Unformatted text preview: benefits from other tax
ju risd ictions.
As of year end 2009 and 2008, the Com p any had $142 m illion and $127 m illion, resp ectively, in accru ed interest
related to u nrecognized tax benefits. During 2009 and 2008, the Com p any accru ed ad d itional interest of $27 m illion and
$47 m illion, resp ectively, and recorded red u ctions in accrued interest of $12 m illion and $57 m illion, respectively, as a
result of au dit settlem ents and other p rioryear ad justm ents. The Com pany’s p olicy is to rep ort interest and p enalties
as a com ponent of incom e tax exp ense.
Du ring the cu rrent year, the Internal Revenue Service com m enced a lim ited issu e focused exam ination w ith
respect to the Com pany’s fed eral incom e tax retu rns filed for its fiscal years 2005 through 2007. The Com p any is also
subject to state and local and foreign tax au d its. In the current year, the California examination of fiscal years 2004 and
2005 w as com p leted . The Com p any is no longer subject to exam ination in any of its m ajor state or foreign tax
ju risd ictions for years p r...
View Full Document
- Spring '12
- Balance Sheet, Deferred tax, Generally Accepted Accounting Principles, Income tax in the United States