Orbitz 2008 Annual Report Download - page 103
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ORBITZ WORLDWIDE, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
11. Income Taxes (Continued)
Current and non-current deferred income tax assets and liabilities in various jurisdictions are comprised of the following:
Successor
December 31,
2007
2006
(in millions)
Current deferred income tax assets (liabilities):
Accrued liabilities and deferred income $ 19 $ 16
Provision for bad debts 1 1
Prepaid expenses (3) (4)
Tax sharing liability 4 —
Valuation allowance (18) (16)
Current net deferred income tax assets (liabilities) $ 3 $ (3)
Non-current deferred income tax assets (liabilities):
U.S. net operating loss carryforwards 27 22
Non-U.S. net operating loss carryforwards 113 98
Accrued liabilities and deferred income 39 21
Depreciation and amortization 93 118
Tax sharing liability 47 166
Capital loss carryforward — 14
Change in reserve accounts 7 21
Other (2) (3)
Valuation allowance (312) (399)
Non-current net deferred income tax assets $ 12 $ 58
The current and deferred income tax assets and liabilities are presented in our consolidated balance sheets as follows:
Successor
December 31,
2007
2006
(in millions)
Current net deferred income tax assets (liabilities):
Deferred income tax asset, current $ 3 $ —
Deferred income tax liability, current(a) — (3)
Current net deferred income tax assets (liabilities) $ 3 $ (3)
Non-current net deferred income tax assets (liabilities):
Deferred income tax asset, non-current 12 62
Deferred income tax liability, non-current(b) — (4)
Non-current net deferred income tax assets $ 12 $ 58
96
Source: Orbitz Worldwide, In, 10-K/A, August 28, 2008