Food Lion 2011 Annual Report Download - page 136
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134 // DELHAIZE GROUP FINANCIAL STATEMENTS ’11
22. Income Taxes
The major components of income tax expense for 2011, 2010 and 2009 were:
Income tax expense (in millions of EUR) 2011 2010 2009
Continuing operations
Current tax
103
17(1)
231
Taxes related to prior years recorded in the current year
5
(2)
(4)
Utilization of previously unrecognized tax losses and tax credits
(1)
—
(8)
Deferred tax
52
226(1)
12
Deferred taxes related to prior years recorded in the current year
(5)
3
2
Recognition of deferred tax on previously unrecognized tax losses and tax credits
(2)
—
(5)
Derecognition of previously recorded deferred tax assets
3
2
—
Deferred tax expense relating to changes in tax rates or the imposition of new taxes
1
(1)
—
Total income tax expense from continuing operations
156
245
228
Total income tax expense from discontinued operations
—
—
—
Total income tax expense from continuing and discontinued operations
156
245
228
_______________
(1) In 2010, current tax decreased and deferred tax increased primarily due to a change in tax treatment of capital expenditures in the U.S., which are considered
deductible for tax purposes and therefore increase the deferred tax liabilities.
Profit before taxes can be reconciled with net profit as follows:
Profit before taxes (in millions of EUR) 2011 2010 2009
Continuing operations
631
821
740
Discontinued operations - (1) 8
Total profit before taxes
631
820
748
Continuing and discontinued operations
Current tax
103
17(1)
231
Taxes related to prior years recorded in the current year
5
(2)
(4)
Utilization of previously unrecognized tax losses and tax credits
(1)
—
(8)
Deferred tax 52 226
(1
)
12
Deferred taxes related to prior years recorded in the current year
(5)
3
2
Recognition of deferred tax on previously unrecognized tax losses and tax credits
(2)
—
(5)
Derecognition of previously recorded deferred tax assets
3
2
—
Deferred tax expense relating to changes in tax rates or the imposition of new taxes
1
(1)
—
Total income tax expense from continuing and discontinued operations
156 245 228
Net profit
475
575
520
______________
(1) In 2010, current tax decreased and deferred tax increased primarily due to a change in tax treatment of capital expenditures in the U.S., which are considered
deductible for tax purposes and therefore increase the deferred tax liabilities.