Airtran 2008 Annual Report Download - page 100
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Deferred income taxes reflect the tax effects of temporary differences between the carrying amounts of assets
and liabilities for financial reporting purposes and the amounts used for income tax purposes.
Significant components of our deferred tax liabilities and assets are as follows (in thousands):
December 31,
2008 2007
Deferred tax assets related to:
Deferred gains from sale and leaseback of aircraft $ 21,733 $ 21,073
Accrued liabilities 26,353 21,938
Unrealized loss on derivatives 49,906
—
Federal net operating loss carryforwards 146,521 88,623
State operating loss carryforwards 8,098 4,593
AMT credit carryforwards 3,300 3,498
Other 20,764 5,627
Total deferred tax assets 276,675 145,352
Valuation allowance (97,169)
—
Net deferred tax assets $ 179,506 $ 145,352
Deferred tax liabilities related to:
Depreciation 143,957 133,592
Aircraft rent 35,064 32,865
Other 485 553
Gross deferred tax liabilities 179,506 167,010
Total net deferred tax asset (liability) $
—
$ (21,658)
At December 31, 2008 and 2007, federal net operating loss carryforwards available for use on our income tax
returns to offset future taxable income were approximately $428.0 million and $256.0 million, respectively,
which expire between 2017 and 2028. State net operating loss carryforwards at December 31, 2008 and 2007,
respectively, were $117.6 million and $110.8 million, and will expire between 2017 and 2028. Included in the
net operating loss carryforwards for the year ending December 31, 2008 is $13.7 million related to deductions
from equity-based compensation. Our alternative minimum tax (AMT) credit carryforwards for income tax
purposes were $3.3 million and $3.5 million at December 31, 2008 and 2007, respectively.
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