Energizer 2011 Annual Report Download

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00%
Sales
YEAR OF INVESTMENT
7.7%
52-weeks ending
04/03/2010
INVESTING in
GROWTH
$4.65
Units 36%
alue 26
2011 Annual Report
ENERGIZER HOLDINGS, INC.
47%
Household Products
53%
Personal Care Products
Maryville, MO, Garrettsville, OH, Mar
St. Albans, VT, Bennington, VT,
Asheboro, NC, Walkerton, CN
Sri Lanka, Malaysia,
$28
2009
2010
2008
2007
Total Wet Shave Ma
Units and Value
USA JAPAN FRANCE AUSTRALIA SWITZERLAND BENELUX
CANADA GERMANY NEW ZEALAND AUSTRIA SINGAPORE
OND QUARTER THIRD QUARTER
AUSTRALIA SWITZERLAND
NEW ZEALAND AUSTRIA
TAIWAN
SPAIN
NET SALES
in billions

Table of contents

  • Page 1
    ... 7.7% 52-weeks ending 04/03/2010 2010 2009 2008 2007 Total Wet Shave Ma Units and Value $28 53% Personal Care Products ZEALAWD AUSTRIA WET SALES in billions D QUARTER t), Sri Lanka, Malaysia, ng, China, Tianjin, China TRALIA AW alue Sales 00 USA JAPAW FRAWCE AUSTRALIA CAWADA GERMAWY WEW...

  • Page 2
    ... Care Division offers a diversified range of consumer products in the wet shave, skin care, feminine care and infant care categories with well-established brand names such as Schick® , Wilkinson Sword® and Personna® men's and women's shaving systems and disposable razors; Edge® and Skintimate...

  • Page 3
    ... our battery operations, which increased our manufacturing efficiency and simplified our business model; and • The acquisition of American Safety Razor (ASR), which made us a leader in private-label razors and added manufacturing capacity. Sales 53% Personal Care Products 47% Household Products...

  • Page 4
    ... closely followed by launches in Japan in August 2010 and in major Western European markets in October 2010. BRAWDS U.S. MARKET SHARE 12.5% 7.7% 52-weeks ending 04/03/2010 52-weeks ending 10/29/11 Men's Systems Value Share Source: Nielsen Scantrack, Total U.S. FDMx. HYDRO MARKET LAUWCH FISCAL...

  • Page 5
    ... acquisition in November 2010. ASR is the third-largest manufacturer and distributor of wet shave products and a leading supplier of private-label razors and blades, with a majority share of the private label segment. SHAVE PREP Edge® and Skintimate® continue to be the U.S. market share leaders...

  • Page 6
    ... order to align our manufacturing footprint to meet today's market needs, we closed our carbon zinc manufacturing facility in the Philippines and our alkaline manufacturing facility in Switzerland during fiscal 2011. BATTERY AWD LIGHTIWG PRODUCT PLAWTS AWD FACILITIES EFFICIEWCY AWTICIPATED AWWUAL...

  • Page 7
    ... USE BATTERIES Energizer® Max® batteries, our flagship alkaline brand, deliver dependable, long-lasting power for the devices consumers use daily. *See reconciliation in Financial Results section of Management Discussion and Analysis. References to market shares represent U.S. dollar share for...

  • Page 8
    ...REPORT IWVESTIWG in The addition of American Safety Razor to our Schick Wilkinson Sword® wet shave business broadens our product portfolio, enhances our ability to deliver total category solutions to our retail customers and provides us with greater scale to compete in an increasingly competitive...

  • Page 9
    ... portable lighting products have bright LEDs, extended run times, rugged housings and increased functionality. Ward M. Klein Chief Executive Officer Energizer Holdings, Inc. November 22, 2011 ADVERTISIWG "Now That's Positivenergy™" is our new global advertising campaign for the Energizer® brand...

  • Page 10
    ... Chief Executive Officer, Energizer Holdings, Inc. Pamela M. Nicholson(1)(2) President and Chief Operating Officer, Enterprise Rent-A-Car John R. Roberts(1)(2)(3) Retired Executive Director, Civic Progress St. Louis and Retired Managing Partner of Mid-South Region, Arthur Andersen LLP CORPORATE...

