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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported): July 27, 2006

NEWELL RUBBERMAID INC.

(Exact Name of Registrant as Specified in Its Charter)


Delaware (State or Other Jurisdiction of Incorporation)	1-9608 (Commission File Number)	36-3514169 (IRS Employer Identification No.)

10 B Glenlake Parkway
Suite 300
Atlanta, Georgia		30328
(Address of Principal Executive Offices)		(Zip Code)

Registrant’s Telephone Number, Including Area Code: (770) 407-3800

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

o		Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o		Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o		Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o		Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

TABLE OF CONTENTS


Item 2.02. Results of Operations and Financial Condition
Item 9.01 Financial Statements and Exhibits
SIGNATURES
EXHIBIT INDEX

Item 2.02. Results of Operations and Financial Condition.

The information in this Item 2.02, and the Exhibit attached to this Report, are furnished pursuant to Item 2.02 of Form 8-K. Consequently, such items are not deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liabilities of that section. Such items may only be incorporated by reference in another filing under the Exchange Act or Securities Act of 1933 if such subsequent filing specifically references this Form 8-K.

On July 27, 2006, Newell Rubbermaid Inc. (the “Company”) reported its results for the fiscal quarter ended June 30, 2006. The Company’s press release, dated July 27, 2006, and Additional Financial Information, is attached as Exhibit 99.1.

The press release and Additional Financial Information contain non-GAAP financial measures. For purposes of Securities and Exchange Commission Regulation G, a “non-GAAP financial measure” is a numerical measure of a registrant’s historical or future financial performance, financial position or cash flows that excludes amounts, or is subject to adjustments that have the effect of excluding amounts, that are included in the most directly comparable measure calculated and presented in accordance with GAAP in the statement of income, balance sheet or statement of cash flows of the issuer; or includes amounts, or is subject to adjustments that have the effect of including amounts, that are excluded from the most directly comparable measure so calculated and presented. Operating and statistical measures and certain ratios and other statistical measures are not non-GAAP financial measures. For purposes of the definition, GAAP refers to generally accepted accounting principles in the United States. Pursuant to the requirements of Regulation G, the Company has provided, as a part of the press release and Additional Financial Information, a reconciliation of each of the non-GAAP financial measures to the most directly comparable GAAP financial measure.

The Company has used the financial measures that are included in the press release and Additional Financial Information both in presenting its results to stockholders and the investment community and in its internal evaluation and management of its businesses. The Company’s management believes that these measures — including those that are “non-GAAP financial measures” — and the information they provide are useful to investors since these measures:

	•		enable investors and analysts to compare the current non-GAAP measures with the corresponding non-GAAP measures used in the past, and

	•		permit investors to view the Company’s performance using the same tools that Company management uses to evaluate the Company’s past performance, reportable business segments and prospects for future performance and to gauge the Company’s progress in achieving its stated goals.

The Company’s management believes that operating income, income from continuing operations and gross margin, excluding restructuring charges related to Project Acceleration and impairment charges (and as a percentage of sales), and diluted earnings per share from continuing operations, excluding restructuring charges related to Project Acceleration and impairment charges, are also useful because they provide investors with a meaningful perspective on the current underlying performance of the Company’s continuing operations. The Company’s management believes that free cash flow, defined by the Company as cash generated from operations less capital expenditures, is useful to investors because it is an indication of amounts of cash flow that may be available for dividends and further investment in future growth initiatives. Another purpose for which the Company uses diluted earnings per share from continuing operations, excluding restructuring and impairment charges, is as a performance goal that helps determine the amount, if any, of cash bonuses for corporate management employees under the Company’s management cash bonus plan. The

Company’s management believes that adjusted sales, as reflected in the Currency Analysis included in Exhibit 99.1, is useful to investors because it demonstrates the effect of foreign currency translation on reported sales.

While the Company believes that these non-GAAP financial measures are useful in evaluating the Company, this information should be considered as supplemental in nature and not as a substitute for or superior to the related financial information prepared in accordance with GAAP. Additionally, these non-GAAP financial measures may differ from similar measures presented by other companies.

Item 9.01 Financial Statements and Exhibits.


Exhibit
Number		Description
99.1		Press Release, dated July 27, 2006, issued by Newell Rubbermaid Inc., and Additional Financial Information

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


Date: July 27, 2006	NEWELL RUBBERMAID INC.

	By:	/s/ Ronald L. Hardnock

		Ronald L. Hardnock
		Vice President – Corporate Controller

EXHIBIT INDEX


Exhibit
No.		Description
99.1		Press Release, dated July 27, 2006, issued by Newell Rubbermaid Inc., and Additional Financial Information

exv99w1

News Release



July 27, 2006		Page 1 of 4


NEWELL RUBBERMAID REPORTS SECOND QUARTER 2006 RESULTS Strong Six Month Internal Sales Growth Company Raises Full Year Guidance on EPS, Sales and Gross Margin Growth ATLANTA, July 27, 2006 — Newell Rubbermaid Inc. (NYSE: NWL) today reported second quarter 2006 results, reflecting strong sales growth and improved gross margins. Net sales in the second quarter 2006 rose 9.6 percent to $1.70 billion, compared to $1.55 billion in the prior year. Internal sales increased 5.7 percent, due primarily to continued progress in the Home and Family, Cleaning and Organization, and Office Products segments. All reported sales figures exclude the results of the company’s Home Décor Europe business, which was classified as discontinued operations in the second quarter 2006, as discussed below. “Our strong results this quarter reflect the team’s dedication to simultaneously driving internal sales growth and gross margin expansion,” said Mark Ketchum, chief executive officer of Newell Rubbermaid. “We will continue investing in our strongest brands and optimizing our portfolio. The transformation of our company is now in full swing, fundamentally changing our finished product sourcing model, our business model and our culture.” Excluding restructuring charges for Project Acceleration and impairment charges, income from continuing operations was $149.6 million, or $0.54 per share, for the quarter ended June 30, 2006, exceeding company guidance and the prior year’s result of $111.9 million, or $0.41 per share. Income from continuing operations, as reported, was $135.7 million, or $0.49 per share, compared to $87.4 million, or $0.32 per share, in the prior year. The second quarter 2006 included a one-time tax benefit of $22.7 million, or $0.08 per share. The company recorded Project Acceleration restructuring costs of $19.8 million in the second quarter 2006 and impairment charges of $31.4 million in the second quarter 2005. A reconciliation of the results “as reported” to results “excluding charges” is attached to this press release. Gross margin for the second quarter 2006 improved to 33.9 percent, a 250 basis point improvement over the prior year. The expansion was driven by strong productivity savings, pricing and favorable mix, which more than offset raw material inflation. Net cash from operating activities was $103.8 million in the second quarter 2006, above the company’s guidance, compared to net cash provided by operating activities of $36.4 million in the prior year. Capital expenditures in the second quarter 2006 were $31.9 million, versus $22.9 million in the prior year. The company paid dividends of $58.2 million, or $0.21 per share, in the quarter. Consistent with the company’s focus on building and maintaining a portfolio of businesses that can leverage brand strength and innovation, the company’s Board of Directors has authorized management to sell the Home Décor Europe business. This unit designs, manufactures and sells drapery hardware and window treatments under Gardinia^{^®} and other local brands. This business contributed approximately $375 million in revenue in 2005, previously included in the company’s Home Fashions segment. This business has been classified as discontinued operations, recording a net loss from operations of $14.9 million in the second quarter 2006. Any intended sale		Newell Rubbermaid Inc. Atlanta, GA Securities Listed NYSE Common Stock (Symbol: NWL) www.newellrubbermaid.com Nancy de Jonge Davis Vice President, Investor Relations & Corporate Communications Esther Lippman Senior Manager, Public Relations 10B Glenlake Parkway Suite 300 Atlanta, GA 30328 Phone: 770-407-3994 Fax: 770-407-3983

