Ford 2014 Annual Report Download - page 166
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FORD MOTOR COMPANY AND SUBSIDIARIES
NOTES TO THE FINANCIAL STATEMENTS
NOTE 21. INCOME TAXES (Continued)
Components of Income Taxes
Components of income taxes excluding discontinued operations, cumulative effects of changes in accounting
principles, other comprehensive income, and equity in net results of affiliated companies accounted for after-tax, for the
years ended December 31 were as follows:
2014 2013 2012
Income before income taxes, excluding equity in net results of affiliated companies
accounted for after-tax (in millions)
U.S. $ 4,484 $ 6,537 $ 6,557
Non-U.S. (1,417) (566) 493
Total $ 3,067 $ 5,971 $ 7,050
Provision for/(Benefit from) income taxes (in millions)
Current
Federal $ (2) $ (19)$ 4
Non-U.S. 389 453 393
State and local (22)(40) 3
Total current 365 394 400
Deferred
Federal 334 (346) 1,925
Non-U.S. 186 328 (126)
State and local 271 (511) (173)
Total deferred 791 (529) 1,626
Total $ 1,156 $ (135) $ 2,026
Reconciliation of effective tax rate
U.S. statutory rate 35.0%35.0 % 35.0%
Non-U.S. tax rates under U.S. rates (2.3) (1.4) (1.6)
State and local income taxes 5.2 1.1 0.1
General business credits (10.9) (5.9) 0.3
Dispositions and restructurings 5.2 (26.0) (1.7)
U.S. tax on non-U.S. earnings 5.5 (2.0) (1.0)
Prior year settlements and claims (3.7) (0.2) (1.8)
Tax-exempt income (9.7) (5.9) (3.9)
Enacted change in tax rates 1.6 3.0 1.7
Valuation allowances 13.0 (0.8) 1.6
Other (1.2) 0.8 —
Effective rate 37.7% (2.3)% 28.7%
Included in “Dispositions and restructurings” for 2013, is the recognition of deferred tax assets for investments in our
European operations. We do not recognize deferred tax assets related to stock investments in affiliates until it becomes
apparent they will be realized in the foreseeable future. In the fourth quarter of 2013, we restructured certain of our
European affiliates. We made tax elections to include the operating results of these affiliates in our U.S. tax returns. As a
result, we realized tax benefits related to stock investments in these European affiliates and recorded deferred tax assets
of $1.5 billion.
FS-60