Vantiv / Smarter / Faster / Easier / Payments    Print Page  |  Close Window

SEC Filings

425
FIDELITY NATIONAL INFORMATION SERVICES, INC. filed this Form 425 on 05/13/2019
Entire Document
 


Worldpay, Inc.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

 

The following is a summary of applicable income taxes (in millions):

 

     Year Ended December 31,  
             2018                      2017                      2016          

Current income tax expense:

        

U.S. income taxes

   $ 16.9      $ 27.8      $ 58.0  

State and local income taxes

     6.2        6.4        4.1  

Foreign income taxes

     40.3        —          —    
  

 

 

    

 

 

    

 

 

 

Total current tax expense

     63.4        34.2        62.1  

Deferred income tax (benefit) expense:

        

U.S. income taxes

     (27.8      575.6        70.8  

State and local income taxes

     (1.0      21.2        8.9  

Foreign income taxes

     (62.3      —          —    
  

 

 

    

 

 

    

 

 

 

Total deferred tax (benefit) expense

     (91.1      596.8        79.7  
  

 

 

    

 

 

    

 

 

 

Applicable income tax (benefit) expense

   $ (27.7    $ 631.0      $ 141.8  
  

 

 

    

 

 

    

 

 

 

Income (loss) before taxes for the year ended December 31, 2018 were comprised of a $58.2 million loss from domestic operations and $50.1 million of income from foreign operations. For the years ended December 31, 2017 and 2016 all pre-tax income was related to domestic operations.

A reconciliation of the federal statutory tax and the Company’s income tax (benefit) expense for all periods is provided below (in millions):

 

     Year Ended December 31,  
             2018                      2017                      2016          

Federal statutory tax

   $ (1.7    $ 284.8      $ 148.0  

State taxes-net of federal benefit

     (2.6      23.6        11.7  

Non-U.S. tax rate differential

     (34.6      —          —    

Effect of changes in deferred tax rates

     8.3        357.8        0.2  

Non-controlling interest

     (0.3      (13.1      (19.5

Other-net

     6.8        (2.2      1.4  

Excess tax benefit from share-based compensation

     (15.2      (16.9      —    

Acquisition

     11.6        (3.0      —    
  

 

 

    

 

 

    

 

 

 

Applicable income tax (benefit) expense

   $ (27.7    $ 631.0      $ 141.8  
  

 

 

    

 

 

    

 

 

 

 

- 44 -