SEC Filings

424B3
SPECTRUM BRANDS, INC. filed this Form 424B3 on 08/03/2016
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Table of Contents

NOTE 18 - GUARANTOR STATEMENTS – SB/RH

Spectrum Brands, Inc. (“SBI”) with SB/RH as a parent guarantor (collectively, the “Parent”), with SBI’s domestic subsidiaries as subsidiary guarantors, has issued the 6.375% Notes and the 6.625% Notes under the 2020/2022 Indenture, 6.125% Notes under the 2024 Indenture and the 5.75% Notes under the 2025 Indenture. See Note 9, “Debt” for further information on the 6.375% Notes, 6.625% Notes, 6.125% Notes and 5.75% Notes.

The following consolidating financial statements illustrate the components of the condensed consolidated financial statements of SB/RH. Investments in subsidiaries are accounted for using the equity method for purposes of illustrating the consolidating presentation. The elimination entries presented herein eliminate investments in subsidiaries and intercompany balances and transactions.

 

Statement of Financial Position          Guarantor     Nonguarantor              

As of July 3, 2016 (in millions)

   Parent     Subsidiaries     Subsidiaries     Eliminations     Consolidated  

Assets

  

Current assets:

          

Cash and cash equivalents

   $ 3.9      $ 2.5      $ 110.5      $ —        $ 116.9   

Trade receivables, net

     183.2        211.9        193.8        —          588.9   

Intercompany receivables

     —          795.3        215.4        (1,010.7     —     

Other receivables

     —          8.1        56.1        (3.0     61.2   

Inventories

     406.4        132.2        326.5        (22.8     842.3   

Prepaid expenses and other

     43.3        4.8        34.1        —          82.2   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total current assets

     636.8        1,154.8        936.4        (1,036.5     1,691.5   

Property, plant and equipment, net

     234.5        74.5        214.2        —          523.2   

Long-term intercompany receivables

     500.2        241.4        13.8        (755.4     —     

Deferred charges and other

     168.8        0.9        40.8        (175.9     34.6   

Goodwill

     912.1        1,154.5        413.1        —          2,479.7   

Intangible assets, net

     1,359.6        633.5        406.5        —          2,399.6   

Investments in subsidiaries

     3,433.9        1,206.7        (2.9     (4,637.7     —     
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total assets

   $ 7,245.9      $ 4,466.3      $ 2,021.9      $ (6,605.5   $ 7,128.6   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Liabilities and Shareholder’s Equity

          

Current liabilities:

          

Current portion of long-term debt

   $ 23.0      $ 0.4      $ 18.9      $ —        $ 42.3   

Accounts payable

     195.5        75.0        203.0        —          473.5   

Intercompany accounts payable

     1,012.2        —          12.8        (1,025.0     —     

Accrued wages and salaries

     48.3        4.6        41.6        —          94.5   

Accrued interest

     42.0        —          —          —          42.0   

Other current liabilities

     77.5        15.6        97.0        (3.0     187.1   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total current liabilities

     1,398.5        95.6        373.3        (1,028.0     839.4   

Long-term debt, net of current portion

     3,794.9        14.6        30.7        —          3,840.2   

Long-term intercompany debt

     14.3        476.7        250.1        (741.1     —     

Deferred income taxes

     203.3        444.1        89.9        (181.7     555.6   

Other long-term liabilities

     33.2        1.4        71.2        —          105.8   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total liabilities

     5,444.2        1,032.4        815.2        (1,950.8     5,341.0   

Shareholder’s equity:

          

Other equity

     2,055.9        151.7        (955.0     739.0        1,991.6   

Accumulated (deficit) earnings

     (58.2     3,457.8        2,282.9        (5,740.8     (58.3

Accumulated other comprehensive (loss) income

     (196.0     (175.6     (171.0     347.1        (195.5
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total shareholder’s equity

     1,801.7        3,433.9        1,156.9        (4,654.7     1,737.8   

Non-controlling interest

     —          —          49.8        —          49.8   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total equity

     1,801.7        3,433.9        1,206.7        (4,654.7     1,787.6   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total liabilities and equity

   $ 7,245.9      $ 4,466.3      $ 2,021.9      $ (6,605.5   $ 7,128.6   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

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