Lumber Liquidators 2015 Annual Report Download - page 77

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Lumber Liquidators Holdings, Inc.
Notes to Consolidated Financial Statements
(amounts in thousands, except share data and per share amounts)
Note 8. Income Taxes
The components of income before income taxes were as follows:
Year Ended December 31,
2015 2014 2013
United States ............................. $(80,136) $105,447 $128,482
Foreign ................................. (3,291) (1,864) (2,017)
Total Income before Income Taxes ............ $(83,427) $103,583 $126,465
The provision for income taxes consisted of the following:
Year Ended December 31,
2015 2014 2013
Current
Federal ............................... $(14,088) $34,615 $43,159
State ................................. (975) 5,614 6,637
Foreign ............................... 133 135 120
Total Current ............................. (14,930) 40,364 49,916
Deferred
Federal ............................... (9,276) (22) (745)
State ................................. (2,788) (130) (101)
Foreign ............................... — — —
Total Deferred ............................ (12,064) (152) (846)
Total Provision for Income Taxes ............... $(26,994) $40,212 $49,070
The reconciliation of significant differences between income tax expense applying the federal statutory
rate and the actual income tax expense at the effective rate are as follows:
Year Ended December 31,
2015 2014 2013
Income Tax Expense at Federal Statutory
Rate .......................... $(29,200) 35.0% $36,254 35.0% $44,263 35.0%
(Decreases) Increases:
State Income Taxes, Net of Federal Income
Tax Benefit .................... (2,401) 2.9% 3,711 3.6% 4,146 3.3%
Valuation Allowance ............... 210 (0.2)% 458 0.4% 498 0.4%
Foreign Operations ................ 1,075 (1.3)% 329 0.3% 328 0.2%
Non-deductible penalty .............. 3,887 (4.7)% — —% — —%
Other .......................... (565) 0.7% (540) (0.5)% (165) (0.1)%
Total ............................ $(26,994) 32.4% $40,212 38.8% $49,070 38.8%
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