Pitney Bowes 2013 Annual Report Download - page 69

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PITNEY BOWES INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Tabular dollars in thousands, except per share amounts)
58
8. Income Taxes
Income from continuing operations before taxes consisted of the following:
Years Ended December 31,
2013 2012 2011
U.S. $ 288,660 $ 387,987 $ 384,602
International 114,517 146,325 106,884
Total $ 403,177 $ 534,312 $ 491,486
The provision for income taxes from continuing operations consisted of the following:
Years Ended December 31,
2013 2012 2011
U.S. Federal:
Current $ 78,315 $ 151,984 $ (93,791)
Deferred (19,754) 16,136 135,305
58,561 168,120 41,514
U.S. State and Local:
Current 5,359 (2,604) 27,385
Deferred (8,026) (26,273) (15,546)
(2,667) (28,877) 11,839
International:
Current 33,165 63,871 67,566
Deferred (5,990) (82,862) (85,401)
27,175 (18,991) (17,835)
Total current 116,839 213,251 1,160
Total deferred (33,770) (92,999) 34,358
Total provision for income taxes $ 83,069 $ 120,252 $ 35,518
Effective tax rate 20.6% 22.5% 7.2%
The effective tax rate for 2013 includes tax benefits of $13 million from an affiliate reorganization, $17 million from tax planning
initiatives, $5 million from the adjustment of non-U.S. tax accounts from prior periods and $4 million from the retroactive effect of 2013
U.S. tax legislation.
The effective tax rate for 2012 includes tax benefits of $32 million from the sale of non-U.S. leveraged lease assets and $47 million from
the resolution of U.S. tax examinations and tax accruals of $43 million for the repatriation of additional non-U.S. earnings that arose as
a result of one-time events including the sale of leveraged lease assets and Canadian tax law changes.
The effective tax rate for 2011 includes tax benefits of $90 million from the IRS tax settlements and $34 million from the sale of non-
U.S. leveraged lease assets.