US Airways 2010 Annual Report Download - page 41
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Table of Contents
at December 31, 2010. At December 31, 2010, the federal and state valuation allowances were $368 million and $62 million,
respectively.
For the year ended December 31, 2010, we utilized NOLs to reduce our income tax obligation. Utilization of these NOLs results in a
corresponding decrease in the valuation allowance. As this valuation allowance was established through the recognition of tax expense,
the decrease in valuation allowance offsets the tax provision dollar for dollar.
For the year ended December 31, 2009, we recorded a tax benefit of $38 million. Of this amount, $21 million was due to a non-cash
income tax benefit related to gains recorded within other comprehensive income during 2009. In addition, we recorded a $14 million tax
benefit related to a legislation change allowing us to carry back 100% of 2008 AMT net operating losses, resulting in the recovery of
AMT amounts paid in prior years. We 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, we reported a loss, which increased our NOLs, and we did not record a tax provision.
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