Pier 1 2015 Annual Report Download - page 58

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 7 – INCOME TAXES
The components of income before taxes, by tax jurisdiction, were as follows (in thousands):
2015 2014 2013
Domestic $111,338 $165,658 $191,494
Foreign 9,064 8,991 9,506
Income before income taxes $120,402 $174,649 $201,000
The provision for income taxes for each of the last three fiscal years consisted of (in thousands):
2015 2014 2013
Federal:
Current $30,771 $43,325 $45,797
Deferred 5,620 16,311 15,635
State:
Current 4,402 5,234 4,738
Deferred 2,027 (2,404) 4,293
Foreign:
Current 2,420 4,652 1,093
Deferred ———
Total income tax provision $45,240 $67,118 $71,556
The differences between income taxes at the statutory federal income tax rate of 35% in fiscal 2015, 2014 and 2013, and
income tax reported in the consolidated statements of operations were as follows (in thousands):
2015 2014 2013
Tax provision at statutory federal income tax rate $42,141 $61,127 $70,350
State income taxes, net of federal provision 4,402 3,138 6,838
Decrease in valuation allowance (224) (1,298) (1,034)
Foreign income taxes 2,420 4,652 1,093
Foreign and other tax credits (3,436) (5,444) (1,785)
Other, net (63) 4,943 (3,906)
Provision for income taxes $45,240 $67,118 $71,556
Effective tax rate 37.6% 38.4% 35.6%
52 PIER 1 IMPORTS, INC. 2015 Form 10-K