Hertz 2013 Annual Report Download - page 122
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Table of Contents
The components of income before income taxes for the periods were as follows (in millions of dollars):
Domestic
$627.2
$402.2
$223.5
Foreign
112.0
91.4
131.7
Total
$739.2
$493.6
$355.2
The total provision for taxes on income consists of the following (in millions of dollars):
Current:
Federal
$(4.7)
$19.6
$10.3
Foreign
56.3
32.2
29.4
State and local
23.3
39.1
28.5
Total current
74.9
90.9
68.2
Deferred:
Federal
239.3
139.0
78.1
Foreign
13.6
11.0
(3.7)
State and local
17.4
(18.5)
(5.4)
Total deferred
270.3
131.5
69.0
Total provision
$345.2
$222.4
$137.2
The principal items of the U.S. and foreign net deferred tax assets and liabilities at December 31, 2013 and 2012 are as follows (in millions of
dollars):
Deferred Tax Assets:
Employee benefit plans
$83.9
$103.6
Net operating loss carryforwards
1,835.3
1,669.5
Federal, state and foreign local tax credit carryforwards
48.0
47.1
Accrued and prepaid expenses
381.4
342.3
Total Deferred Tax Assets
2,348.6
2,162.5
Less: Valuation Allowance
(279.4)
(226.4)
Total Net Deferred Tax Assets
2,069.2
1,936.1
Deferred Tax Liabilities:
Depreciation on tangible assets
(3,552.6)
(3,090.7)
Intangible assets
(1,436.1)
(1,477.2)
Total Deferred Tax Liabilities
(4,988.7)
(4,567.9)
Net Deferred Tax Liability
$(2,919.5)
$(2,631.8)
As of December 31, 2013, deferred tax assets of $1,459.6 million were recorded for unutilized U.S. Federal Net Operating Losses, or “NOL,”
carry forwards of $4,170.2 million. The total Federal NOL carry forwards are $4,270.9 million of which $100.7 million relate to excess tax
deductions associated with stock option plans which have yet to reduce taxes payable. Upon the utilization of these carry forwards, the
associated tax benefits of approximately $35.2
118
Source: HERTZ CORP, 10-K, March 31, 2014 Powered by Morningstar® Document Research℠
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