Avid 2014 Annual Report Download - page 86
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80
N. INCOME TAXES
Income from continuing operations before income taxes and the components of the income tax provision consisted of the following
for the years ended December 31, 2014, 2013 and 2012 (in thousands):
Year Ended December 31,
2014 2013 2012
Income (loss) from continuing operations before income taxes:
United States $ (6,864) $ (16,414) $ 19,198
Foreign 23,780 40,506 31,938
Total income from continuing operations before income taxes $ 16,916 $ 24,092 $ 51,136
Provision for (benefit from) income taxes:
Current tax expense (benefit):
Federal $ 14 $ (104) $ (750)
State 83 114 102
Foreign benefit of net operating losses (180)(170) (154)
Other foreign 2,217 2,369 5,251
Total current tax expense 2,134 2,209 4,449
Deferred tax expense (benefit):
Other foreign 54 730 (400)
Total deferred tax expense (benefit) 54 730 (400)
Total provision for income taxes $ 2,188 $ 2,939 $ 4,049
The cumulative amount of undistributed earnings of foreign subsidiaries, which is intended to be indefinitely reinvested and for which
U.S. income taxes have not been provided, totaled approximately $35.5 million at December 31, 2014. The Company does not have
any plans to repatriate these earnings because the underlying cash will be used to fund the ongoing operations of the foreign
subsidiaries. The additional taxes that might be payable upon repatriation of foreign earnings are not significant. The cash maintained
in foreign locations totaled approximately $14 million at December 31, 2014.