  • Page 11
    ...St. Louis, Missouri 63141 Registrant's telephone number, including area code: 314-985-2000 Securities registered pursuant to Section 12(b) of the Act: Title of each class Energizer Holdings, Inc. Common Stock, par value $.01 per share Name of each exchange on which registered New York Stock Exchange...

  • Page 12
    ...have a class of non-voting equity securities.) Number of shares of Energizer Holdings, Inc. Common Stock ("ENR Stock"), $.01 par value, outstanding as of close of business on November 16, 2011: 66,903,283. DOCUMENTS INCORPORATED BY REFERENCE 1. Portions of Energizer Holdings, Inc. 2011 Annual Report...

  • Page 13
    ... with its employees, its major customers and vendors; The impact of raw material and other commodity costs; The impact of foreign currency exchange rates and offsetting hedges on Energizer's profitability for the year with any degree of certainty; The success of new products and the ability...

  • Page 14
    ... the world's largest manufacturers and marketers of primary batteries, portable lighting and personal care products in the wet shave, skin care, feminine care and infant care categories. On April 1, 2000, all of the outstanding shares of common stock of Energizer were distributed in a tax-free spin...

  • Page 15
    ... markets at 21% in fiscal 2011, and 20% in 2010 and 2009. We currently maintain the #2 global market share position in wet shaving. Category blade unit consumption has been relatively flat for a number of years. However, product innovations and corresponding increased per unit prices have accounted...

  • Page 16
    ... mercury-free Hearing Aid battery and the longest lasting AA and AAA battery for high-tech devices - Ultimate Lithium. Consistent with our long history of innovation, we introduced a new line of power solutions in late 2011 for consumers' most critical portable electronic devices. Consumers have...

  • Page 17
    ... specialty stores and department stores, hardware and automotive centers and military stores. Although a large percentage of Energizer's sales are attributable to a relatively small number of retail customers, in fiscal 2011, only Wal-Mart Stores, Inc. and its subsidiaries, as a group, accounted...

  • Page 18
    ..., and Spectrum Brands, Inc. We believe private-label sales by large retailers has some impact on the market in some parts of the world. Duracell and Panasonic are significant competitors in South and Central America, Asia and Europe, and local and regional battery manufacturers in Asia and Europe...

  • Page 19
    ... as, from time to time, current reports on Form 8-K, and amendments to those reports. The SEC maintains an Internet site containing these reports, and proxy and information statements, at www.sec.gov. These filings are also available free of charge on Energizer's website, at www.energizer.com, as...

  • Page 20
    ... Energizer operates, including battery, portable lighting products, wet shave, skin care, feminine care and infant care, are mature and highly competitive, both in the United States and on a global basis, as a limited number of large manufacturers compete for consumer acceptance and limited retail...

  • Page 21
    ... primary battery product category may be impacted by further changes in technology and device trends, which could impair Energizer's operating results and growth prospects. We believe an increasing number of devices are using built-in rechargeable battery systems, particularly in developed markets...

  • Page 22
    ...rate in future financings, liquidity, competitive position and access to capital markets. Impairment of our goodwill and other intangible assets would result in a reduction in net income. Energizer has a material amount of goodwill, trademarks and other intangible assets, as well as other long-lived...

  • Page 23
    ..., particularly the Energizer, Eveready, Schick, Wilkinson Sword, Edge, Skintimate, Playtex, Diaper Genie, Wet Ones, Banana Boat and Hawaiian Tropic brands. The success of these brands can suffer if our marketing plans or new product offerings do not have the desired impact on our brand's image or...

  • Page 24
    ... recognition of increased expense within our financial statements. If Energizer fails to adequately protect its intellectual property rights, competitors may manufacture and market similar products, which could adversely affect our market share and results of operations. In fiscal 2011, the vast...

  • Page 25
    Item 1B. Unresolved Staff Comments. None. 15

  • Page 26
    ...Canada (1) Cedar Knolls, NJ (1) In addition to the properties identified above, Energizer and its subsidiaries own and/or operate sales offices, regional offices, storage facilities, distribution centers and terminals and related properties. (1) Leased (2) Two plants and separate packaging facility...

  • Page 27
    ... Manager, Energizer Power Systems division from 1993 to 1996. Age: 59. David P. Hatfield- President and Chief Executive Officer, Energizer Personal Care since November, 2007. Prior to his current position and title, he served as President and Chief Executive Officer, Schick-Wilkinson Sword from...

