Rayovac 2014 Annual Report Download - page 117

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SPECTRUM BRANDS HOLDINGS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(CONTINUED)
(Amounts in thousands, except per share figures)
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:
2014 2013 2012
U.S. Statutory federal income tax expense (benefit) ..................... $ 95,735 $ (9,784) $ 38,135
Permanent items ................................................ 4,643 10,104 8,595
Exempt foreign income ........................................... (5,665) (5,921) (5,760)
Foreign statutory rate vs. U.S. statutory rate ........................... (23,120) (19,182) (15,211)
State income taxes, net of federal expense (benefit) ..................... 5,416 (11,686) (2,164)
Residual tax on foreign earnings .................................... 90,939 (6,958) 29,844
FURminator purchase accounting benefit ............................. — — (14,511)
HHI Business purchase accounting benefit ............................ — (49,848) —
Valuation allowance ............................................. (115,571) 114,282 28,485
Unrecognized tax expense (benefit) ................................. 529 4,062 (4,386)
Inflationary adjustments .......................................... (468) (245) (803)
Foreign tax law changes .......................................... (7,666) — —
Nondeductible share compensation .................................. 1,441 1,669 684
Return to provision adjustments and other, net ......................... 12,810 866 (2,523)
Income tax expense .............................................. $ 59,023 $ 27,359 $ 60,385
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