Rayovac 2013 Annual Report Download - page 132

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SPECTRUM BRANDS HOLDINGS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(CONTINUED)
(Amounts in thousands, except per share figures)
The following table summarizes the remaining accrual balance associated with the Global Expense
Rationalization Initiatives and the activity during Fiscal 2013:
Termination
Benefits
Other
Costs Total
Accrual balance at September 30, 2012 ................................. $ — $ — $ —
Provisions ........................................................ 8,997 (12) 8,985
Cash expenditures .................................................. (2,060) (25) (2,085)
Non-cash items .................................................... 383 2 385
Accrual balance at September 30, 2013 ................................. $7,320 $ (35) $ 7,285
Expensed as incurred (A) ............................................ $1,264 $1,068 $ 2,332
(A) Consists of amounts not impacting the accrual for restructuring and related charges.
The following table summarizes the expenses incurred during Fiscal 2013, the cumulative amount incurred
to date and the total future expected costs to be incurred associated with the Global Expense Rationalization
Initiatives by operating segment:
Global
Batteries &
Appliances Corporate Total
Restructuring and related charges during Fiscal 2013 ..................... $10,070 $1,247 $11,317
Restructuring and related charges since initiative inception ................ $10,070 $1,247 $11,317
Total future restructuring and related charges expected ................... $ 3,939 $ 151 $ 4,090
Global Cost Reduction Initiatives Summary
During the fiscal year ended September 30, 2009, the Company implemented a series of initiatives within
the Global Batteries & Appliances segment, the Global Pet Supplies segment and the Home and Garden Business
segment to reduce operating costs, and to evaluate opportunities to improve the Company’s capital structure (the
“Global Cost Reduction Initiatives”). These initiatives included headcount reductions and the exit of certain
facilities within each of the Company’s segments. These initiatives also included consultation, legal and
accounting fees related to the evaluation of the Company’s capital structure. Costs associated with these
initiatives, which are expected to be incurred through January 31, 2015, are projected to total approximately
$102,400.
The Company recorded $16,352, $18,690 and $25,484 of pretax restructuring and related charges during
Fiscal 2013, Fiscal 2012 and Fiscal 2011, respectively, related to the Global Cost Reduction Initiatives.
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