First Data 2014 Annual Report Download - page 93
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Components of pretax (loss) income:
Domestic
$ (377.5)
$ (778.2)
$ (875.5)
Foreign
195.1
172.6
124.2
$ (182.4)
$ (605.6)
$ (751.3)
Provision (benefit) for income taxes:
Federal
$ 17.4
$ 20.3
$ (301.4)
State and local
21.1
20.2
66.0
Foreign
43.6
46.0
11.4
Income tax expense (benefit)
$ 82.1
$ 86.5
$ (224.0)
Effective Income Tax Rate
(45.0)%
(14.3)%
29.8%
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
(0.6)
2.4
1.1
Nontaxable income from noncontrolling interests
37.0
10.2
7.9
Impact of foreign operations (a) (b)
(9.1)
(0.9)
1.5
Tax effects of foreign exchange gains/losses
(5.9)
0.5
(0.3)
Valuation allowances (b)
(103.2)
(53.7)
(20.2)
Liability for unrecognized tax benefits (b)
12.1
(0.6)
4.1
Prior year adjustments (b)
(7.2)
(6.2)
2.0
Nondeductible bad debts
(3.0)
—
—
Other
(0.1)
(1.0)
(1.3)
Effective tax rate
(45.0)% (14.3)% 29.8 %
(a) The impact of foreign operations includes the effects of 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 2014, 2013, and 2012 effective tax rates were negatively impacted by a total of approximately 5%, 11%, and 9%, respectively, as a result of the current year cumulative
correction of immaterial prior year errors.
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