Safeway 2013 Annual Report Download - page 75

Table of Contents


Significant components of the Company’s net deferred tax liability at year end are as follows (in millions):
 2012
Deferred tax assets:
Pension liability  $293.3
Workers’ compensation and other claims  189.7
Employee benefits  202.8
Accrued claims and other liabilities  95.3
Reserves not currently deductible  37.4
Federal deduction of state taxes  7.7
Foreign tax credit carryforwards 37.9
State tax credit carryforwards  27.7
Operating loss carryforwards  1.9
Other assets  3.1
 896.8
Valuation Allowance (27.1)
 $869.7
 2012
Deferred tax liabilities:
Property $(662.4)
Inventory (314.5)
Investment in Blackhawk —
Investments in foreign operations (19.4)
(996.3)
Net deferred tax asset (liability)  $(126.6)
Deferred tax assets and liabilities are reported in the balance sheet as follows (in millions):
 2012
Current deferred tax assets (1)  $1.1
Noncurrent deferred tax assets (2)  81.2
Current deferred tax liability (30.4)
Noncurrent deferred tax liability (178.5)
Net deferred tax asset (liability)  $(126.6)
(1) Included in Prepaid Expenses and Other Current Assets.
(2) Included in Other Assets.
At December 28, 2013, the Company had net operating loss carryforwards for federal income tax purposes of approximately $4.5 million
which expire at various dates from 2023 to 2024. The Company also had foreign net operating loss carryforwards of $ 20.2 million which do
not expire. In addition, the Company had state tax credit carryforwards of $32.5 million which expire in 2023.
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