Document And Entity Information
Document And Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2019 | Nov. 12, 2019 | Mar. 31, 2019 | |
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Sep. 30, 2019 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2019 | ||
Entity Registrant Name | Spectrum Brands Holdings, Inc. | ||
Entity Central Index Key | 0000109177 | ||
Entity File Number | 1-4219 | ||
Entity Address, Address Line One | 3001 Deming Way | ||
Entity Address, City or Town | Middleton | ||
Entity Address, State or Province | WI | ||
Entity Address, Postal Zip Code | 53562 | ||
City Area Code | 608 | ||
Local Phone Number | 275-3340 | ||
Entity Tax Identification Number | 741339132 | ||
Current Fiscal Year End Date | --09-30 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 2,439 | ||
Entity Common Stock, Shares Outstanding | 48,824,126 | ||
SB/RH [Member] | |||
Entity Registrant Name | SB/RH Holdings, LLC | ||
Entity File Number | 333-192634-03 | ||
Entity Tax Identification Number | 272812840 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false |
Consolidated Statements Of Fina
Consolidated Statements Of Financial Position - USD ($) $ in Millions | Sep. 30, 2019 | Sep. 30, 2018 |
Assets | ||
Cash and cash equivalents | $ 627.1 | $ 552.5 |
Trade receivables, net | 356.7 | 317.1 |
Other receivables | 74.2 | 51.7 |
Inventories | 548.4 | 583.6 |
Prepaid expenses and other current assets | 53.5 | 63.2 |
Current assets of business held for sale | 2,402.6 | |
Total current assets | 1,659.9 | 3,970.7 |
Property, plant and equipment, net | 452.9 | 500 |
Investments | 230.8 | |
Deferred charges and other | 51.7 | 231.8 |
Goodwill | 1,328.1 | 1,454.7 |
Intangible assets, net | 1,507.1 | 1,641.8 |
Total assets | 5,230.5 | 7,799 |
Liabilities and Shareholders' Equity | ||
Current portion of long-term debt | 136.9 | 26.9 |
Accounts payable | 456.8 | 584.7 |
Accrued wages and salaries | 72.1 | 55.1 |
Accrued interest | 29.3 | 65 |
Indemnification payable to Energizer | 230.8 | |
Other current liabilities | 216 | 159.4 |
Current liabilities of business held for sale | 537.6 | |
Total current liabilities | 1,141.9 | 1,428.7 |
Long-term debt, net of current portion | 2,214.4 | 4,624.3 |
Deferred income taxes | 55.9 | 35 |
Other long-term liabilities | 112 | 121.4 |
Total liabilities | 3,524.2 | 6,209.4 |
Commitments and contingencies (Note 19) | ||
Shareholders' equity | ||
Common stock | 0.5 | 0.5 |
Additional paid-in capital | 2,031.1 | 1,996.7 |
Accumulated earnings (deficit) | 201.2 | (180.1) |
Accumulated other comprehensive loss, net of tax | (273.6) | (235.8) |
Treasury stock | (260.9) | |
Total shareholders' equity | 1,698.3 | 1,581.3 |
Noncontrolling interest | 8 | 8.3 |
Total equity | 1,706.3 | 1,589.6 |
Total liabilities and equity | 5,230.5 | 7,799 |
SB/RH [Member] | ||
Assets | ||
Cash and cash equivalents | 621.9 | 505.4 |
Trade receivables, net | 356.7 | 317.1 |
Other receivables | 140.1 | 95.1 |
Inventories | 548.4 | 583.6 |
Prepaid expenses and other current assets | 53.5 | 62.9 |
Current assets of business held for sale | 2,402.6 | |
Total current assets | 1,720.6 | 3,966.7 |
Property, plant and equipment, net | 452.9 | 500 |
Investments | 230.8 | |
Deferred charges and other | 51.7 | 74.2 |
Goodwill | 1,328.1 | 1,454.7 |
Intangible assets, net | 1,507.1 | 1,641.8 |
Total assets | 5,291.2 | 7,637.4 |
Liabilities and Shareholders' Equity | ||
Current portion of long-term debt | 136.9 | 546.9 |
Accounts payable | 463.8 | 584.7 |
Accrued wages and salaries | 72 | 55.4 |
Accrued interest | 29.3 | 55 |
Indemnification payable to Energizer | 230.8 | |
Income tax payable | 240.5 | 15.5 |
Other current liabilities | 182.7 | 136.8 |
Current liabilities of business held for sale | 537.6 | |
Total current liabilities | 1,356 | 1,931.9 |
Long-term debt, net of current portion | 2,139.1 | 3,686.4 |
Deferred income taxes | 272.2 | 287 |
Other long-term liabilities | 111.8 | 120.4 |
Total liabilities | 3,879.1 | 6,025.7 |
Commitments and contingencies (Note 19) | ||
Shareholders' equity | ||
Other capital | 2,113.3 | 2,073 |
Accumulated earnings (deficit) | (437.3) | (235.5) |
Accumulated other comprehensive loss, net of tax | (273.5) | (235.7) |
Total shareholders' equity | 1,402.5 | 1,601.8 |
Noncontrolling interest | 9.6 | 9.9 |
Total equity | 1,412.1 | 1,611.7 |
Total liabilities and equity | $ 5,291.2 | $ 7,637.4 |
Consolidated Statements Of Fi_2
Consolidated Statements Of Financial Position (Parenthetical) - $ / shares | Sep. 30, 2019 | Sep. 30, 2018 |
Consolidated Statements Of Financial Position [Abstract] | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 53,600,000 | 53,400,000 |
Treasury stock, shares | 4,800,000 | 0 |
Consolidated Statements Of Inco
Consolidated Statements Of Income - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Net sales | $ 3,802.1 | $ 3,808.7 | $ 3,705.4 |
Investment income | 1.1 | ||
Revenue | 3,802.1 | 3,808.7 | 3,706.5 |
Cost of goods sold | 2,492.4 | 2,470.8 | 2,369.6 |
Restructuring and related charges | 2.8 | 3.6 | 0.5 |
Gross profit | 1,306.9 | 1,334.3 | 1,336.4 |
Selling | 600.5 | 607.2 | 578.1 |
General and administrative | 354.6 | 335.8 | 355.2 |
Research and development | 43.5 | 44.6 | 44.6 |
Restructuring and related charges | 62.9 | 72 | 37 |
Transaction related charges | 21.8 | 30.2 | 17.7 |
Write-off from impairment of goodwill | 116 | ||
Write-off from impairment of intangible assets | 35.4 | 20.3 | 16.3 |
Total operating expenses | 1,234.7 | 1,110.1 | 1,048.9 |
Operating income | 72.2 | 224.2 | 287.5 |
Interest expense | 222.1 | 264 | 310.4 |
Other non-operating expense (income), net | 43.9 | (4.1) | 5 |
(Loss) income from continuing operations before income taxes | (193.8) | (35.7) | (27.9) |
Income tax (benefit) expense | (7.1) | (462.7) | (11.8) |
Net (loss) income from continuing operations | (186.7) | 427 | (16.1) |
Income (loss) from discontinued operations, net of tax | 659.9 | 445 | 289.3 |
Net (loss) income | 473.2 | 872 | 273.2 |
Net income attributable to non-controlling interest | 1.3 | 103.7 | 167.2 |
Net income attributable to controlling interest | 471.9 | 768.3 | 106 |
Amounts attributable to controlling interest | |||
Net (loss) income from continuing operations attributable to controlling interest | (188) | 356.5 | (90.6) |
Net (loss) income from discontinued operations attributable to controlling interest | $ 659.9 | $ 411.8 | $ 196.6 |
Earnings Per Share | |||
Basic earnings per share from continuing operations | $ (3.71) | $ 9.64 | $ (2.81) |
Basic earnings per share from discontinued operations | 13.02 | 11.15 | 6.10 |
Basic earnings per share | 9.31 | 20.79 | 3.29 |
Diluted earnings per share from continuing operations | (3.71) | 9.62 | (2.81) |
Diluted earnings per share from discontinued operations | 13.02 | 11.12 | 6.10 |
Diluted earnings per share | 9.31 | 20.74 | $ 3.29 |
Dividend per share | $ 1.68 | $ 0.42 | |
Weighted Average Shares Outstanding | |||
Basic | 50.7 | 36.9 | 32.2 |
Diluted | 50.7 | 37 | 32.2 |
SB/RH [Member] | |||
Net sales | $ 3,802.1 | $ 3,808.7 | $ 3,705.4 |
Cost of goods sold | 2,492.4 | 2,470.8 | 2,369.6 |
Restructuring and related charges | 2.8 | 3.6 | 0.5 |
Gross profit | 1,306.9 | 1,334.3 | 1,335.3 |
Selling | 600.5 | 607.2 | 578 |
General and administrative | 349.8 | 257.7 | 300.5 |
Research and development | 43.5 | 44.6 | 44.6 |
Restructuring and related charges | 62.9 | 72 | 37 |
Transaction related charges | 21.8 | 30.2 | 17.7 |
Write-off from impairment of goodwill | 116 | ||
Write-off from impairment of intangible assets | 35.4 | 20.3 | 16.3 |
Total operating expenses | 1,229.9 | 1,032 | 994.1 |
Operating income | 77 | 302.3 | 341.2 |
Interest expense | 162 | 167 | 161.8 |
Other non-operating expense (income), net | 44.2 | 5.2 | 5.8 |
(Loss) income from continuing operations before income taxes | (129.2) | 130.1 | 173.6 |
Income tax (benefit) expense | 10.7 | (76.8) | (8.6) |
Net (loss) income from continuing operations | (139.9) | 206.9 | 182.2 |
Income (loss) from discontinued operations, net of tax | 659.9 | (24) | 119 |
Net (loss) income | 520 | 182.9 | 301.2 |
Net income attributable to non-controlling interest | 1.3 | 1.4 | 1.3 |
Net income attributable to controlling interest | 518.7 | 181.5 | 299.9 |
Amounts attributable to controlling interest | |||
Net (loss) income from continuing operations attributable to controlling interest | (141.2) | 205.5 | 180.9 |
Net (loss) income from discontinued operations attributable to controlling interest | $ 659.9 | $ (24) | $ 119 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Net income | $ 473.2 | $ 872 | $ 273.2 |
Other comprehensive income (loss) | |||
Foreign currency translation loss | (60.6) | (52) | 32 |
Deferred tax effect | (4.7) | 7.9 | (3.1) |
Deferred tax valuation allowance | (0.2) | 0.2 | |
Net unrealized (loss) gain on foreign currency translation | (65.3) | (44.3) | 29.1 |
Unrealized gain (loss) on derivative instruments | |||
Unrealized gain (loss) on hedging activity before reclassification | 42.4 | 16.4 | (31.6) |
Net reclassification for (gain) loss to income from continuing operations | (11.1) | 8.5 | (5.7) |
Net reclassification for loss (gain) to income from discontinued operations | 0.5 | (1.6) | (5.1) |
Unrealized gain (loss) on hedging instruments after reclassification | 31.8 | 23.3 | (42.4) |
Deferred tax effect | (5.4) | (7.1) | 13.3 |
Net unrealized gain (loss) on hedging derivative instruments | 26.4 | 16.2 | (29.1) |
Defined benefit pension (loss) gain | |||
Defined benefit pension (loss) gain before reclassification | (27.6) | (3) | 23.5 |
Net reclassification for loss to income from continuing operations | 2 | 4.6 | 4.3 |
Net reclassification for loss to income from discontinued operations | 0.2 | 0.7 | 1.2 |
Defined benefit pension (loss) gain after reclassification | (25.4) | 2.3 | 29 |
Deferred tax effect | 4.1 | 1.5 | (8.5) |
Net defined benefit pension (loss) gain | (21.3) | 3.8 | 20.5 |
Unrealized investment gain | |||
Unrealized investment gain before reclassification | 26 | 176.5 | |
Net reclassification for (gain) loss to income from discontinued operations | (6.3) | 17.9 | |
Unrealized gain on investments after reclassification | 19.7 | 194.4 | |
Adjustments to intangible assets | (0.9) | (40.3) | |
Deferred tax effect | (6.7) | (54.5) | |
Net unrealized gain on investments | 12.1 | 99.6 | |
Deconsolidation of discontinued operations | 21.9 | (445.9) | |
Net change to derive comprehensive (loss) income for the periods | (38.3) | (458.1) | 120.1 |
Comprehensive income (loss) | 434.9 | 413.9 | 393.3 |
Comprehensive income (loss) attributable to non-controlling interest | (0.5) | (2.8) | 195.2 |
Comprehensive income (loss) attributable to controlling interest | 435.4 | 416.7 | 198.1 |
SB/RH [Member] | |||
Net income | 520 | 182.9 | 301.2 |
Other comprehensive income (loss) | |||
Foreign currency translation loss | (60.6) | (52) | 32 |
Deferred tax effect | (4.7) | 7.9 | (3.1) |
Deferred tax valuation allowance | (0.2) | 0.2 | |
Net unrealized (loss) gain on foreign currency translation | (65.3) | (44.3) | 29.1 |
Unrealized gain (loss) on derivative instruments | |||
Unrealized gain (loss) on hedging activity before reclassification | 42.4 | 16.4 | (31.6) |
Net reclassification for (gain) loss to income from continuing operations | (11.1) | 8.5 | (5.7) |
Net reclassification for loss (gain) to income from discontinued operations | 0.5 | (1.6) | (5.1) |
Unrealized gain (loss) on hedging instruments after reclassification | 31.8 | 23.3 | (42.4) |
Deferred tax effect | (5.4) | (7.1) | 13.3 |
Net unrealized gain (loss) on hedging derivative instruments | 26.4 | 16.2 | (29.1) |
Defined benefit pension (loss) gain | |||
Defined benefit pension (loss) gain before reclassification | (27.6) | (3) | 22.6 |
Net reclassification for loss to income from continuing operations | 2 | 2.5 | 4.3 |
Net reclassification for loss to income from discontinued operations | 0.2 | 0.7 | 1.2 |
Defined benefit pension (loss) gain after reclassification | (25.4) | 0.2 | 28.1 |
Deferred tax effect | 4.1 | 1.5 | (8.5) |
Net defined benefit pension (loss) gain | (21.3) | 1.7 | 19.6 |
Unrealized investment gain | |||
Deconsolidation of discontinued operations | 21.9 | ||
Net change to derive comprehensive (loss) income for the periods | (38.3) | (26.4) | 19.6 |
Comprehensive income (loss) | 481.7 | 156.5 | 320.8 |
Comprehensive income (loss) attributable to non-controlling interest | (0.5) | (0.3) | (0.2) |
Comprehensive income (loss) attributable to controlling interest | $ 482.2 | $ 156.8 | $ 321 |
Consolidated Statements Of Shar
Consolidated Statements Of Shareholder's Equity - USD ($) shares in Millions, $ in Millions | SB/RH [Member]Other Capital [Member] | SB/RH [Member]Accumulated Earnings (Deficit) [Member] | SB/RH [Member]Accumulated Other Comprehensive (Loss) Income [Member] | SB/RH [Member]Total Shareholders' Equity [Member] | SB/RH [Member]Non-controlling Interest [Member] | SB/RH [Member] | Common Stock Outstanding [Member] | Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Earnings (Deficit) [Member] | Accumulated Other Comprehensive (Loss) Income [Member] | Treasury Stock [Member] | Total Shareholders' Equity [Member] | Non-controlling Interest [Member] | Total |
Balances at Sep. 30, 2016 | $ 2,000.9 | $ 8.1 | $ (229.4) | $ 1,779.6 | $ 49.8 | $ 1,829.4 | $ 2 | $ 1,447.1 | $ (1,031.9) | $ 220.9 | $ 638.1 | $ 1,179.1 | $ 1,817.2 | ||
Balances, shares at Sep. 30, 2016 | 200.8 | ||||||||||||||
Net (loss) income from continuing operations | 180.9 | 180.9 | 1.3 | 182.2 | (90.6) | (90.6) | 74.5 | (16.1) | |||||||
Income (loss) from discontinued operations, net of tax | 119 | 119 | 119 | 196.6 | 196.6 | 92.7 | 289.3 | ||||||||
Other comprehensive income (loss), net of tax | 19.8 | 19.8 | (0.2) | 19.6 | 92.1 | 92.1 | 28 | 120.1 | |||||||
Purchase of subsidiary stock | 29.6 | 29.6 | (42.1) | (12.5) | (113.2) | (4) | (117.2) | (136) | (253.2) | ||||||
Exercise of stock options | 6.5 | 6.5 | 6.5 | ||||||||||||
Exercise of stock options, shares | 0.7 | ||||||||||||||
Restricted stock issued and related tax withholdings | 12.2 | 12.2 | 12.2 | (30.4) | (30.4) | (10.4) | (40.8) | ||||||||
Restricted stock issued and related tax withholdings, shares | (0.9) | ||||||||||||||
Share based compensation | 36.3 | 36.3 | 36.3 | 49 | 49 | 30.6 | 79.6 | ||||||||
Purchase of NCI by subsidiary | 13.9 | 13.9 | (26.4) | (12.5) | |||||||||||
Dividend paid by subsidiary to NCI | (350.8) | (350.8) | (350.8) | (43.2) | (43.2) | ||||||||||
Balances at Sep. 30, 2017 | 2,079 | (42.8) | (209.6) | 1,826.6 | 8.8 | 1,835.4 | $ 2 | 1,372.9 | (925.9) | 309 | 758 | 1,188.9 | 1,946.9 | ||
Balances, shares at Sep. 30, 2017 | 200.6 | ||||||||||||||
Net (loss) income from continuing operations | 205.5 | 205.5 | 1.4 | 206.9 | 356.5 | 356.5 | 70.5 | 427 | |||||||
Income (loss) from discontinued operations, net of tax | (24) | (24) | (24) | 411.8 | 411.8 | 33.2 | 445 | ||||||||
Other comprehensive income (loss), net of tax | (26.1) | (26.1) | (0.3) | (26.4) | (9.4) | (9.4) | (2.8) | (12.2) | |||||||
Sale and decconsolidation of HRG - Insurance Operations | (445.9) | (445.9) | (446.4) | (892.3) | |||||||||||
Purchase of subsidiary stock | (117.3) | (5.7) | (123) | (165) | (288) | ||||||||||
Excess of stock options and warrants | 20.7 | 20.7 | 20.7 | ||||||||||||
Excess of stock options and warrants, shares | 2.6 | ||||||||||||||
Restricted stock issued and related tax withholdings | (5) | (5) | (5) | (6.7) | (6.7) | (2.7) | (9.4) | ||||||||
Share based compensation | (1) | (1) | (1) | 3.7 | 3.7 | (0.4) | 3.3 | ||||||||
Dividends paid | (22.5) | (22.5) | (22.5) | ||||||||||||
Dividend paid by subsidiary to NCI | (374.2) | (374.2) | (374.2) | (28.6) | (28.6) | ||||||||||
Reverse stock split adjustment | $ (1.7) | 1.7 | |||||||||||||
Reverse stock split adjustment, shares | (170.4) | ||||||||||||||
Spectrum Merger share exchange | $ 0.2 | 721.7 | (83.8) | 638.1 | (638.4) | (0.3) | |||||||||
Spectrum Merger share exchange, shares | 20.6 | ||||||||||||||
Balances at Sep. 30, 2018 | 2,073 | (235.5) | (235.7) | 1,601.8 | 9.9 | 1,611.7 | $ 0.5 | 1,996.7 | (180.1) | (235.8) | 1,581.3 | 8.3 | 1,589.6 | ||
Balances, shares at Sep. 30, 2018 | 53.4 | ||||||||||||||
Net (loss) income from continuing operations | (141.2) | (141.2) | 1.3 | (139.9) | (188) | (188) | 1.3 | (186.7) | |||||||
Income (loss) from discontinued operations, net of tax | 659.9 | 659.9 | 659.9 | 659.9 | 659.9 | 659.9 | |||||||||
Sale and decconsolidation of discontinued operations | 21.9 | 21.9 | 21.9 | 21.9 | 21.9 | 21.9 | |||||||||
Other comprehensive income (loss), net of tax | (59.7) | (59.7) | (0.5) | (60.2) | (59.7) | (59.7) | (0.5) | (60.2) | |||||||
Treasury stock repurchases | $ (268.5) | (268.5) | (268.5) | ||||||||||||
Treasury stock repurchases, shares | (4.9) | ||||||||||||||
Restricted stock issued and related tax withholdings | 9.6 | 9.6 | 9.6 | $ 0.3 | 2.1 | (0.2) | 7.6 | 9.5 | 9.5 | ||||||
Share based compensation | 30.7 | 30.7 | 30.7 | 32.3 | 32.3 | 32.3 | |||||||||
Dividends paid | (717.4) | (717.4) | (717.4) | (87.3) | (87.3) | (87.3) | |||||||||
Dividend paid by subsidiary to NCI | (1.1) | (1.1) | (1.1) | (1.1) | |||||||||||
Balances at Sep. 30, 2019 | $ 2,113.3 | (437.3) | $ (273.5) | 1,402.5 | $ 9.6 | 1,412.1 | $ 0.5 | $ 2,031.1 | 201.2 | $ (273.6) | $ (260.9) | 1,698.3 | $ 8 | 1,706.3 | |
Balances, shares at Sep. 30, 2019 | 48.8 | ||||||||||||||
Cumulative adjustment for adoption of new accounting standards (Note 2) | $ (3.1) | $ (3.1) | $ (3.1) | $ (3.1) | $ (3.1) | $ (3.1) |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Cash flows from operating activities | |||
Net (loss) income | $ 473.2 | $ 872 | $ 273.2 |
Income (loss) from discontinued operations, net of tax | 659.9 | 445 | 289.3 |
Net (loss) income from continuing operations | (186.7) | 427 | (16.1) |
Adjustments to reconcile net (loss) income to net cash from operating activities: | |||
Depreciation and amortization | 180.8 | 125.3 | 147.3 |
Share based compensation | 49.2 | 11.9 | 54.2 |
Unrealized loss on investments | 12.1 | ||
Write-off from impairment of goodwill | 116 | ||
Write-off from impairment of intangible assets | 35.4 | 20.3 | 16.3 |
Amortization of debt issuance costs and debt discount | 9.9 | 19.6 | 17.4 |
Write-off of unamortized discount and debt issuance costs | 38.3 | 2.6 | |
Purchase accounting inventory adjustment | 0.8 | 3.3 | |
GPC safety recall inventory write-off | 4.1 | 15 | |
Dividends from subsidiaries classified as discontinued operations | 3.1 | 12.2 | |
Deferred tax benefit | (6.5) | (556.5) | (32.5) |
Net changes in operating assets and liabilities | |||
Receivables | (70.6) | 21.4 | (28.8) |
Inventories | 26.7 | (9.2) | (24.5) |
Prepaid expenses and other current assets | (3.1) | 22.3 | (7.9) |
Accounts payable and accrued liabilities | (161.3) | 65.7 | 148.9 |
Other | 43.3 | (38.7) | (31.3) |
Net cash provided by operating activities from continuing operations | 83.5 | 117.1 | 276.1 |
Net cash (used) provided by operating activities from discontinued operations | (82.4) | 226.2 | 564.1 |
Net cash provided (used) by operating activities | 1.1 | 343.3 | 840.2 |
Cash flows from investing activities | |||
Purchases of property, plant and equipment | (58.4) | (75.9) | (81.8) |
Proceeds from disposal of property, plant and equipment | 2.1 | 4.2 | 4.6 |
Proceeds from sale of discontinued operations, net of cash | 2,859.5 | 1,546.8 | |
Business acquisitions, net of cash acquired | (289.4) | ||
Net asset based on repayments | 30.9 | ||
Other investing activity | (0.3) | (0.5) | (2.8) |
Net cash provided (used) by investing activities from continuing operations | 2,802.9 | 1,474.6 | (338.5) |
Net cash used by investing activities from discontinued operations | (5.3) | (201.9) | (1,248.7) |
Net cash provided (used) by investing activities | 2,797.6 | 1,272.7 | (1,587.2) |
Cash flows from financing activities | |||
Payment of debt, including premium on extinguishment | (2,649.9) | (1,075.9) | (257.7) |
Proceeds from issuance of debt | 300 | 19.6 | 315.6 |
Payment of debt issuance costs | (4.1) | (0.4) | (7) |
Treasury stock purchases | (268.5) | ||
Purchases of subsidiary stock, net | (288) | (252.5) | |
Dividends paid to shareholders | (85.5) | (22.4) | |
Dividends paid by subsidiary to non-controlling interest | (1.1) | (28.6) | (39.9) |
Purchase of non-controlling interest | (12.6) | ||
Share based award tax withholding payments, net of proceeds upon vesting | (4.4) | (24.3) | (40.8) |
Payment of contingent consideration | (8.9) | (6.4) | |
Other financing activities, net | 20.7 | 6.5 | |
Net cash (used) provided by financing activities from continuing operations | (2,722.4) | (1,405.7) | (288.4) |
Net cash (used) provided by financing activities from discontinued operations | (2.2) | 110.4 | 871.4 |
Net cash (used) provided by financing activities | (2,724.6) | (1,295.3) | 583 |
Effect of exchange rate changes on cash and cash equivalents on Venezuela devaluation | (0.4) | ||
Effect of exchange rate changes on cash and cash equivalents | (8.4) | (7) | 3.1 |
Net change in cash, cash equivalents and restricted cash | 65.7 | 313.7 | (161.3) |
Net change in cash, cash equivalents and restricted cash in discontinued operations | 37.7 | 18.5 | |
Net change in cash, cash equivalents and restricted cash in continuing operations | 65.7 | 276 | (179.8) |
Cash, cash equivalents, and restricted cash, beginning of period | 561.4 | 285.4 | 465.2 |
Cash, cash equivalents, and restricted cash, end of period | 627.1 | 561.4 | 285.4 |
Supplemental disclsoure of cash flow information | |||
Cash paid for interest | 208.1 | 314.1 | 323.5 |
Cash paid for taxes | 53.9 | 53.8 | 37.5 |
Non cash investing activities | |||
Acquisition of property, plant and equipment through capital leases | 3.5 | 4.5 | 106 |
Non cash financing activities | |||
Issuance of shares through stock compensation plan | 30.8 | 63.7 | 54.5 |
SB/RH [Member] | |||
Cash flows from operating activities | |||
Net (loss) income | 520 | 182.9 | 301.2 |
Income (loss) from discontinued operations, net of tax | 659.9 | (24) | 119 |
Net (loss) income from continuing operations | (139.9) | 206.9 | 182.2 |
Adjustments to reconcile net (loss) income to net cash from operating activities: | |||
Depreciation and amortization | 180.8 | 124.6 | 146.8 |
Share based compensation | 47.6 | 8.8 | 46.2 |
Unrealized loss on investments | 12.1 | ||
Write-off from impairment of goodwill | 116 | ||
Write-off from impairment of intangible assets | 35.4 | 20.3 | 16.3 |
Amortization of debt issuance costs and debt discount | 6.4 | 8.9 | 8 |
Write-off of unamortized discount and debt issuance costs | 14.4 | 2.5 | |
Purchase accounting inventory adjustment | 0.8 | 3.3 | |
GPC safety recall inventory write-off | 4.1 | 15 | |
Deferred tax benefit | 11.3 | (170.9) | (26.6) |
Net changes in operating assets and liabilities | |||
Receivables | (92.9) | (29.7) | (28.8) |
Inventories | 26.7 | (9.2) | (24.5) |
Prepaid expenses and other current assets | (3.5) | 22.3 | (7.2) |
Accounts payable and accrued liabilities | (156.6) | 69.5 | 140.4 |
Other | 39.4 | (32.7) | (29.6) |
Net cash provided by operating activities from continuing operations | 97.2 | 223.7 | 444 |
Net cash (used) provided by operating activities from discontinued operations | (82.4) | 128.8 | 203.6 |
Net cash provided (used) by operating activities | 14.8 | 352.5 | 647.6 |
Cash flows from investing activities | |||
Purchases of property, plant and equipment | (58.4) | (75.9) | (81.8) |
Proceeds from disposal of property, plant and equipment | 2.1 | 4.2 | 4.6 |
Proceeds from sale of discontinued operations, net of cash | 2,859.5 | ||
Business acquisitions, net of cash acquired | (289.4) | ||
Other investing activity | (0.3) | (0.5) | (2.8) |
Net cash provided (used) by investing activities from continuing operations | 2,802.9 | (72.2) | (369.4) |
Net cash used by investing activities from discontinued operations | (5.3) | (27) | (31.9) |
Net cash provided (used) by investing activities | 2,797.6 | (99.2) | (401.3) |
Cash flows from financing activities | |||
Payment of debt, including premium on extinguishment | (2,262.7) | (69.3) | (229.2) |
Proceeds from issuance of debt | 300 | 539.6 | 265.6 |
Payment of debt issuance costs | (4.1) | (0.4) | (5.9) |
Payment of cash dividends to parent | (717.4) | (374.2) | (350.8) |
Dividends paid by subsidiary to non-controlling interest | (1.1) | ||
Purchase of non-controlling interest | (12.6) | ||
Other financing activities, net | (8.9) | (6.4) | |
Net cash (used) provided by financing activities from continuing operations | (2,694.2) | 89.3 | (332.9) |
Net cash (used) provided by financing activities from discontinued operations | (2.2) | (4.8) | (3.4) |
Net cash (used) provided by financing activities | (2,696.4) | 84.5 | (336.3) |
Effect of exchange rate changes on cash and cash equivalents on Venezuela devaluation | (0.4) | ||
Effect of exchange rate changes on cash and cash equivalents | (8.4) | (7) | 3.1 |
Net change in cash, cash equivalents and restricted cash | 107.6 | 330.8 | (87.3) |
Cash, cash equivalents, and restricted cash, beginning of period | 514.3 | 183.5 | 270.8 |
Cash, cash equivalents, and restricted cash, end of period | 621.9 | 514.3 | 183.5 |
Supplemental disclsoure of cash flow information | |||
Cash paid for interest | 179.9 | 208.4 | 184.9 |
Cash paid for taxes | 53.9 | 53.8 | 37.5 |
Non cash investing activities | |||
Acquisition of property, plant and equipment through capital leases | $ 3.5 | $ 4.5 | $ 106 |
Description Of Business
Description Of Business | 12 Months Ended |
Sep. 30, 2019 | |
Description Of Business [Abstract] | |
Description Of Business | NOTE 1 - DESCRIPTION OF BU SINESS The Company is a diversified global branded consumer products company. We manage the businesses in four vertically integrated, product-focused segments: (i) Hardware & Home Improvement (“HHI”), (ii) Home and Personal Care (“HPC”), (iii) Global Pet Care (“GPC”), and (iv) Home and Garden (“H&G”). The Company manufactures, markets and/or distributes its products globally in the North America (“NA”), Europe, Middle East & Africa (“EMEA”), Latin America (“LATAM”) and Asia-Pacific (“APAC”) regions through a variety of trade channels, including retailers, wholesalers and distributors, original equipment manufacturers (“OEMs”), and construction companies. We enjoy strong name recognition in our regions under our various brands and patented technologies across multiple product categories. Global and geographic strategic initiatives and financial objectives are determined at the corporate level. Each segment is responsible for implementing defined strategic initiatives and achieving certain financial objectives and has a president or general manager responsible for sales and marketing initiatives and the financial results for all product lines within that segment. See Note 20 – Segment Information for more information pertaining to segments of continuing operations. The following is an overview of the consolidated business, by segment, summarizing product types and brands: Segment Products Brands HHI Security: Residential locksets and door hardware including knobs, levers, deadbolts, handle sets, including electronic and connected locks. Plumbing & Accessories: Kitchen and bath faucets and accessories. Builders' Hardware: Hinges, metal shapes, security hardware, track and sliding door hardware, gate hardware. Security: Kwikset®, Weiser®, Baldwin®, Tell Manufacturing®, and EZSET® Plumbing & Accessories: Pfister® Builders' Hardware: National Hardware®, FANAL® HPC Home Appliances: Small kitchen appliances including toaster ovens, coffeemakers, slow cookers, blenders, hand mixers, grills, food processors, juicers, toasters, breadmakers, and irons. Personal Care: Hair dryers, flat irons and straighteners, rotary and foil electric shavers, personal groomers, mustache and beard trimmers, body groomers, nose and ear trimmers, women's shavers, haircut kits and intense pulsed light hair removal systems. Home Appliances: Black & Decker®, Russell Hobbs®, George Foreman®, Toastmaster®, Juiceman®, Farberware®, and Breadman® Personal Care: Remington®, and LumaBella® GPC Companion Animal: Rawhide chews, dog and cat clean-up, training, health and grooming products, small animal food and care products, rawhide-free dog treats, and wet and dry pet food for dogs and cats. Aquatics: Consumer and commercial aquarium kits, stand-alone tanks; aquatics equipment such as filtration systems, heaters and pumps; and aquatics consumables such as fish food, water management and care Companion Animal: 8IN1® (8-in-1), Dingo®, Nature's Miracle®, Wild Harvest™, Littermaid®, Jungle®, Excel®, FURminator®, IAMS® (Europe only), Eukanuba® (Europe only), Healthy-Hide®, DreamBone®, SmartBones®, ProSense®, Perfect Coat®, eCOTRITION®, Birdola® and Digest-eeze®. Aquatics: Tetra®, Marineland®, Whisper®, Instant Ocean®, and GloFish® H&G Household: Household pest control solutions such as spider and scorpion killers; ant and roach killers; flying insect killers; insect foggers; wasp and hornet killers; and bedbug, flea and tick control products. Controls: Outdoor insect and weed control solutions, and animal repellents such as aerosols, granules, and ready-to-use sprays or hose-end ready-to-sprays. Repellents: Personal use pesticides and insect repellent products, including aerosols, lotions, pump sprays and wipes, yard sprays and citronella candles. Household: Hot Shot®, Black Flag®, Real-Kill®, Ultra Kill®, The Ant Trap® (TAT), and Rid-A-Bug®. Controls: Spectracide®, Garden Safe®, Liquid Fence®, and EcoLogic®. Repellents: Cutter® and Repel®. SB/RH is a wholly owned subsidiary of Spectrum and ultimately, SBH. Spectrum Brands, Inc. (“SBI”), a wholly-owned subsidiary of SB/RH incurred certain debt guaranteed by SB/RH and domestic subsidiaries of SBI. See Note 12 - Debt for more information pertaining to debt. The reportable segments of SB/RH are consistent with the segments of SBH. Divestitures The Company sold its Global Batteries and Lighting (“GBL”) business and Global Auto Care (“GAC”) business to Energizer Holdings, Inc. (“Energizer”) on January 2, 2019 and January 28, 2019, respectively. As a result, the Company’s assets and liabilities associated with GBL and GAC have been classified as held for sale in the accompanying Consolidated Statements of Financial Position and the respective operations have been classified as discontinued operations in the accompanying Consolidated Statement of Income and Statements of Cash Flows. See Note 3 – Divestitures for more information. Spectrum Merger On July 13, 2018, the Company completed the planned Spectrum Merger. Prior to the Spectrum Merger, SBH was a holding company, doing business as HRG Group, Inc. (“HRG”) and conducting its operations principally through its majority owned subsidiary. Effective as of the date of the Spectrum Merger, management of the organization was assumed by its majority owned subsidiaries, Spectrum Brands Holdings, Inc. (subsequently renamed Spectrum Brands Legacy, Inc.) (“Spectrum Legacy”); resulting in HRG changing its name to SBH and changing the ticker symbol for its common stock traded on the New York Stock Exchange (“NYSE”) from the symbol “HRG” to “SPB”. See Note 4 – Acquisitions for more information pertaining to the Spectrum Merger. |
Significant Accounting Policies
Significant Accounting Policies And Practices | 12 Months Ended |
Sep. 30, 2019 | |
Significant Accounting Policies And Practices [Abstract] | |
Significant Accounting Policies And Practices | NOTE 2 - Significant Accounting Policies and Practices Principles of Consolidation and Fiscal Year End The consolidated financial statements include the financial statements of the Company and its majority owned subsidiaries and have been prepared in accordance with Accounting Principles Generally Accepted in the United States (“GAAP”). All intercompany transactions have been eliminated. The Company’s fiscal year ends September 30 and reports its results using fiscal quarters whereby each three month quarterly reporting period is approximately thirteen weeks in length and ends on a Sunday. The exceptions are the first quarter, which begins on October 1, and the fourth quarter, which ends on September 30. For the year ended September 30, 2019, the fiscal quarters were comprised of the three months ended December 30, 2018, March 31, 2019, June 30, 2019 and September 30, 2019. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Cash and Cash Equivalents The Company considers all highly liquid temporary instruments purchased with original maturities of three months or less from date of purchase to be cash equivalents. Receivables Trade accounts receivable are carried at net realizable value. The Company extends credit to its customers based upon an evaluation of the customer’s financial condition and credit history, but generally does not require collateral. The Company monitors its customers’ credit and financial condition based on changing economic conditions and will make adjustments to credit policies as required. Provisions for losses on uncollectible trade receivables are determined based on ongoing evaluations of the Company’s receivables, principally on the basis of historical collection experience and evaluations of the risks of nonpayment or return for a given customer. See Note 8 - Receivables for further detail. Inventories The Company’s inventories are valued at the lower of cost or net realizable value. Cost of inventories is determined using the first-in, first-out (FIFO) method. See Note 9 - Inventory for further detail. Property, Plant and Equipment Property, plant and equipment are recorded at cost. Depreciation is calculated on the straight-line basis over the estimated useful lives of the assets. Property, p lant and equipment held under capital leases are amortized on a straight-line basis over the shorter of the lease term or estimated useful life of the asset; such amortization is included in depreciation expense. The Company uses accelerated depreciation methods for income tax purposes. Useful lives for property, plant and equipment are as follows: Asset Type Range Buildings and improvements 20 - 40 years Machinery and equipment 2 - 15 years Expenditures which substantially increase value or extend useful lives are capitalized. Expenditures for maintenance and repairs are charged to operations as incurred. The Company records gains and losses on the disposition or retirement of property, plant and equipment based on the net book value and any proceeds received. Long-lived fixed assets held and used are reviewed for impairment when events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable. Circumstances such as the discontinuation of a product or product line, a sudden or consistent decline in the sales forecast for a product, changes in technology or in the way an asset is being used, a history of operating or cash flow losses or an adverse change in legal factors or in the business climate, among others, may trigger an impairment review. If such indicators are present, the Company performs undiscounted cash flow analyses to determine if impairment exists. The asset value would be deemed impaired if the undiscounted cash flows generated did not exceed the carrying value of the respective asset group. If impairment is determined to exist, any related impairment loss is calculated based on fair value. There were no triggering events identified during the year ended September 30, 2019 that necessitated an impairment test other than the recognition of an impairment on goodwill at HPC. There was no impairment loss recognized on property, plant and equipment. Assets to be disposed of are reported at the lower of the carrying amount or fair value less costs to sell. See Note 10 - Property, plant and equipment for further detail. Goodwill Goodwill reflects the excess of acquisition cost over the aggregate fair value assigned to identifiable net assets acquired. Goodwill is not amortized, but instead is assessed for impairment at least annually and as triggering events or indicators of potential impairment are identified. Goodwill has been assigned to reporting units for purposes of impairment testing based upon the relative fair value of the asset to each reporting unit. Our reporting units are consistent with our segments. See Note 20 - Segment Information for further discussion. The Company performs its annual impairment test in the fourth quarter of its fiscal year. The fair value of each reporting unit is compared to its carrying value, including goodwill. In estimating the fair value of our reporting units, we use a discounted cash flow methodology, which requires us to estimate future revenues, expenses, and capital expenditures and make assumptions about our weighted average cost of capital and perpetuity growth rate, among other variables. We test the aggregate estimated fair value of our reporting units by comparison to our total market capitalization, including both equity and debt capital. If the fair value of a reporting unit is less than its carrying value, an impairment loss would be recognized equal to that excess; however the loss recognized cannot exceed the total amount of goodwill allocated to that reporting unit. See Note 11 - Goodwill and Intangible Assets for further detail. NOTE 2 - Significant Accounting Policies and Practices ( continued ) Intangible Assets Intangible assets are recorded at cost or at estimated fair value if acquired in a business combination. Customer lists, proprietary technology and certain trade name intangibles are amortized, using the straight-line method, over their estimated useful lives. The range and weighted average useful lives for definite-lived intangibles assets are as follows: Asset Type Range Weighted Average Customer relationships 5 - 20 years 18.3 years Technology assets 5 - 18 years 13.6 years Tradenames 6 - 13 years 10.7 years Definite -lived intangible assets held and used are reviewed for impairment when events or changes in business circumstances indicate that the carrying amount of the assets may not be recoverable. If indicators of potential impairment are identified, the Company performs an undiscounted cash flow analysis to determine if impairment exists. The asset value would be deemed impaired if the undiscounted cash flows expected to be generated by the asset did not exceed the carrying value of the respective asset group. If impairment is determined to exist, any related impairment loss is calculated based on fair value. There were no triggering events identified during the year ended September 30, 2019 that necessitated an impairment test other than the recognition of an impairment on goodwill at HPC. There was no impairment loss recognized on definite-lived intangible assets. Certain trade name intangible assets have an indefinite life and are not amortized, but instead are assessed for impairment at least annually and as triggering events or indicators of potential impairment are identified. The Company performs its annual impairment test in the fourth quarter of its fiscal year. Impairment of indefinite lived intangible assets is assessed by comparing the estimated fair value of the identified trade names to their carrying value to determine if potential impairment exists. If the fair value is less than the carrying value, an impairment loss is recorded for the excess. The fair value of indefinite-lived intangible assets is determined using an income approach, the relief-from-royalty methodology, which requires us to make estimates and assumptions about future revenues, royalty rates, and the discount rate, among others. See Note 11 - Goodwill and Intangible Assets for further detail. Assets Held for Sale and Discontinued Operations The Company reports the results of operations of a business as discontinued operations if a disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results when the business is sold and classified as held for sale, in accordance with the criteria of Accounting Standard Codification (“ASC”) Topic 205 Presentation of Financial Statements and ASC Topic 360 Property, Plant and Equipment (“ASC 360”). Assets and liabilities of a business classified as held for sale are recorded at the lower of its carrying amount or estimated fair value less cost to sell. If the carrying amount of the business exceeds its estimated fair value less cost to sell, a loss is recognized. Assets and liabilities related to a business classified as held for sale are segregated in the current and prior balance sheets in the period in which the business is classified as held for sale. The results of discontinued operations are reported in Income From Discontinued Operations, Net of Tax in the accompanying Consolidated Statements of Income for the current and prior periods commencing in the period in which the business meets the criteria, and includes any gain or loss recognized on closing, or adjustment of the carrying amount to fair value less cost to sell. Transactions between the businesses held for sale and businesses held for use that are expected to continue to exist after the disposal are not eliminated to appropriately reflect the continuing operations and balances held for sale. If a business is classified as held for sale after the balance sheet date but before the financial statements are issued or are available to be issued, the business continues to be classified as held and used in those financial statements when issued or when available to be issued. Debt Issuance Costs Debt issuance costs are deferred and amortized to interest expense using the effective interest method over the lives of the related debt agreements. Debt issuance costs for SBH were $ 33.0 million and $ 57.6 million as of September 30, 2019 and 2018, respectively, and $ 31.5 and $ 45.5 million for SB/RH as of September 30, 2019 and 2018, respectively. Debt issuance costs are included in Long Term Debt, Net of Current Portion in the Consolidated Statements of Financial Position. Amortization of debt issuance costs is recognized as Interest Expense in the Consolidated Statements of Income. See Note 12 - Debt for further detail. Financial Instruments Derivative financial instruments are used by the Company principally in the management of its interest rate, foreign currency and raw material price exposures. The Company does not hold or issue derivative financial instruments for trading or speculative purposes. Derivative assets and liabilities are reported at fair value in the Consolidated Statements of Financial Position. When hedge accounting is elected at inception, the Company formally designates the financial instrument as a hedge of a specific underlying exposure and documents both the risk management objectives and strategies for undertaking the hedge. Depending on the nature of derivatives designated as hedging instruments, changes in fair value are either offset against the change in fair value of the hedged assets or liability through earnings, or recognized in equity through other comprehensive income until the hedged item is recognized. Any ineffective portion of a financial instrument’s change in fair value is recognized in earnings. For derivatives that do not qualify for hedge accounting treatment, the change in the fair value is recognized in earnings. See Note 14 - Derivatives for further detail. Treasury Stock Treasury stock purchases are stated at cost and presented as a separate reduction of equity. Noncontrolling Interest Noncontrolling interest recognized in the consolidated equity of the Company is the minority interest ownership in equity of a consolidated subsidiary that is not attributable, directly or indirectly, to the parent company, SBH; and recognized separate from shareholders’ equity in the Consolidated Statement of Financial Position. Income from a consolidated subsidiary with a minority interest ownership is allocated to the minority interest and considered attributable to the noncontrolling interest in the Consolidated Statement of Income. NOTE 2 - Significant Accounting Policies and Practices ( continued ) Business Combinations and Acquisition Accounting The Company accounts for acquisitions by applying the acquisition method of accounting when the transaction or event is considered a business combination, which requires that the assets acquired and liabilities assumed constitute a business. A defined business is generally an acquired group of assets with inputs and processes that make it capable of generating a return or economic benefit for the acquirer. The acquisition method of accounting requires, among other things, that the assets acquired and liabilities assumed in a business combination be measured at their fair values as of the closing date of the acquisition. See Note 4 – Acquisitions for further detail. Revenue Recognition The Company applies the guidance codified in Accounting Standards Update (“ASU”) No. 2014-09, “Revenue from Contracts with Customers (Topic 606)” using the modified retrospective method upon the adoption of Topic 606 . See “ Newly Adopted Accounting Standards” section of this footnote for more details regarding the method and impact of the adoption. The following are changes to the Company’s revenue recognition accounting policies from those previously disclosed in Note 2 – Significant Accounting Policies and Practices to the Company’s Annual Report on Form 10-K for year ended September 30, 2018 and Form 8-K issued on April 5, 2019. Product Sales Our customers mostly consist of retailers, wholesalers and distributors, and construction companies with the intention to sell and distribute to an end consumer. The Company recognizes revenue from the sale of products upon transfer of control to the customer. For the majority of our product sales, the transfer of control is recognized when we ship the product from our facilities to the customer. Timing of revenue recognition for a majority of the Company’s sales continues to be consistent. Previously, the Company deferred recognition of revenue if title and risk of loss were retained upon shipment, but the customer arranged and paid for freight such that they had physical possession and control. Under Topic 606 , the Company recognizes revenue at the time of shipment for these transactions. This change did not have a material impact on the Company’s adoption of the new standard on October 1, 2018 or comparability to revenue in prior periods. Licensing Revenue The Company also sells licenses of its brands to third-party sellers and manufacturers for the development, production, sales & distribution of products that are not directly managed or offered by the Company. The Company maintains all right of ownership of the intellectual property and contracts with its customer for the use of the intellectual property in their operations. Under Topic 606 , revenue derived from the right-to-access licenses is recognized using the over time revenue recognition method. We elected to recognize revenue under the ‘as-invoiced’ practical expedient method at the amount we are able to bill using a time-elapsed measure of progress. The Company has assessed that recognizing revenue based on a time-elapsed measure of progress, taking into consideration any minimum guarantee provisions under the contract, appropriately depicts its performance of providing access to the Company’s brands, trade names, logos, etc. This change did not have a material impact on the Company’s adoption of the new standard on October 1, 2018 or comparability to revenue recognition in prior periods. Other Revenue Other revenue consists primarily of installation or maintenance services that are provided to certain customers in the GPC segment. The services are often associated with the sale of product but are also provided separately and are considered a distinct performance obligation separate from product sales. Variable Consideration and Cash Paid to Customers The Company measures revenue as the amount of consideration for which it expects to be entitled in exchange for transferring goods or providing services. Certain retailers and/or end customers may receive cash or non-cash incentives such as rebates, volume or trade discounts, cooperative advertising, price protection, service level penalties, and other customer-related programs, which are accounted for as variable consideration. Estimated amounts are included in the transaction price to the extent it is probable that a significant reversal of revenue recognized will not occur when the uncertainty is resolved. Estimates of variable consideration and determination of whether to include estimated amounts in the transaction price are based largely on an assessment of the anticipated performance and all information (historical, current and forecasted) that is reasonably available. The estimated liability for sales discounts and other programs and allowances is calculated using the expected value method or most likely amount and recorded at the time of sale as a reduction of net sales. The Company also enters into various arrangements, primarily with retail customers, which require the Company to make upfront cash payments to secure the right to distribute through such customers. The Company capitalizes these payments, provided they are supported by a volume-based arrangement with the retailer with a period of 12 months or longer, and amortizes the associated payment over the appropriate time or volume-based term of the arrangement. Capitalized payments are recognized as a contract asset and are reported in the Consolidated Statements of Financial Position as Deferred Charges and Other Assets and related amortization is treated as a reduction in Net Sales. Product Returns In the normal course of business, the Company may allow customers to return product per the provisions in a sale agreement. Estimated product returns are recorded as a reduction in reported revenues at the time of sale based upon historical product return experience, adjusted for known trends, to arrive at the amount of consideration expected to receive. For the anticipated value of the returns, the adoption of Topic 606 resulted in the recognition of a return asset included in the Prepaid Expenses and Other Current Assets and the returns liability recognized in Other Current Liabilities. The Company recognized an expected returns liability of $ 19.2 million as of September 30, 2019, most of which the Company does not expect or anticipate a returned asset. Prior to the adoption of Topic 606 , the reserve for product returns was recognized net of anticipated value of returned product as a reduction to Trade Receivable, Net on the Company’s Consolidated Statement of Financial Position and was $ 20.9 million as of September 30, 2018. NOTE 2 - Significant Accounting Policies and Practices ( continued ) Practical Expedients and Exemptions: The Company does not adjust the promised amount of consideration for the effects of a significant financing component, as the period between the transfer of a promised good or service to a customer and the customer’s payment for the good or service is one year or less. The Company does not assess whether promised goods or services are performance obligations if they are immaterial in the context of the contract with the customer. The Company does not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less and (ii) contracts for which we recognize revenue at the amount to which we have the right to invoice for services performed. The estimated revenue expected to be recognized in the future related to performance obligations that are unsatisfied or partially unsatisfied at the end of the reporting period is immaterial. The Company generally expenses sales commissions and other contract and fulfillment costs when the amortization period is less than one year. The Company records these costs within selling, general and administrative expenses. For costs amortized over a period longer than one year, such as fixtures which are much more permanent in nature, the Company defers and amortizes over the supportable period based upon historical assumptions and analysis. The costs for permanent displays are incorporated into the pricing of product sold to customer. The Company excludes all sales taxes that are assessed by a governmental authority from the transaction price. See Note 6 – Revenue Recognition for further detail. Shipping and Handling Costs Shipping and handling costs include costs incurred with third-party carriers to transport products to customers and salaries and overhead costs related to activities to prepare the Company’s products for shipment at the Company’s distribution facilities. Shipping and handling costs were $ 253.7 million, $ 251.2 million and $ 224.6 million during the years ended September 30, 2019, 2018 and 2017, respectively. The Company accounts for shipping and handling activities, which occur after control of the related goods transfers, as fulfillment activities instead of assessing such activities as performance obligations. Shipping and handling costs are included in Selling Expenses in the Consolidated Statements of Income. Advertising Costs Advertising costs include agency fees and other costs to create advertisements, as well as costs paid to third parties to print or broadcast the Company’s advertisements and are expensed as incurred. The Company incurred advertising costs of $ 34.2 million, $ 26.0 million and $ 21.6 million during the years ended September 30, 2019, 2018 and 2017, respectively. Advertising costs are included in Selling Expenses in the Company’s Consolidated Statements of Income. Research and Development Costs Research and development costs are charged to expense in the period they are incurred. Environmental Expenditures Environmental expenditures that relate to current operations or to conditions caused by past operations are expensed or capitalized as appropriate. The Company determines its liability for environmental matters on a site-by-site basis and records a liability at the time when it is probable that a liability has been incurred and such liability can be reasonably estimated. The estimated liability is not reduced for possible recoveries from insurance carriers. Estimated environmental remediation expenditures are included in the determination of the net realizable value recorded for assets held for sale. See Note 19 - Commitments and Contingencies for further detail. Restructuring and Related Charges Restructuring charges include, but are not limited to, the costs of one-time termination benefits such as severance costs and retention bonuses, and contract termination costs consisting primarily of lease termination costs. Related charges, as defined by the Company, include, but are not limited to, other costs directly associated with exit and relocation activities, including impairment of property and other assets, departmental costs of full-time incremental employees, and any other items related to the exit or relocation activities. Costs for such activities are estimated by management after evaluating detailed analyses of the costs to be incurred. Liabilities from restructuring and related charges are recorded for estimated costs of facility closures, significant organizational adjustments and measures undertaken by management to exit certain activities. Costs for such activities are estimated by management after evaluating detailed analyses of the costs to be incurred. Such liabilities or asset reductions could include amounts for items such as severance costs and related benefits, lease termination payments and any other items directly related to the exit activities. Impairment of property and equipment and other current or long-term assets as a result of restructuring related initiatives are recognized as a reduction of the appropriate asset. Restructuring and related charges associated with manufacturing and related initiatives are recorded in Cost of Goods Sold. Restructuring and related charges reflected in Cost of Goods Sold include, but are not limited to, termination and related costs associated with manufacturing employees, asset impairments relating to manufacturing initiatives and other costs directly related to the manufacturing component of a restructuring initiative. Restructuring and related charges associated with administrative functions are recorded in operating expenses, such as initiatives impacting sales, marketing, distribution or other non-manufacturing related functions. Restructuring and related charges reflected in operating expenses include, but are not limited to, termination and related costs, any asset impairments relating to the administrative functions and other costs directly related to the administrative components of the restructuring initiatives implemented. See Note 5 - Restructuring and Related Charges for further detail. NOTE 2 - Significant Accounting Policies and Practices ( continued ) Transaction related charges Transaction related charges consist of transaction costs from (1) qualifying acquisition transactions associated with the completion of the purchase of net assets or equity interest of a business such as a business combination, equity investment, joint venture or purchase of non-controlling interest; (2) subsequent integration related project costs directly associated with an acquired business including costs for integration of acquired operations into the Company’s shared service platforms, termination of redundant positions and locations, employee transition costs, integration related professional fees and other post business combination expenses; and (3) divestiture support and separation costs consisting of incremental costs incurred by the continuing operations after completion of the transaction to facilitate separation of shared operations, development of transferred shared service operations, platforms and personnel transferred under the transaction. Divestiture-related charges prior to completion of the transaction are recognized as a component of Income from Discontinued Operations, net of tax. Transaction costs include, but are not limited to, banking, advisory, legal, accounting, valuation, and other professional fees directly related to the respective transactions. Additionally, transaction related charges include costs attributable to the plan to market and sell the HPC operations that was subsequently classified as continuing operations for all periods presented. The following table summarizes transaction related charges incurred by the Company during the years ended September 30, 2019, 2018 and 2017: (in millions) 2019 2018 2017 GBL post divestiture separation $ 9.5 $ — $ — HPC divestiture 7.3 14.9 — HHI integration 0.9 6.0 5.9 GAC post divestiture separation 0.3 — — PetMatrix integration — 4.9 4.5 Other integration 3.8 4.4 7.3 Total transaction-related charges $ 21.8 $ 30.2 $ 17.7 Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50 % likely of being realized. Changes in recognition or measurement are reflected in income tax expense in the period in which the change in judgment occurs. Accrued interest expense and penalties related to uncertain tax positions are recorded in Income Tax Expense. See Note 16 - Income Taxes for further detail. Foreign Currency Translation Local currencies are considered the functional currencies for most of the Company’s operations outside the United States. Assets and liabilities of the Company’s foreign subsidiaries are translated at the rate of exchange existing at year-end, with revenues, expenses and cash flows translated at the average of the monthly exchange rates. Adjustments resulting from translation of the financial statements are recorded as a component of equity in Accumulated Other Comprehensive Income (“AOCI”), including the effects of exchange rate changes on intercompany balances of a long-term investment nature. Foreign currency transaction gains and losses for transactions denominated in a currency other than the functional currency are reported in Other Non-Operating Expense, Net in the Consolidated Statements of Income in the period they occur. Exchange losses on foreign currency transactions were $ 41.2 million, $ 7.1 million, and $ 5.9 million for the years ended September 30, 2019, 2018 and 2017, respectively. Newly Adopted Accounting Standards In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Topic 606) , which provides a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers. This ASU requires revenue recognition to depict the transfer of goods and services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The new revenue recognition model requires identifying the contract and performance obligations, determining the transaction price, allocating the transaction price to performance obligations and recognizing the revenue upon satisfaction of performance obligations. This ASU also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments, and assets recognized from costs incurred to obtain or fulfill a contract. The Company adopted ASU 2014-09 and all the related amendments on October 1, 2018, using the modified retrospective transition method. The Company recognized the cumulative effect of applying the new revenue standard as a reduction of $ 0.7 million, net of tax, to the opening balance of Accumulated Earnings at the beginning of the fiscal year 2019. The comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. See Note 6 – Revenue Recognition for further detail. In August 2016, the FASB issued ASU No. 2016-15, Classification of Certain Cash Receipts and Cash Payments , which addresses diversity in practice with the classification and presentation of certain cash receipts and cash payments in the statement of cash flows. The amendments in this update address the classification within the statement of cash flow for debt prepayment or debt extinguishment costs, settlement of zero-coupon debt instruments, contingent payments made after a business combination, proceeds from the settlement of insurance claims and corporate-owned life insurance policies, distributions received from equity method investees, and beneficial interests in securitization transactions, among other separately identifiabl |
