United Airlines 2012 Annual Report Download - page 105

Table of Contents
The income tax provision differed from amounts computed at the statutory federal income tax rate, as follows (in millions):
  




Income tax provision at statutory rate $(253) $(413) $ 183
State income taxes, net of federal income tax (15) (20) 13
Foreign income taxes 7 6 1
Nondeductible employee meals 12 7 5
Nondeductible interest expense 19 19 —
Derivative market adjustment — — (15)
Nondeductible compensation 5 3 2
Valuation allowance 234 415 (192)
Other, net (10) (8) (2)
$ (1) $ 9 $ (5)

Income tax provision at statutory rate $ 298 $100 $ 199
State income taxes, net of federal income tax (19) (25) 8
Nondeductible acquisition costs (17) (8) (9)
Nondeductible employee meals 12 7 5
Nondeductible interest expense 13 13 —
Derivative market adjustment — — 10
Nondeductible compensation 9 5 5
Valuation allowance (294) (92) (223)
Other, net 3 3 (1)
$ 5 $ 3 $ (6)

Income tax provision at statutory rate $ 87 $ 135 $(35) $ 155
State income taxes, net of federal income tax 24 24 1 8
Nondeductible acquisition costs 45 31 14 —
Nondeductible employee meals 8 7 1 3
Nondeductible interest expense 12 12 — —
Change in tax law - Medicare Part D Subsidy 119 119 — —
Nondeductible compensation 13 1 12 —
Goodwill credit (22) (22) — —
Valuation allowance (290) (322) 9 (166)
Tax benefit resulting from intraperiod tax allocation — — (6) —
Other, net 4 3 — 1
$ — $ (12) $ (4) $ 1
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