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SPECTRUM BRANDS | 2006 ANNUAL REPORT 101
2006 Form 10-K Annual Report
Spectrum Brands, Inc.
Consolidating Balance Sheet
September 30, 2005
Guarantor Nonguarantor Consolidated
Parent Subsidiaries Subsidiaries Eliminations Total
ASSETS
Current assets:
Cash and cash equivalents $ 15,756 $ 2,657 $ 11,439 $ – $ 29,852
Receivables:
Trade accounts receivables, net of allowances 68,532 95,614 198,253 – 362,399
Other 219,245 343,593 97,524 (649,366) 10,996
Inventories 129,684 121,166 203,892 (3,189) 451,553
Deferred income taxes 8,177 17,072 12,227 1,755 39,231
Assets held for sale 3,846 101,485 2,843 – 108,174
Prepaid expenses and other 16,620 7,353 21,789 – 45,762
Total current assets 461,860 688,940 547,967 (650,800) 1,047,967
Property, plant and equipment, net 77,436 56,138 170,749 – 304,323
Deferred charges and other 1,036,345 506,348 205,725 (1,701,043) 47,375
Goodwill 690,923 115,823 622,271 – 1,429,017
Intangible assets, net 248,365 710,066 196,154 (188) 1,154,397
Debt issuance costs 39,012 – – – 39,012
Investments in subsidiaries 5,122,715 4,537,653 3,737,107 (13,397,475) –
Total assets $7,676,656 $6,614,968 $5,479,973 $(15,749,506) $4,022,091
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Current maturities of long-term debt $ 242,725 $ 351 $ 31,420 $ (235,188) $ 39,308
Accounts payable 488,829 186,486 58,798 (452,159) 281,954
Accrued liabilities:
Wages and benefits 8,861 7,449 31,600 – 47,910
Income taxes payable 4,193 2,208 34,067 – 40,468
Restructuring and related charges 4,041 8,687 4,250 – 16,978
Accrued interest 31,242 – 287 – 31,529
Liabilities held for sale – 22,294 – – 22,294
Other 16,340 19,298 41,297 – 76,935
Total current liabilities 796,231 246,773 201,719 (687,347) 557,376
Long-term debt, net of current maturities 2,244,349 1,029,652 612,811 (1,618,787) 2,268,025
Employee benefit obligations, net of current portion 29,784 4,277 44,449 – 78,510
Deferred income taxes (20,265) 211,131 17,385 – 208,251
Other 823 420 65,956 – 67,199
Total liabilities 3,050,922 1,492,253 942,320 (2,306,134) 3,179,361
Shareholders’ equity:
Common stock 666 451 536,269 (536,720) 666
Additional paid-in capital 635,190 997,248 4,309,209 (5,306,338) 635,309
Retained earnings 309,674 358,419 156,094 (556,872) 267,315
Accumulated other comprehensive income 3,751,024 3,766,597 (463,919) (7,043,442) 10,260
4,696,544 5,122,715 4,537,653 (13,443,372) 913,550
Less treasury stock, at cost (70,820) – – – (70,820)
Total shareholders’ equity 4,625,734 5,122,715 4,537,653 (13,443,372) 842,730
Total liabilities and shareholders’ equity $7,676,656 $6,614,968 $5,479,973 $(15,749,506) $4,022,091