KR » Topics » Income Taxes

These excerpts taken from the KR 10-K filed Mar 31, 2009.

Income Taxes

 

Our effective income tax rate was 36.5% in 2008, 35.4% in 2007 and 36.2% in 2006.  The effective tax rates for those years differed from the federal statutory rate primarily due to the effect of state income taxes.  In addition, the effective tax rate for 2007 differs from the expected federal statutory rate due to the resolution of some tax issues.  The effective rate in 2006 includes an adjustment of some deferred tax balances.

 

During the third quarter of 2007, we resolved favorably some outstanding tax issues.  This resulted in a 2007 tax benefit of approximately $40 million and reduced our effective tax rate by 1.9%.

 

In 2006, during the reconciliation of our deferred tax balances, and after the filing of our annual federal and state tax returns, we identified adjustments to be made in prior years’ deferred tax reconciliation.  We corrected these deferred tax balances in our Consolidated Financial Statements for the year ended February 3, 2007, which resulted in a reduction of our fiscal 2006 provision for income tax expense of approximately $21 million and reduced the rate by 1.2%.  We do not believe these adjustments are material to our Consolidated Financial Statements for the year ended February 3, 2007, or to any prior years’ Consolidated Financial Statements.  As a result, we have not restated any prior year amounts.

 

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Income
Taxes



 



Our effective income tax rate was 36.5% in
2008, 35.4% in 2007 and 36.2% in 2006.  The effective tax rates for those
years differed from the federal statutory rate primarily due to the effect of
state income taxes.  In addition, the
effective tax rate for 2007 differs from the expected federal statutory rate
due to the resolution of some tax issues. 
The effective rate in 2006 includes an adjustment of some deferred tax
balances.



 



During the third quarter of 2007, we resolved
favorably some outstanding tax issues. 
This resulted in a 2007 tax benefit of approximately $40 million and
reduced our effective tax rate by 1.9%.



 



In 2006, during the reconciliation of our
deferred tax balances, and after the filing of our annual federal and state tax
returns, we identified adjustments to be made in prior years’ deferred tax
reconciliation.  We corrected these
deferred tax balances in our Consolidated Financial Statements for the year
ended February 3, 2007, which resulted in a reduction of our fiscal 2006
provision for income tax expense of approximately $21 million and reduced the
rate by 1.2%.  We do not believe these
adjustments are material to our Consolidated Financial Statements for the year
ended February 3, 2007, or to any prior years’ Consolidated Financial
Statements.  As a result, we have not
restated any prior year amounts.



 



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This excerpt taken from the KR 10-Q filed Dec 17, 2008.

Income Taxes

 

Our effective income tax rate was 36.5% for the third quarter of 2008 and 24.2% for the third quarter of 2007.  For the year-to-date period, our effective income tax rate was 36.7% in 2008 and 34.6% in 2007.  The effective income tax rate for both the third quarter and first three quarters of 2008 differed from the federal statutory rate primarily due to the effect of state income taxes.  In both the third quarter and first three quarters of 2007, the effective income tax rate differed from the federal statutory rate primarily due to the effect of state taxes and the favorable resolution of certain tax issues during the third quarter of 2007 that affected tax expense by approximately $40 million.

 

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This excerpt taken from the KR 10-Q filed Sep 24, 2008.

Income Taxes

 

Our effective income tax rate was 36.5% for the second quarter of 2008 and 38.3% for the second quarter of 2007.  For the year-to-date period, our effective income tax rate was 36.8% in 2008 and 38.2% in 2007.  The 2008 and 2007 effective income tax rates differed from the federal statutory rate primarily due to the effect of state taxes.  The current year rate benefited from the favorable resolution of certain tax issues, whereas an unfavorable resolution of certain tax issues and state legislative changes affected the prior year rate.

 

This excerpt taken from the KR 10-Q filed Jul 2, 2008.

Income Taxes

 

Our effective income tax rate was 37.0% for the first quarter of 2008 and 38.1% for the first quarter of 2007.  The 2008 and 2007 effective income tax rate differed from the federal statutory rate primarily due to the effect of state income taxes.  The first quarter 2008 effective income tax rate was lower than the first quarter 2007 effective income tax rate due to the favorable resolution of tax issues in the last half of 2007 that have continuing impact in later years.

 

This excerpt taken from the KR DEF 14A filed May 15, 2008.

