Pitney Bowes 2007 Annual Report Download - page 76

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PITNEY BOWES INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Tabular dollars in thousands, except per share data)
58
The items accounting for the difference between income taxes computed at the federal statutory rate and our provision for
income taxes consist of the following:
2007 2006 2005
Continuing operations:
Federal statutory provision .............................$ 231,249
$ 320,072 $ 284,084
Life insurance tax reserve, federal and state... -
20,000 56,000
State and local income taxes .......................... 12,281
22,194 19,452
Foreign tax differential................................... 2,379
(12,713) (11,517)
Valuation allowance....................................... 51,724
- -
Rate change .................................................... 2,485
- -
Tax exempt income/reimbursement ............... (6,743) (15,110) (4,162)
Federal income tax credits/incentives ............ (12,732) (2,508) (5,966)
Other, net........................................................ (421) 3,069 (9,294)
Provision for income taxes........................... 280,222
335,004 328,597
Discontinued operations:
Federal statutory provision.............................. -
(238,753) 13,321
State and local income taxes ........................... -
(29,225) (642)
External financing transactions....................... (5,534) 46,140 (9,986)
Total provision for income taxes........................$ 274,688
$ 113,166 $ 331,290
The components of our total provision for income taxes are as follows:
Years ended December 31,
2007 2006 2005
U.S. Federal:
Current.......................................................
$ 136,528
$ 1,090,252 $ 166,590
Deferred.....................................................
53,235
(1,021,669) 81,351
189,763
68,583 247,941
U.S. State and Local:
Current.......................................................
12,813
179,602 18,867
Deferred.....................................................
6,083
(190,420) 10,071
18,896
(10,818) 28,938
International:
Current.......................................................
5,964
7,567 36,552
Deferred.....................................................
60,065
47,834 17,859
66,029
55,401 54,411
Total Current ...............................................
155,305
1,277,421 222,009
Total Deferred..............................................
119,383
(1,164,255) 109,281
Total provision for income taxes ...................
$ 274,688
$ 113,166 $ 331,290