Boeing 2008 Annual Report Download - page 84
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The following is a reconciliation of the U.S. federal statutory tax rate of 35% to our recorded income tax
expense/(benefit):
Years ended December 31, 2008 2007 2006
U.S. federal statutory tax 35.0% 35.0% 35.0%
Global Settlement with U.S. Department of Justice 6.7
Foreign Sales Corporation/Extraterritorial Income tax benefit (5.8)
Research and Development credits (4.3) (2.4) (0.7)
Federal audit settlement (1.5)
State income tax provision, net of effect on U.S. federal tax 1.7 1.6 0.4
Other provision adjustments 1.2 (0.5) (3.2)
Income tax expense 33.6% 33.7% 30.9%
Significant components of our deferred tax assets, net of deferred tax liabilities, at December 31 were
as follows:
2008 2007
Retiree health care accruals $ 2,970 $ 2,581
Inventory and long-term contract methods of income recognition and other (net of
valuation allowance of $17 and $0) (604) 638
Partnerships and Joint Ventures (500) (429)
Other employee benefits accruals 1,367 1,476
In-process research and development related to acquisitions 93 108
Net operating loss, credit, and charitable contribution carryovers (net of valuation
allowance of $31 and $20) 270 275
Pension asset (liability) 3,026 (1,648)
Customer and commercial financing (1,604) (1,587)
Unremitted earnings of non-U.S. subsidiaries (55) (48)
Other net unrealized losses (gains) 197 (18)
Net deferred tax assets1$5,160 $ 1,348
1Of the deferred tax asset for net operating loss and credit carryovers, $155 expires in years ending
from December 31, 2009 through December 31, 2028 and $115 may be carried over indefinitely.
Net deferred tax assets at December 31 were as follows:
2008 2007
Deferred tax assets $14,700 $ 9,640
Deferred tax liabilities (9,492) (8,272)
Valuation allowance (48) (20)
Net deferred tax assets $5,160 $ 1,348
We recorded net deferred tax liabilities of $73 and $11 in 2008 and 2007, which were primarily due to
acquisitions.
As required under SFAS 123R, deferred tax liabilities of $97 and $79 were reclassified to Additional
paid-in capital in 2008 and 2007. This represents the tax effect of the net excess tax pool created
during 2008 and 2007 due to share awards paid with a fair market value in excess of the book accrual
for those awards.
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