Albertsons 2016 Annual Report Download - page 84
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82
NOTE 9—INCOME TAXES
Income Tax Provision
The provision (benefit) for income taxes consisted of the following:
2016 2015 2014
Current
Federal $ 77 $ 35 $ 30
State 10 7 5
Total current 87 42 35
Deferred (2) 16 (30)
Total income tax provision $ 85 $ 58 $ 5
The difference between the actual tax provision and the tax provision computed by applying the statutory federal income tax
rate to Earnings from continuing operations before income taxes is attributable to the following:
2016 2015 2014
Federal taxes based on statutory rate $ 92 $ 62 $ 4
State income taxes, net of federal benefit 6 12 —
Tax contingency (6)(1)(1)
Change in valuation allowance 4 — (1)
Pension (4)(8) —
Other (7)(7) 3
Total income tax provision $ 85 $ 58 $ 5
Deferred Income Taxes
Deferred income taxes reflect the net tax effects of temporary differences between the basis in assets and liabilities for financial
reporting and income tax purposes. The Company’s deferred tax assets and liabilities consisted of the following:
2016 2015
Deferred tax assets:
Compensation and benefits $ 235 $ 234
Self-insurance 27 25
Property, plant and equipment and capitalized lease assets 47 72
Loss on sale of discontinued operations 1,388 1,387
Net operating loss carryforwards 15 19
Other 83 69
Gross deferred tax assets 1,795 1,806
Valuation allowance (1,408)(1,404)
Total deferred tax assets 387 402
Deferred tax liabilities:
Property, plant and equipment and capitalized lease assets (108)(88)
Inventories (6)(14)
Intangible assets (24)(27)
Other (21)(23)
Total deferred tax liabilities (159)(152)
Net deferred tax assets $ 228 $ 250
During the fourth quarter of fiscal 2016, the Company early adopted ASU 2015-17, which requires that all deferred taxes be
presented as non-current on the Consolidated Balance Sheet. Refer to Note 1—Summary of Significant Accounting Policies,
for further information on this balance sheet reclassification.