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Newell Rubbermaid Inc. 2008 Annual Report
51
The table below summarizes the restructuring costs recognized for Project Acceleration restructuring activities for continuing operations for the years
ended December 31, (in millions):
2008 2007 2006
Facility and other exit costs $ 46.1 $27.7 $14.9
Employee severance, termination benefits and relocation costs 57.5 36.4 44.7
Exited contractual commitments and other 13.6 21.9 6.8
$117.2(1) $86.0 $66.4
(1) During 2008, the Company recorded $3.1 million of restructuring charges relating to its 2001 Restructuring Plan, which is not included in the table above but is included in total restructuring
costs for the year ended December 31, 2008. The reserve remaining at December 31, 2008 for the 2001 Restructuring Plan is $0.7 million.
Restructuring provisions were determined based on estimates prepared at the time the restructuring actions were approved by management, are
periodically updated for changes and also include amounts recognized as incurred. Costs incurred include cash payments and the impairment of assets
associated with vacated facilities. A summary of the Company’s accrued restructuring reserves for continuing operations as of and for the years ended
December 31, 2008 and 2007, respectively, is as follows (in millions):
12/31/07 12/31/08
Balance Provision Costs Incurred Balance
Facility exit costs $ — $ 46.1 $ (46.1) $ —
Employee severance and termination benefits 22.5 57.5 (49.3) 30.7
Exited contractual commitments and other 16.2 13.6 (9.5) 20.3
$38.7 $117.2 $(104.9) $51.0
12/31/06 12/31/07
Balance Provision Costs Incurred Balance
Facility exit costs $ — $ 27.7 $ (27.7) $ —
Employee severance and termination benefits 28.9 36.4 (42.8) 22.5
Exited contractual commitments and other 2.0 21.9 (7.7) 16.2
$30.9 $ 86.0 $ (78.2) $38.7
The table below shows restructuring costs recognized for Project Acceleration restructuring activities for the years ended December 31, aggregated by
reportable business segment (in millions):
Segment 2008 2007 2006
Cleaning, Organization & Décor $ 37.4 $ 4.5 $22.0
Office Products 35.6 45.0 38.7
Tools & Hardware 20.7 29.7 3.6
Other (Home & Family) 5.8 1.7 1.3
Corporate 17.7 5.1 0.8
$117.2 $86.0 $66.4