Twenty-First Century Fox 2014 Annual Report Download - page 136

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TWENTY-FIRST CENTURY FOX, INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
130
NOTE 18. INCOME TAXES
Income from continuing operations before income tax expense was attributable to the following jurisdictions:
For the years ended June 30,
2014 2013 2012
(in millions)
U.S. (including exports) ..................................................................................... $ 5,375 $ 8,115 $ 3,861
Foreign ............................................................................................................... (186 ) 621 602
Income from continuing operations before income tax expense ........................ $ 5,189 $ 8,736 $ 4,463
Significant components of the Company’s provision for income taxes from continuing operations were as
follows:
For the years ended June 30,
2014 2013 2012
(in millions)
U.S.
Federal .......................................................................................................... $ 1,178 $ 1,024 $ 867
State & local ................................................................................................. 76 93 16
Foreign ............................................................................................................... 57 93 49
Total current....................................................................................................... 1,311 1,210 932
Deferred ............................................................................................................. (39 ) 480 162
Provision for income taxes from continuing operations .................................... $ 1,272 $ 1,690 $ 1,094
The reconciliation of income tax attributable to continuing operations computed at the statutory rate to income
tax expense was:
For the years ended June 30,
2014 2013 2012
U.S. federal income tax rate .............................................................................. 35% 35% 35%
Sale of interest in subsidiaries .......................................................................... - (4) (4)
State and local taxes .......................................................................................... 1 1 1
Effect of foreign operations .............................................................................. (5) (2) (6)
Resolution of tax matters .................................................................................. - (1) -
N
on-deductible goodwill on asset impairment ................................................. - - 2
Valuation allowance movements ...................................................................... - (7) 1
N
ontaxable income attributable to noncontrolling interests ............................. (2) (1) (2)
Domestic production activities deduction ......................................................... (2) (1) (3)
Other ................................................................................................................. (2) (1) 1
Effective tax rate for income from continuing operations ................................ 25% 19% 25%