Boeing 2015 Annual Report Download - page 85
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69
Income tax expense/(benefit) consisted of the following:
Years ended December 31, 2015 2014 2013
Current tax expense
U.S. federal $2,102 $676 ($82)
Non-U.S. 122 91 76
U.S. state 21 69 11
Total current 2,245 836 5
Deferred tax expense
U.S. federal (297) 828 1,531
Non-U.S. 434 41
U.S. state 27 (7) 69
Total deferred (266) 855 1,641
Total income tax expense $1,979 $1,691 $1,646
Net income tax payments were $1,490, $355 and $209 in 2015, 2014 and 2013, respectively.
The following is a reconciliation of the U.S. federal statutory tax rate of 35% to our effective income tax
rates:
Years ended December 31, 2015 2014 2013
U.S. federal statutory tax 35.0% 35.0% 35.0%
Research and development credits (1) (3.4) (2.9) (4.9)
Amendments to the R&E regulations (2) (3.4)
Tax basis adjustment (3) (3.6)
U.S. manufacturing activity tax benefit (2.9) (1.2) (0.6)
Tax on international activities (0.6) (0.2) (0.1)
Federal audit settlements (4) (3.6)
Other provision adjustments (0.4) 0.2 0.4
Effective income tax rate 27.7% 23.7% 26.4%
(1) In the fourth quarter of 2015 and 2014, we recorded tax benefits of $235 and $188, respectively related
to the reinstatement of the research tax credit. Research tax credits for the 2013 and 2012 tax years
were both recorded in 2013.
(2) In 2013, we recorded $212 for the issuance of favorable regulations related to research and
experimental (R&E) expenditures.
(3) In the second quarter of 2014 we recorded an incremental tax benefit of $265 related to the application
of a 2012 Federal Court of Claims decision which held that the tax basis in certain assets could be
increased and realized upon the assets' disposition (tax basis adjustment).
(4) In the second quarter of 2014, tax benefits of $116 and $143 were recorded as a result of the 2007-2008
and 2009-2010 federal tax audit settlements.
Federal income tax audits have been settled for all years prior to 2011. The years 2011-2012 are currently
being examined by the IRS. We are also subject to examination in major state and international jurisdictions
for the 2001-2015 tax years. We believe appropriate provisions for all outstanding tax issues have been
made for all jurisdictions and all open years.