First Data 2008 Annual Report Download - page 148

FIRST DATA CORPORATION
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)
The Company's income tax provisions (benefits) consisted of the following components:
Successor Predecessor
(in millions)
Year ended
December 31,
2008
Period from
September 25
through
December 31,
2007
Period from
January 1
through
September 24,
2007
Year ended
December 31,
2006
Current
Federal $ 31.4 $ (29.7) $ 63.3 $ 193.1
State and local 29.2 7.5 39.7 39.3
Foreign 103.5 13.7 48.5 32.1
164.1 (8.5) 151.5 264.5
Deferred
Federal (699.1) (153.2) (8.3) (44.9)
State and local (75.8) (13.3) (3.4) (5.1)
Foreign (88.4) (1.1) (14.0) (10.8)
(863.3) (167.6) (25.7) (60.8)
$ (699.2) $ (176.1) $ 125.8 $ 203.7
Income tax payments, net of refunds received, of $69 million in 2008 were less than current expense primarily due to the actual receipt of tax refunds
related to the successor period from September 25, 2007 through December 31, 2007. Income tax refunds received, net of tax payments, of $108 million in the
successor period from September 25, 2007 through December 31, 2007 were more than the current benefit primarily due to the actual receipt of tax refunds
related to the predecessor period from January 1, 2007 through September 24, 2007 and the year ended December 31, 2006. Income tax payments of $56
million in the predecessor period from January 1, 2007 through September 24, 2007 were less than current expense primarily due to increased tax benefits
associated with the exercise of stock options recorded directly to equity resulting in a federal net operating loss carryback for a refund. Income tax payments
of $86 million in 2006 were less than current expense primarily due to increased tax benefits associated with the exercise of stock options recorded directly to
equity for 2006 and 2005 overpayment applied to 2006.
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