Sprint - Nextel 2008 Annual Report Download - page 93
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SPRINT NEXTEL CORPORATION
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Note 11. Income Taxes
Income tax benefit (expense) consists of the following:
Year Ended December 31,
2009 2008 2007
(in millions)
Current income tax benefit (expense)
Federal ....................................................... $ 279 $ 17 $ 15
State ......................................................... 13 (15) (7)
Total current income tax benefit ....................................... 292 2 8
Deferred income tax benefit (expense)
Federal ....................................................... 963 1,110 84
State ......................................................... (196) 153 242
Total deferred income tax benefit ...................................... 767 1,263 326
Foreign income tax expense .......................................... (1) (1) (3)
Total income tax benefit ............................................. $1,058 $1,264 $331
The differences that caused our effective income tax rates to vary from the 35% federal statutory rate for
income taxes were as follows:
Year Ended December 31,
2009 2008 2007
(in millions)
Income tax benefit at the federal statutory rate ............................ $1,223 $1,421 $ 10,421
Effect of:
Goodwill impairment ........................................... — (278) (10,237)
State income taxes, net of federal income tax effect ................... 93 96 48
State law changes, net of federal income tax effect .................... (6) 32 105
Reduction in liability for unrecognized tax benefits .................... 83 — —
Tax expense related to equity awards ............................... (33) — —
Change in valuation allowance .................................... (281) (38) —
Other, net ..................................................... (21) 31 (6)
Income tax benefit .................................................. $1,058 $1,264 $ 331
Effective income tax rate ............................................ 30.3% 31.1% 1.1%
Income tax benefit (expense) allocated to other items was as follows:
Year Ended December 31,
2009 2008 2007
(in millions)
Unrecognized net periodic pension and postretirement benefit cost(1) .......... $(87) $ 234 $ (10)
Unrealized gains/losses on securities(1) .................................. (9) 11 (3)
Stock ownership, purchase and option arrangements(2) ..................... (56) (64) (15)
Gain on deconsolidation of net assets contributed to Clearwire(2) ............. — (260) —
Goodwill, reduction of valuation allowance on acquired assets ............... — — 93
Identifiable intangible assets .......................................... — 190 —
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