Rayovac 2010 Annual Report Download - page 170

Download and view the complete annual report

Please find page 170 of the 2010 Rayovac 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 190

  • 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
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154
  • 155
  • 156
  • 157
  • 158
  • 159
  • 160
  • 161
  • 162
  • 163
  • 164
  • 165
  • 166
  • 167
  • 168
  • 169
  • 170
  • 171
  • 172
  • 173
  • 174
  • 175
  • 176
  • 177
  • 178
  • 179
  • 180
  • 181
  • 182
  • 183
  • 184
  • 185
  • 186
  • 187
  • 188
  • 189
  • 190

SPECTRUM BRANDS HOLDINGS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(In thousands, except per share amounts)
complete, include the plan to exit the Company’s Ningbo battery manufacturing facility in China (the “Ningbo
Exit Plan”). The Successor Company recorded $2,162 and $165 of pretax restructuring and related charges
during Fiscal 2010 and the period from August 31, 2009 through September 30, 2009, respectively. The
Predecessor Company recorded $10,652 and $16,399 of pretax restructuring and related charges during the
period from October 1, 2008 through August 30, 2009 and Fiscal 2008, respectively, in connection with the
Ningbo Exit Plan. The Company has recorded pretax restructuring and related charges of $29,378 since the
inception of the Ningbo Exit Plan.
The following table summarizes the remaining accrual balance associated with the Ningbo Exit Plan and
activity that occurred during Fiscal 2010:
Ningbo Exit Plan Summary
Other Costs
Accrual balance at September 30, 2009 ................................ $ 308
Provisions ....................................................... 461
Cash expenditures ................................................. (278)
Accrual balance at September 30, 2010 ................................ $ 491
Expensed as incurred(A) ............................................ $1,701
(A) Consists of amounts not impacting the accrual for restructuring and related charges.
2007 Restructuring Initiatives
The Company has implemented a series of initiatives within the Global Batteries & Personal Care segment
in Latin America to reduce operating costs (the “Latin American Initiatives”). These initiatives, which are
substantially complete, include the reduction of certain manufacturing operations in Brazil and the restructuring
of management, sales, marketing and support functions. The Successor Company recorded no pretax
restructuring and related charges during Fiscal 2010 and the period from August 31, 2009 through September 30,
2009 related to the Latin American Initiatives. The Predecessor Company recorded $207 and $317 of pretax
restructuring and related charges during the period from October 1, 2008 through August 30, 2009 and Fiscal
2008, respectively, in connection with the Latin American Initiatives. The Company has recorded pretax
restructuring and related charges of $11,447 since the inception of the Latin American Initiatives.
The following table summarizes the accrual balance associated with the Latin American Initiatives and
activity that occurred during Fiscal 2010:
Latin American Initiatives Summary
Termination
Benefits
Other
Costs Total
Accrual balance at September 30, 2009 ................................... $(282) $ 613 $ 331
Non-cash items ...................................................... 282 (613) (331)
Accrual balance at September 30, 2010 ................................... $— $— $—
In Fiscal 2007, the Company began managing its business in three vertically integrated, product-focused
reporting segments; Global Batteries & Personal Care, Global Pet Supplies and the Home and Garden Business.
160