Sunoco 2010 Annual Report Download - page 89
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The tax effects of temporary differences which comprise the net deferred income tax liability are as follows
(in millions of dollars):
December 31
2010 2009
Deferred tax assets:
Retirement benefit liabilities ................................... $ 210 $ 257
Environmental remediation liabilities ............................ 40 39
Other liabilities not yet deductible .............................. 171 153
Inventories ................................................ 75 65
Federal tax credit carryforwards* .............................. 55 —
State net operating loss carryforwards, net of federal
income tax effects** ....................................... 89 69
Valuation allowance, net of federal income tax effects ............. (22) (6)
Other ..................................................... 11 13
629 590
Deferred tax liabilities:
Properties, plants and equipment .............................. (1,563) (1,377)
Investment in partnerships .................................... (320) (84)
Other ..................................................... (7) (31)
(1,890) (1,492)
Net deferred income tax liability ............................. $(1,261) $ (902)
*Includes $19 million of tax credit carryforwards which will expire in 2030 while the remaining credits have no expiration date.
**The state net operating loss carryforward of $137 million at December 31, 2010 expires in 2019 through 2030.
The net deferred income tax liability is classified in the consolidated balance sheets as follows (in millions
of dollars):
December 31
2010 2009
Current asset .................................................. $ 129 $ 96
Noncurrent liability .............................................. (1,390) (998)
$(1,261) $(902)
Net cash payments (refunds) for income taxes were $(375), $141 and $234 million in 2010, 2009 and 2008,
respectively. The Company received federal income tax refunds totaling $526 million during 2010 for the
carryback of its 2009 net operating loss.
During 2010, Sunoco recorded a $9 million charge related to an increase in deferred state income taxes
attributable to the transfer of assets related to its continuing phenol chemicals operations to a different legal
entity subsequent to the sale of the stock of the discontinued polypropylene business.
During 2008, Sunoco recorded a $16 million after-tax gain related primarily to tax credits claimed on
amended federal income tax returns filed for certain prior years and a $10 million after-tax gain due to the
settlement of economic nexus issues pertaining to certain state corporate income tax returns.
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