SEC Filings

10-K
INTUITIVE SURGICAL INC filed this Form 10-K on 02/02/2018
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NOTE 10.    INCOME TAXES
Income before provision for income taxes for the years ended December 31, 2017, 2016, and 2015, consisted of the following (in millions):
 
Years Ended December 31,
 
2017
 
2016
 
2015
U.S.
$
765.0

 
$
653.0

 
$
425.1

Foreign
331.5

 
327.8

 
333.4

Total income before provision for income taxes
$
1,096.5

 
$
980.8

 
$
758.5

The provision for income taxes for the years ended December 31, 2017, 2016, and 2015, consisted of the following (in millions):
 
Years Ended December 31,
 
2017
 
2016
 
2015
Current
 
 
 
 
 
Federal
$
352.1

 
$
207.0

 
$
148.7

State
13.0

 
13.4

 
8.4

Foreign
8.7

 
5.4

 
7.6

 
$
373.8

 
$
225.8

 
$
164.7

Deferred
 
 
 
 
 
Federal
$
65.5

 
$
18.3

 
$
7.5

State
(0.4
)
 
0.6

 
0.5

Foreign
(2.4
)
 
0.2

 
(3.0
)
 
$
62.7

 
$
19.1

 
$
5.0

Total income tax expense
$
436.5

 
$
244.9

 
$
169.7

Income tax expense differs from amounts computed by applying the statutory federal income rate of 35% for the years ended December 31, 2017, 2016, and 2015, as a result of the following (in millions):
 
Years Ended December 31,
 
2017
 
2016
 
2015
Federal tax at statutory rate
$
383.8

 
$
343.3

 
$
265.5

Increase (reduction) in tax resulting from:
 
 
 
 
 
State taxes, net of federal benefits
16.0

 
14.0

 
8.9

Foreign rate differential
(107.3
)
 
(86.2
)
 
(67.4
)
Research and development credit
(15.3
)
 
(7.8
)
 
(6.4
)
Share-based compensation not benefited
10.8

 
3.6

 
6.9

Domestic production activities deduction
(7.9
)
 
(8.0
)
 
(5.3
)
Reversal of unrecognized tax benefits
(62.4
)
 
(15.8
)
 
(6.4
)
Reversal of share-based compensation from intercompany charges

 

 
(25.0
)
Tax Cuts and Jobs Act impact
317.8

 

 

Excess tax benefits
(102.8
)
 

 

Other
3.8

 
1.8

 
(1.1
)
Total income tax expense
$
436.5

 
$
244.9

 
$
169.7


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