Yahoo 2014 Annual Report Download - page 147
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Note 16 Income Taxes
The components of income before income taxes and earnings in equity interests are as follows (in
thousands):
Years Ended December 31,
2012 2013 2014
United States
$5,056,643 $538,824 $10,572,290
Foreign
157,564 94,459 (59,909)
Income before income taxes and earnings in equity
interests
$5,214,207 $633,283 $10,512,381
The provision for income taxes is composed of the following (in thousands):
Years Ended December 31,
2012 2013 2014
Current:
United States federal
$2,278,759 $138,032 $3,067,395
State
361,788 49,872 454,261
Foreign
68,816 49,790 50,573
Total current provision for income taxes
2,709,363 237,694 3,572,229
Deferred:
United States federal
(741,628) (63,166) 348,887
State
(29,470) (22,498) 120,938
Foreign
1,778 1,362 (3,952)
Total deferred (benefit) provision for income taxes
(769,320) (84,302) 465,873
Provision for income taxes
$1,940,043 $153,392 $4,038,102
The provision for income taxes differs from the amount computed by applying the federal statutory
income tax rate to income before income taxes and earnings in equity interests as follows (in
thousands):
Years Ended December 31,
2012 2013 2014
Income tax at the U.S. federal statutory rate of 35 percent
$1,824,973 $221,648 $3,679,333
State income taxes, net of federal benefit
237,637 23,000 400,824
Stock-based compensation expense
19,946 16,015 8,132
Research tax credits
— (18,036) (23,775)
Effect of non-U.S. operations
(138,078) (47,968) (53,079)
Settlement with tax authorities
(4,711) (46,943) (24,870)
Remeasurement of prior year tax positions
— (24,246) —
Acquisition related non-deductible expenses
1,894 9,296 16,881
Goodwill impairment charge
— 22,244 30,945
Other
(1,618) (1,618) 3,711
Provision for income taxes
$1,940,043 $153,392 $4,038,102
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