Time Magazine 2015 Annual Report Download - page 105

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TIME WARNER INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
Future minimum capital lease payments at December 31, 2015 are as follows (millions):
2016 ................................................................................... $ 14
2017 ................................................................................... 12
2018 ................................................................................... 11
2019 ................................................................................... 10
2020 ................................................................................... 7
Thereafter .............................................................................. 7
Total .................................................................................. 61
Amount representing interest ............................................................... (9)
Present value of minimum lease payments ..................................................... 52
Current portion .......................................................................... (11)
Total long-term portion .................................................................... $ 41
9. INCOME TAXES
Domestic and foreign income before income taxes and discontinued operations are as follows (millions):
Year Ended December 31,
2015 2014 2013
Domestic .................................................. $ 4,733 $ 4,296 $ 4,836
Foreign .................................................... 713 383 132
Total ...................................................... $ 5,446 $ 4,679 $ 4,968
Current and Deferred income taxes (tax benefits) provided on Income from continuing operations are as follows
(millions):
Year Ended December 31,
2015 2014 2013
Federal:
Current .................................................. $ 844 $ 128 $ 494
Deferred ................................................. 349 152 802
Foreign:
Current (a) ............................................... 337 466 348
Deferred ................................................. (29) — (21)
State and Local:
Current .................................................. 142 25 13
Deferred ................................................. 8 14 (22)
Total (b) ................................................... $ 1,651 $ 785 $ 1,614
(a) Includes foreign withholding taxes of $236 million in 2015, $279 million in 2014 and $273 million in 2013.
(b) Excludes excess tax benefits from equity awards allocated directly to contributed capital of $151 million in 2015, $179 million in 2014 and $179
million in 2013.
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