  • Page 28
    ...of fiscal 2011 by Energizer and any affiliated purchasers pursuant to SEC rules, including any treasury shares withheld to satisfy employee withholding obligations upon vesting of restricted stock and the execution of net exercises. ISSUER PURCHASES OF EQUITY SECURITIES Total Number of Average price...

  • Page 29
    Years are updated, other info is not. Energizer Holdings, Inc. S&P Midcap 400 S&P Household Products 9/06 100.00 100.00 100.00 9/07 126.97 106.56 108.86 9/08 195.50 126.55 125.07 9/09 142.06 105.44 127.12 9/10 117.00 102.16 113.67 9/11 118.57 120.33 122.05 19

  • Page 30
    ... the Exchange Act is recorded, processed, summarized and reported accurately and within the time periods specified in the SEC's rules and forms, and that such information is accumulated and communicated to Energizer's management, including its Chief Executive Officer and Chief Financial Officer, as...

  • Page 31
    ... set forth in our 2011 Proxy Statement under the caption "Section 16(a) Beneficial Ownership Reporting Compliance" and is incorporated herein by reference. The Company has adopted business practices and standards of conduct that are applicable to all employees, including its Chief Executive Officer...

  • Page 32
    ... Johnson & Son, Inc., a Wisconsin corporation and Energizer (incorporated by reference to Exhibit 2.1 of Energizer's Current Report on Form 8-K filed May 11, 2009). Asset Purchase Agreement dated as of October 8, 2010, by and between American Safety Razor, LLC, a Delaware limited liability company...

  • Page 33
    ....23 2009 Restatement of Energizer Holdings, Inc. Deferred Compensation Plan, as amended and restated effective as of January 1, 2009 (incorporated by reference to Exhibit 10 of Energizer's Annual Report on Form 10-K for the year ended September 30, 2008).* 10.24 Form of Performance Restricted Stock...

  • Page 34
    ...Current Report on Form 8-K filed November 4, 2009.* 10.40 Amendment No. 2 to Third Amended and Restated Receivables Purchase Agreement dated as of May 3, 2010 by and among Energizer Receivables Funding Corporation, as seller, Energizer Battery, Inc., as servicer, Energizer Personal Care, LLC, as sub...

  • Page 35
    ... Stock Equivalent Award Agreement for Chief Executive Officer (incorporated by reference to Exhibit 10.55 of Energizer's Annual Report on Form 10-K for the Year ended September 30, 2010).* 10.45 First Amendment to the 2009 Restatement of the Energizer Holdings, Inc. Deferred Compensation Plan...

  • Page 36
    ... of the Energizer Holdings, Inc. 2011 Annual Report to Shareholders for the year ended September 30, 2011, incorporated by reference herein.** Subsidiaries of Registrant.** Consent of Independent Registered Public Accounting Firm.** Section 302 Certification of Chief Executive Officer.** Section 302...

  • Page 37
    ...by the undersigned, thereunto duly authorized. ENERGIZER HOLDINGS, INC. By /s/ Ward M. Klein Ward M. Klein Chief Executive Officer Date: November 22, 2011 Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the...

  • Page 38
    ...for the Company are managed via two segments - Personal Care (Wet Shave, Skin Care, Feminine Care and Infant Care) and Household Products (Battery and Lighting Products). Energizer is the successor to over 100 years of expertise in the battery and portable lighting products industry. Its brand names...

  • Page 39
    ...by the Cebu and LCF facilities are being produced in our remaining battery manufacturing facilities. For the year ended September 30, 2011, the Company recorded pre-tax charges for the Household Products restructuring of $79.0, which were primarily the result of the announced closing of the Cebu and...

  • Page 40
    ENERGIZER HOLDINGS, INC. (Dollars in millions, except per share and percentage data) Senior Notes Offering On May 19, 2011, the Company completed the issuance of $600.0 principal amount of 4.70% Senior Notes due May 2021, with interest paid semi-annually beginning November 2011. The majority of the ...

  • Page 41
    ..., net sales for the fiscal year increased 1% as higher sales in Personal Care due, in part, to the Schick Hydro launch, higher sales of disposable razors and stronger Skin Care revenue were offset by declines in Household Products and legacy men's razor systems. Net sales for fiscal 2010 were $4,248...

