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These excerpts taken from the WOOF 10-K filed Feb 27, 2009. Income
Taxes
We account for income taxes under SFAS No. 109,
Accounting for Income Taxes
(“SFAS No. 109”). In accordance with
SFAS No. 109, we record deferred tax liabilities and
deferred tax assets, which represent taxes to be settled or
recovered in the future. We adjust our deferred tax assets and
deferred tax liabilities to reflect changes in tax rates or
other statutory tax provisions. Changes in tax rates or other
statutory provisions are recognized in the period the change
occurs.
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We make judgments in assessing our ability to realize future
benefits from our deferred tax assets, which include operating
and capital loss carryforwards. We believe that our earnings
during the periods when the temporary differences become
deductible will be sufficient to realize the related future tax
benefits. Should we determine that we would not be able to
realize all or a portion of our deferred tax assets, an
adjustment would be made to the carrying amount through a
valuation allowance.
Also, our net deductible temporary differences and tax
carryforwards are recorded using the enacted tax rates expected
to apply to taxable income in the periods in which the deferred
tax liability or asset is expected to be settled or realized. At
December 31, 2008, we have a net deferred tax liability of
$31.4 million. Should the expected applicable tax rates
change in the future, an adjustment to the net deferred tax
liability would be credited or charged, as appropriate, to
income in the period such determination was made. For example,
an increase of 1.0% in our anticipated income tax rate would
cause us to increase our net deferred tax liability balance by
$765,000 with a corresponding charge to earnings.
We also assess differences between our tax bases, which are more
likely than not to be realized, and the as-filed tax bases of
certain assets and liabilities. At December 31, 2005, we
had contingent liabilities of $6.8 million recorded in
other liabilities in our consolidated balance sheet related to
such differences. During the first quarter of 2006, we
determined that these contingencies no longer existed due to the
outcome of an income tax audit and recognized a tax benefit of
$6.8 million.
Effective January 1, 2007, we adopted the provisions of
Financial Accounting Standards Board (“FASB”)
Interpretation No. 48, Accounting for Uncertainty in
Income Taxes — an interpretation of FASB Statement
No. 109 (“FIN 48”). FIN 48
prescribes recognition thresholds and measurement attributes for
the financial statement recognition of income tax positions. We
did not have any unrecognized tax benefits on either the
effective date of the pronouncement or December 31, 2008.
Income Taxes We account for income taxes under SFAS No. 109, Accounting for Income Taxes (“SFAS No. 109”). In accordance with SFAS No. 109, we record deferred tax liabilities and deferred tax assets, which represent taxes to be settled or recovered in the future. We adjust our deferred tax assets and deferred tax liabilities to reflect changes in tax rates or other statutory tax provisions. Changes in tax rates or other statutory provisions are recognized in the period the change occurs.
Table of ContentsWe make judgments in assessing our ability to realize future benefits from our deferred tax assets, which include operating and capital loss carryforwards. We believe that our earnings during the periods when the temporary differences become deductible will be sufficient to realize the related future tax benefits. Should we determine that we would not be able to realize all or a portion of our deferred tax assets, an adjustment would be made to the carrying amount through a valuation allowance. Also, our net deductible temporary differences and tax carryforwards are recorded using the enacted tax rates expected to apply to taxable income in the periods in which the deferred tax liability or asset is expected to be settled or realized. At December 31, 2008, we have a net deferred tax liability of $31.4 million. Should the expected applicable tax rates change in the future, an adjustment to the net deferred tax liability would be credited or charged, as appropriate, to income in the period such determination was made. For example, an increase of 1.0% in our anticipated income tax rate would cause us to increase our net deferred tax liability balance by $765,000 with a corresponding charge to earnings. We also assess differences between our tax bases, which are more likely than not to be realized, and the as-filed tax bases of certain assets and liabilities. At December 31, 2005, we had contingent liabilities of $6.8 million recorded in other liabilities in our consolidated balance sheet related to such differences. During the first quarter of 2006, we determined that these contingencies no longer existed due to the outcome of an income tax audit and recognized a tax benefit of $6.8 million. Effective January 1, 2007, we adopted the provisions of Financial Accounting Standards Board (“FASB”) Interpretation No. 48, Accounting for Uncertainty in Income Taxes — an interpretation of FASB Statement No. 109 (“FIN 48”). FIN 48 prescribes recognition thresholds and measurement attributes for the financial statement recognition of income tax positions. We did not have any unrecognized tax benefits on either the effective date of the pronouncement or December 31, 2008. These excerpts taken from the WOOF 10-K filed Feb 29, 2008. Income
Taxes
We account for income taxes under SFAS No. 109,
Accounting for Income Taxes
(“SFAS No. 109”). In accordance with
SFAS No. 109, we record deferred tax liabilities and
deferred tax assets, which represent taxes to be settled or
recovered in the future. We adjust our deferred tax assets and
deferred tax liabilities to
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reflect changes in tax rates or other statutory tax provisions.
Changes in tax rates or other statutory provisions are
recognized in the period the change occurs.
We make judgments in assessing our ability to realize future
benefits from our deferred tax assets, which include operating
and capital loss carryforwards. We believe that our earnings
during the periods when the temporary differences become
deductible will be sufficient to realize the related future tax
benefits. Should we determine that we would not be able to
realize all or a portion of our deferred tax assets, an
adjustment would be made to the carrying amount through a
valuation allowance.
