Rayovac 2011 Annual Report Download - page 74

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Segment Adjusted EBITDA in Fiscal 2010 was $68 million compared to $58 million in Fiscal 2009. The
increase in Adjusted EBITDA during Fiscal 2010 was mainly driven by expanded promotions at our top retailers
and strong sales growth.
Segment assets as of September 30, 2010 decreased to $496 million from $504 million at September 30,
2009. Goodwill and intangible assets, which are a direct result of the revaluation impacts of fresh-start reporting
and the Merger, decreased to $410 million at September 30, 2010 from $419 million at September 30, 2009. The
decrease of $9 million is primarily driven by amortization associated with definite lived intangible assets.
Corporate Expense. Our corporate expense in Fiscal 2010 increased to $49 million from $42 million in
Fiscal 2009. The increase is primarily due to additional stock compensation expense of $17 million in Fiscal
2010 compared to $3 million of stock compensation expense in Fiscal 2009. Our corporate expense as a
percentage of consolidated net sales in both Fiscal 2010 and Fiscal 2009 was 1.9%.
Restructuring and Related Charges. See Note 14, Restructuring and Related Charges, of Notes to
Consolidated Financial Statements, included in this Annual Report on Form 10-K for additional information
regarding our restructuring and related charges.
The following table summarizes all restructuring and related charges we incurred in Fiscal 2010 and Fiscal
2009 (in millions):
2010 2009
Costs included in cost of goods sold:
Latin America Initiatives:
Termination benefits ....................................... $— $ 0.2
Global Realignment Initiatives:
Termination benefits ....................................... 0.2 0.3
Other associated costs ...................................... (0.1) 0.9
Ningbo Exit Plan:
Termination benefits ....................................... — 0.9
Other associated costs ...................................... 2.1 8.6
Global Cost Reduction Initiatives:
Termination benefits ....................................... 2.6 0.2
Other associated costs ...................................... 2.3 2.3
Total included in cost of goods sold ............................... $ 7.1 $13.4
Costs included in operating expenses:
United & Tetra integration:
Termination benefits ....................................... $— $ 2.3
Other associated costs ...................................... — 0.3
European Initiatives:
Termination benefits ....................................... (0.1) —
Global Realignment Initiatives:
Termination benefits ....................................... 5.4 7.1
Other associated costs ...................................... (1.9) 3.5
Ningbo Exit Plan:
Other associated costs ...................................... — 1.3
Global Cost Reduction Initiatives:
Termination benefits ....................................... 4.3 6.6
Other associated costs ...................................... 9.3 11.3
Total included in operating expenses .............................. $17.0 $32.4
Total restructuring and related charges ............................. $24.1 $45.8
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