Pitney Bowes 2015 Annual Report Download - page 96

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PITNEY BOWES INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Tabular dollars in thousands, except per share amounts)
80
15. Income Taxes
Income from continuing operations before taxes consisted of the following:
Years Ended December 31,
2015 2014 2013
U.S. $ 516,233 $ 356,017 $ 288,660
International 94,592 75,179 95,294
Total $ 610,825 $ 431,196 $ 383,954
The provision for income taxes from continuing operations consisted of the following:
Years Ended December 31,
2015 2014 2013
U.S. Federal:
Current $ 115,557 $ 71,683 $ 78,315
Deferred 19,941 6,941 (19,754)
135,498 78,624 58,561
U.S. State and Local:
Current 11,243 7,186 5,359
Deferred 16,094 (9,307) (8,026)
27,337 (2,121) (2,667)
International:
Current 22,794 32,492 28,063
Deferred 4,149 3,820 (5,990)
26,943 36,312 22,073
Total current 149,594 111,361 111,737
Total deferred 40,184 1,454 (33,770)
Total provision for income taxes $ 189,778 $ 112,815 $ 77,967
Effective tax rate 31.1% 26.2% 20.3%
The effective tax rate for 2015 includes tax benefits of $20 million from the disposition of Imagitas and $3 million from the retroactive
effect of 2015 tax legislation.
The effective tax rate for 2014 includes tax benefits of $22 million from the resolution of tax examinations and $5 million from the
retroactive effect of 2014 U.S. tax legislation.
The effective tax rate for 2013 includes tax benefits of $13 million from an affiliate reorganization, $17 million from tax planning initiatives
and $5 million from the adjustment of non-U.S. tax accounts from prior periods and the retroactive effect of 2013 U.S. tax legislation.