Dick's Sporting Goods 2014 Annual Report Download - page 86

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60
DICK'S SPORTING GOODS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)
11. Income Taxes
The components of the provision for income taxes are as follows for the fiscal periods ended (in thousands):
2014 2013 2012
Current:
Federal $ 187,735 $ 156,177 $ 174,049
State 30,340 27,769 27,429
218,075 183,946 201,478
Deferred:
Federal (5,740) 23,499 (1,734)
State (519) 1,064 (628)
(6,259) 24,563 (2,362)
Total provision $ 211,816 $ 208,509 $ 199,116
The provision for income taxes differs from the amounts computed by applying the federal statutory rate as follows for the
following periods:
2014 2013 2012
Federal statutory rate 35.0% 35.0 % 35.0%
State tax, net of federal benefit 3.1% 3.5 % 3.6%
Valuation allowance —% (0.4)% 1.6%
Other permanent items —% 0.1 % 0.5%
Effective income tax rate 38.1% 38.2 % 40.7%