eBay 2015 Annual Report Download - page 117
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eBay Inc.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
The following is a reconciliation of the difference between the actual provision for income taxes and the
provision computed by applying the federal statutory rate of 35% for 2015, 2014 and 2013 to income before
income taxes:
Year Ended December 31,
2015 2014 2013
(In millions)
Provision at statutory rate $ 843 $ 881 $ 900
Permanent differences:
Prior year foreign earnings no longer considered indefinitely reinvested — 2,991 —
Foreign income taxed at different rates (399) (432) (403)
Change in valuation allowance 1 (142) —
Stock-based compensation 23 22 18
State taxes, net of federal benefit 20 42 (12)
Research and other tax credits (27) (14) (26)
Divested business — — 21
Other (2) 32 6
$ 459 $ 3,380 $ 504
Deferred tax assets and liabilities are recognized for the future tax consequences of differences between the
carrying amounts of assets and liabilities and their respective tax bases using enacted tax rates in effect for the
year in which the differences are expected to be reversed. Significant deferred tax assets and liabilities consist of
the following:
December 31,
2015 2014
(In millions)
Deferred tax assets:
Net operating loss, capital loss and credits $ 206 $ 61
Accruals and allowances 209 208
Stock-based compensation 65 88
Net unrealized losses 8 —
Net deferred tax assets 488 357
Valuation allowance (41) (25)
$ 447 $ 332
Deferred tax liabilities:
Unremitted foreign earnings $(1,656) $(2,109)
Acquisition-related intangibles (19) (11)
Depreciation and amortization (190) (212)
Available-for-sale securities (251) (286)
Other — (17)
(2,116) (2,635)
$(1,669) $(2,303)
F-43