Divestitures
Divestitures | 12 Months Ended |
Sep. 30, 2019 | |
Divestitures [Abstract] | |
Divestitures | NOTE 3 – DIVESTITURES The following table summarizes the components of Income from Discontinued Operations, Net of Tax in the accompanying Consolidated Statement of Income for the years ended September 30, 2019, 2018, and 2017: (in millions) 2019 2018 2017 Income from discontinued operations before income taxes - GBL $ 974.9 $ 21.8 $ 84.5 (Loss) income from discontinued operations before income taxes - GAC ( 115.7 ) ( 31.9 ) 94.5 Income from discontinued operations before income taxes - HRG Insurance Operations — 476.4 287.1 Income from discontinued operations before income taxes 859.2 466.3 466.1 Income tax expense from discontinued operations 199.3 21.3 176.8 Income from discontinued operations, net of tax 659.9 445.0 289.3 Income from discontinued operations, net of tax attributable to noncontrolling interest — 33.2 92.7 Income from discontinued operations, net of tax attributable to controlling interest $ 659.9 $ 411.8 $ 196.6 GBL On January 2, 2019, the Company completed the sale of its GBL business pursuant to the GBL acquisition agreement with Energizer for cash proceeds of $ 1,956.2 million, resulting in a pre-tax gain on sale of $ 989.8 million, including the settlement of customary purchase price adjustments for working capital and assumed indebtedness, recognition of tax and legal indemnifications under the acquisition agreement and an estimated contingent purchase price adjustment for the settlement of the planned divestiture of the Varta® consumer batteries business by Energizer. The results of operations and gain on sale for disposal of the GBL business are recognized as a component of discontinued operations. The GBL acquisition agreement provides for a purchase price adjustment that is contingent upon the completion of the divestiture of the Varta® consumer battery, chargers, portable power and portable lighting business in the EMEA region by Energizer, including manufacturing and distribution facilities in Germany. The purchase price adjustment includes a potential downward adjustment equal to 75 % of the difference between the divestiture sale price and the target sale price of $ 600 million, not to exceed $ 200 million, or a potential upward adjustment equal to 25 % of the excess purchase price. On May 29, 2019, Energizer entered into an agreement to sell the Varta® consumer batteries business and, in accordance with the terms and conditions of the GBL acquisition agreement, the Company will be expected to contribute $ 200.0 million to Energizer in connection with the sale of the Varta® consumer batteries business and has recognized $ 200.0 million in Indemnification Payable to Energizer on the Company’s Consolidated Statement of Financial Position. The Company and Energizer have agreed to indemnify each other for losses arising from certain breaches of the GBL acquisition agreement and for certain other matters. The Company has agreed to indemnify Energizer for certain liabilities relating to the assets retained by the Company, and Energizer has agreed to indemnify the Company for certain liabilities assumed by Energizer, in each case as described in the acquisition agreement. As of September 30, 2019, the Company has recognized $ 48.0 million related to indemnifications in accordance with the acquisition agreement, including $ 34.3 million within Indemnification Payable to Energizer on the Company’s Consolidated Statement of Financial Position primarily attributable to current income tax indemnifications and $ 13.7 million within Other Long-Term Liabilities on the Company’s Consolidated Statement of Financial Position primarily attributable to income tax indemnifications associated with previously recognized uncertain tax benefits. The Company and Energizer entered into related agreements that became effective upon the consummation of the acquisition including a customary transition services agreement (“TSA”) and reverse TSA. The TSA and reverse TSA are recognized as a component of continuing operations for periods following the completion of the GBL sale. See Note 17 – Related Party Transactions for additional discussion. NOTE 3 – DIVESTITURES (continued) The following table summarizes the assets and liabilities of GBL classified as held for sale as of September 30, 2018. (in millions) September 30, 2018 Assets Trade receivables, net $ 99.3 Other receivables 17.9 Inventories 127.8 Prepaid expenses and other current assets 23.0 Property, plant and equipment, net 160.5 Deferred charges and other 13.4 Goodwill 226.6 Intangible assets, net 304.0 Total assets of business held for sale $ 972.5 Liabilities Current portion of long-term debt 6.3 Accounts payable 124.1 Accrued wages and salaries 25.0 Other current liabilities 82.6 Long-term debt, net of current portion 45.0 Deferred income taxes 20.9 Other long-term liabilities 60.6 Total liabilities of business held for sale $ 364.5 The following table summarizes the components of income from discontinued operations before income taxes associated with the GBL divestiture in the accompanying Consolidated Statements of Operations for the years ended September 30, 2019, 2018 and 2017 with the close of the GBL divestiture on January 2, 2019. (in millions) 2019 2018 2017 Net sales $ 249.0 $ 870.5 $ 865.6 Cost of goods sold 164.6 553.2 539.3 Gross profit 84.4 317.3 326.3 Operating expenses 57.0 241.0 193.6 Operating income 27.4 76.3 132.7 Interest expense 23.3 53.5 48.3 Other non-operating expense (income), net 0.5 1.0 ( 0.1 ) Gain on sale ( 989.8 ) — — Reclassification of accumulated other comprehensive income 18.5 — — Income from discontinued operations before income taxes $ 974.9 $ 21.8 $ 84.5 Beginning in January 2018, the Company ceased the recognition of depreciation and amortization of long-lived assets associated with GBL therefore no depreciation and amortization was recognized during the year ended September 30, 2019. For the years ended September 30, 2018 and 2017, depreciation and amortization expense of $ 8.3 million and $ 30.9 million, respectively, was recognized. Interest expense consists of interest from debt directly held by subsidiaries of the business held for sale, including interest from capital leases, and interest on Term Loans required to be paid down using proceeds received on disposal on sale of a business. The Company paid down the Term Loans after the completion of the GBL divestiture. See Note 12 – Debt for further discussion. No impairment loss was recognized as the proceeds from the disposal of the business were more than the carrying value. During the year ended September 30, 2019, the Company recognized adjustments to gain on sale for changes to tax and legal indemnifications and other agreed-upon funding under the acquisition agreement for the period following the completion of the sale on January 2, 2019. During the year ended September 30, 2019, the Company incurred transaction costs of $ 12.9 million associated with the divestiture, which were recognized as a component of income from discontinued operations. During the year ended September 30, 2018, the Company incurred transaction costs of $ 60.7 million. Transaction costs were expensed as incurred and include fees for investment banking services, legal, accounting, due diligence, tax, valuation and various other services necessary to complete the transaction. After the completion of the divestiture, the Company incurred incremental costs to facilitate separation of shared operations, development of transferred shared service operations, platforms and personnel transferred under the transaction which have been recognized as Transaction Related Charges as part of continuing operations on the Company’s Consolidated Statement of Income. See Note 2 – Significant Accounting Policies and Practices for further detail. GAC On January 28, 2019, the Company completed the sale of its GAC business pursuant to the GAC acquisition agreement with Energizer for $ 938.7 million in cash proceeds and $ 242.1 million in stock consideration of common stock of Energizer, resulting in the write-down of net assets held for sale of $ 111.0 million during the year ended September 30, 2019, including the estimated settlement of customary purchase price adjustments for working capital and assumed indebtedness, and recognition of tax and legal indemnifications in accordance with the GAC acquisition agreement. The results of operations and write-down of net assets held for sale for the disposal of the GAC business were recognized as a component of discontinued operations. The Company and Energizer have agreed to indemnify each other for losses arising from certain breaches of the GAC acquisition agreement and for certain other matters. The Company has agreed to indemnify Energizer for certain liabilities relating to the assets retained by the Company, and Energizer has agreed to indemnify the Company for certain liabilities assumed by Energizer, in each case as described in the acquisition agreement. As of September 30, 2019, the Company has recognized $ 1.4 million related to indemnifications in accordance with the acquisition agreement within Other Long-Term Liabilities on the Company’s Consolidated Statement of Financial Position primarily attributable to income tax indemnifications associated with previously recognized uncertain tax benefits. NOTE 3 – DIVESTITURES (continued) As of September 30, 2019, the Company has recognized an estimated net settlement receivable of $ 3.9 million in Non-Trade Receivables on the Company’s Consolidated Financial Statements associated with GAC acquisition agreement, including the subsequent settlement of customary purchase price adjustments for working capital and assumed indebtedness, tax and legal indemnifications, and other agreed-upon funding in accordance with the agreement. The Company and Energizer entered into related agreements ancillary to the GAC acquisition that became effective upon the consummation of the acquisition, including a TSA and reverse TSA, a supply agreement with the Company’s H&G business, as well as a shareholder agreement. The TSA and reverse TSA are recognized as a component of continuing operations for periods following the completion of the GAC sale. The supply agreement with the Company’s H&G business is recognized as a component of net sales and continuing operations. Sales from the Company’s H&G segment to GAC discontinued operations prior to the divestiture have been recognized as a component of net sales and continuing operations for all comparable periods. See Note 17 – Related Party Transactions for additional discussion. The following table summarizes the assets and liabilities of GAC classified as held for sale as of September 30, 2018. (in millions) September 30, 2018 Assets Trade receivables, net $ 55.2 Other receivables 4.1 Inventories 72.8 Prepaid expenses and other current assets 2.9 Property, plant and equipment, net 58.2 Deferred charges and other 10.7 Goodwill 841.8 Intangible assets, net 384.4 Total assets of business held for sale $ 1,430.1 Liabilities Current portion of long-term debt 0.4 Accounts payable 50.6 Accrued wages and salaries 3.2 Other current liabilities 13.3 Long-term debt, net of current portion 31.5 Deferred income taxes 71.6 Other long-term liabilities 2.5 Total liabilities of business held for sale $ 173.1 The following table summarizes the components of income from discontinued operations before income taxes associated with the GAC divestiture in the accompanying Consolidated Statements of Operations for the three years ended September 30, 2019, 2018, and 2017, with the close of the GAC divestiture on January 28, 2019: (in millions) 2019 2018 2017 Net sales $ 87.7 $ 465.6 $ 446.9 Cost of goods sold 52.5 284.9 233.7 Gross profit 35.2 180.7 213.2 Operating expenses 35.7 117.8 117.2 Operating (loss) income ( 0.5 ) 62.9 96.0 Interest expense 0.7 2.1 1.4 Other non-operating expense, net 0.2 0.2 0.1 Write-down of assets of business held for sale to fair value less cost to sell 111.0 92.5 — Reclassification of accumulated other comprehensive income 3.3 — — (Loss) Income from discontinued operations before income taxes $ ( 115.7 ) $ ( 31.9 ) $ 94.5 Beginning in November 2018, the Company ceased the recognition of depreciation and amortization of long-lived assets associated with GAC, resulting in $ 1.4 million of depreciation and amortization recognized during the year ended September 30, 2019. During the years ended September 30, 2018 and 2017, the Company recognized depreciation and amortization of $ 16.3 million and $ 21.1 million, respectively. Interest expense consists of interest from debt directly held by subsidiaries of the business held for sale, including interest from capital leases. During the year ended September 30, 2019, the Company recognized a $ 111.0 million write-down on net assets held for sale associated with the GAC divestiture attributable to the expected fair value to be realized from the sale, net of transaction costs. The impairment was primarily driven by the change in value of stock consideration to be received as a component of the purchase price from Energizer. During the year ended September 30, 2019, the Company incurred transaction costs of $ 8.8 million associated with the divestiture which have been recognized as a component of income from discontinued operations on the Consolidated Statements of Income. No transaction costs associated with the divestiture were incurred during the year ended September 30, 2018. Transaction costs are expensed as incurred and include fees for investment banking services, legal, accounting, due diligence, tax, valuation and various other services necessary to complete the transactions. After the completion of the divestiture, the Company incurred incremental costs to facilitate separation of shared operations, development of transferred shared service operations, platforms and personnel transferred under the transaction which have been recognized as Transaction Related Charges as part of continuing operations on the Company’s Consolidated Statement of Income. See Note 2 – Significant Accounting Policies and Practices for further detail. NOTE 3 – DIVESTITURES (continued) HRG - Insurance Operations On November 30, 2017, Fidelity & Guaranty Life (“FGL”), a former majority owned subsidiary of HRG, completed its merger (the “FGL Merger”) with CF Corporation and its related entities (collectively, the “CF Entities”) in accordance with its previously disclosed Agreement and Plan of Merger (the “FGL Merger Agreement”), pursuant to which, except for certain shares specified in the FGL Merger Agreement, each issued and outstanding share of common stock of FGL was automatically canceled and converted into the right to receive $ 31.10 in cash, without interest. The total consideration received by HRG Group Inc. as a result of the completion of the FGL Merger was $ 1,488.3 million. In addition, pursuant to a share purchase agreement, as of November 30, 2017, Front Street Re (Delaware) Ltd. sold to the CF Entities all of the issued and outstanding shares of Front Street for $ 65 million, which was subject to reduction for customary transaction expenses. In addition, $ 6.5 million of the purchase price was deposited in escrow for a period of 15 months to support any indemnification claims that might be made (if any) by the CF entities. The operations of FGL were classified as held for sale in the accompanying Consolidated Statement of Financial Position at September 30, 2017 and as discontinued operations through November 30, 2017 in the accompanying Consolidated Statements of Operations and Consolidated Statements of Cash Flows. Additionally, HRG, FS Holdco II Ltd. (“FS Holdco”) and the CF Entities entered into an agreement (the “338 Agreement”) on May 24, 2017 pursuant to which the CF Entities agreed that FS Holdco may, at its option, cause the relevant CF Entity and FS Holdco to make a joint election under Section 338(h)(10) of the Internal Revenue Code of 1986, as amended, with respect to the FGL Merger and the deemed share purchases of FGL’s subsidiaries (the “338 Tax Election”). Pursuant to the 338 Agreement, if FS Holdco elects to make the 338 Tax Election, FS Holdco and/or CF Corporation will be required to make a payment for the election to the other. On March 8, 2018, FS Holdco exercised the 338 Tax Election and the CF Entities were required to pay FS Holdco $ 26.6 million during the three month period ended June 30, 2018. The following table summarizes the major categories of assets and liabilities of FGL classified as held for sale in the accompanying Consolidated Statement of Financial Position as of September 30, 2017. (in millions) September 30, 2017 Assets Investments, including loans and receivables from affiliates $ 23,211.1 Funds withheld receivables 742.7 Cash and cash equivalents 914.5 Accrued investment income 231.3 Reinsurance recoverable 2,358.8 Deferred acquisition costs and value of business acquired, net 1,163.6 Other assets 125.4 Write-down of assets of businesses held for sale to fair value less cost to sell ( 421.2 ) Total assets of business held for sale $ 28,326.2 Liabilities Insurance reserves 24,989.6 Debt 405.0 Accounts payable and other current liabilities 56.2 Deferred tax liabilities 68.0 Other long-term liabilities 831.9 Total liabilities of business held for sale $ 26,350.7 The following table summarizes the components of Income from Discontinued Operations – HRG Insurance Operations, in the accompanying Consolidated Statements of Income for the years ending September 30, 2018 and 2017: (in millions) 2018 2017 Revenues Insurance premiums $ 6.8 $ 43.9 Net investment income 181.9 1,050.7 Net investment gains 154.8 377.4 Other 35.1 169.5 Total revenues 378.6 1,641.5 Operating costs and expenses Benefits and other changes in policy reserves 241.3 925.9 Selling, acquisition, operating and general expenses 52.8 148.2 Amortization of intangibles 35.8 197.5 Total operating costs and expenses 329.9 1,271.6 Operating income 48.7 369.9 Interest expense and other 4.0 24.4 Write-down of assets of business held for sale to fair value less cost to sell ( 14.2 ) ( 58.4 ) Reclassification of accumulated other comprehensive income 445.9 — Income from discontinued operations before income taxes $ 476.4 $ 287.1 Property, Plant, and Equipment and long-lived assets classified as held for sale are measured at the lower of their carrying value or fair value less cost to sell. As of September 30, 2017, the carrying value of HRG’s interest in FGL and Front Street exceeded their respective estimated fair value less cost to sell by $ 402.2 million and $ 19.0 million, respectively. The higher carrying value of FGL was primarily due to the increase in unrealized gains, net of offsets in FGL’s investment portfolio, with the effects of the unrealized gains, net of offsets, being recorded in accumulated other comprehensive income. Upon the completion of the FGL Merger, HRG deconsolidated its ownership interest in FGL, which resulted in the reclassification of $ 445.9 million of accumulated other comprehensive income attributable from FGL to income from discontinued operations during the year ended September 30, 2018. Additionally, subsequent to the close of the FGL Merger, the Company recognized a $ 5.9 million tax benefit allocated to HRG insurance operations discontinued operations during the year ended September 30, 2018, associated with the reversal of valuation allowance realized with the completion of the Spectrum Merger. |
Acquisitions
Acquisitions | 12 Months Ended |
Sep. 30, 2019 | |
Acquisitions [Abstract] | |
Acquisitions | NOTE 4- ACQUISITIONS Spectrum Merger Effective July 13, 2018, the Company completed the planned Spectrum Merger. Prior to the Spectrum Merger, the Company was a holding company, doing business as HRG and conducting its operations principally through its majority owned subsidiaries. In accordance with the Agreement and Plan of Merger (the “Merger Agreement”), HRG, through, HRG SPV Sub I, Inc., a Delaware corporation and direct wholly owned subsidiary of HRG (“Merger Sub”), merged with and into Spectrum Legacy, with Spectrum Legacy continuing as a wholly owned subsidiary of HRG. The certificate of incorporation of HRG was amended and restated, pursuant to which, among other things, the corporate name of HRG was changed to “Spectrum Brands Holdings, Inc.”, the Board of Directors of Spectrum Legacy were designated as the Board of Directors of the Company with an individual designated by Jefferies Financial Group (“Jefferies”, formerly Leucadia National Corporation) and the officers of Spectrum Legacy became officers of SBH. Further, HRG subsequently began operating under the name of Spectrum Brands Holdings, Inc. and the NYSE ticker symbol of HRG Common Stock changed to “SPB”. Immediately prior to the close of the Spectrum Merger, each issued and outstanding share of HRG common stock was, by means of a reverse stock split, combined into a fraction of a share of HRG Common Stock equal to (i) the number of shares of common stock, par value $ 0.01 per share, of Spectrum Legacy common stock held by HRG and its subsidiaries, adjusted for HRG’s net indebtedness as of closing, certain transaction expenses of HRG that are unpaid as of closing and a $ 200.0 million upward adjustment, divided by (ii) as of immediately prior to the reverse stock split, the number of outstanding shares of HRG common stock on a fully-diluted basis. Each share of Spectrum Legacy common stock issued and outstanding (other than shares held in treasury of Spectrum Legacy or held by HRG) were converted into the right to receive one share of newly issued HRG common stock and exchanged for HRG common stock. The weighted average shares and earnings per share data on the Consolidated Statements of Income were retrospectively adjusted to reflect the impact of the reverse stock split for all periods presented. See Note 21 – Earnings Per Share - SBH for further detail on the conversion rate and reverse stock split. Each restricted stock award, restricted stock unit and performance stock unit granted under an equity plan of Spectrum Legacy, whether vested or unvested, were assumed by SBH and automatically converted into a corresponding equity-based award in SBH with the right to hold or acquire shares of common stock equal to the number of shares of Spectrum Legacy common stock previously underlying such award. Each new award is subject to the same terms and conditions as the corresponding Spectrum Legacy award. SBH assumed all rights and obligations in respect of each equity-based plan of Spectrum Legacy. The modification of the Spectrum Legacy awards to account for the exchange did not result in incremental expense and the recognized shared based compensation expense associated with the awards are based upon the fair value at the original grant date. See Note 18 – Share Based Compensation for further discussion over share based awards. Prior to the close, each stock option, warrant and restricted stock award granted under an equity-based plan of HRG outstanding and unvested immediately prior to the closing became fully vested and each stock option and warrant became exercisable. Each exercisable award that is unexercised shall be adjusted (including to give effect to the reverse stock split) and shall remain outstanding, subject to the same terms and conditions as applied to the corresponding award. Immediately prior to the reverse stock split, each HRG restricted stock award became fully vested and treated as a share of HRG common stock for purposes of the reverse stock split and the Merger. As a result, there are no unvested HRG equity based awards outstanding and all previously unrecognized stock compensation was recognized effective the date of close. See Note 18 – Share Based Compensation for further discussion over HRG share based awards. The Spectrum Merger was accounted for as an acquisition of a non-controlling interest. Prior to completion of the Spectrum Merger, the Company recognized non-controlling interest and income attributable to non-controlling interest in the Consolidated Financial Statements of SBH for the minority ownership of Spectrum Legacy. Effective July 13, 2018, Spectrum Legacy is a wholly owned subsidiary of SBH and all recognized non-controlled interest associated with Spectrum Legacy is part of SBH’s shareholder’s equity and income after completion of the Spectrum Merger was fully recognized as income attributable to controlling interest of SBH. As previously discussed, the presentation of the Company’s consolidated financial statements and certain notes to the consolidated financial statements have been updated to reflect the presentation of Spectrum Legacy’s historical financial statements. During the years ended September 30, 2018 and 2017, the Company incurred costs of $ 45.9 million and $ 7.6 million associated with the Spectrum Merger and recognized as General and Administrative Expenses on the Consolidated Statements of Income of SBH. |
Restructuring And Related Charg
Restructuring And Related Charges | 12 Months Ended |
Sep. 30, 2019 | |
Restructuring And Related Charges [Abstract] | |
Restructuring And Related Charges | NOTE 5 - RESTRUCTURING AND RELATED CHARGES Global Productivity Improvement Plan – During the year ended September 30, 2019, the Company initiated a company-wide, multi-year program, which consists of various restructuring related initiatives to redirect resources and spending to drive growth, identify cost savings and pricing opportunities through standardization and optimization, develop organizational and operating optimization, and reduce overall operational complexity across the Company. Since the announcement of the project and completion of the Company’s divestitures in GBL and GAC during the year ended September 30, 2019, the project focus includes the transitioning of the Company’s continuing operations in a post-divestiture environment and separation with Energizer TSAs and reverse TSAs. Refer to Note 3 – Divestitures and Note 17 – Related Party Transactions for further discussion of continuing involvement with Energizer. The initiative includes review of global processes, opportunity spending and organization design and structures; headcount reductions and transfers; and rightsizing the Company’s shared operations and commercial business strategy in certain regions and local jurisdictions; among others. Total cumulative costs incurred associated with the project were $ 60.9 million as of September 30, 2019, with approximately $ 88.9 million forecasted in the foreseeable future. HHI Distribution Center Consolidation – During the year ended September 30, 2017, the Company implemented an initiative within the HHI segment to consolidate certain operations and reduce operating costs. The initiative included headcount reductions and the exit of certain facilities, including such incremental costs to consolidate or close facilities, relocate employees, cost to retrain employees to use newly deployed assets or systems, lease termination costs, and redundant or incremental transitional operating costs and customer fines and penalties incurred during transition, among others. Total cumulative costs associated with this initiative was $ 81.7 million. The project was completed as of December 30, 2018. GPC Rightsizing Initiative – During the year ending September 30, 2017, the Company implemented a rightsizing initiative within the GPC segment to streamline certain operations and reduce operating costs. The initiative includes headcount reductions and the rightsizing of certain facilities. Total costs associated with this initiative of $ 20.3 million have been incurred and completed as of September 30, 2018. Other Restructuring Activities – The Company may enter into small, less significant initiatives and restructuring related activities to reduce costs and improve margins throughout the organization. Individually these activities are not substantial and occur over a shorter time period (generally less than 12 months). The following summarizes restructuring and related charges for the years ended September 30, 2019, 2018, and 2017: (in millions) 2019 2018 2017 Global productivity improvement plan $ 60.9 $ — $ — HHI distribution center consolidation 2.3 52.0 27.4 GPC rightsizing initiative — 12.1 8.2 Other restructuring activities 2.5 11.5 1.9 Total restructuring and related charges $ 65.7 $ 75.6 $ 37.5 Reported as: Cost of goods sold $ 2.8 $ 3.6 $ 0.5 Operating expense 62.9 72.0 37.0 The following summarizes restructuring and related charges for the years ended September 30, 2019, 2018, and 2017, and cumulative costs of restructuring initiatives as of September 30, 2019, by cost type. Termination costs consist of involuntary employee termination benefits and severance pursuant to a one-time benefit arrangement recognized as part of a restructuring initiative. Other costs consist of non-termination type costs related to restructuring initiatives such as incremental costs to consolidate or close facilities, relocate employees, cost to retrain employees to use newly deployed assets or systems, lease termination costs, and redundant or incremental transitional operating costs and customer fines and penalties during transition, among others: Termination Other (in millions) Benefits Costs Total For the year ended September 30, 2019 $ 9.8 $ 55.9 $ 65.7 For the year ended September 30, 2018 7.8 67.8 75.6 For the year ended September 30, 2017 8.0 29.5 37.5 Cumulative costs through September 30, 2019 9.7 51.2 60.9 Future costs to be incurred 12.9 76.0 88.9 The following is a rollforward of the accrual related to all restructuring and related activities, included within Other Current Liabilities, by cost type, for the years ended September 30, 2019, 2018, and 2017: Termination Other (in millions) Benefits Costs Total Accrual balance at September 30, 2017 $ 6.6 $ 9.1 $ 15.7 Provisions 4.9 4.2 9.1 Cash expenditures ( 8.4 ) ( 8.6 ) ( 17.0 ) Accrual balance at September 30, 2018 $ 3.1 $ 4.7 $ 7.8 Provisions 7.9 26.7 34.6 Cash expenditures ( 3.8 ) ( 3.3 ) ( 7.1 ) Non-cash items ( 0.6 ) ( 1.1 ) ( 1.7 ) Accrual balance at September 30, 2019 $ 6.6 $ 27.0 $ 33.6 The following summarizes restructuring and related charges by segment for the years ended September 30, 2019, 2018, and 2017, cumulative costs of restructuring initiatives as of September 30, 2019 and future expected costs to be incurred by segment: (in millions) HHI HPC GPC H&G Corporate Total For the year ended September 30, 2019 $ 4.7 $ 8.1 $ 7.6 $ 1.8 $ 43.5 $ 65.7 For the year ended September 30, 2018 52.8 0.7 13.2 0.8 8.1 75.6 For the year ended September 30, 2017 26.6 — 9.1 — 1.8 37.5 Cumulative costs through September 30, 2019 1.0 8.1 7.6 1.7 42.5 60.9 Future costs to be incurred 1.6 4.7 16.8 0.2 65.6 88.9 |
Revenue Recognition
Revenue Recognition | 12 Months Ended |
Sep. 30, 2019 | |
Revenue Recognition [Abstract] | |
Revenue Recognition | NOTE 6 – REVENUE RECOGNITION The Company generates all of its revenue from contracts with customers. The following table disaggregates our revenue for the year ended September 30, 2019, by the Company’s key revenue streams, segments and geographic region (based upon destination): September 30, 2019 (in millions) HHI HPC GPC H&G Total Product Sales NA $ 1,282.5 $ 428.6 $ 586.1 $ 502.0 $ 2,799.2 EMEA 0.8 429.3 222.6 — 652.7 LATAM 47.1 139.5 13.4 4.4 204.4 APAC 24.0 61.0 36.6 — 121.6 Licensing 1.3 9.7 6.8 1.7 19.5 Other — — 4.7 — 4.7 Total Revenue $ 1,355.7 $ 1,068.1 $ 870.2 $ 508.1 $ 3,802.1 On October 1, 2018, the Company adopted Topic 606 applying the modified retrospective method to all contracts that were not completed as of October 1, 2018. Results for reporting periods beginning after October 1, 2018 are presented under Topic 606 , while prior period amounts are not adjusted and continue to be reported under the accounting standards in effect for the prior period. The adoption of Topic 606 does not have a material impact to its period revenue or net income on an ongoing basis. Refer to Note 2 – Significant Accounting Policies and Practices for further discussion of the adoption of Topic 606 . In the normal course of business, the Company may allow customers to return product or take credit for product returns per the provisions in a sale agreement. Estimated product returns are recorded as a reduction in reported revenues at the time of sale based upon historical product return experience, adjusted for known trends, to arrive at the amount of consideration expected to receive. For the anticipated value of the returns, the adoption of Topic 606 resulted in the recognition of a return asset included in the Prepaid Expenses and Other Current Assets and the returns liability recognized in Other Current Liabilities. Prior to the adoption of Topic 606 , the reserve for product returns was recognized net of anticipated value of returned product as a reduction to Trade Receivable, Net on the Company’s Consolidated Statement of Financial Position. The following is a rollforward of the allowance for product returns for the years ended September 30, 2019, 2018 and 2017: Beginning Charged to Other Ending (in millions) Balance Profit & Loss Deductions Adjustments Balance September 30, 2019 $ 20.9 $ 33.4 $ ( 34.4 ) $ ( 0.7 ) $ 19.2 September 30, 2018 20.3 30.3 ( 31.8 ) 2.1 20.9 September 30, 2017 21.9 22.9 ( 25.5 ) 1.0 20.3 |
Fair Value Of Financial Instrum
Fair Value Of Financial Instruments | 12 Months Ended |
Sep. 30, 2019 | |
Fair Value Of Financial Instruments [Abstract] | |
Fair Value Of Financial Instruments | NOTE 7 - FAIR VALUE OF FINANCIAL INSTRUMENTS The fair values of the Company’s financial assets and liabilities are defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. Fair value measurements are classified using a fair value hierarchy that is based upon the observability of inputs used in measuring fair value. Observable inputs (highest level) reflect market data obtained from independent sources, while unobservable inputs (lowest level) reflect internally developed assumptions about hypothetical transactions in the absence of market data. Fair value measurements are classified under the following hierarchy: Level 1 - Unadjusted quoted prices for identical instruments in active markets. Level 2 - Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable . Level 3 - Significant inputs to the valuation model are unobservable . The Company utilizes valuation techniques that attempt to maximize the use of observable inputs and minimize the use of unobservable inputs. The Company’s derivatives are valued on a recurring basis using internal models, which are based on market observable inputs including interest rate curves and both forward and spot prices for currencies and commodities, which are generally based on quoted or observed market prices (Level 2). The fair value of certain derivative financial instruments is estimated using pricing models based on contracts with similar terms and risks. Modeling techniques assume market correlation and volatility, such as using prices of one delivery point to calculate the price of the contract’s different delivery point. The nominal value of interest rate transactions is discounted using applicable forward interest rate curves. In addition, by applying a credit reserve which is calculated based on credit default swaps or published default probabilities for the actual and potential asset value, the fair value of the Company’s derivative financial instrument assets reflects the risk that the counterparties to these contracts may default on the obligations. Likewise, by assessing the requirements of a reserve for non-performance which is calculated based on the probability of default by the Company, the Company adjusts its derivative contract liabilities to reflect the price at which a potential market participant would be willing to assume the Company’s liabilities. The Company has not changed the valuation techniques used in measuring the fair value of any financial assets and liabilities during the year. The carrying values and estimated fair values for financial instruments as of September 30, 2019 and 2018 are as follows: September 30, 2019 September 30, 2018 Carrying Carrying (in millions) Level 1 Level 2 Level 3 Fair Value Amount Level 1 Level 2 Level 3 Fair Value Amount Investments $ 230.8 $ — $ — $ 230.8 $ 230.8 $ — $ — $ — $ — $ — Derivative Assets — 9.5 — 9.5 9.5 — 8.9 — 8.9 8.9 Derivative Liabilities — 2.3 — 2.3 2.3 — 0.8 — 0.8 0.8 Debt - SBH — 2,468.8 — 2,468.8 2,351.3 — 4,806.9 — 4,806.9 4,651.2 Debt - SB/RH — 2,391.8 — 2,391.8 2,276.0 — 4,330.9 — 4,330.9 4,233.3 NOTE 7 - FAIR VALUE OF FINANCIAL INSTRUMENTS (continued) Investments consist of our investment in Energizer common stock and is valued at quoted market prices for identical instruments in an active market. As part of consideration received for the GAC divestiture, the Company received 5.3 million shares of Energizer common stock, valued at $ 242.1 million on January 28, 2019, the effective close date of the GAC divestiture. During the year ended September 30, 2019, the Company recognized $ 12.1 million of unrealized loss on investment in Energizer common stock and $ 4.8 million of dividend income, which were recognized as Other Non-Operating (Income) Expense, Net on the Consolidated Statements of Income. The carrying values of goodwill, intangible assets and other long-lived assets are tested annually or more frequently if an event occurs that indicates an impairment loss may have been incurred, using fair value measurements with unobservable inputs (Level 3). See Note 14 – Derivatives for additional detail. The fair value measurements of the Company’s debt represent non-active market exchange-traded securities which are valued at quoted input prices that are directly observable or indirectly observable through corroboration with observable market data (Level 2). See Note 12 – Debt for additional detail. The carrying values of cash and cash equivalents, receivables, accounts payable and short term debt approximate fair value based on the short-term nature of these assets and liabilities. |
Receivables
Receivables | 12 Months Ended |
Sep. 30, 2019 | |
Receivables [Abstract] | |
Receivables | NOTE 8 – RECEIVABLES The allowance for uncollectible receivables as of September 30, 2019 and 2018 was $ 4.9 million and $ 4.0 million, respectively. The following is a rollforward of the allowance for doubtful accounts for the years ended September 30, 2019, 2018 and 2017: Beginning Charged to Other Ending (in millions) Balance Profit & Loss Deductions Adjustments Balance September 30, 2019 $ 4.0 $ 2.7 $ ( 2.2 ) $ 0.4 $ 4.9 September 30, 2018 6.1 2.9 ( 3.5 ) ( 1.5 ) 4.0 September 30, 2017 5.7 ( 0.4 ) ( 0.1 ) 0.9 6.1 The Company has a broad range of customers including many large retail outlet chains, three of which exceed 10 % of consolidated Net Sales and/or Trade Receivables. These three customers represented 34.4 %, 31.3 % and 34.7 % of the Company’s Net Sales during years ended September 30, 2019, 2018 and 2017, respectively; and represented 29.9 % and 37.2 % of the Company’s Trade Receivables as of September 30, 2019 and 2018, respectively. We have entered into various factoring agreements and early pay programs with our customers to sell our trade receivables under non-recourse agreements in exchange for cash proceeds. A loss on sale is recognized for any discount and factoring fees associated with the transfer. We utilize factoring arrangements as an integral part of our financing for working capital. These transactions are treated as a sale and are accounted for as a reduction in trade receivables because the agreements transfer effective control over and risk related to the receivables to buyers. In some instances, we may continue to service the transferred receivable after the factoring has occurred, but in most cases we do not service any factored accounts. Any servicing of the trade receivable does not constitute significant continuing involvement or preclude the recognition of a sale. We do not carry any material servicing assets or liabilities. Cash proceeds from these arrangements are reflected as operating activities. The aggregate gross amount factored under these facilities was $ 1,649.3 million, $ 1,675.3 million and $ 1,627.8 million for the years ended September 30, 2019, 2018 and 2017, respectively. The cost of factoring such trade receivables was $ 9.4 million, $ 9.4 million and $ 7.7 million for the years ended September 30, 2019, 2018 and 2017 and reflected in the Consolidated Statements of Income as General and Administrative Expense. |
Inventory
Inventory | 12 Months Ended |
Sep. 30, 2019 | |
Inventory [Abstract] | |
Inventory | NOTE 9 - INVENTORY Inventories as of September 30, 2019 and 2018 consist of the following: (in millions) 2019 2018 Raw materials $ 66.2 $ 70.3 Work-in-process 46.4 35.3 Finished goods 435.8 478.0 $ 548.4 $ 583.6 |
Property, Plant And Equipment
Property, Plant And Equipment | 12 Months Ended |
Sep. 30, 2019 | |
Property, Plant And Equipment [Abstract] | |
Property, Plant And Equipment | NOTE 10 - Property, Plant and Equipment Property, plant and equipment as of September 30, 2019 and 2018 consist of the following: (in millions) 2019 2018 Land, buildings and improvements $ 161.4 $ 161.2 Machinery, equipment and other 523.6 489.3 Capital leases 197.2 199.6 Construction in progress 31.7 32.3 Property, plant and equipment $ 913.9 $ 882.4 Accumulated depreciation ( 461.0 ) ( 382.4 ) Property, plant and equipment, net $ 452.9 $ 500.0 Depreciation expense from property, plant and equipment for the years ended September 30, 2019, 2018 and 2017 was $ 97.4 million, $ 72.3 million, and $ 74.6 million, respectively. During the first quarter of the year ended September 30, 2019 the Company recognized incremental depreciation of $ 13.5 million attributable to depreciation on property plant and equipment of assets of HPC that were previously held for sale. See Note 20 – Segment Information for further discussion of the change in plan to sell the HPC division. |
Goodwill And Intangible Assets
Goodwill And Intangible Assets | 12 Months Ended |
Sep. 30, 2019 | |
Goodwill And Intangible Assets [Abstract] | |
Goodwill And Intangible Assets | NOTE 11 - GOODWILL AND INTANGIBLE ASSETS Goodwill, by segment, consists of the following: (in millions) HHI GPC H&G HPC Total As of September 30, 2017 $ 708.7 437.1 196.5 119.5 1,461.8 Foreign currency impact ( 4.4 ) ( 1.2 ) — ( 1.5 ) ( 7.1 ) As of September 30, 2018 $ 704.3 $ 435.9 $ 196.5 $ 118.0 $ 1,454.7 Foreign currency impact ( 2.2 ) ( 5.5 ) — ( 2.0 ) ( 9.7 ) Impairment — — — ( 116.0 ) ( 116.0 ) Deferred tax impact — — ( 0.9 ) — ( 0.9 ) As of September 30, 2019 $ 702.1 $ 430.4 $ 195.6 $ — $ 1,328.1 As a result of the Company’s divestiture of the GBL division and decision to retain the HPC division, the Company reconsidered the manner in which management views its business activities and reportable segments; which also changed the reporting units that the Company utilizes to recognize goodwill. The Company had historically recognized goodwill at its Global Batteries and Appliance (GBA) reporting unit and separate operating segment. With the separation of the GBL and HPC components, goodwill previously recognized as part of the GBA reporting unit was allocated to HPC and the GBL discontinued operations, based upon relative fair value, during the first quarter of the year ended September 30, 2019, when the decision was made to retain the HPC division and separate HPC assets from the GBL assets. No goodwill impairment was recognized in connection with the GBL divestiture and change to the plan of sale of the HPC division. However, as a result of HPC being held for sale for majority of the prior year and subsequent separation of the business from the GBA reporting unit following the GBL divestiture, as well as competitive pressure and reduced margin realization and decline in operating results during the year, the Company realized a goodwill impairment loss on the HPC segment and reporting unit during the fourth quarter of $ 116.0 million, which results in a full write‐off of HPC goodwill. The fair values of the HHI, GPC, and H&G reporting units exceeded their carrying values by 33 %, 4 %, and 56 %, respectively, and we did no t recognize an impairment for the respective units. Although none of these reporting units failed annual impairment test, in management’s opinion, the goodwill of GPC reporting unit is at risk of impairment in the near term if operating performance does not continue to improve in line with management’s expectation, or a negative change in the long-term outlook for the business or in other change in factors and assumptions such as the discount rate. The carrying value of indefinite life intangibles and definite lived intangible assets subject to amortization and accumulated amortization are as follows: 2019 2018 (in millions) Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net Amortizable Intangible Assets Customer relationships $ 694.9 $ ( 329.7 ) $ 365.2 $ 701.3 $ ( 275.3 ) $ 426.0 Technology assets 179.4 ( 90.9 ) 88.5 181.5 ( 78.2 ) 103.3 Tradenames 160.4 ( 118.1 ) 42.3 153.2 ( 105.1 ) 48.1 Total Amortizable Intangible Assets 1,034.7 ( 538.7 ) 496.0 1,036.0 ( 458.6 ) 577.4 Indefinite-lived Intangible Assets - Tradenames 1,011.1 — 1,011.1 1,064.4 — 1,064.4 Total Intangible Assets $ 2,045.8 $ ( 538.7 ) $ 1,507.1 $ 2,100.4 $ ( 458.6 ) $ 1,641.8 During the year ended September 30, 2019, the Company recognized $ 18.8 million and $ 16.6 million impairment on indefinite life intangible assets due to the reduction in value on certain tradenames associated with the with the HPC and GPC segments, respectively, primarily due to reduced sales volume and response to changes in management’s strategy. With the recognition of the impairment, the respective intangible assets were adjusted to their determined fair value, leaving no excess fair value as of the measurement date and risk of further impairment. As of September 30, 2019, there are approximately $ 240.4 million of intangible assets the could be deemed at risk of future impairment due to the limited excess fair value. During the year ended September 30, 2018 the Company recognized $ 20.3 million impairment on certain tradenames associated with the GPC segment driven by lost sales volumes attributable to safety recall and increased market competition . During the year ended September 30, 2017, the Company recognized $ 16.3 million of impairment on indefinite life intangible assets, primarily in response to changes in management’s strategy. Amortization expense from intangible assets for the years ended September 30, 2019, 2018 and 2017 was $ 83.4 million, $ 53.0 million and $ 72.1 million, respectively. During the year ended September 30, 2019, there was incremental amortization expense of $ 15.5 million recognized attributable to amortization expense on intangible assets of HPC that were previously held for sale . Refer Note 20 - Segment Information for further discussion. Excluding the impact of any future acquisitions or changes in foreign currency, the Company anticipates the annual amortization expense of intangible assets for the next five fiscal years will be as follows: (in millions) Amortization 2020 $ 80.1 2021 64.1 2022 55.2 2023 44.8 2024 44.7 |
