Rayovac 2014 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 Company recorded $13,373 and $11,317 of pretax restructuring and related charges during Fiscal 2014
and Fiscal 2013 and no pretax restructuring and related charges during Fiscal 2012, related to the Global Expense
Rationalization Initiatives.
The following table summarizes the remaining accrual balance associated with the Global Expense
Rationalization Initiatives and the activity during Fiscal 2014:
Termination
Benefits
Other
Costs Total
Accrual balance at September 30, 2013 ................................. $7,320 $ (35) $ 7,285
Provisions ........................................................ 3,462 1,490 4,952
Cash expenditures .................................................. (7,041) — (7,041)
Non-cash items .................................................... 303 (26) 277
Accrual balance at September 30, 2014 ................................. $4,044 $1,429 $ 5,473
Expensed as incurred(A) ............................................. $3,006 $5,415 $ 8,421
(A) Consists of amounts not impacting the accrual for restructuring and related charges.
The following table summarizes the expenses incurred during Fiscal 2014, 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
Global Pet
Supplies Corporate Total
Restructuring and related charges during fiscal 2014 ............ $11,072 $1,768 $ 533 $13,373
Restructuring and related charges since initiative inception ....... $21,142 $1,768 $1,781 $24,691
Total future restructuring and related charges expected .......... $13,483 $5,748 $2,495 $21,726
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 these 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 $105,000.
The Company recorded $1,318, $16,352 and $18,690 of pretax restructuring and related charges during
Fiscal 2014, Fiscal 2013 and Fiscal 2012, respectively, related to the Global Cost Reduction Initiatives.
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