Amtrak 2014 Annual Report Download - page 48

National Railroad Passenger Corporation and Subsidiaries (Amtrak)
Notes to Consolidated Financial Statements (continued)
1509-1694994 40
9. Income Taxes (continued)
Deferred income tax assets and liabilities were comprised of the following (in thousands):
September 30,
2014 2013
Deferred tax
assets:
Net operating loss carryforward $
2,442,944 $
2,365,336
Pension and other postretirement employee benefits
459,837
402,159
Capital leases
182,610
211,126
Claims reserves
67,877
66,949
Other accruals
32,499
43,187
Accrued vacation and other compensation accruals
36,796
35,489
Deferred gain on sale leaseback
19,024
25,749
Inventory reserve
16,126
15,898
Capital loss (rate security)
3,229
3,229
Bad debt
reserve
1,550
1,077
Capitalized software
251
281
Gross deferred tax
assets
3,262,743
3,170,480
Less: valuation allowance
(136,037)
(154,551)
N
et deferred tax assets
3,126,706
3,015,929
Deferred tax liabilities:
Fixed assets
(3,113,979)
(3,013,148)
Insurance recoveries
(11,466)
–
Deferred rent
(1,367)
(6,438)
30t
h
Street Station
(120)
(222)
Gross deferred tax liabilities
(3,126,932)
(3,019,808)
N
et deferred tax liability $
(226) $
(3,879)
Amtrak has recorded valuation allowances against net deferred tax assets as it is more likely than
not that the results of future operations will not generate sufficient taxable income to realize
deferred tax assets. In the current year, the valuation allowance decreased by $18.5 million.
Net operating loss carryforwards were $7.0 billion and $6.8 billion as of September 30, 2014 and
2013, respectively. The carryforwards at September 30, 2014, will expire in various years from
2018 through 2034.