Debt
Debt | 12 Months Ended |
Sep. 30, 2019 | |
Debt [Abstract] | |
Debt | NOTE 12 - DEBT Debt for SBH and SB/RH as of September 30, 2019 and 2018 consists of the following: SBH SB/RH 2019 2018 2019 2018 (in millions) Amount Rate Amount Rate Amount Rate Amount Rate Spectrum Brands Inc. Term Loan, variable rate, due June 23, 2022 $ — — % $ 1,231.7 4.4 % $ — — % $ 1,231.7 4.4 % CAD Term Loan, variable rate, due June 23, 2022 — — % 32.8 5.5 % — — % 32.8 5.5 % Revolver Facility, variable rate, expiring March 6, 2022 — — % — — % — — % — — % 6.625 % Notes, due November 15, 2022 117.4 6.6 % 570.0 6.6 % 117.4 6.6 % 570.0 6.6 % 6.125 % Notes, due December 15, 2024 250.0 6.1 % 250.0 6.1 % 250.0 6.1 % 250.0 6.1 % 5.00 % Notes, due October 1, 2029 300.0 5.0 % — — % 300.0 5.0 % — — % 5.75 % Notes, due July 15, 2025 1,000.0 5.8 % 1,000.0 5.8 % 1,000.0 5.8 % 1,000.0 5.8 % 4.00 % Notes, due October 1, 2026 465.0 4.0 % 494.7 4.0 % 465.0 4.0 % 494.7 4.0 % Other notes and obligations 9.5 10.4 % 7.3 9.5 % 9.5 10.4 % 7.3 9.5 % Intercompany note with parent — — % — — % — — % 520.0 4.3 % Obligations under capital leases 165.6 5.6 % 175.1 5.5 % 165.6 5.6 % 175.1 5.5 % Total Spectrum Brands, Inc. debt 2,307.5 3,761.6 2,307.5 4,281.6 Spectrum Brands Holdings, Inc. HRG - 7.75 % Senior Unsecured Notes, due January 15, 2022 — — % 890.0 7.8 % — — % — — % Salus - unaffiliated long-term debt of consolidated VIE 77.0 — % 77.0 — % — — % — — % Total SBH debt 2,384.5 4,728.6 2,307.5 4,281.6 Unamortized discount on debt ( 0.2 ) ( 19.8 ) — ( 2.8 ) Debt issuance costs ( 33.0 ) ( 57.6 ) ( 31.5 ) ( 45.5 ) Less current portion ( 136.9 ) ( 26.9 ) ( 136.9 ) ( 546.9 ) Long-term debt, net of current portion $ 2,214.4 $ 4,624.3 $ 2,139.1 $ 3,686.4 The Company’s aggregate scheduled maturities of debt and capital lease obligations are as follows: SBH SB/RH (in millions) Capital Lease Obligations Debt Total Capital Lease Obligations Debt Total 2020 $ 17.5 $ 126.9 $ 144.4 $ 17.5 $ 126.9 $ 144.4 2021 19.7 77.0 96.7 19.7 — 19.7 2022 16.5 — 16.5 16.5 — 16.5 2023 15.5 — 15.5 15.5 — 15.5 2024 15.4 250.0 265.4 15.4 250.0 265.4 Thereafter 179.9 1,765.0 1,944.9 179.9 1,765.0 1,944.9 Total 264.5 2,218.9 2,483.4 264.5 2,141.9 2,406.4 Interest ( 98.9 ) — ( 98.9 ) ( 98.9 ) — ( 98.9 ) Long-term debt $ 165.6 $ 2,218.9 $ 2,384.5 $ 165.6 $ 2,141.9 $ 2,307.5 Spectrum Term Loans and Revolver Facility On June 23, 2015, SBI entered into term loan facilities pursuant to a Senior Credit Agreement consisting of (i) a $ 1,450 million USD Term Loan due June 23, 2022 , (ii) a $ 75 million CAD Term Loan due June 23, 2022 and (iii) a € 300 million Euro Term Loan due June 23, 2022 , (collectively, “Term Loans”) and (iv) entered into a $ 500 million Revolver Facility due June 23, 2020 (the “Revolver”). The proceeds from the Term Loans and draws on the Revolver were used to repay SBI’s then-existing senior term credit facility, repay SBI’s outstanding 6.75 % senior unsecured notes due 2020, repay and replace SBI’s then-existing asset based revolving loan facility, and to pay fees and expenses in connection with the refinancing and for general corporate purposes. On October 6, 2016, the Company entered into the first amendment to the Senior Credit Agreement under its Term Loans and Revolver Facility (the “Credit Agreement”) reducing the interest rate margins applicable to the USD Term Loans to either adjusted LIBOR (International Exchange London Interbank Offered Rate), subject to a 0.75 % floor plus margin of 2.50 % per annum, or base rate with a 1.75 % floor plus margin of 1.50 % per annum. The Company recognized $ 1.0 million of costs in connection with amending the Credit Agreement that has been recognized as interest expense. On March 6, 2017, the Company entered into a second amendment to the Credit Agreement expanding the overall capacity of the Revolver Facility to $ 700 million, reducing the interest rate margin to either adjusted LIBOR plus margin ranging from 1.75 % to 2.25 %, or base rate plus margin ranging from 0.75 % to 1.25 %, reducing the commitment fee to 35 bps, and extending the maturity to March 6, 2022 . The Company recognized $ 2.6 million of costs in connection with amending the cash revolver that has been deferred as debt issuance costs. On April 7, 2017, the Company entered into a third amendment to the Credit Agreement reducing the interest rate margins applicable to the USD Term Loans to either adjusted LIBOR plus margin of 2.00 % per annum, or base rate plus margin of 1.00 %. The Company recognized $ 0.6 million of costs in connection with amending the Credit Agreement that has been recognized as interest expense. On May 16, 2017, the Company entered into a fourth amendment to the Credit Agreement increasing its USD Term Loan by $ 250.0 million of incremental borrowings and removing the floor which both LIBOR and base rates were subject to. The Company recognized $ 2.7 million as costs in connection with the increased borrowing that has been deferred as debt issuance costs. On May 24, 2017, the Company extinguished its Euro Term Loan and recognized non-cash interest expense of $ 0.6 million for previously deferred debt issuance costs in connection with the extinguishment. NOTE 12 – DEBT (continued) On March 28, 2018, the Company entered into a fifth amendment to the Credit Agreement, expanding the overall capacity of the Revolver Facility to $ 800 million. On October 31, 2018, the Company paid the $ 32.6 million CAD Term Loan in full. On January 4, 2019, the Company paid $ 1,231.7 million USD Term Loan in full using proceeds received from the divestiture of GBL, recognizing a loss on extinguishment of the debt of $ 9.0 million within interest expense attributable to a non-cash charge from the write-off of deferred financing costs and original issue discount associated with the debt. As of September 30, 2019, the Revolver Facility is subject to either adjusted LIBOR plus margin ranging from 1.75 % to 2.25 % per annum, or base rate plus margin ranging from 0.75 % to 1.25 % per annum. The Credit Agreement, solely with respect to the Revolver Facility, contains a financial covenant test on the last day of each fiscal quarter on the maximum total leverage ratio. This is calculated as the ratio of (i) the principal amount of third party debt for borrowed money (including unreimbursed letter of credit drawings), capital leases and purchase money debt, at period-end, less cash and cash equivalents, to (ii) adjusted EBITDA for the trailing twelve months. The maximum total leverage ratio should be no greater than 6.0 to 1.0. As of September 30, 2019, we were in compliance with all covenants under the Credit Agreement. Pursuant to a guarantee agreement, SB/RH and the material wholly-owned domestic subsidiaries of SBI have guaranteed SBI’s obligations under the Senior Credit Agreement and related loan documents. Pursuant to a security agreement, SBI and such subsidiary guarantors have pledged substantially all of their respective assets to secure such obligations and, in addition, SB/RH has pledged the capital stock of SBI to secure such obligations. The Senior Credit Agreement also provides for customary events of default including payment defaults and cross-defaults to other material indebtedness. As a result of borrowings and payments under the Revolver Facility, at September 30, 2019, the Company had borrowing availability of $ 779.0 million, net outstanding letters of credit of $ 19.5 million and $ 1.5 million allocated to a foreign subsidiary. Spectrum 5.00% Notes On September 24, 2019, SBI issued $ 300.0 million aggregate principal amount of 5.00 % Senior Notes due October 1, 2029 . The 5.00% Notes are guaranteed by SB/RH as well as by SBI’s existing and future domestic subsidiaries. On or after October 1, 2024, SBI may redeem some or all of the Notes at certain fixed redemption prices. In addition, prior to October 1, 2024, SBI may redeem the Notes at a redemption price equal to 100 % of the principal amount plus a “make-whole” premium. SBI may redeem up to 35 % of the Notes, including additional notes, with an amount of cash equal to the net proceeds of equity offerings at specified redemption prices. Further, the indenture governing the 5.00% Notes (the “2029 Indenture”) requires SBI to make an offer, in cash, to repurchase all or a portion of the applicable outstanding notes for a specified redemption price, including a redemption premium, upon the occurrence of a change of control of SBI, as defined in the 2029 Indenture. The 2029 Indenture contains covenants that limit, among other things, the incurrence of additional indebtedness, payment of dividends on or redemption or repurchase of equity interests, the making of certain investments, expansion into unrelated businesses, creation of liens on assets, merger or consolidation with another company, transfer or sale of all or substantially all assets, and transactions with affiliates. In addition, the 2029 Indenture proves for customary events of default, including failure to make required payments, failure to comply with certain agreements or covenants, failure to make payments when due or on acceleration of certain other indebtedness, and certain events of bankruptcy and insolvency. Events of default under the 2029 Indenture arising from certain events of bankruptcy or insolvency will automatically cause the acceleration of the amounts due under the 5.00% Notes. If any other event of default under the 2029 Indenture occurs and is continuing, the trustee for the 2029 Indenture or the registered holders of at least 25 % in the then aggregate outstanding principal amount of the 5.00% Notes, may declare the acceleration of the amounts due under those notes. As of September 30, 2019, we were in compliance with all covenants under the indentures governing the 5.00% Notes. The Company recorded $ 4.1 million of fees in connection with the offering of the 5.00% Notes, which have been capitalized as debt issuance costs and are being amortized over the remaining life of the 5.00% Notes. Spectrum 4.00% Notes On September 20, 2016, SBI issued € 425 million aggregate principal amount of 4.00 % Notes at par value, due October 1, 2026 . The 4.00% Notes are guaranteed by SB/RH as well as by SBI’s existing and future domestic subsidiaries. SBI may redeem all or a part of the 4.00% Notes, at any time on or after October 1, 2021 at specified redemption prices. In addition, prior to October 1, 2021, SBI may redeem the notes at a redemption price equal to 100 % of the principal amounts plus a “make-whole” premium. SBI is also entitled to redeem up to 35 % of the aggregate principal amount of the notes before October 1, 2019 with an amount of cash equal to the net proceeds that SBI raises in equity offerings at specified redemption prices. Further, the indenture governing the 4.00% Notes (the “2026 Indenture”) requires SBI to make an offer, in cash, to repurchase all or a portion of the applicable outstanding notes for a specified redemption price, including a redemption premium, upon the occurrence of a change of control of SBI, as defined in the 2026 Indenture. The 2026 Indenture contains customary covenants that limit, among other things, the incurrence of additional indebtedness, payment of dividends on or redemption or repurchase of equity interests, the making of certain investments, expansion into unrelated businesses, creation of liens on assets, merger or consolidation with another company, transfer or sale of all or substantially all assets, and transactions with affiliates. In addition, the 2026 Indenture provides for customary events of default, including failure to make required payments, failure to comply with certain agreements or covenants, failure to make payments when due or on acceleration of certain other indebtedness, and certain events of bankruptcy and insolvency. Events of default under the 2026 Indenture arising from certain events of bankruptcy or insolvency will automatically cause the acceleration of the amounts due under the 4.00% Notes. If any other event of default under the 2026 Indenture occurs and is continuing, the trustee for the 2026 Indenture or the registered holders of at least 25 % in the then aggregate outstanding principal amount of the 4.00% Notes, may declare the acceleration of the amounts due under those notes. As of September 30, 2019, we were in compliance with all covenants under the indentures governing the 4.00% Notes. The Company recorded $ 7.7 million of fees in connection with the offering of the 4.00% Notes, which have been capitalized as debt issuance costs and are being amortized over the remaining life of the 4.00% Notes. NOTE 12 – DEBT (continued) Spectrum 5.75% Notes On May 20, 2015, SBI issued $ 1,000 million aggregate principal amount of 5.75 % Notes at par value, due July 15, 2025 (the “5.75% Notes”). The 5.75% Notes are guaranteed by SB/RH as well as by SBI’s existing and future domestic subsidiaries. SBI may redeem all or a part of the 5.75% Notes, at any time on or after July 15, 2020, at specified redemption prices. In addition, prior to July 15, 2020, SBI may redeem the notes at a redemption price equal to 100 % of the principal amount plus a “make-whole” premium. SBI is also entitled to redeem up to 35 % of the aggregate principal amount of the notes before July 15, 2018 with an amount of cash equal to the net proceeds that SBI raises in equity offerings at specified redemption prices. Further, the indenture governing the 5.75% Notes (the “2025 Indenture”) requires SBI to make an offer, in cash, to repurchase all or a portion of the applicable outstanding notes for a specified redemption price, including a redemption premium, upon the occurrence of a change of control of SBI, as defined in the 2025 Indenture. The 2025 Indenture contains customary covenants that limit, among other things, the incurrence of additional indebtedness, payment of dividends on or redemption or repurchase of equity interests, the making of certain investments, expansion into unrelated businesses, creation of liens on assets, merger or consolidation with another company, transfer or sale of all or substantially all assets, and transactions with affiliates. In addition, the 2025 Indenture provides for customary events of default, including failure to make required payments, failure to comply with certain agreements or covenants, failure to make payments when due or on acceleration of certain other indebtedness, and certain events of bankruptcy and insolvency. Events of default under the 2025 Indenture arising from certain events of bankruptcy or insolvency will automatically cause the acceleration of the amounts due under the 5.75% Notes. If any other event of default under the 2025 Indenture occurs and is continuing, the trustee for the 2025 Indenture or the registered holders of at least 25 % in the then aggregate outstanding principal amount of the 5.75% Notes, may declare the acceleration of the amounts due under those notes. As of September 30, 2019, we were in compliance with all covenants under the indentures governing the 5.75% Notes. The Company recorded $ 19.7 million of fees in connection with the offering of the 5.75% Notes, which have been capitalized as debt issuance costs and are being amortized over the remaining life of the 5.75% Notes. Spectrum 6.125% Notes On December 4, 2014, SBI issued $ 250 million aggregate principal amount of 6.125 % Notes at par value, due December 15, 2024 (the”6.125% Notes”). The 6.125% Notes are guaranteed by SB/RH, as well as by SBI’s existing and future domestic subsidiaries. SBI may redeem all or a part of the 6.125% Notes, at any time on or after December 15, 2019, at specified redemption prices. Prior to December 15, 2019, SBI may redeem the notes at a redemption price equal to 100 % of the principal amount plus a “make-whole” premium. SBI is also entitled to redeem up to 35 % of the aggregate principal amount of the notes before December 15, 2017 with an amount of cash equal to the net proceeds that SBI raises in equity offerings at specified redemption prices. Further, the indenture governing the 6.125% Notes (the “2024 Indenture”) requires SBI to make an offer, in cash, to repurchase all or a portion of the applicable outstanding notes for a specified redemption price, including a redemption premium, upon the occurrence of a change of control of SBI, as defined in the 2024 Indenture. The 2024 Indenture contains customary covenants that limit, among other things, the incurrence of additional indebtedness, payment of dividends on or redemption or repurchase of equity interests, the making of certain investments, expansion into unrelated businesses, creation of liens on assets, merger or consolidation with another company, transfer or sale of all or substantially all assets, and transactions with affiliates. In addition, the 2024 Indenture provides for customary events of default, including failure to make required payments, failure to comply with certain agreements or covenants, failure to make payments when due or on acceleration of certain other indebtedness, and certain events of bankruptcy and insolvency. Events of default under the 2024 Indenture arising from certain events of bankruptcy or insolvency will automatically cause the acceleration of the amounts due under the 6.125% Notes. If any other event of default under the 2024 Indenture occurs and is continuing, the trustee for the 2024 Indenture or the registered holders of at least 25 % in the then aggregate outstanding principal amount of the 6.125% Notes, may declare the acceleration of the amounts due under those notes. As of September 30, 2019, we were in compliance with all covenants under the indentures governing the 6.125% Notes. The Company recorded $ 4.6 million of fees in connection with the offering of the 6.125% Notes, which have been capitalized as debt issuance costs and are being amortized over the remaining life of the 6.125% Notes. Spectrum 6.375% Notes and 6.625% Notes On December 17, 2012, in connection with the acquisition of HHI Business, the Company assumed $ 520 million aggregate principal amount of 6.375 % Notes at par value, due November 15, 2020 (the “6.375% Notes”), and $ 570 million aggregate principal amount of 6.625 % Notes at par value, due November 15, 2022 (the “6.625% Notes”). During the year ended September 30, 2016, in connection with the issuance of the 4.00% Notes previously discussed, the Company repurchased $ 390.3 million aggregate principal amount of the 6.375% Notes in a cash tender offer. In connection with the tender, the Company recognized $ 6.5 million of fees and expenses and a $ 15.6 million tender premium as interest expense and wrote off $ 5.8 million of previously capitalized debt issuance costs as a non-cash charge to interest expense during the year ended September 30, 2016. On October 20, 2016, the Company redeemed the remaining outstanding aggregate principal on the 6.375% Notes of $ 129.7 million, with a make whole premium of $ 4.6 million recognized as interest expense and $ 1.9 million in non-cash interest expense for previously deferred debt issuance costs for the year ended September 30, 2017. The 6.625% Notes are unsecured and guaranteed by SB/RH, as well as by existing and future domestic restricted subsidiaries. The Company may redeem all or a part of the 6.625% Notes, upon not less than 30 or more than 60 days notice, at specified redemption prices. Further, the indenture governing the 6.625% Notes (the “2020/22 Indenture”) requires the Company to make an offer, in cash, to repurchase all or a portion of the applicable outstanding notes for a specified redemption price, including a redemption premium, upon the occurrence of a change of control of the Company, as defined in such indenture. Subsequent to the year ended September 30, 2017 and effective November 15, 2017, the 6.625% Notes became callable by the Company. NOTE 12 – DEBT (continued) On March 21, 2019, the Company completed the prepayment of $ 285.0 million of the $ 570.0 million aggregate principal amount of its 6.625% Notes, plus accrued and unpaid interest, using proceeds received from the GAC divestiture, recognizing a loss on extinguishment of the debt of $ 9.6 million attributable to a $ 6.3 million premium on repayment of the debt and a non-cash charge of $ 3.3 million attributable to the write-off of deferred financing costs associated with the debt. On September 24, 2019, the Company repurchased a total of $ 167.6 million aggregate principal amount or approximately 58.8 % of the outstanding aggregate principal amount of the 6.625% Notes in a cash tender offer. In connection with the tender, the Company recognized a loss on extinguishment of debt of $ 4.6 million attributable to a $ 2.9 million premium on repayment of the debt and a non-cash charge of $ 1.7 million attributable to the write-off of deferred financing costs associated with the debt. On September 24, 2019, we amended the 6.625% Notes indenture to eliminate substantially all of the restrictive covenants and certain events of default. Subsequent to September 30, 2019 there was a redemption of $ 1.0 million as part of the original tender offer. On October 8, 2019, the Company issued a notice to redeem the remaining $ 116.5 million outstanding with an expected redemption date of November 15, 2019. HRG 7.75% Notes As of September 30, 2018, the Company had an outstanding balance of $ 890.0 million of 7.75 % senior notes due 2022 (the “7.75% Notes”). On January 30, 2019, the Company repaid its 7.75% Senior Unsecured Notes from HRG Group in full using proceeds received from the GBL and GAC divestitures, recognizing a loss on extinguishment of the debt of $ 41.2 million within interest expense attributable to a $ 17.2 million premium on repayment of the debt and a non-cash charge of $ 24.0 million attributable to the write-off of deferred financing costs and original issue discount associated with the debt. Salus In February 2013, September 2013 and February 2015, Salus completed a collateralized loan obligation (“CLO”) securitization of up to $ 578.5 million notional aggregate principal amount. At September 30, 2019 and 2018, the outstanding notional aggregate principal amount of $ 77.0 million, was taken up by unaffiliated entities, including HRG’s former subsidiary, FGL, and consisted entirely of subordinated debt in both periods. As of September 30, 2017, there was $ 48.1 million taken up by FGL and included in Assets of Businesses Held for Sale in the accompanying Consolidated Statement of Financial Position. The CLO subordinated debt is non-recourse to the Company. The obligations of the securitization are secured by the assets of the variable interest entity, primarily asset-based loan receivables and carry residual interest subject to maintenance of certain covenants. As of September 30, 2019, the CLO’s assets consisted of $ 0.4 million of cash that is being held back to cover wind-down and legal expenses. The subordinated tranches carry residual interest subject to maintenance of certain covenants. Due to losses incurred in the CLO, the CLO did not accrue interest on the subordinated debt as of September 30, 2019 and 2018. |
Leases
Leases | 12 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Leases | NOTE 13 - LEASES The Company has leases primarily pertaining to land, buildings and equipment that expire at various times through February 2047. The Company’s minimum rent payments under operating leases are recognized on a straight-line basis over the term of the leases. Future minimum rental commitments under non-cancelable operating leases are as follows: (in millions) Amount 2020 $ 25.0 2021 23.2 2022 20.6 2023 17.8 2024 10.8 Thereafter 37.5 Total minimum lease payments $ 134.9 Rent expense was $ 28.7 million, $ 33.0 million and $ 34.8 million for the years ended September 30, 2019, 2018 and 2017, respectively. |
Derivatives
Derivatives | 12 Months Ended |
Sep. 30, 2019 | |
Derivatives [Abstract] | |
Derivatives | NOTE 14 - DERIVATIVES Derivative financial instruments are used by the Company principally in the management of its interest rate, foreign currency exchange rate and raw material price exposures. The Company does not hold or issue derivative financial instruments for trading purposes. For derivative instruments that are designated and qualify as cash flow hedges, the gain or loss on the effective portion of the derivative is reported as a component of Accumulated Other Comprehensive Income (“AOCI”) and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. Gains and losses on derivatives representing either hedge ineffectiveness or hedge components excluded from the assessment of effectiveness are recognized in current earnings. Cash Flow Hedges Interest Rate Swaps. The Company uses interest rate swaps to manage its interest rate risk. The swaps are designated as cash flow hedges with the changes in fair value recorded in Accumulated Other Comprehensive Income (“AOCI”) and as a derivative hedge asset or liability, as applicable. The swaps settle periodically in arrears with the related amounts for the current settlement period payable to, or receivable from, the counterparties included in accrued liabilities or receivables, respectively, and recognized in earnings as an adjustment to interest from the underlying debt to which the swap is designated. Any ineffective portion of the unrealized gains or losses is immediately recorded into earnings. As of September 30, 2018, the Company had a series of U.S. dollar denominated interest rate swaps outstanding which effectively fixed the interest on floating rate debt related to the 2022 Term Loan, exclusive of lender spreads , at 1.76 % for a notional principal amount of $ 300.0 million through May 8, 2020 . On January 4, 2019, the underlying debt and related hedge were settled. As a result, the Company recognized a gain of $ 3.6 million during the year ended September 30, 2019, recognized as a component of discontinued operations as interest expense from the Term Loans allocated to discontinued operations per Note 3 – Divestitures. As of September 30, 2019, there are no outstanding interest rate swaps hedges. 2019 2018 (in millions) Notional Amount Remaining Years Notional Amount Remaining Years Interest rate swaps - fixed $ — — $ 300.0 1.6 Commodity Swaps. The Company is exposed to risk from fluctuating prices for raw materials, specifically brass used in its manufacturing processes. The Company hedges a portion of the risk associated with the purchase of these materials using commodity swaps. The hedge contracts are designated as cash flow hedges with the fair value changes recorded in AOCI and as a hedge asset or liability, as applicable. The unrecognized changes in fair value of the hedge contracts are reclassified from AOCI into earnings when the hedged purchase of raw materials also affects earnings. The swaps effectively fix the floating price on a specified quantity of raw materials through a specified date. At September 30, 2019, the Company had a series of brass swap contracts outstanding through February 28, 2021 . The derivative net loss estimated to be reclassified from AOCI into earnings over the next 12 months is $ 0.2 million, net of tax. The Company had the following commodity swap contracts outstanding as of September 30, 2019 and 2018: 2019 2018 (in millions, except notional) Notional Contract Value Notional Contract Value Brass swap contracts 0.9 Tons $ 4.4 1.0 Tons $ 5.6 Foreign exchange contracts. The Company periodically enters into forward foreign exchange contracts to hedge a portion of the risk from forecasted foreign currency denominated third party and intercompany sales or payments. These obligations generally require the Company to exchange foreign currencies for U.S. Dollars, Euros, Pound Sterling, Canadian Dollars, Australian Dollars, and Japanese Yen. These foreign exchange contracts are cash flow hedges of fluctuating foreign exchange related to sales of product or raw material purchases. Until the sale or purchase is recognized, the fair value of the related hedge is recorded in AOCI and as a derivative hedge asset or liability, as applicable. At the time the sale or purchase is recognized, the fair value of the related hedge is reclassified as an adjustment to Net Sales or purchase price variance in Cost of Goods Sold on the Consolidated Statements of Income. At September 30, 2019, the Company had a series of foreign exchange derivative contracts outstanding through March 31, 2021 . The derivative net loss estimated to be reclassified from AOCI into earnings over the next 12 months is $ 5.7 million, net of tax. At September 30, 2019 and 2018, the Company had foreign exchange derivative contracts designated as cash flow hedges with a notional value of $ 235.6 million and $ 261.6 million, respectively. Net Investment Hedge On September 20, 2016, SBI issued € 425 million aggregate principle amount of 4.00 % Notes. See Note 12 - Debt for further detail. The 4.00% Notes are denominated in Euros and have been designated as a net investment hedge of the translation of the Company’s net investments in Euro denominated subsidiaries at the time of issuance. As a result, the translation of the Euro denominated debt is recognized as AOCI with any ineffective portion recognized as foreign currency translation gains or losses on the statement of income when the aggregate principal exceeds the net investment in its Euro denominated subsidiaries. Net gains or losses from the net investment hedge are reclassified from AOCI into earnings upon a liquidation event or deconsolidation of Euro denominated subsidiaries. As of September 30, 2019, the hedge was fully effective and no ineffective portion was recognized in earnings. Derivative Contracts Not Designated As Hedges for Accounting Purposes Foreign exchange contracts. The Company periodically enters into forward and swap foreign exchange contracts to economically hedge a portion of the risk from third party and intercompany payments resulting from existing obligations. These obligations generally require the Company to exchange foreign currencies for, among others, U.S. Dollars, Canadian Dollars, Euros, Pounds Sterling, Taiwanese Dollars, Russian Ruble, Philippine Peso, or Australian Dollars. These foreign exchange contracts are fair value hedges of a related liability or asset recorded in the accompanying Consolidated Statements of Financial Position. The gain or loss on the derivative hedge contracts is recorded in earnings as an offset to the change in value of the related liability or asset at each period end . At September 30, 2019, the Company had a series of forward exchange contracts outstanding through October 25, 2019 . At September 30, 2019 and 2018 , the Company had $ 837.5 million and $ 105.2 million , respectively, of notional value for such foreign exchange derivative contracts outstanding. NOTE 14 - DERIVATIVES (continued) Fair Value of Derivative Instruments The fair value of the Company’s outstanding derivative instruments in the Consolidated Statements of Financial Position are as follows: (in millions) Line Item 2019 2018 Derivative Assets Interest rate swaps - designated as hedge Other receivables $ — $ 1.8 Interest rate swaps - designated as hedge Deferred charges and other — 1.0 Foreign exchange contracts - designated as hedge Other receivables 7.8 5.5 Foreign exchange contracts - designated as hedge Deferred charges and other 0.5 0.2 Foreign exchange contracts - not designated as hedge Other receivables 1.2 0.4 Total Derivative Assets $ 9.5 $ 8.9 Derivative Liabilities Commodity swaps - designated as hedge Accounts payable $ 0.2 $ 0.4 Interest rate swaps - designated as hedge Accrued interest — ( 0.3 ) Foreign exchange contracts - designated as hedge Accounts payable 0.2 0.3 Foreign exchange contracts - designated as hedge Other long term liabilities — 0.2 Foreign exchange contracts - not designated as hedge Accounts payable 1.9 0.2 Total Derivative Liabilities $ 2.3 $ 0.8 The Company is exposed to the risk of default by the counterparties with which it transacts and generally does not require collateral or other security to support financial instruments subject to credit risk. The Company monitors counterparty credit risk on an individual basis by periodically assessing each counterparty’s credit rating exposure. The maximum loss due to credit risk equals the fair value of the gross asset derivatives that are concentrated with certain domestic and foreign financial institution counterparties. The Company considers these exposures when measuring its credit reserve on its derivative assets, which were not significant for the years ended September 30, 2019 and 2018. The Company’s standard contracts do not contain credit risk related contingent features whereby the Company would be required to post additional cash collateral because a credit event. However, the Company is typically required to post collateral in the normal course of business to offset its liability positions. As of September 30, 2019, and 2018, there was no cash collateral outstanding. In addition, as of September 30, 2019 and 2018, the Company had no posted standby letters of credit related to such liability positions. NOTE 14 - DERIVATIVES (continued) The following table summarizes the impact of the effective and ineffective portions of designated hedges and the gain (loss) recognized in the Consolidated Statement of Income for the years ended September 30, 2019, 2018 and 2017: Effective Portion For the year ended Reclassified to Ineffective portion September 30, 2019 Gain (Loss) Reclassified to Continuing Operations Discontinued Continuing Operations Discontinued (in millions) in OCI Line Item Gain (Loss) Operations Line Item Gain (Loss) Operations Interest rate swaps $ ( 0.6 ) Interest expense $ — $ 2.2 Interest expense $ — $ 1.7 Commodity swaps ( 1.1 ) Cost of goods sold ( 0.4 ) ( 4.4 ) Cost of goods sold — — Net investment hedge 29.8 Other non-operating expense — — Other non-operating expense — — Foreign exchange contracts ( 0.4 ) Net sales ( 0.2 ) — Net sales — — Foreign exchange contracts 14.7 Cost of goods sold 11.7 0.5 Cost of goods sold — — Total $ 42.4 $ 11.1 $ ( 1.7 ) $ — $ 1.7 Effective Portion For the year ended Reclassified to Ineffective portion September 30, 2018 Gain (Loss) Reclassified to Continuing Operations Discontinued Continuing Operations Discontinued (in millions) in OCI Line Item Gain (Loss) Operations Line Item Gain (Loss) Operations Interest rate swaps $ 4.0 Interest expense $ — $ 1.1 Interest expense $ — $ 1.2 Commodity swaps ( 4.5 ) Cost of goods sold 0.7 2.4 Cost of goods sold — — Net investment hedge 6.2 Other non-operating expense — — Other non-operating expense — — Foreign exchange contracts ( 0.1 ) Net sales 0.1 — Net sales — — Foreign exchange contracts 10.8 Cost of goods sold ( 9.3 ) ( 1.9 ) Cost of goods sold — — Total $ 16.4 $ ( 8.5 ) $ 1.6 $ — $ 1.2 Effective Portion For the year ended Reclassified to Ineffective portion September 30, 2017 Gain (Loss) Reclassified to Continuing Operations Discontinued Continuing Operations Discontinued (in millions) in OCI Line Item Gain (Loss) Operations Line Item Gain (Loss) Operations Interest rate swaps $ ( 0.7 ) Interest expense $ ( 1.3 ) $ — Interest expense $ — $ — Commodity swaps 6.2 Cost of goods sold 0.7 4.7 Cost of goods sold — — Net investment hedge ( 24.0 ) Other non-operating expense — — Other non-operating expense — — Foreign exchange contracts 0.4 Net sales ( 0.1 ) — Net sales — — Foreign exchange contracts ( 13.5 ) Cost of goods sold 6.4 0.4 Cost of goods sold — — Total $ ( 31.6 ) $ 5.7 $ 5.1 $ — $ — The following table summarizes the gain (loss) associated with derivative contracts not designated as hedges in the Consolidated Statements of Income for the years ended September 30, 2019, 2018 and 2017. (in millions) Line Item 2019 2018 2017 Foreign exchange contracts Other non-operating expense (income) $ 47.3 $ ( 2.3 ) $ 0.8 |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Sep. 30, 2019 | |
Employee Benefit Plans [Abstract] | |
Employee Benefit Plans | NOTE 15 - EMPLOYEE BENEFIT PLANS Defined Benefit Plans The Company has various defined benefit pension plans covering some of its employees. Plans generally provide benefits of stated amounts for each year of service. The Company funds its pension plans in accordance with the requirements of the defined benefit pension plans and, where applicable, in amounts sufficient to satisfy the minimum funding requirements of applicable laws. Additionally, in compliance with the Company’s funding policy, annual contributions to defined benefit plans are equal to the actuarial recommendations or statutory requirements in the respective countries. The Company sponsors or participates in a number of other non-U.S. pension arrangements, including various retirement and termination benefit plans, some of which are covered by local law or coordinated with government-sponsored plans, which are not significant in the aggregate. The following tables provide additional information on the pension plans as of September 30, 2019 and 2018: U.S. Plans Non U.S. Plans (in millions) 2019 2018 2019 2018 Changes in benefit obligation: Benefit obligation, beginning of year $ 70.5 $ 75.3 $ 148.9 $ 149.8 Service cost 0.4 0.4 1.9 2.0 Interest cost 2.8 2.7 3.4 3.6 Actuarial loss (gain) 10.3 ( 4.2 ) 27.5 1.5 Plan Amendments — — 0.2 — Benefits paid ( 3.8 ) ( 3.7 ) ( 5.9 ) ( 5.3 ) Foreign currency exchange rate changes — — ( 8.2 ) ( 2.7 ) Benefit obligation, end of year 80.2 70.5 167.8 148.9 Changes in plan assets: Fair value of plan assets, beginning of year 69.3 68.9 115.8 115.9 Actual return on plan assets 2.7 3.7 13.5 1.9 Employer contributions 0.4 0.4 3.1 5.6 Benefits paid ( 3.8 ) ( 3.7 ) ( 5.9 ) ( 5.3 ) Foreign currency exchange rate changes — — ( 6.5 ) ( 2.3 ) Fair value of plan assets, end of year 68.6 69.3 120.0 115.8 Funded Status $ ( 11.6 ) $ ( 1.2 ) $ ( 47.8 ) $ ( 33.1 ) Amounts recognized in statement of financial position Deferred charges and other $ — $ 0.1 $ 3.0 $ 3.2 Other accrued expenses 0.3 0.4 0.5 0.4 Other long-term liabilities 11.3 0.9 50.3 35.9 Accumulated other comprehensive loss 19.3 7.5 49.9 35.8 Weighted average assumptions Discount rate 3.04 % 4.10 % 0.75 - 7.70 % 1.00 - 8.30 % Rate of compensation increase N/A N/A 2.25 - 6.00 % 2.25 - 7.00 % The net loss in Accumulated Other Comprehensive Loss expected to be recognized in continuing operations during the year ended September 30, 2020 is $ 4.3 million. The following table contains the components of net periodic benefit cost from defined benefit plans for the years ended September 30, 2019, 2018 and 2017: U.S. Plans Non U.S. Plans (in millions) 2019 2018 2017 2019 2018 2017 Service cost $ 0.4 $ 0.4 $ 0.4 $ 1.9 $ 2.0 $ 2.5 Interest cost 2.8 2.7 2.7 3.4 3.6 3.3 Expected return on assets ( 4.4 ) ( 4.5 ) ( 4.4 ) ( 3.9 ) ( 4.2 ) ( 4.1 ) Settlements and curtailments — — — 0.3 0.1 0.3 Recognized net actuarial loss 0.2 1.1 1.6 1.8 1.4 2.7 Net periodic benefit cost $ ( 1.0 ) $ ( 0.3 ) $ 0.3 $ 3.5 $ 2.9 $ 4.7 Weighted average assumptions Discount rate 4.10 % 3.70 % 3.50 % 1.00 - 8.30 % 1.13 - 7.50 % 1.00 - 8.68 % Expected return on plan assets 6.50 % 7.00 % 7.00 % 1.00 - 4.01 % 1.13 - 4.13 % 1.00 - 3.70 % Rate of compensation increase N/A N/A N/A 2.25 - 7.00 % 1.37 - 7.00 % 2.25 - 7.00 % The discount rate is used to calculate the projected benefit obligation. The discount rate used is based on the rate of return on government bonds as well as current market conditions of the respective countries where the plans are established. The expected return on plan assets is based on the Company’s expectation of the long-term average rate of return of the capital market in which the plans invest. The expected return reflects the target asset allocations and considers the historical returns earned for each asset category. The Company established formal investment policies for the assets associated with these plans. Policy objectives include maximizing long-term return at acceptable risk levels, diversifying among asset classes, if appropriate, and among investment managers, as well as establishing relevant risk parameters within each asset class. Specific asset class targets are based on the results of periodic asset/liability studies. The investment policies permit variances from the targets within certain parameters. The plan assets currently do not include holdings of the Company’s common stock. Below is a summary allocation of defined benefit plan assets as of September 30, 2019 and 2018: U.S. Plans Non U.S. Plans Asset Type 2019 2018 2019 2018 Equity Securities 62 % 63 % — % — % Fixed Income Securities 35 % 33 % 20 % 19 % Other 3 % 4 % 80 % 81 % Total 100 % 100 % 100 % 100 % NOTE 15 - EMPLOYEE BENEFIT PLANS (continued) The fair value of defined benefit plan assets by asset category as of September 30, 2019 and 2018 are as follows: September 30, 2019 September 30, 2018 (in millions) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Cash & cash equivalents $ 8.3 $ — $ — $ 8.3 $ 8.4 $ — $ — $ 8.4 Equity 16.8 13.1 — 29.9 20.5 5.1 — 25.6 Fixed income securities 21.6 — — 21.6 21.0 — — 21.0 Foreign equity 11.4 — — 11.4 17.4 — — 17.4 Foreign fixed income securities 2.1 23.6 — 25.7 2.1 21.9 — 24.0 Life insurance contracts — 37.4 — 37.4 — 38.7 — 38.7 Other 2.2 52.1 — 54.3 2.5 47.5 — 50.0 Total plan assets $ 62.4 $ 126.2 $ — $ 188.6 $ 71.9 $ 113.2 $ — $ 185.1 The following benefit payments are expected to be paid: (in millions) Amount 2020 $ 8.4 2021 8.6 2022 8.3 2023 8.7 2024 9.3 2025-2029 52.7 HRG Defined Benefit Plans HRG had a noncontributory defined benefit pension plan (the “HRG Pension Plan”) covering certain of its former U.S. employees, which has been frozen and all existing participants are fully vested in their benefits. On November 15, 2017, HRG’s Board of Directors approved the termination of the HRG Pension Plan. The HRG Pension Plan’s termination date was February 15, 2018 . The Company has purchased annuity contracts and settled all outstanding obligations with the HRG Pension Plan. As of September 30, 2019, and 2018, there is no outstanding projected benefit obligation for the HRG Pension Plan. Additionally, HRG has an unfunded supplemental pension plan (the “HRG Supplemental Plan”) which provides supplemental retirement payments to certain former senior executives of HRG. The amounts of such payments equal the difference between the amounts received under the HRG Pension Plan and the amounts that would otherwise be received if HRG Pension Plan payments were not reduced as the result of the limitations upon compensation and benefits imposed by Federal law. Effective December 1994, the HRG Supplemental Plan was frozen. Defined Contribution Plans The Company sponsored defined contribution plans in which eligible participants may defer a fixed amount or a percentage of their eligible compensation, subject to limitations, pursuant to Section 401(k) of the Internal Revenue Code. The Company made discretionary matching contributions of eligible compensation. The Company also sponsors defined contribution plans for eligible employees of certain foreign subsidiaries. Contributions are discretionary and evaluated annually. Aggregate contributions charged to operations, including discretionary amounts, for the years ended September 30, 2019, 2018 and 2017 were $ 11.7 million, $ 10.7 million, and $ 10.7 million, respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Sep. 30, 2019 | |
Income Taxes [Abstract] | |
Income Taxes | NOTE 16 - INCOME TAXES Income tax expense was calculated based upon the following components of income (loss) from operations before income taxes for the years ended September 30, 2019, 2018 and 2017: SBH SB/RH (in millions) 2019 2018 2017 2019 2018 2017 United States $ ( 267.3 ) $ ( 140.4 ) $ ( 150.7 ) $ ( 202.7 ) $ 25.4 $ 50.7 Outside the United States 73.5 104.7 122.8 73.5 104.7 122.9 Income from operations before income taxes $ ( 193.8 ) $ ( 35.7 ) $ ( 27.9 ) $ ( 129.2 ) $ 130.1 $ 173.6 The components of income tax expense for the years ended September 30, 2019, 2018 and 2017 are as follows: SBH SB/RH (in millions) 2019 2018 2017 2019 2018 2017 Current tax expense: U.S. Federal $ ( 47.6 ) $ 58.1 $ 6.9 $ ( 47.6 ) $ 58.4 $ 4.2 Foreign 44.3 34.7 13.2 44.3 34.7 13.2 State and local 2.7 1.0 0.6 2.7 1.0 0.6 Total current tax expense ( 0.6 ) 93.8 20.7 ( 0.6 ) 94.1 18.0 Deferred tax (benefit) expense: U.S. Federal 9.9 ( 539.7 ) ( 18.0 ) 24.3 ( 170.0 ) ( 12.2 ) Foreign ( 4.9 ) 3.1 ( 10.1 ) ( 4.9 ) 3.0 ( 10.1 ) State and local ( 11.5 ) ( 19.9 ) ( 4.4 ) ( 8.1 ) ( 3.9 ) ( 4.3 ) Total deferred tax expense ( 6.5 ) ( 556.5 ) ( 32.5 ) 11.3 ( 170.9 ) ( 26.6 ) Income tax expense $ ( 7.1 ) $ ( 462.7 ) $ ( 11.8 ) $ 10.7 $ ( 76.8 ) $ ( 8.6 ) The following reconciles the total income tax expense, based on the U.S. Federal statutory income tax rate of 21 % for the year ended September 30, 2019, 24.5 % for the year ended September 30, 2018, and 35 % for the year ended September 30, 2017, with the Company’s recognized income tax expense: SBH SB/RH (in millions) 2019 2018 2017 2019 2018 2017 U.S. Statutory federal income tax expense $ ( 40.7 ) $ ( 8.8 ) $ ( 9.7 ) $ ( 27.1 ) $ 31.9 $ 60.8 Permanent items 3.7 7.6 4.8 3.8 ( 3.5 ) 0.8 Goodwill impairment 12.2 — — 12.2 — — Foreign statutory rate vs. U.S. statutory rate ( 10.3 ) 3.0 ( 32.8 ) ( 10.3 ) 3.0 ( 32.8 ) State income taxes, net of federal effect ( 14.2 ) ( 2.9 ) 1.2 ( 11.1 ) ( 1.9 ) 1.3 Illinois state rate change — — ( 3.4 ) — — ( 3.4 ) Tax reform act - U.S. rate change — ( 166.7 ) — — ( 181.7 ) — Global intangible low tax income inclusion 8.6 — — 8.6 — — Foreign dividend received deduction tax law change 95.9 — — 95.9 — — Tax reform act - mandatory repatriation ( 48.0 ) 73.1 — ( 48.0 ) 73.1 — Residual tax on foreign earnings 1.5 5.9 ( 36.1 ) 1.5 5.9 ( 36.1 ) Change in valuation allowance ( 29.9 ) ( 365.6 ) 77.1 ( 29.9 ) ( 0.3 ) 18.1 Unrecognized tax expense (benefit) 6.2 ( 0.1 ) 3.9 6.2 ( 0.1 ) 3.9 Share based compensation adjustments 4.6 ( 5.5 ) ( 4.9 ) 4.6 ( 0.5 ) ( 0.4 ) Research and development tax credits ( 4.4 ) ( 1.9 ) ( 9.3 ) ( 4.4 ) ( 1.9 ) ( 9.3 ) UK Tax refund — — ( 1.5 ) — — ( 1.5 ) Outside basis difference — — ( 0.8 ) — — ( 5.4 ) Return to provision adjustments and other, net 7.7 ( 0.8 ) ( 0.3 ) 8.7 ( 0.8 ) ( 4.6 ) Income tax expense $ ( 7.1 ) $ ( 462.7 ) $ ( 11.8 ) $ 10.7 $ ( 76.8 ) $ ( 8.6 ) NOTE 16 - INCOME TAXES (continued) The tax effects of temporary differences that give rise to deferred tax assets and deferred tax liabilities as of September 30, 2019 and 2018 are as follows: SBH SB/RH (in millions) 2019 2018 2019 2018 Deferred tax assets Employee benefits $ 37.6 $ 24.8 $ 36.0 $ 23.1 Restructuring 0.9 0.5 0.9 0.5 Inventories and receivables 16.8 25.0 16.8 25.0 Marketing and promotional accruals 10.6 9.9 10.6 9.9 Property, plant and equipment 5.9 32.1 5.9 31.2 Unrealized losses 12.8 7.1 12.8 7.1 Intangibles 19.0 14.3 19.0 14.3 Investment in subsidiaries 0.3 16.9 0.3 0.3 Net operating loss and credit carry forwards 530.6 790.8 229.8 281.8 Other 32.7 30.2 31.9 44.5 Total deferred tax assets 667.2 951.6 364.0 437.7 Deferred tax liabilities Property, plant and equipment 11.1 51.4 11.1 51.4 Unrealized gains 9.0 7.3 9.0 7.3 Intangibles 311.8 416.4 311.8 416.4 Investment in partnership 37.6 52.0 55.0 52.0 Taxes on unremitted foreign earnings 5.0 6.2 5.0 6.2 Other 10.9 7.6 10.8 7.6 Total deferred tax liabilities 385.4 540.9 402.7 540.9 Net deferred tax liabilities 281.8 410.7 ( 38.7 ) ( 103.2 ) Valuation allowance ( 307.0 ) ( 282.6 ) ( 202.8 ) ( 178.4 ) Net deferred tax liabilities, net valuation allowance $ ( 25.2 ) $ 128.1 $ ( 241.5 ) $ ( 281.6 ) Reported as: Deferred charges and other $ 30.7 $ 163.1 $ 30.7 $ 5.4 Deferred taxes (noncurrent liability) 55.9 35.0 272.2 287.0 On December 22, 2017, the Tax Cuts and Jobs Act (the "Tax Reform Act") was signed into law. The legislation significantly changed U.S. tax law by, among other things, lowering corporate income tax rates, implementing a dividends received deduction for dividends from foreign subsidiaries and imposing a tax on deemed repatriated accumulated earnings of foreign subsidiaries. The Tax Reform Act reduced the U.S. corporate income tax rate from a maximum of 35 % to a flat 21 % rate, effective January 1, 2018. On June 14, 2019, the U.S. Department of the Treasury and the Internal Revenue Service issued Regulations (“Regulations”) related to the foreign dividends received deduction and global intangible low taxed income (“GILTI”). The Regulations contained language that modified certain provisions of the Tax Reform Act and previously issued guidance. The Regulations are retroactive to January 1, 2018 and caused certain distributions made by the Company’s non-U.S. subsidiaries during Fiscal 2018 to be taxable as Subpart F income on its Fiscal 2018 federal income tax return. The impacts of the Regulations were recorded in the year ended September 30, 2019. The Company used an additional $ 454.6 million in net operating losses and recognized $ 95.9 million in federal and state tax expense due to the impact on prior distributions among subsidiaries. The Company also recognized a $ 48.0 million tax benefit from recalculating its liability for one-time deemed mandatory repatriation of post-1986 undistributed foreign subsidiary earnings and profits after application of the Regulations and the final calculations for its Fiscal 2018 federal income tax returns, including the ability for the Company to offset the liability in part by foreign tax credits. The Company also recorded $ 70.7 million of foreign tax credits, but concluded it is more likely than not these credits will expire unused and therefore recorded a $ 70.7 million valuation allowance against the deferred tax assets. The Company’s $ 25.1 million mandatory repatriation tax is payable over 8 years. The first payment was due January 2019 . As of September 30, 2019, $ 22.9 million of the mandatory repatriation liability is still outstanding and $ 2.0 million is due and payable in the next 12 months but will be offset by previous payments and credits. