Sunoco 2011 Annual Report Download - page 88
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The reconciliation of income tax expense (benefit) at the U.S. statutory rate to the income tax expense
(benefit) attributable to continuing operations is as follows (in millions of dollars):
For The Years Ended December 31,
2011 2010 2009
Income tax expense (benefit) at U.S. statutory rate of 35 percent .... $ (841) $197 $(209)
Increase (reduction) in income taxes resulting from:
Income attributable to noncontrolling interests ................ (51) (68) (45)
Manufacturers’ deduction ................................. — (1) 6
State income taxes (net of federal income tax effects) ........... (129) 12 (52)
Nonconventional fuel credits .............................. (20) (19) (19)
Gasification investment tax credit* ......................... — — (41)
Other ................................................. (10) (3) 2
$(1,051) $118 $(358)
*Recognized under the flow-through method of accounting for investment tax credits.
The tax effects of temporary differences which comprise the net deferred income tax liability are as follows
(in millions of dollars):
December 31,
2011 2010
Deferred tax assets:
Retirement benefit liabilities ......................................... $213 $ 210
Environmental remediation liabilities .................................. 39 40
Other liabilities not yet deductible .................................... 235 171
Inventories ....................................................... — 75
Federal net operating loss carryforward* ............................... 24 —
Federal tax credit carryforwards** .................................... 79 55
State net operating loss carryforwards, net of federal income tax effects*** .... 79 89
Valuation allowance for state net operating loss carryforwards, net of federal
income tax effects ............................................... (38) (22)
Other ........................................................... 14 11
645 629
Deferred tax liabilities:
Properties, plants and equipment ...................................... (479) (1,563)
Investment in partnerships ........................................... (354) (320)
Other ........................................................... (2) (7)
(835) (1,890)
Net deferred income tax liability ........................................ $(190) $(1,261)
*The federal net operating loss carryforward expires in 2031.
**Includes $49 million of tax credit carryforwards which will expire in 2030 and 2031 while the remaining credits have no expiration date.
***The state net operating loss carryforward of $122 million at December 31, 2011 expires from 2019 through 2030.
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