Memorex 2013 Annual Report Download - page 85
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
Note 10 — Income Taxes
The components of loss from continuing operations before income taxes were as follows:
Years Ended December 31,
2013 2012 2011
(In millions)
U.S. .......................................................... $(25.2) $(266.1) $(57.1)
International .................................................... 2.2 (57.3) 26.9
Total ....................................................... $(23.0) $(323.4) $(30.2)
The components of the income tax provision from continuing operations were as follows:
Years Ended December 31,
2013 2012 2011
(In millions)
Current
Federal .................................................... $(0.7) $(11.5) $ 2.2
State ...................................................... — — —
International ................................................. 5.9 6.3 6.0
Deferred
Federal .................................................... — 8.8 —
State ...................................................... — — —
International ................................................. (3.8) (2.2) (3.2)
Total ......................................................... $1.4 $ 1.4 $5.0
The income tax provision from continuing operations differs from the amount computed by applying the statutory United
States income tax rate (35 percent) because of the following items:
Years Ended December 31,
2013 2012 2011
(In millions)
Tax at statutory U.S. tax rate ......................................... $(8.1) $(113.2) $(10.6)
State income taxes, net of federal benefit ............................. (0.2) (6.3) (1.9)
Net effect of international operations ................................. 3.1 25.0 (0.8)
Settlement of UK pension plan ..................................... (2.3) — —
Valuation allowances ............................................ (3.2) 89.2 11.6
U.S. tax on foreign earnings ....................................... 6.2 3.9 4.8
Stock-based compensation ........................................ 3.1 2.4 1.6
Uncertain tax positions ........................................... 2.2 0.3 0.2
Other ........................................................ 0.6 0.1 0.1
Income tax provision ............................................... $1.4 $ 1.4 $ 5.0
Our 2013 tax provision of $1.4 million primarily represents tax expense related to operations outside the United States
and unrecognized tax benefits recorded during the year offset by the tax benefit related to the settlement of our UK pension
plan during the year.
Our 2012 tax provision of $1.4 million primarily represents tax expense related to operations outside the United States,
offset by tax benefit from settlements with taxing authorities concluded during 2012 and activity in other comprehensive
income during 2012.
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