News Release



July 27, 2006		Page 2 of 4


would be subject to completion of all required regulatory approvals, including consultation proceedings with works councils, trade unions and employee representatives in the affected countries. At this time, Newell Rubbermaid has not entered into any definitive agreement with respect to an intended sale. This announcement does not affect the company’s US Home Fashions business, which sells products primarily under the Levolor^{^®} and Kirsch^{^®}trademarks. Six Month Results Net sales for the six months ended June 30, 2006 grew 10.4 percent to $3.10 billion, compared to $2.81 billion in the prior year. Internal sales increased 6.2 percent, due primarily to strong core sales growth and favorable pricing. The Calphalon, Goody, Irwin and Lenox branded businesses posted double digit sales growth, and Rubbermaid Commercial grew in the high single digits. Excluding restructuring charges for Project Acceleration and impairment charges, income from continuing operations was $284.7 million, or $1.03 per share, for the six months ended June 30, 2006, a 36.7 percent increase over the prior year’s result of $208.2 million, or $0.76 per share. Income from continuing operations, as reported, for the six months ended June 30, 2006 was $254.5 million, or $0.92 per share, compared to $183.7 million, or $0.67 per share, in the prior year period. Income from continuing operations for the first six months of 2006 included one-time tax benefits of $100.7 million, or $0.36 per share, versus a tax benefit of $58.6 million, or $0.21 per share, in the first six months of 2005. The company recorded Project Acceleration restructuring charges of $43.3 million for the six months ended June 30, 2006, and impairment charges of $31.4 million for the six months ended June 30, 2005. Gross margin for the six months ended June 30, 2006 was 32.7 percent, a 290 basis point increase over the prior year. The improvement reflects strong productivity savings, pricing and favorable mix, which more than offset raw material inflation. Net cash from operating activities was $92.1 million for the first six months of 2006, compared to $91.9 million for the first six months of 2005. Capital expenditures for the first six months of 2006 were $57.2 million, compared to $46.0 million for the first six months of 2005. Dividends were $116.4 million for the first six months of 2006, compared to $115.8 million for the first six months of 2005. For the six months ended June 30, 2006, the company recorded a net loss from discontinued operations of $80.2 million, related primarily to the company’s Home Décor Europe business. The net loss from discontinued operations includes a $50.9 million impairment charge recorded in the first quarter to write off the goodwill for certain businesses in the company’s Home Décor Europe unit.		Newell Rubbermaid Inc. Atlanta, GA Securities Listed NYSE Common Stock (Symbol: NWL) www.newellrubbermaid.com Nancy de Jonge Davis Vice President, Investor Relations & Corporate Communications Esther Lippman Senior Manager, Public Relations 10B Glenlake Parkway Suite 300 Atlanta, GA 30328 Phone: 770-407-3994 Fax: 770-407-3983

News Release


July 27, 2006		Page 3 of 4


2006 Outlook Third Quarter The company expects diluted earnings per share from continuing operations for the third quarter 2006 to be in the range of $0.35 to $0.39, excluding approximately $55 to $75 million ($45 to $65 million after tax) of Project Acceleration restructuring charges. For the third quarter 2006, the company expects internal sales growth in the low- to mid-single digit range, cash from operating activities in the range of $250 to $300 million and capital expenditures in the range of $35 to $45 million. Dividends are expected to be approximately $58 million. Full Year For the full year 2006, the company now expects internal sales growth in the low- to mid-single digits, up from the previous guidance of low-single digits. This performance would be the product of mid-single digit growth in the company’s Invest businesses and flat sales in its Fix businesses. The company estimates full year gross margin expansion of 225 to 275 basis points, compared to the previous guidance of 200 to 250 basis points. Excluding restructuring charges associated with Project Acceleration, the company expects earnings per share from continuing operations of $1.75 to $1.85 for the full year. Cash flow from operating activities is now forecast between $575 and $625 million, net of approximately $75 million in restructuring charges in connection with Project Acceleration. The company also continues to expect capital expenditures of $125 to $150 million and dividends of approximately $232 million for the full year 2006.		Newell Rubbermaid Inc. Atlanta, GA Securities Listed NYSE Common Stock (Symbol: NWL) www.newellrubbermaid.com Nancy de Jonge Davis Vice President, Investor Relations & Corporate Communications Esther Lippman Senior Manager, Public Relations 10B Glenlake Parkway Suite 300 Atlanta, GA 30328 Phone: 770-407-3994 Fax: 770-407-3983

A reconciliation of the second quarter and 2006 earnings outlook is as follows:


	Q2 2006		Q3 2006		Full Year
Diluted earnings per share from continuing operations (as reported):	$	0.54	$	0.15 - $0.20	$	1.24 - $1.35

Restructuring costs	$	0.05	$	0.16 - $0.23	$	0.45 - $0.56


Diluted earnings per share from continuing operations (excluding charges):	$	0.49	$	0.35 - $0.39	$	1.75 - $1.85

Conference Call

The company’s second quarter 2006 earnings conference call is scheduled for today, July 27, 2006, at 8:30 a.m. ET. To listen to the webcast, use the link provided under Events & Presentations in the Investor Relations section of Newell Rubbermaid’s website at www.newellrubbermaid.com. The webcast will be available for replay for two weeks.

