First Data 2009 Annual Report Download - page 137

FIRST DATA CORPORATION
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)
The Company’s income tax provisions (benefits) consisted of the following components:
Successor Predecessor
Year ended
December 31,
Period from
September 25, 2007
through
December 31,
2007
Period from
January 1, 2007
through
September 24,
2007(in millions) 2009 2008
Current
Federal .................................... $ 39.8 $ 31.4 $ (29.7) $ 63.3
State and local .............................. 13.1 29.2 7.5 39.7
Foreign .................................... 67.7 103.5 13.7 48.5
120.6 164.1 (8.5) 151.5
Deferred
Federal .................................... (619.4) (699.1) (153.2) (8.3)
State and local .............................. (51.9) (75.8) (13.3) (3.4)
Foreign .................................... (28.1) (88.4) (1.1) (14.0)
(699.4) (863.3) (167.6) (25.7)
$(578.8) $(699.2) $(176.1) $125.8
Income tax payments, net of refunds received, of $79 million in 2009 were less than current expense
primarily as a result of the increased liability for unrecognized tax benefits. 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 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.
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