Interpreting the Income Tax Expense Footnote

The income tax footnote to the financial statements of FedEx Corporation follows.

The components of the provision for income taxes for the years ended May 31 were as follows:

($ millions) 2007 2006 2005 Current provision Domestic Federal $ 829 $ 719 $ 634 State and local 72 79 65 Foreign 174 132 103 1,075 930 802 Deferred provisions (benefit) Domestic Federal 90 151 67 State and local 27 13 (4) Foreign 7 (1) (1) 124 163 62 Provision for income taxes $ 1,199 $ 1,093 $ 864