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to reverse. As a result of the reduction in the U.S. corporate income tax rate from 35 % to 21 % under the Tax Reform Act, the Company revalued its ending net deferred tax liabilities at December 31, 2017 and recognized $ 166.7 million of tax benefit in the Company’s net income from continuing operations for the year ended September 30, 2018. In response to the enactment of the Tax Reform Act, the SEC staff issued Staff Accounting Bulletin No. 118 (“SAB 118”) to address the application of U.S. GAAP in situations when a registrant does not have the necessary information available, prepared, or analyzed (including computations) in reasonable detail to complete the accounting for certain income tax effects of the Tax Reform Act. SAB 118 allows registrants to record provisional amounts during a one year measurement period in a manner similar to accounting for business combinations. The measurement period ended December 30, 2018 and the Company did not recognize changes in the current year to the provisional tax impacts prior to the closing of the measurement period. Portions of the Tax Reform Act are unclear or have not yet been clarified and interpretations and regulations continue to be issued, some of which are also subject to legal challenges. The issuance of new regulations or the invalidation of existing regulations could have a material impact on what the Company has recorded to date. During the year ended September 30, 2019, the Company recorded an increase of $ 12.2 million to tax expense from impairment of $ 116 million of book goodwill. A portion of the impairment resulted in a tax benefit since the goodwill had previously been amortized for income tax purposes and the Company therefore reversed a deferred tax liability. To the extent necessary, the Company intends to utilize free cash flow from foreign subsidiaries in order to support management's plans to voluntarily accelerate pay down of U.S. debt, fund distributions to shareholders, fund U.S. acquisitions and satisfy ongoing U.S. operational cash flow requirements. The Company annually estimates the available earnings, permanent reinvestment classification and the availability of and management’s intent to use alternative mechanisms for repatriation for each jurisdiction in which the Company does business. Accordingly, the Company is providing residual U.S. and foreign deferred taxes on these earnings to the extent they cannot be repatriated in a tax-free manner. NOTE 16 - INCOME TAXES (continued) As of September 30, 2019, and 2018, the Company provided $ 5.0 and $ 6.1 million, respectively, of residual foreign taxes on undistributed foreign earnings. During the year ended September 30, 2017, the Company concluded that sufficient evidence existed that substantially all of its non-U.S. subsidiaries had invested or would invest their respective undistributed earnings indefinitely or that the earnings would be remitted in a tax-free manner. As a result, the Company recognized approximately $ 30.3 million in tax benefit for reducing the deferred tax liability on those earnings that had been established in prior years. The Company provided residual tax expense of $ 2.3 million on earnings deemed to be repatriated under U.S. tax law for the year ended September 30, 2017. The tax benefit was recognized as an addition to net operating loss and credit carryforwards deferred tax assets. As a result of the Regulations issued in June 2019 and the deemed mandatory repatriation, the Company does not have significant prior year untaxed, undistributed earnings from its foreign operations at September 30, 2019. $ 500.6 million of the Company’s undistributed earnings were taxed in the U.S. as a result of the mandatory deemed repatriation that was part of the Tax Reform Act, and the remaining earnings were taxed as a result of the Regulations. The Company does not expect to generate untaxed, undistributed foreign earnings for the year ended September 30, 2019 due to GILTI inclusions under the Tax Reform Act. The Company recorded GILTI inclusions for the tax year ended September 30, 2019 of $ 40.8 million. As of September 30, 2019, the Company has U.S. federal net operating loss carryforwards (“NOLs”) of $ 1,491.1 million with a federal tax benefit of $ 313.1 million and tax benefits related to state NOLs of $ 85.8 million. These NOLs expire through years ending in 2038 . As of September 30, 2019, the Company has foreign NOLs of $ 119.4 million and tax benefits of $ 29.1 million, which will expire beginning in the Company's fiscal year ending September 30, 2020 . Certain of the foreign NOLs have indefinite carryforward periods. A valuation allowance is recorded when it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of the deferred tax assets depends on the ability of the Company to generate sufficient taxable income of the appropriate character in the future and in the appropriate taxing jurisdictions. The Company has had multiple changes of ownership, as defined under Section 382 of the Internal Revenue Code of 1986, as amended, that subject the Company’s U.S. federal and state NOLs and other tax attributes to certain limitations. The annual limitation is based on a number of factors including the value of the Company’s stock (as defined for tax purposes) on the date of the ownership change, its net unrealized gain position on that date, the occurrence of realized gains in years subsequent to the ownership change and the effects of subsequent ownership changes (as defined for tax purposes), if any. Due to these limitations, the Company estimates, as of September 30, 2019, that $ 660.5 million of the total U.S. federal NOLs with a federal tax benefit of $ 138.7 million and $ 16.7 million of the tax benefit related to state NOLs will expire unused even if the Company generates sufficient income to otherwise use all of its NOLs. The Company also projects, as of September 30, 2019, that $ 31.1 million of tax benefits related to foreign NOLs will not be used. The Company has provided a full valuation allowance against these deferred tax assets. The income recognized as a result of the Regulations, the U.S. gain on the sale of the battery business, and the U.S. operating results for the year ended September 30, 2019 have increased the likelihood that the Company can use federal net operating losses subject to certain limits; therefore, the Company released the $ 36.7 million of valuation allowance on these losses in Fiscal 2019. As a result of the Spectrum Merger in fiscal year 2018, the Company and Spectrum Legacy joined in the filing of a U.S. consolidated tax return starting July 13, 2018. The form of the Spectrum Merger allows for the Company’s capital and net operating loss carryforwards to be able to be used to offset future income and the U.S. tax gain on the sale of the GBL business to Energizer. As a result, during the year ended September 30, 2018, the Company released $ 365.3 million of valuation allowance on its U.S. federal net deferred tax assets since it is now more likely than not that the assets will be realized. The Company also recorded $ 12.3 million of state tax benefit related to net operating loss and credit carryforwards as a result of the Spectrum Merger since it is more likely than not that those carryforwards will generate tax benefits after the Spectrum Merger. The Company also released $ 4.9 million of valuation allowance against its U.S. federal and state capital losses as a result of the announced sale of the GBL business to Energizer during the year ended September 30, 2018. The Company recorded tax expense of $ 14.7 million related to additional valuation allowance on state NOLs during the year ended September 30, 2017. As of September 30, 2019, the valuation allowance is $ 307.0 million, of which $ 273.5 million is related to U.S. net deferred tax assets and $ 33.5 million is related to foreign net deferred tax assets. As of September 30, 2018, the valuation allowance was $ 282.6 million, of which $ 247.3 million was related to U.S. net deferred tax assets and $ 35.3 million is related to foreign net deferred tax assets. As of September 30, 2017, the valuation allowance was $ 888.3 million, of which $ 862.2 million is related to U.S. net deferred tax assets and $ 26.1 million is related to foreign net deferred tax assets. During the year ended September 30, 2019, the Company increased its valuation allowance for deferred tax assets by $ 24.4 million of which $ 26.2 million is related to an increase in valuation allowance against U.S. net deferred tax assets and $ 1.8 million related to a decrease in the valuation allowance against foreign net deferred tax assets. During the year ended September 30, 2018, the Company decreased its valuation allowance for deferred tax assets by $ 605.7 million, of which $ 614.9 million is related to a decrease in valuation allowance against U.S. net deferred tax assets and $ 9.2 million related to an increase in the valuation allowance against foreign net deferred tax assets. As of September 30, 2019, the Company has recorded $ 59.5 million of valuation allowance against its U.S. state net operating losses. NOTE 16 - INCOME TAXES (continued) The total amount of unrecognized tax benefits at September 30, 2019 and 2018 are $ 20.9 million and $ 15.0 million, respectively. If recognized in the future, $ 20.9 million of the unrecognized tax benefits as of September 30, 2019 will impact the effective tax rate. The Company recognizes interest and penalties related to uncertain tax positions in income tax expense. As of September 30, 2019, and 2018 the Company had $ 2.7 million and $ 2.8 million, respectively, of accrued interest and penalties related to uncertain tax positions. The impact on income tax expense related to interest and penalties for the years ended September 30, 2019, 2018 and 2017 was a net decrease of $ 0.1 million, a net increase of $ 0.3 million and a net increase of $ 0.5 million, respectively . The following table summarizes the changes to the amount of unrecognized tax benefits for the years ended September 30, 2019, 2018 and 2017: (in millions) 2019 2018 2017 Unrecognized tax benefits, beginning of year $ 15.0 $ 15.6 $ 11.8 Gross increase – tax positions in prior period 5.3 0.9 3.3 Gross decrease – tax positions in prior period ( 0.4 ) ( 3.5 ) ( 0.1 ) Gross increase – tax positions in current period 3.5 2.5 0.9 Settlements ( 1.1 ) ( 0.3 ) — Lapse of statutes of limitations ( 1.4 ) ( 0.2 ) ( 0.3 ) Unrecognized tax benefits, end of year $ 20.9 $ 15.0 $ 15.6 During the tax year ended September 30, 2018, the Company reduced unrecognized tax benefits recorded against its deferred tax assets by $ 1.9 million for the change in the U.S. tax rate from 35 % to 21 %. The September 30, 2019 Consolidated Statement of Financial Position for SB/RH Holdings, LLC contains $ 211.1 million of income taxes payable to its parent company, calculated as if SB/RH Holdings, LLC were a separate taxpayer. The Company files income tax returns in the U.S. federal jurisdiction and various state, local and foreign jurisdictions and is subject to ongoing examination by the various taxing authorities. The Company’s major taxing jurisdictions are the U.S., United Kingdom and Germany. In the U.S., federal tax filings for years prior to and including the Company’s fiscal year ended September 30, 2015 are closed. However, the federal NOLs from the Company’s fiscal years ended September 30, 2007 through September 30, 2013 are subject to Internal Revenue Service (“IRS”) examination until the year that such net operating loss carryforwards are utilized and those years are closed for audit. Filings in various U.S. state and local jurisdictions are also subject to audit and to date no significant audit matters have arisen. As of September 30, 2019, certain of the Company’s legal entities are undergoing income tax audits. The Company cannot predict the ultimate outcome of the examinations; however, it is reasonably possible that during the next twelve months some portion of previously unrecognized tax benefits could be recognized. |
Related Parties
Related Parties | 12 Months Ended |
Sep. 30, 2019 | |
Related Parties [Abstract] | |
Related Parties | NOTE 17 - RELATED PARTIES Energizer Holdings, Inc. Effective the close of the GBL and GAC divestitures, the Company and Energizer entered into a series of transition services agreements (“TSAs”) and reverse TSAs that support various shared back office administrative functions including finance, sales and marketing, information technology, human resources, real estate and supply chain, customer service and procurement; to support both the transferred GBL operations and the continuing operations of the Company, respectively, within the various regions in which they operate. Charges associated with TSAs and reverse TSAs are recognized as bundled service costs under a fixed fee structure by the respective service or function and geographic location and one-time pass-through charges, including warehousing, freight, among others, to and from Energizer that settle on a net basis between the two parties. The TSAs and reverse TSAs were further expanded to incorporate the activity and operations attributable to the close of the GAC divestiture. Charges to Energizer for TSA services are recognized as a reduction of the respective operating costs incurred by the Company and recognized as a component of operating expense or cost of goods sold depending upon the functions being supported by the Company. Charges from Energizer for reverse TSA services are recognized as operating expenses or cost of goods sold depending upon the functions being supported by Energizer. The TSAs and reverse TSAs have an overall expected time period of 12 months following the close of the transaction with some variability in expiration dependent upon the completed transition of the respective service or function and its geographic location and provide up to 12 additional months for a total duration of up to 24 months. During the year ended September 30, 2019, the Company recognized net income associated with TSAs and reverse TSAs of $ 5.2 million, consisting of TSA charges of $ 19.1 million and reverse TSA costs of $ 13.9 million . In addition to the TSAs and reverse TSAs, both the Company and Energizer will receive cash and/or make payments on behalf of the respective counterparty’s operations as part of the shared administrative functions, resulting in cash flow being commingled with the operating cash flow of the Company. The Company recognizes a net payable or receivable with Energizer for any outstanding TSA and reverse TSA related services and net working capital attributable to commingled cash flow. As of September 30, 2019, the Company has a net receivable of $ 12.8 million attributable to TSA and reverse TSA services, net working capital settlements and other pass-through costs included in Non-Trade Receivables on the Company’s Statement of Financial Position. Effective the close of the GAC divestiture, the Company’s H&G segment will continue to manufacture certain GAC related products at its facilities and sell the products to Energizer as a third-party supplier on an ongoing basis, at inventory cost plus contracted markup, as agreed upon in the supply agreement. The supply agreement has a contracted term of 24 months and may be subject to early termination by either party at any time with written notice. Material and inventory on hand to support the supply agreement is recognized as inventory of the Company. During the year ended September 30, 2019, the Company recognized $ 12.5 million of revenue attributable to the Energizer supply agreement as a component of H&G revenue after completion of the GAC divestiture. As of September 30, 2019, the Company had an outstanding receivable of $ 4.9 million from Energizer in Trade Receivables, Net on the Company’s Statement of Financial Position associated with the H&G supply agreement. As a condition to the consummation of the GAC acquisition and receipt of 5.3 million shares of Energizer common stock as consideration, the Company entered into a shareholder agreement with Energizer (the “Energizer Shareholder Agreement”) which contains a 24-month standstill provision that prohibits the Company from engaging in certain transactions involving Energizer to control or influence management, board of directors or policies of Energizer. Additionally, for a period of 18 months following the closing of the GAC acquisition, the Company is required to vote in favor of Energizer’s board of director nominees and in accordance with the Energizer board’s recommendations on all other matters at any meeting of Energizer’s shareholders. Additionally, pursuant to the Energizer Shareholder Agreement, the Company has agreed not to transfer any of its Shares or other equity securities in Energizer, or engage in certain hedging transactions from the closing of the GAC acquisition until the day that is twelve months after the GAC closing date and, following such period, subject to certain limitations, not to transfer any such Energizer shares or other equity securities to any person or entity who would thereafter beneficially own more than 4.9 % of Energizer’s outstanding shares of equity securities after giving effect to such transaction. Following the 18 month anniversary of the closing of the GAC acquisition, Energizer will have the right to repurchase any or all of the shares held by the Company for a purchase price per share equal to the greater of the volume-weighted average sales price per share for the ten consecutive trading days beginning on the 12 th trading day immediately preceding notice of the repurchase from Energizer and 100% of the volume-weighted average sale price per share of the common stock for the 10 consecutive trading days immediately preceding the date of the GAC agreement. The Company’s investment in Energizer common stock is recognized at its fair value in Investments on the Company’s Consolidated Statement of Financial Position, with any unrealized gains or losses attributable to changes in the market price and dividend income received from Energizer being recognized as Other Non-Operating Income on the Company’s Consolidated Statements of Income. Jefferies Financial Group On October 16, 2017, HRG entered into an engagement letter with Jefferies LLC (“Jefferies”), a wholly owned subsidiary of Jefferies Financial Group, which owned more than 10 % of the outstanding common stock of the Company to act as co-advisor to the Company (with the other co-advisors acting as lead financial advisor to HRG) with respect to HRG’s review of strategic alternatives. Under the Jefferies engagement letter, and effective as of the closing date of the Spectrum Merger, Jefferies received a $ 3.0 million transaction fee, including reimbursement for all reasonable out of pocket expenses incurred by Jefferies in connection therewith. In addition, HRG agreed to indemnify Jefferies for certain liabilities in connection with such engagement. During the year ended September 30, 2016, Jefferies acted as one of the initial purchasers for SBI’s offering of € 425 million of its 4.00 % Notes due 2026 , for which Jefferies received $ 0.3 million in discounts , commissions and reimbursements of expenses. Effective on October 11, 2019 (the “Distribution Date”), subsequent to the year ended September 30, 2019, Jefferies distributed 7,514,477 SBH shares through a special pro rata dividend (the “Distribution”) to Jefferies’ stockholders of record as of the close of business on September 30, 2019 (the “Record Date”). Stockholders of Jefferies received approximately 0.025 of a share of the Company’s common stock for each share of Jefferies common stock held as of the Record Date. Based on closing market prices on September 13, 2019, the dividend reflects a distribution of approximately $ 1.50 , or 7.4 %, per Jefferies share. Additionally, following the Distribution and pursuant to the Shareholder Agreement by and between Jefferies Financial Group and the Company dated February 24, 2018, Joseph S. Steinberg, resigned from the Company’s Board of Directors. Other During the first quarter of the fiscal year ended September 30, 2019, the Company repurchased 158,318 shares of common stock from David Maura, Chairman and Chief Executive Officer of the Company, for $ 8.0 million at the current market price of the Company’s stock, at an average repurchase price of $ 50.53 per share. On September 15, 2019, Mosaic Acquisition Corp. (“Mosaic”), a Special Purposes Acquisition Company where David Maura serves as the Executive Chairman and Chief Executive Officer and President, entered into an Agreement and Plan of Merger (the “Merger Agreement”) by and among Mosaic, Maiden Merger Sub, Inc., a wholly owned subsidiary of Mosaic and Vivint Smart Home, Inc. (“Vivint”), where Vivint would emerge as the surviving company. Effective the close of the proposed merger, David Maura is expected to serve on the Board of Directors and be a shareholder of the emerging Vivint company. The Merger Agreement remains subject to Mosaic and Vivint shareholder approval. Vivint has been, and is currently, a customer of the Company’s HHI segment with sales consisting of $ 20.9 million, $ 16.1 million and $ 20.6 million for the years ended September 30, 2019, 2018 and 2017. All transactions and agreements were executed at arms-length. |
Share Based Compensation
Share Based Compensation | 12 Months Ended |
Sep. 30, 2019 | |
Share Based Compensation [Abstract] | |
Share Based Compensation | NOTE 18 – SHARE BASED COMPENSATION HRG stockholders approved the adoption of the HRG Group, Inc. 2011 Omnibus Equity Award Plan (formerly, Harbinger Group, Inc. 2011 Omnibus Equity Award Plan), as amended (the “HRG Equity Plan”), pursuant to which incentive compensation and performance compensation awards may be provided to employees, directors, officers and consultants of HRG or of its subsidiaries or their respective affiliates. The HRG Equity Plan authorizes the issuance of up to 24 million shares of common stock of HRG. In addition, stockholders approved the adoption of the Harbinger Group, Inc. 2014 Warrant Plan (the “HRG Warrant Plan”) pursuant to which the Company awarded, Philip Falcone, its former Chief Executive Officer, warrants representing the right to purchase approximately 3 million shares of common stock, at an exercise price of $ 13.125 per share. A portion of the warrants, representing 0.6 million shares, vested immediately upon approval of the grant, and the remainder vested in equal installments over four year s, with an estimated grant date fair value of $ 9.6 million. As of September 30, 2019, there were no warrants outstanding and not yet vested. Prior to the close of the Spectrum Merger, each stock option, warrant and restricted stock award granted under the HRG Equity Plan and HRG Warrant Plan that was outstanding and unvested immediately prior to the closing became fully vested, and each stock option and warrant became exercisable. Each exercisable award that was unexercised was adjusted (including to give effect to the reverse stock split) and remains outstanding, subject to the same terms and conditions as applied in the corresponding award. Each HRG restricted stock award became fully vested and treated as a share of HRG common stock for purpose of the reverse stock split and Spectrum Merger. As of September 30, 2019, there were 1.4 million shares available for issuance under the HRG Equity Plan. The Spectrum Legacy stockholders approved the adoption of the Spectrum Brands Holdings, Inc. 2011 Omnibus Equity Award Plan, as amended (the “Spectrum Equity Plan”), pursuant to which incentive compensation and performance compensation awards may be provided to employees, directors, officers and consultants of the Company or of its subsidiaries or their respective affiliates. The Spectrum Equity Plan authorized the issuance of up to 7.1 million shares of common stock of Spectrum, net cancellations, as amended. Further, effective as of the closing date of the Spectrum Merger, each restricted stock award, restricted stock unit and performance stock unit under the Spectrum Equity Plan, whether vested or unvested, were assumed by SBH and automatically converted into a corresponding equity-based award in SBH with the right to hold or acquire shares of common stock equal to the number of shares of Spectrum Legacy common stock previously underlying such award. Each new award is subject to the same terms and conditions as the corresponding Spectrum Legacy award. SBH will assume all rights and obligation in respect of each equity-based plan of Spectrum Legacy. As of September 30, 2019, there were 0.6 million shares available for issuance under the Spectrum Equity Plan. During the year ended September 30, 2019, the Company provided to certain employees RSU awards issued under a new Long-Term Incentive Plan (“LTIP”), with a 3 -year, cliff vesting schedule and having both performance conditions dependent upon achieving specified financial targets (adjusted EBITDA and adjusted free cash flow) and time-based service conditions ( 70 % performance/ 30 % service). LTIP awards were granted in January upon approval from the Company’s Board of Directors. In addition to the LTIP awards, the Company also provided for bridge awards that are one-time awards to certain employees for transitioning to the new LTIP from previous equity incentive compensation plans. Bridge awards vest annually, on November 21, 2019 and November 21, 2020, and have both performance conditions dependent upon achieving specified financial targets (adjusted EBITDA and adjusted free cash flow) and time-based service conditions ( 60 % performance/ 40 % service). Bridge awards are also payable in either RSUs or cash, or both, based upon an employee election. Bridge awards elected to be payable in RSU are recognized as equity awards and included as a component of share-based compensation expense. The new awards were granted and recognized as compensation expense in the second quarter of the year ended September 30, 2019. Share based compensation expense is recognized as General and Administrative Expenses on the Consolidated Statements of Income and include costs from the Spectrum Equity Plan and the HRG Equity Plan. The following is a summary of the share based compensation expense for the years ended September 30, 2019, 2018 and 2017: (in millions) 2019 2018 2017 Spectrum equity plan $ 49.2 $ 10.5 $ 49.0 HRG Equity Plan — 1.4 5.2 SBH $ 49.2 $ 11.9 $ 54.2 SB/RH $ 47.6 $ 8.8 $ 46.2 NOTE 18 – SHARE BASED COMPENSATION (continued) Spectrum Equity Plans The Company measures share based compensation expense of its Restricted Stock Units (“RSUs”) based on the fair value of the awards, as determined based on the market price of the Company’s shares of common stock on the grant date and recognized these costs on a straight-line basis over the requisite period of the awards. Certain RSUs are performance-based awards that are dependent upon achieving specified financial metrics over a designated period of time. The following is a summary of the RSU activity for the years ended September 30, 2019, 2018 and 2017: SBH SB/RH Weighted Fair Weighted Fair Average Value Average Value Grant Date at Grant Grant Date at Grant (in millions, except per share data) Shares Fair Value Date Shares Fair Value Date At September 30, 2016 0.6 $ 94.97 $ 54.8 0.5 $ 96.92 $ 45.3 Granted 0.7 127.00 88.4 0.7 126.85 86.9 Forfeited — 118.89 ( 1.4 ) — 118.89 ( 1.4 ) Vested ( 0.5 ) 109.03 ( 54.6 ) ( 0.5 ) 111.98 ( 48.4 ) At September 30, 2017 0.8 114.67 87.2 0.7 116.32 82.4 Granted 0.4 102.96 45.9 0.4 102.92 44.4 Forfeited ( 0.1 ) 115.08 ( 8.5 ) ( 0.1 ) 115.08 ( 8.5 ) Vested ( 0.5 ) 113.07 ( 55.6 ) ( 0.4 ) 114.07 ( 51.1 ) At September 30, 2018 0.6 107.71 69.0 0.6 108.75 67.2 Granted 1.5 53.11 81.4 1.5 52.82 79.8 Forfeited ( 0.7 ) 92.76 ( 63.7 ) ( 0.7 ) 93.05 ( 63.5 ) Vested ( 0.2 ) 83.47 ( 19.7 ) ( 0.2 ) 82.37 ( 18.5 ) At September 30, 2019 1.2 $ 53.58 $ 67.0 1.2 $ 53.22 $ 65.0 SBH SB/RH Weighted Fair Weighted Fair Average Value Average Value Grant Date at Grant Grant Date at Grant (in millions, except per share data) Units Fair Value Date Units Fair Value Date Time-based grants 0.6 $ 53.25 $ 32.2 0.6 $ 52.50 $ 30.6 Performance-based grants Vesting in less than 24 months 0.4 53.08 24.5 0.4 53.08 24.5 Vesting in more than 24 months 0.5 52.98 24.7 0.5 52.98 24.7 Total performance-based grants 0.9 $ 53.03 $ 49.2 0.9 $ 53.03 $ 49.2 Total grants 1.5 $ 53.11 $ 81.4 1.5 $ 52.82 $ 79.8 Additionally, the Company regularly issues individual RSU awards under its equity plan to its Board members and individual employees for recognition, incentive, or retention purposes, when needed, which are primarily conditional upon time-based service conditions and included as a component of share-based compensation. In addition to RSUs, the Company also provides a portion of its annual management incentive compensation plans to be paid in common stock, in lieu of cash payment, and is considered a liability plan. Share based compensation expense associated with the annual management incentive compensation plan was $ 16.9 million, $ 9.5 million and $ 13.8 million for the years ended September 30, 2019, 2018 and 2017, respectively. The remaining unrecognized pre-tax compensation cost for SBH and SB/RH at September 30, 2019 is $ 41.6 million. HRG Equity Plans The following is a summary of HRG stock option awards and warrants during the years ended September 30, 2019, 2018, and 2017: Stock Options Warrants Weighted Weighted Weighted Weighted Average Average Average Average Exercise Grant Date Exercise Grant Date (in millions, except per share data) Options Price Fair Value Units Price Fair Value As of September 30, 2016 4.2 $ 9.48 $ 3.80 1.2 $ 13.13 $ 6.44 Granted 0.3 15.39 5.96 — — Exercised ( 0.5 ) 11.28 4.48 ( 0.6 ) 13.13 ( 3.22 ) As of September 30, 2017 4.0 9.69 3.88 0.6 13.13 3.22 Granted — — — — — — Exercised ( 2.5 ) 8.38 ( 3.33 ) ( 0.6 ) 13.13 ( 3.22 ) As of July 13, 2018 1.5 11.80 4.78 — $ — $ — Vested and exercisable at September 30, 2019 0.2 $ 73.51 $ 4.79 NOTE 18 – SHARE BASED COMPENSATION (continued) The fair value of stock option awards and warrants are determined using the Black-Scholes option pricing model. The following assumptions were used in the determination of these grant date fair values for options awarded using the Black-Scholes option pricing model: 2017 Risk-free interest rate 1.80 % to 2.25 % Assumed dividend yield - % Expected option term 5.0 to 6.5 years Volatility 35.1 % to 37.5 % During the year ended September 30, 2018, HRG stock option awards with a fair value 0.8 million vested. The intrinsic value of HRG share options exercised during the year ended September 30, 2018 was $ 21.5 million which HRG received $ 19.9 million in cash settlement. As of September 30, 2019, there are 0.2 million vested and exercisable HRG options outstanding with a weighted average exercise price of $ 73.51 , as converted due to the reverse stock split to facilitate the Spectrum Merger. HRG measures shared based compensation expense of its restricted stock awards based on the fair value of the awards, as determined based on the market price of the HRG shares of common stock on the grant date and recognizes these costs on a straight-line basis over the requisite period of the awards. The following is a summary of HRG restricted stock awards during the years ended September 30, 2018 and 2017: Restricted Stock Awards Restricted Stock Units Weighted Fair Weighted Fair Average Value Average Value Grant Date at Grant Grant Date at Grant (in millions, except per share data) Units Fair Value Date Units Fair Value Date As of September 30, 2016 2.0 $ 12.74 $ 25.2 0.1 $ 12.33 $ 0.5 Granted 0.1 15.71 0.3 — — — Exercised ( 2.0 ) 12.73 ( 23.6 ) ( 0.1 ) 12.33 ( 0.5 ) As of September 30, 2017 0.1 13.36 1.9 — — — Granted 0.1 16.85 0.4 — — — Exercised ( 0.2 ) ( 13.85 ) ( 2.3 ) — — — Outstanding, vested and exercisable at July 13, 2018 — $ — $ — — $ — $ — There is no remaining unrecognized pre-tax compensation cost associated with HRG share-based awards as of September 30, 2019. |
Commitments And Contingencies
Commitments And Contingencies | 12 Months Ended |
Sep. 30, 2019 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | NOTE 19 - COMMITMENTS AND CONTINGENCIES The Company is a defendant in various litigation matters generally arising out of the ordinary course of business. Based on information currently available, the Company does not believe that any of the matters or proceedings presently pending will have a material adverse effect on its results of operations, financial condition, liquidity or cash flows. Environmental. The Company has provided for the estimated costs of $ 12.2 million and $ 4.0 million, as of September 30, 2019 and 2018, respectively, associated with environmental remediation activities at some of its current and former manufacturing sites. During the year ended September 30, 2019, the Company recognized an increase in the estimated costs for projected environmental clean up and remediation activity associated with legacy properties and former manufacturing sites assumed by the organization and had previously been disposed of by the Company. The Company believes that any additional liability in excess of the amounts provided that may result from resolution of these matters, will not have a material adverse effect on the consolidated financial condition, results of operations or cash flows of the Company. Product Liability. The Company may be named as a defendant in lawsuits involving product liability claims. The Company has recorded and maintains an estimated liability in the amount of management’s estimate for aggregate exposure for such contingent liabilities based upon probable loss from loss reports, individual cases, and losses incurred but not reported. As of September 30, 2019, and 2018, the Company recognized $ 9.2 million and $ 9.8 million, respectively, in product liability accruals included in Other Current Liabilities on the Consolidated Statement of Financial Position. The Company believes that any additional liability in excess of the amounts provided that may result from resolution of these matters will not have a material adverse effect on the consolidated financial condition, results of operations or cash flows of the Company. Product Warranty . The Company recognizes an estimated liability for standard warranty on certain products when we recognize revenue on the sale of the warranted products. Estimated warranty costs incorporate replacement parts, products and delivery, and are recorded as a cost of goods sold at the time of product shipment based on historical and projected warranty claim rates, claims experience and any additional anticipated future costs on previously sold products. The Company recognized $ 7.2 million and $ 7.8 million of warranty accruals as of September 30, 2019 and 2018, respectively, included in Other Current Liabilities on the Consolidated Statement of Financial Statement. Product Safety Recall. On June 10, 2017, the Company initiated a voluntary safety recall of various rawhide chew products for dogs sold by the Company’s GPC segment due to possible chemical contamination. As a result, the Company recognized a loss related to the recall of $ 18.9 million and $ 35.8 million for the year ended September 30, 2018, and 2017 which was comprised of non-cash inventory write-offs at our distribution centers and production facilities of $ 4.1 million and $ 15.0 million for the years ended September 30, 2018 and 2017, respectively; reduction in net sales for returned or disposed product held by our customers of $ 2.0 million and $ 7.1 million for the years ended September 30, 2018 and 2017, respectively; and incremental costs of disposal, operating costs during temporary shutdown of production facilities and subsequent start-up of production facilities impacted by the recall of $ 0.7 million, $ 12.9 million and $ 13.7 million, respectively for the years ended September 30, 2019, 2018, and 2017, respectively. The Company suspended production at facilities impacted by the product safety recall, completed a comprehensive manufacturing review and subsequently recommenced production during the fourth quarter ended September 30, 2017. The impacted production facilities were subject to incremental costs during start-up requiring alternative treatment on affected product SKUs until appropriate regulatory approvals were received. The amounts for customer losses reflect the cost of the affected products returned to or replaced by the Company and the expected cost to reimburse customers for costs incurred by them related to the recall. The incremental costs incurred directly by the company do not include lost earnings associated with interruption of production at the Company’s facilities, or the costs to put into place corrective and preventative actions at those facilities. As of September 30, 2019, the Company had no outstanding accrual associated with expected customer losses and disposal costs. There have been no lawsuits or claims filed against the Company related to the recalled product. |
Segment Information
Segment Information | 12 Months Ended |
Sep. 30, 2019 | |
Segment Information [Abstract] | |
Segment Information | NOTE 20 - SEGMENT INFORMATION The Company identifies its segments based upon the internal organization that is used by management for making operating decisions and assessing performance as the source of its reportable segments. As a result of the GBL and GAC divestitures, and changes to the Company’s plan to sell its HPC division, the way management views its business activities and the reportable segments changed. The Company had historically recognized GBL and HPC as components to its Global Batteries and Appliances (GBA) reportable segment. Effective December 29, 2017, the Company approved a plan to sell its GBA segment and classified it as held for sale and excluded it from segment reporting until November 2018, when the decision was made to change its plan to sell HPC and recognize it as a component of continuing operations. See Note 3 – Divestitures for further details on GBL and GAC divestitures. HPC has been recognized as a component of continuing operations and as a separate operating and reportable segment. The Company manages its continuing operations in four vertically integrated, product-focused reporting segments: (i) HHI, which consists of the Company’s worldwide hardware, security and plumbing business; (ii) GPC, which consists of the Company’s worldwide pet care business; (iii) H&G, which consists of the Company’s home and garden and insect control business and (iv) HPC, which consists of the Company’s worldwide small kitchen and personal care appliances businesses. Global strategic initiatives and financial objectives for each reportable segment are determined at the corporate level. Each segment is responsible for implementing defined strategic initiatives and achieving certain financial objectives and has a president or general manager responsible for the sales and marketing initiatives and financial results for product lines within the segment. Net sales relating to the segments for the years ended September 30, 2019, 2018 and 2017 are as follows: (in millions) 2019 2018 2017 HHI $ 1,355.7 $ 1,377.7 $ 1,276.1 HPC 1,068.1 1,110.4 1,132.3 GPC 870.2 820.5 793.2 H&G 508.1 500.1 503.8 Net sales $ 3,802.1 $ 3,808.7 $ 3,705.4 The Chief Operating Decision Maker uses Adjusted EBITDA as the primary operating metric in evaluating the business and making operating decisions. EBITDA is calculated by excluding the Company’s income tax expense, interest expense, depreciation expense and amortization expense (from intangible assets) from net income. Adjusted EBITDA further excludes: Stock based and other incentive compensation costs associated with long-term compensation arrangements and other equity compensation based upon achievement of long-term performance metrics; and generally consist of non-cash, stock-based compensation. During the year ending September 30, 2019, the Company issued certain incentive bridge awards due to changes in the Company’s long-term compensation plans that allow for cash based payment upon employee election which has been included in the adjustment and does not qualify as shared-based compensation. See Note 18 - Share Based Compensation for further discussion; Restructuring and related charges, which consist of project costs associated with restructuring initiatives across the segments. See Note 5 - Restructuring and Related Charges for further details; Transaction related charges consist of (1) transaction costs from qualifying acquisition transactions during the period, or subsequent integration related project costs directly associated with an acquired business; (2) post-divestiture separation costs consisting of incremental costs incurred by the continuing operations of the Company after completion of the GBL and GAC divestitures to facilitate separation of shared operations, platforms and personnel transferred as part of the divestitures and exiting of TSAs and reverse TSAs with Energizer; (3) divestiture related transaction costs that are recognized in continuing operations due to the change in plan to cease marketing and selling of the HPC business. See Note 2 – Significant Accounting Policies and Practices for further details; Non-cash asset impairments or write-offs realized and recognized in earnings from continuing operations (when applicable); Non-cash purchase accounting inventory adjustments recognized in earnings from continuing operations after an acquisition (when applicable); Unrealized gains and losses attributable to the Company’s investment in Energizer common stock during the year ended September 30, 2019, acquired as part of consideration received from the Company’s sale and divestiture of GAC to Energizer. See Note 3 – Divestitures and Note 7 – Fair Value of Financial Instruments for further discussion; Foreign currency gains and losses attributable to multicurrency loans for the year ended September 30, 2019, that were entered into with foreign subsidiaries in exchange for the receipt of divestiture proceeds by the parent company and the distribution of the respective foreign subsidiaries’ net assets as part of the GBL and GAC divestitures. The Company has entered into various hedging arrangements to mitigate the volatility of foreign exchange risk associated with such loans; Incremental reserves associated with environmental remediation activity of legacy properties and former manufacturing sites assumed by the organization which had previously been exited by the Company and realized during the year ended September 30, 2019 and legal settlement costs associated with retained litigation from the Company’s former GAC operations, realized during the year ended September 30, 2019 after completion of the divestiture. See Note 19 – Commitments and Contingencies for further discussion; Incremental costs associated with a safety recall in GPC. See Note 19 – Commitments and Contingencies for further discussion; Incremental costs directly associated with the Spectrum Merger during the years ended September 30, 2018 and 2017. See Note 4 – Acquisitions for further discussion; Non-recurring HRG net operating costs incurred during the years ended September 30, 2018 and 2017, considered to be redundant or duplicative as a result of the Spectrum Merger and not considered a component of the continuing commercial products company post-merger, including compensation and benefits, directors fees, professional fees, insurance, public company costs, amongst others, and including interest and other non-recurring income that was eliminated following the transaction. See Note 4 – Acquisitions for further discussion; Legal and litigation costs associated with Salus during the years ended September 30, 2019 and 2018 as it is not considered a component of the continuing commercial products company, but continues to be consolidated by the Company after completion of the Spectrum Merger until the Salus operations can be wholly dissolved and/or deconsolidated; and Other adjustments primarily consisting of costs attributable to (1) operating margin on H&G sales to GAC discontinued operations during the years ended September 30, 2019 and 2018, respectively, which continued to operate under a supply agreement following the GAC divestiture during the year ended September 30, 2019; (2) expenses and cost recovery for flood damages incurred at Company facilities in Middleton, Wisconsin during the years ended September 30, 2019 and 2018; (3) incremental costs for separation of key executives incurred during the years ended September 30, 2019 and 2018; and (4) certain fines and penalties for delayed shipments following the completion of a GPC distribution center consolidation in EMEA during the year ended September 30, 2019. NOTE 20 - SEGMENT INFORMATION (continued) Segment Adjusted EBITDA in relation to the Company’s reportable segments for SBH and SB/RH for the years ended September 30, 2019, 2018 and 2017, is as follows: SBH (in millions) 2019 2018 2017 HHI $ 253.7 $ 254.7 $ 254.4 HPC 87.2 119.4 147.8 GPC 142.6 136.7 142.7 H&G 105.5 107.5 133.0 Total Segment Adjusted EBITDA 589.0 618.3 677.9 Corporate 22.0 36.3 39.3 Interest expense 222.1 264.0 310.4 Depreciation and amortization 180.8 125.3 147.3 Share and incentive based compensation 53.7 11.9 54.2 Restructuring and related charges 65.7 75.6 37.5 Transaction related charges 21.8 30.2 17.7 Write-off from impairment of goodwill 116.0 — — Write-off from impairment of intangible assets 35.4 20.3 16.3 Unrealized loss on Energizer investment 12.1 — — Foreign currency loss on multicurrency divestiture loans 36.2 — — Legal and environmental remediation reserves 10.0 — — Inventory acquisition step-up — 0.8 3.3 GPC safety recall 0.7 18.9 35.8 Spectrum merger related transaction charges — 45.9 7.6 Non-recurring HRG operating costs — 18.9 32.1 Salus 1.6 1.1 4.0 Other 4.7 4.8 0.3 Loss from operations before income taxes $ ( 193.8 ) $ ( 35.7 ) $ ( 27.9 ) SB/RH (in millions) 2019 2018 2017 HHI $ 253.7 $ 254.7 $ 254.4 HPC 87.2 119.4 147.8 GPC 142.6 136.7 142.7 H&G 105.5 107.5 133.0 Total Segment Adjusted EBITDA 589.0 618.3 677.9 Corporate 20.7 35.9 38.6 Interest expense 162.0 167.0 161.8 Depreciation and amortization 180.8 124.6 146.8 Share and incentive based compensation 52.1 8.8 46.2 Restructuring and related charges 65.7 75.6 37.5 Transaction related charges 21.8 30.2 17.7 Write-off from impairment of goodwill 116.0 — — Write-off from impairment of intangible assets 35.4 20.3 16.3 Unrealized loss on Energizer investment 12.1 — — Foreign currency loss on multicurrency divestiture loans 36.2 — — Legal and environmental remediation reserves 10.0 — — Inventory acquisition step-up — 0.8 3.3 GPC safety recall 0.7 18.9 35.8 Other 4.7 6.1 0.3 (Loss) income from operations before income taxes $ ( 129.2 ) $ 130.1 $ 173.6 NOTE 20 - SEGMENT INFORMATION (continued) Other financial information relating to the segments of SBH and SB/RH are as follows for the years ended September 30, 2019, 2018 and 2017 and as of September 30, 2019 and 2018: SBH SB/RH Depreciation and amortization (in millions) 2019 2018 2017 2019 2018 2017 HHI $ 33.5 $ 40.0 $ 38.3 $ 33.5 $ 40.0 $ 38.3 GPC 48.8 42.3 43.1 48.8 42.3 43.1 H&G 19.3 18.8 17.6 19.3 18.8 17.6 HPC 64.6 8.8 34.8 64.6 8.8 34.8 Total segments 166.2 109.9 133.8 166.2 109.9 133.8 Corporate and shared operations 14.6 15.4 13.5 14.6 14.7 13.0 Total depreciation and amortization $ 180.8 $ 125.3 $ 147.3 $ 180.8 $ 124.6 $ 146.8 SBH SB/RH Capital expenditures (in millions) 2019 2018 2017 2019 2018 2017 HHI $ 18.0 $ 15.6 $ 25.5 $ 18.0 $ 15.6 $ 25.5 GPC 16.0 24.6 20.2 16.0 24.6 20.2 H&G 5.9 6.4 6.5 5.9 6.4 6.5 HPC 11.0 14.8 15.3 11.0 14.8 15.3 Total segment capital expenditures 50.9 61.4 67.5 50.9 61.4 67.5 Corporate and shared operations 7.5 14.5 14.3 7.5 14.5 14.3 Total capital expenditures $ 58.4 $ 75.9 $ 81.8 $ 58.4 $ 75.9 $ 81.8 SBH SB/RH Segment total assets (in millions) 2019 2018 2019 2018 HHI $ 1,611.0 $ 1,640.7 $ 1,611.0 $ 1,640.7 GPC 1,275.4 1,367.6 1,275.4 1,367.6 H&G 538.6 528.4 538.6 528.4 HPC 833.6 970.9 833.6 970.9 Total segment assets 4,258.6 4,507.6 4,258.6 4,507.6 Corporate and shared operations 971.9 888.8 1,032.6 727.2 Total assets $ 5,230.5 $ 5,396.4 $ 5,291.2 $ 5,234.8 Net sales SBH and SB/RH for the years ended September 30, 2019, 2018 and 2017 and long-lived asset information as of September 30, 2019 and 2018 by geographic area are as follows: SBH and SB/RH Net sales to external parties - Geographic Disclosure (in millions) 2019 2018 2017 United States $ 2,649.5 $ 2,627.2 $ 2,543.2 Europe/MEA 656.6 669.4 653.2 Latin America 205.4 212.1 207.5 North America - Other 168.5 173.9 174.4 Asia-Pacific 122.1 126.1 127.1 Net sales $ 3,802.1 $ 3,808.7 $ 3,705.4 SBH SB/RH Long-lived assets - Geographic Disclosure (in millions) 2019 2018 2019 2018 United States $ 308.3 $ 345.1 $ 308.3 $ 345.1 Europe/MEA 83.0 84.3 83.0 84.3 Latin America 19.3 26.7 19.3 26.7 North America - Other 1.1 1.3 1.1 1.3 Asia-Pacific 41.2 42.6 41.2 42.6 Total long-lived assets $ 452.9 $ 500.0 $ 452.9 $ 500.0 |
Earnings Per Share - SBH
Earnings Per Share - SBH | 12 Months Ended |
Sep. 30, 2019 | |
Earnings Per Share - SBH [Abstract] | |
Earnings Per Share - SBH | NOTE 21 - EARNINGS PER SHARE – SBH Basic earnings per share is computed by dividing net income attributable to controlling interest by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflects the dilution that would occur if share-based awards were converted into common shares that then shared in the net income of the entity available to common shareholders, as long as their effect is not antidilutive. In computing diluted earnings per share, basic earnings per share is adjusted for the assumed issuance of potentially diluted share-based awards. The Company uses the treasury stock method to reflect dilution of restricted stock units. Performance based restricted stock units are excluded if the performance targets upon which the issuance of the shares is contingent have not been achieved and the respective performance period has not been completed as of the end of the current period. The reconciliation of the numerator and denominator of the basic and diluted earnings per share calculation and the anti-dilutive shares for the years ended September 30, 2019, 2018 and 2017, are as follows: (in millions, except per share amounts) 2019 2018 2017 Numerator Net (loss) income from continuing operations attributable to controlling interest $ ( 188.0 ) $ 356.5 $ ( 90.6 ) Income from discontinued operations attributable to controlling interest 659.9 411.8 196.6 Net income attributable to controlling interest 471.9 768.3 $ 106.0 Denominator Weighted average shares outstanding - basic 50.7 36.9 32.2 Dilutive shares — 0.1 — Weighted average shares outstanding - diluted 50.7 37.0 32.2 Earnings per share Basic earnings per share from continuing operations $ ( 3.71 ) $ 9.64 $ ( 2.81 ) Basic earnings per share from discontinued operations 13.02 11.15 6.10 Basic earnings per share $ 9.31 $ 20.79 $ 3.29 Diluted earnings per share from continuing operations $ ( 3.71 ) $ 9.62 $ ( 2.81 ) Diluted earnings per share from discontinued operations 13.02 11.12 6.10 Diluted earnings per share $ 9.31 $ 20.74 $ 3.29 Weighted average number of anti-dilutive shares excluded from denominator 0.2 — 0.4 The weighted average shares and earnings per share data on the Consolidated Statements of Income were retrospectively adjusted for all periods presented to reflect the effect of the reverse stock split on July 13, 2018, associated with the closing of the Spectrum Merger. See Note 4 – Acquisitions for further discussion on Spectrum Merger. Using (i) the 20-trading-day volume-weighted average price per share of Spectrum Legacy common stock ending on July 12, 2018, (ii) the number of shares of Spectrum Legacy common stock outstanding, the number of shares of Spectrum Legacy common stock held by HRG and its subsidiaries and the number of shares of Spectrum Legacy common stock outstanding as of July 12, 2018, (iii) $ 328.2 million of HRG net indebtedness and transaction expenses at closing, and (iv) a $ 200.0 million upward adjustment contemplated by the Merger Agreement, each HRG stockholder received a reverse stock split of approximately 0.1613 of each share of HRG stock. The following is a recalculation of the weighted average shares adjusted for the impact of the reverse stock split for the year ended September 30, 2017. (in millions, except per share amounts) 2017 Basic HRG weighted average shares 200.0 HRG share conversion at 1 to 0.1613 32.2 Diluted HRG weighted average shares 200.0 HRG share conversion at 1 to 0.1613 32.2 As part of the Spectrum Merger, each share of Spectrum Legacy common stock and outstanding was converted into the right to receive one share of newly issued HRG common stock and exchange for HRG common stock. Due to the share exchange with Spectrum Legacy common stock shareholders, the total outstanding shares of the Company effectively increased 20.6 million shares in addition to the Company’s outstanding shares post-reverse stock split previously discussed. |
Guarantor Statements - SB_RH
Guarantor Statements - SB/RH | 12 Months Ended |
Sep. 30, 2019 | |
Guarantor Statements - SB/RH [Abstract] | |
