Cabela's 2014 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)
Each quarter, we evaluate the projected underlying cash flows of our economic development bonds to
determine if the carrying amount of any such bonds, including interest accrued under the bonds, can be recovered.
To the extent the expected cash flows are not sufficient to recover the carrying amount, the bonds are assessed for
impairment. Deficiencies in projected discounted cash flows below the recorded carrying amount of the economic
development bonds evidences that we do not expect to recover the cost basis. Consequently, the valuation results in
an other than temporary impairment. Trends and management projections could change undiscounted cash flows in
future periods which could trigger possible future write downs.
15. INTEREST (EXPENSE) INCOME, NET
Interest expense, net of interest income, consisted of the following for the years ended:
2014 2013 2012
Interest expense $ (29,648) $ (26,159) $ (22,969)
Capitalized interest 7,788 4,270 2,798
Interest expense, net (21,860) (21,889) (20,171)
Interest income 18 35 48
$ (21,842) $ (21,854) $ (20,123)
16. INCOME TAXES
For financial reporting purposes, income before taxes includes the following components:
2014 2013 2012
Federal $ 276,041 $ 244,878 $ 164,433
Foreign 42,436 98,650 97,281
$ 318,477 $ 343,528 $ 261,714
The provision for income taxes consisted of the following for the years ended:
2014 2013 2012
Current:
Federal $ 114,420 $ 105,241 $ 79,997
State 7,032 7,714 7,397
Foreign 6,872 14,414 16,279
128,324 127,369 103,673
Deferred:
Federal (14,024) (8,497) (16,145)
State 2,477 (49) 121
Foreign (15) 315 552
(11,562) (8,231) (15,472)
$ 116,762 $ 119,138 $ 88,201