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Table of Contents
ORACLE CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
May 31, 2015
The following is a geographical breakdown of income before the provision for income taxes:
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:
128
15.
INCOME TAXES
Year Ended May 31,
(in millions)
2015
2014
2013
Domestic
$
5,136
$
5,397
$
6,614
Foreign
7,698
8,307
7,284
Income before provision for income taxes
$
12,834
$
13,704
$
13,898
Year Ended May 31,
(Dollars in millions)
2015
2014
2013
Current provision:
Federal
$
2,153
$
1,613
$
1,720
State
310
337
254
Foreign
981
1,047
1,116
Total current provision
$
3,444
$
2,997
$
3,090
Deferred benefit:
Federal
$
(408
)
$
(68
)
$
(179
)
State
(46
)
(100
)
82
Foreign
(94
)
(80
)
(20
)
Total deferred benefit
$
(548
)
$
(248
)
$
(117
)
Total provision for income taxes
$
2,896
$
2,749
$
2,973
Effective income tax rate
22.6%
20.1%
21.4%
Year Ended May 31,
(in millions)
2015
2014
2013
Tax provision at statutory rate
$
4,492
$
4,796
$
4,865
Foreign earnings at other than United States rates
(1,627
)
(1,790
)
(1,637
)
State tax expense, net of federal benefit
176
154
299
Settlements and releases from judicial decisions and statute expirations, net
(85
)
(168
)
(144
)
Domestic production activity deduction
(188
)
(174
)
(155
)
Other, net
128
(69
)
(255
)
Total provision for income taxes
$
2,896
$
2,749
$
2,973