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TableofContents
NOTE11.INCOMETAXES
Income Tax (Provision) Benefit
Ourincometax(provision)benefitconsistedofthefollowing:
YearEndedDecember31,
(inmillions) 2015 2014 2013
Currenttax(provision)benefit:
Federal $ (23) $ 21 $ 24
Stateandlocal (25) (9)(3)
International (2) (11) 1
Deferredtax(provision)benefit:
Federal (2,409) (424) 7,197
Stateandlocal (172) 10 794
Incometax(provision)benefit $ (2,631) $ (413) $ 8,013
ThefollowingtablepresentstheprincipalreasonsforthedifferencebetweentheeffectivetaxrateandtheU.S.federalstatutoryincometaxrate:
YearEndedDecember31,
2015 2014 2013
U.S.federalstatutoryincometaxrate 35.0% 35.0% 35.0%
Statetaxes,netoffederalbenefit 1.8 2.0 3.0
Decreaseinvaluationallowance (0.2) (2.4) (367.5)
Incometaxallocation — — 12.7
Other 0.2 3.9 (0.4)
Effectiveincometaxrate 36.8% 38.5% (317.2)%
Deferred Taxes
Deferredincometaxesreflectthenettaxeffectoftemporarydifferencesbetweenthecarryingamountsofassetsandliabilitiesforfinancialreportingand
incometaxpurposes.Thefollowingtableshowssignificantcomponentsofourdeferredtaxassetsandliabilities:
December31,
(inmillions) 2015 2014
Deferredtaxassets:
Netoperatinglosscarryforwards $ 3,838 $ 4,782
Pension,postretirementandotherbenefits 5,444 6,033
FuelderivativesMTMadjustments 282 777
AMTcreditcarryforward 379 357
Deferredrevenue 1,522 1,824
Other 1,047 659
Valuationallowance (56) (46)
Totaldeferredtaxassets $ 12,456 $ 14,386
Deferredtaxliabilities:
Depreciation $ 5,490 $ 4,663
Intangibleassets 1,681 1,684
Other 329 444
Totaldeferredtaxliabilities $ 7,500 $ 6,791
Netdeferredtaxassets $ 4,956 $ 7,595
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