Time Magazine 2010 Annual Report Download - page 97

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Current and deferred income taxes (tax benefits) provided on income from continuing operations are as follows
(millions):
2010 2009 2008
Years Ended December 31,
Federal: ...........................................
Current .......................................... $ 764 $ 413 $ (72)
Deferred ......................................... 84 467 375
Foreign:
Current
(a)
........................................ 375 342 313
Deferred ......................................... (23) (84) (30)
State and Local:
Current .......................................... 120 51 43
Deferred ......................................... 28 (36) 64
Total ............................................ $ 1,348 $ 1,153 $ 693
(a)
Includes foreign withholding taxes of $226 million in 2010, $216 million in 2009 and $204 million in 2008.
The differences between income taxes (tax benefits) expected at the U.S. federal statutory income tax rate of
35% and income taxes (tax benefits) provided are as set forth below (millions):
2010 2009 2008
Years Ended December 31,
Taxes (tax benefits) on income at U.S. federal statutory rate . . . $ 1,372 $ 1,133 $ (1,539)
State and local taxes (tax benefits), net of federal tax effects . . 73 78 (99)
Nondeductible goodwill impairments .................... — — 2,208
Litigation matters . . . ............................... (22) — 107
Domestic production activities deduction ................. (96) (69) (52)
Valuation allowances. ............................... (7) 19 —
Other ........................................... 28 (8) 68
Total............................................ $ 1,348 $ 1,153 $ 693
85
TIME WARNER INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)