Analyzing and Interpreting Income Tax Disclosures The income tax footnote to the 2018 financial statements for...
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Analyzing and Interpreting Income Tax Disclosures The income tax footnote to the 2018 financial statements for Boeing follows. The components of income before tax were: Years ended December 31 ($ millions) 2018 U.S. Non-U.S. Total 2017 2016 $12,841 $11,109 $6,194 504 514 457 $13,345 $11,623 $6,651 Income tax expense/(benefit) consisted of the following: Years ended December 31 ($ millions) 2018 2017 2016 Current tax expense U.S. federal Non-U.S. U.S. State Total current Deferred tax expense U.S. federal < $2,248 $1,531 $1,432 $169 $149 $133 97 23 15 $2,514 $1,703 $1,580 $(1,145) $235 $(626) û U.S. State Total current Deferred tax expense U.S. federal Non-U.S. U.S. State Total deferred < 97 23 15 $2,514 $1,703 $1,580 $(1,145) $(4) 5 $(1,144) $235 $(626) $3 $(4) (6) (44) $232 $(674) What is the amount of income tax oynonce reported by Rooing each year? DE U.S. State Total current Deferred tax expense U.S. federal Non-U.S. U.S. State Total deferred < 97 23 15 $2,514 $1,703 $1,580 $(1,145) $(4) 5 $(1,144) $235 $(626) $3 $(4) (6) (44) $232 $(674) What is the amount of income tax oynonce reported by Rooing each year? DE a. What is the amount of income tax expense reported by Boeing each year? Year ($ millions) 2018 $ 2017 $ 2016 $ b. What percentage of total tax expense is currently payable for each year? Round percentage to one decimal place (example: 0.7345 = 73.5%). Year 2018 2017 2016 0 0 0 0% 0% 0% c. What is Boeing's effective (average) tax rate for each year? < Round percentage to one decimal place (example: 0.7345 = 73.5%). Year Support OD c. What is Boeing's effective (average) tax rate for each year? Round percentage to one decimal place (example: 0.7345 = 73.5%). Year 2018 2017 2016 0% 0% 0% d. Use the pretax information to determine the effective tax rate for U.S. federal and Non- U.S. operations for each year. Round percentage to one decimal place (example: 0.7345 = 73.5%). Year U.S. federal Non-U.S. 2018 2017 2016 0% 0% 0% 0% 0% 0% e. Determine the cash tax rate for U.S. operations for each year Hint: Current tax Support d. Use the pretax information to determine the effective tax rate for U.S. federal and Non- U.S. operations for each year. Round percentage to one decimal place (example: 0.7345 = 73.5%). Year U.S. federal Non-U.S. 2018 2017 2016 0% 0% 0% Year 2018 2017 2016 e. Determine the cash tax rate for U.S. operations for each year. Hint: Current tax expense is paid in cash. Round percentage to one decimal place (example: 0.7345 = 73.5%). 0% 0% 0% 0% 0% 0% Support Analyzing and Interpreting Income Tax Disclosures The income tax footnote to the 2018 financial statements for Boeing follows. The components of income before tax were: Years ended December 31 ($ millions) 2018 U.S. Non-U.S. Total 2017 2016 $12,841 $11,109 $6,194 504 514 457 $13,345 $11,623 $6,651 Income tax expense/(benefit) consisted of the following: Years ended December 31 ($ millions) 2018 2017 2016 Current tax expense U.S. federal Non-U.S. U.S. State Total current Deferred tax expense U.S. federal < $2,248 $1,531 $1,432 $169 $149 $133 97 23 15 $2,514 $1,703 $1,580 $(1,145) $235 $(626) û U.S. State Total current Deferred tax expense U.S. federal Non-U.S. U.S. State Total deferred < 97 23 15 $2,514 $1,703 $1,580 $(1,145) $(4) 5 $(1,144) $235 $(626) $3 $(4) (6) (44) $232 $(674) What is the amount of income tax oynonce reported by Rooing each year? DE U.S. State Total current Deferred tax expense U.S. federal Non-U.S. U.S. State Total deferred < 97 23 15 $2,514 $1,703 $1,580 $(1,145) $(4) 5 $(1,144) $235 $(626) $3 $(4) (6) (44) $232 $(674) What is the amount of income tax oynonce reported by Rooing each year? DE a. What is the amount of income tax expense reported by Boeing each year? Year ($ millions) 2018 $ 2017 $ 2016 $ b. What percentage of total tax expense is currently payable for each year? Round percentage to one decimal place (example: 0.7345 = 73.5%). Year 2018 2017 2016 0 0 0 0% 0% 0% c. What is Boeing's effective (average) tax rate for each year? < Round percentage to one decimal place (example: 0.7345 = 73.5%). Year Support OD c. What is Boeing's effective (average) tax rate for each year? Round percentage to one decimal place (example: 0.7345 = 73.5%). Year 2018 2017 2016 0% 0% 0% d. Use the pretax information to determine the effective tax rate for U.S. federal and Non- U.S. operations for each year. Round percentage to one decimal place (example: 0.7345 = 73.5%). Year U.S. federal Non-U.S. 2018 2017 2016 0% 0% 0% 0% 0% 0% e. Determine the cash tax rate for U.S. operations for each year Hint: Current tax Support d. Use the pretax information to determine the effective tax rate for U.S. federal and Non- U.S. operations for each year. Round percentage to one decimal place (example: 0.7345 = 73.5%). Year U.S. federal Non-U.S. 2018 2017 2016 0% 0% 0% Year 2018 2017 2016 e. Determine the cash tax rate for U.S. operations for each year. Hint: Current tax expense is paid in cash. Round percentage to one decimal place (example: 0.7345 = 73.5%). 0% 0% 0% 0% 0% 0% Support
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Related Book For
Financial Reporting and Analysis
ISBN: 978-1259722653
7th edition
Authors: Lawrence Revsine, Daniel Collins, Bruce Johnson, Fred Mittelstaedt, Leonard Soffer
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