Energizer 2014 Annual Report Download - page 103

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ENERGIZER HOLDINGS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in millions, except per share)
Consolidating Balance Sheets (Condensed)
September 30, 2013
Parent
Company Guarantors
Non-
Guarantors Eliminations Total
Assets
Current Assets
Cash and cash equivalents $ 8.0 $ 8.4 $ 981.9 $ — $ 998.3
Trade receivables, net (a) — 11.8 468.8 — 480.6
Inventories — 334.7 312.7 (31.1) 616.3
Other current assets 23.5 270.5 194.7 (15.5) 473.2
Total current assets 31.5 625.4 1,958.1 (46.6) 2,568.4
Investment in subsidiaries 7,007.5 1,920.7 — (8,928.2)—
Intercompany receivables, net (b) — 4,258.8 260.1 (4,518.9)—
Intercompany notes receivable (b) 2,180.3 4.5 — (2,184.8)—
Property, plant and equipment, net — 474.7 280.9 — 755.6
Goodwill — 1,104.9 370.9 — 1,475.8
Other intangible assets, net — 1,629.5 206.0 — 1,835.5
Other noncurrent assets 10.2 13.4 58.5 — 82.1
Total assets 9,229.5 10,031.9 3,134.5 (15,678.5) 6,717.4
Current liabilities 184.4 421.3 572.5 (24.8) 1,153.4
Intercompany payables, net (b) 4,518.9 — — (4,518.9)—
Intercompany notes payable (b) — 2,180.3 4.5 (2,184.8)—
Long-term debt 1,998.8———1,998.8
Other noncurrent liabilities 73.8 839.6 198.2 — 1,111.6
Total liabilities 6,775.9 3,441.2 775.2 (6,728.5) 4,263.8
Total shareholders' equity 2,453.6 6,590.7 2,359.3 (8,950.0) 2,453.6
Total liabilities and shareholders' equity $ 9,229.5 $ 10,031.9 $ 3,134.5 $ (15,678.5) $ 6,717.4
(a) Trade receivables, net for the Non-Guarantors includes approximately $221.4 at September 30, 2013 of U.S. trade receivables sold from
the Guarantors to Energizer Receivables Funding Corp ("ERF"), a 100% owned, special purpose subsidiary, which is a non-guarantor of the
Notes. These receivables are used by ERF to securitize the borrowings under the Company's receivable securitization facility. The trade
receivables are short-term in nature (on average less than 90 days). As payment of the receivable obligation is received from the customer,
ERF remits the cash to the Guarantors in payment for the purchase of the receivables. Cost and expenses paid by ERF related to the
receivable securitization facility are re-billed to the Guarantors by way of intercompany services fees.
(b) Intercompany activity includes notes that bear interest due from the Guarantors to the Parent Company. Interest rates on these notes
approximate the interest rates paid by the Parent on third party debt. Additionally, other intercompany activities include product purchases
between Guarantors and Non-Guarantors, charges for services provided by the parent and various subsidiaries to other affiliates within the
consolidated entity and other intercompany activities in the normal course of business.
99