Pitney Bowes 2008 Annual Report Download - page 79

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PITNEY BOWES INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Tabular dollars in thousands, except per share data)
60
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:
2008 2007 2006
Continuing operations:
Federal statutory provision $ 249,612 $ 231,249 $ 320,072
Life insurance tax reserve, federal and state - - 20,000
State and local income taxes 19,820 12,281 22,194
Foreign tax differential (2,605) 2,379 (12,713)
Foreign valuation allowance 4,560 51,724 -
Rate change - 2,485 -
Tax exempt income/reimbursement (5,404) (6,743) (15,110)
Federal income tax credits/incentives (15,118) (12,732) (2,508)
Certain leasing transactions (9,550) - -
Other, net 3,614 (421) 3,069
Provision for income taxes 244,929 280,222 335,004
Discontinued operations:
Federal statutory provision - - (238,753)
State and local income taxes - - (29,225)
External financing transactions (see Note 2) 27,700 (5,534) 46,140
Total provision for income taxes $ 272,629 $ 274,688 $ 113,166
The components of our total provision for income taxes are as follows:
Years ended December 31,
2008 2007 2006
U.S. Federal:
Current $ 112,931 $ 136,528 $ 1,090,252
Deferred 81,936 53,235 (1,021,669)
194,867 189,763 68,583
U.S. State and Local:
Current 17,058 12,813 179,602
Deferred 13,434 6,083 (190,420)
30,492 18,896 (10,818)
International:
Current 39,974 5,964 7,567
Deferred 7,296 60,065 47,834
47,270 66,029 55,401
Total Current 169,963 155,305 1,277,421
Total Deferred 102,666 119,383 (1,164,255)
Total provision for income taxes $ 272,629 $ 274,688 $ 113,166