Sally Beauty Supply 2007 Annual Report Download - page 112
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The provision for income taxes for the fiscal years 2007, 2006 and 2005 consists of the following (in thousands):
Year Ended September 30,
2007
2006
2005
Current:
Federal $ 28,595 $ 57,025 $ 57,244
Foreign 6,446 3,141 1,288
State 3,545 9,197 6,334
Total current portion 38,586 69,363 64,866
Deferred:
Federal 517 1,053 7,319
Foreign (319) (255) 1,246
State (663) (245) (277)
Total deferred portion (465) 553 8,288
Total provision for income tax $ 38,121 $ 69,916 $ 73,154
The difference between the U.S. statutory federal income tax rate and the effective income tax rate is summarized below:
Year Ended September 30,
2007
2006
2005
Statutory tax rate 35.0% 35.0% 35.0%
State income taxes, net of federal tax benefit 2.1 3.2 2.1
Effect of foreign operations (0.4) (0.1) 1.5
Nondeductible transaction costs 6.9 — —
Other, net 2.5 0.7 —
Effective tax rate 46.1% 38.8% 38.6%
F-30
Source: Sally Beauty Holding, 10-K, November 29, 2007