Pitney Bowes 2009 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:
2009 2008 2007
Continuing operations:
Federal statutory provision $ 242,612 $ 249,612 $ 231,249
State and local income taxes 11,109 19,820 12,281
Foreign tax differential (18,037) (2,605) 2,379
Foreign valuation allowance - 4,560 51,724
Rate change - - 2,485
Tax exempt income/reimbursement (2,748) (5,404) (6,743)
Federal income tax credits/incentives (4,792) (15,118) (12,732)
Unrealized stock compensation benefits 12,852 - -
Certain leasing transactions - (9,550) -
Other, net (842) 3,614 (421)
Provision for income taxes 240,154 244,929 280,222
Discontinued operations:
External financing transactions (see Note 2) 28,733 27,700 (5,534)
Total provision for income taxes $ 268,887 $ 272,629 $ 274,688
The components of our total provision for income taxes are as follows:
Years ended December 31,
2009 2008 2007
U.S. Federal:
Current $ 217,005 $ 112,931 $ 136,528
Deferred 18,979 81,936 53,235
235,984 194,867 189,763
U.S. State and Local:
Current 30,981 17,058 12,813
Deferred (13,067) 13,434 6,083
17,914 30,492 18,896
International:
Current 31,848 39,974 5,964
Deferred (16,859) 7,296 60,065
14,989 47,270 66,029
Total Current 279,834 169,963 155,305
Total Deferred (10,947) 102,666 119,383
Total provision for income taxes $ 268,887 $ 272,629 $ 274,688