Rayovac 2013 Annual Report Download - page 117
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SPECTRUM BRANDS HOLDINGS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(CONTINUED)
(Amounts in thousands, except per share figures)
The components of income tax expense are as follows:
2013 2012 2011
Current:
Foreign ...................................................... $47,740 $38,113 $32,649
State ......................................................... 1,274 (361) 2,332
Total current .................................................. $49,014 $37,752 $34,981
Deferred:
Federal ....................................................... (23,397) 20,884 20,247
Foreign ...................................................... 2,146 5,190 28,054
State ......................................................... (404) (3,441) 9,013
Total deferred ................................................. $(21,655) $22,633 $57,314
Income tax expense ................................................. $27,359 $60,385 $92,295
The following reconciles the total income tax expense, based on the Federal statutory income tax rate of
35%, with the Company’s recognized income tax expense:
2013 2012 2011
Statutory federal income tax (benefit) expense .......................... $ (9,784) $ 38,135 $ 5,994
Permanent items ................................................. 10,104 8,595 8,654
Exempt foreign income ............................................ (5,921) (5,760) (380)
Foreign statutory rate vs. U.S. statutory rate ............................ (19,182) (15,211) (14,132)
State income taxes, net of federal (benefit) expense ...................... (11,686) (2,164) 1,242
Residual tax on foreign earnings ..................................... (6,958) 29,844 18,943
FURminator purchase accounting benefit .............................. — (14,511) —
HHI purchase accounting benefit .................................... (49,848) — —
Valuation allowance .............................................. 115,318 26,003 68,615
Unrecognized tax expense (benefits) .................................. 4,062 (4,386) (2,793)
Inflationary adjustments ........................................... (245) (803) (1,472)
Correction of immaterial prior period error ............................. — — 4,873
Nondeductible share compensation ................................... 1,669 684 1,953
Other, net ....................................................... (170) (41) 798
Income tax expense ............................................... $ 27,359 $ 60,385 $ 92,295
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