Excerpt from Ford Motor Company 2018 10K regarding Income Taxes NOTE 7. INCOME TAXES (Continued) Our accounting for deferred tax consequences represents our best estimate of the likely future tax consequences of events that have been recognized on our financial statements or tax returns and their future probability. In assessing the need for a valuation allowance, we consider both positive and negative evidence related to the likelihood of realization of the deferred tax assets. If, based on the weight of available evidence, it is more likely than not that the deferred tax assets will not be realized, we record a valuation allowance. Components of Income Taxes Components of income taxes excluding cumulative effects of changes in accounting principles, other comprehensive income, and equity in net results of affiliated companies accounted for after-tax, for the years ended December 31 were as follows: 2016 2017 2018 $ $ $ 5,254 1,530 6,784 4,861 3,298 8,159 2,051 2,294 4,345 $ $ $ $ $ 75 Income before income taxes (in millions) U.S. Non-U.S. Total Provision for (Benefit from) income taxes (in millions) Current Federal Non-U.S. State and local Total current Deferred Federal Non-U.S. State and local Total deferred Total (122) 630 12 (125) 868 85 690 (6) 520 828 759 1,318 121 225 1,664 2,184 (1,214) 593 195 (426) 402 (360) 239 12 (109) 650 $ $ $ On December 22, 2017, the Tax Cuts and Jobs Act (H.R. 1) was signed into law. This act includes, among other items, a permanent reduction to the U.S. corporate income tax rate from 35% to 21% effective January 1, 2018, and requires immediate taxation of accumulated, unremitted non-U.S. earnings. As a result, at December 31, 2017, we recognized a tax benefit of $739 million from revaluing U.S. net deferred tax liabilities and tax expense of $219 million to record U.S. tax on unremitted non-U.S. earnings. Our 2018 tax provision includes an additional benefit of $123 million reflecting updates to the impact of the act on our global operations. Excerpt from Honeywell Inc 2018 10K regarding Employee Pension Benefit Plans Note 21. Pension and Other Postretirement Benefits We sponsor a number of both funded and unfunded U.S. and non-U.S. defined benefit pension plans. Pension benefits for many of our U.S. employees are provided through non-contributory, qualified and non-qualified defined benefit plans. All non-union hourly and salaried employees joining Honeywell for the first time after December 31, 2012, are not eligible to participate in Honeywell's U.S. defined benefit pension plans. We also sponsor defined benefit pension plans which cover non-U.S. employees who are not U.S. citizens, in certain jurisdictions, principally the UK, Netherlands, Germany, and Canada. Other pension plans outside of the U.S. are not material to the Company either individually or in the aggregate. We also sponsor postretirement benefit plans that provide health care benefits and life insurance coverage mainly to U.S. eligible retirees. None of Honeywell's U.S. employees are eligible for a retiree medical subsidy from the Company. In addition, the vast majority of Honeywell's U.S. retirees either have no Company subsidy or have a fixed-dollar subsidy amount. This significantly limits our exposure to the impact of future health care cost increases. The retiree medical and life insurance plans are not funded. Claims and expenses are paid from our operating cash flow. The following tables summarize the balance sheet impact, including the benefit obligations, assets and funded status associated with our significant pension and other postretirement benefit plans. Pension Benefits U.S. Plans Non-U.S. Plans 2018 2017 2018 2017 Change in benefit obligation: Benefit obligation at beginning of year $18,151 $17,414 $7,019 $6,483 Service cost 140172 26 40 Interest cost 573 586 143 147 Plan amendments 30 (1) Actuarial (gains) losses (1,111) 1,234 (356) (24) Benefits paid (1,137) (1,146) (264) (253) Settlements and curtailments (109) (9) Foreign currency translation (342) 614 Other (475) (65) 13 Benefit obligation at end of year 16,141 18,151 6,1827,019 Change in plan assets: Fair value of plan assets at beginning of year 18,985 16,8147,151 6,120 Actual return on plan assets (303) 3,287 (173) 539 Company contributions 139 137 161 Benefits paid (1,137) (1,146) (264) (253) Settlements and curtailments (109) Foreign currency translation (378) 569 Other (470) - 8 15 Fair value of plan assets at end of year 17,109 18,985 6,481 7,151 Funded status of plans $ 968 $ 834 $ 299 $ 132 34 - Net Periodic Benefit Cost Service cost Interest cost Expected return on plan assets Amortization of prior service (credit) cost Recognition of actuarial losses Settlements and curtailments Net periodic benefit (income) cost 2018 $ 140 573 (1,426) (43) 2017 $ 172 586 (1,262) (43) 2016 $ 191 600 (1,226) (43) Non-U.S. Plans 2018 2017 2016 $ 26 $ 40 $ 47 143 147 179 (443) (411) (377) (1) (1) (3) 46 246 $ (756) $ (488) $ (451) $(241) $(179) $ 85 Excerpt from Delta Inc 2018 10K regarding Lease Positions Lease Position as of December 31, 2018 The table below presents the lease-related assets and liabilities recorded on the balance sheet. Classification on the Balance Sheet December 31, 2018 (in millions) Assets Operating lease assets Finance lease assets Total lease assets $ Operating lease right-of-use assets Property and equipment, net 5,994 490 ,484 S 6 Current maturities of operating leases Current maturities of long-term debt and finance leases 955 109 Liabilities Current Operating Finance Noncurrent Operating Finance Total lease liabilities Noncurrent operating leases Long-term debt and finance leases 5,801 294 7,159 S Undiscounted Cash Flows The table below reconciles the undiscounted cash flows for each of the first five years and total of the remaining years to the finance lease liabilities and operating lease liabilities recorded on the balance sheet. (in millions) 2019 Finance Leases 127 89 75 2020 2021 2022 2023 Thereafter Operating Leases 1,172 1.000 819 692 654 4,200 8.537 (1,781) 6,756 (955) 5,801 S 27 111 462 (59) Total minimum lease payments Less: amount of lease payments representing interest Present value of future minimum lease payments Less: current obligations under leases Long-term lease obligations 403 (109) 294 1. What is the total amount of income tax expense reported on the income statement by Ford Motor Company in 2018, 2017 and 2016? 2. What is the total amount of income taxes owed by Ford Motor Company in 2018? How much of the amount owed is due to federal, state & local and non-US government agencies? Excerpt from Ford Motor Company 2018 10K regarding Income Taxes NOTE 7. INCOME TAXES (Continued) Our accounting for deferred tax consequences represents our best estimate of the likely future tax consequences of events that have been recognized on our financial statements or tax returns and their future probability. In assessing the need for a valuation allowance, we consider both positive and negative evidence related to the likelihood of realization of the deferred tax assets. If, based on the weight of available evidence, it is more likely than not that the deferred tax assets will not be realized, we record a valuation allowance. Components of Income Taxes Components of income taxes excluding cumulative effects of changes in accounting principles, other comprehensive income, and equity in net results of affiliated companies accounted for after-tax, for the years ended December 31 were as follows: 2016 2017 2018 $ $ $ 5,254 1,530 6,784 4,861 3,298 8,159 2,051 2,294 4,345 $ $ $ $ $ 75 Income before income taxes (in millions) U.S. Non-U.S. Total Provision for (Benefit from) income taxes (in millions) Current Federal Non-U.S. State and local Total current Deferred Federal Non-U.S. State and local Total deferred Total (122) 630 12 (125) 868 85 690 (6) 520 828 759 1,318 121 225 1,664 2,184 (1,214) 593 195 (426) 402 (360) 239 12 (109) 650 $ $ $ On December 22, 2017, the Tax Cuts and Jobs Act (H.R. 1) was signed into law. This act includes, among other items, a permanent reduction to the U.S. corporate income tax rate from 35% to 21% effective January 1, 2018, and requires immediate taxation of accumulated, unremitted non-U.S. earnings. As a result, at December 31, 2017, we recognized a tax benefit of $739 million from revaluing U.S. net deferred tax liabilities and tax expense of $219 million to record U.S. tax on unremitted non-U.S. earnings. Our 2018 tax provision includes an additional benefit of $123 million reflecting updates to the impact of the act on our global operations. Excerpt from Honeywell Inc 2018 10K regarding Employee Pension Benefit Plans Note 21. Pension and Other Postretirement Benefits We sponsor a number of both funded and unfunded U.S. and