Guarantor Statements - SB/RH | NOTE 22 – 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 6.125 % Notes under the 2024 Indenture, the 5.75 % Notes under the 2025 Indenture and the 4.00 % Notes under the 2026 Indenture. The following consolidating financial statements illustrate the components of the consolidated financial statements of SB/RH Holdings, LLC. The ‘Parent’ consists of the financial statements of Spectrum Brands, Inc. as the debt issuer, with SB/RH Holdings, LLC as a parent guarantor, without consolidated entities. SB/RH Holdings, LLC financial information is not presented separately as there are no independent assets or operations and is therefore determined not to be material. 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 September 30, 2019 (in millions) Parent Subsidiaries Subsidiaries Eliminations Consolidated Assets Cash and cash equivalents $ 441.2 $ 0.4 $ 180.3 $ — $ 621.9 Trade receivables, net 92.5 55.2 209.0 — 356.7 Intercompany receivables — 2,435.5 1,067.5 ( 3,503.0 ) — Other receivables 68.7 7.4 64.0 — 140.1 Inventories 207.7 156.5 191.5 ( 7.3 ) 548.4 Prepaid expenses and other 26.0 4.7 22.8 — 53.5 Current assets of business held for sale — — — — — Total current assets 836.1 2,659.7 1,735.1 ( 3,510.3 ) 1,720.6 Property, plant and equipment, net 187.1 121.1 144.7 — 452.9 Long-term intercompany receivables 51.9 37.4 10.2 ( 99.5 ) — Deferred charges and other 277.8 0.7 49.7 ( 276.5 ) 51.7 Investment 230.8 — — — 230.8 Goodwill 567.2 543.3 217.6 — 1,328.1 Intangible assets, net 707.2 560.3 239.6 — 1,507.1 Investments in subsidiaries 4,231.2 1,111.2 ( 2.9 ) ( 5,339.5 ) — Total assets $ 7,089.3 $ 5,033.7 $ 2,394.0 $ ( 9,225.8 ) $ 5,291.2 Liabilities and Shareholder's Equity Current portion of long-term debt $ 119.7 $ 4.7 $ 12.7 $ ( 0.2 ) $ 136.9 Accounts payable 98.7 65.4 299.7 — 463.8 Intercompany accounts payable 2,873.6 211.2 386.4 ( 3,471.2 ) — Accrued wages and salaries 38.1 6.5 27.4 — 72.0 Accrued interest 29.3 — — — 29.3 Indemnification payable to Energizer — — 230.8 — 230.8 Income tax payable 215.7 — 24.8 — 240.5 Other current liabilities 119.6 19.8 43.3 — 182.7 Current liabilities of business held for sale — — — — — Total current liabilities 3,494.7 307.6 1,025.1 ( 3,471.4 ) 1,356.0 Long-term debt, net of current portion 2,076.7 52.8 9.6 — 2,139.1 Long-term intercompany debt 12.3 — 118.8 ( 131.1 ) — Deferred income taxes 56.5 439.0 55.9 ( 279.2 ) 272.2 Other long-term liabilities 35.1 3.1 73.6 — 111.8 Total liabilities 5,675.3 802.5 1,283.0 ( 3,881.7 ) 3,879.1 Shareholder's equity: Other capital 2,124.8 439.2 ( 750.9 ) 300.2 2,113.3 Accumulated (deficit) earnings ( 437.3 ) 4,049.0 2,108.4 ( 6,157.4 ) ( 437.3 ) Accumulated other comprehensive loss ( 273.5 ) ( 257.0 ) ( 256.1 ) 513.1 ( 273.5 ) Total shareholder's equity 1,414.0 4,231.2 1,101.4 ( 5,344.1 ) 1,402.5 Non-controlling interest — — 9.6 — 9.6 Total equity 1,414.0 4,231.2 1,111.0 ( 5,344.1 ) 1,412.1 Total liabilities and equity $ 7,089.3 $ 5,033.7 $ 2,394.0 $ ( 9,225.8 ) $ 5,291.2 NOTE 22 – GUARANTOR STATEMENTS – SB/RH (continued) Statement of Financial Position Guarantor Nonguarantor As of September 30, 2018 (in millions) Parent Subsidiaries Subsidiaries Eliminations Consolidated Assets Cash and cash equivalents $ 276.6 $ 1.8 $ 227.0 $ — $ 505.4 Trade receivables, net 108.9 42.9 165.3 — 317.1 Intercompany receivables — 1,648.3 283.0 ( 1,931.3 ) — Other receivables 65.7 4.0 27.6 ( 2.2 ) 95.1 Inventories 228.5 162.6 204.6 ( 12.1 ) 583.6 Prepaid expenses and other 35.3 4.0 23.6 — 62.9 Current assets of business held for sale 551.2 1,379.0 482.5 ( 10.1 ) 2,402.6 Total current assets 1,266.2 3,242.6 1,413.6 ( 1,955.7 ) 3,966.7 Property, plant and equipment, net 222.9 122.1 155.0 — 500.0 Long-term intercompany receivables 321.3 70.3 11.6 ( 403.2 ) — Deferred charges and other 200.4 0.6 68.6 ( 195.4 ) 74.2 Goodwill 557.4 611.4 285.9 — 1,454.7 Intangible assets, net 770.4 609.5 261.9 — 1,641.8 Investments in subsidiaries 4,900.7 1,262.5 ( 2.9 ) ( 6,160.3 ) — Total assets $ 8,239.3 $ 5,919.0 $ 2,193.7 $ ( 8,714.6 ) $ 7,637.4 Liabilities and Shareholder's Equity Current portion of long-term debt $ 535.0 $ 4.3 $ 7.8 $ ( 0.2 ) $ 546.9 Accounts payable 222.4 124.2 238.1 — 584.7 Intercompany accounts payable 1,878.0 — 35.1 ( 1,913.1 ) — Accrued wages and salaries 24.6 1.5 29.3 — 55.4 Accrued interest 55.0 — — — 55.0 Income tax payable 1.9 — 15.9 ( 2.3 ) 15.5 Other current liabilities 57.4 17.5 61.9 — 136.8 Current liabilities of business held for sale 81.7 157.8 298.1 — 537.6 Total current liabilities 2,856.0 305.3 686.2 ( 1,915.6 ) 1,931.9 Long-term debt, net of current portion 3,615.3 57.3 13.8 — 3,686.4 Long-term intercompany debt 11.6 295.0 114.8 ( 421.4 ) — Deferred income taxes 59.4 357.6 70.6 ( 200.6 ) 287.0 Other long-term liabilities 71.5 3.1 45.8 — 120.4 Total liabilities 6,613.8 1,018.3 931.2 ( 2,537.6 ) 6,025.7 Shareholder's equity: Other capital 2,096.8 803.7 ( 1,361.9 ) 534.4 2,073.0 Accumulated (deficit) earnings ( 235.6 ) 4,303.0 2,814.5 ( 7,117.4 ) ( 235.5 ) Accumulated other comprehensive loss ( 235.7 ) ( 206.0 ) ( 200.0 ) 406.0 ( 235.7 ) Total shareholder's equity 1,625.5 4,900.7 1,252.6 ( 6,177.0 ) 1,601.8 Non-controlling interest — — 9.9 — 9.9 Total equity 1,625.5 4,900.7 1,262.5 ( 6,177.0 ) 1,611.7 Total liabilities and equity $ 8,239.3 $ 5,919.0 $ 2,193.7 $ ( 8,714.6 ) $ 7,637.4 NOTE 22 – GUARANTOR STATEMENTS – SB/RH (continued) Statement of Income Guarantor Nonguarantor Year Ended September 30, 2019 (in millions) Parent Subsidiaries Subsidiaries Eliminations Consolidated Net sales $ 1,794.5 $ 1,517.9 $ 1,906.9 $ ( 1,417.2 ) $ 3,802.1 Cost of goods sold 1,327.5 1,126.4 1,460.3 ( 1,421.8 ) 2,492.4 Restructuring and related charges 0.3 0.2 2.3 — 2.8 Gross profit 466.7 391.3 444.3 4.6 1,306.9 Selling 231.3 129.4 240.0 ( 0.2 ) 600.5 General and administrative 229.8 85.1 36.4 ( 1.5 ) 349.8 Research and development 23.2 10.0 10.3 — 43.5 Restructuring and related charges 46.6 2.0 14.3 — 62.9 Transaction related charges 27.4 ( 0.1 ) ( 5.5 ) — 21.8 Write-off from impairment of goodwill 61.0 — 55.0 — 116.0 Write-off from impairment of intangible assets 18.8 16.6 — — 35.4 Total operating expense 638.1 243.0 350.5 ( 1.7 ) 1,229.9 Operating (loss) income ( 171.4 ) 148.3 93.8 6.3 77.0 Interest expense (income) 179.3 6.2 ( 23.5 ) — 162.0 Other non-operating (income) expense, net ( 55.4 ) ( 403.9 ) ( 494.8 ) 998.3 44.2 (Loss) income from operations before income taxes ( 295.3 ) 546.0 612.1 ( 992.0 ) ( 129.2 ) Income tax (benefit) expense ( 143.2 ) 108.5 45.2 0.2 10.7 Net (loss) income from continuing operations ( 152.1 ) 437.5 566.9 ( 992.2 ) ( 139.9 ) Income (loss) from discontinued operations, net of tax 659.6 ( 72.9 ) ( 7.1 ) 80.3 659.9 Net income 507.5 364.6 559.8 ( 911.9 ) 520.0 Net income attributable to non-controlling interest — — 1.3 — 1.3 Net income attributable to controlling interest $ 507.5 $ 364.6 $ 558.5 $ ( 911.9 ) $ 518.7 Statement of Income Guarantor Nonguarantor Year Ended September 30, 2018 (in millions) Parent Subsidiaries Subsidiaries Eliminations Consolidated Net sales $ 1,839.8 $ 1,363.1 $ 1,960.2 $ ( 1,354.4 ) $ 3,808.7 Cost of goods sold 1,336.8 998.8 1,489.2 ( 1,354.0 ) 2,470.8 Restructuring and related charges — 0.1 3.5 — 3.6 Gross profit 503.0 364.2 467.5 ( 0.4 ) 1,334.3 Selling 239.1 122.0 246.3 ( 0.2 ) 607.2 General and administrative 108.2 87.9 62.1 ( 0.5 ) 257.7 Research and development 23.3 8.9 12.4 — 44.6 Restructuring and related charges 59.7 1.6 10.7 — 72.0 Transaction related charges 23.5 4.2 2.5 — 30.2 Write-off from impairment of intangible assets — 20.3 — — 20.3 Total operating expense 453.8 244.9 334.0 ( 0.7 ) 1,032.0 Operating income 49.2 119.3 133.5 0.3 302.3 Interest expense 145.2 18.8 2.9 0.1 167.0 Other non-operating (income) expense, net ( 208.3 ) 21.1 1.5 190.9 5.2 Income from operations before income taxes 112.3 79.4 129.1 ( 190.7 ) 130.1 Income tax (benefit) expense ( 99.2 ) ( 131.3 ) 149.3 4.4 ( 76.8 ) Net income (loss) from continuing operations 211.5 210.7 ( 20.2 ) ( 195.1 ) 206.9 (Loss) income from discontinued operations, net of tax ( 30.7 ) 124.2 177.4 ( 294.9 ) ( 24.0 ) Net income 180.8 334.9 157.2 ( 490.0 ) 182.9 Net income attributable to non-controlling interest — — 1.4 — 1.4 Net income attributable to controlling interest $ 180.8 $ 334.9 $ 155.8 $ ( 490.0 ) $ 181.5 NOTE 22 – GUARANTOR STATEMENTS – SB/RH (continued) Statement of Income Guarantor Nonguarantor Year Ended September 30, 2017 (in millions) Parent Subsidiaries Subsidiaries Eliminations Consolidated Net sales $ 1,662.9 $ 1,002.1 $ 1,830.9 $ ( 790.5 ) $ 3,705.4 Cost of goods sold 1,132.3 649.6 1,376.8 ( 789.1 ) 2,369.6 Restructuring and related charges — 0.5 — — 0.5 Gross profit 530.6 352.0 454.1 ( 1.4 ) 1,335.3 Selling 226.3 119.2 232.7 ( 0.2 ) 578.0 General and administrative 195.4 66.2 39.0 ( 0.1 ) 300.5 Research and development 23.5 10.0 11.1 — 44.6 Restructuring and related charges 28.1 1.2 7.7 — 37.0 Transaction related charges 14.3 0.5 2.9 — 17.7 Write-off from impairment of intangible assets — 16.3 — — 16.3 Total operating expense 487.6 213.4 293.4 ( 0.3 ) 994.1 Operating income 43.0 138.6 160.7 ( 1.1 ) 341.2 Interest expense 138.0 17.3 6.5 — 161.8 Other non-operating (income) expense, net ( 231.2 ) ( 133.6 ) 1.0 369.6 5.8 Income from operations before income taxes 136.2 254.9 153.2 ( 370.7 ) 173.6 Income tax (benefit) expense ( 48.3 ) 22.7 15.8 1.2 ( 8.6 ) Net income from continuing operations 184.5 232.2 137.4 ( 371.9 ) 182.2 Income from discontinued operations, net of tax 123.0 132.3 58.4 ( 194.7 ) 119.0 Net income 307.5 364.5 195.8 ( 566.6 ) 301.2 Net (loss) income attributable to non-controlling interest ( 0.3 ) — 1.6 — 1.3 Net income attributable to controlling interest $ 307.8 $ 364.5 $ 194.2 $ ( 566.6 ) $ 299.9 Statement of Comprehensive Income Guarantor Nonguarantor Year Ended September 30, 2019 (in millions) Parent Subsidiaries Subsidiaries Eliminations Consolidated Net income $ 507.5 $ 364.6 $ 559.8 $ ( 911.9 ) $ 520.0 Other comprehensive income, net of tax: Foreign currency translation loss ( 65.3 ) ( 66.0 ) ( 71.2 ) 137.2 ( 65.3 ) Unrealized gain on derivative instruments 26.4 2.5 2.5 ( 5.0 ) 26.4 Defined benefit pension loss ( 21.3 ) ( 9.7 ) ( 9.7 ) 19.4 ( 21.3 ) Deconsolidation of discontinued operations 21.8 21.8 21.8 ( 43.5 ) 21.9 Other comprehensive loss ( 38.4 ) ( 51.4 ) ( 56.6 ) 108.1 ( 38.3 ) Comprehensive income 469.1 313.2 503.2 ( 803.8 ) 481.7 Comprehensive loss attributable to non-controlling interest — — ( 0.5 ) — ( 0.5 ) Comprehensive income attributable to controlling interest $ 469.1 $ 313.2 $ 503.7 $ ( 803.8 ) $ 482.2 Statement of Comprehensive Income Guarantor Nonguarantor Year Ended September 30, 2018 (in millions) Parent Subsidiaries Subsidiaries Eliminations Consolidated Net income $ 180.8 $ 334.9 $ 157.2 $ ( 490.0 ) $ 182.9 Other comprehensive income, net of tax: Net unrealized loss on foreign currency translation ( 44.3 ) ( 43.6 ) ( 46.2 ) 89.8 ( 44.3 ) Unrealized gain on hedging derivative instruments 16.2 13.3 13.3 ( 26.6 ) 16.2 Defined benefit pension gain (loss) 1.7 ( 2.6 ) ( 2.6 ) 5.2 1.7 Other comprehensive loss ( 26.4 ) ( 32.9 ) ( 35.5 ) 68.4 ( 26.4 ) Comprehensive income 154.4 302.0 121.7 ( 421.6 ) 156.5 Comprehensive loss attributable to non-controlling interest — — ( 0.3 ) — ( 0.3 ) Comprehensive income attributable to controlling interest $ 154.4 $ 302.0 $ 122.0 $ ( 421.6 ) $ 156.8 Statement of Comprehensive Income Guarantor Nonguarantor Year Ended September 30, 2017 (in millions) Parent Subsidiaries Subsidiaries Eliminations Consolidated Net income $ 307.5 $ 364.5 $ 195.8 $ ( 566.6 ) $ 301.2 Other comprehensive income, net of tax: Foreign currency translation gain 29.1 32.0 34.3 ( 66.3 ) 29.1 Unrealized loss on derivative instruments ( 29.1 ) ( 15.1 ) ( 15.1 ) 30.2 ( 29.1 ) Defined benefit pension gain 19.6 14.6 14.7 ( 29.3 ) 19.6 Other comprehensive income 19.6 31.5 33.9 ( 65.4 ) 19.6 Comprehensive income 327.1 396.0 229.7 ( 632.0 ) 320.8 Comprehensive loss attributable to non-controlling interest — — ( 0.2 ) — ( 0.2 ) Comprehensive income attributable to controlling interest $ 327.1 $ 396.0 $ 229.9 $ ( 632.0 ) $ 321.0 NOTE 22 – GUARANTOR STATEMENTS – SB/RH (continued) Statement of Cash Flows Guarantor Nonguarantor Year Ended September 30, 2019 (in millions) Parent Subsidiaries Subsidiaries Eliminations Consolidated Net cash provided by operating activities from continuing operations $ 797.4 $ 346.2 $ 2,104.9 $ ( 3,151.3 ) $ 97.2 Net cash provided (used) by operating activities from discontinued operations 1.7 2.7 3.2 ( 90.0 ) ( 82.4 ) Net cash provided provided by operating activities 799.1 348.9 2,108.1 ( 3,241.3 ) 14.8 Cash flows from investing activities . Purchases of property, plant and equipment ( 29.5 ) ( 15.0 ) ( 13.9 ) — ( 58.4 ) Proceeds from sales of property, plant and equipment 2.0 — 0.1 — 2.1 Proceeds from sale of discontinued operations, net of cash 2,859.5 — — — 2,859.5 Other investing activities — — ( 0.3 ) — ( 0.3 ) Net cash provided (used) by investing activities from continuing operations 2,832.0 ( 15.0 ) ( 14.1 ) — 2,802.9 Net cash used by investing activities from discontinued operations ( 1.1 ) ( 2.5 ) ( 1.7 ) — ( 5.3 ) Net cash provided (used) by investing activities 2,830.9 ( 17.5 ) ( 15.8 ) — 2,797.6 Cash flows from financing activities Proceeds from issuance of debt 300.0 — — — 300.0 Payment of debt ( 2,250.0 ) ( 4.7 ) ( 8.0 ) — ( 2,262.7 ) Payment of debt issuance costs ( 4.1 ) — — — ( 4.1 ) Payment of cash dividends to parent ( 717.4 ) — — — ( 717.4 ) Dividends paid by subsidiary to non-controlling interest — — ( 1.1 ) — ( 1.1 ) Advances related to intercompany transactions ( 793.3 ) ( 327.9 ) ( 2,120.1 ) 3,241.3 — Other financing activities ( 8.9 ) — — — ( 8.9 ) Net cash used by financing activities from continuing operations ( 3,473.7 ) ( 332.6 ) ( 2,129.2 ) 3,241.3 ( 2,694.2 ) Net cash used by financing activities from discontinued operations ( 0.6 ) ( 0.2 ) ( 1.4 ) — ( 2.2 ) Net cash used by financing activities ( 3,474.3 ) ( 332.8 ) ( 2,130.6 ) 3,241.3 ( 2,696.4 ) Effect of exchange rate changes on cash and cash equivalents — — ( 8.4 ) — ( 8.4 ) Net increase (decrease) in cash, cash equivalents and restricted cash 155.7 ( 1.4 ) ( 46.7 ) — 107.6 Cash, cash equivalents and restricted cash, beginning of period 285.5 1.8 227.0 — 514.3 Cash, cash equivalents and restricted cash, end of period $ 441.2 $ 0.4 $ 180.3 $ — $ 621.9 Statement of Cash Flows Guarantor Nonguarantor Year Ended September 30, 2018 (in millions) Parent Subsidiaries Subsidiaries Eliminations Consolidated Net cash (used) provided by operating activities from continuing operations $ ( 312.9 ) $ 43.5 $ 809.9 $ ( 316.8 ) $ 223.7 Net cash provided by operating activities from discontinued operations 3.6 5.6 22.5 97.1 128.8 Net cash (used) provided by operating activities ( 309.3 ) 49.1 832.4 ( 219.7 ) 352.5 Cash flows from investing activities Purchases of property, plant and equipment ( 35.6 ) ( 13.0 ) ( 27.3 ) — ( 75.9 ) Proceeds from sales of property, plant and equipment 0.7 0.1 3.4 — 4.2 Other investing activity — ( 0.2 ) ( 0.3 ) — ( 0.5 ) Net cash used by investing activities from continuing operations ( 34.9 ) ( 13.1 ) ( 24.2 ) — ( 72.2 ) Net cash used by investing activities from discontinued operations ( 6.0 ) ( 5.6 ) ( 15.4 ) — ( 27.0 ) Net cash used by investing activities ( 40.9 ) ( 18.7 ) ( 39.6 ) — ( 99.2 ) Cash flows from financing activities Proceeds from issuance of debt 520.0 — 19.6 — 539.6 Payment of debt ( 52.3 ) — ( 17.0 ) — ( 69.3 ) Payment of debt issuance costs ( 0.4 ) — — — ( 0.4 ) Payment of cash dividends to parent ( 374.2 ) — — — ( 374.2 ) Advances related to intercompany transactions 527.7 ( 33.4 ) ( 714.1 ) 219.8 — Other investing activities ( 6.4 ) — — — ( 6.4 ) Net cash provided (used) by financing activities from continuing operations 614.4 ( 33.4 ) ( 711.5 ) 219.8 89.3 Net cash used by financing activities from discontinued operations — — ( 4.7 ) ( 0.1 ) ( 4.8 ) Net cash provided (used) by financing activities 614.4 ( 33.4 ) ( 716.2 ) 219.7 84.5 Effect of exchange rate changes on cash and cash equivalents — — ( 7.0 ) — ( 7.0 ) Net increase (decrease) in cash, cash equivalents and restricted cash 264.2 ( 3.0 ) 69.6 — 330.8 Cash, cash equivalents and restricted cash, beginning of period 21.3 4.8 157.4 — 183.5 Cash, cash equivalents and restricted cash, end of period $ 285.5 $ 1.8 $ 227.0 $ — $ 514.3 NOTE 22 – GUARANTOR STATEMENTS – SB/RH (continued) Statement of Cash Flows Guarantor Nonguarantor Year Ended September 30, 2017 (in millions) Parent Subsidiaries Subsidiaries Eliminations Consolidated Net cash provided (used) by operating activities from continuing operations $ 638.2 $ 149.0 $ ( 140.7 ) $ ( 202.5 ) $ 444.0 Net cash provided by operating activities from discontinued operations 8.8 15.5 11.1 168.2 203.6 Net cash provided (used) by operating activities 647.0 164.5 ( 129.6 ) ( 34.3 ) 647.6 Cash flows from investing activities . Purchases of property, plant and equipment ( 38.7 ) ( 11.7 ) ( 31.4 ) — ( 81.8 ) Proceeds from sales of property, plant and equipment 0.2 0.3 4.1 — 4.6 Business acquisitions, net of cash acquired ( 289.4 ) — — — ( 289.4 ) Other investing activity, net — ( 2.5 ) ( 0.3 ) — ( 2.8 ) Net cash used by investing activities from continuing operations ( 327.9 ) ( 13.9 ) ( 27.6 ) — ( 369.4 ) Net cash used by investing activities from discontinued operations ( 8.8 ) ( 12.4 ) ( 10.7 ) — ( 31.9 ) Net cash used by investing activities ( 336.7 ) ( 26.3 ) ( 38.3 ) — ( 401.3 ) Cash flows from financing activities Proceeds from issuance of debt 250.0 — 15.6 — 265.6 Payment of debt ( 214.9 ) 0.3 ( 14.6 ) — ( 229.2 ) Payment of debt issuance costs ( 5.9 ) — — — ( 5.9 ) Payment of cash dividends to parent ( 350.8 ) — — — ( 350.8 ) Advances related to intercompany transactions ( 54.2 ) ( 135.9 ) 155.8 34.3 — Purchase of non-controlling interest ( 12.6 ) — — — ( 12.6 ) Net cash (used) provided by financing activities from continuing operations ( 388.4 ) ( 135.6 ) 156.8 34.3 ( 332.9 ) Net cash used by financing activities from discontinued operations — ( 0.3 ) ( 3.1 ) — ( 3.4 ) Net cash (used) provided by financing activities ( 388.4 ) ( 135.9 ) 153.7 34.3 ( 336.3 ) Effect of exchange rate changes on cash and cash equivalents on Venezuela devaluation — — ( 0.4 ) — ( 0.4 ) Effect of exchange rate changes on cash and cash equivalents — — 3.1 — 3.1 Net (decrease) increase in cash and cash equivalents ( 78.1 ) 2.3 ( 11.5 ) — ( 87.3 ) Cash and cash equivalents, beginning of period 99.4 2.5 168.9 — 270.8 Cash and cash equivalents, end of period $ 21.3 $ 4.8 $ 157.4 $ — $ 183.5 |
Quarterly Results
Quarterly Results | 12 Months Ended |
Sep. 30, 2019 | |
Quarterly Results [Abstract] | |
Quarterly Results | NOTE 23 - QUARTERLY RESULTS (UNAUDITED) Spectrum Brands Holdings, Inc. Quarter Ended SBH 2019 (in millions, except per share) September 30, 2019 June 30, 2019 March 31, 2019 December 31, 2018 Revenue $ 993.0 $ 1,022.2 $ 906.7 $ 880.3 Gross profit 334.7 361.0 305.5 305.7 Net loss attributable to controlling interest from continuing operations ( 79.0 ) ( 24.7 ) ( 55.0 ) ( 29.3 ) Net (loss) income attributable to controlling interest from discontinued operations ( 39.3 ) ( 1.2 ) 783.6 ( 83.2 ) Net (loss) income attributable to controlling interest $ ( 118.3 ) $ ( 25.9 ) $ 728.6 $ ( 112.5 ) Basic earnings per share from continuing operations $ ( 1.62 ) $ ( 0.51 ) $ ( 1.06 ) — $ ( 0.56 ) Basic earnings per share from discontinued operations ( 0.81 ) ( 0.02 ) 15.13 ( 1.55 ) Basic earnings per share $ ( 2.43 ) $ ( 0.53 ) $ 14.07 $ ( 2.11 ) Diluted earnings per share from continuing operations $ ( 1.62 ) $ ( 0.51 ) $ ( 1.06 ) $ ( 0.56 ) Diluted earnings per share from discontinued operations ( 0.81 ) ( 0.02 ) 15.13 ( 1.55 ) Diluted earnings per share $ ( 2.43 ) $ ( 0.53 ) $ 14.07 $ ( 2.11 ) Quarter Ended SBH 2018 (in millions, except per share) September 30, 2018 June 30, 2018 March 31, 2018 December 31, 2017 Revenue $ 974.4 $ 1,029.4 $ 882.6 $ 922.3 Gross profit 346.9 362.7 306.0 318.6 Net (loss) income attributable to controlling interest from continuing operations ( 34.1 ) 382.9 ( 32.6 ) 40.3 Net (loss) income attributable to controlling interest from discontinued operations ( 81.7 ) 22.7 3.7 467.1 Net (loss) income attributable to controlling interest $ ( 115.8 ) $ 405.6 $ ( 28.9 ) $ 507.4 Basic earnings per share from continuing operations $ ( 0.68 ) $ 11.69 $ ( 1.00 ) $ 1.24 Basic earnings per share from discontinued operations ( 1.64 ) 0.70 0.11 14.45 Basic earnings per share $ ( 2.32 ) $ 12.39 $ ( 0.89 ) $ 15.69 Diluted earnings per share from continuing operations $ ( 0.68 ) $ 11.68 $ ( 1.00 ) $ 1.23 Diluted earnings per share from discontinued operations ( 1.64 ) 0.69 0.11 14.32 Diluted earnings per share $ ( 2.32 ) $ 12.37 $ ( 0.89 ) $ 15.55 SB/RH Holdings, LLC Quarter Ended SB/RH 2019 (in millions) September 30, 2019 June 30, 2019 March 31, 2019 December 30, 2018 Revenue $ 993.0 $ 1,022.2 $ 906.7 $ 880.3 Gross profit 334.7 361.0 305.5 305.7 Net loss attributable to controlling interest from continuing operations ( 79.7 ) ( 28.9 ) ( 13.4 ) ( 19.2 ) Net (loss) income attributable to controlling interest from discontinued operations ( 39.3 ) ( 1.2 ) 783.6 ( 83.2 ) Net (loss) income attributable to controlling interest $ ( 119.0 ) $ ( 30.1 ) $ 770.2 $ ( 102.4 ) Quarter Ended SB/RH 2018 (in millions) September 30, 2018 July 1, 2018 April 1, 2018 December 31, 2017 Net sales $ 974.4 $ 1,029.4 $ 882.6 $ 922.3 Gross profit 346.9 362.7 306.0 318.6 Net (loss) income attributable to controlling interest from continuing operations ( 2.0 ) 45.8 14.7 147.0 Net (loss) income attributable to controlling interest from discontinued operations ( 84.6 ) 27.8 11.3 21.5 Net (loss) income attributable to controlling interest $ ( 86.6 ) $ 73.6 $ 26.0 $ 168.5 |
Significant Accounting Polici_2
Significant Accounting Policies And Practices (Policy) | 12 Months Ended |
Sep. 30, 2019 | |
Significant Accounting Policies And Practices [Abstract] | |
Principles Of Consolidation And Fiscal Year End | Principles of Consolidation and Fiscal Year End The consolidated financial statements include the financial statements of the Company and its majority owned subsidiaries and have been prepared in accordance with Accounting Principles Generally Accepted in the United States (“GAAP”). All intercompany transactions have been eliminated. The Company’s fiscal year ends September 30 and reports its results using fiscal quarters whereby each three month quarterly reporting period is approximately thirteen weeks in length and ends on a Sunday. The exceptions are the first quarter, which begins on October 1, and the fourth quarter, which ends on September 30. For the year ended September 30, 2019, the fiscal quarters were comprised of the three months ended December 30, 2018, March 31, 2019, June 30, 2019 and September 30, 2019. |
Use Of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Cash And Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid temporary instruments purchased with original maturities of three months or less from date of purchase to be cash equivalents. |
Receivables | Receivables Trade accounts receivable are carried at net realizable value. The Company extends credit to its customers based upon an evaluation of the customer’s financial condition and credit history, but generally does not require collateral. The Company monitors its customers’ credit and financial condition based on changing economic conditions and will make adjustments to credit policies as required. Provisions for losses on uncollectible trade receivables are determined based on ongoing evaluations of the Company’s receivables, principally on the basis of historical collection experience and evaluations of the risks of nonpayment or return for a given customer. See Note 8 - Receivables for further detail. |
Inventories | Inventories The Company’s inventories are valued at the lower of cost or net realizable value. Cost of inventories is determined using the first-in, first-out (FIFO) method. See Note 9 - Inventory for further detail. |
Property, Plant And Equipment | Property, Plant and Equipment Property, plant and equipment are recorded at cost. Depreciation is calculated on the straight-line basis over the estimated useful lives of the assets. Property, p lant and equipment held under capital leases are amortized on a straight-line basis over the shorter of the lease term or estimated useful life of the asset; such amortization is included in depreciation expense. The Company uses accelerated depreciation methods for income tax purposes. Useful lives for property, plant and equipment are as follows: Asset Type Range Buildings and improvements 20 - 40 years Machinery and equipment 2 - 15 years Expenditures which substantially increase value or extend useful lives are capitalized. Expenditures for maintenance and repairs are charged to operations as incurred. The Company records gains and losses on the disposition or retirement of property, plant and equipment based on the net book value and any proceeds received. Long-lived fixed assets held and used are reviewed for impairment when events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable. Circumstances such as the discontinuation of a product or product line, a sudden or consistent decline in the sales forecast for a product, changes in technology or in the way an asset is being used, a history of operating or cash flow losses or an adverse change in legal factors or in the business climate, among others, may trigger an impairment review. If such indicators are present, the Company performs undiscounted cash flow analyses to determine if impairment exists. The asset value would be deemed impaired if the undiscounted cash flows generated did not exceed the carrying value of the respective asset group. If impairment is determined to exist, any related impairment loss is calculated based on fair value. There were no triggering events identified during the year ended September 30, 2019 that necessitated an impairment test other than the recognition of an impairment on goodwill at HPC. There was no impairment loss recognized on property, plant and equipment. Assets to be disposed of are reported at the lower of the carrying amount or fair value less costs to sell. See Note 10 - Property, plant and equipment for further detail. |
Goodwill | Goodwill Goodwill reflects the excess of acquisition cost over the aggregate fair value assigned to identifiable net assets acquired. Goodwill is not amortized, but instead is assessed for impairment at least annually and as triggering events or indicators of potential impairment are identified. Goodwill has been assigned to reporting units for purposes of impairment testing based upon the relative fair value of the asset to each reporting unit. Our reporting units are consistent with our segments. See Note 20 - Segment Information for further discussion. The Company performs its annual impairment test in the fourth quarter of its fiscal year. The fair value of each reporting unit is compared to its carrying value, including goodwill. In estimating the fair value of our reporting units, we use a discounted cash flow methodology, which requires us to estimate future revenues, expenses, and capital expenditures and make assumptions about our weighted average cost of capital and perpetuity growth rate, among other variables. We test the aggregate estimated fair value of our reporting units by comparison to our total market capitalization, including both equity and debt capital. If the fair value of a reporting unit is less than its carrying value, an impairment loss would be recognized equal to that excess; however the loss recognized cannot exceed the total amount of goodwill allocated to that reporting unit. See Note 11 - Goodwill and Intangible Assets for further detail. |
Intangible Assets | Intangible Assets Intangible assets are recorded at cost or at estimated fair value if acquired in a business combination. Customer lists, proprietary technology and certain trade name intangibles are amortized, using the straight-line method, over their estimated useful lives. The range and weighted average useful lives for definite-lived intangibles assets are as follows: Asset Type Range Weighted Average Customer relationships 5 - 20 years 18.3 years Technology assets 5 - 18 years 13.6 years Tradenames 6 - 13 years 10.7 years Definite -lived intangible assets held and used are reviewed for impairment when events or changes in business circumstances indicate that the carrying amount of the assets may not be recoverable. If indicators of potential impairment are identified, the Company performs an undiscounted cash flow analysis to determine if impairment exists. The asset value would be deemed impaired if the undiscounted cash flows expected to be generated by the asset did not exceed the carrying value of the respective asset group. If impairment is determined to exist, any related impairment loss is calculated based on fair value. There were no triggering events identified during the year ended September 30, 2019 that necessitated an impairment test other than the recognition of an impairment on goodwill at HPC. There was no impairment loss recognized on definite-lived intangible assets. Certain trade name intangible assets have an indefinite life and are not amortized, but instead are assessed for impairment at least annually and as triggering events or indicators of potential impairment are identified. The Company performs its annual impairment test in the fourth quarter of its fiscal year. Impairment of indefinite lived intangible assets is assessed by comparing the estimated fair value of the identified trade names to their carrying value to determine if potential impairment exists. If the fair value is less than the carrying value, an impairment loss is recorded for the excess. The fair value of indefinite-lived intangible assets is determined using an income approach, the relief-from-royalty methodology, which requires us to make estimates and assumptions about future revenues, royalty rates, and the discount rate, among others. See Note 11 - Goodwill and Intangible Assets for further detail. |
Assets Held For Sale And Discontinued Operations | Assets Held for Sale and Discontinued Operations The Company reports the results of operations of a business as discontinued operations if a disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results when the business is sold and classified as held for sale, in accordance with the criteria of Accounting Standard Codification (“ASC”) Topic 205 Presentation of Financial Statements and ASC Topic 360 Property, Plant and Equipment (“ASC 360”). Assets and liabilities of a business classified as held for sale are recorded at the lower of its carrying amount or estimated fair value less cost to sell. If the carrying amount of the business exceeds its estimated fair value less cost to sell, a loss is recognized. Assets and liabilities related to a business classified as held for sale are segregated in the current and prior balance sheets in the period in which the business is classified as held for sale. The results of discontinued operations are reported in Income From Discontinued Operations, Net of Tax in the accompanying Consolidated Statements of Income for the current and prior periods commencing in the period in which the business meets the criteria, and includes any gain or loss recognized on closing, or adjustment of the carrying amount to fair value less cost to sell. Transactions between the businesses held for sale and businesses held for use that are expected to continue to exist after the disposal are not eliminated to appropriately reflect the continuing operations and balances held for sale. If a business is classified as held for sale after the balance sheet date but before the financial statements are issued or are available to be issued, the business continues to be classified as held and used in those financial statements when issued or when available to be issued. |
Debt Issuance Costs | Debt Issuance Costs Debt issuance costs are deferred and amortized to interest expense using the effective interest method over the lives of the related debt agreements. Debt issuance costs for SBH were $ 33.0 million and $ 57.6 million as of September 30, 2019 and 2018, respectively, and $ 31.5 and $ 45.5 million for SB/RH as of September 30, 2019 and 2018, respectively. Debt issuance costs are included in Long Term Debt, Net of Current Portion in the Consolidated Statements of Financial Position. Amortization of debt issuance costs is recognized as Interest Expense in the Consolidated Statements of Income. See Note 12 - Debt for further detail. |
Financial Instruments | Financial Instruments Derivative financial instruments are used by the Company principally in the management of its interest rate, foreign currency and raw material price exposures. The Company does not hold or issue derivative financial instruments for trading or speculative purposes. Derivative assets and liabilities are reported at fair value in the Consolidated Statements of Financial Position. When hedge accounting is elected at inception, the Company formally designates the financial instrument as a hedge of a specific underlying exposure and documents both the risk management objectives and strategies for undertaking the hedge. Depending on the nature of derivatives designated as hedging instruments, changes in fair value are either offset against the change in fair value of the hedged assets or liability through earnings, or recognized in equity through other comprehensive income until the hedged item is recognized. Any ineffective portion of a financial instrument’s change in fair value is recognized in earnings. For derivatives that do not qualify for hedge accounting treatment, the change in the fair value is recognized in earnings. See Note 14 - Derivatives for further detail. |
Treasury Stock | Treasury Stock Treasury stock purchases are stated at cost and presented as a separate reduction of equity. |
Noncontrolling Interest | Noncontrolling Interest Noncontrolling interest recognized in the consolidated equity of the Company is the minority interest ownership in equity of a consolidated subsidiary that is not attributable, directly or indirectly, to the parent company, SBH; and recognized separate from shareholders’ equity in the Consolidated Statement of Financial Position. Income from a consolidated subsidiary with a minority interest ownership is allocated to the minority interest and considered attributable to the noncontrolling interest in the Consolidated Statement of Income. |
Business Combinations And Acquisition Accounting | Business Combinations and Acquisition Accounting The Company accounts for acquisitions by applying the acquisition method of accounting when the transaction or event is considered a business combination, which requires that the assets acquired and liabilities assumed constitute a business. A defined business is generally an acquired group of assets with inputs and processes that make it capable of generating a return or economic benefit for the acquirer. The acquisition method of accounting requires, among other things, that the assets acquired and liabilities assumed in a business combination be measured at their fair values as of the closing date of the acquisition. See Note 4 – Acquisitions for further detail. |
Revenue Recognition | Revenue Recognition The Company applies the guidance codified in Accounting Standards Update (“ASU”) No. 2014-09, “Revenue from Contracts with Customers (Topic 606)” using the modified retrospective method upon the adoption of Topic 606 . See “ Newly Adopted Accounting Standards” section of this footnote for more details regarding the method and impact of the adoption. The following are changes to the Company’s revenue recognition accounting policies from those previously disclosed in Note 2 – Significant Accounting Policies and Practices to the Company’s Annual Report on Form 10-K for year ended September 30, 2018 and Form 8-K issued on April 5, 2019. Product Sales Our customers mostly consist of retailers, wholesalers and distributors, and construction companies with the intention to sell and distribute to an end consumer. The Company recognizes revenue from the sale of products upon transfer of control to the customer. For the majority of our product sales, the transfer of control is recognized when we ship the product from our facilities to the customer. Timing of revenue recognition for a majority of the Company’s sales continues to be consistent. Previously, the Company deferred recognition of revenue if title and risk of loss were retained upon shipment, but the customer arranged and paid for freight such that they had physical possession and control. Under Topic 606 , the Company recognizes revenue at the time of shipment for these transactions. This change did not have a material impact on the Company’s adoption of the new standard on October 1, 2018 or comparability to revenue in prior periods. Licensing Revenue The Company also sells licenses of its brands to third-party sellers and manufacturers for the development, production, sales & distribution of products that are not directly managed or offered by the Company. The Company maintains all right of ownership of the intellectual property and contracts with its customer for the use of the intellectual property in their operations. Under Topic 606 , revenue derived from the right-to-access licenses is recognized using the over time revenue recognition method. We elected to recognize revenue under the ‘as-invoiced’ practical expedient method at the amount we are able to bill using a time-elapsed measure of progress. The Company has assessed that recognizing revenue based on a time-elapsed measure of progress, taking into consideration any minimum guarantee provisions under the contract, appropriately depicts its performance of providing access to the Company’s brands, trade names, logos, etc. This change did not have a material impact on the Company’s adoption of the new standard on October 1, 2018 or comparability to revenue recognition in prior periods. Other Revenue Other revenue consists primarily of installation or maintenance services that are provided to certain customers in the GPC segment. The services are often associated with the sale of product but are also provided separately and are considered a distinct performance obligation separate from product sales. Variable Consideration and Cash Paid to Customers The Company measures revenue as the amount of consideration for which it expects to be entitled in exchange for transferring goods or providing services. Certain retailers and/or end customers may receive cash or non-cash incentives such as rebates, volume or trade discounts, cooperative advertising, price protection, service level penalties, and other customer-related programs, which are accounted for as variable consideration. Estimated amounts are included in the transaction price to the extent it is probable that a significant reversal of revenue recognized will not occur when the uncertainty is resolved. Estimates of variable consideration and determination of whether to include estimated amounts in the transaction price are based largely on an assessment of the anticipated performance and all information (historical, current and forecasted) that is reasonably available. The estimated liability for sales discounts and other programs and allowances is calculated using the expected value method or most likely amount and recorded at the time of sale as a reduction of net sales. The Company also enters into various arrangements, primarily with retail customers, which require the Company to make upfront cash payments to secure the right to distribute through such customers. The Company capitalizes these payments, provided they are supported by a volume-based arrangement with the retailer with a period of 12 months or longer, and amortizes the associated payment over the appropriate time or volume-based term of the arrangement. Capitalized payments are recognized as a contract asset and are reported in the Consolidated Statements of Financial Position as Deferred Charges and Other Assets and related amortization is treated as a reduction in Net Sales. Product Returns In the normal course of business, the Company may allow customers to return product per the provisions in a sale agreement. Estimated product returns are recorded as a reduction in reported revenues at the time of sale based upon historical product return experience, adjusted for known trends, to arrive at the amount of consideration expected to receive. For the anticipated value of the returns, the adoption of Topic 606 resulted in the recognition of a return asset included in the Prepaid Expenses and Other Current Assets and the returns liability recognized in Other Current Liabilities. The Company recognized an expected returns liability of $ 19.2 million as of September 30, 2019, most of which the Company does not expect or anticipate a returned asset. Prior to the adoption of Topic 606 , the reserve for product returns was recognized net of anticipated value of returned product as a reduction to Trade Receivable, Net on the Company’s Consolidated Statement of Financial Position and was $ 20.9 million as of September 30, 2018. NOTE 2 - Significant Accounting Policies and Practices ( continued ) Practical Expedients and Exemptions: The Company does not adjust the promised amount of consideration for the effects of a significant financing component, as the period between the transfer of a promised good or service to a customer and the customer’s payment for the good or service is one year or less. The Company does not assess whether promised goods or services are performance obligations if they are immaterial in the context of the contract with the customer. The Company does not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less and (ii) contracts for which we recognize revenue at the amount to which we have the right to invoice for services performed. The estimated revenue expected to be recognized in the future related to performance obligations that are unsatisfied or partially unsatisfied at the end of the reporting period is immaterial. The Company generally expenses sales commissions and other contract and fulfillment costs when the amortization period is less than one year. The Company records these costs within selling, general and administrative expenses. For costs amortized over a period longer than one year, such as fixtures which are much more permanent in nature, the Company defers and amortizes over the supportable period based upon historical assumptions and analysis. The costs for permanent displays are incorporated into the pricing of product sold to customer. The Company excludes all sales taxes that are assessed by a governmental authority from the transaction price. See Note 6 – Revenue Recognition for further detail. |
Shipping And Handling Costs | Shipping and Handling Costs Shipping and handling costs include costs incurred with third-party carriers to transport products to customers and salaries and overhead costs related to activities to prepare the Company’s products for shipment at the Company’s distribution facilities. Shipping and handling costs were $ 253.7 million, $ 251.2 million and $ 224.6 million during the years ended September 30, 2019, 2018 and 2017, respectively. The Company accounts for shipping and handling activities, which occur after control of the related goods transfers, as fulfillment activities instead of assessing such activities as performance obligations. Shipping and handling costs are included in Selling Expenses in the Consolidated Statements of Income. |
Advertising Costs | Advertising Costs Advertising costs include agency fees and other costs to create advertisements, as well as costs paid to third parties to print or broadcast the Company’s advertisements and are expensed as incurred. The Company incurred advertising costs of $ 34.2 million, $ 26.0 million and $ 21.6 million during the years ended September 30, 2019, 2018 and 2017, respectively. Advertising costs are included in Selling Expenses in the Company’s Consolidated Statements of Income. |
Research And Development Costs | Research and Development Costs Research and development costs are charged to expense in the period they are incurred. |
Environmental Expenditures | Environmental Expenditures Environmental expenditures that relate to current operations or to conditions caused by past operations are expensed or capitalized as appropriate. The Company determines its liability for environmental matters on a site-by-site basis and records a liability at the time when it is probable that a liability has been incurred and such liability can be reasonably estimated. The estimated liability is not reduced for possible recoveries from insurance carriers. Estimated environmental remediation expenditures are included in the determination of the net realizable value recorded for assets held for sale. See Note 19 - Commitments and Contingencies for further detail. |
Restructuring And Related Charges | Restructuring and Related Charges Restructuring charges include, but are not limited to, the costs of one-time termination benefits such as severance costs and retention bonuses, and contract termination costs consisting primarily of lease termination costs. Related charges, as defined by the Company, include, but are not limited to, other costs directly associated with exit and relocation activities, including impairment of property and other assets, departmental costs of full-time incremental employees, and any other items related to the exit or relocation activities. Costs for such activities are estimated by management after evaluating detailed analyses of the costs to be incurred. Liabilities from restructuring and related charges are recorded for estimated costs of facility closures, significant organizational adjustments and measures undertaken by management to exit certain activities. Costs for such activities are estimated by management after evaluating detailed analyses of the costs to be incurred. Such liabilities or asset reductions could include amounts for items such as severance costs and related benefits, lease termination payments and any other items directly related to the exit activities. Impairment of property and equipment and other current or long-term assets as a result of restructuring related initiatives are recognized as a reduction of the appropriate asset. Restructuring and related charges associated with manufacturing and related initiatives are recorded in Cost of Goods Sold. Restructuring and related charges reflected in Cost of Goods Sold include, but are not limited to, termination and related costs associated with manufacturing employees, asset impairments relating to manufacturing initiatives and other costs directly related to the manufacturing component of a restructuring initiative. Restructuring and related charges associated with administrative functions are recorded in operating expenses, such as initiatives impacting sales, marketing, distribution or other non-manufacturing related functions. Restructuring and related charges reflected in operating expenses include, but are not limited to, termination and related costs, any asset impairments relating to the administrative functions and other costs directly related to the administrative components of the restructuring initiatives implemented. See Note 5 - Restructuring and Related Charges for further detail. |
Transaction Related Charges | Transaction related charges Transaction related charges consist of transaction costs from (1) qualifying acquisition transactions associated with the completion of the purchase of net assets or equity interest of a business such as a business combination, equity investment, joint venture or purchase of non-controlling interest; (2) subsequent integration related project costs directly associated with an acquired business including costs for integration of acquired operations into the Company’s shared service platforms, termination of redundant positions and locations, employee transition costs, integration related professional fees and other post business combination expenses; and (3) divestiture support and separation costs consisting of incremental costs incurred by the continuing operations after completion of the transaction to facilitate separation of shared operations, development of transferred shared service operations, platforms and personnel transferred under the transaction. Divestiture-related charges prior to completion of the transaction are recognized as a component of Income from Discontinued Operations, net of tax. Transaction costs include, but are not limited to, banking, advisory, legal, accounting, valuation, and other professional fees directly related to the respective transactions. Additionally, transaction related charges include costs attributable to the plan to market and sell the HPC operations that was subsequently classified as continuing operations for all periods presented. The following table summarizes transaction related charges incurred by the Company during the years ended September 30, 2019, 2018 and 2017: (in millions) 2019 2018 2017 GBL post divestiture separation $ 9.5 $ — $ — HPC divestiture 7.3 14.9 — HHI integration 0.9 6.0 5.9 GAC post divestiture separation 0.3 — — PetMatrix integration — 4.9 4.5 Other integration 3.8 4.4 7.3 Total transaction-related charges $ 21.8 $ 30.2 $ 17.7 |
Income Taxes | Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50 % likely of being realized. Changes in recognition or measurement are reflected in income tax expense in the period in which the change in judgment occurs. Accrued interest expense and penalties related to uncertain tax positions are recorded in Income Tax Expense. See Note 16 - Income Taxes for further detail. |
Foreign Currency Translation | Foreign Currency Translation Local currencies are considered the functional currencies for most of the Company’s operations outside the United States. Assets and liabilities of the Company’s foreign subsidiaries are translated at the rate of exchange existing at year-end, with revenues, expenses and cash flows translated at the average of the monthly exchange rates. Adjustments resulting from translation of the financial statements are recorded as a component of equity in Accumulated Other Comprehensive Income (“AOCI”), including the effects of exchange rate changes on intercompany balances of a long-term investment nature. Foreign currency transaction gains and losses for transactions denominated in a currency other than the functional currency are reported in Other Non-Operating Expense, Net in the Consolidated Statements of Income in the period they occur. Exchange losses on foreign currency transactions were $ 41.2 million, $ 7.1 million, and $ 5.9 million for the years ended September 30, 2019, 2018 and 2017, respectively. |
Newly Adopted Accounting Standards | Newly Adopted Accounting Standards In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Topic 606) , which provides a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers. This ASU requires revenue recognition to depict the transfer of goods and services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The new revenue recognition model requires identifying the contract and performance obligations, determining the transaction price, allocating the transaction price to performance obligations and recognizing the revenue upon satisfaction of performance obligations. This ASU also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments, and assets recognized from costs incurred to obtain or fulfill a contract. The Company adopted ASU 2014-09 and all the related amendments on October 1, 2018, using the modified retrospective transition method. The Company recognized the cumulative effect of applying the new revenue standard as a reduction of $ 0.7 million, net of tax, to the opening balance of Accumulated Earnings at the beginning of the fiscal year 2019. The comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. See Note 6 – Revenue Recognition for further detail. In August 2016, the FASB issued ASU No. 2016-15, Classification of Certain Cash Receipts and Cash Payments , which addresses diversity in practice with the classification and presentation of certain cash receipts and cash payments in the statement of cash flows. The amendments in this update address the classification within the statement of cash flow for debt prepayment or debt extinguishment costs, settlement of zero-coupon debt instruments, contingent payments made after a business combination, proceeds from the settlement of insurance claims and corporate-owned life insurance policies, distributions received from equity method investees, and beneficial interests in securitization transactions, among other separately identifiable cash flows when applying the predominance principle. The Company retrospectively adopted ASU 2016-15 on October 1, 2018. The adoption of this standard did not have a material impact on the consolidated financial statements. NOTE 2 - Significant Accounting Policies and Practices ( continued ) In November 2016, the FASB issued ASU No. 2016-18, Restricted Cash , which addresses diversity in practice with the classification and presentation of restricted cash in the statement of cash flow, classifying transfers between cash and restricted cash as operating, investing, or financing activities, or as a combination of those activities, in the statement of cash flows. The amendment requires the statement of cash flows to explain the change during the period in total cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents; and include with cash and cash equivalents when reconciling the beginning-of-period and end-of-period amounts shown on the statement of cash flows. The Company retrospectively adopted ASU 2016-18 on October 1, 2018. The Company does no t have any restricted cash on the Consolidated Statement of Financial Position as of September 30, 2019; however, the Company had $ 8.9 million and $ 15.3 million of restricted cash as of September 30, 2018 and 2017, respectively, that consisted of funds held in escrow for contingent payments related to our PetMatrix acquisition that was subsequently paid during the year ended September 30, 2019 and 2018. Restricted cash and changes in restricted cash have been reflected in the Company’s Consolidated Statements of Cash Flows for the years ended September 30, 2019, 2018, and 2017. In March 2017, the FASB issued ASU No. 2017-07, Compensation – Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost , which requires an employer to disaggregate the service cost component from the other components of net periodic pension costs within the statement of income. The amendment provides guidance requiring the service cost component to be recognized consistent with other compensation costs arising from service rendered by employees during the period, and all other components to be recognized separately outside of the subtotal of income from operations. Due to the adoption of ASU No. 2017-07, the components of net periodic benefit cost other than the service cost component are recognized as Other Non-Operating (Income) Expense, Net on the Statement of Income. The Company utilized a practical expedient included in the ASU which allowed the Company to use amounts previously disclosed in its pension and other postretirement benefits note for the prior period as the estimation basis for applying the required retrospective presentation requirements. The adoption of ASU No. 2017-07 requires a retrospective restatement of prior periods, which was inconsequential to the Company’s Consolidated Statement of Income. See Note 15 Employee Benefits Plan for further detail on the components of net periodic costs. In January 2016, the FASB issued ASU No. 2016-01 Financial Instruments-Overall. This new standard enhances the reporting model for financial instruments regarding certain aspects of recognition, measurement, presentation, and disclosure. The provisions of this ASU are effective for annual reporting periods beginning after December 15, 2017, and interim reporting periods within those annual periods. This ASU is to be applied using a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption. The Company adopted this ASU during the year ended September 30, 2019. The adoption of this ASU did not have a material impact on the Company's consolidated financial statements. In October 2016, the FASB issued ASU No. 2016-16 Intra-Entity Transfers of Assets Other Than Inventory , which eliminates the exception of recognizing, at the time of transfer, current and deferred income taxes for intra-entity asset transfers other than inventory. Upon adoption of ASU 2016-16, the Company recognized the tax expense from the sale of that asset in the seller’s tax jurisdiction when the transfer occurred, even though the pre-tax effects of that transaction are eliminated in consolidation. Any deferred tax asset that arose in the buyer’s jurisdiction was also recognized at the time of the transfer. Modified retrospective adoption was required with any cumulative-effect adjustment recorded to retained earnings as of the beginning of the period of adoption. The cumulative-effect adjustment consisted of the net impact from (1) the write-off of any unamortized tax expense previously deferred and (2) recognition of any previously unrecognized deferred tax assets, net of any necessary valuation allowances. The Company implemented this ASU on October 1, 2018. The cumulative impact arising from the adoption was a decrease to Accumulated Earnings as of October 1, 2018 of $ 2.4 million. The impact of the adoption of this standard on future periods is dependent on future asset transfers, which generally occur in connection with acquisitions and other business restructuring activities. |
