Sunoco 2009 Annual Report Download - page 84
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3. Other Income, Net
The components of other income, net, are as follows (in millions of dollars):
2009 2008 2007
Gain on divestments (Note 2) ............................... $ 69 $ 9 $38
Equity income (loss):
Pipeline joint ventures (Notes 2 and 7) ..................... 26 23 28
Other ................................................. (3) (1) 3
Other ................................................... 24 22 29
$116 $53 $98
4. Income Taxes
The components of income tax expense (benefit) attributable to continuing operations are as follows (in
millions of dollars):
2009 2008 2007
Income taxes currently payable:
U.S. federal ........................................... $(426) $265 $218
State and other ........................................ (2) 63 51
(428) 328 269
Deferred taxes:
U.S. federal ........................................... 142 81 135
State and other ........................................ (74) 7 46
68 88 181
$(360) $416 $450
The reconciliation of income tax expense (benefit) at the U.S. statutory rate to the income tax expense
(benefit) attributable to continuing operations is as follows (in millions of dollars):
2009 2008 2007
Income tax expense (benefit) at U.S. statutory rate
of 35 percent .......................................... $(210) $467 $459
Increase (reduction) in income taxes resulting from:
Income attributable to noncontrolling interests* ............... (45) (40) (25)
Manufacturers’ deduction ................................ 6 (21) (19)
Prior-year income tax adjustments ......................... — (13) (4)
State income taxes, net of federal income tax effects
(see below) .......................................... (51) 44 62
Nonconventional fuel credits .............................. (19) (16) (17)
Gasification investment tax credit** ........................ (41) — —
Other ................................................. — (5) (6)
$(360) $416 $450
*No income tax expense is reflected in the consolidated statements of operations for partnership income attributable to
noncontrolling interests.
**Recognized under the flow-through method of accounting for investment tax credits.
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