ServiceMagic 2013 Annual Report Download - page 76

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IAC/INTERACTIVECORP AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
NOTE 4—INCOME TAXES
U.S. and foreign earnings from continuing operations before income taxes are as follows:
The components of the provision (benefit) for income taxes attributable to continuing operations are as follows:
The current income tax payable was reduced by $32.9 million , $57.1 million and $22.2 million for the years ended December 31, 2013 ,
2012 and 2011 , respectively, for excess tax deductions attributable to stock-based compensation. The related income tax benefits are recorded
as increases to additional paid-in capital.
58
Years Ended December 31,
2013
2012
2011
(In thousands)
U.S.
$
331,520
$
214,675
$
142,623
Foreign
84,781
74,387
28,899
Total
$
416,301
$
289,062
$
171,522
Years Ended December 31,
2013
2012
2011
(In thousands)
Current income tax provision (benefit):
Federal
$
115,250
$
56,439
$
49,450
State
13,946
9,204
(26,510
)
Foreign
14,402
16,496
8,496
Current income tax provision
143,598
82,139
31,436
Deferred income tax (benefit) provision:
Federal
(821
)
40,414
(23,293
)
State
(2,117
)
1,978
639
Foreign
(6,158
)
(5,316
)
(12,829
)
Deferred income tax (benefit) provision
(9,096
)
37,076
(35,483
)
Income tax provision (benefit)
$
134,502
$
119,215
$
(4,047
)