US Airways 2011 Annual Report Download - page 95
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Table of Contents
In addition, for the year ended December 31, 2011, the Company recognized an Alternative Minimum Tax liability ("AMT") credit of $2 million
resulting from its elections under applicable sections of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010. The
Company did not record any additional federal income tax expense, and state income tax expense related to certain states where NOLs may be limited or
unavailable to be used was nominal.
For the year ended December 31, 2010, the Company did not record federal income tax expense, and state income tax expense related to certain states
where NOLs may be limited or unavailable to be used was nominal.
For the year ended December 31, 2009, the Company recorded a special tax benefit of $38 million. Of this amount, $21 million was due to the non-cash
income tax benefit related to gains recorded within OCI during 2009 described above. In addition, for the year ended December 31, 2009, the Company
recorded a $14 million benefit related to a legislation change allowing the Company to carry back 100% of 2008 AMT net operating losses, resulting in the
recovery of AMT amounts paid in prior years. The Company 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.
The components of the provision (benefit) for income taxes are as follows (in millions):
Year Ended December 31,
2011 2010 2009
Current provision:
Federal $ — $ — $ —
State — — —
Total current — — —
Deferred provision (benefit):
Federal 19 — (38)
State — — —
Total deferred 19 — (38)
Provision (benefit) for income taxes $ 19 $ — $ (38)
Income tax expense (benefit) differs from amounts computed at the federal statutory income tax rate as follows (in millions):
Year Ended December 31,
2011 2010 2009
Income tax expense (benefit) at the federal statutory income tax rate $ 32 $ 176 $ (85)
Book expenses not deductible for tax purposes 12 14 17
State income tax expense, net of federal income tax expense (benefit) 2 12 (6)
Change in valuation allowance (46) (202) 74
AMT benefit (2) — (14)
Allocation to other comprehensive income 21 — (21)
Long-lived intangibles — — (3)
Total $ 19 $ — $ (38)
Effective tax rate 21.0% —% (15.7)%
92