Energizer 2000 Annual Report Download - page 34

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ENERGIZER 2000 ANNUAL REPORT
32
The provisions for income taxes consisted of the following for the years ended September 30:
2000 1999 1998
Continuing Continuing Continuing
Operations Consolidated Operations Consolidated Operations Consolidated
Currently payable:
United States $ 47.5 $ 45.2 $ (17.5) $ (27.0) $ 47.5 $ 41.2
State 9.0 8.7 7.9 8.6 6.5 6.2
Foreign 36.6 36.6 27.6 27.8 36.9 37.0
Total Current 93.1 90.5 18.0 9.4 90.9 84.4
Deferred:
United States 1.2 1.2 68.6 39.1 (39.0) (57.1)
State 0.2 0.2 (0.5) (2.2) (0.3) (2.8)
Foreign 4.5 4.5 2.3 2.3 2.7 2.7
Total Deferred 5.9 5.9 70.4 39.2 (36.6) (57.2)
Provision for Income Taxes $ 99.0 $ 96.4 $ 88.4 $ 48.6 $ 54.3 $ 27.2
The source of pre-tax earnings was:
2000 1999 1998
Continuing Continuing Continuing
Operations Consolidated Operations Consolidated Operations Consolidated
United States $ 201.9 $ 200.5 $ 197.2 $ 75.4 $ 172.1 $ 102.4
Foreign 77.3 77.3 51.0 53.3 90.4 89.5
Pre-tax earnings $ 279.2 $ 277.8 $ 248.2 $ 128.7 $ 262.5 $ 191.9
A reconciliation of income taxes with the amounts computed at the statutory federal rate follows:
2000 1999 1998
Computed tax at federal statutory rate $ 97.7 35% $ 86.9 35% $ 91.9 35%
State income taxes, net of federal tax benefit 6.0 2.1 4.8 1.9 4.0 1.5
Foreign tax in excess of federal rate 8.5 3.0 8.4 3.4 4.8 1.8
Taxes on repatriation of foreign earnings 6.4 2.3 7.8 3.1 7.5 2.9
Net tax benefit on sale of Spanish affiliate
in excess of federal rate (18.9) (6.7) –– ––
Recognition of U.S. capital losses ––(16.6) (6.6) (48.4) (18.4)
Other, net (0.7) (0.2) (2.9) (1.2) (5.5) (2.1)
$ 99.0 35.5% $ 88.4 35.6% $ 54.3 20.7%
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (continued) (Dollars in millions except per share data)