Albertsons 2004 Annual Report Download - page 74

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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:
2004 2003 2002
(In thousands)
Current
Federal $110,031 $ 78,704 $ 50,152
State 14,495 12,050 7,910
Tax credits (1,500) (1,000) (750)
Total current 123,026 89,754 57,312
Deferred 51,716 61,208 76,360
Total provision $174,742 $150,962 $133,672
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:
2004 2003 2002
(In thousands)
Federal taxes based on statutory rate $159,208 $142,801 $116,199
State income taxes, net of federal benefit 13,394 12,153 11,562
Nondeductible goodwill 6,809 — 15,439
Audit settlements (2,214) — (4,583)
Other (2,455) (3,992) (4,945)
Total provision $174,742 $150,962 $133,672
Temporary differences which give rise to significant portions of the net deferred tax asset (liability) as of
February 28, 2004 and February 22, 2003 are as follows:
2004 2003
(In thousands)
Deferred tax assets:
Restructure $ 38,561 $ 58,515
Net operating loss from acquired subsidiaries 28,919 35,853
Reserves not currently deductible 154,524 151,233
Minimum pension liability 64,192 47,025
Inventories 16,732 16,247
Other 25,303 25,783
Total deferred tax assets 328,231 334,656
Deferred tax liabilities:
Depreciation and amortization (106,445) (84,318)
Acquired assets basis difference (50,377) (58,886)
Accelerated deductions (175,609) (175,507)
Other (105,789) (87,173)
Total deferred tax liabilities (438,220) (405,884)
Net deferred tax liability $(109,989) $ (71,228)
F-27