Frontier Airlines 2010 Annual Report Download - page 119
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The components of deferred tax assets and liabilities as of December 31 are as follows (in thousands):
2010 2009
DEFERRED TAX ASSETS:
Current:
Deferred frequent flyer revenue $ 19,380 $ 17,561
Nondeductible reserves and accruals 18,659 14,277
Total 38,039 31,838
Valuation allowance (10,926 ) (10,815 )
Total current deferred tax assets $ 27,113 $ 21,023
Noncurrent:
Nondeductible accruals and deferred revenue $ 49,153 $ 47,373
Deferred frequent flyer revenue 38,865 41,247
Federal and state net operating loss carryforwards, net of liability for uncertain tax positions 448,962 413,523
AMT credits 8,213 10,256
Prepaid rent
—
13,901
Deferred credits and sale leaseback gain 21,923 10,867
Other 14,745 11,509
Total 581,861 548,676
Valuation allowance (156,027 ) (190,156 )
Total noncurrent deferred tax assets 425,834 358,520
DEFERRED TAX LIABILITIES:
Noncurrent:
Other intangible assets, including slot amortization (45,838 ) (51,564 )
Maintenance deposits (54,774 ) (54,283 )
Deferred rent (20,210 )
—
Stock basis difference in subsidiary from gain on bargain purchase (77,405 ) (77,405 )
Accelerated depreciation and fixed asset basis differences for tax purposes (662,311 ) (609,843 )
Total noncurrent deferred tax liabilities (860,538 ) (793,095 )
Total net noncurrent deferred tax liabilities $ (434,704 ) $ (434,575 )
The Company monitors ongoing tax cases related to its unrecognized tax benefits. None of the unrecognized tax benefits as of
December 31, 2010, if recognized, would affect the effective tax rate. The following table reconciles the Company’ s tax liability for uncertain
tax positions for the year ended December 31 (in thousands):
2010 2009 2008
Balance at January 1, $6,268 $ 5,252 $ 4,409
Additions based on tax positions taken in current year
—
816 843
Additions based on acquisitions in current year
—
200
—
Additions for tax positions taken in prior years 2,024
—
—