JetBlue Airlines 2004 Annual Report Download - page 72
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JETBLUE AIRWAYS CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
December 31, 2004
Note 8—Income Taxes
The provision for income taxes consisted of the following for the years ended December 31 (in
thousands):
2004 2003 2002
Current:
Federal ............................................ $ (651) $ 670 $ —
State .............................................. 269 1,118 457
Deferred:
Federal ............................................ 28,332 56,694 31,560
State .............................................. 1,405 13,059 8,099
Income tax expense ..................................... $ 29,355 $ 71,541 $ 40,116
The effective tax rate on income before income taxes differed from the federal income tax
statutory rate for the years ended December 31 for the following reasons (in thousands):
2004 2003 2002
Income tax expense at statutory rate ........................ $ 26,888 $ 61,404 $ 33,258
Increase resulting from:
State income tax, net of federal benefit ..................... 1,088 8,709 5,641
Other, net .......................................... 1,379 1,428 1,217
Total income tax expense ................................. $ 29,355 $ 71,541 $ 40,116
Cash payments for income taxes were $0.6 million, $2.2 million and $0.6 million in 2004, 2003 and
2002, respectively.
The net deferred taxes below include a current net deferred tax liability of $2.0 million and a long-
term net deferred tax liability of $122.8 million at December 31, 2004, and a current net deferred tax
liability of $1.0 million and a long-term net deferred tax liability of $99.0 million at December 31, 2003.
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