Rayovac 2015 Annual Report Download - page 145

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SPECTRUM BRANDS HOLDINGS, INC.
SB/RH HOLDINGS, LLC
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(CONTINUED)
next 10 succeeding years of service, and remain eligible until reaching age 65. The plan is contributory; retiree
contributions have been established as a flat dollar amount with contribution rates expected to increase at the
active medical cost trend rate. The plan is unfunded. The Company is amortizing the transition obligation over a
20-year period. The projected benefit obligation as of September 30, 2015 and 2014 was $0.4 million and
recognized as Other Long-Term Liabilities in the Consolidated Statements of Financial Position. Net periodic
cost was less than $0.1 million for the years ended September 30, 2015, 2014, and 2013.
Defined Contribution Plans
The Company sponsors a defined contribution pension plan for its domestic salaried employees, which
allows participants to make contributions by salary reduction pursuant to Section 401(k) of the Internal Revenue
Code. The Company also sponsors defined contribution pension plans for employees of certain foreign
subsidiaries. Company contributions charged to operations, including discretionary amounts, for the years ended
September 30, 2015, 2014 and 2013 were $11.2 million, $12.3 million, and $11.1 million.
NOTE 13—INCOME TAXES
Income tax expense was calculated based upon the following components of income (loss) from operations
before income taxes for the years ended September 30, 2015, 2014, and 2013:
Spectrum Brands Holdings, Inc. SB/RH Holdings, LLC
2015 2014 2013 2015 2014 2013
(in millions)
United States ................................ $ 3.4 $ 80.7 $(212.1) $ 9.8 $ 83.3 $(204.3)
Outside the United States ...................... 189.9 192.8 184.2 189.9 192.8 184.2
Income (loss) from operations before income
taxes .................................... $193.3 $273.5 $ (27.9) $199.7 $276.1 $ (20.1)
The components of income tax expense for the years ended September 30, 2015, 2014 and 2013 are as
follows:
Spectrum Brands Holdings, Inc. SB/RH Holdings, LLC
2015 2014 2013 2015 2014 2013
(in millions)
Current tax expense:
U.S. Federal ............................... $ 3.6 $ 6.2 $ — $ 3.6 $ 6.2 $ —
Foreign .................................. 40.4 46.6 47.7 40.4 46.6 47.7
State and local ............................. 4.5 4.3 1.3 4.5 4.3 1.3
Total current tax expense ................ 48.5 57.1 49.0 48.5 57.1 49.0
Deferred tax expense:
U.S. Federal ............................... (12.3) 19.7 (23.4) (12.3) 19.7 (23.4)
Foreign .................................. 11.2 (8.2) 2.2 11.2 (8.2) 2.2
State and local ............................. (3.5) (9.6) (0.4) (3.5) (9.6) (0.4)
Total deferred tax expense ............... (4.6) 1.9 (21.6) (4.6) 1.9 (21.6)
Income tax expense ............................. $43.9 $59.0 $ 27.4 $ 43.9 $59.0 $ 27.4
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