Under Armour 2014 Annual Report Download - page 78

The components of the provision for income taxes consisted of the following
:
Y
ear Ended December 31
,
(
In t
h
ousan
d
s
)
2
0
14 201
3
2
0
1
2
C
urren
t
Federal
$
110,439
$
85,542
$
66,533
State 24,419 19,130 12,9
62
O
ther foreign countries 16,489 13,29
5
8,139
151
,
347 117
,
967 87
,
63
4
De
f
e
rr
ed
Federal (15,368) (14,722) (9,606)
State (4,073) (5,541) (3,563)
O
ther forei
g
n countries 2,262 959 196
(1
7,
1
7
9) (19
,
304) (12
,
9
7
3)
P
rovision for income taxes
$
134
,
168
$
98
,
663
$
74
,
661
A
reconc
ili
at
i
on
f
rom t
h
e U.S. statutory
f
e
d
era
li
ncome tax rate to t
h
ee
ff
ect
i
ve
i
ncome tax rate
i
sa
s
f
o
ll
ows:
Year Ended December 31,
2
014
2
01
3
201
2
U
.S. federal statutory income tax rate 3
5
.0% 3
5
.0% 3
5
.0%
State taxes, net o
ff
e
d
era
l
tax
i
mpact 3.8 2.4 2.
1
U
nrecognized tax benefits 1.9 2.
5
2.7
Nondeductible expenses 1.0 1.1 0.6
Foreign rate differential (4.
5
) (4.8) (4.9
)
Foreign valuation allowance 2.
5
1.
5
0.8
O
ther
(
0.
5)
0.1 0.
4
Effective income tax rate 3
9
.2% 37.8% 3
6
.7%
T
h
e
i
ncrease
i
nt
h
e 2014
f
u
ll y
ear e
ff
ect
i
ve
i
ncome tax rate, as compare
d
to 2013,
i
spr
i
mar
ily d
ue t
o
i
ncrease
df
ore
ig
n
i
nvestments
d
r
i
v
i
n
g
a
l
ower proport
i
on o
ff
ore
ig
n taxa
bl
e
i
ncome
i
n 2014 an
d
state tax cre
di
t
s
r
ece
iv
e
di
n2
0
1
3.
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