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Page 32 ENR 2003 ANNUAL REPORT
8. INCOME TAXES
The provisions for income taxes consisted of the following for the years
ended September 30:
2003 2002 2001
Consolidated Consolidated Consolidated
Currently payable:
Federal $ 48.5 $ 52.5 $ 42.8
State 7.4 8.4 5.4
Foreign 36.5 24.4 22.0
Total current 92.4 85.3 70.2
Deferred:
Federal (5.2) 7.7 1.2
State (0.5) 1.2 0.1
Foreign (19.0) (2.2) (1.0)
Total deferred (24.7) 6.7 0.3
Provision for income taxes $ 67.7 $ 92.0 $ 70.5
The source of pre-tax earnings was:
2003 2002 2001
Consolidated Consolidated Consolidated
United States $ 141.9 $ 191.3 $ 118.2
Foreign 95.7 87.1 (86.7)
Pre-tax earnings $ 237.6 $ 278.4 $ 31.5
ENERGIZER HOLDINGS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Continued
(Dollars in millions, except per share data)
A reconciliation of income taxes with the amounts computed at the statutory federal rate follows:
2003 2002 2001
Computed tax at federal statutory rate $ 83.2 35.0% $ 97.4 35.0%$ 11.0 35.0%
State income taxes, net of federal tax benefit 4.5 1.9 6.2 2.2 3.9 12.4
Foreign tax in excess of/(less than) the domestic rate (5.0) (2.1) (5.6) (2.0) 9.4 29.7
Foreign benefits recognized related to prior years’ losses (12.2) (5.1) (6.7) (2.4) (3.5) (11.1)
Taxes on repatriation of foreign earnings 1.7 0.8 2.5 0.9 5.2 16.5
Nondeductible goodwill ––––4.1 13.0
Provision for goodwill impairment ––––41.7 132.4
Other, net (4.5) (2.0) (1.8) (0.6) (1.3) (4.1)
Total $ 67.7 28.5% $ 92.0 33.1% $ 70.5 223.8%