Metro PCS 2008 Annual Report Download - page 132
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MetroPCS Communications, Inc. and Subsidiaries
Notes to Consolidated Financial Statements
December 31, 2008, 2007 and 2006
F-30
18. Income Taxes:
The provision for taxes on income consisted of the following (in thousands):
2008 2007 2006
Current:
Federal................................................................................................... $ 156 $ 257 $ 674
State ...................................................................................................... 5,483 4,317 3,702
5,639 4,574 4,376
Deferred:
Federal................................................................................................... 99,899 113,611 29,959
State ...................................................................................................... 24,448 4,913 2,382
124,347 118,524 32,341
Provision for income taxes.................................................................... $ 129,986 $ 123,098 $ 36,717
A reconciliation of income taxes computed at the United States federal statutory income tax rate (35%) to the
provision for income taxes reflected in the consolidated statements of income and comprehensive income for the
years ended December 31, 2008, 2007 and 2006 is as follows (in thousands):
2008 2007 2006
U.S. federal income tax provision at statutory rate...................................... $ 97,798 $ 78,225 $ 31,683
Increase (decrease) in income taxes resulting from:
State income taxes, net of federal income tax impact.................................. 18,458 6,423 2,386
Change in valuation allowance.................................................................... 11,940 35,717 (194)
Provision for tax uncertainties ..................................................................... 1,627 1,976 2,557
Permanent items .......................................................................................... 163 371 218
Other............................................................................................................ — 386 67
Provision for income taxes .......................................................................... $ 129,986 $ 123,098 $ 36,717
Deferred taxes are provided for those items reported in different periods for income tax and financial reporting
purposes. The Company’s net deferred tax liability consisted of the following deferred tax assets and liabilities (in
thousands):