ManpowerGroup 2014 Annual Report Download - page 72

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70
Notes to Consolidated Financial Statements
Note 05. Income Taxes
The provision for income taxes was as follows:
Year Ended December 31 2014 2013 2012
Current
United States
Federal $ 44.8 $ (0.8) $ 17.5
State 7.0 3.4 9.6
Non-United States 148.2 167.9 155.3
Total current 200.0 170.5 182.4
Deferred
United States
Federal 53.2 21.0 (20.4)
State (1.9) 0.9 0.5
Non-United States 2.7 (4.9) 8.3
Total deferred 54.0 17.0 (11.6)
Total provision $ 254.0 $ 187.5 $ 170.8
A reconciliation between taxes computed at the United States Federal statutory rate of 35% and the consolidated effective
tax rate is as follows:
Year Ended December 31 2014 2013 2012
Income tax based on statutory rate $ 238.6 $ 166.4 $ 128.9
Increase (decrease) resulting from:
Non-United States tax rate difference 20.1 27.7 40.8
Repatriation of non-United States earnings (10.1) (20.5) (16.9)
State income taxes, net of Federal benefit 2.9 3.2 6.7
Change in valuation reserve 5.0 (0.5) 4.7
Other, net (2.5) 11.2 6.6
Tax provision $ 254.0 $ 187.5 $ 170.8
Included in non-United States tax rate difference are benefits of $2.8 and $5.9 for 2014 and 2013, respectively, related to
the French CICE payroll tax credit because the CICE credit is tax-free for French tax purposes. The tax benefits related to
the CICE credit in excess of these amounts are offset by related increases in United States tax expense. For United States
tax purposes, certain French earnings impacted by the CICE credit are treated as a deemed dividend in the current year or
future years, resulting in an increase in United States tax expense.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
in millions, except share and per share data