Rayovac 2013 Annual Report Download - page 133

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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 Cost Reduction
Initiatives and the activity during Fiscal 2013:
Termination
Benefits
Other
Costs Total
Accrual balance at September 30, 2012 ................................ $3,252 $ 1,095 $ 4,347
Provisions ....................................................... 5,276 525 5,801
Cash expenditures ................................................. (3,576) (1,235) (4,811)
Non-cash items ................................................... (25) 39 14
Accrual balance at September 30, 2013 ................................ $4,927 $ 424 $ 5,351
Expensed as incurred(A) ............................................ $1,303 $ 9,248 $10,551
(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 Cost Reduction Initiatives by
operating segment:
Global
Batteries &
Appliances
Global Pet
Supplies
Home and
Garden
Business Corporate Total
Restructuring and related charges during Fiscal 2013 . . . $ 4,604 $11,150 $ 598 $ — $16,352
Restructuring and related charges since initiative
inception ................................... $25,413 $48,149 $18,219 $7,591 $99,372
Total future restructuring and related charges
expected .................................... $ 500 $ 2,500 $ — $ — $ 3,000
The Company recorded $6,228 of restructuring and related charges during Fiscal 2013, and no restructuring
and related charges during Fiscal 2012 and Fiscal 2011, related to initiatives implemented by the HHI Business
prior to the Company’s acquisition on December 17, 2012.
In connection with other restructuring efforts, the Company recorded $115, $901 and $3,160 during Fiscal
2013, Fiscal 2012 and Fiscal 2011, respectively.
(15) ACQUISITIONS
In accordance with ASC Topic 805, “Business Combinations” (“ASC 805”), the Company accounts for
acquisitions by applying the acquisition method of accounting. The acquisition method of accounting requires,
among other things, that the assets acquired and liabilities assumed in a business combination be measured at
their fair values as of the closing date of the acquisition.
HHI Business
On December 17, 2012, the Company completed the cash acquisition of the HHI Business from Stanley
Black & Decker. A portion of the HHI Business, consisting of the purchase of certain assets of TLM Taiwan,
closed on April 8, 2013.
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