Cabela's 2012 Annual Report Download - page 107
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97
CABELA’S INCORPORATED AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in Thousands Except Share and Per Share Amounts)
result in other-than-temporary impairments. In 2010, none of the bonds with a fair value below carrying value
were deemed to have other than a temporary impairment. At the end of 2012 and 2011, the cumulative amount
of impairment adjustments that were made to deferred grant income, which has been recorded as a reduction of
property and equipment, was $38,656 and $33,626, respectively. These impairment adjustments made to deferred
grant income resulted from events or changes in circumstances that indicated the amount of deferred grant
income may not be recovered or realized in cash through collection, sales, or other proceeds from the economic
development bonds.
In 2011, the Company incurred charges totaling $935 for severance and related benefits primarily from
outplacement costs and a voluntary retirement plan. All impairment and restructuring charges were recorded to the
Corporate Overhead and Other segment.
16. INTEREST (EXPENSE) INCOME, NET
Interest expense, net of interest income, consisted of the following for years ended:
2012 2011 2010
Interest expense $ (22,969) $ (24,580) $ (27,606)
Capitalized interest 2,798 126 124
Interest income 48 27 40
$ (20,123) $ (24,427) $ (27,442)
17. INCOME TAXES
For financial reporting purposes, income before taxes includes the following components:
2012 2011 2010
Federal $ 164,433 $ 127,662 $ 89,815
Foreign 97,281 86,805 76,865
$ 261,714 $ 214,467 $ 166,680
The provision for income taxes consisted of the following for the years ended:
2012 2011 2010
Current:
Federal $ 79,997 $ 19,969 $ 22,338
State 7,397 2,650 769
Foreign 16,279 14,155 12,007
103,673 36,774 35,114
Deferred:
Federal (16,145) 32,932 18,614
State 121 2,365 1,196
Foreign 552 (224) (403)
(15,472) 35,073 19,407
$ 88,201 $ 71,847 $ 54,521