Alcoa 2011 Annual Report Download - page 141
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T. Income Taxes
The components of income (loss) from continuing operations before income taxes were as follows:
2011 2010 2009
U.S. $ (98) $(403) $ (512)
Foreign 1,161 951 (986)
$1,063 $ 548 $(1,498)
The provision (benefit) for income taxes on income (loss) from continuing operations consisted of the following:
2011 2010 2009
Current:
Federal* $ 10 $ 33 $(119)
Foreign 427 409 142
State and local (1) (7) (1)
436 435 22
Deferred:
Federal* 28 37 (89)
Foreign (211) (320) (510)
State and local 2 (4) 3
(181) (287) (596)
Total $ 255 $ 148 $(574)
* Includes U.S. taxes related to foreign income
Included in discontinued operations is a tax benefit of $1 in 2011, $3 in 2010, and $55 in 2009.
The exercise of employee stock options generated a tax benefit of $6 in 2011 and $2 in 2010, representing only the
amount realized for the difference between compensation expense recognized for financial reporting and tax purposes.
These amounts increased equity and reduced current taxes payable in their respective periods. There were no exercises
of employee stock options in 2009.
Alcoa also has unamortized tax-deductible goodwill of $179 resulting from intercompany stock sales and
reorganizations (generally at a 30% to 34% rate). Alcoa recognizes the tax benefits associated with this tax-deductible
goodwill as it is being amortized for local income tax purposes rather than in the period in which the transaction is
consummated.
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