Hess 2008 Annual Report Download - page 80

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The Corporation has budgeted contributions ranging from approximately $110 million to $150 million to its
funded pension plans in 2009. The Corporation has not budgeted any contributions to the trust established for the
unfunded plan.
Estimated future benefit payments for the funded and unfunded pension plans and the postretirement medical
plan, which reflect expected future service, are as follows:
(Millions of dollars)
2009 .......................................................... $ 63
2010 .......................................................... 73
2011 .......................................................... 90
2012 .......................................................... 76
2013 .......................................................... 83
Years 2014 to 2018 ............................................... 492
The Corporation also contributes to several defined contribution plans for eligible employees. Employees may
contribute a portion of their compensation to the plans and the Corporation matches a portion of the employee
contributions. The Corporation recorded expense of $22 million in 2008, $19 million in 2007 and $16 million in
2006 for contributions to these plans.
11. Income Taxes
The provision for (benefit from) income taxes consisted of:
2008 2007 2006
(Millions of dollars)
United States Federal
Current .............................................. $10 $2$4
Deferred ............................................. (140) 62 96
State .................................................. 10 (149) 19
(120) (85)* 119
Foreign
Current .............................................. 2,377 1,898 1,836
Deferred ............................................. 87 64 142
2,464 1,962 1,978
Adjustment of deferred tax liability for foreign income tax rate
change .............................................. (4) (5) 29
Total provision for income taxes ........................... $2,340 $1,872 $2,126
* Includes a provision for an increase in the valuation allowance for foreign tax credit carryforwards of $81 million and a benefit from a
decrease in the valuation allowance for state net operating loss carryforwards of $96 million..
64
HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)