ADP 2015 Annual Report Download - page 68

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Years ended June 30,
2016
2015
2014
Earnings from continuing operations before income taxes:
United States
$ 2,028.5
$ 1,895.3
$ 1,635.6
Foreign
206.2
175.4
243.6
$ 2,234.7
$ 2,070.7
$ 1,879.2
The provision (benefit) for income taxes consists of the following components:
Years ended June 30,
2016
2015
2014
Current:
Federal
$ 579.0
$ 576.3
$ 552.1
Foreign
85.0
93.1
71.3
State
76.6
40.1
51.1
Total current
740.6
709.5
674.5
Deferred:
Federal
17.7
(1.3)
(32.7)
Foreign
(15.7)
(17.0)
(10.3)
State
(1.3)
3.0
5.1
Total deferred
0.7
(15.3)
(37.9)
Total provision for income taxes
$ 741.3
$ 694.2
$ 636.6
A reconciliation between the Company's effective tax rate and the U.S. federal statutory rate is as follows:
Years ended June 30,
2016
%
2015
%
2014
%
Provision for taxes at U.S. statutory rate
$ 782.1
35.0
$ 724.8
35.0
$ 657.7
35.0
Increase (decrease) in provision from:
State taxes, net of federal tax benefit
47.2
2.1
34.8
1.7
33.4
1.8
U.S. tax on foreign income
122.6
5.5
155.3
7.5
26.6
1.4
Utilization of foreign tax credits
(155.4)
(7.0)
(177.1)
(8.6)
(26.2)
(1.4)
Section 199 - Qualified production activities
(31.9)
(1.4)
(28.9)
(1.4)
(23.0)
(1.2)
Other
(23.3)
(1.0)
(14.7)
(0.7)
(31.9)
(1.7)
$ 741.3
33.2
$ 694.2
33.5
$ 636.6
33.9
65