Energizer 2002 Annual Report Download - page 33

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9. Income Taxes
The provisions for income taxes consisted of the following for the years ended September 30:
2002 2001 2000
Continuing
Consolidated Consolidated Operations Consolidated
Currently payable:
United States $ 52.5 $ 42.8 $ 47.5 $ 45.2
State 8.4 5.4 9.0 8.7
Foreign 24.4 22.0 36.6 36.6
Total current 85.3 70.2 93.1 90.5
Deferred:
United States 7.7 1.2 1.2 1.2
State 1.2 0.1 0.2 0.2
Foreign (2.2) (1.0) 4.5 4.5
Total deferred 6.7 0.3 5.9 5.9
Provision for income taxes $ 92.0 $ 70.5 $ 99.0 $ 96.4
The source of pre-tax earnings was:
2002 2001 2000
Continuing
Consolidated Consolidated Operations Consolidated
United States $ 191.3 $ 118.2 $ 201.9 $ 200.5
Foreign 87.1 (86.7) 77.3 77.3
Pre-tax earnings $ 278.4 $ 31.5 $ 279.2 $ 277.8
A reconciliation of income taxes with the amounts computed at the statutory federal rate follows:
2002 2001 2000
Computed tax at federal statutory rate $ 97.4 35.0% $ 11.0 35.0% $ 97.7 35.0%
State income taxes, net of federal tax benefit 6.2 2.2 3.9 12.4 6.0 2.1
Foreign tax in excess of/(less than) the domestic rate (5.6) (2.0) 9.4 29.7 4.3 1.6
Foreign benefits recognized related to prior years’ losses (6.7) (2.4) (3.5) (11.1) (0.5) (0.2)
Taxes on repatriation of foreign earnings 2.5 0.9 5.2 16.5 6.4 2.3
Foreign sales corporation benefit – – (1.2) (3.8) (2.0) (0.7)
Nondeductible goodwill – – 4.1 13.0 5.2 1.9
Provision for goodwill impairment – – 41.7 132.4 – –
Net tax benefit on sale of Spanish affiliate in excess of federal rate – – – – (18.9) (6.7)
Other, net (1.8) (0.6) (0.1) (0.3) 0.8 0.2
$ 92.0 33.1% $ 70.5 223.8% $ 99.0 35.5%
ENR 2002 Annual Report Page 31