  • Page 42
    ... support of the Company's Schick Hydro launch in April 2010. A&P expense was 11.3% (11.9% excluding the impact of ASR), 10.9% and 10.4% of sales for fiscal 2011, 2010 and 2009, respectively. A&P expense may vary from year to year with new product launches, the impact of acquisitions, strategic brand...

  • Page 43
    ..., Skin Care, Feminine Care and Infant Care) and Household Products (Battery and Lighting Products). On November 23, 2010, which is in the first fiscal quarter of 2011, we completed the acquisition of ASR, which is a leading global manufacturer of private label/value wet shaving razors and blades...

  • Page 44
    ... Wet Shave net sales for fiscal 2010 increased approximately $126, or 11% as compared to fiscal 2009, due to the full year impact of the Edge and Skintimate brands acquisition, which added approximately $90 to net sales, and the launch of Schick Hydro. Infant Care sales increased 2% driven by Diaper...

  • Page 45
    ... of our Personal Care categories to grow our sales and continue to enhance the long term health of the business. Finally, as noted in our discussion of the ASR acquisition, ASR manufactures and sells industrial and specialty blades. This is a relatively small product line, with annualized sales of...

  • Page 46
    ENERGIZER HOLDINGS, INC. (Dollars in millions, except per share and percentage data) Excluding the impact of currencies and Venezuela, organic sales grew 2.2% due to higher sales volume due primarily to distribution gains. Segment Profit - Household Products For the years ended September 30, 2011 ...

  • Page 47
    ... date. As part of a review of certain benefit programs, this policy was revised in fiscal 2009 to a more "market" policy for PTO. The revised policy utilizes an "earn as you go" approach, under which colleagues earn current-year PTO on a pro-rata basis as they work during the year. As a result of...

  • Page 48
    ... associated with the Household Products restructuring activities in fiscal 2011 as such charges reduced EBITDA as defined in the agreements. If the Company fails to comply with the financial covenants referred to above or with other requirements of the credit agreements or private placement note...

  • Page 49
    ... financial institutions. The Company continually monitors positions with, and credit ratings of, counterparties both internally and by using outside ratings agencies. In fiscal 2011, the Company repurchased 3.7 million shares of Energizer common stock, exclusive of a small number of shares related...

  • Page 50
    ...and energy and the future state of exchange controls in Venezuela, including the availability of U.S. dollars at the official foreign exchange rate. On March 11, 2011, an earthquake struck off the northeast coast of Japan, triggering a tsunami. Further compounding the situation, nuclear power plants...

  • Page 51
    ...total Household Products net sales in fiscal 2011, 2010 and 2009, respectively. In addition, natural disasters, such as hurricanes, can create conditions that drive exceptional needs for portable power and spike battery and lighting products sales. Customer orders for the Company's sun care products...

  • Page 52
    ENERGIZER HOLDINGS, INC. (Dollars in millions, except per share and percentage data) They include: the timing of new product launches by competitors or by the Company, the timing of advertising, promotional, merchandising or other marketing activities by competitors or by the Company, and the timing...

  • Page 53
    ...activity. Based on our fiscal 2011 sun care shipments, each percentage point change in our returns rate would have impacted our reported net sales by $3.0 and our reported operating income by $2.7. The Company offers a variety of programs, primarily to its retail customers, designed to promote sales...

  • Page 54
    ...the acquired brands. Other intangible assets are expected to have determinable useful lives. Our assessment of intangible assets that have an indefinite life and those that have a determinable life is based on a number of factors including the competitive environment, market share, brand history, 44

  • Page 55
    ... testing. Going forward, we will test goodwill for impairment for two reporting units, the combined Personal Care reporting unit and the Energizer reporting unit. In addition, we completed impairment testing on indefinite-lived intangible assets other than goodwill, which are trademarks/brand names...

  • Page 56
    ... with its employees, its major customers and vendors; The impact of raw material and other commodity costs; The impact of foreign currency exchange rates and offsetting hedges on Energizer's profitability for the year with any degree of certainty; The success of new products and the ability...

  • Page 57
    ... Balance Sheet Data 2011 Working capital Property, plant and equipment, net Total assets Long-term debt (a) (b) $ 1,233.3 885.4 6,663.4 2,206.5 69.6 70.3 $ $ 3.75 3.72 $ $ 4,645.7 181.3 406.0 144.8 261.2 FOR THE YEARS ENDED SEPTEMBER 30, 2010 $ 4,248.3 139.2 543.4 140.4 $ 403.0 $ $ 2009 3,999.8 130...

