Taxes

What do Taxes represent?

Taxes represent all income taxes levied on the income of a company by federal, state and/or foreign governments.

Taxes consist of:

• Federal income taxes;
• State income taxes;
• Foreign income taxes;
• Charges in lieu of income taxes;
• Charges equivalent to investment tax credit;
• Income taxes on dividends or earnings of unconsolidated subsidiaries or minority interest, if reported before taxes; and 
• Deferred taxation charges.