Time Magazine 2013 Annual Report Download - page 107

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TIME WARNER INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)
Current and Deferred income taxes (tax benefits) provided on Income from continuing operations are as
follows (millions):
Year Ended December 31,
2013 2012 2011
Federal:
Current ............................................... $ 617 $ 1,195 $ 922
Deferred .............................................. 808 (135) 171
Foreign:
Current(a) .............................................. 352 358 364
Deferred .............................................. (27) 4 (52)
State and Local:
Current ............................................... 21 123 63
Deferred .............................................. (22) (19) 9
Total(b) ................................................ $ 1,749 $ 1,526 $ 1,477
(a) Includes foreign withholding taxes of $274 million in 2013, $245 million in 2012 and $244 million in 2011.
(b) Excludes excess tax benefits from equity awards allocated directly to contributed capital of $179 million in 2013, $83 million in 2012 and
$22 million in 2011.
The differences between income taxes expected at the U.S. federal statutory income tax rate of 35% and
income taxes provided are as set forth below (millions):
Year Ended December 31,
2013 2012 2011
Taxes on income at U.S. federal statutory rate ................... $ 1,856 $ 1,557 $ 1,526
State and local taxes, net of federal tax effects .................. 92 65 71
Domestic production activities deduction ...................... (142) (160) (123)
Other ................................................... (57) 64 3
Total ................................................... $ 1,749 $ 1,526 $ 1,477
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