Lexmark 2015 Annual Report Download - page 104

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100
The components of Interest expense (income), net in the Consolidated Statements of Earnings are as follows:
2015
2014
2013
Interest (income)
$
(7.1)
$
(10.9)
$
(11.0)
Interest expense
46.5
42.5
44.0
Total
$
39.4
$
31.6
$
33.0
The Company had no capitalized interest costs in 2015, 2014 and 2013.
14. INCOME TAXES
As stated in Note 1, in conjunction with the remediation efforts to resolve the material weakness disclosed in the Company’s 2014
Form 10-K, the Company identified errors related to the income tax provision and related to current tax, deferred tax and
unrecognized tax benefits accounts that impacted the Company’s previously issued interim and annual consolidated financial
statements. Specifically, identified errors related to deferred taxes associated with outside basis differences and other temporary
differences of certain foreign subsidiaries and U.S. deferred taxes related to deferred revenue and other temporary differences.
Additional errors related to the recognition and measurement of U.S. and foreign unrecognized tax benefits and correlative offsets in
current taxes. The impact of this revision for periods presented are reflected in the disclosure that follows.
Provision for Income Taxes
The Provision for income taxes consisted of the following:
2015
2014
2013
Current:
Federal
$
0.4
$
22.2
$
28.8
Non-US
26.2
16.3
27.0
State and local
(1.8)
6.4
10.7
Total current
24.8
44.9
66.5
Deferred:
Federal
(33.1)
(1.9)
30.4
Non-US
(14.1)
(11.4)
14.1
State and local
(4.9)
1.9
(1.7)
Total deferred
(52.1)
(11.4)
42.8
Provision for income taxes
$
(27.3)
$
33.5
$
109.3
Earnings before income taxes were as follows:
2015
2014
2013
U.S.
$
(65.0)
$
77.8
$
210.4
Non-U.S.
(2.7)
35.6
158.0
Earnings before income taxes
$
(67.7)
$
113.4
$
368.4
The Company realized an income tax benefit from the exercise of certain stock options and/or vesting of certain RSUs and DSUs in
2015, 2014, and 2013 of $16.7 million, $13.5 million and $7.0 million, respectively. This benefit resulted in a decrease in current
income taxes payable.