Albertsons 2003 Annual Report Download - page 62

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SUPERVALU INC. and Subsidiaries
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
INCOME TAXES
The provision for income taxes consists of the following:
2003 2002 2001
(In thousands)
Current
Federal $ 78,704 $ 50,152 $ 91,126
State 12,050 7,910 14,674
Tax credits (1,000) (750) (600)
Deferred
Restructure and other items 31,009 18,590 (63,452)
Other 30,199 57,770 24,972
Total provision $150,962 $133,672 $ 66,720
The difference between the actual tax provision and the tax provision computed by applying the statutory
federal income tax rate to earnings before taxes is attributable to the following:
2003 2002 2001
(In thousands)
Federal taxes based on statutory rate $142,801 $116,199 $48,856
State income taxes, net of federal benefit 12,153 11,562 4,764
Nondeductible goodwill — 15,439 22,354
Audit settlements — (4,583) (6,539)
Other (3,992) (4,945) (2,715)
Total provision $150,962 $133,672 $66,720
Temporary differences which give rise to significant portions of the net deferred tax asset (liability) as of
February 22, 2003 and February 23, 2002 are as follows:
2003 2002
(In thousands)
Deferred tax assets:
Restructure and other items $ 58,515 $ 89,524
Net operating loss from acquired subsidiaries 35,853 42,083
Provision for obligations to be settled in future periods 151,233 140,664
Minimum pension liability 47,025 —
Inventories 16,247 16,016
Other 25,783 25,979
Total deferred tax assets 334,656 314,266
Deferred tax liabilities:
Depreciation and amortization (84,318) (83,899)
Acquired assets adjustment to fair values (58,886) (54,211)
Tax deductions for benefits to be paid in future periods (175,507) (154,794)
Other (87,173) (78,407)
Total deferred tax liabilities (405,884) (371,311)
Net deferred tax liability $ (71,228) $ (57,045)
F-27