Sallie Mae 2011 Annual Report Download - page 187
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SLM CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
15. Income Taxes (Continued)
Income tax expense consists of:
December 31,
(Dollars in millions) 2011 2010 2009
Continuing operations current provision/(benefit):
Federal .................................................... $437 $252 $ 156
State ...................................................... 38 37 (19)
Foreign .................................................... — — —
Total continuing operations current provision/(benefit) ................ 475 289 137
Continuing operations deferred provision/(benefit):
Federal .................................................... (121) 214 124
State ...................................................... (26) (10) 3
Foreign .................................................... — — —
Total continuing operations deferred provision/(benefit) ............... (147) 204 127
Continuing operations provision for income tax expense/(benefit) ........ 328 493 264
Discontinued operations current provision/(benefit):
Federal .................................................... $ (50) $ 30 $(199)
State ...................................................... (5) 7 (13)
Foreign .................................................... — — —
Total discontinued operations current provision/(benefit) ............... (55) 37 (212)
Discontinued operations deferred provision/(benefit):
Federal .................................................... 68 (56) 114
State ...................................................... 7 (5) 13
Foreign .................................................... — — —
Total discontinued operations deferred provision/(benefit) .............. 75 (61) 127
Discontinued operations provision for income tax expense/(benefit) ...... 20 (24) (85)
Provision for income tax expense/(benefit) .......................... $348 $469 $ 179
F-78