First Data 2013 Annual Report Download - page 110
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Components of pretax (loss) income:
Domestic $(778.2) $ (875.5) $ (898.9)
Foreign 172.6 124.2 292.7
$(605.6) $ (751.3) $ (606.2)
Provision (benefit) for income taxes:
Federal $20.3 $(301.4) $ (282.6)
State and local 20.2 66.0 (27.9)
Foreign 46.0 11.4 40.4
$86.5 $(224.0) $ (270.1)
Effective Income Tax Rate (14.3)% 29.8%44.6%
The Company’s effective tax rates differ from statutory rates as follows:
Federal statutory rate 35.0%35.0%35.0%
State income taxes, net of federal income tax benefit 2.4 1.1 1.5
Nontaxable income from noncontrolling interests 10.2 7.9 10.2
Impact of foreign operations (a) (c) (0.9)1.5 3.9
Valuation allowances (c) (53.7)(20.2)(12.7)
Liability for unrecognized tax benefits (c) (0.6)4.1 3.3
Impact of contribution to alliance (b) — — (2.2)
Prior year adjustments (c) (6.2) 2.0 2.5
Other (0.5) (1.6) 3.1
Effective tax rate (14.3)% 29.8%44.6%
(a) The impact of foreign operations includes the effects of tax earnings and profits adjustments, foreign losses and differences between foreign tax expense
and foreign taxes eligible for the U.S. foreign tax credit.
(b) The impact of contribution to alliance represents the tax effects resulting from the gain on the contribution of the Company’s transportation business in
exchange for a 30% interest in an alliance.
(c) The 2013 and 2012 effective tax rates were negatively impacted by a total of approximately 11% and 9%, respectively, as a result of the current year
cumulative correction of immaterial prior year errors. The cumulative corrections had an impact on each of the following line items above: Impact of
foreign operations, Valuation allowances, Liability for unrecognized tax benefits and Prior year adjustments.
The Company’s income tax provisions (benefits) consisted of the following components:
Current
Federal $(1.0) $ (60.0) $ (54.0)
State and local 22.8 16.0 25.8
Foreign 51.7 38.6 61.8
73.5 (5.4)33.6
Deferred
Federal 21.3 (241.4) (228.6)
State and local (2.6) 50.0 (53.7)
Foreign (5.7) (27.2)(21.4)
13.0 (218.6) (303.7)
$86.5 $(224.0)$(270.1)
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