ManpowerGroup 2009 Annual Report Download - page 60

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Notes To Consolidated Financial Statements
in millions, except share and per share data
58 Manpower 2009 Annual Report Notes to Consolidated Financial Statements
Due to the net loss for the year ended December 31, 2009, the assumed exercise of stock-based awards had an antidilutive
effect and therefore was not included in the calculation of Net Loss Per Share – Diluted for the year ended December 31,
2009. The calculations of Net Earnings Per Share – Diluted for the years ended December 31, 2008 and 2007 do not include
certain stock-based awards because the exercise price for these awards was greater than the average market price of the
common shares during that year. The number, exercise prices and weighted-average remaining life of these antidilutive
awards were as follows:
2009 2008 2007
Shares (in thousands) 6,231 2,452 785
Exercise price ranges $9-$93 $52-$93 $76-$93
Weighted-average remaining life 6.2 years 8.3 years 9.3 years
05.
Income Taxes
The provision for income taxes was as follows:
Year Ended December 31 2009 2008 2007
Current
United States
Federal $ (31.8) $ 46.1 $ 19.4
State 6.8 3.6 6.4
Non-U.S. 40.5 220.2 255.3
Total current 15.5 269.9 281.1
Deferred
United States
Federal (3.5) (27.3) 25.8
State (4.6) (1.0) 1.4
Non-U.S. (21.1) (4.5) (5.0)
Total deferred (29.2) (32.8) 22.2
Total provision $ (13.7) $ 237.1 $ 303.3
A reconciliation between taxes computed at the U.S. Federal statutory rate of 35% and the consolidated effective tax rate is
as follows:
Year Ended December 31 2009 2008 2007
Income tax based on statutory rate $ (8.0) $ 154.9 $ 271.9
Increase (decrease) resulting from:
State income taxes, net of federal benefi t 2.9 2.8 4.8
Non-U.S. tax rate difference 3.3 (3.7) (11.6)
Repatriation of non-U.S. earnings (37.2) 16.7 1.1
Change in valuation reserve 10.6 8.5 25.0
Non-deductible goodwill impairment charge 21.4 49.3 –
Non-deductible competition investigation in France (1.8) 17.6 4.8
Other, net (4.9) (9.0) 7.3
Tax provision $ (13.7) $ 237.1 $ 303.3