Note 9 - Income Taxes

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are presented below.

The Company’s effective tax rate differs from the federal statutory rate due to the following items:

The Company’s federal income tax returns for the years prior to 1998 have been audited and completely settled. Provision has not been made for U.S. or additional foreign taxes on $149,954,000 of undistributed earnings of foreign subsidiaries because those earnings are considered to be permanently reinvested in the operations of those subsidiaries. It is not practicable to estimate the amount of tax that might be payable on the eventual remittance of such earnings.

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