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NOTE 14. INCOME TAXES
Earnings from continuing operations before income taxes shown below are based on the geographic location to which such earnings are
attributable.
The provision (benefit) for income taxes consists of the following components:
A reconciliation between the Company's effective tax rate and the U.S. federal statutory rate is as follows:
73
Years ended June 30, 2012 2011 2010
Earnings from continuing operations before income taxes:
United States
$
1,888.6
$
1,675.1
$
1,638.0
Foreign
233.5
257.6
225.2
$
2,122.1
$
1,932.7
$
1,863.2
Years ended June 30, 2012
2011
2010
Current:
Federal
$
540.4
$
449.3
$
401.3
Foreign
87.3
96.9
104.4
State
67.8
24.7
54.1
Total current
695.5
570.9
559.8
Deferred:
Federal
50.4
95.7
106.8
Foreign
(9.3
)
(1.8
)
(15.1
)
State
(3.0
)
13.7
4.4
Total deferred
38.1
107.6
96.1
Total provision for income taxes $
733.6
$
678.5
$
655.9
Years ended June 30, 2012
%
2011
%
2010
%
Provision for taxes at U.S.
statutory rate
$
742.7
35.0
$
676.5
35.0
$
652.1
35.0
Increase (decrease) in provision from:
State taxes, net of federal tax
38.1
1.8
29.2
1.5
34.5
1.9
Tax on foreign income
51.4
2.5
30.3
1.6
15.1
0.8
Utilization of foreign tax credits
(51.7
)
(2.5
)
(26.0
)
(1.3
)
(14.9
)
(0.8
)
Tax settlements - - - - - -
Resolution of tax matters - - - -
(12.2
)
(0.7
)
Section 199 - Qualified Production Activities
(22.4
)
(1.1
)
(18.2
)
(1.0
)
(11.8
)
(0.6
)
Other
(24.5
)
(1.1
)
(13.3
)
(0.7
)
(6.9
)
(0.4
)
$
733.6
34.6
$
678.5
35.1
$
655.9
35.2