Rayovac 2012 Annual Report Download - page 132

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SPECTRUM BRANDS HOLDINGS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(CONTINUED)
(In thousands, except per share amounts)
Geographic Disclosures—Long-lived assets (A)
September 30,
2012 2011
United States .......................................................... $1,988,632 $1,843,869
Outside the United States ................................................ 701,590 734,549
Long-lived assets at year end ............................................. $2,690,222 $2,578,418
(A) Includes all of the Company’s non-current assets.
(12) Commitments and Contingencies
The Company has provided for the estimated costs associated with environmental remediation activities at some
of its current and former manufacturing sites. The Company believes that any additional liability in excess of the
amounts provided of approximately $5,432, which may result from resolution of these matters, will not have a
material adverse effect on the financial condition, results of operations or cash flows of the Company.
The Company is a defendant in various other matters of litigation generally arising out of the ordinary
course of business. The Company does not believe that any of these other matters or proceedings presently
pending will have a material adverse effect on its results of operations, financial condition, liquidity or cash
flows.
The Company’s minimum rent payments under operating leases are recognized on a straight-line basis over
the term of the lease. Future minimum rental commitments under non-cancelable operating leases, principally
pertaining to land, buildings and equipment, are as follows:
2013 ............................................................ $ 32,623
2014 ............................................................ 27,731
2015 ............................................................ 22,296
2016 ............................................................ 21,549
2017 ............................................................ 16,823
Thereafter ........................................................ 43,199
Total minimum lease payments ....................................... $164,221
All of the leases expire between October 2012 and July 2023. The Company’s total rent expense was
$34,327, $40,298 and $30,218 during Fiscal 2012, Fiscal 2011 and Fiscal 2010, respectively.
(13) Related Party Transactions
Merger Agreement and Exchange Agreement
On June 16, 2010 (the “Closing Date”), SB Holdings completed the Merger pursuant to the Agreement and
Plan of Merger, dated as of February 9, 2010, as amended on March 1, 2010, March 26, 2010 and April 30, 2010,
by and among SB Holdings, Russell Hobbs, Spectrum Brands, Battery Merger Corp., and Grill Merger Corp. (the
“Merger Agreement”). As a result of the Merger, each of Spectrum Brands and Russell Hobbs became a wholly-
owned subsidiary of SB Holdings. At the effective time of the Merger, (i) the outstanding shares of Spectrum
Brands common stock were canceled and converted into the right to receive shares of SB Holdings common
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