Cabela's 2014 Annual Report Download - page 105
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95
CABELA’S INCORPORATED AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in Thousands Except Share and Per Share Amounts)
A reconciliation of the statutory federal income tax rate to the effective income tax rate was as follows for the
years ended:
2014 2013 2012
Statutory federal rate 35.0% 35.0% 35.0%
State income taxes, net of federal tax benefit 2.0 1.5 1.9
Other nondeductible items 0.4 0.2 0.7
Tax exempt interest income (0.7) (0.4) (0.5)
Rate differential on foreign income 0.4 (4.3) (3.8)
Change in unrecognized tax benefits (1.4) 2.9 0.4
Deferred income tax rate change 0.5 0.1 0.4
Other, net 0.5 (0.3) (0.4)
Effective income tax rate 36.7% 34.7% 33.7%
Deferred tax assets and liabilities consisted of the following for the years ended:
2014 2013
Deferred tax assets:
Deferred compensation $ 14,016 $ 12,504
Deferred revenue 4,755 5,137
Reserve for returns 6,148 5,988
Accrued expenses and other liabilities 12,523 27,970
Gift certificates liability 10,392 8,794
Allowance for loans losses and doubtful accounts 22,093 20,600
Loyalty rewards programs 61,146 36,597
Other 13,761 5,505
Total deferred tax assets 144,834 123,095
Valuation allowance (1,692) -
Deferred tax assets, net of valuation allowance 143,142 123,095
Deferred tax liabilities:
Prepaid expenses 10,888 11,608
Property and equipment 76,917 75,988
Inventories 3,265 3,172
Credit card loan fee deferral 38,743 32,296
U.S. income tax on foreign earnings 964 -
Economic development bonds 3,681 743
Other 830 58
Total deferred tax liabilities 135,288 123,865
Net deferred tax (asset) liability (7,854) 770
Less current deferred income taxes (14,400) (2,348)
Long-term deferred income tax liabilities $ 6,546 $ 3,118