Rayovac 2009 Annual Report Download - page 149

Table of Contents
Index to Financial Statements SPECTRUM BRANDS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(In thousands, except per share amounts)
Predecessor
Company Successor Company
August 30, 2009 Effects of Plan Fresh−Start Valuation August 30, 2009
ASSETS
Current assets:
Cash and cash equivalents $ 86,710 $ (25,551)(a) $ — $ 61,159
Receivables:
Trade accounts receivable 270,657 — — 270,657
Other 34,594 — — 34,594
Inventories 341,738 — 48,762(m) 390,500
Deferred income taxes 12,644 1,707(h) 9,330(n) 23,681
Assets held for sale 10,813 — 1,978(m) 12,791
Prepaid expenses and other 40,448 — (116)(m) 40,332
Total current assets 797,604 (23,844) 59,954 833,714
Property, plant and equipment, net 178,786 — 34,699(m) 213,485
Deferred charges and other 42,068 — (6,046)(m) 36,022
Goodwill 238,905 — 289,155(o) 528,060
Intangible assets, net 677,050 — 782,450(o) 1,459,500
Debt issuance costs 18,457 8,949(b) (17,957)(p) 9,449
Total assets $ 1,952,870 $ (14,895) $1,142,255 $ 3,080,230
LIABILITIES AND SHAREHOLDERS’ DEFICIT
Current liabilities:
Current maturities of long−term debt $ 93,313 $ (3,445)(c) $ (4,329)(m) $ 85,539
Accounts payable 159,370 (204)(d) — 159,166
Accrued liabilities:
Wages and benefits 80,247 — — 80,247
Income taxes payable 20,059 — — 20,059
Restructuring and related charges 26,100 — — 26,100
Accrued interest 59,724 (59,581)(e) — 143
Other 118,949 9,133(f) (3,503)(m) 124,579
Total current liabilities 557,762 (54,097) (7,832) 495,833
Long−term debt, net of current maturities 1,329,047 271,806(g) (75,329)(m) 1,525,524
Employee benefit obligations, net of current portion 41,385 — 18,712(m) 60,097
Deferred income taxes 106,853 1,707(h) 114,211(n) 222,771
Other 45,982 — 4,927(m) 50,909
Total liabilities 2,081,029 219,416 54,689 2,355,134
Liabilities subject to compromise 1,105,962 (1,105,962)(i) — —
Commitments and contingencies
Shareholders’ (deficit) equity:
Common stock−Old (Predecessor Company) 691 (691)(j) — —
Common stock−New (Successor Company) — 300(j) — 300
Additional paid−in capital 677,007 47,789(j) — 724,796
Accumulated (deficit) equity (1,915,484) 747,362(k) 1,168,122(q) —
Accumulated other comprehensive income 80,556 — (80,556)(q) —
(1,157,230) 794,760 1,087,566 725,096
Less treasury stock (76,891) 76,891(l) — —
Total shareholders’ (deficit) equity (1,234,121) 871,651 1,087,566 725,096
Total liabilities and shareholders’ deficit $ 1,952,870 $ (14,895) $1,142,255 $ 3,080,230
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