Callaway 2008 Annual Report Download - page 101
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Note 14. Income Taxes
The Company’s income before income tax provision was subject to taxes in the following jurisdictions for
the following periods (in thousands):
Year Ended December 31,
2008 2007 2006
United States ..................................................... $ 76,255 $69,481 $18,455
Foreign .......................................................... 25,052 18,794 16,543
$101,307 $88,275 $34,998
The provision for income taxes is as follows (in thousands):
Year Ended December 31,
2008 2007 2006
Current tax provision:
Federal ....................................................... $18,534 $25,127 $ 2,986
State ......................................................... 1,720 4,061 1,085
Foreign ....................................................... 8,370 2,790 6,050
28,624 31,978 10,121
Deferred tax expense (benefit):
Federal ....................................................... 4,216 (2,288) 645
State ......................................................... 1,297 (675) 289
Foreign ....................................................... 994 4,673 653
6,507 1,710 1,587
Income tax provision ................................................ $35,131 $33,688 $11,708
During 2008, 2007 and 2006, tax benefits related to the exercise or vesting of stock-based awards were
$1,379,000, $6,031,000 and $884,000, respectively. Such benefits were recorded as a reduction of income taxes
payable with a corresponding increase in additional paid-in capital or a decrease to deferred tax assets in
connection with compensation cost previously recognized in income.
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