Tesla 2015 Annual Report Download - page 88

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The components of the provision for income taxes for the years ended December 31, 2014, 2013 and 2012, consisted of the following (in
thousands):
Deferred tax assets (liabilities) as of December 31, 2014 and 2013 consisted of the following (in thousands):
Reconciliation of statutory federal income taxes to our effective taxes for the years ended December 31, 2014, 2013 and 2012 is as
follows (in thousands):
Management believes that based on the available information, it is more likely than not that the U.S. deferred tax assets will not be
realized, such that a full valuation allowance is required against all U.S. deferred tax assets. The Company has net $0.3 million of deferred tax
assets in foreign jurisdictions which it believes are more-likely-than-not to be fully realized given the expectation of future earnings in these
jurisdictions.
87
Year Ended December 31,
2014
2013
2012
Current:
Federal
$
—
$
—
$
—
State
257
178
23
Foreign
9,203
2,349
282
Total current
9,460
2,527
305
Deferred:
Federal
—
—
—
State
—
—
—
Foreign
(56
)
61
(169
)
Total deferred
(56
)
61
(169
)
Total provision for income taxes
$
9,404
$
2,588
$
136
December 31,
December 31,
2014
2013
Deferred tax assets:
Net operating loss carry
-
forwards
$
276,916
$
341,172
Research and development credits
46,486
32,175
Other tax credits
12,750
166
Deferred revenue
75,823
42,491
Inventory and warranty reserves
53,546
23,260
Depreciation and amortization
68
68
Stock
-
based compensation
50,918
27,663
Convertible debt
45,118
22,930
Accruals and others
49,225
21,795
Total deferred tax assets
610,850
511,720
Valuation allowance
(524,394
)
(472,375
)
Deferred tax assets, net of valuation allowance
86,456
39,345
Deferred tax liabilities:
Depreciation and amortization
(86,298
)
(39,244
)
Total deferred tax liabilities
(86,298
)
(39,244
)
Deferred tax assets, net of valuation allowance and deferred tax liabilities
$
158
$
101
Year Ended December 31,
2014
2013
2012
Tax at statutory federal rate
$
(99,622
)
$
(25,001
)
$
(134,702
)
State tax, net of federal benefit
257
178
(12,580
)
Nondeductible expenses
15,238
733
9,897
Foreign income rate differential
86,734
(253
)
262
U.S. tax credits
(26,895
)
(6,682
)
(2,785
)
Other reconciling items
877
1,317
525
Change in valuation allowance
32,815
32,296
139,519
Provision for income taxes
$
9,404
$
2,588
$
136