News Release


July 27, 2006				Page 4 of 4


Caution Concerning Forward-Looking Statements The statements in this press release that are not historical in nature constitute forward-looking statements. These forward-looking statements relate to information or assumptions about the effects of Project Acceleration, sales, income/ (loss), earnings per share, operating income or gross margin improvements, capital and other expenditures, cash flow, dividends, restructuring, impairment and other charges, potential losses on divestiture, costs and cost savings and the value thereof, debt ratings, and management’s plans, projections and objectives for future operations and performance. These statements are accompanied by words such as “expect,” “project,” “will,” “enable,” “estimate” and similar expressions. Actual results could differ materially from those expressed or implied in the forward-looking statements. Important factors that could cause actual results to differ materially from those suggested by the forward-looking statements include, but are not limited to, our dependence on the strength of retail economies in various parts of the world; competition with numerous other manufacturers and distributors of consumer products; major retailers’ strong bargaining power; changes in the prices of raw materials used by the company; our ability to develop innovative new products and to develop, maintain and strengthen our end-user brands; our ability to expeditiously close facilities and move operations in the face of foreign regulations and other impediments; our ability to implement successfully information technology solutions throughout our organization; our ability to improve productivity and streamline operations; our ability to complete strategic acquisitions; our ability to integrate previously acquired businesses; the risks inherent in our foreign operations and those factors listed in the company’s most recent quarterly report on Form 10-Q, including Exhibit 99.1 thereto, filed with the Securities and Exchange Commission. Non-GAAP Financial Measures This release contains non-GAAP financial measures within the meaning of Regulation G promulgated by the Securities and Exchange Commission. Included in this release is a reconciliation of these non-GAAP financial measures to the most directly comparable financial measures calculated in accordance with GAAP. About the Company Newell Rubbermaid Inc. is a global marketer of consumer and commercial products with 2005 sales of $6.0 billion and a strong portfolio of brands, including: Sharpie^®, Paper Mate^®, DYMO^®, EXPO^®, Waterman^®, Parker^®, Rolodex^®, IRWIN, LENOX^®, BernzOmatic^®, Rubbermaid^®, Graco^®, Calphalon^® and Goody^®. The company is headquartered in Atlanta, Ga., and has approximately 28,000 employees worldwide. This press release and additional information about the company are available on the company’s website at www.newellrubbermaid.com. NWL-EA		Newell Rubbermaid Inc. Atlanta, GA Securities Listed NYSE Common Stock (Symbol: NWL) www.newellrubbermaid.com Nancy de Jonge Davis Vice President, Investor Relations & Corporate Communications Esther Lippman Senior Manager, Public Relations 10B Glenlake Parkway Suite 300 Atlanta, GA 30328 Phone: 770-407-3994 Fax: 770-407-3983

Newell Rubbermaid Inc.
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(in millions, except per share data)

Reconciliation of Results “As Reported” to Results “Excluding Charges”


	Three Months Ended June 30,
	2006									2005									YOY
	As Reported			Charges (1)			Excl. Charges			As Reported			Charges (2)			Excl. Charges			% Change
Net sales	$	1,696.8					$	1,696.8		$	1,548.6					$	1,548.6			9.6	%
Cost of products sold		1,122.4			—			1,122.4			1,063.2			—			1,063.2


GROSS MARGIN		574.4			—			574.4			485.4			—			485.4			18.3	%
% of sales		33.9	%					33.9	%		31.3	%					31.3	%

Selling, general & administrative expenses		353.6			—			353.6			292.9						292.9			20.7	%
% of sales		20.8	%					20.8	%		18.9	%					18.9	%

Impairment charges		—			—			—			31.4			(31.4	)		—
Restructuring costs		19.8			(19.8	)		—			0.3			—			0.3


OPERATING INCOME		201.0			19.8			220.8			160.8			31.4			192.2			14.9	%
% of sales		11.8	%					13.0	%		10.4	%					12.4	%

Nonoperating expenses:
Interest expense, net		35.6			—			35.6			31.1			—			31.1
Other expense, net		1.0			—			1.0			2.2			—			2.2

		36.6			—			36.6			33.3			—			33.3			9.9	%


INCOME BEFORE INCOME TAXES		164.4			19.8			184.2			127.5			31.4			158.9			15.9	%
% of sales		9.7	%					10.9	%		8.2	%					10.3	%

Income taxes		28.7			5.9			34.6			40.1			6.9			47.0			(26.4	)%
Effective rate		17.5	%					18.8	%		31.5	%					29.6	%


INCOME FROM CONTINUING OPERATIONS		135.7			13.9			149.6			87.4			24.5			111.9			33.7	%
% of sales		8.0	%					8.8	%		5.6	%					7.2	%

Loss from discontinued operations, net of tax:		(16.2	)		16.2			—			(21.2	)		21.2			—


NET INCOME	$	119.5		$	30.1		$	149.6		$	66.2		$	45.7		$	111.9			33.7	%

% of sales		7.0	%					8.8	%		4.3	%					7.2	%

EARNINGS PER SHARE FROM CONTINUING OPERATIONS:
Basic	$	0.49		$	0.05		$	0.55		$	0.32		$	0.09		$	0.41
Diluted	$	0.49		$	0.05		$	0.54		$	0.32		$	0.09		$	0.41

LOSS PER SHARE FROM DISCONTINUED OPERATIONS:
Basic	$	(0.06	)	$	0.06		$	—		$	(0.08	)	$	0.08		$	—
Diluted	$	(0.06	)	$	0.06		$	—		$	(0.08	)	$	0.08		$	—

EARNINGS PER SHARE:
Basic	$	0.44		$	0.11		$	0.55		$	0.24		$	0.17		$	0.41
Diluted	$	0.43		$	0.11		$	0.54		$	0.24		$	0.17		$	0.41

Average shares outstanding:
Basic		274.6			274.6			274.6			274.4			274.4			274.4
Diluted		283.6			283.6			283.6			274.7			274.7			274.7


(1)		Charges excluded from “as reported” results for 2006 consist of $19.8 million of Project Acceleration restructuring costs and a $16.2 million net loss related to discontinued operations.

(2)		Charges excluded from “as reported” results for 2005 consist of a $31.4 million impairment charge and a $21.2 million net loss related to discontinued operations.

