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56 Jarden Corporation Annual Report 2013
12. Taxes on Income
The components of the provision for income taxes attributable to continuing operations for 2013, 2012 and 2011 are as follows:
(In millions) 2013 2012 2011
Current income tax expense:    
U.S. federal $63.1 $52.9 $1.4
Foreign 86.2 67.3 86.4
State and local 9.1 7.7 5.0
   
Total 158.4 127.9 92.8
   
Deferred income tax expense (benet):    
U.S. federal 7.9 26.8 55.5
Foreign (15.8) (2.6) (25.3)
State, local and other, net of federal tax benet (2.8) (4.5) 2.7
   
Total (10.7) 19.7 32.9
   
Total income tax provision $147.7$147.6 $125.7
The difference between the federal statutory income tax rate and the Company’s reported income tax rate as a percentage of income
from operations for 2013, 2012 and 2011 is reconciled as follows:
2013 2012 2011
Federal statutory tax rate 35.0%35.0%35.0%
Increase (decrease) in rates resulting from:
State and local taxes, net 1.2 0.7 1.6
Foreign rate differences (2.8)(2.8)(3.1)
Non-deductible compensation 3.4 0.5 1.0
Foreign earnings not permanently reinvested 1.1 2.3 3.4
Tax settlements and related adjustments 1.0 0.6 —
Goodwill impairment — — 3.4
Valuation allowance 1.5 0.4 (2.3)
Venezuela devaluation and inationary adjustments and taxexemptincome 2.2 (1.6)(1.5)
Foreign dividends 1.3 1.2 1.3
Non-deductible transaction costs 0.5 0.2 —
Other (2.3) 1.2 (0.8)
Reported income tax rate 42.1%37.7%38.0%
Foreign pre-tax income was approximately $219, $213, and $250 for 2013, 2012 and 2011, respectively.
Notes to Consolidated Financial Statements
Jarden Corporation Annual Report 2013 (Dollars in millions, except per share data and unless otherwise indicated)