Rayovac 2014 Annual Report Download - page 91

SPECTRUM BRANDS HOLDINGS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Amounts in thousands, except per share figures)
(1) DESCRIPTION OF BUSINESS
Spectrum Brands Holdings, Inc., a Delaware corporation (“SB Holdings” or the “Company”), is a diversified
global branded consumer products company. SB Holdings’ common stock trades on the New York Stock
Exchange (the “NYSE”) under the symbol “SPB.”
The Company’s operations include the worldwide manufacturing and marketing of alkaline, zinc carbon and
hearing aid batteries, as well as aquariums and aquatic health supplies and the designing and marketing of
rechargeable batteries, battery-powered lighting products, electric shavers and accessories, grooming products
and hair care appliances. The Company’s operations also include the manufacturing and marketing of specialty
pet supplies. The Company also manufactures and markets herbicides, insecticides and insect repellents in North
America. The Company also designs, markets and distributes a broad range of branded small appliances and
personal care products. The Company also designs, markets, distributes and sells certain hardware, home
improvement and plumbing products. The Company’s operations utilize manufacturing and product development
facilities located in the United States (“U.S.”), Europe, Latin America and Asia.
The Company sells its products in approximately 160 countries through a variety of trade channels,
including retailers, wholesalers and distributors, hearing aid professionals, industrial distributors and original
equipment manufacturers and enjoys name recognition in its markets under the Rayovac, VARTA and
Remington brands, each of which has been in existence for more than 80 years, and under the Tetra, 8-in-1,
Dingo, Nature’s Miracle, Spectracide, Cutter, Hot Shot, Black & Decker, George Foreman, Russell Hobbs,
Farberware, Black Flag, FURminator, Kwikset, Weiser, Baldwin, National Hardware, Stanley and Pfister brands.
The Company’s global branded consumer products have positions in seven major product categories:
consumer batteries; small appliances; pet supplies; electric shaving and grooming; electric personal care; home
and garden; and hardware and home improvement.
The Company manages the businesses in four vertically integrated, product-focused reporting segments:
(i) Global Batteries & Appliances, which consists of the Company’s worldwide battery, electric shaving and
grooming, electric personal care and small appliances primarily in the kitchen and home product categories
(“Global Batteries & Appliances”); (ii) Global Pet Supplies, which consists of the Company’s worldwide pet
supplies business (“Global Pet Supplies”); (iii) Home and Garden, which consists of the Company’s home and
garden and insect control business (“Home and Garden”); and (iv) Hardware & Home Improvement, which
consists of the Company’s worldwide hardware, home improvement and plumbing business (“Hardware & Home
Improvement”). Management reviews the performance of the Company based on these segments, which also
reflect the manner in which the Company’s management monitors performance and allocates resources. For
information pertaining to our business segments, see Note 11, “Segment Information.”
(2) SIGNIFICANT ACCOUNTING POLICIES AND PRACTICES
(a) Principles of Consolidation and Fiscal Year End
The consolidated financial statements include the financial statements of SB Holdings and its majority owned
subsidiaries and have been prepared in accordance with U.S. Generally Accepted Accounting Principles
(“GAAP”). All intercompany transactions have been eliminated. The Company’s fiscal year ends September 30.
References herein to Fiscal 2014, Fiscal 2013 and Fiscal 2012 refer to the fiscal years ended September 30, 2014,
2013 and 2012, respectively.
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