US Airways 2010 Annual Report Download - page 124
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Table of Contents
recorded a tax benefit on the loss from continuing operations, which was exactly offset by income tax expense on other comprehensive
income as follows (in millions):
Change in
Net Loss Income Other Comprehensive
Statement Income
Pre-allocation $ (161) $ 37
Tax allocation 21 (21)
As presented $ (140) $ 16
In addition, for the year ended December 31, 2009, US Airways recorded a $14 million benefit related to a legislation change allowing
it to carry back 100% of 2008 Alternative Minimum Tax liability ("AMT") net operating losses, resulting in the recovery of AMT
amounts paid in prior years. US Airways also recognized a $3 million tax benefit related to the reversal of the deferred tax liability
associated with the indefinite lived intangible assets that were impaired during 2009.
For the year ended December 31, 2008, US Airways reported a loss, which increased its NOLs, and it did not record a tax provision.
The components of the provision (benefit) for income taxes are as follows (in millions):
Year Ended December 31,
2010 2009 2008
Current provision:
Federal $ — $ — $ 1
State 1 — —
Total current 1 — 1
Deferred benefit:
Federal — (38) —
State — — (1)
Total deferred — (38) (1)
Provision (benefit) for income taxes $ 1 $ (38) $ —
Income tax expense (benefit) differs from amounts computed at the federal statutory income tax rate as follows (in millions):
Year Ended December 31,
2010 2009 2008
Income tax expense (benefit) at the federal statutory income tax rate $ 210 $ (62) $ (752)
Book expenses not deductible for tax purposes 13 17 229
State income tax expense, net of federal income tax expense (benefit) 16 (4) (38)
Change in valuation allowance (238) 49 560
AMT provision (benefit) — (14) 1
Allocation to other comprehensive income — (21) —
Long-lived intangibles — (3) —
Other, net — — —
Total $ 1 $ (38) $ —
Effective tax rate 0.11% (21.5)% —%
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