Harley Davidson 2013 Annual Report Download - page 84

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84
13. Income Taxes
Provision for income taxes for the years ended December 31 consists of the following (in thousands):
2013 2012 2011
Current:
Federal $ 281,938 $ 191,006 $ 135,232
State 23,701 4,221 12,177
Foreign 22,093 13,189 5,776
327,732 208,416 153,185
Deferred:
Federal 51,509 121,934 104,723
State (1,471) 7,697 (12,201)
Foreign 2,542 (460)(1,121)
52,580 129,171 91,401
Total $ 380,312 $ 337,587 $ 244,586
The components of income before income taxes for the years ended December 31 were as follows (in thousands):
2013 2012 2011
Domestic $ 1,042,317 $ 946,592 $ 782,896
Foreign 71,988 14,920 9,768
$ 1,114,305 $ 961,512 $ 792,664
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:
2013 2012 2011
Provision at statutory rate 35.0% 35.0% 35.0%
State taxes, net of federal benefit 1.6 1.6 1.6
Domestic manufacturing deduction (1.7)(1.6)(1.8)
Research and development credit (0.9) — (0.6)
Unrecognized tax benefits including interest and penalties 0.9 0.1 (1.1)
Valuation allowance adjustments (0.3)(0.3)(2.0)
Tax audit settlements 0.1 (0.1)(1.1)
Adjustments for previously accrued taxes (0.2)(0.4) 0.3
Other (0.4) 0.8 0.6
Provision for income taxes 34.1% 35.1% 30.9%