CDW 2015 Annual Report Download - page 82
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Table of Contents
CDW CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Components of Income tax expense (benefit) consist of the following:
Years Ended December 31,
(in millions)
2015
2014
2013
Current:
Federal
$ 258.5
$ 206.8
$ 96.7
State
28.6
19.3
10.1
Foreign
10.1
5.8
4.6
Total current
297.2
231.9
111.4
Deferred:
Domestic
(48.5)
(89.0)
(48.6)
Foreign
(4.8)
(0.1)
(0.1)
Total deferred
(53.3)
(89.1)
(48.7)
Income tax expense
$ 243.9
$ 142.8
$ 62.7
The reconciliation between the statutory tax rate expressed as a percentage of income before income taxes and the effective tax rate is as follows:
Years Ended December 31,
(dollars in millions)
2015
2014
2013
Statutory federal income tax rate
$ 226.4
35.0 %
$ 135.7
35.0 %
$ 68.4
35.0 %
State taxes, net of federal effect
16.5
2.6
6.5
1.6
(5.0)
(2.6)
Effect of rates different than statutory
(1.9)
(0.3)
(1.9)
(0.5)
(1.4)
(0.7)
Foreign withholding tax
3.3
0.5
—
—
—
—
Effect of U.K. tax rate change on deferred taxes
(4.0)
(0.6)
—
—
—
—
Other
3.6
0.5
2.5
0.7
0.7
0.4
Effective tax rate
$ 243.9
37.7 %
$ 142.8
36.8 %
$ 62.7
32.1 %
80