Sprint - Nextel 2014 Annual Report Download - page 118
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Table of Contents
Index to Consolidated Financial Statements
SPRINT CORPORATION
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
F-35
Note 11. Income Taxes
Sprint Corporation is the parent corporation of an affiliated group of corporations which join in the filing of a U.S.
federal consolidated income tax return. Additionally, we file income tax returns in each state jurisdiction which imposes an
income tax. We also file income tax returns in a number of foreign jurisdictions. However, our foreign income tax activity has
been immaterial. Cash paid or received for income tax purposes was insignificant for all Successor and Predecessor periods
presented.
Income tax expense consists of the following:
Successor Predecessor
Year Ended
March 31, Three Months Ended
March 31, Year Ended
December 31,
87 Days
Ended
December 31,
191 Days
Ended
July 10,
Three Months
Ended
March 31, Year Ended
December 31,
2015 2014 2013
(Unaudited) 2013 2012 2013 2013
(Unaudited) 2012
(in millions)
Current income tax (expense)
benefit
Federal $ 5 $ — $ (2) $ 1 $ (3) $ 2 $ (8) $ 34
State (39) (10) — (13) — (17) (6) 22
Total current income tax
(expense) benefit (34) (10) (2) (12) (3) (15) (14) 56
Deferred income tax benefit
(expense)
Federal 491 (48) 1 (46) (1) (1,402) (19) (199)
State 118 2 — 14 — (184) (5) (10)
Total deferred income tax
benefit (expense) 609 (46) 1 (32) (1) (1,586) (24) (209)
Foreign income tax expense (1) — (1) — — — (1)
Total income tax benefit
(expense) $ 574 $ (56) $ (1) $ (45) $ (4) $ (1,601) $ (38) $ (154)
The differences that caused our effective income tax rates to vary from the 35% U.S. federal statutory rate for
income taxes were as follows:
Successor Predecessor
Year Ended
March 31, Three Months Ended
March 31, Year Ended
December 31,
87 Days
Ended
December 31,
191 Days
Ended
July 10,
Three Months
Ended
March 31, Year Ended
December 31,
2015 2014 2013
(Unaudited) 2013 2012 2013 2013
(Unaudited) 2012
(in millions)
Income tax benefit (expense) at
the federal statutory rate $ 1,372 $ 33 $ 3 $ 635 $ 8 $ (155) $ 212 $ 1,460
Effect of:
State income taxes, net of
federal income tax effect 124 (4) — 47 — (18) 16 137
State law changes, net of
federal income tax effect 4 5 — 10 — — — (5)
Reduction (increase) in
liability for unrecognized
tax benefits 1 — — 2 — (7) — 38
Change in valuation
allowance (911) (82) — (708) (4) (1,410) (265) (1,756)
Other, net (16) (8) (4) (31) (8) (11) (1) (28)
Income tax benefit (expense) $ 574 $ (56) $ (1) $ (45) $ (4) $(1,601) $ (38) $ (154)
Effective income tax rate 14.6% (58.9)% (12.5)% (2.5)% (17.4)% 361.4% (6.3)% (3.7)%