AutoNation 2003 Annual Report Download - page 72

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Table of Contents
AUTONATION, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
following summarizes activity and the remaining number of megastore and other properties identified in the restructuring plan:
Total, December 31, 1999 64
Properties sold (30)
Properties placed back into service (3)
Total, December 31, 2000 31
Properties sold (16)
Properties placed back into service (1)
Total, December 31, 2001 14
Properties sold (1)
Properties placed back into service (2)
Total, December 31, 2002 11
Properties sold (3)
Total, December 31, 2003 8
In 2003, the Company recognized a $27.5 million real estate impairment charge included in Other Losses (Gains) in the 2003
Consolidated Income Statement related to the write-down to fair value of three underperforming franchised new vehicle stores that currently
operate in converted used vehicle megastores.
In 2002, the Company decided to relocate a franchised new vehicle store located in a former megastore property and recognized an
impairment on the property to be vacated of $9.5 million, which has been included in Other Losses (Gains) in the accompanying 2002
Consolidated Income Statement.
14. INCOME TAXES
The components of the provision for income taxes from continuing operations for the years ended December 31 are as follows:
2003 2002 2001
Current:
Federal $123.8 $190.6 $186.3
State 13.6 18.9 15.6
Federal and state deferred 88.4 24.6 (45.8)
Change in valuation allowance, net 8.3 2.3 (.3)
Benefit from IRS settlement (127.5) — —
Adjustments and settlements, net (21.7) — —
Provision for income taxes $84.9 $236.4 $155.8
64