Recently Issued Accounting Standards | Recently Issued Accounting Standards In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842 ) and related amendments, which supersedes the lease requirements in ASC 840, Leases. This ASU requires lessees to recognize lease assets and liabilities on the balance sheet, as well as to disclose key information about leasing arrangements. Although the new ASU requires both operating and finance leases to be disclosed on the balance sheet, a distinction between the two types still exists as the economics of leases can vary. The Company will adopt ASU 2016-02 utilizing the modified retrospective transition method through a cumulative effect adjustment at the beginning of its first quarter of the year ended September 30, 2020, which allows for the recognition of a cumulative effect of applying the new standard as an adjustment to the opening balance sheet of retained earnings, as of October 1, 2019, while continuing to present all prior periods under previous lease accounting guidance. As allowed under the new accounting standard, the Company will also elect to use the package of practical expedients permitted under the transition guidance, such as, carryforward of our historical lease classification, no reassessment on whether an expired or existing contract contains an embedded lease, no reassessment of initial direct costs for any leases that exist prior to adoption of the new standard and to consolidate lease and non-lease components. We are also electing to exclude leases with an initial term of less than 12 months from the balance sheet. We have performed a preliminary assessment of the impact of the pronouncement to the Company’s financial statements and are currently performing detailed assessments over identified lease arrangements and the impact to our processes and control environment. We have not measured the impact of adoption at this point in our assessment and have not concluded on the overall quantitative impact of the impact of adoption to the Company’s consolidated financial statements but expect to have a material impact for the recognition of operating leases on the Company’s Consolidated Statement of Financial Position. In August 2017, the FASB issued ASU No. 2017-12, Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities (Topic 815) , and related amendments, which changes the designation and measurement guidance for qualifying hedging relationships and presentation of hedge results. The amendments in this update make certain targeted improvements to simplify the application of the hedge accounting guidance in current GAAP, better aligning the entity’s risk management activities and financial reporting for hedging relationships. The ASU can only be applied prospectively and will become effective for us beginning in the first quarter of our fiscal year ending September 30, 2020. We are currently assessing the impact this pronouncement will have on the consolidated financial statements of the Company and have not yet concluded on the materiality of the adoption. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , and related amendments, which introduces a forward-looking approach, based on expected losses, to estimate credit losses on certain types of financial instruments, including trade receivables. The estimate of expected credit losses will require entities to incorporate considerations of historical information, current information and reasonable and supportable forecasts. This ASU also expands the disclosure requirements to enable users of financial statements to understand the entity’s assumptions, models and methods for estimating expected credit losses. This guidance is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2019, which is the first quarter of our fiscal year ending September 30, 2021 for the Company. The company is currently reviewing the provisions of the new standard and have not yet concluded on the materiality of the adoption. NOTE 2 - Significant Accounting Policies and Practices ( continued ) In February 2018, the FASB issued ASU 2018-02, “Reclassification of Certain Tax Effects From Accumulated Other Comprehensive Income.” ASU 2018-02 amends ASC 220, “Income Statement - Reporting Comprehensive Income,” to allow a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act. In addition, under ASU 2018-02, we may be required to provide certain disclosures regarding stranded tax effects. ASU 2018-02 is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years, which is the first quarter of the year ending September 30, 2020 for the Company. We are currently evaluating the effect of this standard on our Consolidated Financial Statements. In August 2018, the FASB issued ASU 2018-15, Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract. This standard provides guidance on accounting for costs of implementation activities performed in a cloud computing arrangement that is a service contract. The amendments in the update align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software and hosting arrangements that include an internal-use software license. ASU 2018-15 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2019, with early adoption permitted, which is the year ending September 30, 2021 for the Company. We are currently evaluating the effect of this standard on our Consolidated Financial Statements. |
Significant Accounting Polici_3
Significant Accounting Policies And Practices (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Significant Accounting Policies And Practices [Abstract] | |
Useful Lives For Property, Plant And Equipment | Asset Type Range Buildings and improvements 20 - 40 years Machinery and equipment 2 - 15 years |
Schedule Of Range And Weighted Average Useful Lives For Definite-Lived Intangible Assets | Asset Type Range Weighted Average Customer relationships 5 - 20 years 18.3 years Technology assets 5 - 18 years 13.6 years Tradenames 6 - 13 years 10.7 years |
Summary Of Transactions Related Charges | (in millions) 2019 2018 2017 GBL post divestiture separation $ 9.5 $ — $ — HPC divestiture 7.3 14.9 — HHI integration 0.9 6.0 5.9 GAC post divestiture separation 0.3 — — PetMatrix integration — 4.9 4.5 Other integration 3.8 4.4 7.3 Total transaction-related charges $ 21.8 $ 30.2 $ 17.7 |
Divestitures (Tables)
Divestitures (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Summary Of Components Of Income From Discontinued Operations, Net Of Tax | (in millions) 2019 2018 2017 Income from discontinued operations before income taxes - GBL $ 974.9 $ 21.8 $ 84.5 (Loss) income from discontinued operations before income taxes - GAC ( 115.7 ) ( 31.9 ) 94.5 Income from discontinued operations before income taxes - HRG Insurance Operations — 476.4 287.1 Income from discontinued operations before income taxes 859.2 466.3 466.1 Income tax expense from discontinued operations 199.3 21.3 176.8 Income from discontinued operations, net of tax 659.9 445.0 289.3 Income from discontinued operations, net of tax attributable to noncontrolling interest — 33.2 92.7 Income from discontinued operations, net of tax attributable to controlling interest $ 659.9 $ 411.8 $ 196.6 |
Global Battery And Lighting [Member] | |
Summary Of Assets And Liabilities As Held For Sale | (in millions) September 30, 2018 Assets Trade receivables, net $ 99.3 Other receivables 17.9 Inventories 127.8 Prepaid expenses and other current assets 23.0 Property, plant and equipment, net 160.5 Deferred charges and other 13.4 Goodwill 226.6 Intangible assets, net 304.0 Total assets of business held for sale $ 972.5 Liabilities Current portion of long-term debt 6.3 Accounts payable 124.1 Accrued wages and salaries 25.0 Other current liabilities 82.6 Long-term debt, net of current portion 45.0 Deferred income taxes 20.9 Other long-term liabilities 60.6 Total liabilities of business held for sale $ 364.5 |
Summary Of Components Of Income From Discontinued Operations Before Income Taxes | (in millions) 2019 2018 2017 Net sales $ 249.0 $ 870.5 $ 865.6 Cost of goods sold 164.6 553.2 539.3 Gross profit 84.4 317.3 326.3 Operating expenses 57.0 241.0 193.6 Operating income 27.4 76.3 132.7 Interest expense 23.3 53.5 48.3 Other non-operating expense (income), net 0.5 1.0 ( 0.1 ) Gain on sale ( 989.8 ) — — Reclassification of accumulated other comprehensive income 18.5 — — Income from discontinued operations before income taxes $ 974.9 $ 21.8 $ 84.5 |
Global Auto Care [Member] | |
Summary Of Assets And Liabilities As Held For Sale | (in millions) September 30, 2018 Assets Trade receivables, net $ 55.2 Other receivables 4.1 Inventories 72.8 Prepaid expenses and other current assets 2.9 Property, plant and equipment, net 58.2 Deferred charges and other 10.7 Goodwill 841.8 Intangible assets, net 384.4 Total assets of business held for sale $ 1,430.1 Liabilities Current portion of long-term debt 0.4 Accounts payable 50.6 Accrued wages and salaries 3.2 Other current liabilities 13.3 Long-term debt, net of current portion 31.5 Deferred income taxes 71.6 Other long-term liabilities 2.5 Total liabilities of business held for sale $ 173.1 |
Summary Of Components Of Income From Discontinued Operations Before Income Taxes | (in millions) 2019 2018 2017 Net sales $ 87.7 $ 465.6 $ 446.9 Cost of goods sold 52.5 284.9 233.7 Gross profit 35.2 180.7 213.2 Operating expenses 35.7 117.8 117.2 Operating (loss) income ( 0.5 ) 62.9 96.0 Interest expense 0.7 2.1 1.4 Other non-operating expense, net 0.2 0.2 0.1 Write-down of assets of business held for sale to fair value less cost to sell 111.0 92.5 — Reclassification of accumulated other comprehensive income 3.3 — — (Loss) Income from discontinued operations before income taxes $ ( 115.7 ) $ ( 31.9 ) $ 94.5 |
Fidelity And Guaranty Life [Member] | |
Summary Of Assets And Liabilities As Held For Sale | (in millions) September 30, 2017 Assets Investments, including loans and receivables from affiliates $ 23,211.1 Funds withheld receivables 742.7 Cash and cash equivalents 914.5 Accrued investment income 231.3 Reinsurance recoverable 2,358.8 Deferred acquisition costs and value of business acquired, net 1,163.6 Other assets 125.4 Write-down of assets of businesses held for sale to fair value less cost to sell ( 421.2 ) Total assets of business held for sale $ 28,326.2 Liabilities Insurance reserves 24,989.6 Debt 405.0 Accounts payable and other current liabilities 56.2 Deferred tax liabilities 68.0 Other long-term liabilities 831.9 Total liabilities of business held for sale $ 26,350.7 |
HRG Insurance Operations [Member] | |
Summary Of Components Of Income From Discontinued Operations Before Income Taxes | (in millions) 2018 2017 Revenues Insurance premiums $ 6.8 $ 43.9 Net investment income 181.9 1,050.7 Net investment gains 154.8 377.4 Other 35.1 169.5 Total revenues 378.6 1,641.5 Operating costs and expenses Benefits and other changes in policy reserves 241.3 925.9 Selling, acquisition, operating and general expenses 52.8 148.2 Amortization of intangibles 35.8 197.5 Total operating costs and expenses 329.9 1,271.6 Operating income 48.7 369.9 Interest expense and other 4.0 24.4 Write-down of assets of business held for sale to fair value less cost to sell ( 14.2 ) ( 58.4 ) Reclassification of accumulated other comprehensive income 445.9 — Income from discontinued operations before income taxes $ 476.4 $ 287.1 |
Restructuring And Related Cha_2
Restructuring And Related Charges (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Restructuring And Related Charges [Abstract] | |
Summary Of Restructuring And Related Charges | (in millions) 2019 2018 2017 Global productivity improvement plan $ 60.9 $ — $ — HHI distribution center consolidation 2.3 52.0 27.4 GPC rightsizing initiative — 12.1 8.2 Other restructuring activities 2.5 11.5 1.9 Total restructuring and related charges $ 65.7 $ 75.6 $ 37.5 Reported as: Cost of goods sold $ 2.8 $ 3.6 $ 0.5 Operating expense 62.9 72.0 37.0 |
Summary Of Costs Incurred And Cumulative Costs By Cost Type | Termination Other (in millions) Benefits Costs Total For the year ended September 30, 2019 $ 9.8 $ 55.9 $ 65.7 For the year ended September 30, 2018 7.8 67.8 75.6 For the year ended September 30, 2017 8.0 29.5 37.5 Cumulative costs through September 30, 2019 9.7 51.2 60.9 Future costs to be incurred 12.9 76.0 88.9 |
Rollforward Of Restructuring Accrual | Termination Other (in millions) Benefits Costs Total Accrual balance at September 30, 2017 $ 6.6 $ 9.1 $ 15.7 Provisions 4.9 4.2 9.1 Cash expenditures ( 8.4 ) ( 8.6 ) ( 17.0 ) Accrual balance at September 30, 2018 $ 3.1 $ 4.7 $ 7.8 Provisions 7.9 26.7 34.6 Cash expenditures ( 3.8 ) ( 3.3 ) ( 7.1 ) Non-cash items ( 0.6 ) ( 1.1 ) ( 1.7 ) Accrual balance at September 30, 2019 $ 6.6 $ 27.0 $ 33.6 |
Summary Of Costs Incurred By Reporting Segment | (in millions) HHI HPC GPC H&G Corporate Total For the year ended September 30, 2019 $ 4.7 $ 8.1 $ 7.6 $ 1.8 $ 43.5 $ 65.7 For the year ended September 30, 2018 52.8 0.7 13.2 0.8 8.1 75.6 For the year ended September 30, 2017 26.6 — 9.1 — 1.8 37.5 Cumulative costs through September 30, 2019 1.0 8.1 7.6 1.7 42.5 60.9 Future costs to be incurred 1.6 4.7 16.8 0.2 65.6 88.9 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Revenue Recognition [Abstract] | |
Disaggregation Of Revenue | September 30, 2019 (in millions) HHI HPC GPC H&G Total Product Sales NA $ 1,282.5 $ 428.6 $ 586.1 $ 502.0 $ 2,799.2 EMEA 0.8 429.3 222.6 — 652.7 LATAM 47.1 139.5 13.4 4.4 204.4 APAC 24.0 61.0 36.6 — 121.6 Licensing 1.3 9.7 6.8 1.7 19.5 Other — — 4.7 — 4.7 Total Revenue $ 1,355.7 $ 1,068.1 $ 870.2 $ 508.1 $ 3,802.1 |
Rollforward Of Allowance For Product Returns | Beginning Charged to Other Ending (in millions) Balance Profit & Loss Deductions Adjustments Balance September 30, 2019 $ 20.9 $ 33.4 $ ( 34.4 ) $ ( 0.7 ) $ 19.2 September 30, 2018 20.3 30.3 ( 31.8 ) 2.1 20.9 September 30, 2017 21.9 22.9 ( 25.5 ) 1.0 20.3 |
Fair Value Of Financial Instr_2
Fair Value Of Financial Instruments (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Fair Value Of Financial Instruments [Abstract] | |
Schedule Of Carrying Values And Fair Values For Financial Instruments | September 30, 2019 September 30, 2018 Carrying Carrying (in millions) Level 1 Level 2 Level 3 Fair Value Amount Level 1 Level 2 Level 3 Fair Value Amount Investments $ 230.8 $ — $ — $ 230.8 $ 230.8 $ — $ — $ — $ — $ — Derivative Assets — 9.5 — 9.5 9.5 — 8.9 — 8.9 8.9 Derivative Liabilities — 2.3 — 2.3 2.3 — 0.8 — 0.8 0.8 Debt - SBH — 2,468.8 — 2,468.8 2,351.3 — 4,806.9 — 4,806.9 4,651.2 Debt - SB/RH — 2,391.8 — 2,391.8 2,276.0 — 4,330.9 — 4,330.9 4,233.3 |
Receivables (Tables)
Receivables (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Receivables [Abstract] | |
Schedule Of Allowance For Doubtful Accounts | Beginning Charged to Other Ending (in millions) Balance Profit & Loss Deductions Adjustments Balance September 30, 2019 $ 4.0 $ 2.7 $ ( 2.2 ) $ 0.4 $ 4.9 September 30, 2018 6.1 2.9 ( 3.5 ) ( 1.5 ) 4.0 September 30, 2017 5.7 ( 0.4 ) ( 0.1 ) 0.9 6.1 |
Inventory (Tables)
Inventory (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Inventory [Abstract] | |
Schedule Of Inventories | (in millions) 2019 2018 Raw materials $ 66.2 $ 70.3 Work-in-process 46.4 35.3 Finished goods 435.8 478.0 $ 548.4 $ 583.6 |
Property, Plant And Equipment (
Property, Plant And Equipment (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Property, Plant And Equipment [Abstract] | |
Schedule Of Property, Plant And Equipment | (in millions) 2019 2018 Land, buildings and improvements $ 161.4 $ 161.2 Machinery, equipment and other 523.6 489.3 Capital leases 197.2 199.6 Construction in progress 31.7 32.3 Property, plant and equipment $ 913.9 $ 882.4 Accumulated depreciation ( 461.0 ) ( 382.4 ) Property, plant and equipment, net $ 452.9 $ 500.0 |
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Goodwill And Intangible Assets [Abstract] | |
Changes In The Carrying Amount Of Goodwill By Reporting Segment | (in millions) HHI GPC H&G HPC Total As of September 30, 2017 $ 708.7 437.1 196.5 119.5 1,461.8 Foreign currency impact ( 4.4 ) ( 1.2 ) — ( 1.5 ) ( 7.1 ) As of September 30, 2018 $ 704.3 $ 435.9 $ 196.5 $ 118.0 $ 1,454.7 Foreign currency impact ( 2.2 ) ( 5.5 ) — ( 2.0 ) ( 9.7 ) Impairment — — — ( 116.0 ) ( 116.0 ) Deferred tax impact — — ( 0.9 ) — ( 0.9 ) As of September 30, 2019 $ 702.1 $ 430.4 $ 195.6 $ — $ 1,328.1 |
Schedule Of Carrying Value And Accumulated Amortization For Intangible Assets | 2019 2018 (in millions) Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net Amortizable Intangible Assets Customer relationships $ 694.9 $ ( 329.7 ) $ 365.2 $ 701.3 $ ( 275.3 ) $ 426.0 Technology assets 179.4 ( 90.9 ) 88.5 181.5 ( 78.2 ) 103.3 Tradenames 160.4 ( 118.1 ) 42.3 153.2 ( 105.1 ) 48.1 Total Amortizable Intangible Assets 1,034.7 ( 538.7 ) 496.0 1,036.0 ( 458.6 ) 577.4 Indefinite-lived Intangible Assets - Tradenames 1,011.1 — 1,011.1 1,064.4 — 1,064.4 Total Intangible Assets $ 2,045.8 $ ( 538.7 ) $ 1,507.1 $ 2,100.4 $ ( 458.6 ) $ 1,641.8 |
Schedule Of Future Amortization Expense | (in millions) Amortization 2020 $ 80.1 2021 64.1 2022 55.2 2023 44.8 2024 44.7 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Debt [Abstract] | |
Schedule Of Debt | SBH SB/RH 2019 2018 2019 2018 (in millions) Amount Rate Amount Rate Amount Rate Amount Rate Spectrum Brands Inc. Term Loan, variable rate, due June 23, 2022 $ — — % $ 1,231.7 4.4 % $ — — % $ 1,231.7 4.4 % CAD Term Loan, variable rate, due June 23, 2022 — — % 32.8 5.5 % — — % 32.8 5.5 % Revolver Facility, variable rate, expiring March 6, 2022 — — % — — % — — % — — % 6.625 % Notes, due November 15, 2022 117.4 6.6 % 570.0 6.6 % 117.4 6.6 % 570.0 6.6 % 6.125 % Notes, due December 15, 2024 250.0 6.1 % 250.0 6.1 % 250.0 6.1 % 250.0 6.1 % 5.00 % Notes, due October 1, 2029 300.0 5.0 % — — % 300.0 5.0 % — — % 5.75 % Notes, due July 15, 2025 1,000.0 5.8 % 1,000.0 5.8 % 1,000.0 5.8 % 1,000.0 5.8 % 4.00 % Notes, due October 1, 2026 465.0 4.0 % 494.7 4.0 % 465.0 4.0 % 494.7 4.0 % Other notes and obligations 9.5 10.4 % 7.3 9.5 % 9.5 10.4 % 7.3 9.5 % Intercompany note with parent — — % — — % — — % 520.0 4.3 % Obligations under capital leases 165.6 5.6 % 175.1 5.5 % 165.6 5.6 % 175.1 5.5 % Total Spectrum Brands, Inc. debt 2,307.5 3,761.6 2,307.5 4,281.6 Spectrum Brands Holdings, Inc. HRG - 7.75 % Senior Unsecured Notes, due January 15, 2022 — — % 890.0 7.8 % — — % — — % Salus - unaffiliated long-term debt of consolidated VIE 77.0 — % 77.0 — % — — % — — % Total SBH debt 2,384.5 4,728.6 2,307.5 4,281.6 Unamortized discount on debt ( 0.2 ) ( 19.8 ) — ( 2.8 ) Debt issuance costs ( 33.0 ) ( 57.6 ) ( 31.5 ) ( 45.5 ) Less current portion ( 136.9 ) ( 26.9 ) ( 136.9 ) ( 546.9 ) Long-term debt, net of current portion $ 2,214.4 $ 4,624.3 $ 2,139.1 $ 3,686.4 |
Aggregate Scheduled Maturities Of Debt And Capital Lease Obligations | SBH SB/RH (in millions) Capital Lease Obligations Debt Total Capital Lease Obligations Debt Total 2020 $ 17.5 $ 126.9 $ 144.4 $ 17.5 $ 126.9 $ 144.4 2021 19.7 77.0 96.7 19.7 — 19.7 2022 16.5 — 16.5 16.5 — 16.5 2023 15.5 — 15.5 15.5 — 15.5 2024 15.4 250.0 265.4 15.4 250.0 265.4 Thereafter 179.9 1,765.0 1,944.9 179.9 1,765.0 1,944.9 Total 264.5 2,218.9 2,483.4 264.5 2,141.9 2,406.4 Interest ( 98.9 ) — ( 98.9 ) ( 98.9 ) — ( 98.9 ) Long-term debt $ 165.6 $ 2,218.9 $ 2,384.5 $ 165.6 $ 2,141.9 $ 2,307.5 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Schedule Of Future Minimum Rental Commitments Under Non-Cancelable Operating Leases | (in millions) Amount 2020 $ 25.0 2021 23.2 2022 20.6 2023 17.8 2024 10.8 Thereafter 37.5 Total minimum lease payments $ 134.9 |
Derivatives (Tables)
Derivatives (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Schedule Of Fair Value Of Outstanding Derivative Instruments | (in millions) Line Item 2019 2018 Derivative Assets Interest rate swaps - designated as hedge Other receivables $ — $ 1.8 Interest rate swaps - designated as hedge Deferred charges and other — 1.0 Foreign exchange contracts - designated as hedge Other receivables 7.8 5.5 Foreign exchange contracts - designated as hedge Deferred charges and other 0.5 0.2 Foreign exchange contracts - not designated as hedge Other receivables 1.2 0.4 Total Derivative Assets $ 9.5 $ 8.9 Derivative Liabilities Commodity swaps - designated as hedge Accounts payable $ 0.2 $ 0.4 Interest rate swaps - designated as hedge Accrued interest — ( 0.3 ) Foreign exchange contracts - designated as hedge Accounts payable 0.2 0.3 Foreign exchange contracts - designated as hedge Other long term liabilities — 0.2 Foreign exchange contracts - not designated as hedge Accounts payable 1.9 0.2 Total Derivative Liabilities $ 2.3 $ 0.8 |
Summary Of Impact Of Effective And Ineffective Portions Of Designated Hedges And Gain (Loss) | Effective Portion For the year ended Reclassified to Ineffective portion September 30, 2019 Gain (Loss) Reclassified to Continuing Operations Discontinued Continuing Operations Discontinued (in millions) in OCI Line Item Gain (Loss) Operations Line Item Gain (Loss) Operations Interest rate swaps $ ( 0.6 ) Interest expense $ — $ 2.2 Interest expense $ — $ 1.7 Commodity swaps ( 1.1 ) Cost of goods sold ( 0.4 ) ( 4.4 ) Cost of goods sold — — Net investment hedge 29.8 Other non-operating expense — — Other non-operating expense — — Foreign exchange contracts ( 0.4 ) Net sales ( 0.2 ) — Net sales — — Foreign exchange contracts 14.7 Cost of goods sold 11.7 0.5 Cost of goods sold — — Total $ 42.4 $ 11.1 $ ( 1.7 ) $ — $ 1.7 Effective Portion For the year ended Reclassified to Ineffective portion September 30, 2018 Gain (Loss) Reclassified to Continuing Operations Discontinued Continuing Operations Discontinued (in millions) in OCI Line Item Gain (Loss) Operations Line Item Gain (Loss) Operations Interest rate swaps $ 4.0 Interest expense $ — $ 1.1 Interest expense $ — $ 1.2 Commodity swaps ( 4.5 ) Cost of goods sold 0.7 2.4 Cost of goods sold — — Net investment hedge 6.2 Other non-operating expense — — Other non-operating expense — — Foreign exchange contracts ( 0.1 ) Net sales 0.1 — Net sales — — Foreign exchange contracts 10.8 Cost of goods sold ( 9.3 ) ( 1.9 ) Cost of goods sold — — Total $ 16.4 $ ( 8.5 ) $ 1.6 $ — $ 1.2 Effective Portion For the year ended Reclassified to Ineffective portion September 30, 2017 Gain (Loss) Reclassified to Continuing Operations Discontinued Continuing Operations Discontinued (in millions) in OCI Line Item Gain (Loss) Operations Line Item Gain (Loss) Operations Interest rate swaps $ ( 0.7 ) Interest expense $ ( 1.3 ) $ — Interest expense $ — $ — Commodity swaps 6.2 Cost of goods sold 0.7 4.7 Cost of goods sold — — Net investment hedge ( 24.0 ) Other non-operating expense — — Other non-operating expense — — Foreign exchange contracts 0.4 Net sales ( 0.1 ) — Net sales — — Foreign exchange contracts ( 13.5 ) Cost of goods sold 6.4 0.4 Cost of goods sold — — Total $ ( 31.6 ) $ 5.7 $ 5.1 $ — $ — |
Summary Of Impact Of Derivative Instruments | (in millions) Line Item 2019 2018 2017 Foreign exchange contracts Other non-operating expense (income) $ 47.3 $ ( 2.3 ) $ 0.8 |
Cash Flow Hedging [Member] | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Schedule Of Interest Rate Swap Derivative Financial Instruments | 2019 2018 (in millions) Notional Amount Remaining Years Notional Amount Remaining Years Interest rate swaps - fixed $ — — $ 300.0 1.6 |
Schedule Of Commodity Swap Contracts Outstanding | 2019 2018 (in millions, except notional) Notional Contract Value Notional Contract Value Brass swap contracts 0.9 Tons $ 4.4 1.0 Tons $ 5.6 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Employee Benefit Plans [Abstract] | |
Information On Pension Plans | U.S. Plans Non U.S. Plans (in millions) 2019 2018 2019 2018 Changes in benefit obligation: Benefit obligation, beginning of year $ 70.5 $ 75.3 $ 148.9 $ 149.8 Service cost 0.4 0.4 1.9 2.0 Interest cost 2.8 2.7 3.4 3.6 Actuarial loss (gain) 10.3 ( 4.2 ) 27.5 1.5 Plan Amendments — — 0.2 — Benefits paid ( 3.8 ) ( 3.7 ) ( 5.9 ) ( 5.3 ) Foreign currency exchange rate changes — — ( 8.2 ) ( 2.7 ) Benefit obligation, end of year 80.2 70.5 167.8 148.9 Changes in plan assets: Fair value of plan assets, beginning of year 69.3 68.9 115.8 115.9 Actual return on plan assets 2.7 3.7 13.5 1.9 Employer contributions 0.4 0.4 3.1 5.6 Benefits paid ( 3.8 ) ( 3.7 ) ( 5.9 ) ( 5.3 ) Foreign currency exchange rate changes — — ( 6.5 ) ( 2.3 ) Fair value of plan assets, end of year 68.6 69.3 120.0 115.8 Funded Status $ ( 11.6 ) $ ( 1.2 ) $ ( 47.8 ) $ ( 33.1 ) Amounts recognized in statement of financial position Deferred charges and other $ — $ 0.1 $ 3.0 $ 3.2 Other accrued expenses 0.3 0.4 0.5 0.4 Other long-term liabilities 11.3 0.9 50.3 35.9 Accumulated other comprehensive loss 19.3 7.5 49.9 35.8 Weighted average assumptions Discount rate 3.04 % 4.10 % 0.75 - 7.70 % 1.00 - 8.30 % Rate of compensation increase N/A N/A 2.25 - 6.00 % 2.25 - 7.00 % |
Components Of Net Periodic Benefit Cost | U.S. Plans Non U.S. Plans (in millions) 2019 2018 2017 2019 2018 2017 Service cost $ 0.4 $ 0.4 $ 0.4 $ 1.9 $ 2.0 $ 2.5 Interest cost 2.8 2.7 2.7 3.4 3.6 3.3 Expected return on assets ( 4.4 ) ( 4.5 ) ( 4.4 ) ( 3.9 ) ( 4.2 ) ( 4.1 ) Settlements and curtailments — — — 0.3 0.1 0.3 Recognized net actuarial loss 0.2 1.1 1.6 1.8 1.4 2.7 Net periodic benefit cost $ ( 1.0 ) $ ( 0.3 ) $ 0.3 $ 3.5 $ 2.9 $ 4.7 Weighted average assumptions Discount rate 4.10 % 3.70 % 3.50 % 1.00 - 8.30 % 1.13 - 7.50 % 1.00 - 8.68 % Expected return on plan assets 6.50 % 7.00 % 7.00 % 1.00 - 4.01 % 1.13 - 4.13 % 1.00 - 3.70 % Rate of compensation increase N/A N/A N/A 2.25 - 7.00 % 1.37 - 7.00 % 2.25 - 7.00 % |
Summary Of Allocation Of Pension Plan Assets | U.S. Plans Non U.S. Plans Asset Type 2019 2018 2019 2018 Equity Securities 62 % 63 % — % — % Fixed Income Securities 35 % 33 % 20 % 19 % Other 3 % 4 % 80 % 81 % Total 100 % 100 % 100 % 100 % |
Fair Value Of Pension Plan Assets By Asset Category | September 30, 2019 September 30, 2018 (in millions) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Cash & cash equivalents $ 8.3 $ — $ — $ 8.3 $ 8.4 $ — $ — $ 8.4 Equity 16.8 13.1 — 29.9 20.5 5.1 — 25.6 Fixed income securities 21.6 — — 21.6 21.0 — — 21.0 Foreign equity 11.4 — — 11.4 17.4 — — 17.4 Foreign fixed income securities 2.1 23.6 — 25.7 2.1 21.9 — 24.0 Life insurance contracts — 37.4 — 37.4 — 38.7 — 38.7 Other 2.2 52.1 — 54.3 2.5 47.5 — 50.0 Total plan assets $ 62.4 $ 126.2 $ — $ 188.6 $ 71.9 $ 113.2 $ — $ 185.1 |
Schedule Of Benefit Payments Expected To Be Paid | (in millions) Amount 2020 $ 8.4 2021 8.6 2022 8.3 2023 8.7 2024 9.3 2025-2029 52.7 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Income Taxes [Abstract] | |
Schedule Of Income Tax Expense | SBH SB/RH (in millions) 2019 2018 2017 2019 2018 2017 United States $ ( 267.3 ) $ ( 140.4 ) $ ( 150.7 ) $ ( 202.7 ) $ 25.4 $ 50.7 Outside the United States 73.5 104.7 122.8 73.5 104.7 122.9 Income from operations before income taxes $ ( 193.8 ) $ ( 35.7 ) $ ( 27.9 ) $ ( 129.2 ) $ 130.1 $ 173.6 |
Schedule Of Components Of Income Tax Expense | SBH SB/RH (in millions) 2019 2018 2017 2019 2018 2017 Current tax expense: U.S. Federal $ ( 47.6 ) $ 58.1 $ 6.9 $ ( 47.6 ) $ 58.4 $ 4.2 Foreign 44.3 34.7 13.2 44.3 34.7 13.2 State and local 2.7 1.0 0.6 2.7 1.0 0.6 Total current tax expense ( 0.6 ) 93.8 20.7 ( 0.6 ) 94.1 18.0 Deferred tax (benefit) expense: U.S. Federal 9.9 ( 539.7 ) ( 18.0 ) 24.3 ( 170.0 ) ( 12.2 ) Foreign ( 4.9 ) 3.1 ( 10.1 ) ( 4.9 ) 3.0 ( 10.1 ) State and local ( 11.5 ) ( 19.9 ) ( 4.4 ) ( 8.1 ) ( 3.9 ) ( 4.3 ) Total deferred tax expense ( 6.5 ) ( 556.5 ) ( 32.5 ) 11.3 ( 170.9 ) ( 26.6 ) Income tax expense $ ( 7.1 ) $ ( 462.7 ) $ ( 11.8 ) $ 10.7 $ ( 76.8 ) $ ( 8.6 ) |
Schedule Of Reconciliation Of Income Tax Expense | SBH SB/RH (in millions) 2019 2018 2017 2019 2018 2017 U.S. Statutory federal income tax expense $ ( 40.7 ) $ ( 8.8 ) $ ( 9.7 ) $ ( 27.1 ) $ 31.9 $ 60.8 Permanent items 3.7 7.6 4.8 3.8 ( 3.5 ) 0.8 Goodwill impairment 12.2 — — 12.2 — — Foreign statutory rate vs. U.S. statutory rate ( 10.3 ) 3.0 ( 32.8 ) ( 10.3 ) 3.0 ( 32.8 ) State income taxes, net of federal effect ( 14.2 ) ( 2.9 ) 1.2 ( 11.1 ) ( 1.9 ) 1.3 Illinois state rate change — — ( 3.4 ) — — ( 3.4 ) Tax reform act - U.S. rate change — ( 166.7 ) — — ( 181.7 ) — Global intangible low tax income inclusion 8.6 — — 8.6 — — Foreign dividend received deduction tax law change 95.9 — — 95.9 — — Tax reform act - mandatory repatriation ( 48.0 ) 73.1 — ( 48.0 ) 73.1 — Residual tax on foreign earnings 1.5 5.9 ( 36.1 ) 1.5 5.9 ( 36.1 ) Change in valuation allowance ( 29.9 ) ( 365.6 ) 77.1 ( 29.9 ) ( 0.3 ) 18.1 Unrecognized tax expense (benefit) 6.2 ( 0.1 ) 3.9 6.2 ( 0.1 ) 3.9 Share based compensation adjustments 4.6 ( 5.5 ) ( 4.9 ) 4.6 ( 0.5 ) ( 0.4 ) Research and development tax credits ( 4.4 ) ( 1.9 ) ( 9.3 ) ( 4.4 ) ( 1.9 ) ( 9.3 ) UK Tax refund — — ( 1.5 ) — — ( 1.5 ) Outside basis difference — — ( 0.8 ) — — ( 5.4 ) Return to provision adjustments and other, net 7.7 ( 0.8 ) ( 0.3 ) 8.7 ( 0.8 ) ( 4.6 ) Income tax expense $ ( 7.1 ) $ ( 462.7 ) $ ( 11.8 ) $ 10.7 $ ( 76.8 ) $ ( 8.6 ) |
Schedule Of Deferred Tax Assets and Deferred Tax Liabilities | SBH SB/RH (in millions) 2019 2018 2019 2018 Deferred tax assets Employee benefits $ 37.6 $ 24.8 $ 36.0 $ 23.1 Restructuring 0.9 0.5 0.9 0.5 Inventories and receivables 16.8 25.0 16.8 25.0 Marketing and promotional accruals 10.6 9.9 10.6 9.9 Property, plant and equipment 5.9 32.1 5.9 31.2 Unrealized losses 12.8 7.1 12.8 7.1 Intangibles 19.0 14.3 19.0 14.3 Investment in subsidiaries 0.3 16.9 0.3 0.3 Net operating loss and credit carry forwards 530.6 790.8 229.8 281.8 Other 32.7 30.2 31.9 44.5 Total deferred tax assets 667.2 951.6 364.0 437.7 Deferred tax liabilities Property, plant and equipment 11.1 51.4 11.1 51.4 Unrealized gains 9.0 7.3 9.0 7.3 Intangibles 311.8 416.4 311.8 416.4 Investment in partnership 37.6 52.0 55.0 52.0 Taxes on unremitted foreign earnings 5.0 6.2 5.0 6.2 Other 10.9 7.6 10.8 7.6 Total deferred tax liabilities 385.4 540.9 402.7 540.9 Net deferred tax liabilities 281.8 410.7 ( 38.7 ) ( 103.2 ) Valuation allowance ( 307.0 ) ( 282.6 ) ( 202.8 ) ( 178.4 ) Net deferred tax liabilities, net valuation allowance $ ( 25.2 ) $ 128.1 $ ( 241.5 ) $ ( 281.6 ) Reported as: Deferred charges and other $ 30.7 $ 163.1 $ 30.7 $ 5.4 Deferred taxes (noncurrent liability) 55.9 35.0 272.2 287.0 |
Schedule Of Unrecognized Tax Benefits | (in millions) 2019 2018 2017 Unrecognized tax benefits, beginning of year $ 15.0 $ 15.6 $ 11.8 Gross increase – tax positions in prior period 5.3 0.9 3.3 Gross decrease – tax positions in prior period ( 0.4 ) ( 3.5 ) ( 0.1 ) Gross increase – tax positions in current period 3.5 2.5 0.9 Settlements ( 1.1 ) ( 0.3 ) — Lapse of statutes of limitations ( 1.4 ) ( 0.2 ) ( 0.3 ) Unrecognized tax benefits, end of year $ 20.9 $ 15.0 $ 15.6 |
Share Based Compensation (Table
Share Based Compensation (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Summary Of Share Based Compensation Expense | (in millions) 2019 2018 2017 Spectrum equity plan $ 49.2 $ 10.5 $ 49.0 HRG Equity Plan — 1.4 5.2 SBH $ 49.2 $ 11.9 $ 54.2 SB/RH $ 47.6 $ 8.8 $ 46.2 |
Summary Of Activity Of The RSUs Granted | SBH SB/RH Weighted Fair Weighted Fair Average Value Average Value Grant Date at Grant Grant Date at Grant (in millions, except per share data) Units Fair Value Date Units Fair Value Date Time-based grants 0.6 $ 53.25 $ 32.2 0.6 $ 52.50 $ 30.6 Performance-based grants Vesting in less than 24 months 0.4 53.08 24.5 0.4 53.08 24.5 Vesting in more than 24 months 0.5 52.98 24.7 0.5 52.98 24.7 Total performance-based grants 0.9 $ 53.03 $ 49.2 0.9 $ 53.03 $ 49.2 Total grants 1.5 $ 53.11 $ 81.4 1.5 $ 52.82 $ 79.8 |
Summary Of RSU Activity | SBH SB/RH Weighted Fair Weighted Fair Average Value Average Value Grant Date at Grant Grant Date at Grant (in millions, except per share data) Shares Fair Value Date Shares Fair Value Date At September 30, 2016 0.6 $ 94.97 $ 54.8 0.5 $ 96.92 $ 45.3 Granted 0.7 127.00 88.4 0.7 126.85 86.9 Forfeited — 118.89 ( 1.4 ) — 118.89 ( 1.4 ) Vested ( 0.5 ) 109.03 ( 54.6 ) ( 0.5 ) 111.98 ( 48.4 ) At September 30, 2017 0.8 114.67 87.2 0.7 116.32 82.4 Granted 0.4 102.96 45.9 0.4 102.92 44.4 Forfeited ( 0.1 ) 115.08 ( 8.5 ) ( 0.1 ) 115.08 ( 8.5 ) Vested ( 0.5 ) 113.07 ( 55.6 ) ( 0.4 ) 114.07 ( 51.1 ) At September 30, 2018 0.6 107.71 69.0 0.6 108.75 67.2 Granted 1.5 53.11 81.4 1.5 52.82 79.8 Forfeited ( 0.7 ) 92.76 ( 63.7 ) ( 0.7 ) 93.05 ( 63.5 ) Vested ( 0.2 ) 83.47 ( 19.7 ) ( 0.2 ) 82.37 ( 18.5 ) At September 30, 2019 1.2 $ 53.58 $ 67.0 1.2 $ 53.22 $ 65.0 |
Stock Option Awards And Warrants [Member] | |
Summary Of HRG Share-Based Awards | Stock Options Warrants Weighted Weighted Weighted Weighted Average Average Average Average Exercise Grant Date Exercise Grant Date (in millions, except per share data) Options Price Fair Value Units Price Fair Value As of September 30, 2016 4.2 $ 9.48 $ 3.80 1.2 $ 13.13 $ 6.44 Granted 0.3 15.39 5.96 — — Exercised ( 0.5 ) 11.28 4.48 ( 0.6 ) 13.13 ( 3.22 ) As of September 30, 2017 4.0 9.69 3.88 0.6 13.13 3.22 Granted — — — — — — Exercised ( 2.5 ) 8.38 ( 3.33 ) ( 0.6 ) 13.13 ( 3.22 ) As of July 13, 2018 1.5 11.80 4.78 — $ — $ — Vested and exercisable at September 30, 2019 0.2 $ 73.51 $ 4.79 |
Assumptions Used In Determination Of Grant Date Fair Values | 2017 Risk-free interest rate 1.80 % to 2.25 % Assumed dividend yield - % Expected option term 5.0 to 6.5 years Volatility 35.1 % to 37.5 % |
Restricted Stock Awards And Units [Member] | |
Summary Of HRG Share-Based Awards | Restricted Stock Awards Restricted Stock Units Weighted Fair Weighted Fair Average Value Average Value Grant Date at Grant Grant Date at Grant (in millions, except per share data) Units Fair Value Date Units Fair Value Date As of September 30, 2016 2.0 $ 12.74 $ 25.2 0.1 $ 12.33 $ 0.5 Granted 0.1 15.71 0.3 — — — Exercised ( 2.0 ) 12.73 ( 23.6 ) ( 0.1 ) 12.33 ( 0.5 ) As of September 30, 2017 0.1 13.36 1.9 — — — Granted 0.1 16.85 0.4 — — — Exercised ( 0.2 ) ( 13.85 ) ( 2.3 ) — — — Outstanding, vested and exercisable at July 13, 2018 — $ — $ — — $ — $ — |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Segment Information [Abstract] | |
Net Sales Relating To Segments | (in millions) 2019 2018 2017 HHI $ 1,355.7 $ 1,377.7 $ 1,276.1 HPC 1,068.1 1,110.4 1,132.3 GPC 870.2 820.5 793.2 H&G 508.1 500.1 503.8 Net sales $ 3,802.1 $ 3,808.7 $ 3,705.4 |
Schedule Of Segment Information | SBH (in millions) 2019 2018 2017 HHI $ 253.7 $ 254.7 $ 254.4 HPC 87.2 119.4 147.8 GPC 142.6 136.7 142.7 H&G 105.5 107.5 133.0 Total Segment Adjusted EBITDA 589.0 618.3 677.9 Corporate 22.0 36.3 39.3 Interest expense 222.1 264.0 310.4 Depreciation and amortization 180.8 125.3 147.3 Share and incentive based compensation 53.7 11.9 54.2 Restructuring and related charges 65.7 75.6 37.5 Transaction related charges 21.8 30.2 17.7 Write-off from impairment of goodwill 116.0 — — Write-off from impairment of intangible assets 35.4 20.3 16.3 Unrealized loss on Energizer investment 12.1 — — Foreign currency loss on multicurrency divestiture loans 36.2 — — Legal and environmental remediation reserves 10.0 — — Inventory acquisition step-up — 0.8 3.3 GPC safety recall 0.7 18.9 35.8 Spectrum merger related transaction charges — 45.9 7.6 Non-recurring HRG operating costs — 18.9 32.1 Salus 1.6 1.1 4.0 Other 4.7 4.8 0.3 Loss from operations before income taxes $ ( 193.8 ) $ ( 35.7 ) $ ( 27.9 ) SB/RH (in millions) 2019 2018 2017 HHI $ 253.7 $ 254.7 $ 254.4 HPC 87.2 119.4 147.8 GPC 142.6 136.7 142.7 H&G 105.5 107.5 133.0 Total Segment Adjusted EBITDA 589.0 618.3 677.9 Corporate 20.7 35.9 38.6 Interest expense 162.0 167.0 161.8 Depreciation and amortization 180.8 124.6 146.8 Share and incentive based compensation 52.1 8.8 46.2 Restructuring and related charges 65.7 75.6 37.5 Transaction related charges 21.8 30.2 17.7 Write-off from impairment of goodwill 116.0 — — Write-off from impairment of intangible assets 35.4 20.3 16.3 Unrealized loss on Energizer investment 12.1 — — Foreign currency loss on multicurrency divestiture loans 36.2 — — Legal and environmental remediation reserves 10.0 — — Inventory acquisition step-up — 0.8 3.3 GPC safety recall 0.7 18.9 35.8 Other 4.7 6.1 0.3 (Loss) income from operations before income taxes $ ( 129.2 ) $ 130.1 $ 173.6 |
Depreciation And Amortization Relating To Segments | SBH SB/RH Depreciation and amortization (in millions) 2019 2018 2017 2019 2018 2017 HHI $ 33.5 $ 40.0 $ 38.3 $ 33.5 $ 40.0 $ 38.3 GPC 48.8 42.3 43.1 48.8 42.3 43.1 H&G 19.3 18.8 17.6 19.3 18.8 17.6 HPC 64.6 8.8 34.8 64.6 8.8 34.8 Total segments 166.2 109.9 133.8 166.2 109.9 133.8 Corporate and shared operations 14.6 15.4 13.5 14.6 14.7 13.0 Total depreciation and amortization $ 180.8 $ 125.3 $ 147.3 $ 180.8 $ 124.6 $ 146.8 |
Capital Expenditures Relating To Segments | SBH SB/RH Capital expenditures (in millions) 2019 2018 2017 2019 2018 2017 HHI $ 18.0 $ 15.6 $ 25.5 $ 18.0 $ 15.6 $ 25.5 GPC 16.0 24.6 20.2 16.0 24.6 20.2 H&G 5.9 6.4 6.5 5.9 6.4 6.5 HPC 11.0 14.8 15.3 11.0 14.8 15.3 Total segment capital expenditures 50.9 61.4 67.5 50.9 61.4 67.5 Corporate and shared operations 7.5 14.5 14.3 7.5 14.5 14.3 Total capital expenditures $ 58.4 $ 75.9 $ 81.8 $ 58.4 $ 75.9 $ 81.8 |
Segment Total Assets Relating To Segments | SBH SB/RH Segment total assets (in millions) 2019 2018 2019 2018 HHI $ 1,611.0 $ 1,640.7 $ 1,611.0 $ 1,640.7 GPC 1,275.4 1,367.6 1,275.4 1,367.6 H&G 538.6 528.4 538.6 528.4 HPC 833.6 970.9 833.6 970.9 Total segment assets 4,258.6 4,507.6 4,258.6 4,507.6 Corporate and shared operations 971.9 888.8 1,032.6 727.2 Total assets $ 5,230.5 $ 5,396.4 $ 5,291.2 $ 5,234.8 |
Net Sales By Geographic Area | SBH and SB/RH Net sales to external parties - Geographic Disclosure (in millions) 2019 2018 2017 United States $ 2,649.5 $ 2,627.2 $ 2,543.2 Europe/MEA 656.6 669.4 653.2 Latin America 205.4 212.1 207.5 North America - Other 168.5 173.9 174.4 Asia-Pacific 122.1 126.1 127.1 Net sales $ 3,802.1 $ 3,808.7 $ 3,705.4 |
Long-Lived Assets By Geographic Area | SBH SB/RH Long-lived assets - Geographic Disclosure (in millions) 2019 2018 2019 2018 United States $ 308.3 $ 345.1 $ 308.3 $ 345.1 Europe/MEA 83.0 84.3 83.0 84.3 Latin America 19.3 26.7 19.3 26.7 North America - Other 1.1 1.3 1.1 1.3 Asia-Pacific 41.2 42.6 41.2 42.6 Total long-lived assets $ 452.9 $ 500.0 $ 452.9 $ 500.0 |
Earnings Per Share - SBH (Table
Earnings Per Share - SBH (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Earnings Per Share - SBH [Abstract] | |
Schedule Of Earnings Per Share | (in millions, except per share amounts) 2019 2018 2017 Numerator Net (loss) income from continuing operations attributable to controlling interest $ ( 188.0 ) $ 356.5 $ ( 90.6 ) Income from discontinued operations attributable to controlling interest 659.9 411.8 196.6 Net income attributable to controlling interest 471.9 768.3 $ 106.0 Denominator Weighted average shares outstanding - basic 50.7 36.9 32.2 Dilutive shares — 0.1 — Weighted average shares outstanding - diluted 50.7 37.0 32.2 Earnings per share Basic earnings per share from continuing operations $ ( 3.71 ) $ 9.64 $ ( 2.81 ) Basic earnings per share from discontinued operations 13.02 11.15 6.10 Basic earnings per share $ 9.31 $ 20.79 $ 3.29 Diluted earnings per share from continuing operations $ ( 3.71 ) $ 9.62 $ ( 2.81 ) Diluted earnings per share from discontinued operations 13.02 11.12 6.10 Diluted earnings per share $ 9.31 $ 20.74 $ 3.29 Weighted average number of anti-dilutive shares excluded from denominator 0.2 — 0.4 |
Schedule Of Weighted Average Shares | (in millions, except per share amounts) 2017 Basic HRG weighted average shares 200.0 HRG share conversion at 1 to 0.1613 32.2 Diluted HRG weighted average shares 200.0 HRG share conversion at 1 to 0.1613 32.2 |
Guarantor Statements - SB_RH (T
Guarantor Statements - SB/RH (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Guarantor Statements - SB/RH [Abstract] | |
Statement Of Financial Position | Statement of Financial Position Guarantor Nonguarantor As of September 30, 2019 (in millions) Parent Subsidiaries Subsidiaries Eliminations Consolidated Assets Cash and cash equivalents $ 441.2 $ 0.4 $ 180.3 $ — $ 621.9 Trade receivables, net 92.5 55.2 209.0 — 356.7 Intercompany receivables — 2,435.5 1,067.5 ( 3,503.0 ) — Other receivables 68.7 7.4 64.0 — 140.1 Inventories 207.7 156.5 191.5 ( 7.3 ) 548.4 Prepaid expenses and other 26.0 4.7 22.8 — 53.5 Current assets of business held for sale — — — — — Total current assets 836.1 2,659.7 1,735.1 ( 3,510.3 ) 1,720.6 Property, plant and equipment, net 187.1 121.1 144.7 — 452.9 Long-term intercompany receivables 51.9 37.4 10.2 ( 99.5 ) — Deferred charges and other 277.8 0.7 49.7 ( 276.5 ) 51.7 Investment 230.8 — — — 230.8 Goodwill 567.2 543.3 217.6 — 1,328.1 Intangible assets, net 707.2 560.3 239.6 — 1,507.1 Investments in subsidiaries 4,231.2 1,111.2 ( 2.9 ) ( 5,339.5 ) — Total assets $ 7,089.3 $ 5,033.7 $ 2,394.0 $ ( 9,225.8 ) $ 5,291.2 Liabilities and Shareholder's Equity Current portion of long-term debt $ 119.7 $ 4.7 $ 12.7 $ ( 0.2 ) $ 136.9 Accounts payable 98.7 65.4 299.7 — 463.8 Intercompany accounts payable 2,873.6 211.2 386.4 ( 3,471.2 ) — Accrued wages and salaries 38.1 6.5 27.4 — 72.0 Accrued interest 29.3 — — — 29.3 Indemnification payable to Energizer — — 230.8 — 230.8 Income tax payable 215.7 — 24.8 — 240.5 Other current liabilities 119.6 19.8 43.3 — 182.7 Current liabilities of business held for sale — — — — — Total current liabilities 3,494.7 307.6 1,025.1 ( 3,471.4 ) 1,356.0 Long-term debt, net of current portion 2,076.7 52.8 9.6 — 2,139.1 Long-term intercompany debt 12.3 — 118.8 ( 131.1 ) — Deferred income taxes 56.5 439.0 55.9 ( 279.2 ) 272.2 Other long-term liabilities 35.1 3.1 73.6 — 111.8 Total liabilities 5,675.3 802.5 1,283.0 ( 3,881.7 ) 3,879.1 Shareholder's equity: Other capital 2,124.8 439.2 ( 750.9 ) 300.2 2,113.3 Accumulated (deficit) earnings ( 437.3 ) 4,049.0 2,108.4 ( 6,157.4 ) ( 437.3 ) Accumulated other comprehensive loss ( 273.5 ) ( 257.0 ) ( 256.1 ) 513.1 ( 273.5 ) Total shareholder's equity 1,414.0 4,231.2 1,101.4 ( 5,344.1 ) 1,402.5 Non-controlling interest — — 9.6 — 9.6 Total equity 1,414.0 4,231.2 1,111.0 ( 5,344.1 ) 1,412.1 Total liabilities and equity $ 7,089.3 $ 5,033.7 $ 2,394.0 $ ( 9,225.8 ) $ 5,291.2 NOTE 22 – GUARANTOR STATEMENTS – SB/RH (continued) Statement of Financial Position Guarantor Nonguarantor As of September 30, 2018 (in millions) Parent Subsidiaries Subsidiaries Eliminations Consolidated Assets Cash and cash equivalents $ 276.6 $ 1.8 $ 227.0 $ — $ 505.4 Trade receivables, net 108.9 42.9 165.3 — 317.1 Intercompany receivables — 1,648.3 283.0 ( 1,931.3 ) — Other receivables 65.7 4.0 27.6 ( 2.2 ) 95.1 Inventories 228.5 162.6 204.6 ( 12.1 ) 583.6 Prepaid expenses and other 35.3 4.0 23.6 — 62.9 Current assets of business held for sale 551.2 1,379.0 482.5 ( 10.1 ) 2,402.6 Total current assets 1,266.2 3,242.6 1,413.6 ( 1,955.7 ) 3,966.7 Property, plant and equipment, net 222.9 122.1 155.0 — 500.0 Long-term intercompany receivables 321.3 70.3 11.6 ( 403.2 ) — Deferred charges and other 200.4 0.6 68.6 ( 195.4 ) 74.2 Goodwill 557.4 611.4 285.9 — 1,454.7 Intangible assets, net 770.4 609.5 261.9 — 1,641.8 Investments in subsidiaries 4,900.7 1,262.5 ( 2.9 ) ( 6,160.3 ) — Total assets $ 8,239.3 $ 5,919.0 $ 2,193.7 $ ( 8,714.6 ) $ 7,637.4 Liabilities and Shareholder's Equity Current portion of long-term debt $ 535.0 $ 4.3 $ 7.8 $ ( 0.2 ) $ 546.9 Accounts payable 222.4 124.2 238.1 — 584.7 Intercompany accounts payable 1,878.0 — 35.1 ( 1,913.1 ) — Accrued wages and salaries 24.6 1.5 29.3 — 55.4 Accrued interest 55.0 — — — 55.0 Income tax payable 1.9 — 15.9 ( 2.3 ) 15.5 Other current liabilities 57.4 17.5 61.9 — 136.8 Current liabilities of business held for sale 81.7 157.8 298.1 — 537.6 Total current liabilities 2,856.0 305.3 686.2 ( 1,915.6 ) 1,931.9 Long-term debt, net of current portion 3,615.3 57.3 13.8 — 3,686.4 Long-term intercompany debt 11.6 295.0 114.8 ( 421.4 ) — Deferred income taxes 59.4 357.6 70.6 ( 200.6 ) 287.0 Other long-term liabilities 71.5 3.1 45.8 — 120.4 Total liabilities 6,613.8 1,018.3 931.2 ( 2,537.6 ) 6,025.7 Shareholder's equity: Other capital 2,096.8 803.7 ( 1,361.9 ) 534.4 2,073.0 Accumulated (deficit) earnings ( 235.6 ) 4,303.0 2,814.5 ( 7,117.4 ) ( 235.5 ) Accumulated other comprehensive loss ( 235.7 ) ( 206.0 ) ( 200.0 ) 406.0 ( 235.7 ) Total shareholder's equity 1,625.5 4,900.7 1,252.6 ( 6,177.0 ) 1,601.8 Non-controlling interest — — 9.9 — 9.9 Total equity 1,625.5 4,900.7 1,262.5 ( 6,177.0 ) 1,611.7 Total liabilities and equity $ 8,239.3 $ 5,919.0 $ 2,193.7 $ ( 8,714.6 ) $ 7,637.4 |
Statement Of Income | Statement of Income Guarantor Nonguarantor Year Ended September 30, 2019 (in millions) Parent Subsidiaries Subsidiaries Eliminations Consolidated Net sales $ 1,794.5 $ 1,517.9 $ 1,906.9 $ ( 1,417.2 ) $ 3,802.1 Cost of goods sold 1,327.5 1,126.4 1,460.3 ( 1,421.8 ) 2,492.4 Restructuring and related charges 0.3 0.2 2.3 — 2.8 Gross profit 466.7 391.3 444.3 4.6 1,306.9 Selling 231.3 129.4 240.0 ( 0.2 ) 600.5 General and administrative 229.8 85.1 36.4 ( 1.5 ) 349.8 Research and development 23.2 10.0 10.3 — 43.5 Restructuring and related charges 46.6 2.0 14.3 — 62.9 Transaction related charges 27.4 ( 0.1 ) ( 5.5 ) — 21.8 Write-off from impairment of goodwill 61.0 — 55.0 — 116.0 Write-off from impairment of intangible assets 18.8 16.6 — — 35.4 Total operating expense 638.1 243.0 350.5 ( 1.7 ) 1,229.9 Operating (loss) income ( 171.4 ) 148.3 93.8 6.3 77.0 Interest expense (income) 179.3 6.2 ( 23.5 ) — 162.0 Other non-operating (income) expense, net ( 55.4 ) ( 403.9 ) ( 494.8 ) 998.3 44.2 (Loss) income from operations before income taxes ( 295.3 ) 546.0 612.1 ( 992.0 ) ( 129.2 ) Income tax (benefit) expense ( 143.2 ) 108.5 45.2 0.2 10.7 Net (loss) income from continuing operations ( 152.1 ) 437.5 566.9 ( 992.2 ) ( 139.9 ) Income (loss) from discontinued operations, net of tax 659.6 ( 72.9 ) ( 7.1 ) 80.3 659.9 Net income 507.5 364.6 559.8 ( 911.9 ) 520.0 Net income attributable to non-controlling interest — — 1.3 — 1.3 Net income attributable to controlling interest $ 507.5 $ 364.6 $ 558.5 $ ( 911.9 ) $ 518.7 Statement of Income Guarantor Nonguarantor Year Ended September 30, 2018 (in millions) Parent Subsidiaries Subsidiaries Eliminations Consolidated Net sales $ 1,839.8 $ 1,363.1 $ 1,960.2 $ ( 1,354.4 ) $ 3,808.7 Cost of goods sold 1,336.8 998.8 1,489.2 ( 1,354.0 ) 2,470.8 Restructuring and related charges — 0.1 3.5 — 3.6 Gross profit 503.0 364.2 467.5 ( 0.4 ) 1,334.3 Selling 239.1 122.0 246.3 ( 0.2 ) 607.2 General and administrative 108.2 87.9 62.1 ( 0.5 ) 257.7 Research and development 23.3 8.9 12.4 — 44.6 Restructuring and related charges 59.7 1.6 10.7 — 72.0 Transaction related charges 23.5 4.2 2.5 — 30.2 Write-off from impairment of intangible assets — 20.3 — — 20.3 Total operating expense 453.8 244.9 334.0 ( 0.7 ) 1,032.0 Operating income 49.2 119.3 133.5 0.3 302.3 Interest expense 145.2 18.8 2.9 0.1 167.0 Other non-operating (income) expense, net ( 208.3 ) 21.1 1.5 190.9 5.2 Income from operations before income taxes 112.3 79.4 129.1 ( 190.7 ) 130.1 Income tax (benefit) expense ( 99.2 ) ( 131.3 ) 149.3 4.4 ( 76.8 ) Net income (loss) from continuing operations 211.5 210.7 ( 20.2 ) ( 195.1 ) 206.9 (Loss) income from discontinued operations, net of tax ( 30.7 ) 124.2 177.4 ( 294.9 ) ( 24.0 ) Net income 180.8 334.9 157.2 ( 490.0 ) 182.9 Net income attributable to non-controlling interest — — 1.4 — 1.4 Net income attributable to controlling interest $ 180.8 $ 334.9 $ 155.8 $ ( 490.0 ) $ 181.5 NOTE 22 – GUARANTOR STATEMENTS – SB/RH (continued) Statement of Income Guarantor Nonguarantor Year Ended September 30, 2017 (in millions) Parent Subsidiaries Subsidiaries Eliminations Consolidated Net sales $ 1,662.9 $ 1,002.1 $ 1,830.9 $ ( 790.5 ) $ 3,705.4 Cost of goods sold 1,132.3 649.6 1,376.8 ( 789.1 ) 2,369.6 Restructuring and related charges — 0.5 — — 0.5 Gross profit 530.6 352.0 454.1 ( 1.4 ) 1,335.3 Selling 226.3 119.2 232.7 ( 0.2 ) 578.0 General and administrative 195.4 66.2 39.0 ( 0.1 ) 300.5 Research and development 23.5 10.0 11.1 — 44.6 Restructuring and related charges 28.1 1.2 7.7 — 37.0 Transaction related charges 14.3 0.5 2.9 — 17.7 Write-off from impairment of intangible assets — 16.3 — — 16.3 Total operating expense 487.6 213.4 293.4 ( 0.3 ) 994.1 Operating income 43.0 138.6 160.7 ( 1.1 ) 341.2 Interest expense 138.0 17.3 6.5 — 161.8 Other non-operating (income) expense, net ( 231.2 ) ( 133.6 ) 1.0 369.6 5.8 Income from operations before income taxes 136.2 254.9 153.2 ( 370.7 ) 173.6 Income tax (benefit) expense ( 48.3 ) 22.7 15.8 1.2 ( 8.6 ) Net income from continuing operations 184.5 232.2 137.4 ( 371.9 ) 182.2 Income from discontinued operations, net of tax 123.0 132.3 58.4 ( 194.7 ) 119.0 Net income 307.5 364.5 195.8 ( 566.6 ) 301.2 Net (loss) income attributable to non-controlling interest ( 0.3 ) — 1.6 — 1.3 Net income attributable to controlling interest $ 307.8 $ 364.5 $ 194.2 $ ( 566.6 ) $ 299.9 |
Statement Of Comprehensive Income | Statement of Comprehensive Income Guarantor Nonguarantor Year Ended September 30, 2019 (in millions) Parent Subsidiaries Subsidiaries Eliminations Consolidated Net income $ 507.5 $ 364.6 $ 559.8 $ ( 911.9 ) $ 520.0 Other comprehensive income, net of tax: Foreign currency translation loss ( 65.3 ) ( 66.0 ) ( 71.2 ) 137.2 ( 65.3 ) Unrealized gain on derivative instruments 26.4 2.5 2.5 ( 5.0 ) 26.4 Defined benefit pension loss ( 21.3 ) ( 9.7 ) ( 9.7 ) 19.4 ( 21.3 ) Deconsolidation of discontinued operations 21.8 21.8 21.8 ( 43.5 ) 21.9 Other comprehensive loss ( 38.4 ) ( 51.4 ) ( 56.6 ) 108.1 ( 38.3 ) Comprehensive income 469.1 313.2 503.2 ( 803.8 ) 481.7 Comprehensive loss attributable to non-controlling interest — — ( 0.5 ) — ( 0.5 ) Comprehensive income attributable to controlling interest $ 469.1 $ 313.2 $ 503.7 $ ( 803.8 ) $ 482.2 Statement of Comprehensive Income Guarantor Nonguarantor Year Ended September 30, 2018 (in millions) Parent Subsidiaries Subsidiaries Eliminations Consolidated Net income $ 180.8 $ 334.9 $ 157.2 $ ( 490.0 ) $ 182.9 Other comprehensive income, net of tax: Net unrealized loss on foreign currency translation ( 44.3 ) ( 43.6 ) ( 46.2 ) 89.8 ( 44.3 ) Unrealized gain on hedging derivative instruments 16.2 13.3 13.3 ( 26.6 ) 16.2 Defined benefit pension gain (loss) 1.7 ( 2.6 ) ( 2.6 ) 5.2 1.7 Other comprehensive loss ( 26.4 ) ( 32.9 ) ( 35.5 ) 68.4 ( 26.4 ) Comprehensive income 154.4 302.0 121.7 ( 421.6 ) 156.5 Comprehensive loss attributable to non-controlling interest — — ( 0.3 ) — ( 0.3 ) Comprehensive income attributable to controlling interest $ 154.4 $ 302.0 $ 122.0 $ ( 421.6 ) $ 156.8 Statement of Comprehensive Income Guarantor Nonguarantor Year Ended September 30, 2017 (in millions) Parent Subsidiaries Subsidiaries Eliminations Consolidated Net income $ 307.5 $ 364.5 $ 195.8 $ ( 566.6 ) $ 301.2 Other comprehensive income, net of tax: Foreign currency translation gain 29.1 32.0 34.3 ( 66.3 ) 29.1 Unrealized loss on derivative instruments ( 29.1 ) ( 15.1 ) ( 15.1 ) 30.2 ( 29.1 ) Defined benefit pension gain 19.6 14.6 14.7 ( 29.3 ) 19.6 Other comprehensive income 19.6 31.5 33.9 ( 65.4 ) 19.6 Comprehensive income 327.1 396.0 229.7 ( 632.0 ) 320.8 Comprehensive loss attributable to non-controlling interest — — ( 0.2 ) — ( 0.2 ) Comprehensive income attributable to controlling interest $ 327.1 $ 396.0 $ 229.9 $ ( 632.0 ) $ 321.0 |
