Rayovac 2008 Annual Report Download - page 157
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Table of Contents
Index to Financial Statements
SPECTRUM BRANDS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(In thousands, except per share amounts)
The components of income tax expense (benefit) are as follows:
2008 2007 2006
Current:
Federal $ — $ (219) $ 819
Foreign 20,964 15,445 23,678
State 2,089 1,245 450
Total current 23,053 16,471 24,947
Deferred:
Federal 25,072 57,382 (48,372)
Foreign (63,064) (16,140) 3,690
State 3,297 (1,944) (7,761)
Total deferred (34,695) 39,298 (52,443)
Income tax (benefit) expense $ (11,642) $ 55,769 $ (27,496)
The following reconciles the Federal statutory income tax rate with the Company’s effective tax rate:
2008 2007 2006
Statutory federal income tax rate 35.0% 35.0% 35.0%
Non U.S. permanent items (0.4) (2.4) (0.8)
Revaluation of Deferred Taxes 0.2 5.6 —
Foreign statutory rate vs. U.S. statutory rate (1.8) 0.9 0.6
State income taxes, net of federal benefit 1.4 2.4 1.5
Net nondeductible (deductible) interest expense 0.2 1.5 1.7
SFAS 142 Impairment (10.9) (10.4) (23.7)
Valuation allowance (23.6) (43.5) (6.8)
Other 1.1 (0.2) (1.5)
1.2% (11.1)% 6.0%
152
Source: Spectrum Brands, Inc, 10-K, December 10, 2008