Newell Rubbermaid Inc.
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(in millions, except per share data)

Reconciliation of Results “As Reported” to Results “Excluding Charges”


	Six Months Ended June 30,
	2006									2005									YOY
	As Reported			Charges (1)			Excl. Charges			As Reported			Charges (2)			Excl. Charges			% Change
Net sales	$	3,102.1					$	3,102.1		$	2,811.1					$	2,811.1			10.4	%
Cost of products sold		2,087.2			—			2,087.2			1,974.1			—			1,974.1


GROSS MARGIN		1,014.9			—			1,014.9			837.0			—			837.0			21.3	%
% of sales		32.7	%					32.7	%		29.8	%					29.8	%

Selling, general & administrative expenses		678.0			—			678.0			560.7			—			560.7			20.9	%
% of sales		21.9	%					21.9	%		19.9	%					19.9	%

Impairment charges		—			—			—			31.4			(31.4	)		—
Restructuring costs		43.3			(43.3	)		—			6.8			—			6.8


OPERATING INCOME		293.6			43.3			336.9			238.1			31.4			269.5			25.0	%
% of sales		9.5	%					10.9	%		8.5	%					9.6	%

Nonoperating expenses:
Interest expense, net		69.3			—			69.3			61.9			—			61.9
Other expense, net		3.7			—			3.7			0.4			—			0.4

		73.0			—			73.0			62.3			—			62.3			17.2	%


INCOME BEFORE INCOME TAXES		220.6			43.3			263.9			175.8			31.4			207.2			27.4	%
% of sales		7.1	%					8.5	%		6.3	%					7.4	%

Income taxes		(33.9	)		13.1			(20.8	)		(7.9	)		6.9			(1.0	)		1980.0	%
Effective rate		(15.4	)%					(7.9	)%		(4.5	)%					-0.5	%


INCOME FROM CONTINUING OPERATIONS		254.5			30.2			284.7			183.7			24.5			208.2			36.7	%
% of sales		8.2	%					9.2	%		6.5	%					7.4	%


Loss from discontinued operations, net of tax:		(80.2	)		80.2			—			(80.9	)		80.9			—


NET INCOME	$	174.3		$	110.4		$	284.7		$	102.8		$	105.4		$	208.2			36.7	%

% of sales		5.6	%					9.2	%		3.7	%					7.4	%

EARNINGS PER SHARE FROM CONTINUING OPERATIONS:
Basic	$	0.93		$	0.11		$	1.04		$	0.67		$	0.09		$	0.76
Diluted	$	0.92		$	0.11		$	1.03		$	0.67		$	0.09		$	0.76

LOSS PER SHARE FROM DISCONTINUED OPERATIONS:
Basic	$	(0.29	)	$	0.29		$	—		$	(0.29	)	$	0.29		$	—
Diluted	$	(0.28	)	$	0.28		$	—		$	(0.29	)	$	0.29		$	—

EARNINGS PER SHARE:
Basic	$	0.63		$	0.40		$	1.04		$	0.37		$	0.38		$	0.76
Diluted	$	0.64		$	0.39		$	1.03		$	0.37		$	0.38		$	0.76

Average shares outstanding:
Basic		274.5			274.5			274.5			274.4			274.4			274.4
Diluted		283.5			283.5			283.5			274.7			274.7			274.7


(1)		Charges excluded from “as reported” results for 2006 consist of $43.3 million of Project Acceleration restructuring costs and an $80.2 million net loss related to discontinued operations.

(2)		Charges excluded from “as reported” results for 2005 consist of a $31.4 million impairment charge and an $80.9 million net loss related to discontinued operations.

Newell Rubbermaid Inc.
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(in millions)


	June 30,		June 30,
	2006		2005
Assets:
Cash and cash equivalents	$	116.3	$	212.2
Accounts receivable, net		1,157.5		1,073.5
Inventories, net		967.8		937.7
Deferred income taxes		131.8		74.0
Prepaid expenses and other		96.6		98.8
Current assets of discontinued operations		209.4		242.9


Total Current Assets		2,679.4		2,639.1

Other assets		188.2		201.6
Property, plant and equipment, net		832.4		1,027.3
Goodwill		2,420.0		1,727.2
Deferred income taxes		—		6.1
Other intangible assets, net		415.7		282.9
Non-current assets of discontinued operations		—		200.2


Total Assets	$	6,535.7	$	6,084.4


Liabilities and Stockholders’ Equity:

Notes payable	$	20.9	$	13.0
Accounts payable		634.8		535.7
Accrued compensation		130.2		116.3
Other accrued liabilities		667.1		623.6
Income taxes payable		11.3		20.9
Current portion of long-term debt		408.6		25.4
Current liabilities of discontinued operations		77.3		120.1


Total Current Liabilities		1,950.2		1,455.0

Long-term debt		2,245.6		2,380.5
Deferred income taxes		32.1		—
Other non-current liabilities		579.9		537.6
Long-term liabilities of discontinued operations		—		6.3

Stockholders’ Equity		1,727.9		1,705.0


Total Liabilities and Stockholders’ Equity	$	6,535.7	$	6,084.4

Newell Rubbermaid Inc.
CONSOLIDATED STATEMENTS OF CASH FLOW (UNAUDITED)
(in millions)


	For The Six Months Ended June 30,
	2006			2005
Operating Activities:
Net income	$	174.3		$	102.8
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		105.1			105.8
Impairment charges — continuing		—			31.4
Impairment charges — discontinued		50.9			—
Non-cash restructuring costs		26.3			1.1
Deferred income taxes		10.7			12.2
Loss (Gain) on sale of assets/debt extinguishment		2.5			(4.3	)
Stock-based compensation expense		15.4			2.9
Loss on disposal of discontinued operations		2.9			63.2
Other		(6.7	)		(6.8	)
Changes in current accounts, excluding the effects of acquisitions:
Accounts receivable		(28.5	)		(24.3	)
Inventories		(127.0	)		(104.4	)
Accounts payable		8.7			(52.5	)
Accrued liabilities and other		(151.7	)		(69.6	)
Discontinued operations		9.2			34.4

Net cash provided by operating activities	$	92.1		$	91.9

Investing Activities:
Acquisitions, net of cash acquired	$	(46.3	)	$	(35.0	)
Capital expenditures		(57.2	)		(46.0	)
Disposals of non-current assets and sale of businesses		40.2			22.1

Net cash used in investing activities	$	(63.3	)	$	(58.9	)

Financing Activities:
Proceeds from issuance of debt	$	167.2		$	131.7
Payments on notes payable and long-term debt		(82.0	)		(335.7	)
Cash dividends		(116.4	)		(115.8	)
Proceeds from exercised stock options and other		2.3			—

Net cash used in financing activities	$	(28.9	)	$	(319.8	)

Exchange rate effect on cash and cash equivalents	$	0.9		$	(6.6	)


Increase (Decrease) in cash and cash equivalents		0.8			(293.4	)
Cash and cash equivalents at beginning of year		115.5			505.6

Cash and cash equivalents at end of period	$	116.3		$	212.2

Newell Rubbermaid Inc.
Calculation of Free Cash Flow (1)

Free Cash Flow (in millions):


	For The Three Months Ended June 30,
	2006			2005
Net cash provided by operating activities	$	103.8		$	36.4
Capital expenditures		(31.9	)		(22.9	)


Free Cash Flow	$	71.9		$	13.5

Free Cash Flow (in millions):


	For The Six Months Ended June 30,
	2006			2005
Net cash provided by operating activities	$	92.1		$	91.9
Capital expenditures		(57.2	)		(46.0	)


Free Cash Flow	$	34.9		$	45.9


(1)		Free Cash Flow is defined as cash flow provided by operating activities less capital expenditures.

