HP 2014 Annual Report Download - page 130
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HEWLETT-PACKARD COMPANY AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Continued)
Note 6: Taxes on Earnings
Provision for Taxes
The domestic and foreign components of earnings (loss) before taxes were as follows:
For the fiscal years ended
October 31
2014 2013 2012
In millions
U.S. ................................................... $2,565 $2,618 $ (3,192)
Non-U.S. ............................................... 3,992 3,892 (8,741)
$6,557 $6,510 $(11,933)
The provision for (benefit from) taxes on earnings was as follows:
For the fiscal years ended
October 31
2014 2013 2012
In millions
U.S. federal taxes:
Current ................................................. $ 381 $ 475 $ 330
Deferred ................................................ 210 (666) 81
Non-U.S. taxes:
Current ................................................. 984 1,275 1,139
Deferred ................................................ (42) 89 (787)
State taxes:
Current ................................................. 212 57 (41)
Deferred ................................................ (201) 167 (5)
$1,544 $1,397 $ 717
The differences between the U.S. federal statutory income tax rate and HP’s effective tax rate
were as follows:
For the fiscal years ended
October 31
2014 2013 2012(1)
U.S. federal statutory income tax rate .............................. 35.0% 35.0% 35.0%
State income taxes, net of federal tax benefit ......................... 0.4% 0.1% 0.5%
Lower rates in other jurisdictions, net .............................. (12.9)% (24.5)% 13.9%
Valuation allowance ........................................... 1.7% 3.8% (14.0)%
Nondeductible goodwill ......................................... — — (40.3)%
Uncertain tax positions ......................................... (2.3)% 4.1% (1.4)%
Other, net .................................................. 1.6% 3.0% 0.3%
23.5% 21.5% (6.0)%
(1) Positive numbers represent tax benefits and negative numbers represent tax expense as HP
recorded income tax expense on a pretax loss.
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