Seagate 2015 Annual Report Download - page 91
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SEAGATETECHNOLOGYPLC
NOTESTOCONSOLIDATEDFINANCIALSTATEMENTS—(Continued)
7.IncomeTaxes
Theprovisionfor(benefitfrom)incometaxesconsistedofthefollowing:
Incomebeforeincometaxesconsistedofthefollowing:
OnDecember18,2015,theProtectingAmericansfromTaxHikes("PATH")Actof2015wasenacted.Among,otherprovisions,thePATHActretroactively
reinstatedandpermanentlyextendedthefederalResearchandDevelopment("R&D")taxcreditfromDecember31,2014.ThepermanentextensionoftheR&D
credithadnoimmediateimpactontheCompany'sincometaxprovisionduetovaluationallowancesonitsU.S.deferredtaxassets.NoneoftheotherPATHAct
changeshadamaterialimpactontheCompany'sincometaxprovision.
TheCompanyrecorded$0.6million,$2.0millionand$0.3millionofexcesstaxbenefitsassociatedwithstockoptiondeductionsinfiscalyears2016,2015
and2014,respectively.
88
FiscalYearsEnded
(Dollarsinmillions)
July1,
2016
July3,
2015
June27,
2014
Currentincometaxexpense(benefit):
U.S.Federal $ 1 $ — $ (12)
U.S.State 2 4 3
Non-U.S. 25 222 62
TotalCurrent 28 226 53
Deferredincometaxexpense(benefit):
U.S.Federal — (6) (43)
U.S.State — (2) 2
Non-U.S. (2) 10 (26)
TotalDeferred (2) 2 (67)
Provisionfor(benefitfrom)incometaxes $ 26 $ 228 $ (14)
FiscalYearsEnded
(Dollarsinmillions)
July1,
2016
July3,
2015
June27,
2014
U.S. $ — $ 101 $ 149
Non-U.S. 274 1,869 1,407
$ 274 $ 1,970 $ 1,556