Oracle 2009 Annual Report Download - page 128
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Table of Contents
ORACLE CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
May 31, 2010
The provision for income taxes consisted of the following:
Year Ended May 31,
(Dollars in millions) 2010 2009 2008
Current provision:
Federal $ 1,307 $ 1,341 $ 1,325
State 299 361 231
Foreign 1,013 934 892
Total current provision 2,619 2,636 2,448
Deferred benefit:
Federal (380) (177) (96)
State (76) (52) (24)
Foreign (55) (166) (15)
Total deferred benefit (511) (395) (135)
Total provision for income taxes $ 2,108 $ 2,241 $ 2,313
Effective income tax rate 25.6% 28.6% 29.5%
The provision for income taxes differed from the amount computed by applying the federal statutory rate to our income before provision for income taxes as
follows:
Year Ended May 31,
(in millions) 2010 2009 2008
Tax provision at statutory rate $ 2,885 $ 2,742 $ 2,742
Foreign earnings at other than United States rates (672) (673) (569)
State tax expense, net of federal benefit 161 201 135
Settlements and releases from judicial decisions and statute expirations, net (315) 25 (20)
Other, net 49 (54) 25
Total provision for income taxes $ 2,108 $ 2,241 $ 2,313
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Source: ORACLE CORP, 10-K, July 01, 2010 Powered by Morningstar® Document Research℠