Albertsons 2009 Annual Report Download - page 63

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from five to 20 years. Future minimum lease and subtenant rentals under noncancellable leases as of
February 28, 2009 consist of the following:
Fiscal Year
Operating
Leases
Direct
Financing
Leases
Lease Receipts
2010 $24 $6
2011 22 5
2012 19 5
2013 18 4
2014 10 4
Thereafter 24 14
Total minimum lease receipts $117 38
Less unearned income (9)
Net investment in direct financing leases 29
Less current portion (4)
Long-term portion $25
The carrying value of owned property leased to third parties under operating leases was as follows:
2009 2008
Property, plant and equipment $22 $24
Less accumulated depreciation (5) (5)
Property, plant and equipment, net $17 $19
NOTE 9—INCOME TAXES
The provision for income taxes consisted of the following:
2009 2008 2007
Current
Federal $ 148 $396 $185
State 46 63 38
Total current 194 459 223
Deferred (118) (75) 72
Total provision $ 76 $384 $295
The difference between the actual tax provision and the tax provision computed by applying the statutory
federal income tax rate to earnings (losses) before income taxes is attributable to the following:
2009 2008 2007
Federal taxes based on statutory rate $ (973) $342 $261
State income taxes, net of federal benefit (7) 40 31
Goodwill impairment 1,060 — —
Other (4) 2 3
Total provision $ 76 $384 $295
59