Albertsons 2015 Annual Report Download - page 78

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76
Future minimum lease and subtenant rentals to be received under noncancellable operating and deferred financing income
leases, under which the Company is the lessor, as of February 28, 2015, consist of the following:
Lease Receipts
Fiscal Year
Operating
Leases
Direct
Financing
Leases
2016 $ 25 $ 1
2017 23 1
2018 18 1
2019 12 —
2020 7 —
Thereafter 17 —
Total minimum lease receipts $ 102 3
Less interest —
Net investment in direct financing leases 3
Less current portion (1)
Long-term portion $ 2
The carrying value of owned property leased to third parties under operating leases was as follows:
2015 2014
Property, plant and equipment $ 4 $ 4
Less accumulated depreciation (3)(3)
Property, plant and equipment, net $ 1 $ 1
NOTE 9—INCOME TAXES
Income Tax Provision
The provision (benefit) for income taxes consisted of the following:
2015 2014 2013
Current
Federal $ 35 $ 30 $ (98)
State 7 5 (9)
Total current 42 35 (107)
Deferred 16 (30)(56)
Total income tax provision (benefit) $ 58 $ 5 $ (163)
The difference between the actual tax provision (benefit) and the tax provision computed by applying the statutory federal
income tax rate to Earnings (loss) from continuing operations before income taxes is attributable to the following:
2015 2014 2013
Federal taxes (benefit) based on statutory rate $ 62 $ 4 $ (149)
State income taxes, net of federal benefit 12 — (13)
Tax contingency (1)(1) 1
Change in valuation allowance — (1)(3)
Pension (8) — —
Other (7) 3 1
Total income tax provision (benefit) $ 58 $ 5 $ (163)