Rayovac 2015 Annual Report Download - page 146

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SPECTRUM BRANDS HOLDINGS, INC.
SB/RH HOLDINGS, LLC
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(CONTINUED)
The following reconciles the total income tax expense, based on the U.S. Federal statutory income tax rate
of 35%, with the Company’s recognized income tax expense:
Spectrum Brands Holdings, Inc. SB/RH Holdings, LLC
2015 2014 2013 2015 2014 2013
(in millions)
U.S. Statutory federal income tax expense
(benefit) .................................. $67.6 $ 95.7 $ (9.8) $ 69.9 $ 96.6 $ (7.1)
Permanent items ............................. 5.2 4.6 10.1 5.2 4.6 10.1
Foreign statutory rate vs. U.S. statutory rate ........ (33.8) (28.7) (25.1) (33.8) (28.7) (25.1)
State income taxes, net of federal effect ........... 1.7 5.4 (11.7) 1.7 5.4 (11.7)
Residual tax on foreign earnings ................. 24.8 90.9 (7.0) 24.8 90.9 (7.0)
Investment in foreign subsidiary ................. (23.3) — — (23.3) — —
Purchase accounting benefit .................... (22.8) — (49.8) (22.8) — (49.8)
Change in valuation allowance .................. 2.6 (115.6) 114.3 0.5 (116.5) 111.6
Unrecognized tax expense ...................... (1.2) 0.5 4.0 (1.2) 0.5 4.0
Foreign tax law changes ....................... — (7.6) — — (7.6) —
Nondeductible share based compensation ......... 2.3 1.4 1.7 2.3 1.4 1.7
Adjustment to prior year NOLs .................. 14.4 — — 14.4 — —
Return to provision adjustments and other, net ...... 6.4 12.4 0.7 6.2 12.4 0.7
Income tax expense ........................... $43.9 $ 59.0 $ 27.4 $ 43.9 $ 59.0 $ 27.4
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