Albertsons 2014 Annual Report Download - page 89

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The Company leases certain property to third parties under both operating and direct financing leases. Under the
direct financing leases, the Company leases buildings to independent retail customers with terms ranging from
one to six years. Future minimum lease and subtenant rentals under noncancellable leases as of February 22,
2014, consist of the following:
Lease Receipts
Fiscal Year
Operating
Leases
Direct
Financing
Leases
2015 $3$2
2016 22
2017 21
2018 2—
2019 1—
Thereafter 1—
Total minimum lease receipts $ 11 5
Less unearned income (1)
Net investment in direct financing leases 4
Less current portion (1)
Long-term portion $3
The carrying value of owned property leased to third parties under operating leases was as follows:
2014 2013
Property, plant and equipment $ 4 $ 4
Less accumulated depreciation (3) (3)
Property, plant and equipment, net $ 1 $ 1
NOTE 8—INCOME TAXES
The provision for income taxes consisted of the following:
2014 2013 2012
Current
Federal $ 30 $ (98) $ (92)
State 5 (9) (8)
Total current 35 (107) (100)
Deferred (30) (56) 59
Total income tax provision (benefit) $ 5 $ (163) $ (41)
87