Sunoco 2010 Annual Report Download - page 88
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3. Other Income, Net
The components of other income, net, are as follows (in millions of dollars):
2010 2009 2008
Gain on divestments (Note 2) .................................. $21 $ 69 $ 9
Equity income (loss):
Pipeline joint ventures (Notes 2 and 7) ......................... 27 26 23
Other .................................................... 1 (3) (1)
Gain related to issuance of Sunoco Logistics Partners L.P. limited
partnership units (Note 17) ................................. — — 23
Other ...................................................... 43 24 21
$92 $116 $75
4. Income Taxes
The components of income tax expense (benefit) attributable to continuing operations are as follows (in
millions of dollars):
2010 2009 2008
Income taxes currently payable:
U.S. federal ............................................ $(105) $(431) $278
State and other ......................................... (9) (2) 63
(114) (433) 341
Deferred taxes:
U.S. federal ............................................ 209 142 92
State and other ......................................... 40 (75) 9
249 67 101
$ 135 $(366) $442
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):
2010 2009 2008
Income tax expense (benefit) at U.S. statutory rate of 35 percent . . . $205 $(216) $490
Increase (reduction) in income taxes resulting from:
Income attributable to noncontrolling interests* ................ (68) (45) (40)
Manufacturers’ deduction ................................. (1) 6 (21)
Prior-year income tax adjustments .......................... — — (13)
State income taxes, net of federal income tax effects
(see below) ........................................... 21 (52) 45
Nonconventional fuel credits ............................... (19) (19) (16)
Gasification investment tax credit** ......................... — (41) —
Other .................................................. (3) 1 (3)
$135 $(366) $442
*Substantially all of the income attributable to noncontrolling interests consists of partnership income which is not subject to
income taxes.
**Recognized under the flow-through method of accounting for investment tax credits.
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