KR » Topics » 7. T AXES B ASED O N I NCOME

This excerpt taken from the KR DEF 14A filed May 15, 2007.
4. TAXES, BASED ON INCOME

     The provision for taxes based on income consists of:

  2006       2005       2004 
Federal       
       Current  $652   $609 96
       Deferred   (52 )   (79 ) 258
  600   530 354
State and local     
       Current   55   42 25
       Deferred    (22 )   (5 )  11
    33     37     36
Total  $633     $567   $390

     A reconciliation of the statutory federal rate and the effective rate follows:

  2006      2005      2004 
Statutory rate  35.0 % 35.0 % 35.0 %
State income taxes, net of federal tax benefit  1.9 %   1.6 %  2.6 %
Non-deductible goodwill    101.7 %
Deferred tax adjustment  (1.2 )%        
Other changes, net  0.5 %   0.6 %   (2.9 )%
  36.2 %   37.2 %   136.4 %

     During the reconciliation of the Company’s deferred tax balances, after the filing of annual federal and state tax returns, the Company identified adjustments to be made in the prior years’ deferred tax reconciliation. These deferred tax balances were corrected in the Company’s Consolidated Financial Statements for the year ended February 3, 2007, which resulted in a reduction of the Company’s 2006 provision for income tax expense of approximately $21. The Company does not believe these adjustments are material to its Consolidated Financial Statements for the year ended February 3, 2007, or to any prior years’ Consolidated Financial Statements. As a result, the Company has not restated any prior year amounts.

This excerpt taken from the KR DEF 14A filed May 16, 2005.

7.    TAXES BASED ON INCOME

 

The provision for taxes based on income consists of:

 

         2004    

       2003    

       2002    

 

Federal

                      

Current

   $ 96    $ 177    $ 293  

Deferred

     258      238      360  
    

  

  


       354      415      653  

State and local

     36      39      79  
    

  

  


       390      454      732  

Tax benefit from cumulative effect of an accounting change

               (10 )
    

  

  


     $ 390    $ 454    $ 722  
    

  

  


 

A reconciliation of the statutory federal rate and the effective rate follows:

 

         2004    

        2003    

        2002    

 

Statutory rate

   35.0 %   35.0 %   35.0 %

State income taxes, net of federal tax benefit

   2.6 %   3.3 %   2.6 %

Non-deductible goodwill

   99.8 %   20.3 %   0.0 %

Other changes, net

   (2.9 )%   0.7 %   (0.1 )%
    

 

 

     134.5 %   59.3 %   37.5 %
    

 

 

 

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