Rayovac 2012 Annual Report Download - page 136

Download and view the complete annual report

Please find page 136 of the 2012 Rayovac annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 154

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154

SPECTRUM BRANDS HOLDINGS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(CONTINUED)
(In thousands, except per share amounts)
Global Cost Reduction Initiatives Summary
During the fiscal year ended September 30, 2009, the Company implemented a series of initiatives within
the Global Batteries & Appliances segment, the Global Pet Supplies segment and the Home and Garden Business
segment to reduce operating costs, and to evaluate opportunities to improve the Company’s capital structure (the
“Global Cost Reduction Initiatives”). These initiatives included headcount reductions and the exit of certain
facilities within each of the Company’s segments. These initiatives also included consultation, legal and
accounting fees related to the evaluation of the Company’s capital structure. Costs associated with these
initiatives, which are expected to be incurred through January 31, 2015, are projected to total approximately
$88,700.
The Company recorded $18,690, $25,484 and $18,443 of pretax restructuring and related charges during
Fiscal 2012, Fiscal 2011 and Fiscal 2010, respectively, related to the Global Cost Reduction Initiatives.
The following table summarizes the remaining accrual balance associated with the Global Cost Reduction
Initiatives and activity that occurred during Fiscal 2012:
Termination
Benefits
Other
Costs Total
Accrual balance at September 30, 2011 ................................ $8,795 $ 3,021 $11,816
Provisions ....................................................... 2,095 (169) 1,926
Cash expenditures ................................................ (7,765) (1,353) (9,118)
Non-cash items ................................................... 127 (404) (277)
Accrual balance at September 30, 2012 ................................ $3,252 $ 1,095 $ 4,347
Expensed as incurred(A) ........................................... $3,926 $12,838 $16,764
(A) Consists of amounts not impacting the accrual for restructuring and related charges.
The following table summarizes the expenses incurred by the Company during Fiscal 2012, the cumulative
amount incurred from inception of the initiative through September 30, 2012 and the total future costs expected
to be incurred associated with the Global Cost Reduction Initiatives by operating segment:
Global
Batteries and
Appliances
Global Pet
Supplies
Home and
Garden Corporate Total
Restructuring and related charges incurred during
Fiscal 2012 ................................ $ 7,642 $10,136 $ 912 $ — $18,690
Restructuring and related charges incurred since
initiative inception ........................... $20,809 $36,998 $17,620 $7,591 $83,018
Total future estimated restructuring and related
charges expected to be incurred ................ $ 1,501 $ 2,575 $ 1,521 $ — $ 5,597
In connection with other restructuring efforts, the Company recorded $901, $3,160 and $5,675 of pretax
restructuring and related charges during Fiscal 2012, Fiscal 2011 and Fiscal 2010, respectively.
126