MoneyGram 2010 Annual Report Download - page 131
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Table of Contents
MONEYGRAM INTERNATIONAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
Note 14 — Income Taxes
The components of income (loss) before income taxes are as follows for the year ended December 31:
(Amounts in thousands) 2010 2009 2008
United States $ 56,872 $ (19,975) $ (345,063)
Foreign 1,508 (2,347) 7,872
Income (loss) before income taxes $ 58,380 $ (22,322) $ (337,191)
International income consists of statutory income and losses from the Company's international subsidiaries. Most of the Company's
wholly owned subsidiaries recognize revenue based solely on services agreements with MPSI. Income tax expense (benefit) is as follows
for the year ended December 31:
(Amounts in thousands) 2010 2009 2008
Current:
Federal $ (757) $ (8,172) $ (55,980)
State 147 669 (8,064)
Foreign 5,166 2,002 (13,938)
Current income tax expense (benefit) 4,556 (5,501) (77,982)
Deferred income tax expense (benefit) 10,023 (14,915) 2,176
Income tax expense (benefit) $ 14,579 $ (20,416) $ (75,806)
As of December 31, 2010 and 2009, the Company had a net income tax payable of $6.3 million recorded in the "Accounts payable and
other liabilities" line in the Consolidated Balance Sheets and a net income tax receivable of $1.3 million recorded in the "Other assets"
line in the Consolidated Balance Sheets, respectively. The Company received a $3.8 million federal income tax refund in 2010 and a
$43.5 million federal income tax refund in 2009. Income taxes paid were $3.9 million, $2.2 million and $1.7 million for 2010, 2009 and
2008, respectively.
A reconciliation of the expected federal income tax at statutory rates for year ended to the actual taxes provided is as follows:
(Amounts in thousands) 2010 2009 2008
Income tax at statutory federal income tax rate $ 20,433 $ (7,813) $ (118,017)
Tax effect of:
State income tax, net of federal income tax effect 1,309 2,051 1,634
Valuation allowance (10,016) (16,090) 44,639
Non-taxable loss on embedded derivatives — — 5,611
Decrease in tax reserve (377) (2,469) (7,761)
Other 3,230 3,905 (1,186)
14,579 (20,416) (75,080)
Tax-exempt income — — (726)
Income tax expense (benefit) $ 14,579 $ (20,416) $ (75,806)
F-46