Newell Rubbermaid Inc.

Financial Worksheet

In Millions


	2006													2005
			Excluding Charges Reconciliation (1)													Excluding Charges Reconciliation (1)											Year-over-year changes
			Reported			Excluded		Ex Charges			Operating					Reported			Excluded		Ex Charges			Operating			Net Sales					Operating Income
	Net Sales		OI			Charges		OI			Margin			Net Sales		OI			Charges		OI			Margin			$		%			$			%
Q1:
Cleaning & Organization	$	333.1	$	21.3		$	—	$	21.3			6.4	%	$	300.3	$	12.5		$	—	$	12.5			4.2	%	$	32.8		10.9	%	$	8.8			70.4	%
Office Products		390.8		32.3			—		32.3			8.3	%		332.8		33.5			—		33.5			10.1	%		58.0		17.4	%		(1.2	)		(3.6	)%
Tools & Hardware		276.8		33.1			—		33.1			12.0	%		276.4		26.7			—		26.7			9.7	%		0.4		0.1	%		6.4			24.0	%
Home Fashions		116.6		17.1			—		17.1			14.7	%		97.7		2.3			—		2.3			2.4	%		18.9		19.3	%		14.8			643.5	%
Other		288.0		29.9			—		29.9			10.4	%		255.3		18.3			—		18.3			7.2	%		32.7		12.8	%		11.6			63.4	%

Impairment Charge				—			—		—											—		—											—
Restructuring Costs				(23.5	)		23.5		—								(6.5	)		—		(6.5	)										6.5
Corporate				(17.6	)		—		(17.6	)							(9.5	)		—		(9.5	)										(8.1	)		85.3	%

Total	$	1,405.3	$	92.6		$	23.5	$	116.1			8.3	%	$	1,262.5	$	77.3		$	—	$	77.3			6.1	%	$	142.8		11.3	%	$	38.8			50.2	%


	2006													2005
			Excluding Charges Reconciliation (1)													Excluding Charges Reconciliation (1)											Year-over-changes
			Reported			Excluded		Ex Charges			Operating					Reported			Excluded		Ex Charges			Operating			Net Sales						Operating Income
	Net Sales		OI			Charges		OI			Margin			Net Sales		OI			Charges		OI			Margin			$			%			$			%
Q2:
Cleaning & Organization	$	403.3	$	42.9		$	—	$	42.9			10.6	%	$	365.1	$	23.1		$	—	$	23.1			6.3	%	$	38.2			10.5	%	$	19.8			85.7	%
Office Products		579.1		99.9			—		99.9			17.3	%		495.5		98.9			—		98.9			20.0	%		83.6			16.9	%		1.0			1.0	%
Tools & Hardware		328.8		53.8			—		53.8			16.4	%		315.5		49.3			—		49.3			15.6	%		13.3			4.2	%		4.5			9.1	%
Home Fashions		106.6		14.4			—		14.4			13.5	%		115.0		8.0			—		8.0			7.0	%		(8.4	)		(7.3	)%		6.4			80.0	%
Other		279.0		29.8			—		29.8			10.7	%		257.5		22.9			—		22.9			8.9	%		21.5			8.3	%		6.9			30.1	%

Impairment Charge				—			—		—								(31.4	)		31.4		—												—
Restructuring Costs				(19.8	)		19.8		—								(0.3	)		—		(0.3	)											0.3
Corporate				(20.0	)		—		(20.0	)							(9.7	)		—		(9.7	)											(10.3	)		106.2	%

Total	$	1,696.8	$	201.0		$	19.8	$	220.8			13.0	%	$	1,548.6	$	160.8		$	31.4	$	192.2			12.4	%	$	148.2			9.6	%	$	28.6			14.9	%


	2006													2005
			Excluding Charges Reconciliation (1)													Excluding Charges Reconciliation (1)											Year-over-changes
			Reported			Excluded		Ex Charges			Operating					Reported			Excluded		Ex Charges			Operating			Net Sales					Operating Income
	Net Sales		OI			Charges		OI			Margin			Net Sales		OI			Charges		OI			Margin			$		%			$			%
YTD:
Cleaning & Organization	$	736.4	$	64.2		$	—	$	64.2			8.7	%	$	665.4	$	35.6		$	—	$	35.6			5.4	%	$	71.0		10.7	%	$	28.6			80.3	%
Office Products		969.9		132.2			—		132.2			13.6	%		828.3		132.4			—		132.4			16.0	%		141.6		17.1	%		(0.2	)		(0.2	)%
Tools & Hardware		605.6		86.9			—		86.9			14.3	%		591.9		76.0			—		76.0			12.8	%		13.7		2.3	%		10.9			14.3	%
Home Fashions		223.2		31.5			—		31.5			14.1	%		212.7		10.3			—		10.3			4.8	%		10.5		4.9	%		21.2			205.8	%
Other		567.0		59.7			—		59.7			10.5	%		512.8		41.2			—		41.2			8.0	%		54.2		10.6	%		18.5			44.9	%

Impairment Charge				—			—		—								(31.4	)		31.4		—											—
Restructuring Costs				(43.3	)		43.3		—								(6.8	)		—		(6.8	)										6.8
Corporate				(37.6	)		—		(37.6	)							(19.2	)		—		(19.2	)										(18.4	)		95.8	%


Total	$	3,102.1	$	293.6		$	43.3	$	336.9			10.9	%	$	2,811.1	$	238.1		$	31.4	$	269.5			9.6	%	$	291.0		10.4	%	$	67.4			25.0	%


(1)		Charges are primarily related to restructuring and impairment.

Newell Rubbermaid Inc.
Three Months Ended June 30, 2006
In Millions

Currency Analysis

2006

2005

Year-over-year
Increase (Decrease)

Sales as

Currency

Adjusted

Sales as

Excluding

Including

Currency

Reported

Impact

Sales

Reported

Currency

Impact

By Segment

Cleaning & Organization

403.3

(4.0

)

399.3

365.1

9.4

10.5

1.1

Office Products

579.1

(2.1

)

577.1

495.5

16.5

16.9

0.4

Tools & Hardware

328.8

(2.0

)

326.7

315.5

3.5

4.2

0.7

Home Fashions

106.6

(1.4

)

105.2

115.0

(8.5

(7.3

1.2

Other

279.0

(0.5

)

278.5

257.5

8.2

8.3

0.2

Total Company

1,696.8

(10.0

)

1,686.8

1,548.6

8.9

9.6

0.6

By Geography

United States

1,262.0

—

1,262.0

1,167.0

8.1

0.0

Canada

110.5

(11.1

)

99.3

95.8

3.7

15.3

11.6

North America

1,372.4

(11.1

)

1,361.3

1,262.8

7.8

8.7

0.9

Europe

219.7

1.2

220.9

188.9

16.9

16.3

(0.6

Central & South America

59.8

(0.8

)

