If Hormel did not have any permanent differences, what would the income tax have been in fiscal year 2016?

Note K Income Taxes The components of the provision for income taxes are as follows: (in thousands) 2016 2015 2014 Current: U.S. Federal $341,799 $299,557 $264,533 State 33,753 39,817 34,034 Foreign 6,81 9 10.526 7. 759 Total current 382,371 349,900 306,326 Deferred: U.S. Federal 40,456 18,451 8,756 State 3,770 1 .070 873 Foreign 1 01 458 1 71 Total deterred 44,327 19,979 9,800 Total provision for income taxes $426,698 $369,879 $316,126 Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabili- ties for nancial reporting purposes and the amounts used for income tax purposes. The Company believes that, based upon its lengthy and consistent history of protable operations, it is more likely than not the net deferred tax assets of $6.2 million will be realized on future tax returns, primarily from the gener- ation of future taxable income. Signicant components of the deferred income tax liabilities and assets are as follows: October 30, October 25, (in th cusands] 2016 2015 Deferred tax liabilities: Goodwill and intangible assets $(250,330] $(213,312) Tax over book depreciation and basis differences (98,628] (94,496) Other, net (13,295] (18,788) Deferred tax assets: Pension and post-retirement benefits 182,444 154,306 Employee compensation related liabilities 107,343 109,061 Marketing and promotional accruals 36,844 37,603 Other, net 46,845 48,432 Net deterred tax assets $ 6,223 $ 22,806 Reconciliation of the statutory federal income tax rate to the Company's effective tax rate is as follows: 201 6 2015 35.0% 2014 35.0% U.S. statutory rate 35.0% State taxes on income. net of federal tax benet 2.1 2.7 2.8 Domestic production activities deduction (2.8] (2.6} (2.7) Foreign tax credit (0.9] - - All other. net (1.0] (0.1} (0.8) Effective tax rate 32.4% 35.0% 34.3% In scal year 2016, the Company approved a repatriation of $38.0 million of foreign earnings related to an international entity restructuring which generated a US. tax benefit of $12.1 million. The Company recorded a favorable discrete tax event related to this transaction. Undistributed earnings of the Company's foreign subsidiaries and joint ventures, aggregating to approximately $62.5 million at October 30, 2016, are considered to be permanently rein- vested, and accordingly, no provision for U5. income taxes has been provided thereon. It is not practicable to determine the deferred tax liability for temporary differences related to these foreign earnings. Total income taxes paid during scal years 2016, 2015, and 2014 were $372.0 million, $296.5 million, and $285.8 million, respectively