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Income Taxes

9 Months Ended

Sep. 30, 2014

Note 9: Income Taxes

The Company's effective tax rate on income from continuing operations for the first nine months of 2014 was 24.4% compared to 23.7% for the nine months of 2013. The components of the effective tax rates for both periods were as follows (dollars in millions):

	Nine Months Ended September 30,
	2014						2013
	Tax Provision			Tax Rate			Tax Provision			Tax Rate

Forecasted tax expense by jurisdiction	$	167			22.7	%	$	134			23.3	%
Adjustments to income tax provision:
Tax effect of goodwill impairment		9			1.3			–			–
Finalization of prior year returns		4			0.5			6			1.0
Tax effects of changes in legislation		–			–			(9	)		(1.6	)
Changes in valuation allowances		3			0.4			5			1.0
Accrual adjustments and other		(4	)		(0.5	)		–			–
Tax provision	$	179			24.4	%	$	136			23.7	%

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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