U-Haul 2009 Annual Report Download - page 82

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AMERCO AND CONSOLIDATED ENTITIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS -- (CONTINUED)
Note 14: Provision for Taxes
Earnings (losses) before taxes and the provision for taxes consisted of the following:
2009 2008 2007
Pretax earnings (losses):
U.S. $ 18,254 $ 100,151 $ 149,169
Non-U.S. 4,324 2,151 (3,346)
Total pretax earnings $ 22,578 $ 102,302 $ 145,823
Current provision (benefit)
Federal $ 5,202 $ 15,441 $ 47,758
State 1,436 415 2,251
Non-U.S. (31) 873 338
6,607 16,729 50,347
Deferred provision (benefit)
Federal 149 15,286 900
State 1,387 1,713 5,128
Non-U.S. 1,025 790 (1,105)
2,561 17,789 4,923
Provision for income tax expense $ 9,168 $ 34,518 $ 55,270
Income taxes paid (net of income tax refunds received) $ 2.0 $ 10.1 $ 74.8
Years Ended March 31,
(In thousands)
The difference between the tax provision at the statutory federal income tax rate and the tax provision attributable to
income before taxes was as follows:
2009 2008 2007
Statutory federal income tax rate 35.00 % 35.00 % 35.00 %
Increase (reduction) in rate resulting from:
State taxes, net of federal benefit 8.17 % 1.36% 3.31 %
Foreign rate differential (2.30)% 0.89 % 0.27 %
Federal tax credits (2.10)% (0.43)% (0.37)%
Interest on deferred tax 2.86 % 0.88 % 0.69 %
Dividend received deduction - % - % (0.03)%
Other (1.02)% (3.96)% (0.97)%
Actual tax expense of operations 40.61 % 33.74 % 37.90 %
Years Ended March 31,
(In percentages)
F-27