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PANERA BREAD COMPANY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)
65
15. Income Taxes
The components of income (loss) before income taxes, by tax jurisdiction, were as follows for the periods indicated (in thousands):
For the fiscal year ended
December 29,
2015
December 30,
2014
December 31,
2013
United States . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 242,860 $ 285,564 $ 317,479
Canada. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (6,288)(8,270)(4,759)
Income before income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 236,572 $ 277,294 $ 312,720
The provision for income taxes consisted of the following for the periods indicated (in thousands):
For the fiscal year ended
December 29,
2015
December 30,
2014
December 31,
2013
Current taxes:
U.S. federal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 83,005 $ 73,234 $ 87,548
U.S. state and local . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,242 14,306 18,638
Total current taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99,247 87,540 106,186
Deferred taxes:
U.S. federal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (9,737) 9,609 8,547
U.S. state and local . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2,263) 950 1,804
Foreign . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — (98)14
Total deferred taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (12,000) $ 10,461 $ 10,365
Total provision for income taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 87,247 $ 98,001 $ 116,551
A reconciliation of the statutory U.S. federal income tax rate to the Company's effective tax rate is as follows for the periods
indicated:
For the fiscal year ended
December 29,
2015
December 30,
2014
December 31,
2013
Statutory U.S. federal rate. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35.0% 35.0% 35.0%
U.S. state and local income taxes, net of federal tax benefit . . . . . . . . . . . . . 4.1 4.1 4.5
U.S. federal tax credits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1.8)(1.4)(0.8)
Other, including discrete tax items . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.4)(2.4)(1.4)
Effective tax rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36.9% 35.3% 37.3%
The Company’s higher effective tax rate for fiscal 2015 as compared to fiscal 2014 was primarily due to the discrete income tax
benefits reported during fiscal 2014 related to additional federal and state tax credits and an increased deduction for domestic
production activities.