Sunbeam 2007 Annual Report Download - page 96
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12. Taxes on Income
The components of the provision for income taxes attributable to continuing operations were as follows (in
millions):
Years Ended December 31,
2007 2006 2005
Current income tax expense:
U.S. federal .............................................. $ 5.6 $ 3.4 $10.0
Foreign ................................................. 49.2 34.0 22.6
State and local ............................................ 1.1 2.6 1.9
Total ............................................... 55.9 40.0 34.5
Deferred income tax expense (benefit):
U.S. federal .............................................. (11.2) 37.2 (1.2)
State, local and other, net of federal tax benefit .................. (2.9) 5.0 (0.2)
Foreign ................................................. (3.3) (0.2) 1.9
Total ............................................... (17.4) 42.0 0.5
Total income tax provision .............................. $38.5 $82.0 $35.0
The difference between the federal statutory income tax rate and the Company’s reported income tax rate as
a percentage of income from continuing operations is reconciled as follows:
Years Ended December 31,
2007 2006 2005
Federal statutory tax rate ...................................... 35.0% 35.0% 35.0%
Increase (decrease) in rates resulting from:
State and local taxes, net .................................. (4.6) 1.7 0.9
Foreign rate differences .................................. (6.8) (1.4) (3.0)
Internal restructuring of domestic legal entities ................ — 7.2 —
Non-deductible compensation ............................. 6.6 1.0 1.6
Foreign earnings not permanently reinvested .................. 18.0 — —
IRS audit settlements .................................... 7.0 — —
Other ................................................. 2.5 0.1 2.0
Reported income tax rate ..................................... 57.7% 43.6% 36.5%
Foreign pre-tax income was approximately $144, $109, and $77 for 2007, 2006, and 2005, respectively.
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