructure of our international operations to more effectively streamline our
supply chain. As a result of the restructuring, we realized a reduction of income taxes of $1,756 in 2009.
Effective April 1, 2008, we completed a legal entity restructuring by merging certain subsidiaries resulting in
the major selling channels (retail, Internet, and catalog) residing in a single legal entity. Prior to the restructuring,
state net operating losses were being carried forward. Under the previous operating structure, the losses were likely
to have expired unused, therefore a full valuation allowance was established. The surviving entity in the restructuring
is anticipated to generate sufficient taxable income to fully recognize the tax benefit of these net operating losses.
Accordingly, in the second quarter of 2008, we reversed the state net operating losses valuation allowance of $916.
The reconciliation of unrecognized tax benefits, the balance of which is classified as other long-term liabilities
in the consolidated balance sheet, is as follows for the years ended:
2009 2008
Unrecognized tax benefits, beginning of year $ 3,076 $2,000
Decreases on items related to prior periods (663)(134)
Increases from current period items 576 1,210
Unrecognized tax benefits, end of year $ 2,989 $3,076