Income Taxes

        Our effective income tax rate was 35.4%, 36.2% and 37.2% for 2007, 2006 and 2005, respectively. The effective tax rates for 2007 and 2006 differ from the expected federal statutory rate due to the resolution of certain tax issues and an adjustment of certain deferred tax balances, respectively. In addition, the effective income tax rates differ from the expected federal statutory rate in all years presented due to the effect of state taxes.

        During the third quarter of 2007, we resolved favorably certain tax issues. This resulted in a 2007 tax benefit of approximately $40 million and reduced our effective rate by 1.9%.

        In 2006, during the reconciliation of our deferred tax balances, and after the filing of our annual federal and state tax returns, we identified adjustments to be made in the previous years' deferred tax reconciliation. We corrected these deferred tax balances in our Consolidated Financial Statements for the year ended February 3, 2007, which resulted in a reduction of our fiscal 2006 provision for income tax expense of approximately $21 million and reduced the rate by 1.2%. We do not believe these adjustments are material to our Consolidated Financial Statements for the year ended February 3, 2007, or to any prior years' Consolidated Financial Statements. As a result, we have not restated any prior year amounts.

These excerpts taken from the KR 10-K filed Apr 1, 2008.

Income Taxes

 

Our effective income tax rate was 35.4%, 36.2% and 37.2% for 2007, 2006 and 2005, respectively.  The effective tax rates for 2007 and 2006 differ from the expected federal statutory rate due to the resolution of certain tax issues and an adjustment of certain deferred tax balances, respectively.  In addition, the effective income tax rates differ from the expected federal statutory rate in all years presented due to the effect of state taxes.

 

During the third quarter of 2007, we resolved favorably certain tax issues.  This resulted in a 2007 tax benefit of approximately $40 million and reduced our effective rate by 1.9%.

 

In 2006, during the reconciliation of our deferred tax balances, and after the filing of our annual federal and state tax returns, we identified adjustments to be made in the previous years’ deferred tax reconciliation.  We corrected these deferred tax balances in our Consolidated Financial Statements for the year ended February 3, 2007, which resulted in a reduction of our fiscal 2006 provision for income tax expense of approximately $21 million and reduced the rate by 1.2%.  We do not believe these adjustments are material to our Consolidated Financial Statements for the year ended February 3, 2007, or to any prior years’ Consolidated Financial Statements.  As a result, we have not restated any prior year amounts.

 

Income Taxes



 



Our effective income tax rate was 35.4%, 36.2% and 37.2% for
2007, 2006 and 2005, respectively.  The effective tax rates for 2007 and
2006 differ from the expected federal statutory rate due to the resolution of
certain tax issues and an adjustment of certain deferred tax balances,
respectively.  In addition, the effective
income tax rates differ from the expected federal statutory rate in all years
presented due to the effect of state taxes.



 



During the third quarter of 2007, we resolved favorably certain
tax issues.  This resulted in a 2007 tax
benefit of approximately $40 million and reduced our effective rate by 1.9%.



 



In 2006, during the reconciliation of our deferred tax
balances, and after the filing of our annual federal and state tax returns, we
identified adjustments to be made in the previous years’ deferred tax
reconciliation.  We corrected these
deferred tax balances in our Consolidated Financial Statements for the year
ended February 3, 2007, which resulted in a reduction of our fiscal 2006
provision for income tax expense of approximately $21 million and reduced the
rate by 1.2%.  We do not believe these
adjustments are material to our Consolidated Financial Statements for the year
ended February 3, 2007, or to any prior years’ Consolidated Financial
Statements.  As a result, we have not
restated any prior year amounts.



 



This excerpt taken from the KR 10-Q filed Sep 27, 2007.
Income Taxes

     Our effective income tax rate was 38.3% for the second quarter of 2007 and 38.2% for the second quarter of 2006. For the year-to-date period, our effective income tax rate was 38.2% in 2007 and 37.8% in 2006. The 2007 and 2006 effective income tax rates differed from the federal statutory rate primarily due to the effect of state taxes.

Page 22 of 38


This excerpt taken from the KR DEF 14A filed May 15, 2007.

   Income Taxes

     Our effective income tax rate was 36.2%, 37.2% and 136.4% for 2006, 2005 and 2004, respectively. The effective tax rates for 2006 and 2005 differ from the effective tax rate for 2004 due to the impairment of non-deductible goodwill in 2004. The effective income tax rates also differ from the expected federal statutory rate in all years presented due to the effect of state taxes as well as the adjustment of certain deferred tax balances in 2006.

