Sunbeam 2009 Annual Report Download - page 53

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5. Property, Plant and Equipment
Property, plant and equipment, net, is comprised of the following at December 31, 2009 and 2008:
(In millions) 2009 2008
Land $ 37.6 $ 36.6
Buildings 226.5 208.7
Machinery and equipment 780.5 697.8
1,044.6 943.1
Less: Accumulated depreciation (538.9) (436.2)
Total property, plant and equipment, net $ 505.7 $ 506.9
Depreciation of property, plant and equipment for 2009, 2008 and 2007 was $113.6, $104.3 and $85.0, respectively.
6. Goodwill and Intangibles
Goodwill activity for 2009 and 2008 is as follows:
December 31, 2009
Net Book Foreign
Value at Purchase Exchange and Gross Accumulated Net
December 31, Accounting Impairment Other Carrying Impairment Book
(In millions) 2008 Additions Adjustments Charge Adjustments (1) Amount Charges Value
Goodwill
Outdoor Solutions $ 625.6 $ 11.7 $ — $ — $ 23.3 $ 679.1 $ (18.5) $ 660.6
Consumer Solutions 481.1 6.9 — — 3.5 491.5 — 491.5
Branded Consumables 347.8 6.9 — (12.8) 2.9 511.4 (166.6) 344.8
Process Solutions 21.6 — — — (0.1) 21.5 — 21.5
$ 1,476.1 $ 25.5 $ — $ (12.8) $ 29.6 $ 1,703.5 $ (185.1) $ 1,518.4
December 31, 2008
Net Book Foreign
Value at Purchase Exchange and Gross Accumulated Net
December 31, Accounting Impairment Other Carrying Impairment Book
(In millions) 2007 Additions Adjustments (2) Charge Adjustments Amount Charges Value
Goodwill
Outdoor Solutions $ 630.3 $ — $ 16.5 $ (18.5) $ (2.7) $ 644.1 $ (18.5) $ 625.6
Consumer Solutions 484.2 — — — (3.1) 481.1 — 481.1
Branded Consumables 496.3 — — (153.8) 5.3 501.6 (153.8) 347.8
Process Solutions — 0.6 21.1 — (0.1) 21.6 — 21.6
$ 1,610.8 $ 0.6 $ 37.6 $ (172.3) $ (0.6) $ 1,648.4 $ (172.3) $ 1,476.1
(1) The goodwill adjustment in the Outdoor Solutions segment includes the accrual of a $25.0 earnout payment related to the 2007 acquisition of
Pure Fishing.
(2) Comprised primarily of purchase accounting adjustments based upon the final determination of the K2 purchase price allocation.
In the fourth quarter of 2009, the Company’s impairment test resulted in a non-cash charge of $12.8 to reflect impairment of good-
will in the Company’s Branded Consumables segment. The impairment charge was recorded within the Arts and Crafts business unit.
The impairment was due to a decrease in the fair value of forecasted cash flows, reflecting the deterioration of revenues and margins in
the business.
In the fourth quarter of 2008, the Company’s annual impairment test resulted in a non-cash charge of $172 to reflect impairment of
goodwill in the Company’s Branded Consumables and Outdoor Solutions segments. In the Branded Consumables segment, the impairment
Notes to Consolidated Financial Statements
Jarden Corporation Annual Report 2009
(Dollars in millions, except per share data and unless otherwise indicated)
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