Rayovac 2013 Annual Report Download - page 131
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SPECTRUM BRANDS HOLDINGS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(CONTINUED)
(Amounts in thousands, except per share figures)
The following table summarizes restructuring and related charges incurred by type of charge:
2013 2012 2011
Costs included in cost of goods sold:
Global Expense Rationalization initiatives:
Termination benefits ............................................ $ 2 $ — $ —
Other associated costs ........................................... — — —
Global Cost Reduction initiatives:
Termination benefits ............................................ 228 2,941 1,679
Other associated costs ........................................... 3,330 6,894 5,889
HHI Business and other restructuring initiatives:
Termination benefits ............................................ 146 — —
Other associated costs ........................................... 6,278 — 273
Total included in cost of goods sold .................................... $ 9,984 $ 9,835 $ 7,841
Costs included in operating expenses:
Global Expense Rationalization initiatives:
Termination benefits ............................................ $10,259 $ — $ —
Other associated costs ........................................... 1,056 — —
Global Cost Reduction initiatives:
Termination benefits ............................................ 6,351 3,079 10,155
Other associated costs ........................................... 6,443 5,776 7,761
HHI Business and other restructuring initiatives:
Termination benefits ............................................ — — 956
Other associated costs ........................................... (81) 901 1,931
Total included in operating expenses .................................... $24,028 $ 9,756 $20,803
Total restructuring and related charges .................................. $34,012 $19,591 $28,644
Global Expense Rationalization Initiatives Summary
During the third quarter of the fiscal year ended September 30, 2013, the Company implemented a series of
initiatives throughout the Company to reduce operating costs (the “Global Expense Rationalization Initiatives”).
These initiatives consist of headcount reductions in the Global Batteries & Appliances segment and Corporate.
Costs associated with these initiatives, which are expected to be incurred through September 30, 2015, are
currently projected to total approximately $15,500.
The Company recorded $11,317 of pretax restructuring and related charges during Fiscal 2013, and no
pretax restructuring and related charges during Fiscal 2012 and Fiscal 2011, related to the Global Expense
Rationalization Initiatives.
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