The provision for income taxes consists of the following (in thousands):
| |
 |
2002 |
|
2001 |
|
2000 |
|
|
|
|
| Current income tax expense: |
| Federal |
$ |
47,228 |
$ |
62,609 |
$ |
52,958 |
| State |
|
6,819 |
|
10,269 |
|
8,166 |
| Foreign |
|
923 |
|
688 |
|
593 |
|
|
|
|
| Total current income tax expense |
|
54,970 |
|
73,566 |
|
61,717 |
|
|
|
|
| Deferred income tax expense: |
| Federal |
|
22,088 |
|
2,989 |
|
1,835 |
| State |
|
2,078 |
|
224 |
|
150 |
| Total deferred income tax expense |
|
24,166 |
|
3,213 |
|
1,985 |
|
|
|
|
|
$ |
79,136 |
$ |
76,779 |
$ |
63,702 |
|
|
|
|
|
|
|
|
|
A reconciliation between the reported provision for income taxes and the amount computed by applying the
statutory Federal income tax rate of 35% to income before provision for income taxes is as follows (in
thousands):
| |
|
2002 |
|
2001 |
|
2000 |
|
|
|
|
| Income tax expense at statutory rate |
$ |
81,147 |
|
$ |
77,674 |
|
$ |
63,540 |
| FICA tax credit |
|
(9,002 |
) |
|
(7,029 |
) |
|
(5,993 |
) |
| State income taxes, net of Federal benefit |
|
5,783 |
|
|
6,822 |
|
|
5,405 |
| Other |
|
1,208 |
|
|
(688 |
) |
|
750 |
|
|
|
|
|
$ |
79,136 |
|
$ |
76,779 |
|
$ |
63,702 |
|
|
|
|
|
|
|
|
|
The income tax effects of temporary differences that give rise to significant portions of deferred income tax
assets and liabilities as of June 26, 2002 and June 27, 2001 are as follows (in thousands):
| |
|
2002 |
|
2001 |
|
|
|
| Deferred income tax assets: |
| Insurance reserves |
$ |
7,099 |
|
$ |
6,665 |
| Employee benefit plans |
|
12,243 |
|
|
10,443 |
| Leasing transactions |
|
8,564 |
|
|
8,479 |
| Other, net |
|
13,077 |
|
|
15,921 |
|
|
|
| Total deferred income tax assets |
|
40,983 |
|
|
41,508 |
|
|
|
| Deferred income tax liabilities: |
| Depreciation and capitalized interest on property and equipment |
|
34,326 |
|
|
28,847 |
| Prepaid expenses |
|
7,928 |
|
|
4,792 |
| Goodwill and other amortization |
|
5,371 |
|
|
2,926 |
| Other, net |
|
8,993 |
|
|
4,430 |
|
|
|
| Total deferred income tax liabilities |
|
56,618 |
|
|
40,995 |
|
|
|
| Net deferred income tax liability (asset) |
$ |
15,635 |
|
$ |
(513 |
) |
|
|
|
|
|
|
|
|
