Rayovac 2010 Annual Report Download - page 114

SPECTRUM BRANDS HOLDINGS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(In thousands, except per share amounts)
The following four-column consolidated statement of financial position table identifies the adjustments
recorded to the Predecessor Company’s August 30, 2009 consolidated statement of financial position as a result
of implementing the Plan and applying fresh-start reporting:
Predecessor
Company
Successor
Company
August 30, 2009 Effects of Plan
Fresh-Start
Valuation August 30, 2009
ASSETS
Current assets:
Cash and cash equivalents ...................... $ 86,710 $ (25,551)(a) $ — $ 61,159
Receivables:
Trade accounts receivable .................. 270,657 — — 270,657
Other .................................. 34,594 — — 34,594
Inventories .................................. 341,738 — 48,762(m) 390,500
Deferred income taxes ........................ 12,644 1,707(h) 9,330(n) 23,681
Assets held for sale ........................... 10,813 — 1,978(m) 12,791
Prepaid expenses and other ..................... 40,448 — (116)(m) 40,332
Total current assets ................... 797,604 (23,844) 59,954 833,714
Property, plant and equipment, net ................... 178,786 — 34,699(m) 213,485
Deferred charges and other ......................... 42,068 — (6,046)(m) 36,022
Goodwill ....................................... 238,905 — 289,155(o) 528,060
Intangible assets, net .............................. 677,050 — 782,450(o) 1,459,500
Debt issuance costs ............................... 18,457 8,949(b) (17,957)(p) 9,449
Total assets ......................... $1,952,870 $ (14,895) $1,142,255 $3,080,230
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Current maturities of long-term debt ............. $ 93,313 $ (3,445)(c) $ (4,329)(m) $ 85,539
Accounts payable ............................ 159,370 (204)(d) — 159,166
Accrued liabilities:
Wages and benefits ....................... 80,247 — — 80,247
Income taxes payable ..................... 20,059 — — 20,059
Restructuring and related charges ............ 26,100 — — 26,100
Accrued interest ......................... 59,724 (59,581)(e) — 143
Other .................................. 118,949 9,133(f) (3,503)(m) 124,579
Total current liabilities ................ 557,762 (54,097) (7,832) 495,833
Long-term debt, net of current maturities .............. 1,329,047 271,806(g) (75,329)(m) 1,525,524
Employee benefit obligations, net of current portion ..... 41,385 — 18,712(m) 60,097
Deferred income taxes ............................ 106,853 1,707(h) 114,211(n) 222,771
Other .......................................... 45,982 — 4,927(m) 50,909
Total liabilities ...................... 2,081,029 219,416 54,689 2,355,134
Liabilities subject to compromise .................... 1,105,962 (1,105,962)(i) — —
Commitments and contingencies
Shareholders’ (deficit) equity:
Common stock-Old (Predecessor Company) ....... 691 (691)(j) — —
Common stock-New (Successor Company) ........ — 300(j) — 300
Additional paid-in capital ...................... 677,007 47,789(j) — 724,796
Accumulated (deficit) equity ................... (1,915,484) 747,362(k) 1,168,122(q) —
Accumulated other comprehensive income ........ 80,556 — (80,556)(q) —
(1,157,230) 794,760 1,087,566 725,096
Less treasury stock ............................... (76,891) 76,891(l) — —
Total shareholders’ (deficit) equity ....... (1,234,121) 871,651 1,087,566 725,096
Total liabilities and shareholders’ (deficit)
equity ............................ $1,952,870 $ (14,895) $1,142,255 $3,080,230
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