Amgen 2015 Annual Report Download - page 96
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F-18
Because the performance period for performance units granted in 2013 began in January 2013 and ended in January 2016,
no performance units vested during the year ended December 31, 2015. The total fair values of performance units that vested
during 2014 and 2013 were $587 million and $270 million, respectively, based upon the number of performance units earned
multiplied by the closing stock price of our common stock on the last day of the performance period.
As of December 31, 2015, there was approximately $113 million of unrecognized compensation cost related to the 2015
and 2014 performance unit grants that is expected to be recognized over a weighted-average period of approximately 1.0 years.
5. Income taxes
The provision for income taxes included the following (in millions):
Years ended December 31,
2015 2014 2013
Current provision:
Federal $ 1,129 $ 251 $ 54
State 40 58 26
Foreign 272 194 191
Total current provision 1,441 503 271
Deferred (benefit) provision:
Federal (290)(22)(86)
State (78)(4)19
Foreign (34)(50)(20)
Total deferred benefit (402)(76)(87)
Total provision $ 1,039 $ 427 $ 184
Deferred income taxes reflect the tax effect of temporary differences between the carrying amounts of assets and liabilities
for financial reporting purposes and the amounts used for income tax purposes, tax credit carryforwards and the tax effects of net
operating loss (NOL) carryforwards.
Significant components of our deferred tax assets and liabilities were as follows (in millions):
December 31,
2015 2014
Deferred income tax assets:
NOL and credit carryforwards $ 620 $ 588
Expense accruals 706 730
Expenses capitalized for tax 199 221
Stock-based compensation 179 206
Undistributed earnings of foreign subsidiaries 144 13
Other 161 178
Total deferred income tax assets 2,009 1,936
Valuation allowance (327)(336)
Net deferred income tax assets 1,682 1,600
Deferred income tax liabilities:
Acquired intangibles (3,633)(4,089)
Other (227)(232)
Total deferred income tax liabilities (3,860)(4,321)
Total deferred income taxes, net $(2,178)$ (2,721)