Also, our net deductible temporary differences and tax
carryforwards are recorded using the enacted tax rates expected
to apply to taxable income in the periods in which the deferred
tax liability or asset is expected to be settled or realized. At
December 31, 2007, we have a net deferred tax liability of
$13.8 million. Should the expected applicable tax rates
change in the future, an adjustment to the net deferred tax
liability would be credited or charged, as appropriate, to
income in the period such determination was made. For example,
an increase of 1.0% in our anticipated income tax rate would
cause us to increase our net deferred tax liability balance by
$336,000 with a corresponding charge to earnings.
We also assess differences between our tax bases, which are more
likely than not to be realized, and the as-filed tax bases of
certain assets and liabilities. At December 31, 2005, we
had contingent liabilities of $6.8 million recorded in
other liabilities in our consolidated balance sheet related to
such differences. During the first quarter of 2006, we
determined that these contingencies no longer existed due to the
outcome of an income tax audit and recognized a tax benefit of
$6.8 million.
Effective January 1, 2007, we adopted the provisions of
Financial Accounting Standards Board (“FASB”)
Interpretation No. 48, Accounting for Uncertainty in
Income Taxes — an interpretation of FASB Statement
No. 109 (“FIN 48”). FIN 48
prescribes recognition thresholds and measurement attributes for
the financial statement recognition of income tax positions. We
did not have any unrecognized tax benefits on either the
effective date of the pronouncement or December 31, 2007.
Income Taxes We account for income taxes under SFAS No. 109, Accounting for Income Taxes (“SFAS No. 109”). In accordance with SFAS No. 109, we record deferred tax liabilities and deferred tax assets, which represent taxes to be settled or recovered in the future. We adjust our deferred tax assets and deferred tax liabilities to
Table of Contentsreflect changes in tax rates or other statutory tax provisions. Changes in tax rates or other statutory provisions are recognized in the period the change occurs. We make judgments in assessing our ability to realize future benefits from our deferred tax assets, which include operating and capital loss carryforwards. We believe that our earnings during the periods when the temporary differences become deductible will be sufficient to realize the related future tax benefits. Should we determine that we would not be able to realize all or a portion of our deferred tax assets, an adjustment would be made to the carrying amount through a valuation allowance. Also, our net deductible temporary differences and tax carryforwards are recorded using the enacted tax rates expected to apply to taxable income in the periods in which the deferred tax liability or asset is expected to be settled or realized. At December 31, 2007, we have a net deferred tax liability of $13.8 million. Should the expected applicable tax rates change in the future, an adjustment to the net deferred tax liability would be credited or charged, as appropriate, to income in the period such determination was made. For example, an increase of 1.0% in our anticipated income tax rate would cause us to increase our net deferred tax liability balance by $336,000 with a corresponding charge to earnings. We also assess differences between our tax bases, which are more likely than not to be realized, and the as-filed tax bases of certain assets and liabilities. At December 31, 2005, we had contingent liabilities of $6.8 million recorded in other liabilities in our consolidated balance sheet related to such differences. During the first quarter of 2006, we determined that these contingencies no longer existed due to the outcome of an income tax audit and recognized a tax benefit of $6.8 million. Effective January 1, 2007, we adopted the provisions of Financial Accounting Standards Board (“FASB”) Interpretation No. 48, Accounting for Uncertainty in Income Taxes — an interpretation of FASB Statement No. 109 (“FIN 48”). FIN 48 prescribes recognition thresholds and measurement attributes for the financial statement recognition of income tax positions. We did not have any unrecognized tax benefits on either the effective date of the pronouncement or December 31, 2007. This excerpt taken from the WOOF 10-K filed Mar 1, 2007. j. Income
Taxes
We account for income taxes under SFAS No. 109,
Accounting for Income Taxes (“SFAS
No. 109”). In accordance with SFAS No. 109,
we record deferred tax liabilities and deferred tax assets,
which represent taxes to be recovered or settled in the future.
We adjust our deferred tax assets and deferred tax liabilities
to reflect changes in tax rates or other statutory tax
provisions. We make judgments in assessing our ability to
realize future benefits from our deferred tax assets, which
include operating and capital loss carryforwards. As such, we
have a valuation allowance to reduce our deferred tax assets for
the portion we believe will not be realized. Changes in tax
rates or other statutory provisions are recognized in the period
the change occurs.
We also assess differences between our probable tax bases and
the as-filed tax bases of certain assets and liabilities. At
December 31, 2005, we had contingent liabilities of
$6.8 million recorded in other liabilities in our
consolidated balance sheet related to such differences. During
the first quarter of 2006, we determined that these
contingencies no longer existed due to the outcome of an income
tax audit and recognized a tax benefit of $6.8 million.
Effective January 1, 2007, we will be required to assess
any uncertain tax positions using the recognition threshold and
measurement attributes prescribed by Financial Accounting
Standards Board (“FASB”) Interpretation No. 48,
Accounting for Uncertainty in Income Taxes — an
interpretation of FASB Statement No. 109
(“FIN 48”). Based on our current tax positions,
we do not expect the adoption of FIN 48 to have a material
impact on our consolidated financial statements.
See discussion of FIN 48 below under Note 2.u.,
New Accounting Standards.
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