Sunbeam 2014 Annual Report Download - page 59
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Based on current information, the Company believes that the ultimate conclusion of the various pending product liability claims and
lawsuits of the Company, in the aggregate, will not have a material adverse effect on the consolidated nancial position, results of
operations or cash ows of the Company.
12. Taxes on Income
The components of the provision for income taxes attributable to continuing operations for 2014, 2013 and 2012 are as follows:
(In millions) 2014 2013 2012
Current income tax expense:
U.S. federal $87.1 $63.1 $52.9
Foreign 86.0 86.2 67.3
State and local 10.7 9.1 7.7
Total 183.8 158.4 127.9
Deferred income tax expense (benet):
U.S. federal (47.4) 7.9 26.8
Foreign (14.0) (15.8) (2.6)
State, local and other, net of federal tax benet 7.9 (2.8) (4.5)
Total (53.5) (10.7) 19.7
Total income tax provision $130.3 $147.7 $147.6
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 2014, 2013 and 2012 is reconciled as follows:
2014 2013 2012
Federal statutory tax rate 35.0%35.0%35.0%
Increase (decrease) in rates resulting from:
State and local taxes, net 3.0 1.2 0.7
Foreign rate differences (5.7)(2.8)(2.8)
Non-deductible compensation 0.4 3.4 0.5
Foreign earnings not permanently reinvested (9.7)1.1 2.3
Tax settlements and related adjustments 2.2 0.1 1.5
Valuation allowance 2.6 1.5 0.4
Venezuela devaluation and inationary adjustments and taxexemptincome 9.0 2.2 (1.6)
Foreign dividends 0.5 1.3 1.2
Non-deductible transaction costs 0.5 0.5 0.2
Other (2.8)(1.4)0.3
Reported income tax rate 35.0%42.1%37.7 %
Foreign pre-tax income was approximately $146, $219, and $213 for 2014, 2013 and 2012, respectively.
Notes to Consolidated Financial Statements
Jarden Corporation Annual Report 2014 (Dollars in millions, except per share data and unless otherwise indicated)