Metro PCS 2011 Annual Report Download - page 131
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MetroPCS Communications, Inc. and Subsidiaries
Notes to Consolidated Financial Statements
December 31, 2011, 2010 and 2009
F-25
14. Income Taxes:
The provision (benefit) for taxes on income consisted of the following (in thousands):
2011 2010 2009
Current:
Federal $ — $ — $ (1,191)
State 3,729 3,401 (22,135)
3,729 3,401 (23,326)
Deferred:
Federal 162,695 105,090 95,377
State 11,922 10,388 14,784
174,617 115,478 110,161
Provision for income taxes $ 178,346 $ 118,879 $ 86,835
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, 2011, 2010 and 2009 is as follows (in thousands):
2011 2010 2009
U.S. federal income tax provision at statutory rate $ 167,880 $ 109,303 $ 92,288
Increase (decrease) in income taxes resulting from:
State income taxes, net of federal income tax impact 14,408 15,319 11,500
Change in valuation allowance 652 — 816
Provision (benefit) for tax uncertainties 434 267 (16,279)
Permanent items 330 710 1,087
Tax credits (4,809)(6,893)(2,076)
Other (549) 173 (501)
Provision for income taxes $ 178,346 $ 118,879 $ 86,835
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):