AIG 2012 Annual Report Download - page 347

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24. INCOME TAXES
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The following table presents income (loss) from continuing operations before income tax expense (benefit)
by U.S. and foreign location in which such pre-tax income (loss) was earned or incurred.
U.S. $ (566) $ 15,749
Foreign 682 4,498
Total $ 116 $ 20,247
The following table presents the income tax expense (benefit) attributable to pre-tax income (loss) from
continuing operations:
Foreign and U.S. components of actual income tax expense:
Foreign:
Current $ 302 $ 823
Deferred (20) 270
U.S.:
Current (284) (243)
Deferred (19,422) 6,143
Total $ (19,424) $ 6,993
Our actual income tax (benefit) expense differs from the statutory U.S. federal amount computed by applying
the federal income tax rate due to the following:
U.S. federal income tax at
statutory rate adjustments: $ 2,604 $ 911 35.0% $ 22,877 $ 8,007 35.0%
Tax exempt interest (454) (17.4) (587) (2.6)
Investment in subsidiaries and
partnerships (224) (8.6) (1,319) (5.8)
Variable interest entities (43) (1.7) (2) –
Uncertain tax positions (29) (1.1) (36) (0.2)
Dividends received deduction (52) (2.0) (108) (0.5)
Effect of foreign operations (386) (14.8) 602 2.6
Bargain purchase gain – – (116) (0.5)
State income taxes (85) (3.3) (104) (0.5)
Other 116 4.5 215 1.0
Effect of discontinued
operations (173) (6.6) 119 0.5
Effect of discontinued
operations – goodwill – – 1,268 5.5
Valuation allowance:
Continuing operations (18,307) NM 1,361 6.0
Discontinued operations – – 1,292 5.7
Consolidated total amounts 2,604 (18,726) NM 22,877 10,592 46.2
Amounts attributable to
discontinued operations 2,488 698 28.1 2,630 3,599 136.8
Amounts attributable to
continuing operations $ 116 $ (19,424) NM% $ 20,247 $ 6,993 34.5%
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AIG 2012 Form 10-K330
2012 2011 2010
$ 5,515
3,807
$ 9,322
2012 2011 2010
$ 484
(275)
311
1,050
$ 1,570
$ 2,893 $ 1,013 35.0%
(302) (10.4)
(26) (0.9)
32 1.1
586 20.3
(58) (2.0)
172 5.9
––
(83) (2.9)
(107) (3.7)
(127) (4.4)
––
(1,907) (65.9)
––
2,893 (807) (27.9)
(6,429) (2,377) 37.0
$ 9,322 $ 1,570 16.8%
Years Ended December 31,
(in millions)
Years Ended December 31,
(in millions)
2012 2011 2010
Pre-Tax Tax Percent of Pre-Tax Tax Percent of Tax Percent of
Years Ended December 31, Income Expense/ Pre-Tax Income Expense/ Pre-Tax Pre-Tax Expense/ Pre-Tax
(dollars in millions) (Loss) (Benefit) Income (Loss) (Loss) (Benefit) Income (Loss) Income (Benefit) Income
ITEM 8 / NOTE 24. INCOME TAXES