Rayovac 2013 Annual Report Download - page 116

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SPECTRUM BRANDS HOLDINGS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(CONTINUED)
(Amounts in thousands, except per share figures)
The Company’s net derivative portfolio as of September 30, 2012, contains Level 2 instruments and consists
of commodity and foreign exchange contracts. The fair values of these instruments as of September 30, 2012
were as follows:
Level 1 Level 2 Level 3 Total
Assets:
Commodity contracts, net .................................... $— $1,993 $— $ 1,993
Total Assets, net ............................................... $— $1,993 $— $ 1,993
Liabilities:
Foreign exchange contracts, net ............................... $— $(8,721) $— $(8,721)
Total Liabilities, net ............................................ $— $(8,721) $— $(8,721)
The carrying values of cash and cash equivalents, accounts and notes receivable, accounts payable and short
term debt approximate fair value. The fair values of long-term publicly traded debt are based on unadjusted
quoted market prices (Level 1) and derivative financial instruments are generally based on quoted or observed
market prices (Level 2).
The carrying values of goodwill, intangible assets and other long-lived assets are tested annually, or more
frequently if an event occurs that indicates an impairment loss may have been incurred, using fair value
measurements with unobservable inputs (Level 3).
The carrying amounts and fair values of the Company’s financial instruments are summarized as follows
((liability)/asset):
September 30, 2013 September 30, 2012
Carrying
Amount Fair Value
Carrying
Amount Fair Value
Total debt .................................... $(3,218,863) $(3,297,411) $(1,669,300) $(1,804,831)
Commodity swap and option agreements ........... (86) (86) 1,993 1,993
Foreign exchange forward agreements ............. (8,103) (8,103) (8,721) (8,721)
(9) Income Taxes
Income tax expense was calculated based upon the following components of (loss) income from continuing
operations before income tax:
2013 2012 2011
Pretax (loss) income:
United States .............................................. $(212,168) $ (66,102) $(119,984)
Outside the United States .................................... 184,214 175,059 137,108
Total pretax (loss) income ........................................ $ (27,954) $108,957 $ 17,124
106