Albertsons 2005 Annual Report Download - page 72

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SUPERVALU INC. and Subsidiaries
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
Direct financing leases:
Under direct financing capital leases, the company leases buildings on behalf of independent retailers with
terms ranging from 5 to 20 years. Future minimum rentals to be received under direct financing leases and
related future minimum obligations under capital leases in effect at February 26, 2005, are as follows:
Direct
Financing
Lease
Receivables
Direct
Financing
Capital Lease
Obligations
(In thousands)
Fiscal Year
2006 $11,840 $11,139
2007 11,141 10,551
2008 10,111 9,529
2009 9,349 8,823
2010 8,235 7,794
Later 36,701 35,061
Total minimum lease payments 87,377 82,897
Less unearned income 27,180 —
Less interest — 24,237
Present value of net minimum lease payments 60,197 58,660
Less current portion 6,761 6,933
Long-term portion $53,436 $51,727
INCOME TAXES
The provision for income taxes consists of the following:
2005 2004 2003
(In thousands)
Current
Federal $151,003 $110,031 $ 78,704
State 19,227 14,495 12,050
Tax credits (1,644) (1,500) (1,000)
Total current 168,586 123,026 89,754
Deferred 46,455 51,716 61,208
Total provision $215,041 $174,742 $150,962
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:
2005 2004 2003
(In thousands)
Federal taxes based on statutory rate $210,302 $159,208 $142,801
State income taxes, net of federal benefit 15,800 13,394 12,153
Audit settlements (6,700) (2,214) —
Other (4,361) 4,354 (3,992)
Total provision $215,041 $174,742 $150,962
F-26