Rayovac 2010 Annual Report Download - page 161
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SPECTRUM BRANDS HOLDINGS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(In thousands, except per share amounts)
actual exchange activity, the Company determined on September 30, 2010 that the most likely method of
exchanging its Bolivar fuertes for U.S. dollars will be to formally apply with the Venezuelan government to
exchange through commercial banks at the SITME rate specified by the Central Bank of Venezuela. The SITME
rate as of September 30, 2010 was quoted at 5.3 Bolivar fuerte per U.S. dollar. Therefore, the Company changed
the rate used to remeasure Bolivar fuerte denominated transactions as of September 30, 2010 from the official
non-essentials exchange rate to the 5.3 SITME rate in accordance with ASC 830, “Foreign Currency Matters” as
it is the expected rate that exchanges of Bolivar fuerte to U.S. dollars will be settled. There is also an ongoing
immaterial impact related to measuring the Company’s Venezuelan statement of operations at the new exchange
rate of 5.3 to the U.S. dollar.
The designation of the Company’s Venezuela entity as a highly inflationary economy and the devaluation of
the Bolivar fuerte resulted in a $1,486 reduction to the Company’s operating income during Fiscal 2010. The
Company also reported a foreign exchange loss in Other expense (income), net, of $10,102 during Fiscal 2010.
Segment total assets
September 30,
2010 2009
Global Batteries & Personal Care ................................ $1,629,250 $1,608,269
Global Pet Supplies ........................................... 826,382 866,901
Home and Garden Business .................................... 493,511 504,448
Small Appliances ............................................. 863,282 —
Total segments ............................................... 3,812,425 2,979,618
Corporate ................................................... 61,179 41,128
Total assets at year end ........................................ $3,873,604 $3,020,746
Segment long-lived assets
September 30,
2010 2009
Global Batteries & Personal Care .......................................... $1,042,670 $1,052,907
Global Pet Supplies ..................................................... 641,934 679,009
Home and Garden Business .............................................. 421,891 432,200
Small Appliances ....................................................... 511,282 —
Total segments ......................................................... 2,617,777 2,164,116
Corporate ............................................................. 56,115 37,894
Long-lived assets at year end ............................................. $2,673,892 $2,202,010
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