Juno 2014 Annual Report Download - page 118
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Table of Contents
The provision for income taxes from continuing operations was comprised of the following (in thousands):
For the year ended December 31, 2014, the Company generated a domestic net operating loss. The Company recorded a federal and state current tax
benefit of $1.5 million as the benefit is expected to be realized through a net operating loss carryback.
The provision for income taxes from continuing operations reconciled to the amount computed by applying the statutory federal rate to loss from
continuing operations before taxes was as follows:
F-36
Current:
Federal $ (1,794) $ 2,072 $ (1,311)
State 124 1,098 584
Foreign 3,761 4,197 5,429
2,091 7,367 4,702
Deferred:
Federal (1,616) 39,495 (2,553)
State 32 483 (721)
Foreign 266 (1,334) (485)
(1,318) 38,644 (3,759)
Provision for income taxes from continuing operations $ 773 $ 46,011 $ 943
Federal statutory rate 35.0% 34.0% 34.0%
State taxes, net (9.7) 0.4 3.2
Nondeductible compensation (17.4) 0.6 (10.7)
Deferred tax adjustment—U.K. statutory rate reduction — 2.6 9.3
Deferred tax adjustment—federal and state rate reduction — (1.4) —
Effects of foreign income 14.5 1.2 1.9
Foreign distribution (53.0) (7.5) (43.8)
Foreign tax credit — 9.5 40.6
Changes in uncertain tax positions 11.7 (1.1) 2.6
Tax effect of goodwill impairment — (34.0) —
Contingent consideration—fair value adjustment — 3.3 2.7
Indefinite-lived asset (17.8) (0.3) —
Tax settlements (5.9) — —
Valuation allowance 26.4 (89.8) (41.5)
Other differences, net (0.2) (0.4) (6.8)
Effective tax rate (16.4)% (82.9)% (8.5)%