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Newell Rubbermaid Inc. 2008 Annual Report
52
The following table depicts the changes in accrued restructuring reserves for the Plan for the years ended December 31, 2008 and 2007, respectively,
aggregated by reportable business segment (in millions):
12/31/07 12/31/08
Segment Balance Provision Costs Incurred Balance
Cleaning, Organization & Décor $ 0.8 $ 37.4 $ (34.9) $ 3.3
Office Products 23.1 35.6 (41.4) 17.3
Tools & Hardware 13.9 20.7 (18.1) 16.5
Other (Home & Family) — 5.8 (2.8) 3.0
Corporate 0.9 17.7 (7.7) 10.9
$38.7 $117.2 $(104.9) $51.0
12/31/06 12/31/07
Segment Balance Provision Costs Incurred Balance
Cleaning, Organization & Décor $ 4.4 $ 4.5 $ (8.1) $ 0.8
Office Products 25.4 45.0 (47.3) 23.1
Tools & Hardware 0.4 29.7 (16.2) 13.9
Other (Home & Family) 0.3 1.7 (2.0) —
Corporate 0.4 5.1 (4.6) 0.9
$30.9 $ 86.0 $ (78.2) $38.7
The table below shows total restructuring costs for the Plan since inception through December 31, 2008, aggregated by reportable business segment
(in millions):
Segment Provision
Cleaning, Organization & Décor $ 93.2
Office Products 127.9
Tools & Hardware 60.8
Other (Home & Family) 15.4
Corporate 23.6
$320.9
Cash paid for all restructuring activities was $60.9 million, $53.1 million and $26.1 million for 2008, 2007 and 2006, respectively.
FOOTNOTE 5
INVENTORIES, NET
The components of net inventories were as follows as of December 31, (in millions):
2008 2007
Materials and supplies $143.3 $178.8
Work in process 174.8 179.8
Finished products 594.0 581.8
$912.1 $940.4
Inventory costs include direct materials, direct labor and manufacturing overhead, or when finished goods are sourced, the cost is the amount paid to
the third-party. Cost of certain domestic inventories (approximately 58.4% and 59.2% of gross inventory costs at December 31, 2008 and 2007, respectively)
was determined by the LIFO method; for the balance, cost was determined using the FIFO method. As of December 31, 2008 and 2007, LIFO reserves were
$46.5 million and $40.0 million, respectively. The gain (loss) recognized by the Company related to the liquidation of LIFO based inventories was not material
in each of the past three years.