operations, it is more likely than not the net deferred tax  assets of $62.9 million will be realized on future tax returns,  primarily from the generation of future taxable income.  Significant components of the deferred income tax liabilities  and assets are as follows: A reconciliation of the beginning and ending balance of the  investments measured at fair value using significant unob- servable inputs (Level 3) is as follows: The Company has commitments totaling $85.0 million for the  private equity investments within the pension plans, of which  $30.3 million and $42.1 million remain unfunded at fiscal year  end 2014 and 2013, respectively. These commitments include  $17.7 million and $12.6 million for domestic and foreign equity  investments, respectively, for fiscal year end 2014 compared  to the $27.1 million and $15.0 million for domestic and foreign  equity investments, respectively, for fiscal year end 2013.  Funding for future private equity capital calls will come from  existing pension plan asset investments and not from addi- tional cash contributions into the Company’s pension plans. Reconciliation of the statutory federal income tax rate to the  Company’s effective tax rate is as follows: The components of the provision for income taxes are as follows: No provision has been made for U.S. federal income taxes on  certain undistributed earnings of foreign subsidiaries and joint  ventures that we intend to permanently invest or that may  be remitted substantially tax-free. The total of undistributed  earnings that would be subject to federal income tax if remit- ted under existing law is approximately $88.3 million as of  October 26, 2014. Determination of the unrecognized deferred  tax liability related to these earnings is not practicable  because of the complexities with its hypothetical calculation.  Upon distribution of these earnings, we will be subject to  U.S. taxes and withholding taxes payable to various foreign  governments. A credit for foreign taxes already paid would be  available to reduce the U.S. tax liability. Total income taxes paid during fiscal 2014, 2013, and 2012 were  $285.8 million, $226.2 million, and $226.7 million, respectively. 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. The Company believes that,  based upon its lengthy and consistent history of profitable  Note J Income Taxes (in thousands)  2014 2013  2012 Current: U.S. Federal  $264,533 $231,359  $216,620 State  34,034 30,671  26,303 Foreign  7,759 5,334  5,783 Total current  306,326  267,364   248,706 Deferred: U.S. Federal  8,756 1,080  4,443 State  873 (194)  225 Foreign  171 181  – Total deferred  9,800 1,067  4,668 Total provision for income taxes  $316,126 $268,431  $253,374 2014 2013  2012 U.S. statutory rate  35.0% 35.0%  35.0% State taxes on income, net of federal tax benefit  2.8 2.7  2.5 Domestic production activities deduction  (2.7) (2.4)  (2.6) All other, net  (0.8) (1.7)  (1.5) Effective tax rate  34.3% 33.6%  33.4%  October 26,  October 27,  (in thousands)  2014 2013 Deferred tax liabilities: Goodwill and intangible assets  $(168,167) $(80,131) Tax over book depreciation and basis differences  (85,623)  (95,902) Other, net  (30,252)  (31,261) Deferred tax assets: Pension and post-retirement benefits 152,392  132,342 Employee compensation related liabilities  101,706  97,513 Marketing and promotional accruals 28,703  26,920 Other accruals not currently deductible  13,010 3,704 Other, net  51,082  45,444 Net deferred tax assets  $ 62,851 $ 98,629 (in thousands)  2014 2013 Beginning Balance  $45,783 $33,668 Purchases, issuances, and settlements (net)  3,050 7,288 Unrealized gains  4,479 2,718 Realized gains  4,260 1,471 Interest and dividend income  1,151 638 Ending Balance  $58,723 $45,783 52