ADP 2011 Annual Report Download - page 64

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In addition to the investments in the above table, the pension funds also held cash and cash equivalents of $20.4 million as of June
30, 2010.
Contributions
During fiscal 2011, the Company contributed $158.1 million to the pension plans. In July 2011 the Company contributed $75.0 million
to the pension plans and expects to contribute an additional $8.6 million to the pension plans during its fiscal year ended June 30,
2012 (
“
fiscal 2012
”
).
Estimated Future Benefit Payments
The benefits expected to be paid in each year from fiscal 2012 to 2016 are $49.8 million, $55.3 million, $61.1 million, $69.0 million and
$76.9 million, respectively. The aggregate benefits expected to be paid in the five fiscal years from 2017 to 2021 are $543.9 million. The
expected benefits to be paid are based on the same assumptions used to measure the Company
’
s pension plans
’
benefit obligations
at June 30, 2011 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 $57.5 million,
$55.8 million, and $52.1 million for the calendar years ended December 31, 2011, 2010, and 2009, 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:
64
Years ended June 30,
2011
2010
2009
Earnings (loss) from continuing operations before income taxes:
United States
$
1,675.1
$
1,638.0
$
1,908.6
Foreign
257.6
225.2
(8.5
)
$
1,932.7
$
1,863.2
$
1,900.1
Years ended June 30,
2011
2010
2009
Current:
Federal
$
449.3
$
401.3
$
708.9
Foreign
96.9
104.4
(121.2
)
State
24.7
54.1
35.2
Total current
570.9
559.8
622.9
Deferred:
Federal
95.7
106.8
(63.3
)
Foreign
(1.8
)
(15.1
)
26.2
State
13.7
4.4
(10.8
)
Total deferred
107.6
96.1
(47.9
)
Total provision for income taxes
$
678.5
$
655.9
$
575.0
`