SEC Info - Rite Aid Corp - ‘10-Q’ for 8/28/10

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Rite Aid Corp – ‘10-Q’ for 8/28/10 – ‘XML.R8’

On: Thursday, 10/7/10, at 9:38am ET · For: 8/28/10 · Accession #: 1047469-10-8476 · File #: 1-05742

Previous ‘10-Q’: ‘10-Q’ on 7/6/10 for 5/29/10 · Next: ‘10-Q’ on 1/6/11 for 11/27/10 · Latest: ‘10-Q’ on 10/18/23 for 9/2/23 · 13 References:

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

10/07/10  Rite Aid Corp                     10-Q        8/28/10   34:2.6M                                   Toppan Merrill-FA

Quarterly Report — Form 10-Q — Sect. 13 / 15(d) – SEA’34
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-Q        Quarterly Report                                    HTML    472K 
 2: EX-10.4     Material Contract                                   HTML     21K 
 3: EX-10.5     Material Contract                                   HTML     21K 
 4: EX-10.6     Material Contract                                   HTML     22K 
 5: EX-10.7     Material Contract                                   HTML     15K 
 6: EX-31.1     Certification -- §302 - SOA'02                      HTML     18K 
 7: EX-31.2     Certification -- §302 - SOA'02                      HTML     18K 
 8: EX-32       Certification -- §906 - SOA'02                      HTML     17K 
27: XML         IDEA XML File -- Definitions and References          XML     68K 
32: XML         IDEA XML File -- Filing Summary                      XML     40K 
29: XML.R1      Condensed Consolidated Balance Sheets                XML    363K 
30: XML.R2      Condensed Consolidated Balance Sheets                XML    187K 
                (Parenthetical)                                                  
19: XML.R3      Condensed Consolidated Statements of Operations      XML    268K 
22: XML.R4      Condensed Consolidated Statements of Cash Flows      XML    404K 
26: XML.R5      Basis of Presentation                                XML     33K 
25: XML.R6      Loss Per Share                                       XML     61K 
34: XML.R7      Lease Termination and Impairment Charges             XML     99K 
17: XML.R8      Income Taxes                                         XML     35K 
24: XML.R9      Sale Leaseback Transactions                          XML     32K 
16: XML.R10     Intangible Assets                                    XML     44K 
15: XML.R11     Indebtedness and Credit Agreements                   XML     81K 
18: XML.R12     Financial Instruments                                XML     42K 
28: XML.R13     Stock Options and Stock Awards                       XML     50K 
20: XML.R14     Retirement Plans                                     XML     58K 
21: XML.R15     Commitments and Contingencies                        XML     36K 
23: XML.R16     Document and Entity Information                      XML    122K 
33: EXCEL       IDEA Workbook of Financial Reports (.xls)            XLS    251K 
 9: EX-101.INS  XBRL Instance -- rad-20100828                        XML    347K 
11: EX-101.CAL  XBRL Calculations -- rad-20100828_cal                XML     97K 
12: EX-101.DEF  XBRL Definitions -- rad-20100828_def                 XML    253K 
13: EX-101.LAB  XBRL Labels -- rad-20100828_lab                      XML    676K 
14: EX-101.PRE  XBRL Presentations -- rad-20100828_pre               XML    363K 
10: EX-101.SCH  XBRL Schema -- rad-20100828                          XSD     87K 
31: ZIP         XBRL Zipped Folder -- 0001047469-10-008476-xbrl      Zip     67K

‘XML.R8’ — Income Taxes

This Financial Report is an XBRL XML File.

<?xml version="1.0" encoding="windows-1252"?>

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<ReportName> Income Taxes </ReportName>

