Rayovac 2012 Annual Report Download - page 120
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SPECTRUM BRANDS HOLDINGS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(CONTINUED)
(In thousands, except per share amounts)
The carrying amounts and fair values of the Company’s financial instruments are summarized as follows
((liability)/asset):
September 30, 2012 September 30, 2011
Carrying
Amount Fair Value
Carrying
Amount Fair Value
Total debt .................................... $(1,669,300) $(1,804,831) $(1,551,612) $(1,635,528)
Interest rate swap agreements .................... — — (1,954) (1,954)
Commodity swap and option agreements ........... 1,993 1,993 (958) (958)
Foreign exchange forward agreements ............. (8,721) (8,721) (22,490) (22,490)
(9) Income Taxes
Income tax expense was calculated based upon the following components of income (loss) from continuing
operations before income tax:
2012 2011 2010
Pretax income (loss):
United States .............................................. $(66,102) $(119,984) $(230,262)
Outside the United States .................................... 175,059 137,108 106,079
Total pretax income (loss) ........................................ $108,957 $ 17,124 $(124,183)
The components of income tax expense are as follows:
2012 2011 2010
Current:
Foreign ....................................................... $38,113 $32,649 $44,481
State ......................................................... (361) 2,332 2,907
Total current ................................................... 37,752 34,981 47,388
Deferred:
Federal ....................................................... 20,884 20,247 22,119
Foreign ....................................................... 5,190 28,054 (6,514)
State ......................................................... (3,441) 9,013 196
Total deferred .................................................. 22,633 57,314 15,801
Income tax expense ................................................. $60,385 $92,295 $63,189
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