The income tax provision (benefit) consists of the following: The difference between the effective income tax rate reflected in the provision for income taxes and the U.S. federal statutory rate was as follows: Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Based upon existing market conditions and the Company’s earnings prospects, it is anticipated that all deferred tax assets will be realized in future years. Significant components of the Company’s net deferred tax assets (liabilities) are as follows: 57 December 31, 2014 2013 (In thousands) Net current deferred tax assets: Inventory ................................................... $10,835 $ 9,086 Inventory reserve ............................................. 8,535 7,807 Allowance for doubtful accounts ................................. 1,022 396 Reserve for accrued liabilities ................................... 510 370 Other ...................................................... 2,667 2,832 Net current deferred tax assets ............................... 23,569 20,491 Net non-current deferred tax liability: Property, plant and equipment ................................... (11,295) (9,804) Stock options ................................................ 5,735 4,323 Other ...................................................... 143 137 Net non-current deferred tax liabilities ........................ (5,417) (5,344) Net deferred tax asset .............................................. $18,152 $15,147 Year ended December 31, 2014 2013 2012 Federal income tax statutory rate ............................ 35.0% 35.0% 35.0% Foreign income tax rate differential .......................... (6.0) (6.0) (5.5) Foreign development tax incentive .......................... (1.6) (2.6) (1.6) Manufacturing benefit .................................... (1.7) (1.4) (1.2) Other .................................................. (0.4) (0.8) (0.3) Effective income tax rate .................................. 25.3% 24.2% 26.4% Year ended December 31, 2014 2013 2012 (In thousands) Current: Federal ............................................ $43,652 $30,962 $20,033 Foreign ............................................ 30,022 24,543 22,542 Total current .................................... 73,674 55,505 42,575 Deferred: Federal ............................................ (5,916) (1,299) 440 Foreign ............................................ 2,910 64 (102) Total deferred ................................... (3,006) (1,235) 338 Total .................................................. $70,668 $54,270 $42,913