The components of the provision for income taxes attributable to continuing operations were as follows:
A reconciliation of the Federal statutory tax rate with the effective tax rate for continuing operations follows:
The components of the net deferred income tax liability were as follows:
Deferred taxes have not been provided on temporary differences related to investments in foreign subsidiaries that are considered permanent in duration. These temporary differences consist primarily of undistributed foreign earnings of $100 million at December 31, 1999. A full foreign tax provision has been made on these undistributed foreign earnings. Determination of the amount of deferred taxes on these temporary differences is not practical due to foreign tax credits and exclusions.
The Company had unused alternative minimum tax credits, for tax purposes, of $6 million at December 31, 1999, available to reduce future income tax liabilities. The alternative minimum tax credits may be carried forward indefinitely.
A valuation allowance has been established to reduce deferred income tax assets, principally foreign tax loss carryforwards, to amounts expected to be realized.
Income taxes paid (refunded) totaled $72 million in 1999, $(23) million in 1998, and $18 million in 1997 and include amounts related to both continuing and discontinued operations.
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