Sunbeam 2004 Annual Report Download - page 63

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Jarden Corporation
Notes to Consolidated Financial Statements (cont’d)
December 31, 2004
As of December 31, 2004 and 2003, the Company’s long-term debt included approximately $3.2
million and $2.6 million, respectively, of non-debt balances arising from the interest rate swap
transactions related to the Company’s outstanding notes as described in Note 15. The 2004 non-debt
balance is included in the “thereafter” balance above.
Because the interest rates applicable to the senior debt under the Second Amended Credit
Agreement and the Amended Credit Agreement are based on floating rates identified by reference to
market rates, the fair market value of the senior debt as of December 31, 2004 and 2003 approximated
its carrying value.
During 2004 and 2003, the Company incurred costs in connection with the issuance of the Notes,
Second Amended Credit Agreement, Amended Credit Agreement and Old Credit Agreement of
approximately $2.3 million and $5.9 million, respectively. Such amounts are included in Other Assets on
the Consolidated Balance Sheet and are being amortized over the respective terms of the debt.
Interest paid on the Company’s borrowings during the years ended December 31, 2004, 2003 and
2002 was $26.1 million, $17.2 million and $10.5 million, respectively.
9. Taxes on Income
The components of the provision for income taxes attributable to continuing operations were as
follows:
Year ended December 31,
(thousands of dollars) 2004 2003 2002
Current income tax expense:
U.S. federal ................................................. $14,391 $ 9,842 $13,513
Foreign ..................................................... 1,904 676 692
State and local ............................................... 2,120 2,466 2,813
Total ................................................... 18,415 12,984 17,018
Deferred income tax expense (benefit):
U.S. federal ................................................. 6,536 6,485 (340)
State, local and other ......................................... 121 602 (489)
Foreign ..................................................... 969 417 —
Total ................................................... 7,626 7,504 (829)
Total income tax provision ........................................ $26,041 $20,488 $16,189
Foreign pre-tax income was $5.1 million, $3.2 million, and $1.8 million in 2004, 2003, and 2002,
respectively.
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