First Data 2014 Annual Report Download - page 94
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The Company’s income tax provisions (benefits) consisted of the following components:
Current:
Federal
$ 0.3
$ (1.0)
$ (60.0)
State and local
38.6
22.8
16.0
Foreign
61.1
51.7
38.6
100.0 73.5 (5.4)
Deferred:
Federal
17.1
21.3
(241.4)
State and local
(17.5)
(2.6)
50.0
Foreign
(17.5)
(5.7)
(27.2)
(17.9) 13.0 (218.6)
$ 82.1 $ 86.5 $ (224.0)
Income tax payments, net of refunds received, of $96 million in 2014 were less than current expense primarily as a result of payments expected in 2015
related to 2014 tax liabilities. Income tax payments, net of refunds received, of $93 million in 2013 were greater than current expenses primarily as a result of
cash payments relating to prior years and expected refunds of cash taxes paid. Income tax payments, net of refunds received, of $70 million in 2012 were
greater than current expense primarily as a result of a decrease in the liability for unrecognized tax benefits.
Deferred tax assets and liabilities are recognized for the expected tax consequences of temporary differences between the book and tax bases of the
Company’s assets and liabilities. Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not that a tax benefit will not be
realized. Deferred tax assets are included in both “Other current assets” and “Other long-term assets” in the Company’s Consolidated Balance Sheets.
Deferred tax liabilities are included in both "Other current liabilities" and "Long-term deferred tax liabilities" in the Company’s Consolidated Balance Sheets.
The following table outlines the principal components of deferred tax items:
Deferred tax assets related to:
Reserves and other accrued expenses
$ 221.4
$ 315.3
Pension obligations
—
13.1
Employee related liabilities
84.1
99.7
Deferred revenues
29.9
32.6
Net operating losses and tax credit carryforwards
2,160.1
2,003.3
U.S. foreign tax credits on undistributed earnings
280.1
274.4
Foreign exchange (gain)/loss
51.4
68.6
Total deferred tax assets
2,827.0 2,807.0
Valuation allowance
(1,649.2)
(1,454.5)
Realizable deferred tax assets
1,177.8 1,352.5
Deferred tax liabilities related to:
Property, equipment, and intangibles
(1,081.7)
(1,233.0)
Pension obligations
(2.1)
—
Investment in affiliates and other
(331.4)
(426.1)
Unrealized securities and hedging (gain)/loss
(0.4)
(1.3)
U.S. tax on foreign undistributed earnings
(184.8)
(139.6)
Total deferred tax liabilities
(1,600.4) (1,800.0)
Net deferred tax liabilities
$ (422.6) $ (447.5)
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