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Segment and Geographic Data
12 Months Ended
Sep. 30, 2011
Segment and Geographic Data [Abstract]  
Segment and Geographic Data
   
(27)   Segment and Geographic Data
 
Segment information for the periods presented is as follows:
 
                                   
    Successor       Predecessor  
                Period from
      Period from
 
                August 31, 2009
      October 1, 2008
 
                through
      through
 
    2011     2010     September 30, 2009       August 30, 2009  
Revenues:
                                 
Consumer products
  $ 3,186,916     $ 2,567,011     $ 219,888       $ 2,010,648  
Insurance
    290,866                      
                                   
Consolidated revenues
  $ 3,477,782     $ 2,567,011     $ 219,888       $ 2,010,648  
                                   
Depreciation and amortization:
                                 
Consumer products
  $ 135,149     $ 117,418     $ 8,671       $ 58,480  
Insurance
    (11,115 )                    
                                   
Total segments
    124,034       117,418       8,671         58,480  
Corporate depreciation and amortization
    207       53                
                                   
Consolidated depreciation and amortization
  $ 124,241     $ 117,471     $ 8,671       $ 58,480  
                                   
Operating income (loss):
                                 
Consumer products
  $ 227,944     $ 168,778     $ 108       $ 156,805  
Insurance
    (18,041 )                    
                                   
Total segments
    209,903       168,778       108         156,805  
Corporate expenses(a)
    (46,217 )     (8,324 )              
                                   
Consolidated operating income (loss)
    163,686       160,454       108         156,805  
Interest expense
    (249,260 )     (277,015 )     (16,962 )       (172,940 )
Bargain purchase gain from business acquisition
    151,077                      
Other (expense) income, net
    (14,833 )     (12,105 )     816         (3,320 )
Reorganization items (expense) income, net
          (3,646 )     (3,962 )       1,142,809  
                                   
Consolidated income (loss) from continuing operations before income taxes
  $ 50,670     $ (132,312 )   $ (20,000 )     $ 1,123,354  
                                   
 
                                   
    Successor       Predecessor  
                Period from
      Period from
 
                August 31, 2009
      October 1, 2008
 
                through
      through
 
    2011     2010     September 30, 2009       August 30, 2009  
Capital expenditures:
                                 
Consumer products
  $ 36,160     $ 40,316     $ 2,718       $ 8,066  
Insurance
    1,745                      
                                   
Total segments
    37,905       40,316       2,718         8,066  
Corporate capital expenditures
    345       58                
                                   
Consolidated capital expenditures
  $ 38,250     $ 40,374     $ 2,718       $ 8,066  
                                   
 
                 
    September 30,  
    2011     2010  
 
Total assets:
               
Consumer products
  $ 3,626,706     $ 3,873,604  
Insurance
    19,336,627        
                 
Total segments
    22,963,333       3,873,604  
Corporate assets
    616,221       142,591  
                 
Consolidated total assets
  $ 23,579,554     $ 4,016,195  
                 
 
                 
    September 30,  
    2011     2010  
 
Total long-lived assets(b):
               
Consumer products
  $ 2,578,418     $ 2,673,892  
Insurance
    460,694        
                 
Total segments
    3,039,112       2,673,892  
Corporate long-lived assets
    19,952       640  
                 
Consolidated long-lived assets
  $ 3,059,064     $ 2,674,532  
                 
 
 
     
(a)   Included in corporate expenses are $26,996 and $6,649 related to business acquisitions and $4,359 and $212 related to Front Street for Fiscal 2011 and Fiscal 2010, respectively.
 
(b)   Total long-lived assets include all non-current assets of the Consumer Products and Other section of the Consolidated Balance Sheet and properties (included in “Other assets”) and intangibles of the Insurance section.
 
The Company’s geographic data disclosures are as follows:
 
Net sales to external customers:
 
                                   
    Successor       Predecessor  
                August 31, 2009
      Period from
 
                through
      October 1, 2008
 
                September 30,
      through
 
    2011     2010     2009       August 30, 2009  
United States
  $ 1,780,127     $ 1,444,779     $ 113,407       $ 1,166,920  
Outside the United States
    1,406,789       1,122,232       106,481         843,728  
                                   
Consolidated net sales to external customers
  $ 3,186,916     $ 2,567,011     $ 219,888       $ 2,010,648  
                                   
 
                 
    September 30,  
    2011     2010  
 
Long-lived assets:
               
United States
  $ 2,324,515     $ 1,885,635  
Outside the United States
    734,549       788,897  
                 
Consolidated long-lived assets at year end
  $ 3,059,064     $ 2,674,532  
                 
 
Venezuela Hyperinflation
 
Spectrum Brands does business in Venezuela through a Venezuelan subsidiary. At January 4, 2010, the beginning of the second quarter of Fiscal 2010, Spectrum Brands determined that Venezuela met the definition of a highly inflationary economy under US GAAP. As a result, beginning January 4, 2010, the U.S. dollar is the functional currency for Spectrum Brands’ Venezuelan subsidiary. Accordingly, going forward, currency remeasurement adjustments for this subsidiary’s financial statements and other transactional foreign exchange gains and losses are reflected in earnings. Through January 3, 2010, prior to being designated as highly inflationary, translation adjustments related to the Venezuelan subsidiary were reflected as a component of AOCI.
 
In addition, on January 8, 2010, the Venezuelan government announced its intention to devalue its currency, the Bolivar fuerte, relative to the U.S. dollar. As a result, Spectrum Brands remeasured the local balance sheet of its Venezuela entity during the second quarter of Fiscal 2010 to reflect the impact of the devaluation to the official exchange rate of 4.3 Bolivian fuerte per U.S. dollar. Based on actual exchange activity as of September 30, 2010, Spectrum Brands determined that the most likely method of exchanging its Bolivar fuertes for U.S. dollars would be to formally apply with the Venezuelan government to exchange through commercial banks at the Transaction System for Foreign Currency Denominated Securities (“SITME”) rate specified by the Central Bank of Venezuela. The SITME rate as of September 30, 2010 was quoted at 5.3 Bolivar fuerte per U.S. dollar. Therefore, Spectrum Brands changed the rate used to remeasure Bolivar fuerte denominated transactions as of September 30, 2010 from the official exchange rate to the 5.3 SITME rate in accordance with ASC Topic 830, “Foreign Currency Matters,” (“ASC 830”) as it was the expected rate that exchanges of Bolivar fuerte to U.S. dollars would be settled.
 
The designation of the Spectrum Brands’ Venezuela entity as a highly inflationary economy and the devaluation of the Bolivar fuerte resulted in a $1,486 reduction to the Company’s operating income during Fiscal 2010. The Company also reported a foreign exchange loss in “Other (expense) income, net” of $10,102 during Fiscal 2010.
 
As of September 30, 2011, Spectrum Brands is no longer exchanging its Bolivar Fuertes for U.S. dollars through the SITME mechanism and the SITME is no longer the most likely method of exchanging its Bolivar fuertes for U.S. dollars. Therefore, Spectrum Brands changed the rate used to remeasure Bolivar fuerte denominated transactions as of September 30, 2011 from the 5.3 SITME rate to the 4.3 official exchange rate in accordance with ASC 830 as it is the expected rate that exchanges of Bolivar fuerte to U.S. dollars will be settled. Spectrum Brands reported a foreign exchange gain in “Other (expense) income, net” of $1,293 during Fiscal 2011 related to the change to the official exchange rate.