Rayovac 2009 Annual Report Download - page 77

Table of Contents
Index to Financial Statements
Equity Financing Activities. During Fiscal 2009, Old Spectrum granted approximately 0.2 million shares of restricted stock. Of these grants,
approximately 18% of the shares were time−based and vest on a pro rata basis over a three year period and 82% of the shares were performance−based and
vest upon achievement of certain performance goals. All vesting dates were subject to the recipient’s continued employment with us. The total market value
of the restricted stock on the date of the grant was approximately $0.1 million which has been recorded as unearned restricted stock compensation. On the
Effective Date, all of the existing common stock of Old Spectrum was extinguished and deemed cancelled. Subsequent to September 30, 2009, we granted
an aggregate of approximately 0.6 million shares of restricted common stock of New Spectrum to certain employees and non−employee directors. All such
shares are subject to time−based vesting. All vesting dates are subject to the recipient’s continued employment, or service as a director, with us.
Off−Balance Sheet Arrangements
We do not have any off−balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition,
changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to investors.
Contractual Obligations & Other Commercial Commitments
Contractual Obligations
The following table summarizes our contractual obligations as of September 30, 2009 and the effect such obligations are expected to have on our
liquidity and cash flow in future periods. The table excludes other obligations we have reflected on our Consolidated Statements of Financial Position
included in this Annual Report on Form 10−K, such as pension obligations. See Note 11, Employee Benefit Plans, of Notes to Consolidated Financial
Statements included in this Annual Report on Form 10−K for a more complete discussion of our employee benefit plans (in millions):
Contractual Obligations
Payments due by Fiscal Year
2010 2011 2012 2013 2014 Thereafter Total
Debt: Debt, excluding capital lease obligations $ 53 $ 13 $ 1,362 $ — $ — $ 218 $ 1,646
Capital lease obligations(1) 2 2 1 1 1 12 19
55 15 1,363 1 1 230 1,665
Operating lease obligations 23 20 19 16 12 26 116
Total Contractual Obligations $ 78 $ 39 $ 1,382 $ 17 $ 13 $ 256 $ 1,781
(1) Capital lease payments due by fiscal year include executory costs and imputed interest not reflected in the Consolidated Statements of Financial
Position included in this Annual Report on Form 10−K.
Other Commercial Commitments
The following table summarizes our other commercial commitments as of September 30, 2009, consisting entirely of standby letters of credit that
back the performance of certain of our entities under various credit facilities, insurance policies and lease arrangements (in millions):
Other Commercial Commitments
Amount of Commitment Expiration by Fiscal Year
2010 2011 2012 2013 2014 Thereafter Total
Letters of credit $ 56 $— $— $ — $— $ 2 $ 58
Total Other Commercial Commitments $ 56 $— $— $ — $— $ 2 $ 58
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