Sunbeam 2006 Annual Report Download - page 50

Download and view the complete annual report

Please find page 50 of the 2006 Sunbeam 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 92

  • 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

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®,Dicon®,First Alert®,
FoodSaver®,Forster®,Harmony®,Health o meter®,Holmes®,Hoyle®,JavaLog®, Kerr®,Lehigh®,Leslie-Locke®,Loew-
Cornell®,Mr. Coffee®, Oster ®,Patton ®,Pine Mountain®,Rival®,Seal-a-Meal®,StarterLogg®,Sunbeam®,VillaWare®and
White Mountain™. Several of its leading brands, such as Ball®jars, Bicycle®playing cards, Coleman®lanterns, and Diamond®
kitchen matches, have been in continuous use for over 100 years.
During 2006,2005, and 2004,the Company completed a number of acquisitions that by nature are complementary to the
Company’s core businesses and from an accounting standpoint were not significant individually or in the aggregate.
Hereafter, these acquisitions are referred to as “tuck-in” acquisitions.
During 2006,the Company completed four tuck-in acquisitions, three in the Branded consumables segment and one in
the Consumer solutions segment.
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 princi-
pal 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,the Company completed its 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 solu-
tions. The Company’s Branded consumables segment markets and distributes household basics and necessities, most of which
areconsumable in nature under brand names such as Ball®,Bee®,Bicycle®,Crawford®,Diamond®,Dicon®, First Alert®,
Forster®, Kerr®,Lehigh®,Leslie-Locke®,Loew-Cornell®and Pine Mountain®.The Company’s Consumer solutions segment
markets and distributes innovative solutions for the household under brand names including Bionaire®, Crock-Pot®,
FoodSaver®,Health o meter®,Mr. Coffee®, Oster®and Sunbeam®.The Company’s Outdoor solutions segment markets and
distributes outdoor products under brand names including Campingaz®and Coleman®.
The Company also operates a Process solutions segment that manufactures, markets and distributes a wide variety of plas-
tic products, including jar closures, contact lens packaging, plastic cutlery, refrigerator door liners, medical disposables and
rigid packaging, and zinc strip and fabricated zinc products such as coinage blanks for the U.S. Mint, Royal Canadian Mint
and international markets. See Note 17—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 intercom-
pany transactions and balances have been eliminated upon consolidation. Unless otherwise indicated, references in the
Consolidated Financial Statements to 2006,2005 and 2004 areto Jarden’s calendar years ended December 31,2006,2005
and 2004, 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.
Notes to Consolidated Financial Statements
Jarden Corporation 2006 Annual Report
48