Cincinnati Bell 2014 Annual Report Download - page 108
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Table of Contents
Form 10-K Part II
Cincinnati Bell Inc.
The following is a reconciliation of the statutory federal income tax rate with the effective tax rate for each year:
U.S. federal statutory rate 35.0 %
35.0 %
35.0 %
State and local income taxes, net of federal income tax 0.4
1.5
3.9
Change in valuation allowance, net of federal income tax (3.0)
(15.8)
(2.3)
State net operating loss adjustments 2.9
2.7
3.7
Nondeductible interest expense 4.0
(11.4)
18.1
Unrecognized tax benefit changes 2.1
(2.1)
2.2
Nondeductible compensation 1.0
(2.5)
2.7
Foreign —
(0.7)
3.5
Other differences, net 0.8
(2.3)
2.0
Effective tax rate 43.2 %
4.4 %
68.8 %
The income tax (benefit) provision was charged to continuing operations, accumulated other comprehensive income or additional paid-in capital as follows:
Income tax (benefit) provision related to:
Continuing operations $ 57.4
$ (2.5)
$ 24.7
Accumulated other comprehensive (loss) income (22.4)
42.1
(0.4)
Excess tax benefits on stock option exercises (0.1)
(0.5)
(2.4)
107