Albertsons 2010 Annual Report Download - page 58

Download and view the complete annual report

Please find page 58 of the 2010 Albertsons annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 102

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102

from five to 20 years. Future minimum lease and subtenant rentals under noncancellable leases as of
February 27, 2010 consist of the following:
Fiscal Year
Operating
Leases
Direct
Financing
Leases
Lease Receipts
2011 $24 $6
2012 22 5
2013 21 4
2014 12 4
2015 73
Thereafter 22 11
Total minimum lease receipts $108 33
Less unearned income (8)
Net investment in direct financing leases 25
Less current portion (4)
Long-term portion $21
The carrying value of owned property leased to third parties under operating leases was as follows:
2010 2009
Property, plant and equipment $20 $22
Less accumulated depreciation (6) (5)
Property, plant and equipment, net $14 $17
NOTE 8—INCOME TAXES
The provision for income taxes consisted of the following:
2010 2009 2008
Current
Federal $ 65 $ 148 $396
State 94663
Total current 74 194 459
Deferred 165 (118) (75)
Total provision $239 $ 76 $384
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:
2010 2009 2008
Federal taxes based on statutory rate $221 $ (973) $342
State income taxes, net of federal benefit 20 (7) 40
Goodwill impairment — 1,060 —
Other (2) (4) 2
Total provision $239 $ 76 $384
52