OfficeMax 2014 Annual Report Download - page 92
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Table of Contents
The components of income (loss) before income taxes consisted of the following:
(In millions) 2013 2012
United States $(230) $(129)
Foreign 357 54
Total income (loss) before income taxes $ 127 $ (75)
The income tax expense related to income (loss) from operations consisted of the following:
(In millions) 2013 2012
Current:
Federal $ 15 $(14)
State 5 1
Foreign 125 14
Deferred :
Federal (4) (5)
State (1) —
Foreign 7 6
Total income tax expense $147 $ 2
The following is a reconciliation of income taxes at the U.S. Federal statutory rate to the provision for income taxes:
(In millions) 2013 2012
Federal tax computed at the statutory rate $ 44 $(26)
State taxes, net of Federal benefit 3 1
Foreign income taxed at rates other than Federal (28) (15)
Increase (decrease) in valuation allowance 8 (9)
Non-deductible goodwill impairment 15 —
Non-deductible Merger expenses 13 —
Non-deductible foreign interest 8 10
Other non-deductible expenses 4 3
Change in unrecognized tax benefits — 1
Tax expense from intercompany transactions 2 2
Subpart F and dividend income, net of foreign tax credits 75 —
Change in tax rate 2 2
Non-taxable return of purchase price — (22)
Deferred taxes on undistributed foreign earnings 5 68
Tax accounting method change ruling — (16)
Other items, net (4) 3
Income tax expense $147 $ 2
In 2014, the Company recognized income tax expense on a pretax loss due to deferred tax benefits not being recognized on pretax losses in certain tax
jurisdictions with valuation allowances, while income tax expense was recognized in tax jurisdictions with pretax income. The decrease in income tax
expense from 2013 to 2014 is
90