Frontier Airlines 2004 Annual Report Download - page 64

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12. INCOME TAXES
The components of the provision for income tax expense (benefit) for the years ended December 31 are as follows:
A reconciliation of income tax expense at the applicable federal statutory income tax rate to the tax provision as reported for the years ended December 31 are as follows:
The components of deferred tax assets and liabilities as of December 31 are as follows:
Deferred tax assets include benefits expected to be realized from the utilization of alternative minimum tax credit carryforwards of $457, which do not expire, and net operating loss
carryforwards of $362,272, which begin expiring in 2022.
2004
2003
2002
Federal:
Current
$
(4,633
)
Deferred
$
22,130
$
18,813
13,830
22,130
18,813
9,197
State:
Current
520
237
148
Deferred
6,039
3,227
2,310
6,559
3,464
2,458
Income tax expense
$
28,689
$
22,277
$
11,655
2004
2003
2002
Federal income tax expense at statutory rate
$
25,711
$
19,714
$
10,030
State income tax expense, net of federal benefit
3,145
2,252
1,598
Other
(167
)
311
27
Income tax expense
$
28,689
$
22,277
$
11,655
2004
2003
DEFERRED TAX ASSETS
Current:
Nondeductible accruals
$
5,111
$
5,198
Nondeductible accrued interest
1,351
3,895
Asset impairment expenses
1,150
Prepaid rent
524
390
6,986
10,633
Noncurrent:
Nondeductible reserves
2,920
2,920
Nondeductible accruals
1,868
153
Treasury locks
2,793
Alternative minimum tax credit
457
457
Net operating loss carryforward
126,795
47,672
Prepaid rent
6,284
4,680
Deferred credits and sale leaseback gain
7,831
7,662
148,948
63,544
Total assets
155,934
74,177
DEFERRED TAX LIABILITIES
Noncurrent:
Accelerated depreciation and fixed asset basis differences for tax purposes
(212,533
)
(106,139
)
Total noncurrent deferred tax liability
(63,585
)
(42,595
)
Total deferred tax liability
$
(56,599
)
$
(31,962
)
54