Southwest Airlines 2014 Annual Report Download - page 140
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14. INCOME TAXES
Deferred income taxes reflect the net tax effects of temporary differences between the carrying
amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax
purposes. The components of deferred tax assets and liabilities at December 31, 2014 and 2013, are as
follows:
(in millions) 2014 2013
DEFERRED TAX LIABILITIES:
Accelerated depreciation $ 4,277 $ 4,069
Fuel derivative instruments — 36
Other 51 84
Total deferred tax liabilities 4,328 4,189
DEFERRED TAX ASSETS:
Fuel derivative instruments 521 8
Deferred gains from sale and leaseback of aircraft 20 24
Capital and operating leases 125 163
Construction obligation 209 168
Accrued engine maintenance 83 90
Accrued employee benefits 334 307
State taxes 65 74
Business partner income 90 457
Net operating losses and credit carryforwards 3 14
Other 96 118
Total deferred tax assets 1,546 1,423
Net deferred tax liability $ 2,782 $ 2,766
The provision for income taxes is composed of the following:
(in millions) 2014 2013 2012
CURRENT:
Federal $ 203 $ 355 $ (45)
State 29 44 12
Total current 232 399 (33)
DEFERRED:
Federal 421 62 287
State 27 (6) 10
Total deferred 448 56 297
$ 680 $ 455 $ 264
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