Cabela's 2007 Annual Report Download - page 77

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71
CABELA’S INCORPORATED AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in Thousands Except Share and Per Share Amounts)
14. INTEREST (EXPENSE) INCOME, NET
Interest expense, net of interest income, consisted of the following for years ended:
2007 2006 2005
Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (24,312) $(18,302) $(11,299)
Capitalized interest ...................................... 4,069 355 371
Interest income ......................................... 1,465 1,821 672
$ (18,778) $(16,126) $(10,256)
15. INCOME TAXES
The provision for income taxes consisted of the following for the years ended:
2007 2006 2005
Current:
Federal ........................................... $47,431 $24,601 $28,874
State ............................................. 4,993 2,840 2,619
52,424 27,441 31,493
Deferred:
Federal ........................................... (599) 22,225 10,723
State ............................................. (477) 1,805 585
(1,076) 24,030 11,308
$51,348 $51,471 $42,801
A reconciliation of the statutory federal income tax rate to the effective income tax rate is as follows for the
years ended:
2007 2006 2005
Statutory federal rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35.0% 35.0% 35.0%
State income taxes, net of federal tax benefit . . . . . . . . . . . . . . . 1.8 1.8 1.2
Other nondeductible items . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 0.1 (0.1)
Other, net ........................................... — 0.6 1.0
36.9% 37.5% 37.1%