59.0

59.7

(1.2

0.2

1.3

All Other

44.9

0.8

45.7

37.2

22.8

20.7

(2.2

Total Company

1,696.8

(10.0

)

1,686.8

1,548.6

8.9

9.6

0.6

Newell Rubbermaid Inc.
Six Months Ended June 30, 2006
In Millions

Currency Analysis

2006

2005

Year-over-year
Increase (Decrease)

Sales as

Currency

Adjusted

Sales as

Excluding

Including

Currency

Reported

Impact

Sales

Reported

Currency

Impact

By Segment

Cleaning & Organization

736.4

(5.4

)

731.0

665.4

9.9

10.7

0.8

Office Products

969.9

6.4

976.3

828.3

17.9

17.1

(0.8

Tools & Hardware

605.6

(0.9

)

604.7

591.9

2.2

2.3

0.2

Home Fashions

223.2

(2.1

)

221.1

212.7

3.9

4.9

1.0

Other

567.0

1.8

568.8

512.8

10.9

10.6

(0.4

Total Company

3,102.1

(0.2

)

3,101.9

2,811.1

10.3

10.4

0.0

By Geography

United States

2,326.7

—

2,326.7

2,121.7

9.7

0.0

Canada

193.8

(16.5

)

177.3

168.0

5.5

15.4

9.8

North America

2,520.5

(16.5

)

2,504.0

2,289.7

9.4

10.1

0.7

Europe

389.0

17.5

406.5

346.1

17.5

12.4

(5.1

Central & South America

107.1

(3.5

)

103.6

101.2

2.4

5.8

3.5

All Other

85.5

2.4

87.9

74.1

18.6

15.4

(3.2

Total Company

3,102.1

(0.2

)

3,101.9

2,811.1

10.3

10.4

0.0

Newell Rubbermaid Inc.

Reconciliation of Internal Sales including Home Décor Europe
In Millions


	For The Three Months Ended June 30,
	2006			2005
Sales, as reported	$	1,696.8		$	1,548.6
Less: DYMO sales		(60.0	)		—

Internal Sales base		1,636.8			1,548.6
% change, 2005 to 2006		5.7	%

Home Décor Europe Sales		78.9			97.1

Internal Sales base, including Home Décor Europe		1,715.7			1,645.7
% change, 2005 to 2006		4.2	%

Newell Rubbermaid Inc.
2004- Q1 2006 Quarterly Segment Sales and Operating Income
Restatement to Reflect the Intended Disposition of the Home Décor Europe Business
July 26, 2006

The company has updated its segment reporting to reflect the intended disposition of the Home Décor Europe business, previously reported in the Home Fashions segment. The schedule below shows these businesses as part of Discontinued Operations.


2006	Q1

								Ex.
			Reported			Charges		Charges
	Sales		OI			(1)		OI			Margin


Cleaning & Organization	$	333.1	$	21.3			—	$	21.3			6.4	%
Office Products		390.8		32.3			—		32.3			8.3	%
Tools & Hardware		276.8		33.1			—		33.1			12.0	%
Home Fashions		116.6		17.1			—		17.1			14.7	%
Other		288.0		29.9			—		29.9			10.4	%
Corporate		—		(17.6	)		—		(17.6	)
Impairment		—		—			—		—
Restructuring		—		(23.5	)		23.5		—

Continuing Operations		1,405.3		92.6			23.5		116.1			8.3	%


2005	Q1													Q2													Q3														Q4														Full Year
								Ex.													Ex.														Ex.														Ex.													Ex.
			Reported			Charges		Charges								Reported			Charges		Charges								Reported			Charges			Charges								Reported			Charges			Charges								Reported			Charges		Charges
	Sales		OI			(1)		OI			Margin			Sales		OI			(1)		OI			Margin			Sales		OI			(1)			OI			Margin			Sales		OI			(1)			OI			Margin			Sales		OI			(1)		OI

Cleaning & Organization	$	300.3	$	12.5			—	$	12.5			4.2	%	$	365.1	$	23.1			—	$	23.1			6.3	%	$	375.8	$	51.1			—		$	51.1			13.6	%	$	432.9	$	21.8			—		$	21.8			5.0	%	$	1,474.1	$	108.5			—	$	108.5		7.4	%
Office Products		332.8		33.5			—		33.5			10.1	%		495.5		98.9			—		98.9			20.0	%		427.8		59.9			—			59.9			14.0	%		457.2		73.7			—			73.7			16.1	%		1,713.3		266.0			—		266.0		15.5	%
Tools & Hardware		276.4		26.7			—		26.7			9.7	%		315.5		49.3			—		49.3			15.6	%		318.9		46.3			—			46.3			14.5	%		349.5		48.8			—			48.8			14.0	%		1,260.3		171.1			—		171.1		13.6	%
Home Fashions		97.7		2.3			—		2.3			2.4	%		115.0		8.0			—		8.0			7.0	%		115.1		16.8			—			16.8			14.6	%		119.1		10.2			—			10.2			8.6	%		446.9		37.3			—		37.3		8.3	%
Other		255.3		18.3			—		18.3			7.2	%		257.5		22.9			—		22.9			8.9	%		258.5		29.6			—			29.6			11.5	%		299.5		35.5			—			35.5			11.9	%		1,070.8		106.3			—		106.3		9.9	%
Corporate		—		(9.5	)		—		(9.5	)					—		(9.7	)		—		(9.7	)					—		(10.1	)		—			(10.1	)					—		(16.7	)		—			(16.7	)					—		(46.0	)		—		(46.0	)
Impairment		—		—			—		—						—		(31.4	)		31.4		—						—		25.2			(25.2	)		—						—		5.9			(5.9	)		—						—		(0.3	)		0.3		—
Restructuring		—		(6.5	)		—		(6.5	)					—		(0.3	)		—		(0.3	)					—		(14.6	)		—			(14.6	)					—		(51.2	)		51.2			—						—		(72.6	)		51.2		(21.4	)

Continuing Operations		1,262.5		77.3			—		77.3			6.1	%		1,548.6		160.8			31.4		192.2			12.4	%		1,496.1		204.2			(25.2	)		179.0			12.0	%		1,658.2		128.0			45.3			173.3			10.5	%		5,965.4		570.3			51.5		621.8		10.4	%


2004	Q1													Q2													Q3													Q4													Full Year
								Ex.													Ex.													Ex.													Ex.													Ex.
			Reported			Charges		Charges								Reported			Charges		Charges								Reported			Charges		Charges								Reported			Charges		Charges								Reported			Charges		Charges
	Sales		OI			(1)		OI			Margin			Sales		OI			(1)		OI			Margin			Sales		OI			(1)		OI			Margin			Sales		OI			(1)		OI			Margin			Sales		OI			(1)		OI			Margin

