American Airlines 2006 Annual Report Download - page 72
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68
8. Income Taxes (Continued)
The components of AMR's deferred tax assets and liabilities were (in millions):
December 31,
2006 2005
Deferred tax assets:
Postretirement benefits other than pensions $ 988 $ 1,113
Rent expense 539 594
Alternative minimum tax credit carryforwards 413 418
Operating loss carryforwards 2,695 2,504
Pensions 661 727
Frequent flyer obligation 322 304
Gains from lease transactions 135 158
Other 833 698
Total deferred tax assets 6,586 6,516
Valuation allowance (1,321) (1,339)
Net deferred tax assets 5,265 5,177
Deferred tax liabilities:
Accelerated depreciation and amortization (4,939) (4,783)
Other (326) (394)
Total deferred tax liabilities (5,265) (5,177)
Net deferred tax liability $ - $ -
At December 31, 2006, the Company had available for federal income tax purposes an alternative minimum tax
credit carryforward of approximately $413 million, which is available for an indefinite period, and federal net
operating losses of approximately $7.5 billion for regular tax purposes, which will expire, if unused, beginning in
2022. These net operating losses include an unrecorded benefit of approximately $420 million related to the
implementation of SFAS 123(R) that will be recorded in equity when realized. The Company had available for
state income tax purposes net operating losses of $4.2 billion, which expire, if unused, in years 2007 through
2025. The amount that will expire in 2007 is $148 million.
Cash payments for income taxes were $1 million, $7 million and $3 million for 2006, 2005 and 2004, respectively.