Oracle 2012 Annual Report Download - page 123
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ORACLE CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
May 31, 2012
The provision for income taxes consisted of the following:
Year Ended May 31,
(Dollars in millions) 2012 2011 2010
Current provision:
Federal ...................................................... $ 1,611 $ 1,817 $ 1,307
State ........................................................ 257 263 299
Foreign ..................................................... 1,104 1,037 1,013
Total current provision ..................................... 2,972 3,117 2,619
Deferred provision (benefit):
Federal ...................................................... 267 (179) (380)
State ........................................................ 14 14 (76)
Foreign ..................................................... (272) (88) (55)
Total deferred provision (benefit) ............................. 9 (253) (511)
Total provision for income taxes ...................................... $ 2,981 $ 2,864 $ 2,108
Effective income tax rate ........................................... 23.0% 25.1% 25.6%
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) 2012 2011 2010
Tax provision at statutory rate ........................................ $ 4,537 $ 3,994 $ 2,885
Foreign earnings at other than United States rates ........................ (1,474) (1,125) (672)
State tax expense, net of federal benefit ................................ 171 188 161
Settlements and releases from judicial decisions and statute expirations, net ... (132) (53) (315)
Domestic production activity deduction ................................ (178) (206) (95)
Other, net ........................................................ 57 66 144
Total provision for income taxes .................................. $ 2,981 $ 2,864 $ 2,108
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