Cleaning & Organization	$	367.4	$	13.9			3.5	$	17.4			4.7	%	$	392.0	$	11.1			5.2	$	16.3			4.2	%	$	384.8	$	29.5			—	$	29.5			7.7	%	$	408.7	$	39.3			—	$	39.3			9.6	%	$	1,552.9	$	93.8		$	8.7	$	102.5			6.6	%
Office Products		332.8		31.8			—		31.8			9.6	%		489.2		95.5			0.3		95.8			19.6	%		424.3		61.5			—		61.5			14.5	%		439.9		73.2			—		73.2			16.6	%		1,686.2		262.0			0.3		262.3			15.6	%
Tools & Hardware		274.3		43.0			—		43.0			15.7	%		300.3		43.5			3.1		46.6			15.5	%		300.6		45.1			—		45.1			15.0	%		343.5		50.1			—		50.1			14.6	%		1,218.7		181.7			3.1		184.8			15.2	%
Home Fashions		103.0		(1.7	)		—		(1.7	)		(1.7	%)		109.5		4.6			—		4.6			4.2	%		118.9		8.7			—		8.7			7.3	%		109.1		8.2			—		8.2			7.5	%		440.5		19.8			—		19.8			4.5	%
Other		260.8		18.9			—		18.9			7.2	%		271.7		18.3			0.1		18.4			6.8	%		270.9		25.2			—		25.2			9.3	%		311.8		36.3			—		36.3			11.6	%		1,115.2		98.7			0.1		98.8			8.9	%
Corporate		—		(7.4	)		—		(7.4	)					—		(9.7	)		—		(9.7	)					—		(10.2	)		—		(10.2	)					—		(12.0	)		—		(12.0	)					—		(39.3	)		—		(39.3	)
Impairment		—		—			—		—						—		(19.4	)		19.4		—						—		(244.6	)		244.6		—						—		—			—		—						—		(264.0	)		264.0		—
Restructuring		—		(15.5	)		15.5		—						—		(11.9	)		11.9		—						—		(0.4	)		0.4		—						—		(6.3	)		6.3		—						—		(34.1	)		34.1		—

Continuing Operations		1,338.3		83.0			19.0		102.0			7.6	%		1,562.7		132.0			40.0		172.0			11.0	%		1,499.5		(85.2	)		245.0		159.8			10.7	%		1,613.0		188.8			6.3		195.1			12.1	%		6,013.5		318.6			310.3		628.9			10.5	%

(1)

Charges are primarily related to restructuring, asset impairment, product line exits, acquisitions and divestitures

Newell Rubbermaid Inc.
Quarterly Income Statements
Restatement to Reflect the Intended Disposition of the Home Décor Europe Business
July 26, 2006


2006	Q1
	Reported			Charges (1)			Excluding Charges

Net Sales		1,405.3			—			1,405.3
GROSS MARGIN		440.5			—			440.5
SG&A		(324.4	)		—			(324.4	)
Impairment		—			—			—
Restructuring		(23.5	)		23.5			—
OPERATING INCOME		92.6			23.5			116.1
Non-Operating Expense		(36.4	)		—			(36.4	)
Income Taxes		62.6			(7.3	)		55.3

Income from Continuing Operations		118.8			16.2			135.0

Discontinued Operations, net		(64.0	)		64.0			—

NET INCOME		54.8			80.2			135.0


EARNINGS PER SHARE FROM
CONTINUING OPERATIONS:
Basic	$	0.43		$	0.06		$	0.49
Diluted	$	0.42		$	0.06		$	0.48

LOSS PER SHARE FROM
DISCONTINUED OPERATIONS:
Basic	$	(0.23	)	$	0.23		$	—
Diluted	$	(0.23	)	$	0.23		$	—

EARNINGS PER SHARE:
Basic	$	0.20		$	0.29		$	0.49
Diluted	$	0.19		$	0.28		$	0.48

Average shares outstanding:
Basic		274.5			274.5			274.5
Diluted		283.3			283.3			283.3

(1)

Charges are related to restructuring and divestitures.

Newell Rubbermaid Inc.
Quarterly Income Statements
Restatement to Reflect the Intended Disposition of the Home Décor Europe Business
July 26, 2006


2005	Q1								Q2									Q3									Q4									Full Year
				Charges		Excluding						Charges			Excluding						Charges			Excluding						Charges			Excluding						Charges			Excluding
	Reported			(1)		Charges			Reported			(1)			Charges			Reported			(1)			Charges			Reported			(1)			Charges			Reported			(1)			Charges

Net Sales		1,262.5			—		1,262.5			1,548.6			—			1,548.6			1,496.1			—			1,496.1			1,658.2			—			1,658.2			5,965.4			—			5,965.4
GROSS MARGIN		351.6			—		351.6			485.4			—			485.4			478.2			—			478.2			492.4			—			492.4			1,807.6			—			1,807.6
SG&A		(267.8	)		—		(267.8	)		(292.9	)		—			(292.9	)		(284.6	)		—			(284.6	)		(319.1	)		—			(319.1	)		(1,164.4	)		—			(1,164.4	)
Impairment		—			—		—			(31.4	)		31.4			—			25.2			(25.2	)		—			5.9			(5.9	)		—			(0.3	)		0.3			—
Restructuring		(6.5	)		—		(6.5	)		(0.3	)		—			(0.3	)		(14.6	)		—			(14.6	)		(51.2	)		51.2			—			(72.6	)		51.2			(21.4	)
OPERATING INCOME		77.3			—		77.3			160.8			31.4			192.2			204.2			(25.2	)		179.0			128.0			45.3			173.3			570.3			51.5			621.8
Non-Operating Expense		(29.0	)		—		(29.0	)		(33.3	)		—			(33.3	)		(33.5	)		—			(33.5	)		(8.5	)		—			(8.5	)		(104.3	)		—			(104.3	)
Income Taxes		48.0			—		48.0			(40.1	)		(6.9	)		(47.0	)		(32.4	)		5.1			(27.3	)		(34.0	)		(16.9	)		(50.9	)		(58.5	)		(18.7	)		(77.2	)

Income from Continuing Operations		96.3			—		96.3			87.4			24.5			111.9			138.3			(20.1	)		118.2			85.5			28.4			113.9			407.5			32.8			440.3

Discontinued Operations, net		(59.7	)		59.7		—			(21.2	)		21.2			—			(66.8	)		66.8			—			(8.5	)		8.5			—			(156.2	)		156.2			—

