Harley Davidson 2015 Annual Report Download - page 80

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80
12. Income Taxes
Provision for income taxes for the years ended December 31 consists of the following (in thousands):
2015 2014 2013
Current:
Federal $ 363,803 $ 394,904 $ 281,938
State 37,811 30,997 23,701
Foreign 12,826 20,429 22,093
414,440 446,330 327,732
Deferred:
Federal (15,474)(5,743) 51,509
State (2,264)(3,155)(1,471)
Foreign 1,254 1,277 2,542
(16,484)(7,621) 52,580
Total $ 397,956 $ 438,709 $ 380,312
The components of income before income taxes for the years ended December 31 were as follows (in thousands):
2015 2014 2013
Domestic $ 1,101,427 $ 1,196,335 $ 1,042,317
Foreign 48,736 86,985 71,988
Total $ 1,150,163 $ 1,283,320 $ 1,114,305
The provision for income taxes differs from the amount that would be provided by applying the statutory U.S. corporate
income tax rate due to the following items for the years ended December 31:
2015 2014 2013
Provision at statutory rate 35.0% 35.0% 35.0%
State taxes, net of federal benefit 1.8 1.7 1.6
Domestic manufacturing deduction (2.1)(2.1)(1.7)
Research and development credit (0.4)(0.4)(0.9)
Unrecognized tax benefits including interest and penalties 1.1 0.2 0.9
Valuation allowance adjustments (0.1)(0.1)(0.3)
Tax audit settlements — — 0.1
Adjustments for previously accrued taxes (0.1)(0.3)(0.2)
Other (0.6) 0.2 (0.4)
Provision for income taxes 34.6% 34.2% 34.1%