  • Page 58
    ... of Energizer Holdings, Inc. (the Company) are the responsibility of its management. These statements have been prepared in conformance with generally accepted accounting principles in the United States of America, and in the opinion of management, fairly present the Company's financial position...

  • Page 59
    ... respects, the financial position of Energizer Holdings, Inc. and its subsidiaries at September 30, 2011 and 2010 and the results of their operations and their cash flows for each of the three years in the period ended September 30, 2011 in conformity with accounting principles generally accepted...

  • Page 60
    ENERGIZER HOLDINGS, INC. CONSOLIDATED STATEMENTS OF EARNINGS AND COMPREHENSIVE INCOME (Dollars in millions, except per share data) YEARS ENDED SEPTEMBER 30, Statement of Earnings Net sales Cost of products sold Gross profit Selling, general and administrative expense Advertising and promotion ...

  • Page 61
    ...-in capital Retained earnings Common stock in treasury, at cost, 40,932,950 shares at 2011 37,652,891 shares at 2010 Accumulated other comprehensive loss Total shareholders' equity Total liabilities and shareholders' equity The above financial statements should be read in conjunction with the Notes...

  • Page 62
    .../(decrease) in debt with original maturities of 90 days or less Common stock purchased Proceeds from issuance of common stock Excess tax benefits from share-based payments Net cash (used by)/from financing activities Effect of exchange rate changes on cash Net (decrease)/increase in cash and cash...

  • Page 63
    ENERGIZER HOLDINGS, INC. CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Dollars in millions, shares in thousands) DOLLARS 2011 Common stock: Balance at beginning of year Net proceeds from equity offering Ending balance Additional paid-in capital: Balance at beginning of year Net proceeds from ...

  • Page 64
    ... basis, the Company evaluates its estimates, including those related to customer programs and incentives, product returns, bad debts, inventories, intangible and other long-lived assets, income taxes, financing, pensions and other postretirement benefits, contingencies and acquisitions. Actual...

  • Page 65
    ... lower of cost or market, with cost generally being determined using average cost or the first-in, first-out (FIFO) method. As part of the American Safety Razor (ASR) acquisition in fiscal 2011 and the shave preparation acquisition in fiscal 2009, the Company recorded an increase in the fair value...

  • Page 66
    ... activity to our customers, especially in the latter stages of the sun care season, to reduce the potential for returned product. The Company offers a variety of programs, such as consumer coupons and similar consumer rebate programs, primarily to its retail customers, designed to promote sales...

  • Page 67
    ... Shave product line focuses on branded wet shave products. ASR, founded in 1875, is a leading global manufacturer of private label/value wet shaving razors and blades, and industrial and specialty blades. As of September 30, 2011, the purchase price allocation for the ASR acquisition is complete. We...

  • Page 68
    ...remaining battery manufacturing facilities. At September 30, 2011, the Company recorded pre-tax charges for the Household Products restructuring of $79.0, which were primarily the result of the announced closing of the Cebu and LCF facilities. These charges included severance and termination related...

  • Page 69
    .... As part of our business planning cycle, we performed our annual impairment test in the fourth quarter of fiscal 2011, 2010 and 2009. During fiscal 2011, we consolidated the Playtex and Wet Shave strategic business units, which were both part of our Personal Care reporting segment, to form a single...

  • Page 70
    ... 30, 2011: Household Products Balance at October 1, 2010 ASR acquisition Cumulative translation adjustment Balance at September 30, 2011 $ $ 37.2 - (0.3) 36.9 Personal Care $ 1,279.2 161.9 (2.7) $ 1,438.4 Total $ 1,316.4 161.9 (3.0) $ 1,475.3 The Company had indefinite-lived trademarks and...

  • Page 71
    ENERGIZER HOLDINGS, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Dollars in millions, except per share and percentage data) The source of pre-tax earnings was: 2011 United States Foreign Pre-tax earnings $ $ 191.6 214.4 406.0 $ $ 2010 225.5 317.9 543.4 $ $ 2009 197.3 248.0 445.3 A ...

  • Page 72
    ENERGIZER HOLDINGS, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Dollars in millions, except per share and percentage data) There were no material tax loss carryforwards that expired in fiscal 2011. Future expirations of tax loss carryforwards and tax credits, if not utilized, are not material ...

