HP 2009 Annual Report Download - page 134
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HEWLETT-PACKARD COMPANY AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Continued)
Note 14: Taxes on Earnings (Continued)
The provision for (benefit from) taxes on earnings was as follows for the following fiscal years
ended October 31:
2009 2008 2007(1)
In millions
U.S. federal taxes:
Current ................................................. $ 47 $ 405 $ 639
Deferred ................................................ 956 686 229
Non-U.S. taxes:
Current ................................................. 1,156 922 1,281
Deferred ................................................ (356) (85) (125)
State taxes:
Current ................................................. 173 44 67
Deferred ................................................ (221) 172 (178)
$1,755 $2,144 $1,913
(1) HP has revised the presentation for the fiscal years ended October 31, 2007 regarding the tax
benefit of stock option plans for comparability purposes. The largest impacts of the revision was an
increase in the current U.S. federal tax provision of $428 million and a decrease in the deferred
U.S. federal tax provision of $428 million. This change does not affect previously reported results
of operations or financial position for any periods presented, or previously reported totals for the
provision for (benefit from) taxes on earnings.
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