Rayovac 2012 Annual Report Download - page 121
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SPECTRUM BRANDS HOLDINGS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(CONTINUED)
(In thousands, except per share amounts)
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:
2012 2011 2010
Statutory federal income tax expense (benefit) .......................... $38,135 $ 5,994 $(43,464)
Permanent items .................................................. 8,595 10,607 4,828
Exempt foreign income ............................................ (5,760) (380) (9)
Foreign statutory rate vs. U.S. statutory rate ............................ (15,211) (14,132) (9,601)
State income taxes, net of federal benefit .............................. (2,164) 1,242 (4,979)
Residual tax on foreign earnings ..................................... 29,844 18,943 6,609
FURminator purchase accounting benefit .............................. (14,511) — —
Valuation allowance ............................................... 26,003 68,615 90,977
Reorganization items .............................................. — — 7,553
Unrecognized tax (benefit) expense ................................... (4,386) (2,793) 3,234
Inflationary adjustments ............................................ (803) (1,472) 3,409
Correction of immaterial prior period error ............................. — 4,873 5,900
Other, net ....................................................... 643 798 (1,268)
Income tax expense ............................................... $60,385 $ 92,295 $ 63,189
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