Southwest Airlines 2015 Annual Report Download - page 129
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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, 2015 and 2014, are as
follows:
(in millions) 2015 2014
DEFERRED TAX LIABILITIES:
Accelerated depreciation $ 4,429 $ 4,277
Other 62 51
Total deferred tax liabilities 4,491 4,328
DEFERRED TAX ASSETS:
Fuel derivative instruments 750 521
Capital and operating leases 81 125
Construction obligation 289 209
Accrued engine maintenance 74 83
Accrued employee benefits 541 334
State taxes 62 65
Business partner income 107 90
Other 97 119
Total deferred tax assets 2,001 1,546
Net deferred tax liability $ 2,490 $ 2,782
The provision for income taxes is composed of the following:
(in millions) 2015 2014 2013
CURRENT:
Federal $ 1,292 $ 203 $ 355
State 114 29 44
Total current 1,406 232 399
DEFERRED:
Federal (97) 421 62
State (11) 27 (6)
Total deferred (108) 448 56
$ 1,298 $ 680 $ 455
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