MetLife 2013 Annual Report Download - page 207

MetLife, Inc.
Notes to the Consolidated Financial Statements — (Continued)
19. Income Tax
The provision for income tax from continuing operations was as follows:
Years Ended December 31,
2013 2012 2011
(In millions)
Current:
Federal ......................................................................................... $ 85 $ (29) $ (200)
State and local ................................................................................... 2 6 (1)
Foreign ......................................................................................... 422 846 614
Subtotal ....................................................................................... 509 823 413
Deferred:
Federal ......................................................................................... (250) (244) 2,241
State and local ................................................................................... (11) (1) (3)
Foreign ......................................................................................... 413 (450) 142
Subtotal ....................................................................................... 152 (695) 2,380
Provision for income tax expense (benefit) ........................................................... $661 $128 $2,793
The Company’s income (loss) from continuing operations before income tax expense (benefit) from domestic and foreign operations were as follows:
Years Ended December 31,
2013 2012 2011
(In millions)
Income (loss) from continuing operations:
Domestic ..................................................................................... $1,186 $(1,496) $6,869
Foreign ....................................................................................... 2,866 2,938 2,315
Total ....................................................................................... $4,052 $ 1,442 $9,184
The reconciliation of the income tax provision at the U.S. statutory rate to the provision for income tax as reported for continuing operations was as
follows:
Years Ended December 31,
2013 2012 2011
(In millions)
Tax provision at U.S. statutory rate ..................................................................... $1,418 $ 505 $3,215
Tax effect of:
Dividend received deduction ........................................................................ (166) (162) (160)
Tax-exempt income .............................................................................. (96) (94) (86)
Prior year tax .................................................................................... 75 23 (4)
Low income housing tax credits ..................................................................... (194) (150) (102)
Other tax credits ................................................................................. (54) (28) (36)
Foreign tax rate differential (1) ....................................................................... (340) (45) (41)
Change in valuation allowance ...................................................................... 30 15 16
Goodwill impairment .............................................................................. — 408 —
Deferred tax effects of branch conversions ............................................................. 4 (324) —
Other, net ...................................................................................... (16) (20) (9)
Provision for income tax expense (benefit) ........................................................... $ 661 $128 $2,793
(1) For the year ended December 31, 2013, foreign tax rate differential includes one-time tax benefits of $119 million related to the receipt of a Japan
tax refund, $69 million related to the estimated reversal of Japan temporary differences, and $65 million related to the change in repatriation
assumptions for foreign earnings of certain European operations.
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