  • Page 73
    ... or options to purchase the Company's common stock (ENR stock) may be granted to directors, officers and employees. The 2009 Plan was amended and restated by approval of the shareholders at the January 2011 Annual Meeting of Shareholders to set the maximum number of shares authorized for issuance...

  • Page 74
    ... compensation cost charged against income for the Company's share-based compensation arrangements was $37.3, $28.2 and $15.3 for the years ended September 30, 2011, 2010 and 2009, respectively, and was recorded in SG&A expense. The total income tax benefit recognized in the Consolidated Statements...

  • Page 75
    ... the date that the Company publicly releases its earnings for its 2012 fiscal year contingent upon the Company's compound annual growth rate for reported earnings per share (EPS CAGR) for the three year period ending on September 30, 2012. Under the terms of the performance award, 100% of the grant...

  • Page 76
    ...sponsored plans, which are not significant in the aggregate and therefore are not included in the information presented in the following tables. The Company currently provides other postretirement benefits, consisting of health care and life insurance benefits for certain groups of retired employees...

  • Page 77
    ... value of plan assets at beginning of year Net transfer primarily due to acquisition Actual return on plan assets Company contributions Plan participants' contributions Benefits paid Foreign currency exchange rate changes Fair value of plan assets at end of year Funded status at end of year $ 1,046...

  • Page 78
    ... comprehensive income for the year ended September 30, 2011 are as follows: PostRetirement Pension Changes in plan assets and benefit obligations recognized in other comprehensive loss Net loss arising during the year Effect of exchange rates Transfer out for foreign plans deemed immaterial Amounts...

  • Page 79
    ENERGIZER HOLDINGS, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Dollars in millions, except per share and percentage data) the dates indicated. September 30, 2011 Projected benefit obligation Accumulated benefit obligation Fair value of plan assets $ 1,158.9 1,146.3 711.3 2010 $ 932.6 891.7 641...

  • Page 80
    ENERGIZER HOLDINGS, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Dollars in millions, except per share and percentage data) September 30, Pension 2011 Plan obligations: Discount rate Compensation increase rate Net periodic benefit cost: Discount rate Expected long-term rate of return on plan ...

  • Page 81
    ENERGIZER HOLDINGS, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Dollars in millions, except per share and percentage data) There were no Level 3 pension and other postretirement plan assets at September 30, 2011 and 2010. Our investment objective for defined benefit retirement plan assets is ...

  • Page 82
    ... associated with the Household Products restructuring activities in fiscal 2011 as such charges reduced EBITDA as defined in the agreements. If the Company fails to comply with the financial covenants referred to above or with other requirements of the credit agreements or private placement note...

  • Page 83
    ... number of customers primarily in the retail trade, including those in mass merchandising, drugstore, supermarket and other channels of distribution throughout the world. Wal-Mart Stores, Inc. and its subsidiaries accounted for 19.5%, 20.1% and 21.4% of total net sales in fiscal 2011, 2010 and 2009...

  • Page 84
    ... in Hedging Relationships The Company holds a share option with a major financial institution to mitigate the impact of changes in certain of the Company's deferred compensation liabilities, which are tied to the Company's common stock price. Period activity related to the share option is classified...

  • Page 85
    ... value accounting guidance hierarchy, an entity is required to maximize the use of quoted market prices and minimize the use of unobservable inputs. The following table sets forth the Company's financial assets and liabilities, which are carried at fair value, as of September 30, 2011 and 2010 that...

  • Page 86
    ... in the Household Products and Personal Care businesses, are subject to various federal, state, foreign and local laws and regulations intended to protect the public health and the environment. These regulations relate primarily to worker safety, air and water quality, underground fuel storage tanks...

  • Page 87
    ENERGIZER HOLDINGS, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Dollars in millions, except per share and percentage data) acquisition, of which $1.6 is expected to be spent in fiscal 2012. This accrual is not measured on a discounted basis. In addition, the Company has accrued environmental ...

  • Page 88
    ...204.7 691.6 333.7 153.5 449.4 75.7 1,012.3 2010 $ $ $ $ $ $ Allowance for Doubtful Accounts Balance at beginning of year Impact of acquisition Provision charged to expense, net of reversals Write-offs, less recoveries, translation, other Balance at end of year 2011 2010 2009 $ 13.2 $ 11.3 $ 11...

