Black & Decker CYCLONE BLC12600BUC Manuel d'utilisateur télécharger pdf (Page 39)

and eliminate excess capacity. A tabular summary of restructuring activity during the three years ended December 31, 2009, is

included in Note 19 of Notes to Consolidated Financial Statements.

In 2009, the Corporation recognized $14.2 million of pre-tax restructuring and exit costs related to actions taken in its Power Tools

and Accessories, Hardware and Home Improvement, and Fastening and Assembly segments. The $14.2 million charge recognized in

2009 was offset, however, by the reversal of $1.8 million and $.5 million of severance and other accruals, respectively, established as

part of previously provided restructuring reserves that were no longer required. The 2009 restructuring charge related to the

elimination of direct and indirect manufacturing positions as well as selling, general, and administrative positions. A severance

benefits accrual of $12.6 million was included in the restructuring charge, of which $8.9 million related to the Power Tools and

Accessories segment, $2.3 million related to the Fastening and Assembly Systems segment, and $1.4 million related to the Hardware

and Home Improvement segment. The severance benefits accrual included the elimination of approximately 1,500 positions, including

approximately 1,200 manufacturing related positions. The restructuring charge also included a $.4 million write-down to fair value of

certain long-lived assets for the Hardware and Home Improvement segment. In addition, the restructuring charge included charges of

$.3 million and $.9 million related to the early termination of lease agreements by the Power Tools and Accessories segment and

Fastening and Assembly Systems segment, respectively, necessitated by the restructuring actions.

In 2008, the Corporation recognized $54.7 million of pre-tax restructuring and exit costs related to actions taken in its Power Tools

and Accessories, Hardware and Home Improvement, and Fastening and Assembly segments as well as in its corporate offices. The

2008 restructuring charge reflected actions to reduce the Corporation’s manufacturing cost base as well as selling, general, and

administrative expenses. The principal component of the 2008 restructuring charge related to the elimination of manufacturing and

selling, general, and administrative positions. A severance benefits accrual of $48.3 million was recognized associated with the

elimination of approximately 2,300 positions. The Corporation estimates that, as a result of increases in manufacturing employee

headcount in other facilities, approximately 200 replacement positions will be filled, yielding a net total of approximately 2,100

positions eliminated as a result of the 2008 restructuring actions. The restructuring charge also included a $3.7 million write-down to

fair value of certain long-lived assets for the Power Tools and Accessories segment ($3.0 million) and Hardware and Home

Improvement segment ($.7 million), which were either held for sale or idled in preparation for disposal. As part of these restructuring

actions, the Power Tools and Accessories segment closed its manufacturing facility in Decatur, Arkansas, and transferred production

to another facility. The restructuring charge also reflected $1.8 million related to the early termination of a lease agreement by the

Power Tools and Accessories segment necessitated by restructuring actions. The restructuring charge also included a $.9 million

non-cash pension curtailment charge associated with positions eliminated as part of the restructuring actions.

In 2007, the Corporation recognized $19.0 million of pre-tax restructuring and exit costs related to actions taken in its Power Tools

and Accessories and Hardware and Home Improvement segments. The 2007 restructuring charge reflected actions to reduce the

Corporation’s manufacturing cost base as well as selling, general, and administrative expenses. The restructuring actions to reduce the

Corporation’s manufacturing cost base in the Power Tools and Accessories segment included the closure of a manufacturing facility,

with production from that facility either transferred to other facilities or outsourced from third-party suppliers. Actions to reduce the

Corporation’s manufacturing cost base in the Hardware and Home Improvement segment primarily related to optimization of its North

American finishing operations, including the transfer of most finishing operations to a single facility. The principal component of the

2007 restructuring charge related to the elimination of manufacturing and selling, general, and administrative positions. A severance

benefits accrual of $14.8 million was recognized associated with the elimination of approximately 650 positions. The Corporation

estimates that, as a result of increases in manufacturing employee headcount in other facilities, approximately 100 replacement

positions were filled, yielding a net total of approximately 550 positions eliminated as a result of the 2007 restructuring actions. The

restructuring and exit costs also include a $7.4 million write-down to fair value of certain long-lived assets of the Hardware and Home

Improvement segment that had been idled and either sold or scrapped. The $19.0 million restructuring charge taken in 2007 was net of

a $3.4 million gain, representing the excess of proceeds received on the sale of the manufacturing facility to be closed under the

restructuring plan over its carrying value.

In addition to the recognition of restructuring and exit costs, the Corporation also recognized related expenses, incremental to the cost

of the underlying restructuring actions, that do not qualify as restructuring or exit costs under accounting principles generally accepted

in the United States (restructuring-related expenses). Those restructuring-related expenses included items – directly related to the

underlying restructuring actions – that benefited on-going operations, such as costs associated with the transfer of equipment.

Operating results included restructuring-related expenses of approximately $4 million for the years ended December 31, 2009 and

December 31, 2008, respectively, and $5 million for the year ended December 31, 2007.

Source: BLACK & DECKER CORP, 10-K, February 19, 2010 Powered by Morningstar

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