Rayovac 2009 Annual Report Download - page 209

Table of Contents
Index to Financial Statements SPECTRUM BRANDS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(In thousands, except per share amounts)
The following tables summarize the remaining accrual balance associated with the 2005 initiatives and activity that have occurred during Fiscal 2009:
2005 Restructuring Initiatives Summary
Termination
Benefits Other Costs Total
Accrual balance at September 30, 2008 (Predecessor Company) $ 1,214 $ 1,519 $ 2,733
Provisions 2,095 998 3,093
Cash expenditures (2,130) (1,675) (3,805)
Reclassification to Liabilities Subject to Compromise(A) — (2,004) (2,004)
Non−cash items (1,150) 1,232 82
Accrual balance at September 30, 2009 (Successor Company) $ 29 $ 70 $ 99
Expensed as incurred(B) $ 208 $ — $ 208
(A) Leases previously exited as part of the Company’s restructuring efforts have been reclassified to Liabilities subject to compromise in accordance with
ASC 852. The amount was reclassified prior to a $591 loss on rejected lease as a result of the Bankruptcy Cases. (See Note 2, Voluntary
Reorganization Under Chapter 11, for further details on the company’s Liabilities subject to compromise.)
(B) Consists of amounts not impacting the accrual for restructuring and related charges.
2005 Restructuring Initiatives Summary—Pursuant to Acquisitions(A)
Other
Costs
Accrual balance at September 30, 2008 (Predecessor Company) $ 4,985
Provisions 73
Cash expenditures (581)
Reclassification to Liabilities Subject to Compromise(B) (3,632)
Non−cash expenditures (845)
Accrual balance at September 30, 2009 (Successor Company) $ —
Expensed as incurred(C) $ (783)
(A) Represents costs to exit activities of the acquired United and Tetra businesses. These costs, which include severance, lease termination costs,
inventory disposal costs and other associated costs, relate to the closure of certain acquired Global Pet Supplies and home and garden manufacturing
and distribution facilities. Such amounts are recognized as liabilities assumed as part of the United acquisition and included in the allocation of the
acquisition cost in accordance with the provisions of SFAS 141.
(B) Leases previously exited as part of the Company’s restructuring efforts have been reclassified to Liabilities subject to compromise in accordance with
ASC 852. The amount was reclassified prior to a 1,821 gain on rejected leases as a result of the Bankruptcy Cases. (See Note 2, Voluntary
Reorganization Under Chapter 11, for further details on the company’s Liabilities subject to compromise.)
(C) Consists of amounts not impacting the accrual for restructuring and related charges.
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