Rayovac 2010 Annual Report Download - page 140
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SPECTRUM BRANDS HOLDINGS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(In thousands, except per share amounts)
Revenue Recognition—Multiple-Element Arrangements
In October 2009, the FASB issued new accounting guidance addressing the accounting for multiple-
deliverable arrangements to enable entities to account for products or services (deliverables) separately rather
than as a combined unit. The provisions establish the accounting and reporting guidance for arrangements under
which the entity will perform multiple revenue-generating activities. Specifically, this guidance addresses how to
separate deliverables and how to measure and allocate arrangement consideration to one or more units of
accounting. The provisions are effective for the Company’s financial statements for the fiscal year that began
October 1, 2010. The Company is in the process of evaluating the impact that the guidance may have on its
financial statements and related disclosures.
aa) Subsequent Events
ASC 855, “Subsequent Events,” (“ASC 855”). ASC 855 establishes general standards of accounting and
disclosures of events that occur after the balance sheet date but before financial statements are issued or are
available to be issued. The adoption of ASC 855 requires the Company to evaluate all subsequent events that
occur after the balance sheet date through the date and time the Company’s financial statements are issued. The
Company has evaluated subsequent events through December 14, 2010, which is the date these financial
statements were issued.
(4) Inventory
Inventories consist of the following:
September 30,
2010 2009
Raw materials .................................................. $ 62,857 $ 64,314
Work-in-process ................................................ 28,239 27,364
Finished goods .................................................. 439,246 249,827
$530,342 $341,505
(5) Property, Plant and Equipment
Property, plant and equipment consist of the following:
September 30,
2010 2009
Land, buildings and improvements ............................................ $ 79,935 $ 75,997
Machinery, equipment and other .............................................. 157,172 135,639
Construction in progress .................................................... 24,037 6,231
261,144 217,867
Less accumulated depreciation ............................................... 59,980 5,506
$201,164 $212,361
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