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WDC » Topics » Income Tax (Benefit) Provision

This excerpt taken from the WDC 10-K filed Nov 20, 2006.
Income Tax (Benefit) Provision
 
The components of the (benefit) provision for income taxes were as follows for the three years ended June 30, 2006 (in millions):
 
                         
    2006     2005     2004  
          (as adjusted)     (as adjusted)  
 
Current:
                       
Foreign
  $ 5.8     $ 2.6     $ 1.8  
Domestic-federal
    3.0       0.8       2.0  
Domestic-state
    0.6       0.7       0.2  
Deferred
    (22.3 )     —       —  
                         
Income tax (benefit) provision
  $ (12.9 )   $ 4.1     $ 4.0  
                         
 
Remaining net undistributed earnings from foreign subsidiaries at June 30, 2006 on which no U.S. tax has been provided amounted to approximately $834.7 million. The net undistributed earnings are intended to finance local operating requirements. Accordingly, an additional U.S. tax provision has not been made on these earnings.
 

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