Capital One 2013 Annual Report Download - page 245

CAPITAL ONE FINANCIAL CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
Expected future benefit payments
The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid:
Table 16.7 Expected Future Benefits Payments
(Dollars in millions)
Pension
Benefits
Postretirement
Benefits
2014 ................................................................... $12 $ 2
2015 ................................................................... 12 4
2016 ................................................................... 12 4
2017 ................................................................... 11 4
2018 ................................................................... 11 4
2019 - 2023 ............................................................. 56 17
In 2014, $1 million in contributions are expected to be made to the pension plans and $2 million in contributions
are expected to be made to other postretirement benefits plans.
NOTE 17—INCOME TAXES
We account for income taxes in accordance with the accounting guidance prescribed by the FASB, recognizing
the current and deferred tax consequences of all transactions that have been recognized in the consolidated
financial statements using the provisions of enacted tax laws. Deferred tax assets and liabilities are determined
based on differences between the financial reporting and tax basis of assets and liabilities and are measured using
the enacted tax rates and laws that will be in effect when the differences are expected to reverse. Valuation
allowances are recorded to reduce deferred tax assets to an amount that is more likely than not to be realized.
Table 17.1: Significant Components of the Provision for Income Taxes Attributable to Continuing
Operations
Year Ended December 31,
(Dollars in millions) 2013 2012 2011
Current income tax provision:
Federal taxes .......................................................... $1,360 $1,401 $ 721
State taxes ............................................................ 194 154 89
International taxes ..................................................... 115 44 33
Total current provision (benefit) .......................................... $1,669 $1,599 $ 843
Deferred income tax provision:
Federal taxes .......................................................... $ 305 $ (232) $ 594
State taxes ............................................................ 47 (84) (88)
International taxes ..................................................... 418 (15)
Total deferred provision (benefit) ......................................... $ 356 $ (298) $ 491
Total income tax provision ............................................... $2,025 $1,301 $1,334
The international income tax provision is related to pre-tax earnings from foreign operations of approximately
$459 million in 2013, $296 million in 2012, and $28 million in 2011.
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