Cabela's 2009 Annual Report Download - page 102

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93
CABELA’S INCORPORATED AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in Thousands Except Share and Per Share Amounts)
14. INTEREST (EXPENSE) INCOME, NET
Interest expense, net of interest income, consisted of the following for years ended:
2009 2008 2007
Interest expense $ (23,456) $ (32,180) $ (24,312)
Capitalized interest 233 2,472 4,069
Interest income 114 50 1,465
$(23,109) $ (29,658) $ (18,778)
15. INCOME TAXES
The provision for income taxes consisted of the following for the years ended:
2009 2008 2007
Current:
Federal $33,744 $32,503 $47,431
State 1,966 2,400 4,993
Foreign 1,124 - -
36,834 34,903 52,424
Deferred:
Federal (9,640)7,233 (599)
State (287)(305)(477)
(9,927)6,928 (1,076)
$26,907 $41,831 $51,348
A reconciliation of the statutory federal income tax rate to the effective income tax rate is as follows for the
years ended:
2009 2008 2007
Statutory federal rate 35.0%35.0%35.0%
State income taxes, net of federal tax benefit 2.1 1.7 1.8
Other nondeductible items 0.2 0.1 0.1
Tax exempt interest income (0.7) - -
Rate differential on foreign income (2.2) - -
Change in valuation allowance - (0.8) -
Other, net 0.8 (0.6) -
35.2%35.4%36.9%