Metro PCS 2010 Annual Report Download - page 133
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MetroPCS Communications, Inc. and Subsidiaries
Notes to Consolidated Financial Statements
December 31, 2010, 2009 and 2008
F-27
The Company contributed approximately $1.2 million and $0.9 million to the savings plan during the years ended
December 31, 2010 and 2009, respectively.
14. Income Taxes:
The provision (benefit) for taxes on income consisted of the following (in thousands):
2010 2009 2008
Current:
Federal....................................................................................................... $ 0 $ (1,191) $ 156
State .......................................................................................................... 3,401 (22,135) 5,483
3,401 (23,326) 5,639
Deferred:
Federal....................................................................................................... 105,090 95,377 99,899
State .......................................................................................................... 10,388 14,784 24,448
115,478 110,161 124,347
Provision for income taxes ........................................................................ $ 118,879 $ 86,835 $ 129,986
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, 2010, 2009 and 2008 is as follows (in thousands):
2010 2009 2008
U.S. federal income tax provision at statutory rate................................................. $ 109,303 $ 92,288 $ 97,798
Increase (decrease) in income taxes resulting from:
State income taxes, net of federal income tax impact............................................. 15,319 11,500 18,458
Change in valuation allowance ............................................................................... 0 816 11,940
Provision (
b
enefit) for tax uncertainties ................................................................. 267 (16,279) 1,627
Permanent items ..................................................................................................... 710 1,087 163
Tax credits .............................................................................................................. (6,893) (2,076) 0
Othe
r
....................................................................................................................... 173 (501) 0
Provision for income taxes ..................................................................................... $ 118,879 $ 86,835 $ 129,986
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):