Visa 2014 Annual Report Download - page 131
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VISA INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
September 30, 2014
Income tax provision by fiscal year consisted of the following:
2014 2013 2012
(in millions)
Current:
U.S. federal ....................................................... $ 2,353 $ 568 $ 1,376
State and local .................................................... 237 (58) 165
Non-U.S. ......................................................... 274 239 214
Total current taxes ................................................. 2,864 749 1,755
Deferred:
U.S. federal ....................................................... (576) 1,401 (1,276)
State and local .................................................... (31) 114 (415)
Non-U.S. ......................................................... 29 13 1
Total deferred taxes .................................................. (578) 1,528 (1,690)
Total income tax provision ............................................ $ 2,286 $ 2,277 $ 65
The tax effect of temporary differences that give rise to significant portions of deferred tax assets
and liabilities at September 30, 2014 and 2013, are presented below:
2014 2013
(in millions)
Deferred Tax Assets:
Accrued compensation and benefits ..................................... $ 134 $ 154
Comprehensive (income) loss .......................................... 14 (8)
Investments in joint ventures ........................................... 14 14
Accrued litigation obligation ............................................ 558 1
Client incentives ..................................................... 235 226
Net operating loss carryforward ........................................ 35 31
Tax credits .......................................................... 21 22
Federal benefit of state taxes .......................................... 210 176
Other .............................................................. 139 121
Valuation allowance .................................................. (34) (25)
Deferred tax assets .................................................... 1,326 712
Deferred Tax Liabilities:
Property, equipment and technology, net ................................. (298) (310)
Intangible assets ..................................................... (4,000) (4,003)
Foreign taxes ....................................................... (125) (55)
Other .............................................................. (12) (12)
Deferred tax liabilities ................................................... (4,435) (4,380)
Net deferred tax liabilities ............................................... $ (3,109) $ (3,668)
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