United Airlines 2008 Annual Report Download - page 114
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The income tax provision differed from amounts computed at the statutory federal income tax rate,
as follows:
UAL 2008 2007
Period from
February 1 to
December 31,
2006
Period from
January 1 to
January 31,
2006
(In millions)
Year Ended
December 31,
Income tax provision at statutory rate . ............. $(1,880) $243 $ 15 $ 7,998
State income taxes, net of federal income tax benefit . . (67) 13 1 423
Goodwill .................................... 798 — — —
Nondeductible employee meals ................... 7 10 9 1
Nondeductible interest expense................... 10 21 — —
Medicare Part D subsidy ........................ (12) (2) (12) (2)
Valuation allowance............................ 1,100 — — (8,488)
Share-based compensation ...................... — 2 5 —
Rate change beginning deferreds ................. 14 — — —
Other, net ................................... 5 10 3 68
$ (25) $297 $ 21 $ —
United
Income tax provision at statutory rate . ............. $(1,865) $243 $ 20 $ 7,917
State income taxes, net of federal income tax benefit . . (66) 13 1 419
Goodwill .................................... 798 — — —
Nondeductible employee meals ................... 7 10 9 1
Nondeductible interest expense................... 10 21
Medicare Part D subsidy ........................ (12) (2) (12) (2)
Valuation allowance............................ 1,083 — — (8,397)
Share-based compensation ...................... — 2 5 —
Rate change beginning deferreds ................. 14 — — —
Other, net ................................... 9 9 6 62
$ (22) $296 $ 29 $ —
Temporary differences and carry forwards that give rise to a significant portion of deferred tax assets
and liabilities at December 31, 2008 and 2007 were as follows:
(In millions) 2008 2007 2008 2007
UAL
December 31,
United
December 31,
Deferred income tax asset (liability):
Employee benefits, including postretirement, medical
and ESOP ................................. $1,345 $1,292 $1,374 $1,322
Federal and state net operating loss carry forwards . . . 2,622 2,458 2,622 2,473
Mileage Plus deferred revenue ................... 1,541 1,216 1,545 1,220
AMT credit carry forwards ...................... 298 297 298 297
Fuel hedge unrealized losses .................... 294 — 294 —
Restructuring charges .......................... 139 170 134 165
Other asset .................................. 337 290 329 282
Less: Valuation allowance..................... (2,941) (1,815) (2,866) (1,757)
Total deferred tax assets ........................ $3,635 $3,908 $3,730 $4,002
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