DELPHI 2011 Annual Report Download - page 129
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Table of Contents
The provision (benefit) for income taxes is comprised of:
Successor Predecessor
Year ended
December 31,
2011
Year ended
December 31,
2010
Period from
August 19 to
December 31,
2009
Period from
January 1 to
October 6,
2009
(in millions) (in millions)
Current income tax expense:
U.S. federal $ 104 $ 98 $ 11 $ —
Non-U.S. 232 164 55 60
U.S. state and local 5 10 — —
Total current 341 272 66 60
Deferred income tax (benefit) expense, net:
U.S. federal (45) (17) (41) (358)
Non-U.S. 12 3 (50) (13)
U.S. state and local (3) — (2) —
Total deferred (36) (14) (93) (371)
Total income tax provision (benefit) $ 305 $ 258 $ (27) $ (311)
Cash paid or withheld for income taxes was $303 million, $254 million, $20 million and $92 million for the years ended December 31, 2011 and 2010,
and the periods from August 19 to December 31, 2009 and January 1 to October 6, 2009, respectively.
For purposes of comparability and consistency we have used the notional U.S. federal income tax rate when presenting our reconciliation of the income
tax provision. The Company is a U.K. resident taxpayer and as such is not generally subject to U.K. tax on remitted foreign earnings. As a result we do not
anticipate foreign earnings would be subject to a 35% tax rate upon repatriation to the U.K., as is the case for U.S. based companies. A reconciliation of the
provision (benefit) for income taxes compared with the amounts at the notional U.S. federal statutory rate was:
Successor Predecessor
Year ended
December 31,
2011
Year ended
December 31,
2010
Period from
August 19 to
December 31,
2009
Period from
January 1 to
October 6,
2009
(in millions) (in millions)
Notional U.S. federal income taxes at statutory rate $ 527 $ 330 $ (12) $ 3,190
U.S. income taxed at other rates 1 9 (1) 266
Non-U.S. income taxed at other rates (226) (31) (16) 56
Change in valuation allowance (52) (21) — (3,464)
Tax credits (26) (29) (10) —
Change in tax law 13 (15) — (4)
Other changes in tax reserves 17 (2) 9 —
Other comprehensive income adjustment — — — (358)
Withholding taxes 56 24 2 3
Other adjustments (5) (7) 1 —
Total income tax expense (benefit) $ 305 $ 258 $ (27) $ (311)
Included in loss from discontinued operations are income tax provisions of $17 million for the period from January 1 to October 6, 2009.
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