NetSpend 2013 Annual Report Download - page 56

Download and view the complete annual report

Please find page 56 of the 2013 NetSpend annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 84

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84

The future minimum lease payments under capital
leases as of December 31, 2013 are summarized as
follows:
(in thousands)
2014 ................................ $23,424
2015 ................................ 3,607
2016 ................................ 2,397
2017 ................................ 1,461
2018 ................................ 247
Total minimum lease payments .......... 31,136
Less amount representing interest ....... 604
Principal minimum lease payments ....... $30,532
NOTE 13 Other Current Liabilities
Significant components of other current liabilities as
of December 31 are summarized as follows:
(in thousands) 2013 2012
Deferred revenues .......... $ 36,850 29,101
Dissenting shareholder
liability* ................. 25,723 —
Accrued expenses .......... 24,236 30,963
Dividends payable .......... 19,508 729
Accrued income taxes ....... 6,410 10,936
Pass through expenses ...... 8,379 8,532
Commissions .............. 6,546 —
Other ..................... 37,036 20,021
Total ................... $164,688 100,282
* Refer to Note 23 on acquisitions for additional
information.
NOTE 14 Income Taxes
The provision for income taxes includes income taxes
currently payable and those deferred because of
temporary differences between the financial
statement carrying amounts and tax bases of assets
and liabilities.
The components of income tax expense included in
the Consolidated Statements of Income were as
follows:
Years Ended December 31,
(in thousands) 2013 2012 2011
Current income tax expense:
Federal ................. $ 69,838 98,153 83,518
State ................... 2,949 2,572 4,666
Foreign ................. 12,637 14,092 12,922
Total current income tax
expense ................ 85,424 114,817 101,106
Deferred income tax expense
(benefit): ................
Federal ................. 27,447 1,395 3,126
State ................... (55) 411 61
Foreign ................. (447) (1,521) (1,696)
Total deferred income tax
expense ................ 26,945 285 1,491
Total income tax expense . . . $112,369 115,102 102,597
Years Ended December 31,
(in thousands) 2013 2012 2011
Components of income
before income tax expense:
Domestic ............... $327,801 320,581 279,416
Foreign ................. 28,118 34,273 37,135
Total income before income
tax expense ............. $355,919 354,854 316,551
54