Rayovac 2011 Annual Report Download - page 149
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SPECTRUM BRANDS HOLDINGS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(CONTINUED)
(In thousands, except per share amounts)
The following table summarizes the remaining accrual balance associated with the Global Realignment
Initiatives and activity that occurred during Fiscal 2011:
Global Realignment Initiatives Summary
Termination
Benefits
Other
Costs Total
Accrual balance at September 30, 2010 ................................. $8,721 $2,281 $11,002
Provisions ........................................................ 1,207 71 1,278
Cash expenditures ................................................. (7,394) (832) (8,226)
Non-cash items .................................................... (5) 322 317
Accrual balance at September 30, 2011 ................................. $2,529 $1,842 $ 4,371
Expensed as incurred(A) ............................................ $ — $1,860 $ 1,860
(A) Consists of amounts not impacting the accrual for restructuring and related charges.
The following table summarizes the expenses incurred by the Successor Company during Fiscal 2011, the
cumulative amount incurred from inception of the initiative through September 30, 2011 and the total future
expected costs to be incurred associated with the Global Realignment Initiatives by operating segment:
Global
Batteries and
Appliances
Home and
Garden Corporate Total
Restructuring and related charges incurred during Fiscal 2011 . . . $ (56) $ — $ 3,194 $ 3,138
Restructuring and related charges incurred since initiative
inception ........................................... $46,613 $6,762 $38,350 $91,725
Total future restructuring and related charges expected ......... $ — $ — $ 702 $ 702
2006 Restructuring Initiatives
The Company implemented a series of initiatives within the Global Batteries & Appliances segment in
Europe to reduce operating costs and rationalize the Company’s manufacturing structure (the “European
Initiatives”). These initiatives, which are substantially complete, include the relocation of certain operations at
the Ellwangen, Germany packaging center to the Dischingen, Germany battery plant, transferring private label
battery production at the Company’s Dischingen, Germany battery plant to the Company’s manufacturing facility
in China and restructuring its sales, marketing and support functions. The Company has recorded pretax
restructuring and related charges of $26,714 since the inception of the European Initiatives.
The Company recorded $(251), $(92) and $7 of pretax restructuring and related charges during Fiscal 2011,
Fiscal 2010 and the period from August 31, 2009 through September 30, 2009, respectively. The Predecessor
Company recorded $11 during the period from October 1, 2008 through August 30, 2009, related to the European
Initiatives.
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