Under Armour 2010 Annual Report Download - page 68
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The components of the provision for income taxes consisted of the following:
Year Ended December 31,
(In thousands) 2010 2009 2008
Current
Federal $ 39,139 $32,215 $28,225
State 8,020 7,285 5,022
Other foreign countries 3,620 1,345 1,242
50,779 40,845 34,489
Deferred
Federal (6,617) (2,421) 226
State (3,487) 244 1,699
Other foreign countries (233) (3,035) (4,743)
(10,337) (5,212) (2,818)
Provision for income taxes $ 40,442 $35,633 $31,671
A reconciliation from the U.S. statutory federal income tax rate to the effective income tax rate is as
follows:
Year Ended December 31,
2010 2009 2008
U.S. federal statutory income tax rate 35.0% 35.0% 35.0%
State taxes, net of federal tax impact 1.2 5.7 6.5
Nondeductible expenses 1.4 2.2 1.7
Foreign rate differential (1.6) (0.7) 2.2
Unrecognized tax benefits 2.3 1.1 —
Other (1.2) (0.1) (0.1)
Effective income tax rate 37.1% 43.2% 45.3%
The decrease in the 2010 full year effective income tax rate, as compared to 2009, is primarily attributable
to certain tax planning strategies and federal and state tax credits reducing the effective tax rate for the period.
This reduction was partially offset by the establishment of a valuation allowance recorded against a portion of the
Company’s deferred tax assets and additional unrecognized tax benefits.
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