  • Page 89
    ...Personal Care (Wet Shave, Skin Care, Feminine Care and Infant Care) and Household Products (Battery and Lighting Products). On November 23, 2010, which is in the first fiscal quarter of 2011, we completed the acquisition of American Safety Razor (ASR). ASR is a leading global manufacturer of private...

  • Page 90
    ... date. As part of a review of certain benefit programs, this policy was revised in fiscal 2009 to a more "market" policy for PTO. The revised policy has an "earn as you go" approach, under which colleagues earn current-year PTO on a pro-rata basis as they work during the year. As a result of this...

  • Page 91
    ENERGIZER HOLDINGS, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Dollars in millions, except per share and percentage data) Net Sales Personal Care Household Products Total net sales $ $ 2011 2,449.7 2,196.0 4,645.7 2011 Operating Profit Personal Care Household Products Total operating profit ...

  • Page 92
    ... 5% of the Company's total net sales for each of the three years presented. Supplemental product information is presented below for net sales: 2011 Net Sales Wet Shave Alkaline batteries Other batteries and lighting products Skin Care Feminine Care Infant Care Other personal care products Total net...

  • Page 93
    ... may not equal the total for the year. First Fiscal 2011 Net sales Gross profit Net earnings Basic earnings per share Diluted earnings per share Items increasing/(decreasing) net earnings: Household Products restructuring Early debt retirement/duplicate interest ASR transaction costs/integration...

  • Page 94
    ... Africa) Ltd. Eveready Battery Company, Inc. Energizer Battery Manufacturing, Inc. Energizer Personal Care, LLC Energizer Receivables Funding Corporation Energizer Group, Inc. Energizer-Schick Taiwan Ltd. Playtex Products, LLC Playtex Manufacturing, Inc. Playtex Investment Corp. Playtex Marketing...

  • Page 95
    ... GbR Energizer Management Holding Verwaltungs GmbH Wilkinson Sword GmbH AFIS, S.A. Energizer Hellas A.E. Energizer Hong Kong Limited Eveready Hong Kong Company Schick Asia Limited Sonca Products Limited Energizer Hungary Trading Ltd. RE'LEM Public Benefit Company EBC (India) Company Private Limited...

  • Page 96
    ...Limited Energizer Trading Limited Energizer Holdings UK Co. Limited Energizer Investments UK Limited Energizer Group Limited Energizer Trust Limited Ever Ready Limited Wilkinson Sword Limited Personna International UK Limited Personna Industrial UK Limited Eveready de Venezuela, C.A. Energizer Group...

  • Page 97
    ... REGISTERED PUBLIC ACCOUNTING FIRM We hereby consent to the incorporation by reference in the Registration Statements on Form S-8 (Nos. 333-33690, 333-33676, 333-35116, 333-157070, 333-171921) of Energizer Holdings, Inc. of our report dated November 22, 2011 relating to the financial statements and...

  • Page 98
    ... of Chief Executive Officer I, Ward M. Klein, certify that: 1. I have reviewed this annual report on Form 10-K of Energizer Holdings, Inc.; 2. Based on my knowledge, this annual report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the...

  • Page 99
    ... and Chief Financial Officer I, Daniel J. Sescleifer, certify that: 1 I have reviewed this annual report on Form 10-K of Energizer Holdings, Inc.; 2 Based on my knowledge, this annual report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make...

  • Page 100
    ...In connection with the Annual Report of Energizer Holdings, Inc. (the "Company") on Form 10-K for the year ended September 30, 2011 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Ward M. Klein, Chief Executive Officer of the Company, certify pursuant to 18...

  • Page 101
    ... with the Annual Report of Energizer Holdings, Inc. (the "Company") on Form 10-K for the year ended September 30, 2011 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Daniel J. Sescleifer, Executive Vice President and Chief Financial Officer of the...

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  • Page 103
    ..., portfolio managers and individual shareholders should be directed to Investor Relations at Energizer's corporate headquarters listed above. Common Stock Information The table below sets forth, for the fiscal quarter indicated, the reported high and low sale prices of the Company's common stock...

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    0 533 Maryville University Drive St. Louis, MO 63141 314.985.2000 www.energizerholdings.com ©2011 Energizer. Energizer, Energizer Bunny design, Eveready, Schick and other marks included in this annual report are trademarks of Energizer, its affiliates and its subsidiaries. Playtex is a licensed ...