Sunbeam 2008 Annual Report Download - page 48

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Notes to Consolidated Financial Statements
Jarden Corporation Annual Report 2008 (Dollars in millions, except per share data and unless otherwise indicated)
7. Other Current Liabilities
Other current liabilities are comprised of the following at December 31, 2008 and 2007:
(In millions) 2008 2007
Cooperative advertising, customer rebates and allowances $ 71.4 $ 79.2
Warranty and product liability reserves 95.8 98.1
Accrued environmental and other litigation 15.7 10.2
Deferred consideration for acquisitions 10.9 26.0
Other 142.4 174.3
Total other current liabilities $336.2 $ 387.8
8. Warranty Reserve
Warranty reserve activity for 2008 and 2007 is as follows:
(In millions) 2008 2007
Warranty reserveat January 1, $ 88.8 $ 78.1
Acquisitions and other adjustments (2.4) 13.0
Provision for warranties issued 123.5 132.2
Warrantyclaims paid (131.7) (134.5)
Warranty reserve at December 31, $ 78.2 $ 88.8
Allocation in the consolidated balance sheets:
Other current liabilities $ 68.1 $ 78.2
Other non-current liabilities 10.1 10.6
$ 78.2 $ 88.8
9. Debt
Debt is comprised of the following at December 31, 2008 and 2007:
(In millions) 2008 2007
Senior Credit Facility Term Loans $ 1,671.9 $ 1,664.0
71/2% Senior Subordinated Notes due 2017 650.0 650.0
Securitization Facility due 2009 250.0 250.0
Revolving Credit Facility 130.2 —
2% Subordinated Note due 2012 96.1 94.9
5% Convertible Debentures due 2010 3.0 12.4
Non-U.S. borrowings 59.0 68.0
Other 8.1 8.0
Total debt 2,868.3 2,747.3
Less: current portion (431.4) (297.8)
Total long-term debt $ 2,436.9 $ 2,449.5
In connection with the Acquisition, the Company incurred approximately $891 of additional debt from its senior credit facility (the
“Facility”) and its securitization facility(the “Securitization Facility”), increased its revolving loan commitment by $25 to a total of $225 and
amended the Securitization Facility to include additional domestic entities. The additional debt is primarily comprised of the following: an
incremental term loan (Term Loan B3) of $700 with payments due through 2012 and bears interest at LIBOR plus 250 basis points; and $185
under the Securitization Facility.
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