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These excerpts taken from the XIDE 10-K filed Jun 4, 2009. Income
Taxes
The effective tax rate for fiscal 2009 and fiscal 2008 was
impacted by the generation of income in tax-paying jurisdictions
in certain countries in Europe, the U.S., and Canada, and the
recognition of valuation allowances on tax benefits generated
from losses in the United Kingdom, Italy, Spain, France, and
Australia. During fiscal 2009, the Company established a full
valuation reserve of $13.3 million on its net deductible
temporary differences and loss carry forwards related to its
Australian operations. In addition, the income tax provision for
fiscal 2009 decreased as a result of the removal of
$3.1 million in valuation allowances against net deferred
tax assets generated from the Company’s Austrian and
Mexican operations. The effective tax rate for fiscal 2008 was
impacted by the recognition of $26.6 million of valuation
allowances on current year tax benefits generated primarily in
the UK, France and Spain. In addition, the income tax provision
for fiscal 2008 increased $16.7 million due to a reduction
in the deferred tax assets for Germany due to legislation
enacted during the period which reduced the Company’s
German subsidiaries’ marginal tax rate from approximately
37% to approximately 28%. Finally, the income tax provision for
fiscal 2008 decreased as a result of the removal of a
$25.0 million valuation allowance against net deferred tax
assets generated from the Company’s U.S. operations.
Income
Taxes
The effective tax rate for fiscal 2008 and 2007 was impacted by
the generation of income in tax-paying jurisdictions,
principally in the U.S., New Zealand, Canada and certain
countries in Europe, with limited or no offset on a consolidated
basis as a result of recognition of valuation allowances on tax
benefits generated from current period losses in the United
Kingdom, Italy, Spain, and France. The effective tax rate for
fiscal 2008 was impacted by the recognition of
$26.6 million of valuation allowances on current year tax
benefits generated primarily in the UK, France and Spain. In
addition, the income tax provision for fiscal 2008 increased
$16.7 million due to a reduction in the deferred tax assets
for Germany due to legislation enacted during the period which
reduced the Company’s German subsidiaries’ marginal
tax rate from approximately 37% to approximately 28%. Finally,
the income tax provision for fiscal 2008 decreased as a result
of the removal of a $25.0 million valuation allowance
against net deferred tax assets generated from the
Company’s U.S. operations. The effective tax rate for
fiscal 2007 was impacted by the recognition of
$46.5 million of valuation allowances on current year tax
benefits generated primarily in the U.S., United Kingdom,
France, Spain, and Italy. In addition, the effective tax rate
for fiscal 2007 was impacted by a settlement between the
Company’s Dutch subsidiary and Dutch tax authorities,
reducing by $3.8 million previously paid taxes to the
Netherlands.
Table of Contents
Income
Taxes
The Company accounts for income taxes under the provisions of
SFAS 109 “Accounting for Income Taxes”,
which requires the use of the liability method in accounting
for deferred taxes. If it is more likely than not that some
portion, or all, of a deferred tax asset will not be realized, a
valuation allowance is recognized.
Income
Taxes
The Company accounts for income taxes under the provisions of
SFAS 109 “Accounting for Income Taxes”,
which requires the use of the liability method in accounting for
deferred taxes. If it is more likely than not that some portion,
or all, of a deferred tax asset will not be realized, a
valuation allowance is recognized.
This excerpt taken from the XIDE 10-K filed Jun 9, 2008. Income
Taxes
The Company accounts for income taxes under the provisions of
SFAS 109 “Accounting for Income Taxes”,
which requires the use of the liability method in accounting for
deferred taxes. If it is more likely than not that some portion,
or all, of a deferred tax asset will not be realized, a
valuation allowance is recognized.
This excerpt taken from the XIDE 10-K filed Jun 11, 2007. Income
Taxes
The Company accounts for income taxes under the provisions of
SFAS 109 “Accounting for Income Taxes”, which
requires the use of the liability method in accounting for
deferred taxes. If it is more likely than not that some portion,
or all, of a deferred tax asset will not be realized, a
valuation allowance is recognized.
This excerpt taken from the XIDE 10-K filed Jun 29, 2005. Income Taxes
The Company accounts for income taxes under the provisions of SFAS 109 “Accounting for Income Taxes”, which requires the use of the liability method in accounting for deferred taxes. If it is more likely than not that some portion, or all, of a deferred tax asset will not be realized, a valuation allowance is recognized.
F-16
Table of ContentsEXIDE TECHNOLOGIES AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
This excerpt taken from the XIDE 10-K filed Mar 1, 2005. Income Taxes
The Company accounts for income taxes under the provisions of SFAS 109 “Accounting for Income Taxes”, which requires the use of the liability method in accounting for deferred taxes. If it is more likely than not that some portion, or all, of a deferred tax asset will not be realized, a valuation allowance is recognized.
This excerpt taken from the XIDE 10-Q filed Feb 14, 2005. Income Taxes
In the nine months of fiscal 2005, an income tax provision of $28,300 was recorded on pre-tax income of $1,354,301. In the nine months of fiscal 2004, an income tax provision of $4,639 was recorded on a pre-tax loss of $43,089. The effective tax rate was 2.1% and (10.8)% in the nine months of fiscal 2005 and 2004, respectively. The effective tax rate for the nine months of fiscal 2005 and fiscal 2004 were impacted by the generation of income in tax-paying jurisdictions, principally Europe, Australia and Canada, with limited or no offset on a consolidated basis as a result of recognition of valuation allowances on tax benefits generated from current period losses in the U.S. and the United Kingdom. The effective tax rate for the nine months of fiscal
44
Table of Contents2005 was impacted by the gain on discharge of liabilities subject to compromise of $1,558,839, which is exempt from tax in the United States, the non-taxable gain on Fresh Start accounting adjustments of $228,371 and the non-deductibility of the $399,388 goodwill impairment charge. The effective tax rate for the nine months of fiscal 2005 was also impacted by the recognition of $34,500 valuation allowances on tax benefits generated from current year and prior year losses and certain deductible temporary differences in France based on the Company’s assessment that it is more likely than not that the related tax benefits will now not be realized. The effective tax rate for the nine months of fiscal 2004 was impacted by the $3,175 gain on the sale of the Company’s European non-lead battery assets, which was a non-taxable transaction.
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