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Table of Contents
ADOBE SYSTEMS INCORPORATED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
83
The provision for income taxes for fiscal 2015, 2014 and 2013 consisted of the following (in thousands):
2015 2014 2013
Current:
United States federal $ 204,834 $ 26,822 $ (53,985)
Foreign 52,125 51,684 65,609
State and local (14,975) 4,713 3,317
Total current 241,984 83,219 14,941
Deferred:
United States federal (31,011)(24,090) 24,139
Foreign (9,368)(12,895)(6,215)
State and local (25,511)(6,476)(7,328)
Total deferred (65,890)(43,461) 10,596
Tax expense attributable to employee stock plans 68,136 53,223 40,619
Provision for income taxes $ 244,230 $ 92,981 $ 66,156
Total income tax expense differs from the expected tax expense (computed by multiplying the U.S. federal statutory rate
of 35% by income before income taxes) as a result of the following (in thousands):
2015 2014 2013
Computed “expected” tax expense $ 305,824 $ 126,481 $ 124,649
State tax expense, net of federal benefit (8,316)(4,411)(6,304)
Tax credits (25,967)(1,166)(29,087)
Differences between statutory rate and foreign effective tax rate (90,063)(33,769)(39,678)
Change in deferred tax asset valuation allowance — — 514
Stock-based compensation (net of tax deduction) 9,623 8,688 9,783
Resolution of income tax examinations (17,595)(1,896)(8,421)
Domestic manufacturing deduction benefit (16,800)(6,272)(2,929)
Tax charge for licensing acquired company technology to foreign subsidiaries 80,015 — 18,935
Other, net 7,509 5,326 (1,306)
Provision for income taxes $ 244,230 $ 92,981 $ 66,156