Pitney Bowes 2011 Annual Report Download - page 34

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16
options and the vesting of restricted stock units previously granted to our employees. In addition, the effective tax rate for 2011 was
increased due to a reduced tax benefit associated with the goodwill impairment charges.
The effective tax rate for 2010 includes $16 million of tax benefits associated with previously unrecognized deferred taxes on outside
basis differences, a $15 million charge for the write-off of deferred tax assets associated with the expiration of out-of-the-money
vested stock options and the vesting of restricted stock units previously granted to our employees and a $9 million charge for the
write-off of deferred tax assets related to the U.S. health care reform legislation that eliminated the tax deduction for retiree health care
costs to the extent of federal subsidies received by companies that provide retiree prescription drug benefits equivalent to Medicare
Part D coverage.
Discontinued operations
See Note 2 to the Consolidated Financial Statements.
Preferred stock dividends of subsidiaries attributable to noncontrolling interests
See Note 10 to the Consolidated Financial Statements.