Energizer 2013 Annual Report Download - page 96

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ENERGIZER HOLDINGS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in millions, except per share)
2013. The collective gain resulting from these actions was reported on a separate line in the Consolidated Statements of
Earnings and Comprehensive Income. See Note 9 of the Notes to Consolidated Financial Statements.
For the fiscal year ended September 30, 2012, our prior Household Products restructuring activities generated pre-tax income
of $6.8, which was driven by the gain on the sale of our former battery manufacturing facility in Switzerland. This plant was
closed in fiscal 2011. This gain was partially offset by $6.0 of additional restructuring costs in fiscal 2012. These costs, net of
the gain on the sale of the former manufacturing facility in fiscal 2012, are included as a separate line item on the Consolidated
Statements of Earnings and Comprehensive Income. For the fiscal year ended September 30, 2011, the prior Household
Products Restructuring initiatives resulted in pre-tax expense of $79.0, which was also recorded as a separate line item on the
Consolidated Statements of Earnings and Comprehensive Income. See Note 3 of the Notes to Consolidated Financial
Statements.
In fiscal 2013 and fiscal 2011, the Company recorded expense of $6.3 and $1.8, respectively, related to the devaluation of
Venezuelan Bolivar Fuerte to the U.S. dollar. These impacts, which are included in Other financing items, net on the
Consolidated Statements of Earnings and Comprehensive Income, are not considered in the evaluation of segment profit.
However, normal operating results in Venezuela, such as sales, gross profit and spending remain part of reported segment
totals. See Note 4 of the Notes to Consolidated Financial Statements.
In fiscal 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 vast majority of the proceeds of the offering were used to repay
existing indebtedness including the early redemption of certain private placement notes. The early retirement of the certain
private placement notes resulted in the payment of "make whole" premiums totaling $19.9, pre-tax, which are reflected as a
separate line item in the Consolidated Statement of Earnings as well as the reconciliation of segment results to total earnings
before income taxes included in this footnote. See Note 11 of the Notes to Consolidated Financial Statements.
The presentation for inventory write-up, which was $7 in fiscal 2011 related to the write-up and subsequent sale of inventory
acquired in the ASR transaction, acquisition transaction and integration costs, and substantially all restructuring and
realignment costs, reflects management's view on how it evaluates segment performance.
Corporate assets shown in the following table include all cash and cash equivalents, financial instruments and deferred tax
assets that are managed outside of operating segments.
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