Cabela's 2011 Annual Report Download - page 102

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92
CABELA’S INCORPORATED AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in Thousands Except Share and Per Share Amounts)
16. INTEREST (EXPENSE) INCOME, NET
Interest expense, net of interest income, consisted of the following for years ended:
2011 2010 2009
Interest expense $ (24,580) $ (27,606) $ (23,456)
Capitalized interest 126 124 233
Interest income 27 40 114
$ (24,427) $ (27,442) $ (23,109)
17. INCOME TAXES
For financial reporting purposes, income before taxes includes the following components:
2011 2010 2009
Federal $ 127,662 $ 89,815 $ 68,720
Foreign 86,805 76,865 7,804
$ 214,467 $ 166,680 $ 76,524
The provision for income taxes consisted of the following for the years ended:
2011 2010 2009
Current:
Federal $ 19,969 $ 22,338 $ 33,744
State 2,650 769 1,966
Foreign 14,155 12,007 1,124
36,774 35,114 36,834
Deferred:
Federal 32,932 18,614 (9,640)
State 2,365 1,196 (287)
Foreign (224) (403) —
35,073 19,407 (9,927)
$ 71,847 $ 54,521 $ 26,907
A reconciliation of the statutory federal income tax rate to the effective income tax rate was as follows for the
years ended:
2011 2010 2009
Statutory federal rate 35.0% 35.0% 35.0%
State income taxes, net of federal tax benefit 1.6 2.7 2.1
Other nondeductible items 0.2 0.5 0.2
Tax exempt interest income (0.7) (0.3) (0.7)
Rate differential on foreign income (4.5) (3.1) (2.2)
Change in unrecognized tax benefits 1.1 0.2 0.9
Deferred income tax rate change 0.8 — —
Other, net — (2.3) (0.1)
33.5% 32.7% 35.2%