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Newell Rubbermaid Inc. 2009 Annual Report
18
SELECTED FINANCIAL DATA
The following is a summary of certain consolidated financial information relating to the Company as of and for the year ended December 31, (in millions, except
per share data). The summary has been derived in part from, and should be read in conjunction with, the Consolidated Financial Statements of the Company
included elsewhere in this report and the schedules thereto.
2009 2008 (1) 2007(1) 2006(1) 2005(1)
STATEMENTS OF OPERATIONS DATA
Net sales $ 5,577.6 $ 6,470.6 $ 6,407.3 $ 6,201.0 $ 5,717.2
Cost of products sold 3,528.1 4,347.4 4,150.1 4,131.0 3,959.1
Gross margin 2,049.5 2,123.2 2,257.2 2,070.0 1,758.1
Selling, general and administrative expenses 1,374.6 1,502.7 1,430.9 1,347.0 1,117.7
Impairment charges — 299.4 — — 0.4
Restructuring costs (2) 100.0 120.3 86.0 66.4 72.6
Operating income 574.9 200.8 740.3 656.6 567.4
Nonoperating expenses:
Interest expense, net 140.0 137.9 104.1 132.0 127.1
Other expense (income), net 6.7 59.1 4.2 6.1 (25.9)
Net nonoperating expenses 146.7 197.0 108.3 138.1 101.2
Income before income taxes 428.2 3.8 632.0 518.5 466.2
Income taxes 142.7 53.6 149.7 44.2 57.1
Income (loss) from continuing operations 285.5 (49.8) 482.3 474.3 409.1
Loss from discontinued operations, net of tax (3) — (0.5) (12.1) (85.7) (155.0)
Net income (loss) 285.5 (50.3) 470.2 388.6 254.1
Net income noncontrolling interests — 2.0 3.1 3.6 2.8
Net income (loss) controlling interests $ 285.5 $ (52.3) $ 467.1 $ 385.0 $ 251.3
Weighted-average shares outstanding:
Basic 280.8 279.9 278.6 276.7 275.3
Diluted 294.4 279.9 287.6 276.8 275.4
Earnings (loss) per share:
Basic:
Income (loss) from continuing operations $ 1.02 $ (0.18) $ 1.72 $ 1.70 $ 1.48
Loss from discontinued operations — — (0.04) (0.31) (0.56)
Net income (loss) controlling interests $ 1.02 $ (0.18) $ 1.68 $ 1.39 $ 0.91
Diluted:
Income (loss) from continuing operations $ 0.97 $ (0.18) $ 1.72 $ 1.70 $ 1.48
Loss from discontinued operations — — (0.04) (0.31) (0.56)
Net income (loss) controlling interests $ 0.97 $ (0.18) $ 1.67 $ 1.39 $ 0.91
Dividends $ 0.26 $ 0.84 $ 0.84 $ 0.84 $ 0.84
BALANCE SHEET DATA
Inventories, net $ 688.2 $ 912.1 $ 940.4 $ 850.6 $ 793.8
Working capital (4) 422.6 159.7 87.9 580.3 675.3
Total assets 6,423.9 6,792.5 6,682.9 6,310.5 6,446.1
Short-term debt, including current portion of long-term debt 493.5 761.0 987.5 277.5 166.8
Long-term debt, net of current portion 2,015.3 2,118.3 1,197.4 1,972.3 2,429.7
Total stockholders’ equity $ 1,782.2 $ 1,588.6 $ 2,222.1 $ 1,867.6 $ 1,620.4
(1) Supplemental data regarding 2009, 2008 and 2007 is provided in Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations. Certain statement of operations information
has been revised to present noncontrolling interests and earnings per share amounts for 2008, 2007, 2006 and 2005 in accordance with the provisions of relevant authoritative accounting pronouncements
adopted during 2009. Total stockholders’ equity as of December 31, 2008, 2007, 2006 and 2005 reflect the retrospective adoption in 2009 of accounting pronouncements related to noncontrolling interests, which
resulted in the reclassification of noncontrolling interests previously classified as other noncurrent liabilities to stockholders’ equity as well as an increase in liabilities with a corresponding reduction in stockholders’
equity attributable to a commitment to purchase noncontrolling interests in a subsidiary. Working capital as of December 31, 2008 has also been adjusted to give effect to the purchase commitment, because
the commitment to purchase the noncontrolling interest as of December 31, 2008 was a current liability. See Footnote 1 and Footnote 14 in the Notes to Consolidated Financial Statements for further information.
(2) The restructuring costs include asset impairment charges, employee severance and termination benefits, employee relocation costs, and costs associated with exited contractual commitments and other
restructuring costs.
(3) Loss from discontinued operations, net of tax, attributable to noncontrolling interests was not material.
(4) Working capital is defined as Current Assets less Current Liabilities.