HP 2008 Annual Report Download - page 132

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HEWLETT-PACKARD COMPANY AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Continued)
Note 13: Taxes on Earnings
The domestic and foreign components of earnings were as follows for the following fiscal years
ended October 31:
2008 2007 2006
In millions
U.S. ............................................. $ 2,232 $3,577 $1,645
Non-U.S. ......................................... $ 8,241 $5,600 5,546
$10,473 $9,177 $7,191
The provision for (benefit from) taxes on earnings was as follows for the following fiscal years
ended October 31:
2008 2007(1) 2006(1)
In millions
U.S. federal taxes:
Current ................................................. $ 405 $ 639 $(183)
Deferred ................................................ 686 229 264
Non-U.S. taxes:
Current ................................................. 922 1,281 755
Deferred ................................................ (85) (125) 173
State taxes:
Current ................................................. 44 67 9
Deferred ................................................ 172 (178) (25)
$2,144 $1,913 $ 993
(1) HP has revised the presentation for the fiscal years ended October 31, 2007 and 2006 regarding
the tax benefit of stock option plans. The largest impacts of the revisions were an increase in the
current U.S. federal tax provision of $428 million and a decrease in the deferred U.S. federal tax
provision of $428 million in fiscal 2007 and a decrease in the current U.S. federal benefit from tax
of $260 million and a decrease in the deferred U.S. federal tax provision of $260 million in fiscal
2006. This change does not affect previously reported results of operations or financial position for
any periods presented, or previously reported totals for the provision for (benefit from) taxes on
earnings.
126