<ReportLongName> 1040 - Disclosure - Income Taxes </ReportLongName>

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<table style="font-size:10pt; font-family:'Times New Roman',times,serif;"> <tr> <td> 4. Income Taxes The Company recorded an income tax expense from continuing operations of $2,826 and $3,989 for the thirteen week periods and $9,967 and $9,316 for the twenty-six week periods ended August 28, 2010 and August 29, 2009, respectively. The income tax expense for the thirteen and twenty-six week periods ended August 28, 2010 is primarily due to the need for an accrual of additional state taxes resulting from the receipt of a final audit determination and adjustments to unrecognized tax benefits. The income tax expense for the thirteen and twenty-six week periods ended August 29, 2009 is primarily attributable to the accrual of state and local taxes and adjustments to unrecognized tax benefits. The Company is indemnified by Jean Coutu Group for certain tax liabilities incurred for all years ended up to and including June 4, 2007, related to the Brooks Eckerd acquisition. Although the Company is indemnified by Jean Coutu Group, the Company remains the primary obligor to the tax authorities with respect to any tax liability arising for the years prior to the Brooks Eckerd acquisition. Accordingly, as of August 28, 2010 the Company had a corresponding recoverable indemnification asset of $150,487 from Jean Coutu Group, included in the 'Other Assets' line of the Consolidated Balance Sheets, to reflect the indemnification for such liabilities. The Company files U.S. federal income tax returns as well as income tax returns in those states where it does business. The federal income tax returns are closed to examination by the Internal Revenue Service (IRS) through fiscal 2005. However, any net operating losses that were generated in these prior closed years may be subject to examination by the IRS upon utilization. The IRS is currently examining the consolidated U.S. income tax return for Brooks Eckerd for the last pre-acquisition period of 2007. In fiscal 2010, the IRS completed the examination of the consolidated U.S. income tax return for Rite Aid Corporation and subsidiaries for fiscal year 2008 and issued a no change report. Additionally the IRS completed the examination of the consolidated U.S. income tax returns for Brooks Eckerd for the fiscal years 2004 through 2007. A revenue agent report (RAR) was received in the fourth quarter of fiscal 2010 relating to the examination of fiscal years 2004 and 2005 and an RAR was received in the second quarter of fiscal 2011 relating to the examination of fiscal years 2006 and 2007. The company is appealing these audit results. Management believes that the Company has adequately provided for any potential adverse results. Furthermore, the tax indemnification referenced above would reimburse the company for any assessment that may arise. State income tax returns are generally subject to examination for a period of three to five years after filing of the respective return. However, as a result of reporting IRS audit adjustments, the Company has statutes open in some states from fiscal 2003. The valuation allowances as of August 28, 2010 and February 27, 2010 apply to the net deferred tax assets of the Company. The Company continues to maintain a full valuation allowance of $2,071,406 and $1,984,468 against net deferred tax assets at August 28, 2010 and February 27, 2010, respectively. </td></tr></table>

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<NonNumericTextHeader> 4. Income Taxes The Company recorded an income tax expense from continuing operations of $2,826 and $3,989 for </NonNumericTextHeader>

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<ElementDefenition> Description containing the entire income tax disclosure. Examples include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. This element may be used as a single block of text to encapsulate the entire disclosure including data and tables. </ElementDefenition>

<ElementReferences> Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph h -Article 4 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 136, 172 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 43, 44, 45, 46, 47, 48, 49 </ElementReferences>

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<HasScenarios> false </HasScenarios>

<MonetaryRoundingLevel> UnKnown </MonetaryRoundingLevel>

<SharesRoundingLevel> UnKnown </SharesRoundingLevel>

<PerShareRoundingLevel> UnKnown </PerShareRoundingLevel>

<HasPureData> false </HasPureData>

</InstanceReport>

13 Subsequent Filings that Reference this Filing

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

10/18/23  Rite Aid Corp.                    10-Q        9/02/23   88:12M                                    Toppan Merrill Bridge/FA
 7/11/23  Rite Aid Corp.                    10-Q        6/03/23   79:9.5M                                   Toppan Merrill Bridge/FA
 5/01/23  Rite Aid Corp.                    10-K        3/04/23  131:22M                                    Toppan Merrill Bridge/FA
 1/04/23  Rite Aid Corp.                    10-Q       11/26/22   92:13M                                    Toppan Merrill Bridge/FA
10/05/22  Rite Aid Corp.                    10-Q        8/27/22   89:12M                                    Toppan Merrill Bridge/FA
 7/06/22  Rite Aid Corp.                    10-Q        5/28/22   88:10M                                    Toppan Merrill Bridge/FA
 4/25/22  Rite Aid Corp.                    10-K        2/26/22  131:21M                                    Toppan Merrill Bridge/FA
 1/05/22  Rite Aid Corp.                    10-Q       11/27/21   95:13M                                    Toppan Merrill Bridge/FA
10/05/21  Rite Aid Corp.                    10-Q        8/28/21   97:13M                                    Toppan Merrill Bridge/FA
 7/06/21  Rite Aid Corp.                    10-Q        5/29/21   90:10M                                    Toppan Merrill Bridge/FA
 4/27/21  Rite Aid Corp.                    10-K        2/27/21  137:23M                                    Toppan Merrill Bridge/FA
 1/06/21  Rite Aid Corp.                    10-Q       11/28/20   91:13M                                    Toppan Merrill Bridge/FA
10/06/20  Rite Aid Corp.                    10-Q        8/29/20   90:12M                                    Toppan Merrill Bridge/FA

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Filing Submission 0001047469-10-008476 – Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

Rite Aid Corp – ‘10-Q’ for 8/28/10 – ‘XML.R8’

On: Thursday, 10/7/10, at 9:38am ET · For: 8/28/10 · Accession #: 1047469-10-8476 · File #: 1-05742

Quarterly Report — Form 10-Q — Sect. 13 / 15(d) – SEA’34Filing Table of Contents

‘XML.R8’ — Income Taxes

This Financial Report is an XBRL XML File.

13 Subsequent Filings that Reference this Filing

Quarterly Report — Form 10-Q — Sect. 13 / 15(d) – SEA’34
Filing Table of Contents