Statement Of Cash Flows | Statement of Cash Flows Guarantor Nonguarantor Year Ended September 30, 2019 (in millions) Parent Subsidiaries Subsidiaries Eliminations Consolidated Net cash provided by operating activities from continuing operations $ 797.4 $ 346.2 $ 2,104.9 $ ( 3,151.3 ) $ 97.2 Net cash provided (used) by operating activities from discontinued operations 1.7 2.7 3.2 ( 90.0 ) ( 82.4 ) Net cash provided provided by operating activities 799.1 348.9 2,108.1 ( 3,241.3 ) 14.8 Cash flows from investing activities . Purchases of property, plant and equipment ( 29.5 ) ( 15.0 ) ( 13.9 ) — ( 58.4 ) Proceeds from sales of property, plant and equipment 2.0 — 0.1 — 2.1 Proceeds from sale of discontinued operations, net of cash 2,859.5 — — — 2,859.5 Other investing activities — — ( 0.3 ) — ( 0.3 ) Net cash provided (used) by investing activities from continuing operations 2,832.0 ( 15.0 ) ( 14.1 ) — 2,802.9 Net cash used by investing activities from discontinued operations ( 1.1 ) ( 2.5 ) ( 1.7 ) — ( 5.3 ) Net cash provided (used) by investing activities 2,830.9 ( 17.5 ) ( 15.8 ) — 2,797.6 Cash flows from financing activities Proceeds from issuance of debt 300.0 — — — 300.0 Payment of debt ( 2,250.0 ) ( 4.7 ) ( 8.0 ) — ( 2,262.7 ) Payment of debt issuance costs ( 4.1 ) — — — ( 4.1 ) Payment of cash dividends to parent ( 717.4 ) — — — ( 717.4 ) Dividends paid by subsidiary to non-controlling interest — — ( 1.1 ) — ( 1.1 ) Advances related to intercompany transactions ( 793.3 ) ( 327.9 ) ( 2,120.1 ) 3,241.3 — Other financing activities ( 8.9 ) — — — ( 8.9 ) Net cash used by financing activities from continuing operations ( 3,473.7 ) ( 332.6 ) ( 2,129.2 ) 3,241.3 ( 2,694.2 ) Net cash used by financing activities from discontinued operations ( 0.6 ) ( 0.2 ) ( 1.4 ) — ( 2.2 ) Net cash used by financing activities ( 3,474.3 ) ( 332.8 ) ( 2,130.6 ) 3,241.3 ( 2,696.4 ) Effect of exchange rate changes on cash and cash equivalents — — ( 8.4 ) — ( 8.4 ) Net increase (decrease) in cash, cash equivalents and restricted cash 155.7 ( 1.4 ) ( 46.7 ) — 107.6 Cash, cash equivalents and restricted cash, beginning of period 285.5 1.8 227.0 — 514.3 Cash, cash equivalents and restricted cash, end of period $ 441.2 $ 0.4 $ 180.3 $ — $ 621.9 Statement of Cash Flows Guarantor Nonguarantor Year Ended September 30, 2018 (in millions) Parent Subsidiaries Subsidiaries Eliminations Consolidated Net cash (used) provided by operating activities from continuing operations $ ( 312.9 ) $ 43.5 $ 809.9 $ ( 316.8 ) $ 223.7 Net cash provided by operating activities from discontinued operations 3.6 5.6 22.5 97.1 128.8 Net cash (used) provided by operating activities ( 309.3 ) 49.1 832.4 ( 219.7 ) 352.5 Cash flows from investing activities Purchases of property, plant and equipment ( 35.6 ) ( 13.0 ) ( 27.3 ) — ( 75.9 ) Proceeds from sales of property, plant and equipment 0.7 0.1 3.4 — 4.2 Other investing activity — ( 0.2 ) ( 0.3 ) — ( 0.5 ) Net cash used by investing activities from continuing operations ( 34.9 ) ( 13.1 ) ( 24.2 ) — ( 72.2 ) Net cash used by investing activities from discontinued operations ( 6.0 ) ( 5.6 ) ( 15.4 ) — ( 27.0 ) Net cash used by investing activities ( 40.9 ) ( 18.7 ) ( 39.6 ) — ( 99.2 ) Cash flows from financing activities Proceeds from issuance of debt 520.0 — 19.6 — 539.6 Payment of debt ( 52.3 ) — ( 17.0 ) — ( 69.3 ) Payment of debt issuance costs ( 0.4 ) — — — ( 0.4 ) Payment of cash dividends to parent ( 374.2 ) — — — ( 374.2 ) Advances related to intercompany transactions 527.7 ( 33.4 ) ( 714.1 ) 219.8 — Other investing activities ( 6.4 ) — — — ( 6.4 ) Net cash provided (used) by financing activities from continuing operations 614.4 ( 33.4 ) ( 711.5 ) 219.8 89.3 Net cash used by financing activities from discontinued operations — — ( 4.7 ) ( 0.1 ) ( 4.8 ) Net cash provided (used) by financing activities 614.4 ( 33.4 ) ( 716.2 ) 219.7 84.5 Effect of exchange rate changes on cash and cash equivalents — — ( 7.0 ) — ( 7.0 ) Net increase (decrease) in cash, cash equivalents and restricted cash 264.2 ( 3.0 ) 69.6 — 330.8 Cash, cash equivalents and restricted cash, beginning of period 21.3 4.8 157.4 — 183.5 Cash, cash equivalents and restricted cash, end of period $ 285.5 $ 1.8 $ 227.0 $ — $ 514.3 NOTE 22 – GUARANTOR STATEMENTS – SB/RH (continued) Statement of Cash Flows Guarantor Nonguarantor Year Ended September 30, 2017 (in millions) Parent Subsidiaries Subsidiaries Eliminations Consolidated Net cash provided (used) by operating activities from continuing operations $ 638.2 $ 149.0 $ ( 140.7 ) $ ( 202.5 ) $ 444.0 Net cash provided by operating activities from discontinued operations 8.8 15.5 11.1 168.2 203.6 Net cash provided (used) by operating activities 647.0 164.5 ( 129.6 ) ( 34.3 ) 647.6 Cash flows from investing activities . Purchases of property, plant and equipment ( 38.7 ) ( 11.7 ) ( 31.4 ) — ( 81.8 ) Proceeds from sales of property, plant and equipment 0.2 0.3 4.1 — 4.6 Business acquisitions, net of cash acquired ( 289.4 ) — — — ( 289.4 ) Other investing activity, net — ( 2.5 ) ( 0.3 ) — ( 2.8 ) Net cash used by investing activities from continuing operations ( 327.9 ) ( 13.9 ) ( 27.6 ) — ( 369.4 ) Net cash used by investing activities from discontinued operations ( 8.8 ) ( 12.4 ) ( 10.7 ) — ( 31.9 ) Net cash used by investing activities ( 336.7 ) ( 26.3 ) ( 38.3 ) — ( 401.3 ) Cash flows from financing activities Proceeds from issuance of debt 250.0 — 15.6 — 265.6 Payment of debt ( 214.9 ) 0.3 ( 14.6 ) — ( 229.2 ) Payment of debt issuance costs ( 5.9 ) — — — ( 5.9 ) Payment of cash dividends to parent ( 350.8 ) — — — ( 350.8 ) Advances related to intercompany transactions ( 54.2 ) ( 135.9 ) 155.8 34.3 — Purchase of non-controlling interest ( 12.6 ) — — — ( 12.6 ) Net cash (used) provided by financing activities from continuing operations ( 388.4 ) ( 135.6 ) 156.8 34.3 ( 332.9 ) Net cash used by financing activities from discontinued operations — ( 0.3 ) ( 3.1 ) — ( 3.4 ) Net cash (used) provided by financing activities ( 388.4 ) ( 135.9 ) 153.7 34.3 ( 336.3 ) Effect of exchange rate changes on cash and cash equivalents on Venezuela devaluation — — ( 0.4 ) — ( 0.4 ) Effect of exchange rate changes on cash and cash equivalents — — 3.1 — 3.1 Net (decrease) increase in cash and cash equivalents ( 78.1 ) 2.3 ( 11.5 ) — ( 87.3 ) Cash and cash equivalents, beginning of period 99.4 2.5 168.9 — 270.8 Cash and cash equivalents, end of period $ 21.3 $ 4.8 $ 157.4 $ — $ 183.5 |
Quarterly Results (Tables)
Quarterly Results (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Schedule Of Quarterly Results | Quarter Ended SBH 2019 (in millions, except per share) September 30, 2019 June 30, 2019 March 31, 2019 December 31, 2018 Revenue $ 993.0 $ 1,022.2 $ 906.7 $ 880.3 Gross profit 334.7 361.0 305.5 305.7 Net loss attributable to controlling interest from continuing operations ( 79.0 ) ( 24.7 ) ( 55.0 ) ( 29.3 ) Net (loss) income attributable to controlling interest from discontinued operations ( 39.3 ) ( 1.2 ) 783.6 ( 83.2 ) Net (loss) income attributable to controlling interest $ ( 118.3 ) $ ( 25.9 ) $ 728.6 $ ( 112.5 ) Basic earnings per share from continuing operations $ ( 1.62 ) $ ( 0.51 ) $ ( 1.06 ) — $ ( 0.56 ) Basic earnings per share from discontinued operations ( 0.81 ) ( 0.02 ) 15.13 ( 1.55 ) Basic earnings per share $ ( 2.43 ) $ ( 0.53 ) $ 14.07 $ ( 2.11 ) Diluted earnings per share from continuing operations $ ( 1.62 ) $ ( 0.51 ) $ ( 1.06 ) $ ( 0.56 ) Diluted earnings per share from discontinued operations ( 0.81 ) ( 0.02 ) 15.13 ( 1.55 ) Diluted earnings per share $ ( 2.43 ) $ ( 0.53 ) $ 14.07 $ ( 2.11 ) Quarter Ended SBH 2018 (in millions, except per share) September 30, 2018 June 30, 2018 March 31, 2018 December 31, 2017 Revenue $ 974.4 $ 1,029.4 $ 882.6 $ 922.3 Gross profit 346.9 362.7 306.0 318.6 Net (loss) income attributable to controlling interest from continuing operations ( 34.1 ) 382.9 ( 32.6 ) 40.3 Net (loss) income attributable to controlling interest from discontinued operations ( 81.7 ) 22.7 3.7 467.1 Net (loss) income attributable to controlling interest $ ( 115.8 ) $ 405.6 $ ( 28.9 ) $ 507.4 Basic earnings per share from continuing operations $ ( 0.68 ) $ 11.69 $ ( 1.00 ) $ 1.24 Basic earnings per share from discontinued operations ( 1.64 ) 0.70 0.11 14.45 Basic earnings per share $ ( 2.32 ) $ 12.39 $ ( 0.89 ) $ 15.69 Diluted earnings per share from continuing operations $ ( 0.68 ) $ 11.68 $ ( 1.00 ) $ 1.23 Diluted earnings per share from discontinued operations ( 1.64 ) 0.69 0.11 14.32 Diluted earnings per share $ ( 2.32 ) $ 12.37 $ ( 0.89 ) $ 15.55 |
SB/RH [Member] | |
Schedule Of Quarterly Results | Quarter Ended SB/RH 2019 (in millions) September 30, 2019 June 30, 2019 March 31, 2019 December 30, 2018 Revenue $ 993.0 $ 1,022.2 $ 906.7 $ 880.3 Gross profit 334.7 361.0 305.5 305.7 Net loss attributable to controlling interest from continuing operations ( 79.7 ) ( 28.9 ) ( 13.4 ) ( 19.2 ) Net (loss) income attributable to controlling interest from discontinued operations ( 39.3 ) ( 1.2 ) 783.6 ( 83.2 ) Net (loss) income attributable to controlling interest $ ( 119.0 ) $ ( 30.1 ) $ 770.2 $ ( 102.4 ) Quarter Ended SB/RH 2018 (in millions) September 30, 2018 July 1, 2018 April 1, 2018 December 31, 2017 Net sales $ 974.4 $ 1,029.4 $ 882.6 $ 922.3 Gross profit 346.9 362.7 306.0 318.6 Net (loss) income attributable to controlling interest from continuing operations ( 2.0 ) 45.8 14.7 147.0 Net (loss) income attributable to controlling interest from discontinued operations ( 84.6 ) 27.8 11.3 21.5 Net (loss) income attributable to controlling interest $ ( 86.6 ) $ 73.6 $ 26.0 $ 168.5 |
Description Of Business (Narrat
Description Of Business (Narrative) (Details) | 12 Months Ended |
Sep. 30, 2019segment | |
Description Of Business [Abstract] | |
Number of segments | 4 |
Significant Accounting Polici_4
Significant Accounting Policies And Practices (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | Oct. 01, 2018 | |
Significant Accounting Policies [Line Items] | ||||
Impairment loss recognized on property, plant and equipment | $ 0 | |||
Impairment loss recognized on definite-lived tangible assets | 0 | |||
Expected returns liability | $ 19.2 | $ 20.9 | ||
Practical expedients and exemptions | Practical Expedients and Exemptions: The Company does not adjust the promised amount of consideration for the effects of a significant financing component, as the period between the transfer of a promised good or service to a customer and the customer’s payment for the good or service is one year or less.The Company does not assess whether promised goods or services are performance obligations if they are immaterial in the context of the contract with the customer. The Company does not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less and (ii) contracts for which we recognize revenue at the amount to which we have the right to invoice for services performed. The estimated revenue expected to be recognized in the future related to performance obligations that are unsatisfied or partially unsatisfied at the end of the reporting period is immaterial.The Company generally expenses sales commissions and other contract and fulfillment costs when the amortization period is less than one year. The Company records these costs within selling, general and administrative expenses. For costs amortized over a period longer than one year, such as fixtures which are much more permanent in nature, the Company defers and amortizes over the supportable period based upon historical assumptions and analysis. The costs for permanent displays are incorporated into the pricing of product sold to customer.The Company excludes all sales taxes that are assessed by a governmental authority from the transaction price. | |||
Cumulative adjustment for adoption of new accounting standards | $ 3.1 | |||
Debt issuance costs | 33 | 57.6 | ||
Shipping and handling costs | 253.7 | 251.2 | $ 224.6 | |
Advertising costs | 34.2 | 26 | 21.6 | |
Exchange losses on foreign currency transactions | $ 41.2 | 7.1 | 5.9 | |
Percentage greater than the largest amount of recognized income tax positions which likely of being realized | 50.00% | |||
Accounting Standards Update 2014-09 [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Cumulative adjustment for adoption of new accounting standards | $ 0.7 | |||
Accounting Standards Update 2016-16 [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Cumulative adjustment for adoption of new accounting standards | $ 2.4 | |||
Accounting Standards Update 2016-18 [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Restricted cash | $ 0 | 8.9 | $ 15.3 | |
SB/RH [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Cumulative adjustment for adoption of new accounting standards | 3.1 | |||
Debt issuance costs | $ 31.5 | $ 45.5 |
Significant Accounting Polici_5
Significant Accounting Policies And Practices (Useful Lives For Property, Plant And Equipment) (Details) | 12 Months Ended |
Sep. 30, 2019 | |
Minimum [Member] | Buildings And Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful lives | 20 years |
Minimum [Member] | Machinery And Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful lives | 2 years |
Maximum [Member] | Buildings And Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful lives | 40 years |
Maximum [Member] | Machinery And Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful lives | 15 years |
Significant Accounting Polici_6
Significant Accounting Policies And Practices (Schedule Of Range And Weighted Average Useful Lives For Definite-Lived Intangible Assets) (Details) | 12 Months Ended |
Sep. 30, 2019 | |
Customer Relationships [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Weighted Average | 18 years 3 months 18 days |
Technology Assets [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Weighted Average | 13 years 7 months 6 days |
Tradenames [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Weighted Average | 10 years 8 months 12 days |
Minimum [Member] | Customer Relationships [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Range | 5 years |
Minimum [Member] | Technology Assets [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Range | 5 years |
Minimum [Member] | Tradenames [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Range | 6 years |
Maximum [Member] | Customer Relationships [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Range | 20 years |
Maximum [Member] | Technology Assets [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Range | 18 years |
Maximum [Member] | Tradenames [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Range | 13 years |
Significant Accounting Polici_7
Significant Accounting Policies And Practices (Summary Of Transactions Related Charges) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Business Acquisition [Line Items] | |||
Total transaction-related charges | $ 21.8 | $ 30.2 | $ 17.7 |
HHI Integration [Member] | |||
Business Acquisition [Line Items] | |||
Total transaction-related charges | 0.9 | 6 | 5.9 |
PetMatrix Integration [Member] | |||
Business Acquisition [Line Items] | |||
Total transaction-related charges | 4.9 | 4.5 | |
HPC Divestiture [Member] | |||
Business Acquisition [Line Items] | |||
Total transaction-related charges | 7.3 | 14.9 | |
GBL Post Divestiture Separation [Member] | |||
Business Acquisition [Line Items] | |||
Total transaction-related charges | 9.5 | ||
GAC Post Divestiture Separation [Member] | |||
Business Acquisition [Line Items] | |||
Total transaction-related charges | 0.3 | ||
Other Integration [Member] | |||
Business Acquisition [Line Items] | |||
Total transaction-related charges | $ 3.8 | $ 4.4 | $ 7.3 |
Divestitures (Narrative) (Detai
Divestitures (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | May 29, 2019 | Jan. 28, 2019 | Jan. 02, 2019 | Nov. 30, 2017 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | Jun. 30, 2018 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Income tax (benefit) expense | $ (7.1) | $ (462.7) | $ (11.8) | |||||
FGL Merger [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Reclassification of accumulated other comprehensive income to income from discontinued operations | 445.9 | |||||||
Income tax (benefit) expense | 5.9 | |||||||
Global Battery And Lighting [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Gain on sale | $ 989.8 | |||||||
Depreciation and amortization expense | 0 | 8.3 | 30.9 | |||||
Write-down of assets of business held for sale to fair value less cost to sell | 0 | |||||||
Transaction costs associated with the divestiture | 12.9 | 60.7 | ||||||
Indenmifications, acquisition agreement | 48 | |||||||
Global Battery And Lighting [Member] | Other Current Liabilities [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Net settlement payable | 34.3 | |||||||
Global Battery And Lighting [Member] | Other Long-term Liabilities [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Net settlement payable | 13.7 | |||||||
Global Auto Care [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Depreciation and amortization expense | 1.4 | 16.3 | 21.1 | |||||
Write-down of assets of business held for sale to fair value less cost to sell | 111 | |||||||
Transaction costs associated with the divestiture | 8.8 | $ 0 | ||||||
Net settlement receivable | 3.9 | |||||||
Global Auto Care [Member] | Other Long-term Liabilities [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Indenmifications, acquisition agreement | 1.4 | |||||||
Fidelity And Guaranty Life [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Estimate fair value less cost to sell held for sale assets | 402.2 | |||||||
Fidelity And Guaranty Life [Member] | FGL Merger [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Share price | $ 31.10 | |||||||
Transaction costs associated with the divestiture | $ 1,488.3 | |||||||
Front Street RE Cayman Ltd [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Estimate fair value less cost to sell held for sale assets | $ 19 | |||||||
Energizer [Member] | Global Battery And Lighting [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Purchase price | 1,956.2 | |||||||
Purchase price adjustment | $ 200 | |||||||
Energizer [Member] | Global Battery And Lighting [Member] | Maximum [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Potential downward adjustment, percentage | 75.00% | |||||||
Potential upward adjustment, percentage | 25.00% | |||||||
Energizer [Member] | Global Battery And Lighting [Member] | Downward Adjustment Equal To 75% [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Purchase price adjustment | $ 600 | |||||||
Energizer [Member] | Global Battery And Lighting [Member] | Upward Adjustment Equal To 25% [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Purchase price adjustment | $ 200 | |||||||
Energizer [Member] | Varta [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Transaction costs associated with the divestiture | $ 200 | |||||||
Energizer [Member] | Global Auto Care [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Purchase price, cash | $ 938.7 | |||||||
Stock consideration, value | 242.1 | |||||||
Write-down of assets of business held for sale to fair value less cost to sell | $ 111 | |||||||
Energizer [Member] | Global Auto Care [Member] | Common Stock [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Stock consideration, value | $ 242.1 | |||||||
CF Entities [Member] | FS Holdco [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Payment for exercised the 338 Tax Election | $ 26.6 | |||||||
CF Entities [Member] | Front Street RE Cayman Ltd [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Transaction costs associated with the divestiture | 65 | |||||||
Amount of purchase price deposited in escrow | $ 6.5 |
Divestitures (Summary Of Compon
Divestitures (Summary Of Components Of Income From Discontinued Operations, Net Of Tax) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 30, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
(Loss) income from discontinued operations before income taxes | $ 859.2 | $ 466.3 | $ 466.1 | ||||||||
Income tax (benefit) expense from discontinued operations | 199.3 | 21.3 | 176.8 | ||||||||
Net (loss) income from discontinued operations | 659.9 | 445 | 289.3 | ||||||||
Income from discontinued operations, net of tax attributable to noncontrolling interest | 33.2 | 92.7 | |||||||||
Net (loss) income from discontinued operations attributable to controlling interest | $ (39.3) | $ (1.2) | $ 783.6 | $ (83.2) | $ (81.7) | $ 22.7 | $ 3.7 | $ 467.1 | 659.9 | 411.8 | 196.6 |
Discontinued Operations, Held-For-Sale [Member] | Global Battery And Lighting [Member] | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
(Loss) income from discontinued operations before income taxes | 974.9 | 21.8 | 84.5 | ||||||||
Discontinued Operations, Held-For-Sale [Member] | Global Auto Care [Member] | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
(Loss) income from discontinued operations before income taxes | $ (115.7) | (31.9) | 94.5 | ||||||||
Discontinued Operations, Held-For-Sale [Member] | HRG Insurance Operations [Member] | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
(Loss) income from discontinued operations before income taxes | $ 476.4 | $ 287.1 |
Divestitures (Summary Of Assets
Divestitures (Summary Of Assets And Liabilities As Held For Sale) (Details) - Discontinued Operations, Held-For-Sale [Member] - USD ($) $ in Millions | Sep. 30, 2018 | Sep. 30, 2017 |
Global Battery And Lighting [Member] | ||
Assets | ||
Trade receivables, net | $ 99.3 | |
Other receivables | 17.9 | |
Inventories | 127.8 | |
Prepaid expenses and other current assets | 23 | |
Property, plant and equipment, net | 160.5 | |
Deferred charges and other | 13.4 | |
Goodwill | 226.6 | |
Intangible assets, net | 304 | |
Total assets of business held for sale | 972.5 | |
Liabilities | ||
Current portion of long-term debt | 6.3 | |
Accounts payable | 124.1 | |
Accrued wages and salaries | 25 | |
Other current liabilities | 82.6 | |
Long-term debt, net of current portion | 45 | |
Deferred income taxes | 20.9 | |
Other long-term liabilities | 60.6 | |
Total liabilities of business held for sale | 364.5 | |
Global Auto Care [Member] | ||
Assets | ||
Trade receivables, net | 55.2 | |
Other receivables | 4.1 | |
Inventories | 72.8 | |
Prepaid expenses and other current assets | 2.9 | |
Property, plant and equipment, net | 58.2 | |
Deferred charges and other | 10.7 | |
Goodwill | 841.8 | |
Intangible assets, net | 384.4 | |
Total assets of business held for sale | 1,430.1 | |
Liabilities | ||
Current portion of long-term debt | 0.4 | |
Accounts payable | 50.6 | |
Accrued wages and salaries | 3.2 | |
Other current liabilities | 13.3 | |
Long-term debt, net of current portion | 31.5 | |
Deferred income taxes | 71.6 | |
Other long-term liabilities | 2.5 | |
Total liabilities of business held for sale | $ 173.1 | |
Fidelity And Guaranty Life [Member] | ||
Assets | ||
Investments, including loans and receivables from affiliates | $ 23,211.1 | |
Funds withheld receivables | 742.7 | |
Cash and cash equivalents | 914.5 | |
Accrued investment income | 231.3 | |
Reinsurance recoverable | 2,358.8 | |
Deferred acquisition costs and value of business acquired, net | 1,163.6 | |
Other assets | 125.4 | |
Write-down of assets of businesses held for sale to fair value less cost to sell | (421.2) | |
Total assets of business held for sale | 28,326.2 | |
Liabilities | ||
Insurance reserves | 24,989.6 | |
Debt | 405 | |
Accounts payable and other current liabilities | 56.2 | |
Deferred income taxes | 68 | |
Other long-term liabilities | 831.9 | |
Total liabilities of business held for sale | $ 26,350.7 |
Divestitures (Summary Of Comp_2
Divestitures (Summary Of Components Of Income From Discontinued Operations Before Income Taxes) (Details) - USD ($) $ in Millions | Jan. 02, 2019 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
(Loss) Income from discontinued operations before income taxes | $ 859.2 | $ 466.3 | $ 466.1 | |
Global Battery And Lighting [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Write-down of assets of business held for sale to fair value less cost to sell | 0 | |||
Gain on sale | $ 989.8 | |||
Global Auto Care [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Write-down of assets of business held for sale to fair value less cost to sell | 111 | |||
Discontinued Operations, Held-For-Sale [Member] | Global Battery And Lighting [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Net sales | 249 | 870.5 | 865.6 | |
Cost of goods sold | 164.6 | 553.2 | 539.3 | |
Gross profit | 84.4 | 317.3 | 326.3 | |
Operating expenses | 57 | 241 | 193.6 | |
Operating income (loss) | 27.4 | 76.3 | 132.7 | |
Interest expense | 23.3 | 53.5 | 48.3 | |
Other non-operating expense, net | 0.5 | 1 | ||
Other non-operating income, net | (0.1) | |||
Gain on sale | (989.8) | |||
Reclassification of accumulated other comprehensive income | 18.5 | |||
(Loss) Income from discontinued operations before income taxes | 974.9 | 21.8 | 84.5 | |
Discontinued Operations, Held-For-Sale [Member] | Global Auto Care [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Net sales | 87.7 | 465.6 | 446.9 | |
Cost of goods sold | 52.5 | 284.9 | 233.7 | |
Gross profit | 35.2 | 180.7 | 213.2 | |
Operating expenses | 35.7 | 117.8 | 117.2 | |
Operating income (loss) | (0.5) | 62.9 | 96 | |
Interest expense | 0.7 | 2.1 | 1.4 | |
Other non-operating expense, net | 0.2 | 0.2 | 0.1 | |
Write-down of assets of business held for sale to fair value less cost to sell | 111 | 92.5 | ||
Reclassification of accumulated other comprehensive income | 3.3 | |||
(Loss) Income from discontinued operations before income taxes | $ (115.7) | $ (31.9) | $ 94.5 |
Divestitures (Summary Of Comp_3
Divestitures (Summary Of Components Of Income From HRG Insurance Discontinued Operations) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
(Loss) Income from discontinued operations before income taxes | $ 859.2 | $ 466.3 | $ 466.1 |
Discontinued Operations, Held-For-Sale [Member] | HRG Insurance Operations [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Total revenues | 378.6 | 1,641.5 | |
Total operating costs and expenses | 329.9 | 1,271.6 | |
Operating income (loss) | 48.7 | 369.9 | |
Interest expense and other | 4 | 24.4 | |
Write-down of assets of business held for sale to fair value less cost to sell | (14.2) | (58.4) | |
Reclassification of accumulated other comprehensive income | 445.9 | ||
(Loss) Income from discontinued operations before income taxes | 476.4 | 287.1 | |
Discontinued Operations, Held-For-Sale [Member] | HRG Insurance Operations [Member] | Net Investment Income [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Total revenues | 181.9 | 1,050.7 | |
Discontinued Operations, Held-For-Sale [Member] | HRG Insurance Operations [Member] | Net Investment Gains [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Total revenues | 154.8 | 377.4 | |
Discontinued Operations, Held-For-Sale [Member] | HRG Insurance Operations [Member] | Other Revenue [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Total revenues | 35.1 | 169.5 | |
Discontinued Operations, Held-For-Sale [Member] | HRG Insurance Operations [Member] | Benefits And Other Changes In Policy Reserves [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Total operating costs and expenses | 241.3 | 925.9 | |
Discontinued Operations, Held-For-Sale [Member] | HRG Insurance Operations [Member] | Selling, Acquisition, Operating And General Expenses [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Total operating costs and expenses | 52.8 | 148.2 | |
Discontinued Operations, Held-For-Sale [Member] | HRG Insurance Operations [Member] | Amortization Of Intangibles [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Total operating costs and expenses | 35.8 | 197.5 | |
Discontinued Operations, Held-For-Sale [Member] | HRG Insurance Operations [Member] | Insurance Premiums [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Total revenues | $ 6.8 | $ 43.9 |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | Jul. 13, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 |
Business Acquisition [Line Items] | ||||
Par value | $ 0.01 | $ 0.01 | ||
Upward adjustment | $ 200 | |||
General and administrative expenses | $ 354.6 | $ 335.8 | $ 355.2 | |
Spectrum Merger [Member] | ||||
Business Acquisition [Line Items] | ||||
Par value | $ 0.01 | |||
General and administrative expenses | $ 45.9 | $ 7.6 |
Restructuring And Related Cha_3
Restructuring And Related Charges (Narrative) (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 |
Global Productivity Improvement Plan [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Expected restructuring and related charges | $ 60.9 | |||
Global Productivity Improvement Plan [Member] | Forecast [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Expected restructuring and related charges | $ 88.9 | |||
HHI Distribution Center Consolidation [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Expected restructuring and related charges | $ 81.7 | |||
GPC Rightsizing Initiative [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Expected restructuring and related charges | $ 20.3 |
Restructuring And Related Cha_4
Restructuring And Related Charges (Summary Of Restructuring And Related Charges) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and related charges | $ 65.7 | $ 75.6 | $ 37.5 |
Global Productivity Improvement Plan [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and related charges | 60.9 | ||
HHI Distribution Center Consolidation [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and related charges | 2.3 | 52 | 27.4 |
GPC Rightsizing Initiative [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and related charges | 12.1 | 8.2 | |
Other Restructuring Activities [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and related charges | 2.5 | 11.5 | 1.9 |
Cost of Goods Sold [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and related charges | 2.8 | 3.6 | 0.5 |
Operating Expense [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and related charges | $ 62.9 | $ 72 | $ 37 |
Restructuring And Related Cha_5
Restructuring And Related Charges (Summary Of Costs Incurred And Cumulative Costs By Cost Type) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and related charges | $ 65.7 | $ 75.6 | $ 37.5 |
Cumulative costs | 60.9 | 75.6 | |
Future costs to be incurred | 88.9 | 37.5 | |
Termination Benefits [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and related charges | 9.8 | 7.8 | 8 |
Cumulative costs | 9.7 | ||
Future costs to be incurred | 12.9 | ||
Other Costs [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and related charges | 55.9 | $ 67.8 | $ 29.5 |
Cumulative costs | 51.2 | ||
Future costs to be incurred | $ 76 |
Restructuring And Related Cha_6
Restructuring And Related Charges (Rollforward Of Restructuring Accrual) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Restructuring Cost and Reserve [Line Items] | ||
Accrual balance at beginning | $ 7.8 | $ 15.7 |
Provisions | 34.6 | 9.1 |
Cash expenditures | (7.1) | (17) |
Non-cash items | (1.7) | |
Accrual balance at ending | 33.6 | 7.8 |
Termination Benefits [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Accrual balance at beginning | 3.1 | 6.6 |
Provisions | 7.9 | 4.9 |
Cash expenditures | (3.8) | (8.4) |
Non-cash items | (0.6) | |
Accrual balance at ending | 6.6 | 3.1 |
Other Costs [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Accrual balance at beginning | 4.7 | 9.1 |
Provisions | 26.7 | 4.2 |
Cash expenditures | (3.3) | (8.6) |
Non-cash items | (1.1) | |
Accrual balance at ending | $ 27 | $ 4.7 |
Restructuring And Related Cha_7
Restructuring And Related Charges (Summary Of Costs Incurred By Reporting Segment) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and related charges | $ 65.7 | $ 75.6 | $ 37.5 |
Cumulative costs | 60.9 | 75.6 | |
Future costs to be incurred | 88.9 | 37.5 | |
Corporate [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and related charges | 43.5 | ||
Cumulative costs | 42.5 | 8.1 | |
Future costs to be incurred | 65.6 | 1.8 | |
Hardware & Home Improvement [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and related charges | 4.7 | ||
Cumulative costs | 1 | 52.8 | |
Future costs to be incurred | 1.6 | 26.6 | |
Home And Personal Care [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and related charges | 8.1 | ||
Cumulative costs | 8.1 | 0.7 | |
Future costs to be incurred | 4.7 | ||
Global Pet Supplies [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and related charges | 7.6 | ||
Cumulative costs | 7.6 | 13.2 | |
Future costs to be incurred | 16.8 | $ 9.1 | |
Home And Garden [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and related charges | 1.8 | ||
Cumulative costs | 1.7 | $ 0.8 | |
Future costs to be incurred | $ 0.2 |
Revenue Recognition (Disaggrega
Revenue Recognition (Disaggregation Of Revenue) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Disaggregation of Revenue [Line Items] | |||
Revenue | $ 3,802.1 | $ 3,808.7 | $ 3,705.4 |
Licensing [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 19.5 | ||
Other [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 4.7 | ||
North America [Member] | Product [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 2,799.2 | ||
EMEA [Member] | Product [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 652.7 | ||
Latin America [Member] | Product [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 204.4 | ||
Asia-Pacific [Member] | Product [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 121.6 | ||
Operating Segments [Member] | Hardware & Home Improvement [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 1,355.7 | 1,377.7 | 1,276.1 |
Operating Segments [Member] | Hardware & Home Improvement [Member] | Licensing [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 1.3 | ||
Operating Segments [Member] | Hardware & Home Improvement [Member] | North America [Member] | Product [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 1,282.5 | ||
Operating Segments [Member] | Hardware & Home Improvement [Member] | EMEA [Member] | Product [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 0.8 | ||
Operating Segments [Member] | Hardware & Home Improvement [Member] | Latin America [Member] | Product [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 47.1 | ||
Operating Segments [Member] | Hardware & Home Improvement [Member] | Asia-Pacific [Member] | Product [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 24 | ||
Operating Segments [Member] | Home And Personal Care [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 1,068.1 | 1,110.4 | 1,132.3 |
Operating Segments [Member] | Home And Personal Care [Member] | Licensing [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 9.7 | ||
Operating Segments [Member] | Home And Personal Care [Member] | North America [Member] | Product [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 428.6 | ||
Operating Segments [Member] | Home And Personal Care [Member] | EMEA [Member] | Product [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 429.3 | ||
Operating Segments [Member] | Home And Personal Care [Member] | Latin America [Member] | Product [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 139.5 | ||
Operating Segments [Member] | Home And Personal Care [Member] | Asia-Pacific [Member] | Product [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 61 | ||
Operating Segments [Member] | Global Pet Supplies [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 870.2 | 820.5 | 793.2 |
Operating Segments [Member] | Global Pet Supplies [Member] | Licensing [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 6.8 | ||
Operating Segments [Member] | Global Pet Supplies [Member] | Other [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 4.7 | ||
Operating Segments [Member] | Global Pet Supplies [Member] | North America [Member] | Product [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 586.1 | ||
Operating Segments [Member] | Global Pet Supplies [Member] | EMEA [Member] | Product [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 222.6 | ||
Operating Segments [Member] | Global Pet Supplies [Member] | Latin America [Member] | Product [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 13.4 | ||
Operating Segments [Member] | Global Pet Supplies [Member] | Asia-Pacific [Member] | Product [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 36.6 | ||
Operating Segments [Member] | Home And Garden [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 508.1 | $ 500.1 | $ 503.8 |
Operating Segments [Member] | Home And Garden [Member] | Licensing [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 1.7 | ||
Operating Segments [Member] | Home And Garden [Member] | North America [Member] | Product [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 502 | ||
Operating Segments [Member] | Home And Garden [Member] | Latin America [Member] | Product [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | $ 4.4 |
Revenue Recognition (Rollforwar
Revenue Recognition (Rollforward Of Allowance For Product Returns) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Revenue Recognition [Abstract] | |||
Beginning Balance | $ 20.9 | $ 20.3 | $ 21.9 |
Charged to Profit & Loss | 33.4 | 30.3 | 22.9 |
Deductions | (34.4) | (31.8) | (25.5) |
Other Adjustments | (0.7) | 2.1 | 1 |
Ending Balance | $ 19.2 | $ 20.9 | $ 20.3 |
Fair Value Of Financial Instr_3
Fair Value Of Financial Instruments (Narrative) (Details) - Energizer [Member] - USD ($) shares in Millions, $ in Millions | Jan. 28, 2019 | Sep. 30, 2019 |
Common Stock [Member] | ||
Fair Value Of Financial Instruments [Line Items] | ||
Unrealized loss on investment | $ 12.1 | |
Dividend income | $ 4.8 | |
Global Auto Care [Member] | ||
Fair Value Of Financial Instruments [Line Items] | ||
Stock consideration, value | $ 242.1 | |
Global Auto Care [Member] | Common Stock [Member] | ||
Fair Value Of Financial Instruments [Line Items] | ||
Stock consideration, shares | 5.3 | |
Stock consideration, value | $ 242.1 |
Fair Value Of Financial Instr_4
Fair Value Of Financial Instruments (Schedule Of Carrying Values And Fair Values For Financial Instruments) (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Sep. 30, 2018 |
Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments | $ 230.8 | |
Derivative Assets | 9.5 | $ 8.9 |
Derivative Liabilities | 2.3 | 0.8 |
Debt | 2,468.8 | 4,806.9 |
Carrying Amount [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments | 230.8 | |
Derivative Assets | 9.5 | 8.9 |
Derivative Liabilities | 2.3 | 0.8 |
Debt | 2,351.3 | 4,651.2 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments | 230.8 | |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative Assets | 9.5 | 8.9 |
Derivative Liabilities | 2.3 | 0.8 |
Debt | 2,468.8 | 4,806.9 |
SB/RH [Member] | Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt | 2,391.8 | 4,330.9 |
SB/RH [Member] | Carrying Amount [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt | 2,276 | 4,233.3 |
SB/RH [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt | $ 2,391.8 | $ 4,330.9 |
Receivables (Narrative) (Detail
Receivables (Narrative) (Details) $ in Millions | 12 Months Ended | |||
Sep. 30, 2019USD ($)customer | Sep. 30, 2018USD ($)customer | Sep. 30, 2017USD ($)customer | Sep. 30, 2016USD ($) | |
Receivables [Line Items] | ||||
Allowance for uncollectible receivables | $ 4.9 | $ 4 | $ 6.1 | $ 5.7 |
Aggregate gross amount factored, trade receivable | 1,649.3 | 1,675.3 | 1,627.8 | |
Factoring costs | $ 9.4 | $ 9.4 | $ 7.7 | |
Major Customer Three [Member] | Net Sales And/Or Trade Receivables [Member] | ||||
Receivables [Line Items] | ||||
Number of major customers accounting for a significant percentage of sales volume | customer | 3 | 3 | 3 | |
Major Customer Three [Member] | Net Sales And/Or Trade Receivables [Member] | Minimum [Member] | ||||
Receivables [Line Items] | ||||
Concentration risk | 10.00% | 10.00% | 10.00% | |
Major Customer Three [Member] | Net Sales [Member] | ||||
Receivables [Line Items] | ||||
Concentration risk | 34.40% | 31.30% | 34.70% | |
Major Customer Three [Member] | Trade Receivable [Member] | ||||
Receivables [Line Items] | ||||
Concentration risk | 29.90% | 37.20% |
Receivables (Schedule Of Allowa
Receivables (Schedule Of Allowance For Doubtful Accounts) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Receivables [Abstract] | |||
Beginning Balance | $ 4 | $ 6.1 | $ 5.7 |
Charged to Profit & Loss | 2.7 | 2.9 | |
Charged to Profit & Loss | (0.4) | ||
Deductions | (2.2) | (3.5) | (0.1) |
Other Adjustments | 0.4 | (1.5) | 0.9 |
Ending Balance | $ 4.9 | $ 4 | $ 6.1 |
Inventory (Schedule Of Inventor
Inventory (Schedule Of Inventories) (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Sep. 30, 2018 |
Inventory [Abstract] | ||
Raw materials | $ 66.2 | $ 70.3 |
Work-in-process | 46.4 | 35.3 |
Finished goods | 435.8 | 478 |
Inventories | $ 548.4 | $ 583.6 |
Property, Plant And Equipment_2
Property, Plant And Equipment (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Property, Plant and Equipment [Line Items] | ||||
Depreciation expense | $ 97.4 | $ 72.3 | $ 74.6 | |
Home And Personal Care [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Depreciation expense | $ 13.5 |
Property, Plant And Equipment_3
Property, Plant And Equipment (Schedule Of Property, Plant And Equipment) (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Sep. 30, 2018 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | $ 913.9 | $ 882.4 |
Accumulated depreciation | (461) | (382.4) |
Property, plant and equipment, net | 452.9 | 500 |
Land, Buildings And Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | 161.4 | 161.2 |
Machinery, Equipment And Other [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | 523.6 | 489.3 |
Capital Leases [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | 197.2 | 199.6 |
Construction In Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | $ 31.7 | $ 32.3 |
Goodwill And Intangible Asset_2
Goodwill And Intangible Assets (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Intangible Assets [Line Items] | ||||
Impairment of goodwill | $ 116 | |||
Indefinite-lived intangible assets | $ 240.4 | 240.4 | ||
Impairment of indefinite lived intangible assets | 35.4 | $ 20.3 | $ 16.3 | |
Amortization expense | 83.4 | 53 | $ 72.1 | |
Tradenames [Member] | ||||
Intangible Assets [Line Items] | ||||
Indefinite-lived intangible assets | 1,011.1 | 1,011.1 | 1,064.4 | |
Hardware & Home Improvement [Member] | ||||
Intangible Assets [Line Items] | ||||
Impairment of goodwill | ||||
Percentage of reporting units exceeded carrying values by | 33.00% | |||
Global Pet Supplies [Member] | ||||
Intangible Assets [Line Items] | ||||
Impairment of goodwill | ||||
Percentage of reporting units exceeded carrying values by | 4.00% | |||
Global Pet Supplies [Member] | Tradenames [Member] | ||||
Intangible Assets [Line Items] | ||||
Impairment of indefinite lived intangible assets | $ 16.6 | |||
Global Pet Supplies [Member] | Tradenames [Member] | Tradenames [Member] | ||||
Intangible Assets [Line Items] | ||||
Impairment of indefinite lived intangible assets | $ 20.3 | |||
Home And Garden [Member] | ||||
Intangible Assets [Line Items] | ||||
Impairment of goodwill | ||||
Percentage of reporting units exceeded carrying values by | 56.00% | |||
Home And Personal Care [Member] | ||||
Intangible Assets [Line Items] | ||||
Impairment of goodwill | $ 116 | $ 116 | ||
Amortization expense | 15.5 | |||
Home And Personal Care [Member] | Tradenames [Member] | ||||
Intangible Assets [Line Items] | ||||
Impairment of indefinite lived intangible assets | 18.8 | |||
HHI, GPC, and H&G [Member] | ||||
Intangible Assets [Line Items] | ||||
Impairment of goodwill | $ 0 |
Goodwill And Intangible Asset_3
Goodwill And Intangible Assets (Changes In The Carrying Amount Of Goodwill By Reporting Segment) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2019 | Sep. 30, 2018 | |
Goodwill [Line Items] | |||
Goodwill, beginning | $ 1,454.7 | $ 1,461.8 | |
Foreign currency impact | (9.7) | (7.1) | |
Impairment | (116) | ||
Deferred Tax impact | (0.9) | ||
Goodwill, ending | $ 1,328.1 | 1,328.1 | 1,454.7 |
Hardware & Home Improvement [Member] | |||
Goodwill [Line Items] | |||
Goodwill, beginning | 704.3 | 708.7 | |
Foreign currency impact | (2.2) | (4.4) | |
Impairment | |||
Deferred Tax impact | |||
Goodwill, ending | 702.1 | 702.1 | 704.3 |
Global Pet Supplies [Member] | |||
Goodwill [Line Items] | |||
Goodwill, beginning | 435.9 | 437.1 | |
Foreign currency impact | (5.5) | (1.2) | |
Impairment | |||
Deferred Tax impact | |||
Goodwill, ending | 430.4 | 430.4 | 435.9 |
Home And Garden [Member] | |||
Goodwill [Line Items] | |||
Goodwill, beginning | 196.5 | 196.5 | |
Foreign currency impact | |||
Impairment | |||
Deferred Tax impact | (0.9) | ||
Goodwill, ending | 195.6 | 195.6 | 196.5 |
Home And Personal Care [Member] | |||
Goodwill [Line Items] | |||
Goodwill, beginning | 118 | 119.5 | |
Foreign currency impact | (2) | (1.5) | |
Impairment | (116) | (116) | |
Deferred Tax impact | |||
Goodwill, ending | $ 118 |
Goodwill And Intangible Asset_4
Goodwill And Intangible Assets (Schedule Of Carrying Value And Accumulated Amortization For Intangible Assets) (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Sep. 30, 2018 |
Finite-Lived Intangible Assets [Line Items] | ||
Amortizable Intangible Assets, Gross Carrying Amount | $ 1,034.7 | $ 1,036 |
Accumulated Amortization | (538.7) | (458.6) |
Amortizable Intangible Assets, Net | 496 | 577.4 |
Indefinite-lived Intangible Assets | 240.4 | |
Total Intangible Assets, Gross Carrying Amount | 2,045.8 | 2,100.4 |
Total Intangible Assets, Net | 1,507.1 | 1,641.8 |
Tradenames [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Indefinite-lived Intangible Assets | 1,011.1 | 1,064.4 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortizable Intangible Assets, Gross Carrying Amount | 694.9 | 701.3 |
Accumulated Amortization | (329.7) | (275.3) |
Amortizable Intangible Assets, Net | 365.2 | 426 |
Technology Assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortizable Intangible Assets, Gross Carrying Amount | 179.4 | 181.5 |
Accumulated Amortization | (90.9) | (78.2) |
Amortizable Intangible Assets, Net | 88.5 | 103.3 |
Tradenames [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortizable Intangible Assets, Gross Carrying Amount | 160.4 | 153.2 |
Accumulated Amortization | (118.1) | (105.1) |
Amortizable Intangible Assets, Net | $ 42.3 | $ 48.1 |
Goodwill And Intangible Asset_5
Goodwill And Intangible Assets (Schedule Of Future Amortization Expense) (Details) $ in Millions | Sep. 30, 2019USD ($) |
Goodwill And Intangible Assets [Abstract] | |
2020 | $ 80.1 |
2021 | 64.1 |
2022 | 55.2 |
2023 | 44.8 |
2024 | $ 44.7 |
Debt (Narrative) (Details)
Debt (Narrative) (Details) $ in Millions | Sep. 24, 2019USD ($) | Mar. 21, 2019USD ($) | Jan. 30, 2019USD ($) | Jan. 04, 2019USD ($) | Oct. 31, 2018USD ($) | Apr. 07, 2017USD ($) | Mar. 06, 2017USD ($) | Mar. 05, 2017 | Oct. 20, 2016USD ($) | Oct. 06, 2016USD ($) | Sep. 20, 2016EUR (€) | Jun. 23, 2015EUR (€) | May 20, 2015USD ($) | Dec. 04, 2014USD ($) | Dec. 17, 2012USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2016USD ($) | Oct. 08, 2019USD ($) | Oct. 01, 2019USD ($) | Sep. 30, 2018USD ($) | Mar. 28, 2018USD ($) | Sep. 30, 2017USD ($) | May 24, 2017USD ($) | May 16, 2017USD ($) | Jun. 23, 2015USD ($) | Jun. 23, 2015CAD ($) | Feb. 28, 2015USD ($) | Sep. 30, 2013USD ($) | Feb. 28, 2013USD ($) |
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Revolving credit facility | $ 800,000,000 | ||||||||||||||||||||||||||||
Debt issuance costs | $ 33,000,000 | $ 57,600,000 | |||||||||||||||||||||||||||
Subsequent Event [Member] | Tender Offer [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Redeemed outstanding aggregate principal | $ 1,000,000 | ||||||||||||||||||||||||||||
Revolving Credit Facility [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Revolving credit facility | $ 700,000,000 | ||||||||||||||||||||||||||||
Interest rate | 6.75% | 6.75% | 6.75% | ||||||||||||||||||||||||||
Commitment fee | 35.00% | ||||||||||||||||||||||||||||
Debt issuance costs | $ 2,600,000 | ||||||||||||||||||||||||||||
Aggregate borrowing availability | 779,000,000 | ||||||||||||||||||||||||||||
Outstanding letters of credit | $ 19,500,000 | ||||||||||||||||||||||||||||
Revolving Credit Facility [Member] | Extended Maturity [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Maturity date | Mar. 6, 2022 | ||||||||||||||||||||||||||||
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Percentage over base variable rate | 2.25% | 1.75% | |||||||||||||||||||||||||||
Revolving Credit Facility [Member] | Base Rate [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Percentage over base variable rate | 1.25% | 0.75% | |||||||||||||||||||||||||||
Term Loan [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Debt issuance costs | $ 2,700,000 | ||||||||||||||||||||||||||||
Interest expense | $ 600,000 | $ 1,000,000 | |||||||||||||||||||||||||||
Paid in full | $ 1,231,700,000 | ||||||||||||||||||||||||||||
Gain (Loss) on extinguishment of debt | $ 9,000,000 | ||||||||||||||||||||||||||||
Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Interest rate | 0.75% | ||||||||||||||||||||||||||||
Percentage over base variable rate | 2.00% | 2.50% | |||||||||||||||||||||||||||
Term Loan [Member] | Base Rate [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Interest rate | 1.75% | ||||||||||||||||||||||||||||
Percentage over base variable rate | 1.00% | 1.50% | |||||||||||||||||||||||||||
Term Loan [Member] | Senior Credit Agreement [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Term loan | $ 250,000,000 | $ 1,450,000,000 | |||||||||||||||||||||||||||
Maturity date | Jun. 23, 2022 | ||||||||||||||||||||||||||||
CAD Term Loan [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Paid in full | $ 32,600,000 | ||||||||||||||||||||||||||||
CAD Term Loan [Member] | Senior Credit Agreement [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Term loan | $ 75 | ||||||||||||||||||||||||||||
Maturity date | Jun. 23, 2022 | ||||||||||||||||||||||||||||
Euro Term Loan [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Debt issuance costs | $ 600,000 | ||||||||||||||||||||||||||||
Euro Term Loan [Member] | Senior Credit Agreement [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Term loan | € | € 300,000,000 | ||||||||||||||||||||||||||||
Maturity date | Jun. 23, 2022 | ||||||||||||||||||||||||||||
Revolver [Member] | Revolving Credit Facility [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Revolving credit facility | $ 500,000,000 | ||||||||||||||||||||||||||||
Maturity date | Jun. 23, 2020 | ||||||||||||||||||||||||||||
5.00% Notes, Due October 1, 2029 [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Aggregate borrowing amount | $ 300,000,000 | ||||||||||||||||||||||||||||
Interest rate | 5.00% | 5.00% | |||||||||||||||||||||||||||
Maturity date | Oct. 1, 2029 | Oct. 1, 2029 | |||||||||||||||||||||||||||
Capitalized debt issuance costs | $ 4,100,000 | ||||||||||||||||||||||||||||
4.00% Notes, Due October 1, 2026 [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Aggregate borrowing amount | € | € 425,000,000 | ||||||||||||||||||||||||||||
Interest rate | 4.00% | 4.00% | 4.00% | ||||||||||||||||||||||||||
Maturity date | Oct. 1, 2026 | Oct. 1, 2026 | |||||||||||||||||||||||||||
Capitalized debt issuance costs | $ 7,700,000 | ||||||||||||||||||||||||||||
5.75% Notes, Due July 15, 2025 [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Aggregate borrowing amount | $ 1,000,000,000 | ||||||||||||||||||||||||||||
Interest rate | 5.75% | 5.75% | 5.75% | ||||||||||||||||||||||||||
Maturity date | Jul. 15, 2025 | Jul. 15, 2025 | |||||||||||||||||||||||||||
Capitalized debt issuance costs | $ 19,700,000 | ||||||||||||||||||||||||||||
6.125% Notes, Due December 15, 2024 [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Aggregate borrowing amount | $ 250,000,000 | ||||||||||||||||||||||||||||
Interest rate | 6.125% | 6.125% | 6.125% | ||||||||||||||||||||||||||
Maturity date | Dec. 15, 2024 | Dec. 15, 2024 | |||||||||||||||||||||||||||
Capitalized debt issuance costs | $ 4,600,000 | ||||||||||||||||||||||||||||
6.625% Notes, Due November 15, 2022 [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Aggregate borrowing amount | $ 570,000,000 | $ 570,000,000 | |||||||||||||||||||||||||||
Interest rate | 6.625% | 6.625% | |||||||||||||||||||||||||||
Maturity date | Nov. 15, 2022 | Nov. 15, 2022 | |||||||||||||||||||||||||||
Repayment of notes | 285,000,000 | ||||||||||||||||||||||||||||
Percentage of aggregate principal amount of debt that issuer may redeem with cash equal to net proceeds issuer raises in equity offerings at specified redemption prices | 58.80% | ||||||||||||||||||||||||||||
Gain (Loss) on extinguishment of debt | $ (4,600,000) | (9,600,000) | |||||||||||||||||||||||||||
Repayment of premium on debt | 2,900,000 | 6,300,000 | |||||||||||||||||||||||||||
Write-off of deferred financing costs | 1,700,000 | $ 3,300,000 | |||||||||||||||||||||||||||
Repurchased aggregate principal amount | $ 167,600,000 | ||||||||||||||||||||||||||||
6.625% Notes, Due November 15, 2022 [Member] | Subsequent Event [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Redeemed outstanding aggregate principal | $ 116,500,000 | ||||||||||||||||||||||||||||
6.375% Notes, Due November 15, 2020 [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Aggregate borrowing amount | $ 520,000,000 | ||||||||||||||||||||||||||||
Interest rate | 6.375% | ||||||||||||||||||||||||||||
Maturity date | Nov. 15, 2020 | ||||||||||||||||||||||||||||
Debt issuance costs | $ 1,900,000 | ||||||||||||||||||||||||||||
Redeemed outstanding aggregate principal | $ 129,700,000 | ||||||||||||||||||||||||||||
6.375% Notes, Due November 15, 2020 [Member] | Tender Fees And Expenses [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Debt issuance costs | $ 6,500,000 | ||||||||||||||||||||||||||||
6.375% Notes, Due November 15, 2020 [Member] | Tender Premium [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Interest expense | 15,600,000 | ||||||||||||||||||||||||||||
6.375% Notes, Due November 15, 2020 [Member] | Tender Offer [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Capitalized debt issuance costs | 5,800,000 | ||||||||||||||||||||||||||||
Repurchased aggregate principal amount | $ 390,300,000 | ||||||||||||||||||||||||||||
6.375% Notes, Due November 15, 2020 [Member] | Premium [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Interest expense | $ 4,600,000 | ||||||||||||||||||||||||||||
HRG - 7.75% Senior Secured Notes, Due 2022 [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Aggregate borrowing amount | $ 890,000,000 | ||||||||||||||||||||||||||||
Maturity year | 2022 | ||||||||||||||||||||||||||||
Interest rate | 7.75% | ||||||||||||||||||||||||||||
Gain (Loss) on extinguishment of debt | $ (41,200,000) | ||||||||||||||||||||||||||||
Repayment of premium on debt | 17,200,000 | ||||||||||||||||||||||||||||
Write-off of deferred financing costs | $ 24,000,000 | ||||||||||||||||||||||||||||
Minimum [Member] | Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Interest rate | 1.75% | ||||||||||||||||||||||||||||
Minimum [Member] | Revolving Credit Facility [Member] | Base Rate [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Percentage over base variable rate | 0.75% | ||||||||||||||||||||||||||||
Minimum [Member] | 5.00% Notes, Due October 1, 2029 [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Minimum percentage of aggregate outstanding principal amount to declare acceleration of debt in case of default | 25.00% | ||||||||||||||||||||||||||||
Minimum [Member] | 4.00% Notes, Due October 1, 2026 [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Minimum percentage of aggregate outstanding principal amount to declare acceleration of debt in case of default | 25.00% | ||||||||||||||||||||||||||||
Minimum [Member] | 5.75% Notes, Due July 15, 2025 [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Percentage of aggregate principal amount of debt that issuer may redeem with cash equal to net proceeds issuer raises in equity offerings at specified redemption prices | 35.00% | ||||||||||||||||||||||||||||
Percentage of holders of aggregate outstanding principal amount to declare acceleration of amounts due in any event of default | 25.00% | ||||||||||||||||||||||||||||
Minimum [Member] | 6.125% Notes, Due December 15, 2024 [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Percentage of holders of aggregate outstanding principal amount to declare acceleration of amounts due in any event of default | 25.00% | ||||||||||||||||||||||||||||
Minimum [Member] | 6.625% Notes, Due November 15, 2022 [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Debt redemption notice period | 30 days | ||||||||||||||||||||||||||||
Maximum [Member] | Revolving Credit Facility [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Maximum total leverage ratio | 6.00% | ||||||||||||||||||||||||||||
