ADP 2014 Annual Report Download - page 68

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The provision (benefit) for income taxes consists of the following components:
Y ears ended June 30,
2015
2014
2013
Current:
Federal
$ 576.3
$ 552.1
$ 425.8
Foreign
93.1
71.3
80.8
State
40.1
51.1
47.6
Total current
709.5
674.5
554.2
Deferred:
Federal
(1.3)
(32.7)
38.7
Foreign
(17.0)
(10.3)
(10.7)
State
3.0
5.1
5.7
Total deferred
(15.3)
(37.9)
33.7
Total provision for income taxes
$ 694.2
$ 636.6
$ 587.9
A reconciliation between the Company's effective tax rate and the U.S. federal statutory rate is as follows:
Y ears ended June 30,
2015
%
2014
%
2013
%
Provision for taxes at U.S. statutory rate
$ 724.8
35.0
$ 657.7
35.0
$ 598.4
35.0
Increase (decrease) in provision from:
State taxes, net of federal tax benefit
34.8
1.7
33.4
1.8
25.9
1.5
U.S. tax on foreign income
155.3
7.5
26.6
1.4
85.2
5.0
Utilization of foreign tax credits
(177.1)
(8.6)
(26.2)
(1.4)
(95.1)
(5.5)
Section 199 - Qualified production activities
(28.9)
(1.4)
(23.0)
(1.2)
(22.3)
(1.3)
Other (A)
(14.7)
(0.7)
(31.9)
(1.7)
(4.2)
(0.3)
$ 694.2
33.5
$ 636.6
33.9
$ 587.9
34.4
(A) Fiscal 2013 includes $16.0 million for the tax impact of the non tax-deductible goodwill impairment related to ADP AdvancedMD which increased our fiscal
2013 effective tax rate 0.8 percentage points .
64