Columbia Sportswear 2014 Annual Report Download - page 64

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COLUMBIA SPORTSWEAR COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
60
Year Ended December 31,
2014 2013 2012
Current:
Federal $ 42,790 $ 14,953 $ 14,365
State and local 3,175 1,999 876
Non-U.S. 20,679 14,178 12,448
66,644 31,130 27,689
Deferred:
Federal (5,147) 11,363 5,806
State and local (739) (120) 690
Non-U.S. (4,096) (4,550) (137)
(9,982) 6,693 6,359
Income tax expense $ 56,662 $ 37,823 $ 34,048
The following is a reconciliation of the statutory federal income tax rate to the effective rate reported in the financial
statements:
Year Ended December 31,
2014 2013 2012
(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 1.5 1.5 1.7
Non-U.S. income taxed at different rates (3.4) (3.7) (5.4)
Foreign tax credits — (0.5) —
Reduction of unrecognized tax benefits (3.2) (1.9) (4.3)
Research credits (0.9) (2.1) (1.7)
Other (0.5) 0.5 0.1
Actual provision for income taxes 28.5% 28.8% 25.4%
Significant components of the Company’s deferred taxes consisted of the following (in thousands):