Albertsons 2005 Annual Report Download - page 73

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SUPERVALU INC. and Subsidiaries
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
Temporary differences which give rise to significant portions of the net deferred tax asset (liability) as of
February 26, 2005 and February 28, 2004 are as follows:
2005 2004
(In thousands)
Deferred tax assets:
Restructure $ 25,845 $ 38,561
Net operating loss from acquired subsidiaries 16,191 28,919
Pension liability 41,580 39,506
Other health and benefit plans 92,054 96,075
Other 13,117 10,012
Total deferred tax assets 188,787 213,073
Deferred tax liabilities:
Accelerated deductions primarily depreciation and
amortization (218,442) (176,734)
Acquired assets basis differences (52,220) (86,010)
Other (36,062) (60,318)
Total deferred tax liabilities (306,724) (323,062)
Net deferred tax liability $(117,937) $(109,989)
The company currently has net operating loss (NOL) carryforwards from acquired companies of $44 million
for tax purposes, which expire beginning in 2007 and continuing through 2018.
Based on management’s assessment, it is more likely than not that all of the deferred tax assets will be
realized; therefore, no valuation allowance is considered necessary.
ACCUMULATED OTHER COMPREHENSIVE LOSSES
The accumulated balances, net of income taxes, for each classification of accumulated other comprehensive
losses are as follows:
Derivative Financial
Instrument-
Unrealized Loss
Minimum Pension
Liability Adjustment
Accumulated Other
Comprehensive Losses
(In thousands)
Balances at February 23, 2002 $(7,075) $ — $ (7,075)
Minimum pension liability — (72,328) (72,328)
Amortization of loss on derivative
financial instrument (including
impact of debt redemption) 340 — 340
Balances at February 22, 2003 (6,735) (72,328) (79,063)
Minimum pension liability — (26,404) (26,404)
Amortization of loss on derivative
financial instrument (including
impact of debt redemption) 6,735 — 6,735
Balances at February 28, 2004 — (98,732) (98,732)
Minimum pension liability — (5,849) (5,849)
Balances at February 26, 2005 $ — $(104,581) $(104,581)
F-27