Graco 2010 Annual Report Download - page 59

Download and view the complete annual report

Please find page 59 of the 2010 Graco annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 92

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92

Newell Rubbermaid Inc. 2010 Annual Report
>
NEWELL RUBBERMAID 2010 Annual Report 55
A summary of the Company’s accrued restructuring reserves for continuing operations as of and for the years ended
December 31, 2010 and 2009, respectively, is as follows (in millions):
December 31, December 31,
2009 Costs 2010
Balance Provision Incurred Balance
Facility exit costs, including impairments $ — $ 6.0 $ (6.0) $ —
Employee severance, termination benefits and relocation costs 23.3 53.6 (54.7) 22.2
Exited contractual commitments and other 11.8 17.9 (18.4) 11.3
$35.1 $77.5 $(79.1) $33.5
December 31, December 31,
2008 Costs 2009
Balance Provision Incurred Balance
Facility exit costs, including impairments $ — $ 32.4 $ (32.4) $ —
Employee severance, termination benefits and relocation costs 30.7 48.8 (56.2) 23.3
Exited contractual commitments and other 20.3 18.8 (27.3) 11.8
$51.0 $100.0 $(115.9) $35.1
The table below shows restructuring costs recognized for Project Acceleration restructuring activities for the years ended
December 31, aggregated by reportable business segment (in millions):
Since Inception
Through
December 31,
Segment 2010 2009 2008 2010
Home & Family $13.7 $ 24.0 $ 43.5 $144.8
Office Products 24.2 34.8 35.6 186.9
Tools, Hardware & Commercial Products 9.5 16.6 20.4 88.4
Corporate 30.1 24.6 17.7 78.3
$77.5 $100.0 $117.2 $498.4
The following table depicts the changes in accrued restructuring reserves for Project Acceleration for the years ended
December 31, 2010 and 2009, respectively, aggregated by reportable business segment (in millions):
December 31, December 31,
2009 Costs 2010
Segment Balance Provision Incurred Balance
Home & Family $ 8.0 $13.7 $(17.7) $ 4.0
Office Products 15.7 24.2 (28.8) 11.1
Tools, Hardware & Commercial Products 3.9 9.5 (8.6) 4.8
Corporate 7.5 30.1 (24.0) 13.6
$35.1 $77.5 $(79.1) $33.5
December 31, December 31,
2008 Costs 2009
Segment Balance Provision Incurred Balance
Home & Family $ 6.1 $ 24.0 $ (22.1) $ 8.0
Office Products 17.5 34.8 (36.6) 15.7
Tools, Hardware & Commercial Products 16.5 16.6 (29.2) 3.9
Corporate 10.9 24.6 (28.0) 7.5
$51.0 $100.0 $(115.9) $35.1
Cash paid for all restructuring activities was $72.8 million, $84.0 million and $60.9 million for 2010, 2009 and 2008, respectively.