Callaway 2015 Annual Report Download - page 94
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F-24
Note 9. Income Taxes
The Company’s income (loss) before income tax provision was subject to taxes in the following jurisdictions for the
following periods (in thousands):
Years Ended December 31,
2015 2014 2013
United States ............................................................................................................... $ 6,864 $ 6,981 $ (28,622)
Foreign ........................................................................................................................ 13,199 14,658 15,300
$ 20,063 $ 21,639 $ (13,322)
The expense (benefit) for income taxes is comprised of (in thousands):
Years Ended December 31,
2015 2014 2013
Current tax provision (benefit):
Federal.................................................................................................................. $ 271 $ 496 $ 195
State...................................................................................................................... 431 612 382
Foreign ................................................................................................................. 4,393 4,930 6,487
5,095 6,038 7,064
Deferred tax expense (benefit):
Federal.................................................................................................................. (41)(1,549) 1,100
State...................................................................................................................... 113 70 (817)
Foreign ................................................................................................................. 328 1,072 (1,748)
400 (407)(1,465)
Income tax provision................................................................................................... $ 5,495 $ 5,631 $ 5,599
On November 20, 2015, the FASB issued ASU No 2015-17, "Income Taxes (Topic 740): Balance Sheet Classification
of Deferred Taxes" which requires all deferred tax assets and liabilities to be classified as noncurrent on the balance sheet.
The new accounting guidance is effective for annual reporting periods beginning after December 31, 2016 and interim periods
therein. Early adoption is permitted as of the beginning of interim or annual reporting periods. The Company has adopted
the standard prospectively as of December 31, 2015 and no adjustment was made to prior periods.