Boeing 2009 Annual Report Download - page 81
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Note 5 – Income Taxes
The components of earnings before income taxes were:
Years ended December 31, 2009 2008 2007
U.S. $1,638 $3,794 $5,901
Non-U.S. 93 201 217
$1,731 $3,995 $6,118
Income tax expense/(benefit) consisted of the following:
Years ended December 31, 2009 2008 2007
Current tax expense
U.S. federal $(132) $ 44 $1,260
Non-U.S. 69 29 139
U.S. state 145 20 164
82 93 1,563
Deferred tax expense
U.S. federal 457 1,151 487
Non-U.S. (55) 26 (6)
U.S. state (88) 71 16
314 1,248 497
Total income tax expense $ 396 $1,341 $2,060
Net income tax payments/(refunds) were ($198), $599 and $711 in 2009, 2008 and 2007, respectively.
Our effective income tax rate was 22.9%, 33.6%, and 33.7% for the years ended December 31, 2009,
2008, and 2007, respectively. Our effective tax rate was lower in 2009 primarily because tax credits
such as Research and Development credits represented a higher proportion of earnings before taxes
due to the year-over-year reduction in earnings. The following is a reconciliation of the U.S. federal
statutory tax rate of 35% to our effective income tax rate:
Years ended December 31, 2009 2008 2007
U.S. federal statutory tax 35.0% 35.0% 35.0%
Research and Development credits (10.1) (4.3) (2.4)
Tax on international activities (2.4) (0.7) 1.0
Tax deductible dividends (2.2) (0.8) (0.4)
State income tax provision, net of effect on U.S. federal tax 2.2 1.7 1.6
Other provision adjustments 0.4 2.7 (1.1)
Effective income tax rate 22.9% 33.6% 33.7%
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