Columbia Sportswear 2009 Annual Report Download - page 62

Download and view the complete annual report

Please find page 62 of the 2009 Columbia Sportswear annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 85

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85

COLUMBIA SPORTSWEAR COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
The components of the provision (benefit) for income taxes consist of the following (in thousands):
Year Ended December 31,
2009 2008 2007
Current:
Federal ............................................... $10,030 $ 22,576 $40,490
State and local ......................................... 2,088 2,459 3,685
Non-U.S. ............................................. 10,399 18,568 22,493
22,517 43,603 66,668
Deferred:
Federal ............................................... 2,377 (10,444) (2,726)
State and local ......................................... 12 (1,228) (222)
Non-U.S. ............................................. (2,077) (735) (145)
312 (12,407) (3,093)
Income tax expense ......................................... $22,829 $ 31,196 $63,575
The following is a reconciliation of the normal expected statutory federal income tax rate to the effective
rate reported in the financial statements:
Year Ended December 31,
2009 2008 2007
(percent of income)
Provision for federal income taxes at the statutory rate ................... 35.0% 35.0% 35.0%
State and local income taxes, net of federal benefit ...................... 1.9 0.8 1.1
Non-U.S. income taxed at different rates .............................. 0.4 (4.1) (1.4)
Foreign tax credits ............................................... (5.8) (3.2) —
Reduction of accrued income taxes .................................. (4.1) (3.3) (2.8)
Tax-exempt interest .............................................. (0.5) (0.8) (1.0)
Other .......................................................... (1.5) 0.3 (0.3)
Actual provision for income taxes ................................... 25.4% 24.7% 30.6%
55