Fluor 2014 Annual Report Download - page 111

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FLUOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
4. Income Taxes
The income tax expense (benefit) included in the Consolidated Statement of Earnings from
continuing operations is as follows:
Year Ended December 31,
(in thousands) 2014 2013 2012
Current:
Federal $126,490 $200,608 $(133,312)
Foreign 151,240 168,894 226,110
State and local 13,001 14,779 (7,804)
Total current 290,731 384,281 84,994
Deferred:
Federal 74,037 (29,873) 87,723
Foreign (10,353) 2,054 (16,645)
State and local (1,600) (1,889) 6,366
Total deferred 62,084 (29,708) 77,444
Total income tax expense $352,815 $354,573 $ 162,438
A reconciliation of U.S. statutory federal income tax expense to income tax expense is as follows:
Year Ended December 31,
(in thousands) 2014 2013 2012
U.S. statutory federal tax expense $421,718 $412,159 $256,727
Increase (decrease) in taxes resulting from:
State and local income taxes 7,670 7,802 1,727
Other permanent items, net (9,378) (17,517) (4,849)
Noncontrolling interests (47,822) (54,359) (39,600)
Foreign losses, net 27,660 (18,568) (84,366)
Valuation allowance, net (36,523) 15,305 85,541
Statute expirations and tax authority settlements (19,331) — (13,152)
Other changes to unrecognized tax positions 5,574 9,261 (29,740)
Other, net 3,247 490 (9,850)
Total income tax expense $352,815 $354,573 $162,438
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