Safeway 2013 Annual Report Download - page 29
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Table of Contents
Loss on Foreign Currency Translation After the sale of the Company's Canadian operations, the adjustments resulting from translation
of assets and liabilities denominated in Canadian dollars are included in the statement of income as a foreign currency gain or loss. Foreign
currency loss was $57.4 million in fiscal 2013.
Other Income, Net In fiscal 2013, Other income, net consists of interest income of $14.8 million, equity in earnings of unconsolidated
affiliate of $17.6 million, gain on the sale of investments of $8.6 million and loss on extinguishment of debt of $10.1 million. In fiscal 2012,
Other income, net consists primarily of interest income of $9.9 million and equity in earnings from Safeway’s unconsolidated affiliate of
$17.5 million. In 2011, Other income, net consists primarily of interest income of $4.8 million and equity in earnings of unconsolidated
affiliate of $13.0 million.
Income Taxes Income tax expense was $89.7 million, or 26.7% of pre-tax income in 2013. In 2013 Safeway withdrew $68.7 million from
the accumulated cash surrender value of corporate-owned life insurance ("COLI") policies and determined that a majority of the remaining
cash surrender value would be received in the future through tax-free death benefits. Consequently, Safeway reversed deferred taxes on that
remaining cash surrender value and reduced 2013 income tax expense by $17.2 million. In 2012, Safeway had income tax expense of
$141.8 million, or 32.5% of pre-tax income. In 2011, income tax expense was $91.2 million, or 19.9%, of pre-tax income. Income tax
expense in 2011 was reduced by $53.8 million due to a change in policy regarding the repatriation of earnings in Casa Ley.
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