ADT 2013 Annual Report Download - page 146
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FORM 10-K
6. Income Taxes
Significant components of income before income taxes for fiscal years 2013, 2012 and 2011 are as follows
($ in millions):
2013 2012 2011
United States ........................................... $610 $581 $543
Non-U.S. .............................................. 32 49 61
$642 $630 $604
Significant components of the income tax provision for fiscal years 2013, 2012 and 2011 are as follows ($ in
millions):
2013 2012 2011
Current:
United States:
Federal ........................................ $ 7 $170 $228
State .......................................... 1 36 33
Non-U.S. .......................................... 6 8 20
Current income tax provision .......................... $ 14 $214 $281
Deferred:
United States:
Federal ........................................ $172 $ 21 $ (50)
State .......................................... 33 (6) —
Non-U.S. .......................................... 2 7 (3)
Deferred income tax provision ......................... 207 22 (53)
$221 $236 $228
The decrease in the current income tax provision in fiscal year 2013 is primarily due to the net operating
loss (“NOL”) carryforward generated during the year. See discussion below for additional information on the
Company’s NOL carryforwards.
The reconciliation between the actual effective tax rate on continuing operations and the statutory U.S.
federal income tax rate for fiscal years 2013, 2012 and 2011 is as follows:
2013 2012 2011
Federal statutory tax rate ................................. 35.0% 35.0% 35.0%
Increases (reductions) in taxes due to:
U.S. state income tax provision, net ..................... 3.5% 3.4% 3.5%
Non-U.S. net earnings ............................... (0.5)% (0.6)% (0.7)%
Trademark amortization .............................. (3.6)% — % — %
Nondeductible charges ............................... (1.0)% — % 0.2%
Other ............................................. 1.0% (0.3)% (0.3)%
Provision for income taxes ................................ 34.4% 37.5% 37.7%
Deferred income taxes result from temporary differences between the amount of assets and liabilities
recognized for financial reporting and tax purposes.
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