Income Tax Accounting Policy
Provisions for federal, state, and non-U.S. income taxes are calculated on reported Earnings before income taxes based on current tax law and also include, in the current period, the cumulative effect of any changes in tax rates from those used previously in determining deferred tax assets and liabilities. Such provisions differ from the amounts currently receivable or payable because certain items of income and expense are recognized in different time periods for financial reporting purposes than for income tax purposes. Significant judgment is required in determining income tax provisions and evaluating tax positions.
The accounting for uncertainty in income taxes requires a more-likely-than-not threshold for financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. Boeing records a liability for the difference between the benefit recognized and measured for financial statement purposes and the tax position taken or expected to be taken on tax return. To the extent that Boeing's assessment of such tax positions changes, the change in estimate is recorded in the period in which the determination is made. Tax-related interest and penalties are classified as a component of Income tax expense.
Source: Boeing Co., Annual Report
Income Tax Expense (Benefit)
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Boeing Co., income tax expense (benefit), continuing operations
Source: Based on data from Boeing Co. Annual Reports
| Item |
Description |
The company |
| Current tax expense (benefit) |
The component of income tax expense for the period representing amounts of income taxes paid or payable (or refundable) for the period for all income tax obligations as determined by applying the provisions of relevant enacted tax laws to relevant amounts of taxable income (loss) from continuing operations. |
Boeing Co.'s current tax expense (benefit) declined from 2009 to 2010 and from 2010 to 2011.
|
| Deferred tax expense (benefit) |
The component of income tax expense for the period representing the net change in the entity's deferred tax assets and liabilities pertaining to continuing operations. |
Boeing Co.'s deferred tax expense (benefit) increased from 2009 to 2010 and from 2010 to 2011.
|
| Income tax expense (benefit) |
The sum of the current income tax expense (benefit) and the deferred income tax expense (benefit) pertaining to pretax income (loss) from continuing operations; income tax expense (benefit) may include interest and penalties on tax uncertainties based on the entity's accounting policy. |
Boeing Co.'s income tax expense (benefit) increased from 2009 to 2010 and from 2010 to 2011.
|
Effective Income Tax Rate (EITR)
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Boeing Co., effective income tax rate (EITR) reconciliation
Source: Based on data from Boeing Co. Annual Reports
| Item |
Description |
The company |
| Effective income tax rate |
A ratio calculated by dividing the reported amount of income tax expense attributable to continuing operations for the period by GAAP-basis pretax income from continuing operations. |
Boeing Co.'s effective income tax rate increased from 2009 to 2010 but then slightly declined from 2010 to 2011.
|
Deferred Tax Assets (Liabilities), Net
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Boeing Co., deferred tax assets (liabilities), net
Source: Based on data from Boeing Co. Annual Reports
| Item |
Description |
The company |
| Deferred tax assets, net of deferred tax liabilities |
For entities that net deferred tax assets and tax liabilities, represents the unclassified net amount of deferred tax assets and liabilities as of the balance sheet date, which result from applying the applicable enacted tax rate to net temporary differences and carryforwards pertaining to assets or liabilities. A temporary difference is a difference between the tax basis of an asset or liability and its carrying amount in the financial statements prepared in accordance with generally accepted accounting principles that will reverse in ensuing periods. |
Boeing Co.'s deferred tax assets, net of deferred tax liabilities declined from 2009 to 2010 and from 2010 to 2011.
|
