Energizer 2003 Annual Report Download - page 44

Page 42 ENR 2003 ANNUAL REPORT
ALLOWANCE FOR DOUBTFUL ACCOUNTS
2003 2002 2001
Balance at beginning of year $6.9 $ 11.8 $ 12.5
Acquisition of SWS 2.0 ––
Provision charged to expense 3.7 16.6 2.8
Write-offs, less recoveries (4.4) (21.2) (3.9)
Transfer to SPE (see Note 14) 1.6 (0.3) 0.4
Balance at end of year $ 9.8 $ 6.9 $ 11.8
SUPPLEMENTAL CASH FLOW STATEMENT INFORMATION
2003 2002 2001
Interest paid $ 31.6 $ 19.9 $ 36.1
Income taxes paid 75.6 95.7 83.1
ENERGIZER HOLDINGS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Continued
(Dollars in millions, except per share data)
21. SEGMENT INFORMATION
Prior to the acquisition of SWS, Energizer’s operations were managed
via four battery geographic segments. In 2003, Energizer revised its
operating segment presentation to conform to its revised organizational
structure following the SWS acquisition. Energizer now has three
reporting segments: North America Battery, International Battery, and
Razors and Blades.
Energizer continues to report segment results reflecting all profit derived
from each outside customer sale in the region in which the customer is
located. Energizer’s operations are now managed via three major segments
- North America Battery (United States and Canada battery and lighting
products), International Battery (rest of world battery and lighting products)
and Razors and Blades (global razors, blades, and related products).
Research and development costs for the battery segments are combined
and included in the Total Battery segment results. Research and develop-
ment costs for Razors and Blades are included in that segment’s results.
Also, certain costs previously reported in general corporate and other
expenses that primarily support the battery business have been allocated to
the North America Battery and International Battery segments. Segment
performance is evaluated based on segment operating profit, exclusive of
general corporate and other expenses, major restructuring charges and
amortization of intangible assets. Financial items, such as interest income
and expense, are managed on a global basis at the corporate level.
Wal-Mart Stores, Inc. and its subsidiaries accounted for 15.8%, 16.3%
and 16.6% of total net sales in 2003, 2002 and 2001, respectively,
primarily in North America.
Corporate assets shown in the following table include all cash and cash
equivalents, financial instruments, pension assets and deferred tax assets
that are managed outside of operating segments.