


D. Income Taxes The provision for income taxes consists of the following (in thousands): |
| Current | Deferred | ||||||||
| 1997 | |||||||||
| U.S. Federal | $149,003 | $2,210 | |||||||
| Foreign | 915 | (165) | |||||||
| State and local | 28,493 | 1,044 | |||||||
| $178,411 | $3,089 | ||||||||
| 1996 | |||||||||
| U.S. Federal | $120,612 | $(3,575) | |||||||
| Foreign | 718 | 598 | |||||||
| State and local | 22,343 | (1,296) | |||||||
| $143,673 | $(4,273) | ||||||||
| 1995 | |||||||||
| U.S. Federal | $ 96,630 | $ 3,525 | |||||||
| Foreign | 608 | 1,215 | |||||||
| State and local | 18,654 | 668 | |||||||
| $115,892 | $ 5,408 | ||||||||
The provision for income taxes exceeds the amount of income tax determined by applying the U.S. Federal statutory rate of 35 percent to income before taxes as a result of the following (in thousands): |
| 1997 | 1996 | 1995 | |||||||
U.S. Federal statutory |
|||||||||
| taxes | $162,076 | $126,076 | $108,989 | ||||||
| State and local taxes | |||||||||
| net of U.S. Federal | |||||||||
| income tax benefit | 19,199 | 13,681 | 12,559 | ||||||
| Amortization of goodwill | |||||||||
| not deductible for | |||||||||
| income tax purposes | 2,492 | 2,336 | 2,373 | ||||||
| Other, net | (2,267) | (2,693) | (2,621) | ||||||
| Provision for income | |||||||||
| taxes | $181,500 | $139,400 | $121,300 | ||||||
Deferred income taxes at December 28, 1997, December 29, 1996, and December 31, 1995, consist of the following (in thousands): |
| 1997 | 1996 | 1995 | |||||||
| Accrued postretirement | |||||||||
| benefits | $ 51,076 | $ 49,363 | $ 47,167 | ||||||
| Other benefit obligations | 34,358 | 26,634 | 20,963 | ||||||
| Accounts receivable | 9,127 | 8,399 | 6,765 | ||||||
| Other | 8,319 | 12,373 | 9,134 | ||||||
| Deferred tax asset | 102,880 | 96,769 | 84,029 | ||||||
| Property, plant, and | |||||||||
| equipment | 40,498 | 39,248 | 42,159 | ||||||
| Prepaid pension cost | 79,978 | 65,300 | 55,574 | ||||||
| Affiliate operations | 7,645 | 14,977 | 14,165 | ||||||
| Investment tax credit | 813 | 1,589 | 2,301 | ||||||
| Other | 5,252 | 5,802 | 4,473 | ||||||
| Deferred tax liability | 134,186 | 126,916 | 118,672 | ||||||
| Deferred income taxes | $ 31,306 | $ 30,147 | $ 34,643 | ||||||