Rayovac 2002 Annual Report Download - page 55

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Rayovac Corporation and Subsidiaries
(In thousands, except per share amounts)
The tax effects of temporary differences which give rise to significant portions of the deferred tax assets and deferred tax liabilities are as follows:
September 30,
2001 2002
Current deferred tax assets:
Employee benefits $ — $ 970
Restructuring and asset impairments 3,151 212
Inventories and receivables 3,019 2,105
Marketing and promotional accruals 2,113 351
Tax loss carry forwards 2,348 1,861
Currency hedges 1,731 1,370
Other 1,856 1,717
Total current deferred tax assets 14,218 8,586
Current deferred tax liabilities:
Inventories (2,494) —
Other (1,389) —
Total current deferred tax liabilities (3,883) —
Net current deferred tax assets $ 10,335 $ 8,586
Noncurrent deferred tax assets:
Employee benefits $ 3,462 $ 5,103
Operating loss and credit carry forwards 1,328 4,163
Property, plant and equipment 477 147
Other 3,626 2,930
Total noncurrent deferred tax assets 8,893 12,343
Noncurrent deferred tax liabilities:
Property, plant, and equipment (12,178) (12,954)
Intangibles (2,240) (4,488)
Employee benefits — (2,200)
Other (903) (1,315)
Total noncurrent deferred tax liabilities (15,321) (20,957)
Net noncurrent deferred tax liabilities $ (6,428) $ (8,614)
At September 30, 2002, net noncurrent deferred tax assets of $12,343 are included in Deferred charges and other in the Consolidated Balance Sheets.
At September 30, 2001, net noncurrent deferred tax assets of $1,505 are included in Deferred charges and other and net current deferred tax liabilities
of $1 are included in Other accrued liabilities in the Consolidated Balance Sheets.