E-Z-GO 2009 Annual Report Download - page 89

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Notes to the Consolidated Financial Statements
80
payments provided below reflect expected future employee service, as appropriate, and are expected to be paid, net of estimated participant
contributions. Benefit payments do not include the Medicare Part D subsidy we expect to receive. Benefit payments are based on the same
assumptions used to measure our benefit obligation at the end of fiscal 2009. While pension benefit payments primarily will be paid out of
qualified pension trusts, we will pay postretirement benefits other than pensions out of our general corporate assets as follows:
Post-
retirement Expected
Benefits Medicare
Pension Other than Part D
(In millions) Benefits Pensions Subsidy
2010 $ 337 $ 69 $ (4)
2011 342 69 (4)
2012 347 68 (4)
2013 354 67 (4)
2014 359 66 (4)
2015 – 2019 1,919 289 (15)
Note 15. Income Taxes
We conduct business globally and, as a result, file numerous consolidated and separate income tax returns in the U.S. federal, various state and
non-U.S. jurisdictions. For all of our U.S. subsidiaries, we file a consolidated federal income tax return. Income (loss) from continuing operations
before income taxes is as follows:
(In millions) 2009 2008 2007
U.S. $ (229) $ 598 $ 1,090
Non-U.S. 80 31 144
Total $ (149) $ 629 $ 1,234
Income tax expense (benefit) for continuing operations is summarized as follows:
(In millions) 2009 2008 2007
Current:
Federal $ 160 $ 317 $ 328
State 17 16 20
Non-U.S. (8) 14 51
169 347 399
Deferred:
Federal (238) (61) 7
State (22) 5 (24)
Non-U.S. 15 14 (14)
(245) (42) (31)
Income tax expense (benefit) $ (76) $ 305 $ 368
The current federal and state provisions for 2009 include $85 million of tax related to the sale of certain leverage leases in the Finance segment for
which we had previously recorded significant deferred tax liabilities. The tax is expected to be paid over a period of years in accordance with a
prior settlement with the Internal Revenue Service.