Equifax 2009 Annual Report Download - page 61

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The provision for income taxes from continuing operations consisted The provision for income taxes was reconciled with the U.S. federal
of the following: statutory rate, as follows:
Twelve Months Ended Twelve Months Ended
December 31, December 31,
(In millions) 2009 2008 2007 (In millions) 2009 2008 2007
Current: Federal statutory rate 35.0% 35.0% 35.0%
Federal $ 56.2 $ 67.0 $ 91.3 Provision computed at federal
statutory rate $ 124.8 $ 144.2 $ 150.7
State 6.4 9.2 8.1
State and local taxes, net of
Foreign 38.8 49.2 48.1 federal tax benefit 5.4 6.8 3.6
101.4 125.4 147.5 Foreign(2) (3.2) 1.3 3.9
Deferred: Valuation allowance(2) (8.3) (8.7) (2.6)
Federal 13.6 4.7 4.3 Tax reserves(1)(2) 1.0 (12.2) 1.7
State 1.1 1.6 (0.6) Other(3) (3.6) 1.7 (5.4)
Foreign —1.4 0.7 Provision for income taxes $ 116.1 $ 133.1 $ 151.9
14.7 7.7 4.4 Effective income tax rate 32.6% 32.3% 35.3%
Provision for income taxes $ 116.1 $ 133.1 $ 151.9 (1) During the third quarter of 2008, the applicable statute of limitations
related to uncertain tax positions expired, resulting in the reversal of the
related income tax reserve. The reversal of this reserve resulted in an
Domestic and foreign income before income taxes was as follows: income tax benefit of $14.6 million. These are reflected in tax reserves
on the effective tax reconciliation and reduced our 2008 effective tax
Twelve Months Ended rates by 3.5%.
(2) During the fourth quarter of 2009, we recognized a $7.3 million income
December 31,
tax benefit related to our ability to utilize foreign tax credits beyond
(In millions) 2009 2008 2007 2009. This reduced our 2009 effective tax rate by 2.1%.
(3) Includes the benefit related to an investment loss in a subsidiary recog-
U.S. $ 192.1 $ 211.9 $ 261.4 nized during the third quarter of 2009.
Foreign 164.5 200.2 169.3
$ 356.6 $ 412.1 $ 430.7
EQUIFAX 2009 ANNUAL REPORT 59
11943 Equifax_Financials.indd 59 3/4/10 4:21 PM