Rayovac 2015 Annual Report Download - page 77

otherwise permitted by our Board of Directors or in certain cases if the employee is terminated without cause.
The total market value of the restricted shares on the date of grant was approximately $52.9 million, which
represented unearned restricted stock compensation. Such unearned compensation is amortized to expense over
the appropriate vesting period.
During the year ended September 30, 2015, SBH issued 6.2 million shares of common stock in connection
with the AAG acquisition, resulting in $562.7 million in proceeds, net of equity issuance costs.
From time to time we may repurchase outstanding shares of SBH common stock in the open market or
otherwise. On July 28, 2015, the Board of Directors approved a $300.0 million common stock repurchase
program. The authorization is effective for 36 months. During the years ended September 30, 2015 and 2014,
SBH repurchased 230,000 and 71,752 shares, respectively.
Liquidity Outlook
The Company’s ability to make principal and interest payment on borrowings under its U.S. and foreign
credit facilities and its ability to fund planned capital expenditures will depend on its ability to generate cash in
the future, which, to a certain extent, is subject to general economic, financial, competitive, regulatory and other
conditions. Based on its current level of operations, the Company believes that its existing cash balances and
expected cash flows from operations will be sufficient to meet its operating requirements for at least the next 12
months. However, the Company may request borrowings under its credit facilities and seek alternative forms of
financing or additional investments to achieve its longer-term strategic plans.
At September 30, 2015, based on the Company’s current tax strategy, there are no significant foreign cash
balances available for repatriation. For the year ending September 30, 2016, we expect to generate between $75
million and $125 million of foreign cash that may be repatriated for general corporate purposes.
Off-Balance Sheet Arrangements
We do not have any off-balance sheet arrangements that have or are reasonably likely to have a current or
future effect on our financial condition, changes in financial condition, revenues or expenses, results of
operations, liquidity, capital expenditures or capital resources that are material to investors.
Contractual Obligations & Other Commercial Commitments
The following table summarizes our contractual obligations as of September 30, 2015 and the effect such
obligations are expected to have on our liquidity and cash flow in future periods:
Contractual Payments Due by Period
Total
Less than
1 year
1to
3 years
3to
5 years Thereafter
(in millions)
Debt, excluding capital lease obligations(1) .............. $3,889.6 $ 26.6 $ 30.8 $ 30.8 $3,801.4
Interest payments excluding capital lease obligations ...... 1,530.9 203.8 403.5 401.2 522.4
Capital lease obligations(2) ........................... 119.7 11.1 20.2 17.1 71.3
Operating lease obligations ........................... 151.5 39.7 60.0 31.2 20.6
Employee benefit obligations(3) ....................... 111.9 9.3 19.6 22.1 60.9
Other purchase obligations ........................... 29.7 23.6 5.7 0.4 —
Total Contractual Obligations(4) ....................... $5,833.3 $314.1 $539.8 $502.8 $4,476.6
(1) Debt does not include debt held by SB/RH with SBH of $34.7 million as of September 30, 2015. See Note 9
“Debt”, included elsewhere in this Annual Report.
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