AYI » Topics » Income Taxes

This excerpt taken from the AYI 10-Q filed Jul 2, 2008.

5. INCOME TAXES

As described in Note 14 - New Accounting Standards, Financial Accounting Standards Board (“FASB”) Interpretation No. 48, Accounting for Uncertainty in Income Taxes – an Interpretation of FASB Statement No. 109 (“FIN 48”), is effective for fiscal years beginning after December 15, 2006 and was adopted by the Company on September 1, 2007. The cumulative effect of adopting FIN 48 was not material. The amount of gross unrecognized tax benefits as of the date of the adoption was approximately $7.8 million of which approximately $6.4 million, if recognized, would affect the effective tax rate. The gross amount of unrecognized tax benefits as of May 31, 2008 totaled $7.4 million, which includes $6.1 million of net unrecognized tax benefits that, if recognized, would affect the annual effective tax rate. The Company recognizes potential interest and penalties related to unrecognized tax benefits as a component of income tax expense; such accrued interest and penalties are not material. With few exceptions, the Company is no longer subject to United States federal, state and local income tax examinations for years ended before 2005 or for foreign income tax examinations before 2003. The Company does not anticipate unrecognized tax benefits will significantly increase or decrease within the next twelve months.

 

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This excerpt taken from the AYI 10-Q filed Apr 3, 2008.

5. INCOME TAXES

As described in Note 14 - New Accounting Standards, Financial Accounting Standards Board (“FASB”) Interpretation No. 48, Accounting for Uncertainty in Income Taxes – an Interpretation of FASB Statement No. 109 (“FIN 48”) is effective for fiscal years beginning after December 15, 2006 and was adopted by the Company on September 1, 2007. The cumulative effect of adopting FIN 48 was not material. The amount of gross unrecognized tax benefits as of the date of the adoption was approximately $7.8 million of which approximately $6.4 million, if recognized, would affect the effective tax rate. The gross amount of unrecognized tax benefits as of February 29, 2008 totaled $7.4 million, which includes $6.1 million of net unrecognized tax benefits that, if recognized, would affect the annual effective tax rate. The Company recognizes potential interest and penalties related to unrecognized tax benefits as a component of income tax expense; such accrued interest and penalties are not material. With few exceptions, the Company is no longer subject to United States federal, state and local income tax examinations for years ended before 2004 or for foreign income tax examinations before 2003. The Company does not anticipate unrecognized tax benefits will significantly increase or decrease within the next twelve months.

 

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This excerpt taken from the AYI 10-Q filed Jan 8, 2008.

6. INCOME TAXES

As described in Note 2 of the Notes to Consolidated Financial Statements, FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes – an Interpretation of FASB Statement No. 109 (“FIN 48”) is effective for fiscal years beginning after December 15, 2006 and was adopted by the Company on September 1, 2007. The cumulative effect of adopting FIN 48 was approximately $0.5 million and was charged to retained earnings. The amount of gross unrecognized tax benefits as of the date of the adoption was approximately $7.8 million of which approximately $6.4 million, if recognized, would affect the effective tax rate. In addition, at the date of adoption, the Company had accrued interest and penalties related to the unrecognized tax benefits of approximately $1.4 million. The Company recognizes potential interest and penalties related to unrecognized tax benefits as a component of income tax expense. With few exceptions, the Company is no longer subject to United States federal, state and local income tax examinations for years ended before 2004 or for

 

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foreign income tax examinations before 2003. The Company does not anticipate unrecognized tax benefits will significantly increase or decrease within the next twelve months.

This excerpt taken from the AYI 10-Q filed Jul 10, 2007.

