Sunbeam 2005 Annual Report Download - page 44

Jarden Corporation
Notes to Consolidated Financial Statements
December 31, 2005
1. Business and Significant Accounting Policies
Business
Jarden Corporation and its subsidiaries (hereinafter referred to as the “Company” or “Jarden”) is a
leading provider of market branded consumer products used in and around the home marketed under well-
recognized brand names including Ball®, Bee®, Bicycle®, Bionaire®, Campingaz®, Coleman®, Crawford®,
Crock-Pot®, Diamond®, First Alert®, FoodSaver®, Forster®, Harmony®, Health o meter®, Holmes®,
Hoyle®, Kerr®, Lehigh®, Leslie-Locke®, Loew-Cornell®, Mr. Coffee®, Oster®, Patton®, Rival®,
Seal-a-Meal®, Sunbeam®, VillaWare®and White Mountain™. Several of our leading brands, such as Ball®
jars, Bicycle®playing cards, Coleman®lanterns, and Diamond®kitchen matches, have been in continuous
use for over 100 years.
On January 24, 2005, the Company acquired American Household, Inc., a privately held leading
designer, manufacturer and marketer of branded household and outdoor leisure consumer products in both
domestic and international markets through its two principal businesses, The Coleman Company, Inc. and
Sunbeam Products, Inc. American Household’s principal brands, which include BRK®, Campingaz®,
Coleman®, First Alert®, Health o meter®, Mr. Coffee®, Oster®, and Sunbeam®, have high levels of brand
name recognition among consumers. See Note 3 – Acquisitions for additional discussion.
On July 18, 2005, we completed our acquisition of The Holmes Group, Inc., a privately held company.
Holmes is a leading manufacturer and distributor of home environment and small kitchen electrics under
brand names such as Bionaire®, Crock-Pot®, Harmony®, Holmes®, Patton®, Rival®, Seal-a-Meal®and
White Mountain™. See Note 3 – Acquisitions for additional discussion.
The Company operates three primary business segments: branded consumables, consumer solutions
and outdoor solutions. Our branded consumables segment markets and distributes household basics and
necessities, most of which are consumable in nature under brand names such as Ball®, Bicycle®,
Diamond®, Forster®, Lehigh®, Leslie-Locke®and Loew-Cornell®. Our consumer solutions segment
markets and distributes innovative solutions for the household under brand names including Bionaire®,
Crock-Pot®, FirstAlert®, FoodSaver®, Health o meter®, Mr. Coffee®, Oster®and Sunbeam®. Our outdoor
solutions segment markets and distributes outdoor living products under brand names including
Campingaz®and Coleman®. We also operate several other businesses that manufacture, market and
distribute a wide variety of plastic products, including jar closures, contact lens packaging, plastic cutlery,
refrigerator door liners, surgical devices and syringes, and zinc strip and fabricated zinc products such as
penny blanks for the U.S. Mint. See Note 13 – Segment Information for additional discussion.
Basis of Presentation
The Consolidated Financial Statements include the consolidated accounts of the Company and have
been prepared in accordance with generally accepted accounting principles in the United States of America
(“GAAP”). All significant intercompany transactions and balances have been eliminated upon
consolidation. Unless otherwise indicated, references in the Consolidated Financial Statements to 2005,
2004 and 2003 are to Jarden’s calendar years ended December 31, 2005, 2004 and 2003, respectively.
Certain reclassifications have been made in the Company’s financial statements of prior years to
conform to the current year presentation. These reclassifications have no impact on previously reported net
income.
42