Oracle 2013 Annual Report Download - page 128

Download and view the complete annual report

Please find page 128 of the 2013 Oracle 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 151

  • 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
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151

Table of Contents
ORACLE CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
May 31, 2014
The provision for income taxes consisted of the following:
The provision for income taxes differed from the amount computed by applying the federal statutory rate to our income before provision for
income taxes as follows:
124
Year Ended May 31,
(Dollars in millions)
2014
2013
2012
Current provision:
Federal
$
1,613
$
1,720
$
1,611
State
337
254
257
Foreign
1,047
1,116
1,104
Total current provision
$
2,997
$
3,090
$
2,972
Deferred (benefit) provision:
Federal
$
(68
)
$
(179
)
$
267
State
(100
)
82
14
Foreign
(80
)
(20
)
(272
)
Total deferred (benefit) provision
$
(248
)
$
(117
)
$
9
Total provision for income taxes
$
2,749
$
2,973
$
2,981
Effective income tax rate
20.1%
21.4%
23.0%
Year Ended May 31,
(in millions)
2014
2013
2012
Tax provision at statutory rate
$
4,796
$
4,865
$
4,537
Foreign earnings at other than United States rates
(1,790
)
(1,637
)
(1,474
)
State tax expense, net of federal benefit
154
299
171
Settlements and releases from judicial decisions and statute expirations, net
(168
)
(144
)
(132
)
Domestic production activity deduction
(174
)
(155
)
(178
)
Other, net
(69
)
(255
)
57
Total provision for income taxes
$
2,749
$
2,973
$
2,981