non-U.S. defined benefit pension plans. Pension benefits for many of our U.S. employees are provided through non-contributory, qualified and non-qualified defined benefit plans. All non-union hourly and salaried employees joining Honeywell for the first time after December 31, 2012, are not eligible to participate in Honeywell's U.S. defined benefit pension plans. We also sponsor defined benefit pension plans which cover non-U.S. employees who are not U.S. citizens, in certain jurisdictions, principally the UK, Netherlands, Germany, and Canada. Other pension plans outside of the U.S. are not material to the Company either individually or in the aggregate. We also sponsor postretirement benefit plans that provide health care benefits and life insurance coverage mainly to U.S. eligible retirees. None of Honeywell's U.S. employees are eligible for a retiree medical subsidy from the Company. In addition, the vast majority of Honeywell's U.S. retirees either have no Company subsidy or have a fixed-dollar subsidy amount. This significantly limits our exposure to the impact of future health care cost increases. The retiree medical and life insurance plans are not funded. Claims and expenses are paid from our operating cash flow. The following tables summarize the balance sheet impact, including the benefit obligations, assets and funded status associated with our significant pension and other postretirement benefit plans. Pension Benefits U.S. Plans Non-U.S. Plans 2018 2017 2018 2017 Change in benefit obligation: Benefit obligation at beginning of year $18,151 $17,414 $7,019 $6,483 Service cost 140172 26 40 Interest cost 573 586 143 147 Plan amendments 30 (1) Actuarial (gains) losses (1,111) 1,234 (356) (24) Benefits paid (1,137) (1,146) (264) (253) Settlements and curtailments (109) (9) Foreign currency translation (342) 614 Other (475) (65) 13 Benefit obligation at end of year 16,141 18,151 6,1827,019 Change in plan assets: Fair value of plan assets at beginning of year 18,985 16,8147,151 6,120 Actual return on plan assets (303) 3,287 (173) 539 Company contributions 139 137 161 Benefits paid (1,137) (1,146) (264) (253) Settlements and curtailments (109) Foreign currency translation (378) 569 Other (470) - 8 15 Fair value of plan assets at end of year 17,109 18,985 6,481 7,151 Funded status of plans $ 968 $ 834 $ 299 $ 132 34 - Net Periodic Benefit Cost Service cost Interest cost Expected return on plan assets Amortization of prior service (credit) cost Recognition of actuarial losses Settlements and curtailments Net periodic benefit (income) cost 2018 $ 140 573 (1,426) (43) 2017 $ 172 586 (1,262) (43) 2016 $ 191 600 (1,226) (43) Non-U.S. Plans 2018 2017 2016 $ 26 $ 40 $ 47 143 147 179 (443) (411) (377) (1) (1) (3) 46 246 $ (756) $ (488) $ (451) $(241) $(179) $ 85 Excerpt from Delta Inc 2018 10K regarding Lease Positions Lease Position as of December 31, 2018 The table below presents the lease-related assets and liabilities recorded on the balance sheet. Classification on the Balance Sheet December 31, 2018 (in millions) Assets Operating lease assets Finance lease assets Total lease assets $ Operating lease right-of-use assets Property and equipment, net 5,994 490 ,484 S 6 Current maturities of operating leases Current maturities of long-term debt and finance leases 955 109 Liabilities Current Operating Finance Noncurrent Operating Finance Total lease liabilities Noncurrent operating leases Long-term debt and finance leases 5,801 294 7,159 S Undiscounted Cash Flows The table below reconciles the undiscounted cash flows for each of the first five years and total of the remaining years to the finance lease liabilities and operating lease liabilities recorded on the balance sheet. (in millions) 2019 Finance Leases 127 89 75 2020 2021 2022 2023 Thereafter Operating Leases 1,172 1.000 819 692 654 4,200 8.537 (1,781) 6,756 (955) 5,801 S 27 111 462 (59) Total minimum lease payments Less: amount of lease payments representing interest Present value of future minimum lease payments Less: current obligations under leases Long-term lease obligations 403 (109) 294 1. What is the total amount of income tax expense reported on the income statement by Ford Motor Company in 2018, 2017 and 2016? 2. What is the total amount of income taxes owed by Ford Motor Company in 2018? How much of the amount owed is due to federal, state & local and non-US government agencies