Sprint - Nextel 2010 Annual Report Download - page 79
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Note 10. Income Taxes
Income tax (expense) benefit consists of the following:
Current income tax benefit (expense)
Federal
State
Total current income tax benefit
Deferred income tax (expense) benefit
Federal
State
Total deferred income tax (expense) benefit
Foreign income tax benefit (expense)
Total income tax (expense) benefit
Year Ended December 31,
2010
(in millions)
$ 48
15
63
(270)
40
(230)
1
$(166)
2009
$ 279
13
292
963
(196)
767
(1)
$ 1,058
2008
$ 17
(15)
2
1,110
153
1,263
(1)
$ 1,264
The differences that caused our effective income tax rates to vary from the 35% federal statutory rate for income
taxes were as follows:
Income tax benefit at the federal statutory rate
Effect of:
Goodwill impairment
State income taxes, net of federal income tax effect
State law changes, net of federal income tax effect
Reduction in liability for unrecognized tax benefits
Tax expense related to equity awards
Change in valuation allowance
Other, net
Income tax (expense) benefit
Effective income tax rate
Year Ended December 31,
2010
(in millions)
$ 1,155
—
118
—
18
(42)
(1,418)
3
$ (166)
(5.0)%
2009
$ 1,223
—
93
(6)
83
(33)
(281)
(21)
$ 1,058
30.3%
2008
$ 1,421
(278)
96
32
—
—
(38)
31
$ 1,264
31.1%
Income tax (expense) benefit allocated to other items was as follows:
Unrecognized net periodic pension and other postretirement benefit cost(1)
Unrealized holding gains/losses on securities(1)
Stock ownership, purchase and option arrangements(2)
Gain on deconsolidation of net assets contributed to Clearwire(2)
Identifiable intangible assets
Year Ended December 31,
2010
(in millions)
$ 5
1
—
—
—
2009
$(87)
(9)
(56)
—
—
2008
$ 234
11
(64)
(260)
190
_______________
(1) These amounts have been recorded directly to shareholders' equity-accumulated other comprehensive loss on the
consolidated balance sheets.
(2) These amounts have been recorded directly to shareholders' equity-paid-in capital on the consolidated balance sheets.
Table of Contents SPRINT NEXTEL CORPORATION
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
F-22