Hasbro 2015 Annual Report Download - page 88

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HASBRO, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements — (Continued)
(Thousands of Dollars and Shares Except Per Share Data)
(10) Income Taxes
Income taxes attributable to earnings before income taxes are:
2015 2014 2013
Current
United States ....................................... $101,591 70,390 12,760
State and local ...................................... 3,352 3,134 1,677
International ....................................... 71,054 62,909 72,640
175,997 136,433 87,077
Deferred
United States ....................................... (13,771) (15,448) (10,751)
State and local ...................................... (472) (530) (368)
International ....................................... (4,711) 6,223 (8,064)
(18,954) (9,755) (19,183)
Total income taxes ...................................... $157,043 126,678 67,894
Certain income tax (benefits) expenses, not reflected in income taxes in the consolidated statements of
operations totaled $(5,434) in 2015, $(38,223) in 2014 and $6,733 in 2013 which relate primarily to stock
compensation and pensions. In 2015, 2014 and 2013, the deferred tax portion of the total (benefit) expense was
$8,180, $(27,236) and $29,033, respectively.
A reconciliation of the statutory United States federal income tax rate to Hasbro’s effective income tax rate
is as follows. Certain prior year amounts have been reclassified to conform with current year presentation.
2015 2014 2013
Statutory income tax rate .......................................... 35.0% 35.0% 35.0%
State and local income taxes, net .................................... 0.3 0.3 0.3
Tax on international earnings ...................................... (15.6) (6.4) (13.6)
Change in unrecognized tax benefits ................................. 4.3 (5.7) (1.5)
Other, net ...................................................... 2.0 0.3 (0.9)
26.0% 23.5% 19.3%
The components of earnings before income taxes, determined by tax jurisdiction, are as follows:
2015 2014 2013
United States .......................................... $155,120 190,769 54,424
International ........................................... 448,795 349,219 297,398
Total earnings before income taxes ......................... $603,915 539,988 351,822
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