Safeway 2006 Annual Report Download - page 71
Download and view the complete annual report
Please find page 71 of the 2006 Safeway annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.-
1 -
2
-
3
-
4
-
5
-
6
-
7
-
8
-
9
-
10
-
11
-
12
-
13
-
14
-
15
-
16
-
17
-
18
-
19
-
20
-
21
-
22
-
23
-
24
-
25
-
26
-
27
-
28
-
29
-
30
-
31
-
32
-
33
-
34
-
35
-
36
-
37
-
38
-
39
-
40
-
41
-
42
-
43
-
44
-
45
-
46
-
47
-
48
-
49
-
50
-
51
-
52
-
53
-
54
-
55
-
56
-
57
-
58
-
59
-
60
-
61 -
62 -
63 -
64 -
65 -
66 -
67 -
68 -
69 -
70 -
71 -
72 -
73 -
74 -
75 -
76 -
77 -
78 -
79 -
80 -
81 -
82
-
83
-
84
-
85
-
86
-
87
-
88
-
89
-
90
-
91
-
92
-
93
 |
 |
SAFEWAY INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements
Note H: Taxes on Income
The components of income before income tax expense are as follows (in millions):
2006 2005 2004
Domestic $1,029.2 $723.7 $550.2
Foreign 210.8 125.3 243.7
$1,240.0 $849.0 $793.9
The components of income tax expense are as follows (in millions):
2006 2005 2004
Current:
Federal $251.0 $ 389.4 $153.5
State 48.7 59.1 25.7
Foreign 68.6 55.3 83.7
368.3 503.8 262.9
Deferred:
Federal (4.2) (186.2) (17.4)
State (1.0) (17.6) (10.6)
Foreign 6.3 (12.1) (1.2)
1.1 (215.9) (29.2)
$369.4 $ 287.9 $233.7
Reconciliation of the provision for income taxes at the U.S. federal statutory income tax rate to the Company’s income
taxes is as follows (dollars in millions):
2006 2005 2004
Statutory rate 35% 35% 35%
Income tax expense using federal statutory rate $434.0 $297.2 $277.9
State taxes on income net of federal benefit 31.0 27.0 9.8
Charitable donations of inventory (14.7) (11.1) (9.8)
Tax settlements (3.6) (3.2) (40.0)
Interest on debt financing tax refunds, net of tax (62.6) ––
Repatriation of foreign earnings –(16.5) –
Other (14.7) (5.5) (4.2)
$369.4 $287.9 $233.7
53