Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v2.4.0.6
Income Taxes (Tables)
12 Months Ended
Sep. 30, 2012
Income Taxes  
Summary of significant components of income before income taxes and the consolidated income tax provision

 

 

 

Fiscal Year Ended September 30,

 

 

 

2012

 

2011

 

2010

 

Domestic

 

$

116.3

 

$

140.5

 

$

141.2

 

Foreign

 

18.6

 

17.3

 

5.2

 

Total earnings before income taxes

 

$

134.9

 

$

157.8

 

$

146.4

 

 

 

 

 

 

 

 

 

Income tax expense:

 

 

 

 

 

 

 

Current provision:

 

 

 

 

 

 

 

Federal

 

$

27.1

 

$

45.4

 

$

62.6

 

State

 

4.0

 

6.1

 

8.9

 

Foreign

 

4.0

 

4.7

 

1.1

 

Total current provision

 

35.1

 

56.2

 

72.6

 

 

 

 

 

 

 

 

 

Deferred provision (benefit):

 

 

 

 

 

 

 

Federal

 

(4.1

)

(1.6

)

(15.5

)

State

 

0.3

 

(2.4

)

(3.3

)

Foreign

 

(1.2

)

(0.5

)

0.3

 

Total deferred provision (benefit)

 

(5.0

)

(4.5

)

(18.5

)

Income tax expense

 

$

30.1

 

$

51.7

 

$

54.1

 

 

Schedule reconciling expected tax expense under the U.S. Federal tax rate to the tax expense reported for financial reporting purposes

 

 

 

Fiscal Year Ended September 30,

 

 

 

2012

 

2011

 

2010

 

Federal statutory rates

 

35.0

%

35.0

%

35.0

%

Adjustments resulting from the tax effect of:

 

 

 

 

 

 

 

Permanent reinvestment of unremitted earnings

 

(8.1

)

 

 

State and income taxes, net of federal benefit

 

2.6

 

1.8

 

3.1

 

Foreign income tax rate differential

 

(3.1

)

(1.2

)

(0.3

)

Domestic manufacturer’s deduction

 

(2.6

)

(2.7

)

(2.0

)

Non-deductible acquisition costs

 

 

 

0.5

 

Valuation allowance

 

 

(0.6

)

(0.8

)

Other, net

 

(1.5

)

0.5

 

1.5

 

Effective income tax rate

 

22.3

%

32.8

%

37.0

%

 

Summary of deferred income tax balance sheet accounts

 

 

 

September 30,

 

 

 

2012

 

2011

 

Deferred tax assets:

 

 

 

 

 

Employee benefit accruals

 

$

64.1

 

$

67.7

 

Rebates and other discounts

 

4.4

 

7.5

 

Self-insurance reserves

 

5.9

 

5.9

 

Casket pricing obligation

 

2.9

 

3.3

 

Allowance for doubtful accounts

 

1.2

 

2.4

 

Inventory

 

2.0

 

2.8

 

Other, net

 

7.3

 

10.5

 

Total deferred tax assets before valuation allowance

 

87.8

 

100.1

 

Less valuation allowance

 

(0.9

)

(1.0

)

Total deferred tax assets, net

 

86.9

 

99.1

 

Deferred tax liabilities:

 

 

 

 

 

Depreciation

 

(12.4

)

(11.1

)

Amortization

 

(71.8

)

(69.9

)

Unremitted earnings of foreign operations

 

(0.1

)

(11.0

)

Other, net

 

(1.8

)

(6.1

)

Total deferred tax liabilities

 

(86.1

)

(98.1

)

Deferred tax assets and liabilities, net

 

$

0.8

 

$

1.0

 

 

 

 

 

 

 

Amounts recorded in the consolidated balance sheets:

 

 

 

 

 

Deferred taxes, current

 

$

18.7

 

$

27.5

 

Deferred taxes, long-term

 

(17.9

)

(26.5

)

 

 

 

 

 

 

Deferred tax assets and liabilities, net

 

$

0.8

 

$

1.0

 

 

Activity within the reserve for unrecognized tax benefits

 

 

 

September 30,

 

 

 

2012

 

2011

 

Balance at October 1

 

$

7.3

 

$

7.8

 

Additions for tax positions related to the current year

 

0.2

 

0.2

 

Additions for tax positions of prior years

 

1.0

 

0.5

 

Reductions for tax positions of prior years

 

(2.5

)

(1.2

)

Settlements

 

(3.5

)

 

Balance attributable to pre-spin added in current year

 

0.4

 

 

Balance at September 30

 

$

2.9

 

$

7.3