Cabela's 2013 Annual Report Download - page 104

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94
CABELA’S INCORPORATED AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in Thousands Except Share and Per Share Amounts)
16. INCOME TAXES
For financial reporting purposes, income before taxes includes the following components:
2013 2012 2011
Federal $ 244,878 $ 164,433 $ 127,662
Foreign 98,650 97,281 86,805
$ 343,528 $ 261,714 $ 214,467
The provision for income taxes consisted of the following for the years ended:
2013 2012 2011
Current:
Federal $ 105,241 $ 79,997 $ 19,969
State 7,714 7,397 2,650
Foreign 14,414 16,279 14,155
127,369 103,673 36,774
Deferred:
Federal (8,497) (16,145) 32,932
State (49) 121 2,365
Foreign 315 552 (224)
(8,231) (15,472) 35,073
$ 119,138 $ 88,201 $ 71,847
A reconciliation of the statutory federal income tax rate to the effective income tax rate was as follows for the
years ended:
2013 2012 2011
Statutory federal rate 35.0% 35.0% 35.0%
State income taxes, net of federal tax benefit 1.5 1.9 1.6
Other nondeductible items 0.2 0.7 0.2
Tax exempt interest income (0.4) (0.5) (0.7)
Rate differential on foreign income (4.3) (3.8) (4.5)
Change in unrecognized tax benefits 2.9 0.4 1.1
Deferred income tax rate change 0.1 0.4 0.8
Other, net (0.3) (0.4) -
Effective income tax rate 34.7% 33.7% 33.5%