Rayovac 2010 Annual Report Download - page 149
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SPECTRUM BRANDS HOLDINGS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(In thousands, except per share amounts)
The following reconciles the Federal statutory income tax rate with the Company’s effective tax rate:
Successor
Company Predecessor Company
2010
Period from
August 31, 2009
through
September 30,
2009
Period from
October 1, 2008
through
August 30,
2009 2008
Statutory federal income tax rate .......................... 35.0% 35.0% 35.0% 35.0%
Permanent items ....................................... (2.1) 5.9 1.0 (0.7)
Foreign statutory rate vs. U.S. statutory rate .................. 8.1 3.6 (0.8) (1.8)
State income taxes, net of federal benefit .................... 4.0 3.9 (0.6) 1.4
Net nondeductible (deductible) interest expense .............. — — — 0.2
ASC 350 Impairment ................................... — — — (11.2)
Fresh-start reporting valuation adjustment(A) ................ — — (33.9) —
Gain on settlement of liabilities subject to compromise ......... — — 4.5 —
Professional fees incurred in connection with Bankruptcy
Filing .............................................. — — 1.4 —
Residual tax on foreign earnings ........................... (7.5) (284.7) — (0.5)
Valuation allowance(B) ................................. (73.3) (7.4) (4.6) (23.5)
Reorganization items .................................... (6.1) — — —
Unrecognized tax benefits ................................ (2.6) (9.3) — (0.1)
Inflationary adjustments ................................. (2.7) (1.1) — —
Deferred tax correction of immaterial prior period error ........ (4.8) — — —
Other ................................................ 1.1 (1.9) — 2.2
(50.9)% (256.0)% 2.0% 1.0%
(A) Includes the adjustment to the valuation allowance resulting from fresh-start reporting.
(B) Includes the adjustment to the valuation allowance resulting from the Plan.
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