INTL FCStone 2014 Annual Report Download - page 112

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INTL FCSTONE INC. Form 10K96
PART II
ITEM 8 Financial Statements and Supplementary Data
e components of the provision for income taxes attributable to income from continuing operations were as follows:
(in millions)
Year Ended September 30,
2014 2013 2012
Current taxes:
U.S. Federal $ 0.5 $ (1.7) $ (4.7)
U.S. State and local — (1.4) 0.6
International 11.6 13.4 10.1
Total current taxes 12.1 10.3 6.0
Deferred taxes (5.7) (7.7) (0.5)
Income tax expense $ 6.4 $ 2.6 $ 5.5
U.S. and international components of (loss) income from continuing operations, before income taxes, was as follows:
(in millions)
Year Ended September 30,
2014 2013 2012
U.S. $ (13.0) $ (23.3) $ (10.9)
International 39.0 44.5 33.4
Income from continuing operations, before tax $ 26.0 $ 21.2 $ 22.5
Items accounting for the difference between income taxes computed at the federal statutory rate and the provision for income taxes
were as follows:
Year Ended September 30,
2014 2013 2012
Federal statutory rate effect of: 35.0% 35.0% 35.0%
U.S. State and local income taxes —% 0.7% (0.7)%
Foreign earnings taxed at lower rates (14.7)% (21.6)% (14.5)%
Change in foreign valuation allowance 1.9% (0.2)% 1.1%
Change in state valuation allowance (0.2)% (8.1)% (0.1)%
Tax impact of U.S. State and local rate change % 2.6% %
Uncertain tax positions 0.5% 0.3% 1.1%
Non-deductible meals and entertainment 1.3% 1.3% 2.0%
Foreign permanent items 7.0% 4.6% 4.2%
Other reconciling items (5.3)% 3.5% (3.0)%
Penalties 0.6% 2.6% —%
Audit settlements (0.4)% (1.8)% —%
Effective rate 24.7% 13.1% 22.9%