Washington Post 2015 Annual Report Download - page 109

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The provision for income taxes on income from continuing operations consists of the following:
(in thousands) Current Deferred Total
Year Ended December 31, 2015
U.S. Federal $ 5,728 $ 20,890 $ 26,618
State and Local 402 (10,749) (10,347)
Non-U.S. 2,441 1,788 4,229
$ 8,571 $ 11,929 $ 20,500
Year Ended December 31, 2014
U.S. Federal .................................................... $215,450 $ 38,684 $254,134
State and Local .................................................. 23,737 27,257 50,994
Non-U.S. ....................................................... 10,485 (3,313) 7,172
$249,672 $ 62,628 $312,300
Year Ended December 31, 2013
U.S. Federal .................................................... $ 11,514 $ 26,568 $ 38,082
State and Local .................................................. 4,614 (10,641) (6,027)
Non-U.S. ....................................................... 10,015 (1,570) 8,445
$ 26,143 $ 14,357 $ 40,500
The provision for income taxes on continuing operations differs from the amount of income tax determined by
applying the U.S. Federal statutory rate of 35% to the (loss) income from continuing operations before taxes as a
result of the following:
Year Ended December 31
(in thousands) 2015 2014 2013
U.S. Federal taxes at statutory rate .................................... $(42,311) $377,196 $36,831
State and local taxes, net of U.S. Federal tax ............................ (3,441) 38,106 (1,279)
Valuation allowances against state tax benefits, net of U.S. Federal tax ....... (3,285) (4,960) (2,638)
Tax-free stock transactions .......................................... –(91,540) –
Tax provided on non-U.S. subsidiary earnings and distributions at more than
the expected U.S. Federal statutory tax rate ........................... 2,688 2,186 767
Valuation allowances against non-U.S. income tax benefits ................ 6,789 (2,477) 7,233
Australian tax benefit for capital loss on sale of stock ..................... (6,358) ––
Goodwill impairments and dispositions ................................ 63,889 ––
U.S. Federal Manufacturing Deduction tax benefits ...................... (625) (6,789) (1,858)
Other, net ........................................................ 3,154 578 1,444
Provision for Income Taxes ........................................ $ 20,500 $312,300 $40,500
During 2015, 2014 and 2013, in addition to the income tax provision for continuing operations presented above,
the Company also recorded tax expense or benefits on discontinued operations. Income from discontinued
operations and net (loss) gain on dispositions of discontinued operations have been reclassified from previously
reported income from operations and reported separately as income from discontinued operations, net of tax. Tax
expense of $27.8 million, $82.4 million, and $97.9 million were recorded in discontinued operations in 2015,
2014 and 2013, respectively.
2015 FORM 10-K 94