| Schedule Of Income Tax Expense (Benefit) |
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Income tax expense (benefit) included in income from net earnings consists of the following:
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Year ended
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2013
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2014
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2015
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Current
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Federal
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$ 26,233
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$ 22,362
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$ 17,492
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State
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94
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1,056
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464
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Foreign
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9,626
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16,265
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32,198
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Total Current
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35,953
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39,683
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50,154
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Deferred
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Federal
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5,507
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(1,096)
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(5,220)
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State
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(5)
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(43)
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(155)
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Foreign
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(3,898)
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473
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3,138
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Total Deferred
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1,604
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(666)
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(2,237)
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$ 37,557
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$ 39,017
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$ 47,917
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| Reconciliation Of Income Tax Provision |
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The income tax provision, as reconciled to the tax computed at the federal statutory rate of 35% for 2013, 2014, and
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2015, is as follows:
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Year ended
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2013
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2014
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2015
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Federal income taxes at statutory rate
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$ 40,803
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$ 40,479
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$ 49,906
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State income taxes, net of federal tax benefit
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102
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653
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670
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Qualified production activities deduction
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(1,700)
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(887)
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(952)
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Foreign rate differential
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(890)
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(603)
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(461)
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U.S. research credit
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(206)
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(293)
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(425)
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All other, net
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(552)
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(332)
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(821)
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$ 37,557
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$ 39,017
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$ 47,917
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| Schedule Of Deferred Taxes |
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The significant categories of deferred taxes are as follows:
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January 3,
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January 2,
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2015
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2016
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Deferred tax assets
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Inventory
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$ 3,024
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$ 3,341
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Accruals not currently deductible
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4,427
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5,892
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Equity-based compensation expense
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2,822
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4,476
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Intangible assets
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10,107
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9,283
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Net operating losses
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526
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110
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Accumulated other comprehensive income
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-
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988
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Other
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4,543
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3,428
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Gross deferred tax assets
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25,449
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27,518
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Valuation allowance
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(526)
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(607)
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Net deferred tax assets
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24,923
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26,911
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Deferred tax liabilities
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Depreciation/amortization
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(6,171)
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(6,137)
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Accumulated other comprehensive income
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(1,994)
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-
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Prepaid expenses
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(1,431)
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(1,566)
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Intangible assets
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(10,107)
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(9,283)
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Other
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(5,473)
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(4,663)
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Gross deferred tax liabilities
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(25,176)
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(21,649)
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Net deferred taxes
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$ (253)
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$ 5,262
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The Components of deferred taxes, net on a jurisdiction basis are as follows:
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January 3,
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January 2,
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2015
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2016
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Net current deferred tax assets
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$ 9,683
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$ 9,674
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Net noncurrent deferred tax assets
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5,933
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9,844
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Net current deferred tax liabilities
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(5,268)
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(4,434)
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Net noncurrent deferred tax liabilities
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(10,601)
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(9,822)
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Net deferred taxes
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$ (253)
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$ 5,262
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