Computer Associates 2015 Annual Report Download - page 93
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Income tax expense (benefit) from continuing operations consisted of the following:
YEAR ENDED MARCH 31,
(in millions) 2015 2014 2013
Current:
Federal $ 284 $ 184 $ 261
State 37 33 39
Foreign 56 (19) 26
Total current $ 377 $ 198 $ 326
Deferred:
Federal $ (74) $ (82) $ (18)
State (12) (12) 3
Foreign 14 25 28
Total deferred $ (72) $ (69) $ 13
Total:
Federal $ 210 $ 102 $ 243
State 25 21 42
Foreign 70 6 54
Total income tax expense from continuing operations $ 305 $ 129 $ 339
The income tax expense from continuing operations was reconciled to the tax expense computed at the U.S. federal
statutory tax rate as follows:
YEAR ENDED MARCH 31,
(in millions) 2015 2014 2013
Tax expense at U.S. federal statutory tax rate $ 390 $ 356 $ 440
Effect of international operations (91) (147) (131)
U.S. federal and state tax contingencies 1 (123) (8)
Domestic manufacturing deduction (23) (24) (21)
State taxes, net of U.S. federal tax benefit 15 19 23
Valuation allowance 82311
Other, net 52525
Income tax expense from continuing operations $ 305 $ 129 $ 339
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