Amtrak 2013 Annual Report Download - page 83

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National Railroad Passenger Corporation and Subsidiaries (Amtrak)
Notes to Consolidated Financial Statements (continued)
1411-1359280 44
9. Fair Value Measurements (continued)
The estimated fair values of the non-derivative financial instruments listed above are based upon
discounted cash flow analyses using interest rates available to Amtrak at September 30, 2013 and
2012, for debt with the same remaining maturities.
For pension assets, all fair value measurement disclosures are included in Note 13. For cash and
cash equivalents, restricted cash and cash equivalents, accounts receivable, accounts payable,
accrued expenses and other current liabilities, the carrying amounts approximate fair value given
the short-term nature of the financial instruments.
10. Income Taxes
There was no provision or benefit for income taxes for the fiscal years ended September 30,
2013 and 2012, which differed from the expected amount computed by applying the U.S. federal
income tax rate of 35% to pretax loss. A reconciliation of the U.S. federal statutory income tax
rate to Amtrak’ s actual income tax rate is as follows:
Year Ended September 30
2013 2012
U.S. federal statutory income tax rate 35.0% 35.0%
Federal operating grants (12.3) (13.0)
Valuation allowance (23.8) (22.9)
Other 1.1 0.9
Effective income tax rate 0.0% 0.0%