Under Armour 2011 Annual Report Download - page 73
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11. Provision for Income Taxes
Income (loss) before income taxes is as follows:
Year Ended December 31,
(In thousands) 2011 2010 2009
Income (loss) before income taxes:
United States $122,774 $ 96,179 $86,752
Foreign 34,088 12,740 (4,334)
Total $156,862 $108,919 $82,418
The components of the provision for income taxes consisted of the following:
Year Ended December 31,
(In thousands) 2011 2010 2009
Current
Federal $38,209 $ 39,139 $32,215
State 10,823 8,020 7,285
Other foreign countries 7,291 3,620 1,345
56,323 50,779 40,845
Deferred
Federal 5,604 (6,617) (2,421)
State 548 (3,487) 244
Other foreign countries (2,532) (233) (3,035)
3,620 (10,337) (5,212)
Provision for income taxes $59,943 $ 40,442 $35,633
A reconciliation from the U.S. statutory federal income tax rate to the effective income tax rate is as
follows:
Year Ended December 31,
2011 2010 2009
U.S. federal statutory income tax rate 35.0% 35.0% 35.0%
State taxes, net of federal tax impact 4.1 1.2 5.7
Unrecognized tax benefits 3.1 2.3 1.1
Nondeductible expenses 0.8 1.4 2.2
Foreign rate differential (4.8) (1.6) (0.7)
Other — (1.2) (0.1)
Effective income tax rate 38.2% 37.1% 43.2%
The increase in the 2011 full year effective income tax rate, as compared to 2010, is primarily attributable to
federal and state tax credits that reduced the effective tax rate in 2010, partially offset by the 2011 reversal of a
valuation allowance established in 2010 against a portion of the Company’s deferred tax assets related to foreign
net operating loss carryforwards.
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