Expedia 2013 Annual Report Download - page 112
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Provision for Income Taxes
The following table summarizes our provision for income taxes from continuing operations:
Year Ended December 31,
2013 2012 2011
(In thousands)
Current income tax expense:
Federal $ 38,209 $ 56,501 $ 23,933
State (402) (24) 7,803
Foreign 47,300 45,721 34,053
Current income tax expense 85,107 102,198 65,789
Deferred income tax (benefit) expense:
Federal $ 12,371 $ (33,724) $ 19,837
State 445 578 322
Foreign (13,588) (21,974) (10,217)
Deferred income tax (benefit) expense: (772) (55,120) 9,942
Income tax expense $ 84,335 $ 47,078 $ 75,731
We reduced our current income tax payable by $52 million, $64 million, and $21 million for the years ended
December 31, 2013, 2012 and 2011 for tax deductions attributable to stock-based compensation.
Deferred Income Taxes
As of December 31, 2013 and 2012, the significant components of our deferred tax assets and deferred tax
liabilities were as follows:
December 31,
2013 2012
(In thousands)
Deferred tax assets:
Provision for accrued expenses $ 43,261 $ 43,766
Loyalty rewards reserve 49,310 32,772
Occupancy tax reserve 18,222 52,624
Net operating loss and tax credit carryforwards 33,979 32,765
Stock-based compensation 33,262 29,330
Other 36,667 31,683
Total deferred tax assets 214,701 222,940
Less valuation allowance (32,942) (12,695)
Net deferred tax assets $ 181,759 $ 210,245
Deferred tax liabilities:
Prepaid merchant bookings and prepaid expenses $ (62,082) $ (49,859)
Intangible assets (392,002) (282,570)
Investment in subsidiaries (7,913) (8,009)
Unrealized gains (8,999) (15,396)
Property and equipment (63,379) (93,867)
Other (635) (1,276)
Total deferred tax liabilities $(535,010) $(450,977)
Net deferred tax liability $(353,251) $(240,732)
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