     During the reconciliation of our deferred tax balances, after the filing of annual federal and state tax returns, we identified adjustments to be made in the previous years’ deferred tax reconciliation. We corrected these deferred tax balances in our Consolidated Financial Statements for the year ended February 3, 2007, which resulted in a reduction of our 2006 provision for income tax expense of approximately $21 million and reduced the rate by 120 basis points. We do not believe these adjustments are material to our Consolidated Financial Statements for the year ended February 3, 2007, or to any prior years’ Consolidated Financial Statements. As a result, we have not restated any prior year amounts.

C

This excerpt taken from the KR 10-K filed Apr 7, 2006.

     Income Taxes

          Our effective income tax rate was 37.2%, 136.4% and 61.4% for 2005, 2004 and 2003, respectively.  The effective tax rates for 2004 and 2003 differ from the effective tax rate for 2005 due to the impairment of non-deductible goodwill in 2004 and 2003.  The effective income tax rates also differ from the expected federal statutory rate in all years presented due to the effect of state taxes.

This excerpt taken from the KR 10-K filed Mar 6, 2006.

Income Taxes

Our effective income tax rate was 136.4%, 61.4% and 37.5% for 2004, 2003 and 2002, respectively. The effective tax rates for 2004 and 2003 differ from the effective tax rate for 2002 due to the impairment of non-deductible goodwill in 2004 and 2003. The effective income tax rates also differ from the expected statutory rate in all years presented due to the effect of state taxes.


This excerpt taken from the KR 10-Q filed Dec 15, 2005.

Income Taxes

 

Our effective income tax rate was 38.4% for the third quarter of 2005 and 35.0% for the third quarter of 2004. For the year-to-date period, our effective income tax rate was 37.0% in 2005 and 36.7% in 2004, respectively. In addition to the effect of state taxes, the effective income tax rate differed from the federal statutory rate due to a reduction of previously recorded tax contingency allowances resulting from a revision of the required allowances based on resolutions with tax authorities during the quarters and the third quarter effect of certain legal expenses that were not deductible for tax purposes.


This excerpt taken from the KR 10-Q filed Sep 21, 2005.

Income Taxes

 

Our effective income tax rate was 37.4% for the second quarter of 2005 and 37.9% for the second quarter of 2004. For the year-to-date period, our effective income tax rate was 36.5% in 2005 and 37.3% in 2004, respectively. In addition to the effect of state taxes, the effective income tax rate differed from the federal statutory rate due to a reduction of previously recorded tax contingency allowances resulting from a revision of the required allowances based on resolutions with tax authorities during the quarters.


This excerpt taken from the KR 10-Q filed Jun 29, 2005.

Income Taxes

 

Our effective income tax rate was 35.9 % for the first quarter of 2005 and 36.9% for the first quarter of 2004. In addition to the effect of state taxes, the effective income tax rate differed from the federal statutory rate due to a reduction of previously recorded tax contingency allowances resulting from a revision of the required allowances based on resolutions with tax authorities during the quarter.


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

Income Taxes

 

Our effective income tax rate was 134.5%, 59.3% and 37.5% for 2004, 2003 and 2002, respectively. The effective tax rates for 2004 and 2003 differ from the effective tax rate for 2002 due to the impairment of non-deductible goodwill in 2004 and 2003. The effective income tax rates also differ from the expected statutory rate in all years presented due to the effect of state taxes.

 

 

This excerpt taken from the KR 10-K filed Apr 15, 2005.

Income Taxes

 

Our effective income tax rate was 134.5%, 59.3% and 37.5% for 2004, 2003 and 2002, respectively. The effective tax rates for 2004 and 2003 differ from the effective tax rate for 2002 due to the impairment of non-deductible goodwill in 2004 and 2003. The effective income tax rates also differ from the expected statutory rate in all years presented due to the effect of state taxes.

 


This excerpt taken from the KR 10-K filed Apr 13, 2005.

Income Taxes

 

Our effective income tax rate was 59.3%, 37.5% and 39.1% in 2003, 2002 and 2001. The effective rates for 2003 and 2002 differ from the effective rate for 2001 due to the impairment of non-deductible goodwill in 2003 and the amortization of goodwill in 2001. The effective income tax rates also differ from the expected statutory rate in all years presented due to the effect of state taxes.

 

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