Rayovac 2007 Annual Report Download - page 53

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SPECTRUM BRANDS | 2007 ANNUAL REPORT 51
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Spectrum Brands, Inc.
The remaining balance in Assets held for sale in the Consolidated Balance Sheets as of September 30, 2007 and 2006 consists primarily
of a distribution facility in the Dominican Republic and a manufacturing facility in France. During 2006, an $8,876 gain on sale of assets
is included in the Consolidated Statements of Cash Flows. This gain includes an $8,260 gain on the sale of a Bridgeport, Connecticut
facility, previously included in Assets held for sale.
(6) Intangible Assets
Intangible assets consist of the following:
Global Batteries & Global Pet
Personal Care Home & Garden Supplies Total
Goodwill:
Balance as of September 30, 2005 $ 416,889 $ 912,404 $ 99,724 $ 1,429,017
Goodwill recognized during period 7,614 5,798 14,880 28,292
Purchase price allocation during period 17,943 (618,592) 600,649 –
Impairment charge (117,489) – (235,389) (352,878)
Effect of translation 5,508 (2,280) 22,525 25,753
Balance as of September 30, 2006 $ 330,465 $ 297,330 $ 502,389 $ 1,130,184
Asset held for sale – (161,078) – (161,078)
Purchase price allocation during period 5,000 – – 5,000
Impairment charge (214,039) (138,135) – (352,174)
Effect of translation 13,473 1,883 27,361 42,717
Balance as of September 30, 2007 $ 134,899 $ – $ 529,750 $ 664,649
Intangible assets:
Trade names not subject to amortization
Balance as of September 30, 2005, net $ 428,532 $ 146,100 $ 332,696 $ 907,328
Additions – – – –
Purchase price allocation during period – – – –
Impairment charge (44,700) – (35,400) (80,100)
Effect of translation 9,278 534 (96) 9,716
Balance as of September 30, 2006, net $ 393,110 $ 146,634 $ 297,200 $ 836,944
Additions
– – 37 37
Asset held for sale – (138,427) – (138,427)
Purchase price allocation during period (8,236) – – (8,236)
Impairment charge (23,400) (9,136) (1,000) (33,536)
Effect of translation 21,315 929 14,400 36,644
Balance as of September 30, 2007, net $ 382,789 $ – $ 310,637 $ 693,426
Intangible assets subject to amortization
Balance as of September 30, 2005, net 12,603 87,804 143,471 243,878
Additions – (227) 292 65
Amortization during period (927) (9,589) (12,957) (23,473)
Effect of translation 628 180 92 900
Balance as of September 30, 2006, net $ 12,304 $ 78,168 $ 130,898 $ 221,370
Additions – – 582 582
Assets held for sale – (74,320) – (74,320)
Amortization during period (997) – (12,849) (13,846)
Impairment charge – (4,249) – (4,249)
Effect of translation 1,259 401 4,674 6,334
Balance as of September 30, 2007, net $ 12,566 $ – $ 123,305 $ 135,871
Pension intangible assets
Balance as of September 30, 2006 $ 2,773 $ – $ – $ 2,773
Balance as of September 30, 2007 $ – $ – $ – $ –
Total Intangible Assets, net $ 395,355 $ – $ 433,942 $ 829,297