Discover 2009 Annual Report Download - page 140
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19. Income Taxes
Income tax expense consisted of the following (dollars in thousands):
For the Years Ended November 30,
2009 2008 2007
Current:
U.S. federal............................................................................................................................................ $759,683 $ 820,180 $596,158
U.S. state and local ................................................................................................................................. 143,610 67,696 42,074
International........................................................................................................................................... 3,415 907 (10)
Total .................................................................................................................................................. 906,708 888,783 638,222
Deferred:
U.S. federal............................................................................................................................................ (50,110) (268,785) (70,435)
U.S. state and local ................................................................................................................................. (11,612) (25,306) (6,273)
International........................................................................................................................................... (273) — —
Total .................................................................................................................................................. (61,995) (294,091) (76,708)
Income tax expense.............................................................................................................................. $844,713 $ 594,692 $561,514
The following table reconciles the Company’s effective tax rate to the U.S. federal statutory income tax rate:
For the Years Ended November 30,
2009 2008 2007
U.S. federal statutory income tax rate .................................................................................................................. 35.0% 35.0% 35.0%
U.S. state and local income taxes, net of U.S. federal income tax benefits.................................................................. 4.1 2.5 2.2
Valuation allowance – capital loss ...................................................................................................................... 1.1 — —
Non-deductible compensation ............................................................................................................................ 0.4 ——
State examinations and settlements ..................................................................................................................... — (0.9) (0.1)
Non-deductible spin-off costs ............................................................................................................................. — — 0.2
Other ............................................................................................................................................................. (0.8) (0.7) (0.5)
Effective income tax rate ................................................................................................................................ 39.8% 35.9% 36.8%
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