ServiceMagic 2014 Annual Report Download - page 75

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IAC/INTERACTIVECORP AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Reclassifications
Certain prior year amounts have been reclassified to conform to the current year presentation.
NOTE 3—INCOME TAXES
U.S. and foreign earnings from continuing operations before income taxes are as follows:
The components of the (benefit) provision for income taxes attributable to continuing operations are as follows:
The current income tax payable was reduced by $45.0 million , $32.9 million and $57.1 million for the years ended December 31, 2014 ,
2013 and 2012 , respectively, for excess tax deductions attributable to stock-based compensation. The related income tax benefits are recorded as
increases to additional paid-in capital.
60
Years Ended December 31,
2014
2013
2012
(In thousands)
U.S.
$
174,792
$
331,520
$
214,675
Foreign
95,137
84,781
74,387
Total
$
269,929
$
416,301
$
289,062
Years Ended December 31,
2014
2013
2012
(In thousands)
Current income tax (benefit) provision :
Federal
$
(45,842
)
$
115,250
$
56,439
State
(14,787
)
13,946
9,204
Foreign
19,132
14,402
16,496
Current income tax (benefit) provision
(41,497
)
143,598
82,139
Deferred income tax provision (benefit):
Federal
74,255
(821
)
40,414
State
3,090
(2,117
)
1,978
Foreign
(476
)
(6,158
)
(5,316
)
Deferred income tax provision (benefit)
76,869
(9,096
)
37,076
Income tax provision
$
35,372
$
134,502
$
119,215