Albertsons 2007 Annual Report Download - page 101

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SU
PERVAL
U
IN
C
. and
S
ubsidiaries
N
OTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
N
O
TE 11—IN
CO
ME TAXE
S
T
he provision for income taxes consists of the followin
g:
200
7
2006
2
005
C
urrent
F
ederal $187 $148 $152
S
tate
38 22 19
Tax credits (2) (2) (2)
Total current 223 1
6
81
69
D
eferred 72
(
45
)
46
p
Total provision $295 $123 $215
Th
e
diff
erence
b
etween t
h
e actua
l
tax prov
i
s
i
on an
d
t
h
e tax prov
i
s
i
on compute
db
y app
l
y
i
ng t
h
e statutory
f
e
d
era
l
income tax rate to earnin
g
s before income taxes is attributable to the followin
g
:
200
7
2006
2
005
y
Federal taxes based on statutor
y
rate $261 $115 $210
S
tate income taxes, net of federal benefit 31 11 1
6
A
u
di
t sett
l
ements — — (7)
O
t
h
er 3 (3) (4)
p
Total provision $295 $123 $215
De
f
erre
di
ncome taxes re
fl
ect t
h
e net tax e
ff
ects o
f
temporar
y diff
erences
b
etween t
h
e
b
ases o
f
assets an
d
l
iabilities for financial reportin
g
and income tax purposes. The Compan
y
’s deferred tax assets and liabilitie
s
consist of the following as of February 24, 2007 and February 25, 2006
:
2007
2006
D
e
f
erre
d
tax assets:
Com
p
ensation and benefits
$
425
$
147
p
Se
lf
-
i
nsurance 143 2
9
Basis in fixed assets 497 67
Other 183
5
3
Capital loss carryforward 17
5
—
G
ross deferred tax assets 1,423 296
Valuation allowance (17
5
)—
T
otal deferred tax assets 1
,
248 29
6
D
e
f
erre
d
tax
li
a
bili
t
i
es
:
p
Basis in fixed assets and ca
p
ital leases (766) (203)
Inventor
i
es
(
248
)(
3
)
De
b
t
di
scount
(
78
)
—
Intan
g
ibles (674) (82)
g
Other
(
75
)(
36
)
T
otal deferred tax liabilities (1,841) (324)
y
Net deferred tax liability $ (593) $ (28)
() (
F-3
5