NET INCOME		36.6			59.7		96.3			66.2			45.7			111.9			71.5			46.7			118.2			77.0			36.9			113.9			251.3			189.0			440.3


EARNINGS PER SHARE FROM CONTINUING OPERATIONS:
Basic	$	0.35		$	—	$	0.35		$	0.32		$	0.09		$	0.41		$	0.50		$	(0.07	)	$	0.43		$	0.31		$	0.10		$	0.42		$	1.49		$	0.12		$	1.60
Diluted	$	0.35		$	—	$	0.35		$	0.32		$	0.09		$	0.41		$	0.49		$	(0.07	)	$	0.42		$	0.31		$	0.10		$	0.41		$	1.48		$	0.12		$	1.60

LOSS PER SHARE FROM DISCONTINUED OPERATIONS:
Basic	$	(0.22	)	$	0.22	$	—		$	(0.08	)	$	0.08		$	—		$	(0.24	)	$	0.24		$	—		$	(0.03	)	$	0.03		$	—		$	(0.57	)	$	0.57		$	—
Diluted	$	(0.22	)	$	0.22	$	—		$	(0.08	)	$	0.08		$	—		$	(0.24	)	$	0.24		$	—		$	(0.03	)	$	0.03		$	—		$	(0.57	)	$	0.57		$	—

EARNINGS PER SHARE:
Basic	$	0.13		$	0.22	$	0.35		$	0.24		$	0.17		$	0.41		$	0.26		$	0.17		$	0.43		$	0.28		$	0.13		$	0.42		$	0.92		$	0.69		$	1.60
Diluted	$	0.13		$	0.22	$	0.35		$	0.24		$	0.17		$	0.41		$	0.25		$	0.16		$	0.42		$	0.28		$	0.13		$	0.41		$	0.91		$	0.69		$	1.60

Average shares outstanding:
Basic		274.4			274.4		274.4			274.4			274.4			274.4			274.4			274.4			274.4			274.4			274.4			274.4			274.4			274.4			274.4
Diluted		274.9			274.9		274.9			274.7			274.7			274.7			283.3			283.3			283.3			274.9			274.9			274.9			274.9			274.9			274.9

(1) Charges are related to restructuring, asset impairment and divestitures.

Newell Rubbermaid
Quarterly Income Statements
Restatement to Reflect the Intended Disposition of the Home Décor Europe Business
July 26, 2006


2004	Q1									Q2									Q3									Q4									Full Year
				Charges			Excluding						Charges			Excluding						Charges			Excluding						Charges			Excluding						Charges			Excluding
	Reported			(1)			Charges			Reported			(1)			Charges			Reported			(1)			Charges			Reported			(1)			Charges			Reported			(1)			Charges

Net Sales		1,338.3			—			1,338.3			1,562.7			—			1,562.7			1,499.5			—			1,499.5			1,613.0			—			1,613.0			6,013.5			—			6,013.5
GROSS MARGIN		362.0			3.2			365.2			451.1			7.3			458.4			428.6			—			428.6			480.4			—			480.4			1,722.1			10.5			1,732.6
SG&A		(263.4	)		—			(263.4	)		(287.8	)		1.5			(286.3	)		(268.8	)		—			(268.8	)		(285.4	)		—			(285.4	)		(1,105.4	)		1.5			(1,103.9	)
Impairment		—			—			—			(19.4	)		19.4			—			(244.6	)		244.6			—			—			—			—			(264.0	)		264.0			—
Restructuring		(15.5	)		15.5			—			(11.9	)		11.9			—			(0.4	)		0.4			—			(6.3	)		6.3			—			(34.1	)		34.1			—
OPERATING INCOME		83.0			19.0			102.0			132.0			40.0			172.0			(85.2	)		245.0			159.8			188.8			6.3			195.1			318.6			310.3			628.9
Non Operating Expense		(33.3	)		—			(33.3	)		(31.1	)		—			(31.1	)		(29.2	)		—			(29.2	)		(22.9	)		—			(22.9	)		(116.5	)		—			(116.5	)
Income Taxes		(15.7	)		(8.7	)		(24.4	)		(12.7	)		(16.6	)		(29.3	)		(22.2	)		(16.1	)		(38.3	)		(46.6	)		(1.3	)		(47.9	)		(97.1	)		(42.7	)		(139.9	)

Income from Continuing Operations		34.0			10.3			44.3			88.2			23.4			111.6			(136.6	)		228.9			92.3			119.3			5.0			124.3			105.0			267.6			372.5

Discontinued Operations		(108.9	)		108.9			—			(27.2	)		27.2			—			(89.8	)		89.8			—			4.8			(4.8	)		—			(221.1	)		221.1			—

NET (LOSS) INCOME		(74.9	)		119.2			44.3			61.0			50.6			111.6			(226.4	)		318.7			92.3			124.1			0.2			124.3			(116.1	)		488.7			372.5


EARNINGS (LOSS) PER SHARE FROM CONTINUING OPERATIONS:
Basic	$	0.12		$	0.04		$	0.16		$	0.32		$	0.09		$	0.41		$	(0.50	)	$	0.83		$	0.34		$	0.43		$	0.02		$	0.45		$	0.38		$	0.97		$	1.36
Diluted	$	0.12		$	0.04		$	0.16		$	0.32		$	0.09		$	0.41		$	(0.50	)	$	0.83		$	0.34		$	0.43		$	0.02		$	0.45		$	0.38		$	0.97		$	1.36

LOSS PER SHARE FROM DISCONTINUED OPERATIONS:
Basic	$	(0.40	)	$	0.40		$	—		$	(0.10	)	$	0.10		$	—		$	(0.33	)	$	0.33		$	—		$	0.02		$	(0.02	)	$	—		$	(0.81	)	$	0.81		$	—
Diluted	$	(0.40	)	$	0.40		$	—		$	(0.10	)	$	0.10		$	—		$	(0.33	)	$	0.33		$	—		$	0.02		$	(0.02	)	$	—		$	(0.80	)	$	0.80		$	—

(LOSS) EARNINGS PER SHARE:
Basic	$	(0.27	)	$	0.43		$	0.16		$	0.22		$	0.18		$	0.41		$	(0.83	)	$	1.16		$	0.34		$	0.45		$	0.00		$	0.45		$	(0.42	)	$	1.78		$	1.36
Diluted	$	(0.27	)	$	0.43		$	0.16		$	0.22		$	0.18		$	0.41		$	(0.83	)	$	1.16		$	0.34		$	0.45		$	0.00		$	0.45		$	(0.42	)	$	1.78		$	1.36

Average shares outstanding:
Basic		274.4			274.4			274.4			274.4			274.4			274.4			274.4			274.4			274.4			274.4			274.4			274.4			274.4			274.4			274.4
Diluted		274.5			274.5			274.5			274.5			274.5			274.5			274.4			274.4			274.4			283.5			283.5			283.5			274.7			274.7			274.7

(1) Charges are primarily related to restructuring, asset impairment, product line exits, acquisitions and divestitures

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Table of Contents

Table of Contents

Table of Contents