ADP 2013 Annual Report Download - page 71

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In addition to the investments in the above table, the pension plans also held cash and cash equivalents of $57.2 million as of June 30, 2012 ,
which have been classified as Level 2 in the fair value hierarchy.
Contributions
During fiscal 2013 , the Company contributed $135.3 million to the pension plans. In July 2013 , the Company contributed $75.0 million to the
pension plans and expects to contribute an additional $8.7 million to the pension plans during its fiscal year ended June 30, 2014 ("fiscal 2014
").
Estimated Future Benefit Payments
The benefits expected to be paid in each year from fiscal 2014 to 2018 are $54.1 million , $60.5 million , $67.1 million , $77.0 million and $86.0
million , respectively. The aggregate benefits expected to be paid in the five fiscal years from 2019 to 2023 are $568.6 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, 2013 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
50% of their compensation annually and allows highly compensated employees to contribute up to 12% of their compensation annually. The
Company matches a portion of employee contributions, which amounted to approximately $72.0 million , $65.9 million , and $57.5 million for
the calendar years ended December 31, 2012 , 2011 , and 2010 , respectively.
NOTE 11. INCOME TAXES
Earnings 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:
62
Years ended June 30,
2013
2012
2011
Earnings from continuing operations before income taxes:
United States
$
1,757.6
$
1,874.4
$
1,660.4
Foreign
326.7
233.5
257.6
$
2,084.3
$
2,107.9
$
1,918.0
Years ended June 30,
2013
2012
2011
Current:
Federal
$
539.2
$
537.6
$
446.4
Foreign
105.9
87.3
96.9
State
50.5
67.4
24.4
Total current
695.6
692.3
567.7
Deferred:
Federal
35.2
48.4
93.7
Foreign
(15.0
)
(9.3
)
(1.8
)
State
4.4
(3.2
)
13.4
Total deferred
24.6
35.9
105.3
Total provision for income taxes
$
720.2
$
728.2
$
673.0