Frontier Communications 2010 Annual Report Download - page 85
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The components of the net deferred income tax liability (asset) at December 31 are as follows:
($ in thousands) 2010 2009
Deferred income tax liabilities:
Property, plant and equipment basis differences . . . . . . . . . . . . . . . . . . . . . . . $1,448,061 $666,393
Intangibles.......................................................... 1,145,760 292,736
Other, net........................................................... 10,170 3,924
2,603,991 963,053
Deferred income tax assets:
Additional pension/OPEB liability . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 176,579 154,856
Tax operating loss carryforward . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 148,338 94,284
Employee benefits................................................... 189,558 74,226
State tax liability.................................................... 13,241 2,531
Accrued expenses ................................................... 75,407 15,712
Bad debts........................................................... 37,511 9,435
Other, net........................................................... 4,238 13,121
644,872 364,165
Less: Valuation allowance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (115,585) (91,537)
Net deferred income tax asset. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 529,287 272,628
Net deferred income tax liability. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2,074,704 $690,425
Deferred tax assets and liabilities are reflected in the following
captions on the consolidated balance sheet:
Deferred income taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2,220,677 $722,192
Income taxes and other current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (145,973) (31,767)
Net deferred income tax liability . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2,074,704 $690,425
Our state tax operating loss carryforward as of December 31, 2010 is estimated at $2.0 billion. A portion
of our state loss carryforward begins to expire in 2011.
F-26
FRONTIER COMMUNICATIONS CORPORATION AND SUBSIDIARIES
Notes to Consolidated Financial Statements