Fluor 2004 Annual Report Download - page 83
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2002
FLUOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
A reconciliation of U.S. statutory federal income tax expense to income tax expense on earnings from continuing
operations is as follows:
Year Ended December 31
2004 2003
(in thousands)
U.S. statutory federal tax expense $ 98,405 $ 93,793 $ 91,183
Increase (decrease) in taxes resulting from:
Valuation allowance
State and local income taxes
Items without tax effect, net
Tax return adjustments and settlements
Foreign Sales Corporation tax benefit
Disposition of assets
Utilization of tax credits
Utilization of foreign loss carryforwards/carrybacks
Utilization of domestic loss carryforwards/carrybacks
Other, net
–
1,416
3,910
(3,315)
(3,252)
(1,288)
–
(1,091)
(730)
408
19,471
4,163
1,440
(22,279)
(3,390)
–
(2,855)
(939)
(730)
(148)
–
4,214
10,066
(6,671)
(4,587)
–
–
(2,218)
–
(1,439)
Total income tax expense – continuing operations $ 94,463 $ 88,526 $ 90,548
F-16