NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) SHORT-TERM DEBT 10. INCOME TAXES Page 106 Skyworks / Annual Report 2011 The remaining unamortized discount on the 1.50% Notes will be amortized over the next six months. The number of shares underlying the remaining 1.50% Notes was approximately 2.8 million for both fiscal years ended September 30, 2011 and October 2, 2010, respectively. As of September 30, 2011, the $26.1 million carrying value of the 1.50% Notes was classified as short-term debt. The Company’s short-term debt balance as of October 1, 2010 consisted of a $50.0 million credit facility, which the Company repaid and terminated during the first quarter of fiscal 2011. Income before income taxes consists of the following components (in thousands): The provision (benefit) for income taxes consists of the following (in thousands): Fiscal Years Ended September 30, 2011 October 1, 2010 October 2, 2009 United States ....................................... $208,926 $164,094 $65,603 Foreign ........................................... 84,960 30,980 4,153 $293,886 $195,074 $69,756 Fiscal Years Ended September 30, 2011 October 1, 2010 October 2, 2009 Current tax expense (benefit): Federal ............................................ $25,421 $11,855 $ (251) State .............................................. 422 946 (413) Foreign ........................................... 4,340 684 966 30,183 13,485 302 Deferred tax expense (benefit): Federal ............................................ 35,053 44,072 — State .............................................. (1,048) (2,846) — Foreign ........................................... 961 235 (93) 34,966 41,461 (93) Change in valuation allowance ......................... 2,152 2,834 (25,436) Provision (benefit) for income taxes ..................... $67,301 $57,780 $(25,227)