ADP 2009 Annual Report Download - page 60

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Contributions
On July 10, 2009, the Company contributed $100.0 million to the pension plans. In addition to the July 10, 2009 contribution, the Company
expects to contribute approximately $10 million to the pension plans during fiscal 2010.
Estimated Future Benefit Payments
The benefits expected to be paid in each year from fiscal 2010 to 2014 are $48.3 million, $49.3 million, $53.7 million, $61.6 million and $68.2
million, respectively. The aggregate benefits expected to be paid in the five fiscal years from 2015 to 2019 are $479.0 million. The expected
benefits to be paid are based on the same assumptions used to measure the Company’ s pension plans’ benefit obligation at June 30, 2009 and
includes estimated future employee service.
C. Retirement and Savings Plan. The Company has a 401(k) retirement and savings plan, which allows eligible employees to contribute up to
35% of their compensation annually and allows highly compensated employees to contribute up to 10% of their compensation annually. The
Company matches a portion of employee contributions, which amounted to approximately $52.1 million, $49.0 million, and $47.5 million for
calendar years ended December 31, 2008, 2007 and 2006, respectively.
NOTE 15. INCOME TAXES
Earnings (loss) from continuing operations before income taxes shown below are based on the geographic location to which such earnings are
attributable.
The provision (benefit) for income taxes consists of the following components:
60
Years ended June 30, 2009 2008 2007
Earnings (loss) from continuing operations before income taxes:
United States $ 1,908.6 $ 1,618.6 $ 1,457.4
Foreign (3.9)193.4 166.1
$1,904.7 $1,812.0 $1,623.5
Years ended June 30, 2009 2008 2007
Current:
Federal $ 708.9 $ 632.3 $ 482.0
Foreign (119.7) 79.2 70.3
State 35.2 31.5 34.9
Total current 624.4 743.0 587.2
Deferred:
Federal (63.3) (75.7) 18.4
Foreign 26.2 (10.8)(7.9)
State (10.8) (6.2) 4.6
Total deferred (47.9)(92.7)15.1
Total provision for income taxes $576.5 $650.3 $602.3