MetLife 2009 Annual Report Download - page 179
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15. Income Tax
The provision for income tax from continuing operations is as follows:
2009 2008 2007
Years Ended December 31,
(In millions)
Current:
Federal..................................................... $ (45) $ 216 $ 439
Stateandlocal................................................ 12 10 15
Foreign..................................................... 50 372 200
Subtotal .................................................... 17 598 654
Deferred:
Federal..................................................... (2,190) 1,078 1,015
Stateandlocal................................................ 26 (6) 31
Foreign..................................................... 132 (90) (25)
Subtotal .................................................... (2,032) 982 1,021
Provisionforincometaxexpense(benefit)................................ $(2,015) $1,580 $1,675
The reconciliation of the income tax provision at the U.S. statutory rate to the provision for income tax as reported for continuing operations
is as follows:
2009 2008 2007
Years Ended December 31,
(In millions)
TaxprovisionatU.S.statutoryrate .................................... $(1,517) $1,771 $2,023
Tax effect of:
Tax-exemptinvestmentincome ..................................... (288) (254) (296)
Stateandlocalincometax ........................................ 17 2 39
Prioryeartax................................................. (26) 53 70
Taxcredits .................................................. (87) (58) (42)
Foreigntaxratedifferentialandchangeinvaluationallowance ................. (118) 65 (108)
Other,net................................................... 4 1 (11)
Provisionforincometaxexpense(benefit)................................ $(2,015) $1,580 $1,675
F-95MetLife, Inc.
MetLife, Inc.
Notes to the Consolidated Financial Statements — (Continued)