EX-99.1 5 dex991.htm RECLASSIFIED SEGMENT INFORMATION FOR THE YEARS ENDED 12/31, 2007, 2006 AND 2005. Reclassified Segment Information for the years ended 12/31, 2007, 2006 and 2005.

EXHIBIT 99.1

Segment Information

The Company and its chief operating decision maker use “segment earnings” to measure segment operating performance. As disclosed in Note 14 – Segment Information, to the condensed consolidated financial statements on Form 10-Q for the quarter ended March 31, 2008, during the first quarter 2008, the Company modified the composition of segment earnings to include stock-based compensation. The tables below presents the segment information for the years ended December 31, 2007, 2006 and 2005 reclassified to conform to current presentation.

 

Year ended December 31, 2007    Branded
Consumables
    Consumer
Solutions
    Outdoor
Solutions
    Process
Solutions
    Intercompany
Eliminations
    Total
Operating
Segments
    Corporate/
Unallocated
    Consolidated  

Net sales

   $ 806.2     $ 1,869.2     $ 1,698.6     $ 353.6     $ (67.5 )   $ 4,660.1     $ —       $ 4,660.1  
                                                                

Segment earnings (loss)

     100.4       271.1       210.1       35.0       —         616.6       (115.1 )     501.5  

Adjustments to reconcile to reported operating earnings (loss):

                

Fair value adjustment to inventory

     —         —         (115.8 )     (3.1 )     —         (118.9 )     —         (118.9 )

Reorganization costs

     (14.7 )     (17.0 )     (9.7 )     (2.8 )     —         (44.2 )     (5.4 )     (49.6 )

Other integration-related costs

     (0.9 )     (1.1 )     (1.4 )     (1.2 )     —         (4.6 )     —         (4.6 )

Depreciation and amortization

     (18.1 )     (26.9 )     (39.4 )     (10.3 )     —         (94.7 )     (1.7 )     (96.4 )
                                                                

Operating earnings (loss)

   $ 66.7     $ 226.1     $ 43.8     $ 17.6     $ —       $ 354.2     $ (122.2 )   $ 232.0  
                                                                
Year ended December 31, 2006    Branded
Consumables
    Consumer
Solutions
    Outdoor
Solutions
    Process
Solutions
    Intercompany
Eliminations
    Total
Operating
Segments
    Corporate/
Unallocated
    Consolidated  

Net sales

   $ 812.0     $ 1,892.2     $ 901.0     $ 309.4     $ (68.3 )   $ 3,846.3     $ —       $ 3,846.3  
                                                                

Segment earnings (loss)

     118.4       250.3       84.3       33.8       —         486.8       (67.8 )     419.0  

Adjustments to reconcile to reported operating earnings (loss):

                

Fair value adjustment to inventory

     (10.4 )     —         —         —         —         (10.4 )     —         (10.4 )

Reorganization costs

     (7.8 )     (26.6 )     (2.9 )     —         —         (37.3 )     0.5       (36.8 )

Impairment/write-off of assets

     —         —         (0.3 )     —         —         (0.3 )     —         (0.3 )

Other integration-related costs

     —         (3.4 )     —         —         —         (3.4 )     (1.1 )     (4.5 )

Depreciation and amortization

     (13.1 )     (25.5 )     (17.0 )     (9.4 )     —         (65.0 )     (1.4 )     (66.4 )
                                                                

Operating earnings (loss)

   $ 87.1     $ 194.8     $ 64.1     $ 24.4     $ —       $ 370.4     $ (69.8 )   $ 300.6  
                                                                
Year ended December 31, 2005    Branded
Consumables
    Consumer
Solutions
    Outdoor
Solutions
    Process
Solutions
    Intercompany
Eliminations
    Total
Operating
Segments
    Corporate/
Unallocated
    Consolidated  

Net sales

   $ 685.0     $ 1,518.3     $ 820.7     $ 233.6     $ (68.5 )   $ 3,189.1     $ —       $ 3,189.1  
                                                                

Segment earnings (loss)

     95.3       190.2       77.0       29.3       —         391.8       (94.2 )     297.6  

Adjustments to reconcile to reported operating earnings (loss):

                

Fair value adjustment to inventory

     (0.2 )     (6.0 )     —         —         —         (6.2 )     (16.2 )     (22.4 )

Reorganization costs

     (3.3 )     (20.2 )     (2.9 )     —         —         (26.4 )     (2.7 )     (29.1 )

Impairment/write-off of assets

     —         (1.6 )     (0.9 )     —         —         (2.5 )     —         (2.5 )

Depreciation and amortization

     (10.6 )     (20.0 )     (17.3 )     (9.3 )     —         (57.2 )     (0.4 )     (57.6 )
                                                                

Operating earnings (loss)

   $ 81.2     $ 142.4     $ 55.9     $ 20.0     $ —       $ 299.5     $ (113.5 )   $ 186.0