Orbitz 2010 Annual Report Download - page 98
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Current and non-current deferred income tax assets and liabilities in various jurisdictions are comprised
of the following:
2009 2008
December 31,
(in millions)
Current deferred income tax assets (liabilities):
Accrued liabilities and deferred income ........................................ $ 5 $ 12
Provision for bad debts..................................................... — 1
Prepaid expenses ......................................................... (2) (2)
Tax sharing liability ....................................................... 6 6
Change in reserve accounts ................................................. 2 2
Other.................................................................. — 3
Valuation allowance ....................................................... (11) (16)
Current net deferred income tax assets ....................................... $ — $ 6
Non-current deferred income tax assets (liabilities):
U.S. net operating loss carryforwards .......................................... $ 47 $ 45
Non-U.S. net operating loss carryforwards ...................................... 95 97
Accrued liabilities and deferred income ........................................ 6 6
Depreciation and amortization . . ............................................. 116 107
Tax sharing liability ....................................................... 39 39
Change in reserve accounts ................................................. 4 5
Other.................................................................. 22 13
Valuation allowance ....................................................... (319) (304)
Non-current net deferred income tax assets .................................... $ 10 $ 8
The current and deferred income tax assets and liabilities are presented in our consolidated balance sheets
as follows:
2009 2008
December 31,
(in millions)
Current net deferred income tax assets:
Deferred income tax asset, current............................................. $ — $ 6
Current net deferred income tax assets ........................................ $ — $ 6
Non-current net deferred income tax assets (liabilities):
Deferred income tax asset, non-current ......................................... $ 10 $ 9
Deferred income tax liability, non-current(a) ..................................... — (1)
Non-current net deferred income tax assets .................................... $ 10 $ 8
(a) The non-current portion of the deferred income tax liability at December 31, 2008 of $1 million is
included in other non-current liabilities in our consolidated balance sheet.
At December 31, 2009 and December 31, 2008, we established valuation allowances against the majority
of our deferred tax assets. As a result, any changes in our gross deferred tax assets and liabilities during the
98
ORBITZ WORLDWIDE, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)