Albertsons 2011 Annual Report Download - page 54

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from five to 20 years. Future minimum lease and subtenant rentals under noncancellable leases as of
February 26, 2011 consist of the following:
Fiscal Year
Operating
Leases
Direct
Financing
Leases
Lease Receipts
2012 $ 24 $ 4
2013 22 4
2014 13 3
2015 93
2016 72
Thereafter 17 7
Total minimum lease receipts $ 92 23
Less unearned income (5)
Net investment in direct financing leases 18
Less current portion (3)
Long-term portion $15
The carrying value of owned property leased to third parties under operating leases was as follows:
2011 2010
Property, plant and equipment $ 24 $ 20
Less accumulated depreciation (6) (6)
Property, plant and equipment, net $ 18 $ 14
NOTE 8—INCOME TAXES
The provision for income taxes consisted of the following:
2011 2010 2009
Current
Federal $ 2 $ 65 $ 148
State — 9 46
Total current 2 74 194
Deferred (15) 165 (118)
Total provision $ (13) $ 239 $ 76
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:
2011 2010 2009
Federal taxes based on statutory rate $ (533) $ 221 $ (973)
State income taxes, net of federal benefit (4) 20 (7)
Goodwill impairment 542 — 1,060
Other (18) (2) (4)
Total provision $ (13) $ 239 $ 76
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