Income Taxes

The effective tax rate for the first nine months of fiscal year 2007 was 35.3%, compared with 34.5% in the first nine months of fiscal year 2006. The current fiscal year tax rate was adversely affected by the non-deductible fine incurred due to the environmental investigation discussed further in Note 9 of the Notes to Consolidated Financial Statements and an increase in certain other non-deductible costs. The impact of this event was offset by the benefits of the anticipated current year repatriation of earnings from certain foreign subsidiaries. The Company will continue to evaluate its effective tax rate on a quarterly basis but, based on current facts and circumstances, expects the rate to be approximately 35.0% for the full year.

 

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This excerpt taken from the AYI 10-Q filed Apr 4, 2007.

Income Taxes

The effective tax rate for the first six months of fiscal year 2007 was 34.8%, compared with 34.5% in the first six months of fiscal year 2006. The Company will continue to evaluate its effective tax rate on a quarterly basis but, based on current facts and circumstances, expects the rate to be approximately 35.0% for the remainder of the year.

This excerpt taken from the AYI 10-Q filed Jan 4, 2007.

Income Taxes

The effective tax rate for the first quarter of fiscal 2007 was 35.1%, compared with 34.7% in the first quarter of fiscal 2006. The Company will continue to evaluate its effective tax rate on a quarterly basis and, based on current facts and circumstances, expects the rate to be approximately 35.0% for the remainder of the year.

This excerpt taken from the AYI 10-Q filed Jul 6, 2006.

Income Taxes

The effective tax rate for the first nine months of fiscal 2006 was 34.5%, compared with 33.8% in the first nine months of fiscal 2005. The Company will continue to evaluate its effective tax rate on a quarterly basis but, based on current facts and circumstances, expects the rate to be approximately 34.5% for the remainder of the year. However, the Company is continuing to evaluate repatriation of cash pursuant to the Jobs Creation Act which may impact the rate for the fourth quarter and the full year.

This excerpt taken from the AYI 10-Q filed Apr 5, 2006.

Income Taxes

The effective tax rate for the first six months of fiscal 2006 was 34.5%, compared with 34.6% in the first six months of fiscal 2005. The Company will continue to evaluate its effective tax rate on a quarterly basis but, based on current facts and circumstances, expects the rate to be approximately 34.5% for the remainder of the year.

This excerpt taken from the AYI 10-Q filed Jan 4, 2006.

Income Taxes

 

The effective tax rate for the first quarter of fiscal 2006 was 34.7%, compared with 35.1% in the first quarter of fiscal 2005. The Company will continue to evaluate its effective tax rate on a quarterly basis but, based on current facts and circumstances, expects the rate to remain approximately 35.0% for the remainder of the year.

 

This excerpt taken from the AYI 10-Q filed Jul 8, 2005.

Income Taxes

 

The effective income tax rate for the nine months ended May 31, 2005 was 33.9%, compared to 34.9% for the nine months ended May 31, 2004. The Company will continue to evaluate its effective income tax rate on a quarterly basis but, based on current facts and circumstances, expects the rate to approximate 34.5% for the full year.

 

This excerpt taken from the AYI 10-Q filed Apr 4, 2005.

Income Taxes

 

The effective tax rate for the six months ended February 28, 2005 was 34.6%, compared to 36.0% for the six months ended February 29, 2004. The Company will continue to evaluate its effective tax rate on a quarterly basis but, based on current facts and circumstances, expects the rate to approximate 35.0% for the full year.

 

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This excerpt taken from the AYI 10-Q filed Jan 6, 2005.

Income Taxes

 

The effective tax rate for the first quarter of 2005 was 35.1%, compared to 36.0% in the first quarter of 2004. The Company will continue to evaluate its effective tax rate on a quarterly basis but, based on current facts and circumstances, expects the rate to remain approximately 35.0% for the remainder of the year. The Company is in the process of evaluating the effect of the American Jobs Creation Act of 2004 on its plans for reinvestment or repatriation of foreign earnings for purposes of applying Statement of Financial Accounting Standards No. 109, Accounting for Income Taxes. The evaluation of the impact on the financial statements will also depend on guidance expected to be provided by the IRS.

 

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