ODYSSEY RE HOLDINGS CORP. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, Continued 12. COMMITMENTS AND CONTINGENCIES The amounts above are reduced by an aggregate minimum rental r ecovery of $3.2 million resulting from the sublease of space to other companies. The Company and its subsidiaries lease office space and furnitur e and equipment under long-term leases expiring through the year 2022. Minimum annual rentals follow (in thousands): The Company paid federal and foreign income taxes of $116.6 million and $142.2 million for the years ended December 31, 2004 and 2003, respectively. The Company recovered $4.3 million for the year ended December 31, 2002. The Company has a current tax recoverable of $4.5 million as of December 31, 2004 and a curr ent tax payable of $0.7 million as of December 31, 2003. The following table reconciles federal and foreign income taxes at the statutory federal income tax rate to the Company’s tax provision (benefit) (in thousands): 2005 8,338 2006 8,025 2007 7,390 2008 6,671 2009 6,392 2010 and thereafter 59,866 Total $96,682 2004 2003 2002 % of % of % of Pre-tax Pre-tax Pre-tax Amount Income Amount Income Amount Income Income before income taxes and cumulative effect of a change  in accounting principle $278,750 $378,294 $258,066 Income taxes computed  on pre-tax income $ 97,562 35.0% $132,403 35.0% $ 90,323 35.0% (Decrease) increase in income  taxes resulting from: Dividend received deduction and  tax-exempt income (4,875) (1.7) (3,790) (1.0) (1,923) (0.8) Other, net (836) (0.3) 456 0.1 (1,649) (0.6) Total federal and foreign  income tax provision $ 91,851 33.0% $129,069 34.1% $ 86,751 33.6% 75