Metro PCS 2009 Annual Report Download - page 142
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MetroPCS Communications, Inc. and Subsidiaries
Notes to Consolidated Financial Statements
December 31, 2009, 2008 and 2007
F-28
15. Income Taxes:
The provision (benefit) for taxes on income consisted of the following (in thousands):
2009 2008 2007
Current:
Federal....................................................................................................... $ (1,191) $ 156 $ 257
State .......................................................................................................... (22,135) 5,483 4,317
(23,326) 5,639 4,574
Deferred:
Federal....................................................................................................... 95,377 99,899 113,611
State .......................................................................................................... 14,784 24,448 4,913
110,161 124,347 118,524
Provision for income taxes........................................................................ $ 86,835 $ 129,986 $ 123,098
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, 2009, 2008 and 2007 is as follows (in thousands):
2009 2008 2007
U.S. federal income tax provision at statutory rate................................................. $ 92,288 $ 97,798 $ 78,225
Increase (decrease) in income taxes resulting from:
State income taxes, net of federal income tax impact............................................. 11,500 18,458 6,423
Change in valuation allowance............................................................................... 816 11,940 35,717
(Benefit) provision for tax uncertainties................................................................. (16,279) 1,627 1,976
Permanent items ..................................................................................................... 1,087 163 371
Federal tax credits .................................................................................................. (2,076) — —
Other....................................................................................................................... (501) — 386
Provision for income taxes ..................................................................................... $ 86,835 $ 129,986 $ 123,098