Maximum [Member] | Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Interest rate | 2.25% | ||||||||||||||||||||||||||||
Maximum [Member] | Revolving Credit Facility [Member] | Base Rate [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Percentage over base variable rate | 1.25% | ||||||||||||||||||||||||||||
Maximum [Member] | 5.00% Notes, Due October 1, 2029 [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Debt price as percentage of par value | 100.00% | ||||||||||||||||||||||||||||
Percentage of aggregate principal amount of debt that issuer may redeem with cash equal to net proceeds issuer raises in equity offerings at specified redemption prices | 35.00% | ||||||||||||||||||||||||||||
Maximum [Member] | 4.00% Notes, Due October 1, 2026 [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Debt price as percentage of par value | 100.00% | ||||||||||||||||||||||||||||
Percentage of aggregate principal amount of debt that issuer may redeem with cash equal to net proceeds issuer raises in equity offerings at specified redemption prices | 35.00% | ||||||||||||||||||||||||||||
Maximum [Member] | 5.75% Notes, Due July 15, 2025 [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Debt price as percentage of par value | 100.00% | ||||||||||||||||||||||||||||
Maximum [Member] | 6.125% Notes, Due December 15, 2024 [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Debt price as percentage of par value | 100.00% | ||||||||||||||||||||||||||||
Percentage of aggregate principal amount of debt that issuer may redeem with cash equal to net proceeds issuer raises in equity offerings at specified redemption prices | 35.00% | ||||||||||||||||||||||||||||
Maximum [Member] | 6.625% Notes, Due November 15, 2022 [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Debt redemption notice period | 60 days | ||||||||||||||||||||||||||||
Foreign Subsidiary [Member] | Revolving Credit Facility [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Outstanding letters of credit | $ 1,500,000 | ||||||||||||||||||||||||||||
Salus [Member] | Collateralized Loan Obligations [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Aggregate notional principle amount | $ 578,500,000 | $ 578,500,000 | $ 578,500,000 | ||||||||||||||||||||||||||
Outstanding notional aggregate principle amount | 77,000,000 | 77,000,000 | |||||||||||||||||||||||||||
Cash | 400,000 | ||||||||||||||||||||||||||||
SB/RH [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Debt issuance costs | $ 31,500,000 | $ 45,500,000 | |||||||||||||||||||||||||||
Fidelity And Guaranty Life [Member] | Salus [Member] | Collateralized Loan Obligations [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Aggregate notional principle amount | $ 48,100,000 |
Debt (Schedule Of Debt) (Detail
Debt (Schedule Of Debt) (Details) - USD ($) $ in Millions | Sep. 24, 2019 | Sep. 20, 2016 | May 20, 2015 | Dec. 04, 2014 | Dec. 17, 2012 | Sep. 30, 2019 | Sep. 30, 2018 | Jun. 23, 2015 |
Debt Instrument [Line Items] | ||||||||
Long-term debt | $ 2,384.5 | |||||||
Debt | 2,483.4 | |||||||
Unamortized discount on debt | (0.2) | $ (19.8) | ||||||
Debt issuance costs | (33) | (57.6) | ||||||
Less current portion | (136.9) | (26.9) | ||||||
Long-term debt, net of current portion | 2,214.4 | 4,624.3 | ||||||
Revolving Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate | 6.75% | |||||||
Spectrum Brands, Inc. [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt | 2,307.5 | 3,761.6 | ||||||
Spectrum Brands, Inc. And SB/RH [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt | 2,307.5 | 4,281.6 | ||||||
Spectrum Brands Holdings, Inc. [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt | 2,384.5 | 4,728.6 | ||||||
Spectrum Brands Holdings, Inc. And SB/RH [Member} | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt | 2,307.5 | 4,281.6 | ||||||
SB/RH [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt | 2,307.5 | |||||||
Debt | 2,406.4 | |||||||
Unamortized discount on debt | (2.8) | |||||||
Debt issuance costs | (31.5) | (45.5) | ||||||
Less current portion | (136.9) | (546.9) | ||||||
Long-term debt, net of current portion | $ 2,139.1 | 3,686.4 | ||||||
Expiring March 6, 2022 [Member] | Revolving Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Maturity date | Mar. 6, 2022 | |||||||
Term Loan [Member] | Due June 23, 2022 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Term loan | $ 1,231.7 | |||||||
Rate | 4.40% | |||||||
Maturity date | Jun. 23, 2022 | |||||||
Term Loan [Member] | Due June 23, 2022 [Member] | SB/RH [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Term loan | $ 1,231.7 | |||||||
Rate | 4.40% | |||||||
CAD Term Loan [Member] | Due June 23, 2022 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Term loan | $ 32.8 | |||||||
Rate | 5.50% | |||||||
Maturity date | Jun. 23, 2022 | |||||||
CAD Term Loan [Member] | Due June 23, 2022 [Member] | SB/RH [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Term loan | $ 32.8 | |||||||
Rate | 5.50% | |||||||
6.625% Notes, Due November 15, 2022 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Notes | $ 117.4 | $ 570 | ||||||
Rate | 6.60% | 6.60% | ||||||
Interest rate | 6.625% | 6.625% | ||||||
Maturity date | Nov. 15, 2022 | Nov. 15, 2022 | ||||||
6.625% Notes, Due November 15, 2022 [Member] | SB/RH [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Notes | $ 117.4 | $ 570 | ||||||
Rate | 6.60% | 6.60% | ||||||
6.125% Notes, Due December 15, 2024 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Notes | $ 250 | $ 250 | ||||||
Rate | 6.10% | 6.10% | ||||||
Interest rate | 6.125% | 6.125% | 6.125% | |||||
Maturity date | Dec. 15, 2024 | Dec. 15, 2024 | ||||||
6.125% Notes, Due December 15, 2024 [Member] | SB/RH [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Notes | $ 250 | $ 250 | ||||||
Rate | 6.10% | 6.10% | ||||||
5.00% Notes, Due October 1, 2029 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Notes | $ 300 | |||||||
Rate | 5.00% | |||||||
Interest rate | 5.00% | 5.00% | ||||||
Maturity date | Oct. 1, 2029 | Oct. 1, 2029 | ||||||
5.00% Notes, Due October 1, 2029 [Member] | SB/RH [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Notes | $ 300 | |||||||
Rate | 5.00% | |||||||
5.75% Notes, Due July 15, 2025 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Notes | $ 1,000 | $ 1,000 | ||||||
Rate | 5.80% | 5.80% | ||||||
Interest rate | 5.75% | 5.75% | 5.75% | |||||
Maturity date | Jul. 15, 2025 | Jul. 15, 2025 | ||||||
5.75% Notes, Due July 15, 2025 [Member] | SB/RH [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Notes | $ 1,000 | $ 1,000 | ||||||
Rate | 5.80% | 5.80% | ||||||
4.00% Notes, Due October 1, 2026 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Notes | $ 465 | $ 494.7 | ||||||
Rate | 4.00% | 4.00% | ||||||
Interest rate | 4.00% | 4.00% | 4.00% | |||||
Maturity date | Oct. 1, 2026 | Oct. 1, 2026 | ||||||
4.00% Notes, Due October 1, 2026 [Member] | SB/RH [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Notes | $ 465 | $ 494.7 | ||||||
Rate | 4.00% | 4.00% | ||||||
Other Notes And Obligations [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Other notes and obligations | $ 9.5 | $ 7.3 | ||||||
Rate | 10.40% | 9.50% | ||||||
Other Notes And Obligations [Member] | SB/RH [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Other notes and obligations | $ 9.5 | $ 7.3 | ||||||
Rate | 10.40% | 9.50% | ||||||
Intercompany Note [Member] | SB/RH [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Intercompany note with parent | $ 520 | |||||||
Rate | 4.30% | |||||||
Obligations Under Capital Leases [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Obligations under capital leases | $ 165.6 | $ 175.1 | ||||||
Rate | 5.60% | 5.50% | ||||||
Obligations Under Capital Leases [Member] | SB/RH [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Obligations under capital leases | $ 165.6 | $ 175.1 | ||||||
Rate | 5.60% | 5.50% | ||||||
HRG - 7.75% Senior Unsecured Notes, Due January 15, 2022 [Member] | Unsecured Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Notes | $ 890 | |||||||
Rate | 7.80% | |||||||
Interest rate | 7.75% | 7.75% | ||||||
Maturity date | Jan. 15, 2022 | |||||||
Salus - Unaffiliated Long-Term Debt Of Consolidated VIE [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt | $ 77 | $ 77 |
Debt (Aggregate Scheduled Matur
Debt (Aggregate Scheduled Maturities Of Debt And Capital Lease Obligations) (Details) $ in Millions | Sep. 30, 2019USD ($) |
Debt Instrument [Line Items] | |
2020 | $ 144.4 |
2021 | 96.7 |
2022 | 16.5 |
2023 | 15.5 |
2024 | 265.4 |
Thereafter | 1,944.9 |
Total debt | 2,483.4 |
Interest | (98.9) |
Long-term debt | 2,384.5 |
Capital Lease Obligations [Member] | |
Debt Instrument [Line Items] | |
2020 | 17.5 |
2021 | 19.7 |
2022 | 16.5 |
2023 | 15.5 |
2024 | 15.4 |
Thereafter | 179.9 |
Total debt | 264.5 |
Interest | (98.9) |
Long-term debt | 165.6 |
Debt [Member] | |
Debt Instrument [Line Items] | |
2020 | 126.9 |
2021 | 77 |
2022 | |
2023 | |
2024 | 250 |
Thereafter | 1,765 |
Total debt | 2,218.9 |
Interest | |
Long-term debt | 2,218.9 |
SB/RH [Member] | |
Debt Instrument [Line Items] | |
2020 | 144.4 |
2021 | 19.7 |
2022 | 16.5 |
2023 | 15.5 |
2024 | 265.4 |
Thereafter | 1,944.9 |
Total debt | 2,406.4 |
Interest | (98.9) |
Long-term debt | 2,307.5 |
SB/RH [Member] | Capital Lease Obligations [Member] | |
Debt Instrument [Line Items] | |
2020 | 17.5 |
2021 | 19.7 |
2022 | 16.5 |
2023 | 15.5 |
2024 | 15.4 |
Thereafter | 179.9 |
Total debt | 264.5 |
Interest | (98.9) |
Long-term debt | 165.6 |
SB/RH [Member] | Debt [Member] | |
Debt Instrument [Line Items] | |
2020 | 126.9 |
2021 | |
2022 | |
2023 | |
2024 | 250 |
Thereafter | 1,765 |
Total debt | 2,141.9 |
Interest | |
Long-term debt | $ 2,141.9 |
Leases (Narrative) (Details)
Leases (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Leases [Abstract] | |||
Rent expense | $ 28.7 | $ 33 | $ 34.8 |
Leases (Schedule Of Future Mini
Leases (Schedule Of Future Minimum Rental Commitments Under Non-Cancelable Operating Leases) (Details) $ in Millions | Sep. 30, 2019USD ($) |
Leases [Abstract] | |
2020 | $ 25 |
2021 | 23.2 |
2022 | 20.6 |
2023 | 17.8 |
2024 | 10.8 |
Thereafter | 37.5 |
Total minimum lease payments | $ 134.9 |
Derivatives (Narrative) (Detail
Derivatives (Narrative) (Details) € in Millions, $ in Millions | 12 Months Ended | ||
Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Sep. 20, 2016EUR (€) | |
4.00% Notes, Due October 1, 2026 [Member] | |||
Derivative [Line Items] | |||
Notes | $ 465 | $ 494.7 | |
Interest rate | 4.00% | 4.00% | 4.00% |
Cash Flow Hedging [Member] | Interest Rate Swaps [Member] | |||
Derivative [Line Items] | |||
Derivative, fixed interest rate | 1.76% | ||
Notional value | $ 300 | ||
Derivative, maturity date | May 8, 2020 | ||
Gain on interest rate swap as a reduction to interest expense | $ 3.6 | ||
Interest rate swaps outstanding | $ 0 | ||
Cash Flow Hedging [Member] | Commodity Swaps [Member] | |||
Derivative [Line Items] | |||
Derivative, maturity date | Feb. 28, 2021 | ||
Derivative net (loss) gain estimated to be reclassified from AOCI into earnings over the next 12 months | $ (0.2) | ||
Cash Flow Hedging [Member] | Foreign Exchange Contracts [Member] | |||
Derivative [Line Items] | |||
Notional value | $ 235.6 | $ 261.6 | |
Derivative, maturity date | Mar. 31, 2021 | ||
Derivative net (loss) gain estimated to be reclassified from AOCI into earnings over the next 12 months | $ (5.7) | ||
Fair Value Hedging [Member] | |||
Derivative [Line Items] | |||
Posted cash collateral | 0 | 0 | |
Posted standby letters of credit | 0 | 0 | |
Net Investment Hedge [Member] | 4.00% Notes, Due October 1, 2026 [Member] | |||
Derivative [Line Items] | |||
Notes | € | € 425 | ||
Interest rate | 4.00% | ||
Not Designated as Hedging [Member] | Foreign Exchange Contracts [Member] | |||
Derivative [Line Items] | |||
Notional value | $ 837.5 | $ 105.2 | |
Derivative, maturity date | Oct. 25, 2019 |
Derivatives (Schedule Of Intere
Derivatives (Schedule Of Interest Rate Swap Derivative Financial Instruments) (Details) - Cash Flow Hedging [Member] - Interest Rate Swaps [Member] $ in Millions | 12 Months Ended |
Sep. 30, 2018USD ($) | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Notional Amount | $ 300 |
Remaining Years | 1 year 7 months 6 days |
Derivatives (Schedule Of Commod
Derivatives (Schedule Of Commodity Swap Contracts Outstanding) (Details) - Brass [Member] - Cash Flow Hedging [Member] $ in Millions | 12 Months Ended | |
Sep. 30, 2019USD ($)T | Sep. 30, 2018USD ($)T | |
Derivative [Line Items] | ||
Notional Amount | T | 0.9 | 1 |
Contract Value | $ | $ 4.4 | $ 5.6 |
Derivatives (Schedule Of Fair V
Derivatives (Schedule Of Fair Value Of Outstanding Derivative Instruments) (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Sep. 30, 2018 |
Derivatives, Fair Value [Line Items] | ||
Derivative assets | $ 9.5 | $ 8.9 |
Derivative liabilities | 2.3 | 0.8 |
Commodity Swaps [Member] | Accounts Payable [Member] | Designated as Hedging [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | 0.2 | 0.4 |
Interest Rate Swaps [Member] | Other Receivables [Member] | Designated as Hedging [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 1.8 | |
Interest Rate Swaps [Member] | Deferred Charges And Other [Member] | Designated as Hedging [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 1 | |
Interest Rate Swaps [Member] | Accrued Interest [Member] | Designated as Hedging [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | (0.3) | |
Foreign Exchange Contracts [Member] | Other Receivables [Member] | Designated as Hedging [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 7.8 | 5.5 |
Foreign Exchange Contracts [Member] | Other Receivables [Member] | Not Designated as Hedging [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 1.2 | 0.4 |
Foreign Exchange Contracts [Member] | Deferred Charges And Other [Member] | Designated as Hedging [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 0.5 | 0.2 |
Foreign Exchange Contracts [Member] | Accounts Payable [Member] | Designated as Hedging [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | 0.2 | 0.3 |
Foreign Exchange Contracts [Member] | Accounts Payable [Member] | Not Designated as Hedging [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | $ 1.9 | 0.2 |
Foreign Exchange Contracts [Member] | Other Long-term Liabilities [Member] | Designated as Hedging [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | $ 0.2 |
Derivatives (Summary Of Impact
Derivatives (Summary Of Impact Of Effective And Ineffective Portions Of Designated Hedges And Gain (Loss)) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Effective Portion, Gain (Loss) in OCI | $ 42.4 | $ 16.4 | $ (31.6) |
Effective Portion, Gain (Loss) Reclassified to Operations | 11.1 | (8.5) | 5.7 |
Discontinued Operations [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Effective Portion, Gain (Loss) Reclassified to Operations | (1.7) | 1.6 | 5.1 |
Ineffective Portion, Gain (Loss) to Operations | 1.7 | 1.2 | |
Other Non-Operating [Member] | Net Investment Hedge [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Effective Portion, Gain (Loss) in OCI | 29.8 | 6.2 | (24) |
Interest Rate Swaps [Member] | Interest Expense [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Effective Portion, Gain (Loss) in OCI | (0.6) | 4 | (0.7) |
Effective Portion, Gain (Loss) Reclassified to Operations | (1.3) | ||
Interest Rate Swaps [Member] | Interest Expense [Member] | Discontinued Operations [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Effective Portion, Gain (Loss) Reclassified to Operations | 2.2 | 1.1 | |
Ineffective Portion, Gain (Loss) to Operations | 1.7 | 1.2 | |
Commodity Swaps [Member] | Cost of Goods Sold [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Effective Portion, Gain (Loss) in OCI | (1.1) | (4.5) | 6.2 |
Effective Portion, Gain (Loss) Reclassified to Operations | (0.4) | 0.7 | 0.7 |
Commodity Swaps [Member] | Cost of Goods Sold [Member] | Discontinued Operations [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Effective Portion, Gain (Loss) Reclassified to Operations | (4.4) | 2.4 | 4.7 |
Foreign Exchange Contracts [Member] | Net Sales [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Effective Portion, Gain (Loss) in OCI | (0.4) | (0.1) | 0.4 |
Effective Portion, Gain (Loss) Reclassified to Operations | (0.2) | 0.1 | (0.1) |
Foreign Exchange Contracts [Member] | Cost of Goods Sold [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Effective Portion, Gain (Loss) in OCI | 14.7 | 10.8 | (13.5) |
Effective Portion, Gain (Loss) Reclassified to Operations | 11.7 | (9.3) | 6.4 |
Foreign Exchange Contracts [Member] | Cost of Goods Sold [Member] | Discontinued Operations [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Effective Portion, Gain (Loss) Reclassified to Operations | $ 0.5 | $ (1.9) | $ 0.4 |
Derivatives (Summary Of Impac_2
Derivatives (Summary Of Impact Of Derivative Instruments) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Foreign Exchange Contracts [Member] | Other Non-Operating [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) on derivatives recognized in operations | $ 47.3 | $ (2.3) | $ 0.8 |
Employee Benefit Plans (Narrati
Employee Benefit Plans (Narrative) (Details) - USD ($) $ in Millions | Nov. 15, 2017 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 |
Defined Benefit Plan Disclosure [Line Items] | ||||
Net loss in AOCI expected to be recognized during fiscal 2020 | $ 4.3 | |||
HRG Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Termination date, defined benefit plan | Feb. 15, 2018 | |||
Defined Contribution Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Company contributions to pension and defined benefit plans, including discretionary amounts | $ 11.7 | $ 10.7 | $ 10.7 |
Employee Benefit Plans (Informa
Employee Benefit Plans (Information On Pension Plans) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets, beginning of year | $ 185.1 | ||
Fair value of plan assets, end of year | 188.6 | $ 185.1 | |
Deferred charges and other | 51.7 | 231.8 | |
Other long-term liabilities | 112 | 121.4 | |
Accumulated other comprehensive loss | (273.6) | (235.8) | |
United States [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 0.4 | 0.4 | $ 0.4 |
Interest cost | 2.8 | 2.7 | 2.7 |
Non U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 1.9 | 2 | 2.5 |
Interest cost | 3.4 | 3.6 | 3.3 |
Pension Benefit [Member] | United States [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Benefit obligation, beginning of year | 70.5 | 75.3 | |
Service cost | 0.4 | 0.4 | |
Interest cost | 2.8 | 2.7 | |
Actuarial loss (gain) | 10.3 | (4.2) | |
Plan Amendments | |||
Benefits paid | (3.8) | (3.7) | |
Foreign currency exchange rate changes | |||
Benefit obligation, end of year | 80.2 | 70.5 | 75.3 |
Fair value of plan assets, beginning of year | 69.3 | 68.9 | |
Actual return on plan assets | 2.7 | 3.7 | |
Employer contributions | 0.4 | 0.4 | |
Benefits paid | (3.8) | (3.7) | |
Foreign currency exchange rate changes | |||
Fair value of plan assets, end of year | 68.6 | 69.3 | 68.9 |
Funded Status | (11.6) | (1.2) | |
Deferred charges and other | 0.1 | ||
Other accrued expenses | 0.3 | 0.4 | |
Other long-term liabilities | 11.3 | 0.9 | |
Accumulated other comprehensive loss | $ 19.3 | $ 7.5 | |
Weighted average assumptions | |||
Discount rate | 3.04% | 4.10% | |
Pension Benefit [Member] | Non U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Benefit obligation, beginning of year | $ 148.9 | $ 149.8 | |
Service cost | 1.9 | 2 | |
Interest cost | 3.4 | 3.6 | |
Actuarial loss (gain) | 27.5 | 1.5 | |
Plan Amendments | 0.2 | ||
Benefits paid | (5.9) | (5.3) | |
Foreign currency exchange rate changes | (8.2) | (2.7) | |
Benefit obligation, end of year | 167.8 | 148.9 | 149.8 |
Fair value of plan assets, beginning of year | 115.8 | 115.9 | |
Actual return on plan assets | 13.5 | 1.9 | |
Employer contributions | 3.1 | 5.6 | |
Benefits paid | (5.9) | (5.3) | |
Foreign currency exchange rate changes | (6.5) | (2.3) | |
Fair value of plan assets, end of year | 120 | 115.8 | $ 115.9 |
Funded Status | (47.8) | (33.1) | |
Deferred charges and other | 3 | 3.2 | |
Other accrued expenses | 0.5 | 0.4 | |
Other long-term liabilities | 50.3 | 35.9 | |
Accumulated other comprehensive loss | $ 49.9 | $ 35.8 | |
Pension Benefit [Member] | Minimum [Member] | Non U.S. Plans [Member] | |||
Weighted average assumptions | |||
Discount rate | 0.75% | 1.00% | |
Rate of compensation increase | 2.25% | 2.25% | |
Pension Benefit [Member] | Maximum [Member] | Non U.S. Plans [Member] | |||
Weighted average assumptions | |||
Discount rate | 7.70% | 8.30% | |
Rate of compensation increase | 6.00% | 7.00% |
Employee Benefit Plans (Compone
Employee Benefit Plans (Components Of Net Periodic Benefit Cost) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
United States [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Service cost | $ 0.4 | $ 0.4 | $ 0.4 |
Interest cost | 2.8 | 2.7 | 2.7 |
Expected return on assets | (4.4) | (4.5) | (4.4) |
Recognized net actuarial loss | 0.2 | 1.1 | 1.6 |
Net periodic benefit cost | $ (1) | $ (0.3) | $ 0.3 |
Weighted average assumptions | |||
Discount rate | 4.10% | 3.70% | 3.50% |
Expected return on plan assets | 6.50% | 7.00% | 7.00% |
Non U.S. Plans [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Service cost | $ 1.9 | $ 2 | $ 2.5 |
Interest cost | 3.4 | 3.6 | 3.3 |
Expected return on assets | (3.9) | (4.2) | (4.1) |
Settlements and curtailments | 0.3 | 0.1 | 0.3 |
Recognized net actuarial loss | 1.8 | 1.4 | 2.7 |
Net periodic benefit cost | $ 3.5 | $ 2.9 | $ 4.7 |
Non U.S. Plans [Member] | Minimum [Member] | |||
Weighted average assumptions | |||
Discount rate | 1.00% | 1.13% | 1.00% |
Expected return on plan assets | 1.00% | 1.13% | 1.00% |
Rate of compensation increase | 2.25% | 1.37% | 2.25% |
Non U.S. Plans [Member] | Maximum [Member] | |||
Weighted average assumptions | |||
Discount rate | 8.30% | 7.50% | 8.68% |
Expected return on plan assets | 4.01% | 4.13% | 3.70% |
Rate of compensation increase | 7.00% | 7.00% | 7.00% |
Employee Benefit Plans (Summary
Employee Benefit Plans (Summary Of Allocation Of Pension Plan Assets) (Details) | Sep. 30, 2019 | Sep. 30, 2018 |
United States [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan Assets, Target Allocation | 100.00% | 100.00% |
Non U.S. Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan Assets, Target Allocation | 100.00% | 100.00% |
Equity Securities [Member] | United States [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan Assets, Target Allocation | 62.00% | 63.00% |
Fixed Income Securities [Member] | United States [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan Assets, Target Allocation | 35.00% | 33.00% |
Fixed Income Securities [Member] | Non U.S. Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan Assets, Target Allocation | 20.00% | 19.00% |
Other [Member] | United States [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan Assets, Target Allocation | 3.00% | 4.00% |
Other [Member] | Non U.S. Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan Assets, Target Allocation | 80.00% | 81.00% |
Employee Benefit Plans (Fair Va
Employee Benefit Plans (Fair Value Of Pension Plan Assets By Asset Category) (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Sep. 30, 2018 |
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | $ 188.6 | $ 185.1 |
Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 62.4 | 71.9 |
Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 126.2 | 113.2 |
Cash & Cash Equivalents [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 8.3 | 8.4 |
Cash & Cash Equivalents [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 8.3 | 8.4 |
Equity [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 29.9 | 25.6 |
Equity [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 16.8 | 20.5 |
Equity [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 13.1 | 5.1 |
Fixed Income Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 21.6 | 21 |
Fixed Income Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 21.6 | 21 |
Foreign Equity [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 11.4 | 17.4 |
Foreign Equity [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 11.4 | 17.4 |
Foreign Fixed Income Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 25.7 | 24 |
Foreign Fixed Income Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 2.1 | 2.1 |
Foreign Fixed Income Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 23.6 | 21.9 |
Life Insurance Contracts [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 37.4 | 38.7 |
Life Insurance Contracts [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 37.4 | 38.7 |
Other [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 54.3 | 50 |
Other [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 2.2 | 2.5 |
Other [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | $ 52.1 | $ 47.5 |
Employee Benefit Plans (Schedul
Employee Benefit Plans (Schedule Of Benefit Payments Expected To Be Paid) (Details) $ in Millions | Sep. 30, 2019USD ($) |
Employee Benefit Plans [Abstract] | |
2020 | $ 8.4 |
2021 | 8.6 |
2022 | 8.3 |
2023 | 8.7 |
2024 | 9.3 |
2025-2029 | $ 52.7 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Millions | Jun. 14, 2019 | Jul. 13, 2018 | Jan. 01, 2018 | Dec. 31, 2017 | Dec. 22, 2017 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 |
Income Taxes [Line Items] | |||||||||
U.S. Federal statutory income tax rate | 21.00% | 35.00% | 35.00% | 21.00% | 24.50% | 35.00% | |||
Tax benefit from reduction U.S. corporate income tax rate | $ (166.7) | ||||||||
Provisional income tax expense from mandatory repatriation | $ (48) | 73.1 | |||||||
Mandatory repatriation tax payable period | 8 years | ||||||||
First payment repatriation tax due | 2019-01 | ||||||||
Repatriation tax liability | $ 25.1 | $ 22.9 | |||||||
Repatriation tax liability due and payable in the next 12 months, will be offset | 2 | ||||||||
U.S. net operating losses | 454.6 | ||||||||
Foreign tax credits | 70.7 | ||||||||
Unrecognized tax benefits | 20.9 | 15 | $ 15.6 | $ 11.8 | |||||
Undistributed foreign earnings were taxed in the U.S. | 500.6 | ||||||||
Tax benefit for reducing deferred tax liability | 30.3 | ||||||||
Amount of taxable earnings on repatriation | 2.3 | ||||||||
Valuation allowance | 307 | 282.6 | 888.3 | ||||||
Undistributed earnings of foreign subsidiaries | 5 | 6.1 | |||||||
Impairment of goodwill | 116 | ||||||||
U.S. federal net operating loss carryforwards | 1,491.1 | ||||||||
Income tax benefit (expense) | (47.6) | 58.1 | 6.9 | ||||||
Income tax benefit (expense) | 2.7 | 1 | 0.6 | ||||||
U.S. state net operating loss carryforwards | 85.8 | ||||||||
Federal and state tax expense | $ 95.9 | ||||||||
NOLs expiration year | 2038 | ||||||||
Foreign operating loss carryforwards | $ 119.4 | ||||||||
Income tax benefit (expense) | 44.3 | 34.7 | 13.2 | ||||||
(Decrease) Increase valuation allowance, deferred tax asset | $ 365.3 | 24.4 | (605.7) | ||||||
Valuation allowance, net operating losses | $ 12.3 | 14.7 | |||||||
Unrecognized tax benefits that would impact effective tax rate | 20.9 | 15 | |||||||
Unrecognized tax benefits that would effect deferred tax assets | 1.9 | ||||||||
Unrecognized tax benefits, income tax penalties and interest accrued | 2.7 | 2.8 | |||||||
Change in unrecognized tax benefits, income tax penalties and interest expense | 0.1 | 0.3 | 0.5 | ||||||
Goodwill impairment related to tax expense | 12.2 | ||||||||
Income tax expense for one-time deemed mandatory repatriation | 48 | ||||||||
Provisional tax | 166.7 | ||||||||
GILTI [Member] | |||||||||
Income Taxes [Line Items] | |||||||||
Undistributed foreign earnings, untaxed | 40.8 | ||||||||
Released [Member] | |||||||||
Income Taxes [Line Items] | |||||||||
Valuation allowance | 4.9 | ||||||||
U.S. Net Deferred Tax Assets [Member] | |||||||||
Income Taxes [Line Items] | |||||||||
Valuation allowance | 273.5 | 247.3 | 862.2 | ||||||
(Decrease) Increase valuation allowance, deferred tax asset | 26.2 | (614.9) | |||||||
Foreign Net Deferred Tax Assets [Member] | |||||||||
Income Taxes [Line Items] | |||||||||
Valuation allowance | 33.5 | 35.3 | 26.1 | ||||||
(Decrease) Increase valuation allowance, deferred tax asset | (1.8) | 9.2 | |||||||
Federal Net Operating Losses [Member] | |||||||||
Income Taxes [Line Items] | |||||||||
Income tax benefit (expense) | 313.1 | ||||||||
U.S. federal operating loss carryforwards expected to expire unused | 660.5 | ||||||||
Tax benefit related to NOLs expire unused | 138.7 | ||||||||
Valuation allowance, net operating losses | 36.7 | ||||||||
U.S. State Net Operating Losses [Member] | |||||||||
Income Taxes [Line Items] | |||||||||
Valuation allowance | 59.5 | ||||||||
Tax benefit related to NOLs expire unused | 16.7 | ||||||||
Foreign Net Operating Losses [Member] | |||||||||
Income Taxes [Line Items] | |||||||||
Income tax benefit (expense) | $ 29.1 | ||||||||
Operating loss carryforwards, expiration | Sep. 30, 2020 | ||||||||
Tax benefit related to NOLs expire unused | $ 31.1 | ||||||||
SB/RH [Member] | |||||||||
Income Taxes [Line Items] | |||||||||
Tax benefit from reduction U.S. corporate income tax rate | (181.7) | ||||||||
Provisional income tax expense from mandatory repatriation | (48) | 73.1 | |||||||
Valuation allowance | 202.8 | 178.4 | |||||||
Impairment of goodwill | 116 | ||||||||
Income tax benefit (expense) | (47.6) | 58.4 | 4.2 | ||||||
Income tax benefit (expense) | 2.7 | 1 | 0.6 | ||||||
Income tax benefit (expense) | 44.3 | $ 34.7 | $ 13.2 | ||||||
Goodwill impairment related to tax expense | 12.2 | ||||||||
Income taxes payable | $ 211.1 |
Income Taxes (Schedule Of Incom
Income Taxes (Schedule Of Income Tax Expense) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
United States | $ (267.3) | $ (140.4) | $ (150.7) |
Outside the United States | 73.5 | 104.7 | 122.8 |
(Loss) income from continuing operations before income taxes | (193.8) | (35.7) | (27.9) |
SB/RH [Member] | |||
United States | (202.7) | 25.4 | 50.7 |
Outside the United States | 73.5 | 104.7 | 122.9 |
(Loss) income from continuing operations before income taxes | $ (129.2) | $ 130.1 | $ 173.6 |
Income Taxes (Schedule Of Compo
Income Taxes (Schedule Of Components Of Income Tax Expense) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Current tax expense: U.S. Federal | $ (47.6) | $ 58.1 | $ 6.9 |
Current tax expense: Foreign | 44.3 | 34.7 | 13.2 |
Current tax expense: State and local | 2.7 | 1 | 0.6 |
Total current tax expense | (0.6) | 93.8 | 20.7 |
Deferred tax (benefit) expense: U.S. Federal | 9.9 | (539.7) | (18) |
Deferred tax (benefit) expense: Foreign | (4.9) | 3.1 | (10.1) |
Deferred tax (benefit) expense: State and local | (11.5) | (19.9) | (4.4) |
Total deferred tax (benefit) expense | (6.5) | (556.5) | (32.5) |
Income tax (benefit) expense | (7.1) | (462.7) | (11.8) |
SB/RH [Member] | |||
Current tax expense: U.S. Federal | (47.6) | 58.4 | 4.2 |
Current tax expense: Foreign | 44.3 | 34.7 | 13.2 |
Current tax expense: State and local | 2.7 | 1 | 0.6 |
Total current tax expense | (0.6) | 94.1 | 18 |
Deferred tax (benefit) expense: U.S. Federal | 24.3 | (170) | (12.2) |
Deferred tax (benefit) expense: Foreign | (4.9) | 3 | (10.1) |
Deferred tax (benefit) expense: State and local | (8.1) | (3.9) | (4.3) |
Total deferred tax (benefit) expense | 11.3 | (170.9) | (26.6) |
Income tax (benefit) expense | $ 10.7 | $ (76.8) | $ (8.6) |
Income Taxes (Schedule Of Recon
Income Taxes (Schedule Of Reconciliation Of Income Tax Expense) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
U.S. Statutory federal income tax expense | $ (40.7) | $ (8.8) | $ (9.7) |
Permanent items | 3.7 | 7.6 | 4.8 |
Goodwill impairment | 12.2 | ||
Foreign statutory rate vs. U.S. statutory rate | (10.3) | 3 | (32.8) |
State income taxes, net of federal effect | (14.2) | (2.9) | 1.2 |
Illinois state rate change | (3.4) | ||
Tax reform act - U.S. rate change | (166.7) | ||
Global intangible low tax income inclusion | 8.6 | ||
Foreign dividend received deduction tax law change | 95.9 | ||
Tax reform act - mandatory repatriation | (48) | 73.1 | |
Residual tax on foreign earnings | 1.5 | 5.9 | (36.1) |
Change in valuation allowance | (29.9) | (365.6) | 77.1 |
Unrecognized tax expense (benefit) | 6.2 | (0.1) | 3.9 |
Share based compensation adjustments | 4.6 | (5.5) | (4.9) |
Research and development tax credits | (4.4) | (1.9) | (9.3) |
UK Tax refund | (1.5) | ||
Outside basis difference | (0.8) | ||
Return to provision adjustments and other, net | 7.7 | (0.8) | (0.3) |
Income tax (benefit) expense | (7.1) | (462.7) | (11.8) |
SB/RH [Member] | |||
U.S. Statutory federal income tax expense | (27.1) | 31.9 | 60.8 |
Permanent items | 3.8 | (3.5) | 0.8 |
Goodwill impairment | 12.2 | ||
Foreign statutory rate vs. U.S. statutory rate | (10.3) | 3 | (32.8) |
State income taxes, net of federal effect | (11.1) | (1.9) | 1.3 |
Illinois state rate change | (3.4) | ||
Tax reform act - U.S. rate change | (181.7) | ||
Global intangible low tax income inclusion | 8.6 | ||
Foreign dividend received deduction tax law change | 95.9 | ||
Tax reform act - mandatory repatriation | (48) | 73.1 | |
Residual tax on foreign earnings | 1.5 | 5.9 | (36.1) |
Change in valuation allowance | (29.9) | (0.3) | 18.1 |
Unrecognized tax expense (benefit) | 6.2 | (0.1) | 3.9 |
Share based compensation adjustments | 4.6 | (0.5) | (0.4) |
Research and development tax credits | (4.4) | (1.9) | (9.3) |
UK Tax refund | (1.5) | ||
Outside basis difference | (5.4) | ||
Return to provision adjustments and other, net | 8.7 | (0.8) | (4.6) |
Income tax (benefit) expense | $ 10.7 | $ (76.8) | $ (8.6) |
Income Taxes (Schedule Of Defer
Income Taxes (Schedule Of Deferred Tax Assets And Deferred Tax Liabilities) (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 |
Income Taxes [Line Items] | |||
Employee benefits | $ 37.6 | $ 24.8 | |
Restructuring | 0.9 | 0.5 | |
Inventories and receivables | 16.8 | 25 | |
Marketing and promotional accruals | 10.6 | 9.9 | |
Property, plant and equipment | 5.9 | 32.1 | |
Unrealized losses | 12.8 | 7.1 | |
Intangibles | 19 | 14.3 | |
Investment in subsidiaries | 0.3 | 16.9 | |
Net operating loss and credit carry forwards | 530.6 | 790.8 | |
Other | 32.7 | 30.2 | |
Total deferred tax assets | 667.2 | 951.6 | |
Property, plant and equipment | 11.1 | 51.4 | |
Unrealized gains | 9 | 7.3 | |
Intangibles | 311.8 | 416.4 | |
Investment in partnership | 37.6 | 52 | |
Taxes on unremitted foreign earnings | 5 | 6.2 | |
Other | 10.9 | 7.6 | |
Total deferred tax liabilities | 385.4 | 540.9 | |
Net deferred tax liabilities | 281.8 | 410.7 | |
Valuation allowance | (307) | (282.6) | $ (888.3) |
Net deferred tax liabilities, net valuation allowance | (25.2) | 128.1 | |
Deferred charges and other | 30.7 | 163.1 | |
Deferred taxes (noncurrent liability) | 55.9 | 35 | |
SB/RH [Member] | |||
Income Taxes [Line Items] | |||
Employee benefits | 36 | 23.1 | |
Restructuring | 0.9 | 0.5 | |
Inventories and receivables | 16.8 | 25 | |
Marketing and promotional accruals | 10.6 | 9.9 | |
Property, plant and equipment | 5.9 | 31.2 | |
Unrealized losses | 12.8 | 7.1 | |
Intangibles | 19 | 14.3 | |
Investment in subsidiaries | 0.3 | 0.3 | |
Net operating loss and credit carry forwards | 229.8 | 281.8 | |
Other | 31.9 | 44.5 | |
Total deferred tax assets | 364 | 437.7 | |
Property, plant and equipment | 11.1 | 51.4 | |
Unrealized gains | 9 | 7.3 | |
Intangibles | 311.8 | 416.4 | |
Investment in partnership | 55 | 52 | |
Taxes on unremitted foreign earnings | 5 | 6.2 | |
Other | 10.8 | 7.6 | |
Total deferred tax liabilities | 402.7 | 540.9 | |
Net deferred tax liabilities | (38.7) | (103.2) | |
Valuation allowance | (202.8) | (178.4) | |
Net deferred tax liabilities, net valuation allowance | (241.5) | (281.6) | |
Deferred charges and other | 30.7 | 5.4 | |
Deferred taxes (noncurrent liability) | $ 272.2 | $ 287 |
Income Taxes (Schedule Of Unrec
Income Taxes (Schedule Of Unrecognized Tax Benefits) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Income Taxes [Abstract] | |||
Unrecognized tax benefits, beginning of year | $ 15 | $ 15.6 | $ 11.8 |
Gross increase – tax positions in prior period | 5.3 | 0.9 | 3.3 |
Gross decrease – tax positions in prior period | (0.4) | (3.5) | (0.1) |
Gross increase – tax positions in current period | 3.5 | 2.5 | 0.9 |
Settlements | (1.1) | (0.3) | |
Lapse of statutes of limitations | (1.4) | (0.2) | (0.3) |
Unrecognized tax benefits, end of year | $ 20.9 | $ 15 | $ 15.6 |
Related Parties (Narrative) (De
Related Parties (Narrative) (Details) $ / shares in Units, € in Millions, $ in Millions | Oct. 11, 2019shares | Oct. 16, 2017USD ($) | Dec. 30, 2018USD ($)$ / sharesshares | Sep. 30, 2019USD ($)shares | Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2016EUR (€) | Sep. 30, 2016USD ($) | Sep. 13, 2019$ / shares |
TSAs And Reverse TSAs [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Overall expected time period of transition | 12 months | ||||||||
Net income | $ 5.2 | ||||||||
Net receivable | 12.8 | ||||||||
Transition Services Agreements [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Costs | 19.1 | ||||||||
Reverse Transition Services Agreements [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Costs | $ 13.9 | ||||||||
Minimum [Member] | TSAs And Reverse TSAs [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Overall expected time period of transition | 12 months | ||||||||
Maximum [Member] | TSAs And Reverse TSAs [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Overall expected time period of transition | 24 months | ||||||||
Jefferies [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Fees and reimbursements of expenses from related party | $ 3 | ||||||||
Dividend per share | $ / shares | $ 1.50 | ||||||||
Percentage of dividend distribution per share | 7.40% | ||||||||
Jefferies [Member] | Subsequent Event [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Shares distributed | shares | 7,514,477 | ||||||||
Conversion of share | shares | 0.025 | ||||||||
Jefferies [Member] | One Of The Initial Purchasers For SBI [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Offering amount from related party | € | € 425 | ||||||||
Interest rate | 4.00% | 4.00% | |||||||
Maturity year | 2026 | 2026 | |||||||
Discounts, commissions and reimbursements of expenses from related party | $ 0.3 | ||||||||
Jefferies [Member] | Minimum [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Percentage beneficially owns of common stock | 10.00% | ||||||||
Energizer [Member] | H&G Supply Agreement [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Supply agreement contract term | 24 months | ||||||||
Net income | $ 12.5 | ||||||||
Net receivable | $ 4.9 | ||||||||
Energizer [Member] | Energizer Shareholder Agreement [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Stock consideration, shares | shares | 5,300,000 | ||||||||
Energizer [Member] | Minimum [Member] | Energizer Shareholder Agreement [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Percentage beneficially owns of common stock | 4.90% | ||||||||
Chairman And Chief Executive Officer [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Shares of common stock repurchased from related parties | shares | 158,318 | ||||||||
Value of repuchased common stock from related parties | $ 8 | ||||||||
Average repurchase price per share | $ / shares | $ 50.53 | ||||||||
Hardware & Home Improvement [Member] | Vivint [Member] | Merger Agreement [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Net income | $ 20.9 | $ 16.1 | $ 20.6 |
Share Based Compensation (Narra
Share Based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | Nov. 21, 2020 | Nov. 21, 2019 | Jul. 13, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 |
Common Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares, right to purchase | 700,000 | |||||
Annual Management Incentive Compensation Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Total share based compensation expense | $ 16.9 | $ 9.5 | $ 13.8 | |||
HRG Equity Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares, available for issuance | 1,400,000 | |||||
HRG Equity Plan [Member] | HRG [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Remaining unrecognized pre-tax compensation cost | $ 0 | |||||
HRG Equity Plan [Member] | Common Stock [Member] | HRG [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Authorized issuance shares | 24,000,000 | |||||
HRG Warrant Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares, outstanding | 0 | |||||
HRG Warrant Plan [Member] | Common Stock [Member] | Former Chief Executive Officer [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares, right to purchase | 3,000,000 | |||||
Exercise price per share | $ 13.125 | |||||
Shares, vested | 600,000 | |||||
Vesting period | 4 years | |||||
Estimated grant date fair value | $ 9.6 | |||||
Spectrum Equity Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares, available for issuance | 600,000 | |||||
Restricted Stock Units [Member] | Specturm And SB/RH [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Remaining unrecognized pre-tax compensation cost | $ 41.6 | |||||
Restricted Stock Units [Member] | HRG [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares, right to purchase | 100,000 | |||||
Restricted Stock Units [Member] | Long-Term Incentive Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting period | 3 years | |||||
Restricted Stock Units [Member] | Long-Term Incentive Plan [Member] | Performance [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Time-based service conditions pecentage | 70.00% | |||||
Restricted Stock Units [Member] | Long-Term Incentive Plan [Member] | Service [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Time-based service conditions pecentage | 30.00% | |||||
Restricted Stock Units [Member] | Bridge Awards [Member] | Performance [Member] | Forecast [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Time-based service conditions pecentage | 60.00% | 60.00% | ||||
Restricted Stock Units [Member] | Bridge Awards [Member] | Service [Member] | Forecast [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Time-based service conditions pecentage | 40.00% | 40.00% | ||||
Stock Options [Member] | HRG [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares, right to purchase | 2,500,000 | 500,000 | ||||
Exercise price per share | $ 15.39 | |||||
Total fair value vested | $ 0.2 | 0.8 | ||||
Intrinsic value of options exercised | 21.5 | |||||
Cash settlement | $ 19.9 | |||||
Shares, vested and exercisable | 200,000 | |||||
Weighted average exercise price of vested and exercisable | $ 73.51 | |||||
Maximum [Member] | Spectrum Equity Plan [Member] | Common Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Authorized issuance shares | 7,100,000 |
Share Based Compensation (Summa
Share Based Compensation (Summary Of Share Based Compensation Expense) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Share based compensation | $ 49.2 | $ 11.9 | $ 54.2 |
Spectrum Equity Plan [Member] | |||
Share based compensation | 49.2 | 10.5 | 49 |
HRG Equity Plan [Member] | |||
Share based compensation | 1.4 | 5.2 | |
SB/RH [Member] | |||
Share based compensation | $ 47.6 | $ 8.8 | $ 46.2 |
Share Based Compensation (Sum_2
Share Based Compensation (Summary Of RSU Activity) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted, Shares | 1.5 | ||
Granted, Weighted Average Grant Date Fair Value | $ 53.11 | ||
Granted, Fair Value at Grant Date | $ 81.4 | ||
Restricted Stock Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Beginning balance, Shares | 0.6 | 0.8 | 0.6 |
Granted, Shares | 1.5 | 0.4 | 0.7 |
Forfeited, Shares | (0.7) | (0.1) | |
Vested, Shares | (0.2) | (0.5) | (0.5) |
Ending balance, Shares | 1.2 | 0.6 | 0.8 |
Beginning balance, Weighted Average Grant Date Fair Value | $ 107.71 | $ 114.67 | $ 94.97 |
Granted, Weighted Average Grant Date Fair Value | 53.11 | 102.96 | 127 |
Forfeited, Weighted Average Grant Date Fair Value | 92.76 | 115.08 | 118.89 |
Vested, Weighted Average Grant Date Fair Value | 83.47 | 113.07 | 109.03 |
Ending balance, Weighted Average Grant Date Fair Value | $ 53.58 | $ 107.71 | $ 114.67 |
Beginning balance, Fair Value at Grant Date | $ 69 | $ 87.2 | $ 54.8 |
Granted, Fair Value at Grant Date | 81.4 | 45.9 | 88.4 |
Forfeited, Fair Value at Grant Date | (63.7) | (8.5) | (1.4) |
Vested, Fair Value at Grant Date | (19.7) | (55.6) | (54.6) |
Ending balance, Fair Value at Grant Date | $ 67 | $ 69 | $ 87.2 |
SB/RH [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted, Shares | 1.5 | ||
Granted, Weighted Average Grant Date Fair Value | $ 52.82 | ||
Granted, Fair Value at Grant Date | $ 79.8 | ||
SB/RH [Member] | Restricted Stock Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Beginning balance, Shares | 0.6 | 0.7 | 0.5 |
Granted, Shares | 1.5 | 0.4 | 0.7 |
Forfeited, Shares | (0.7) | (0.1) | |
Vested, Shares | (0.2) | (0.4) | (0.5) |
Ending balance, Shares | 1.2 | 0.6 | 0.7 |
Beginning balance, Weighted Average Grant Date Fair Value | $ 108.75 | $ 116.32 | $ 96.92 |
Granted, Weighted Average Grant Date Fair Value | 52.82 | 102.92 | 126.85 |
Forfeited, Weighted Average Grant Date Fair Value | 93.05 | 115.08 | 118.89 |
Vested, Weighted Average Grant Date Fair Value | 82.37 | 114.07 | 111.98 |
Ending balance, Weighted Average Grant Date Fair Value | $ 53.22 | $ 108.75 | $ 116.32 |
Beginning balance, Fair Value at Grant Date | $ 67.2 | $ 82.4 | $ 45.3 |
Granted, Fair Value at Grant Date | 79.8 | 44.4 | 86.9 |
Forfeited, Fair Value at Grant Date | (63.5) | (8.5) | (1.4) |
Vested, Fair Value at Grant Date | (18.5) | (51.1) | (48.4) |
Ending balance, Fair Value at Grant Date | $ 65 | $ 67.2 | $ 82.4 |
Share Based Compensation (Sum_3
Share Based Compensation (Summary Of Activity Of The RSUs Granted) (Details) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended |
Sep. 30, 2019USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Granted, Shares | shares | 1.5 |
Granted, Weighted Average Grant Date Fair Value | $ / shares | $ 53.11 |
Granted, Fair Value at Grant Date | $ | $ 81.4 |
Time-Based RSUs [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Granted, Shares | shares | 0.6 |
Granted, Weighted Average Grant Date Fair Value | $ / shares | $ 53.25 |
Granted, Fair Value at Grant Date | $ | $ 32.2 |
Performance-Based RSUs [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Granted, Shares | shares | 0.9 |
Granted, Weighted Average Grant Date Fair Value | $ / shares | $ 53.03 |
Granted, Fair Value at Grant Date | $ | $ 49.2 |
Performance-Based RSUs [Member] | Vesting In Less Than 24 Months [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Granted, Shares | shares | 0.4 |
Granted, Weighted Average Grant Date Fair Value | $ / shares | $ 53.08 |
Granted, Fair Value at Grant Date | $ | $ 24.5 |
Performance-Based RSUs [Member] | Vesting In More Than 24 Months [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Granted, Shares | shares | 0.5 |
Granted, Weighted Average Grant Date Fair Value | $ / shares | $ 52.98 |
Granted, Fair Value at Grant Date | $ | $ 24.7 |
SB/RH [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Granted, Shares | shares | 1.5 |
Granted, Weighted Average Grant Date Fair Value | $ / shares | $ 52.82 |
Granted, Fair Value at Grant Date | $ | $ 79.8 |
SB/RH [Member] | Time-Based RSUs [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Granted, Shares | shares | 0.6 |
Granted, Weighted Average Grant Date Fair Value | $ / shares | $ 52.50 |
Granted, Fair Value at Grant Date | $ | $ 30.6 |
SB/RH [Member] | Performance-Based RSUs [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Granted, Shares | shares | 0.9 |
Granted, Weighted Average Grant Date Fair Value | $ / shares | $ 53.03 |
Granted, Fair Value at Grant Date | $ | $ 49.2 |
SB/RH [Member] | Performance-Based RSUs [Member] | Vesting In Less Than 24 Months [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Granted, Shares | shares | 0.4 |
Granted, Weighted Average Grant Date Fair Value | $ / shares | $ 53.08 |
Granted, Fair Value at Grant Date | $ | $ 24.5 |
SB/RH [Member] | Performance-Based RSUs [Member] | Vesting In More Than 24 Months [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Granted, Shares | shares | 0.5 |
Granted, Weighted Average Grant Date Fair Value | $ / shares | $ 52.98 |
Granted, Fair Value at Grant Date | $ | $ 24.7 |
Share Based Compensation (Sum_4
Share Based Compensation (Summary Of HRG Share-Based Awards) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 9 Months Ended | 12 Months Ended | ||
Jul. 13, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted, Fair Value at Grant Date | $ 81.4 | |||
Restricted Stock Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Beginning balance, Fair Value at Grant Date | $ 87.2 | 69 | $ 87.2 | $ 54.8 |
Granted, Fair Value at Grant Date | 81.4 | 45.9 | 88.4 | |
Ending balance, Fair Value at Grant Date | $ 67 | $ 69 | $ 87.2 | |
HRG [Member] | Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Beginning balance, Options/Units/Shares | 4 | 4 | 4.2 | |
Granted, Options/Units/Shares | 0.3 | |||
Exercised, Options/Units/Shares | (2.5) | (0.5) | ||
Ending balance, Options/Units/Shares | 1.5 | 4 | ||
Vested and exercisable, Options/Units/Shares | 0.2 | |||
Beginning balance, Weighted Average Exercise Price | $ 9.69 | $ 9.69 | $ 9.48 | |
Granted, Weighted Average Exercise Price | 15.39 | |||
Exercised, Weighted Average Exercise Price | 8.38 | 11.28 | ||
Ending balance, Weighted Average Exercise Price | 11.80 | 9.69 | ||
Vested and exercisable, Weighted Average Exercise Price | $ 73.51 | |||
Beginning balance, Weighted Average Grant Date Fair Value | 3.88 | $ 3.88 | 3.80 | |
Granted, Weighted Average Grant Date Fair Value | 5.96 | |||
Exercised, Weighted Average Grant Date Fair Value | (3.33) | 4.48 | ||
Ending balance, Weighted Average Grant Date Fair Value | $ 4.78 | $ 3.88 | ||
Vested and exercisable, Weighted Average Grant Date Fair Value | $ 4.79 | |||
HRG [Member] | Warrants [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Beginning balance, Options/Units/Shares | 0.6 | 0.6 | 1.2 | |
Granted, Options/Units/Shares | ||||
Exercised, Options/Units/Shares | (0.6) | (0.6) | ||
Ending balance, Options/Units/Shares | 0.6 | |||
Beginning balance, Weighted Average Exercise Price | $ 13.13 | $ 13.13 | $ 13.13 | |
Granted, Weighted Average Exercise Price | ||||
Exercised, Weighted Average Exercise Price | 13.13 | 13.13 | ||
Ending balance, Weighted Average Exercise Price | 13.13 | |||
Beginning balance, Weighted Average Grant Date Fair Value | 3.22 | $ 3.22 | 6.44 | |
Granted, Weighted Average Grant Date Fair Value | ||||
Exercised, Weighted Average Grant Date Fair Value | (3.22) | (3.22) | ||
Ending balance, Weighted Average Grant Date Fair Value | $ 3.22 | |||
HRG [Member] | Restricted Stock Awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Beginning balance, Options/Units/Shares | 0.1 | 0.1 | 2 | |
Granted, Options/Units/Shares | 0.1 | 0.1 | ||
Exercised, Options/Units/Shares | (0.2) | (2) | ||
Ending balance, Options/Units/Shares | 0.1 | |||
Beginning balance, Weighted Average Grant Date Fair Value | $ 13.36 | $ 13.36 | $ 12.74 | |
Granted, Weighted Average Grant Date Fair Value | 16.85 | 15.71 | ||
Exercised, Weighted Average Grant Date Fair Value | (13.85) | 12.73 | ||
Ending balance, Weighted Average Grant Date Fair Value | $ 13.36 | |||
Beginning balance, Fair Value at Grant Date | $ 1.9 | $ 1.9 | $ 25.2 | |
Granted, Fair Value at Grant Date | 0.4 | 0.3 | ||
Exercised, Fair Value at Grant Date | (2.3) | (23.6) | ||
Ending balance, Fair Value at Grant Date | $ 1.9 | |||
HRG [Member] | Restricted Stock Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Beginning balance, Options/Units/Shares | 0.1 | |||
Granted, Options/Units/Shares | ||||
Exercised, Options/Units/Shares | (0.1) | |||
Ending balance, Options/Units/Shares | ||||
Beginning balance, Weighted Average Grant Date Fair Value | $ 12.33 | |||
Granted, Weighted Average Grant Date Fair Value | ||||
Exercised, Weighted Average Grant Date Fair Value | 12.33 | |||
Ending balance, Weighted Average Grant Date Fair Value | ||||
Beginning balance, Fair Value at Grant Date | $ 0.5 | |||
Granted, Fair Value at Grant Date | ||||
Exercised, Fair Value at Grant Date | (0.5) | |||
Ending balance, Fair Value at Grant Date |
Share Based Compensation (Assum
Share Based Compensation (Assumptions Used In Determination Of Grant Date Fair Values) (Details) - Stock Option Awards And Warrants [Member] - HRG [Member] | 12 Months Ended |
Sep. 30, 2017 | |
Minimum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Risk-free interest rate | 1.80% |
Expected option term | 5 years |
Volatility | 35.10% |
Maximum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Risk-free interest rate | 2.25% |
Expected option term | 6 years 6 months |
Volatility | 37.50% |
Commitments And Contingencies (
Commitments And Contingencies (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Commitments And Contingencies [Abstract] | |||
Estimated costs associated with environmental remediation activities | $ 12.2 | $ 4 | |
Product liability accruals | 9.2 | 9.8 | |
Product warranty accruals | 7.2 | 7.8 | |
Inventory write-offs associated with product safety recall | 4.1 | $ 15 | |
Customer losses, returned or disposed product | 2 | 7.1 | |
Incremental costs to dispose of product and operational expenses | $ 0.7 | $ 12.9 | $ 13.7 |
Segment Information (Narrative)
Segment Information (Narrative) (Details) | 12 Months Ended |
Sep. 30, 2019segment | |
Segment Information [Abstract] | |
Number of reporting segments | 4 |
Segment Information (Net Sales
Segment Information (Net Sales Relating To Segments) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Revenue from External Customer [Line Items] | |||
Net sales | $ 3,802.1 | $ 3,808.7 | $ 3,705.4 |
Hardware & Home Improvement [Member] | Operating Segments [Member] | |||
Revenue from External Customer [Line Items] | |||
Net sales | 1,355.7 | 1,377.7 | 1,276.1 |
Home And Personal Care [Member] | Operating Segments [Member] | |||
Revenue from External Customer [Line Items] | |||
Net sales | 1,068.1 | 1,110.4 | 1,132.3 |
Global Pet Supplies [Member] | Operating Segments [Member] | |||
Revenue from External Customer [Line Items] | |||
Net sales | 870.2 | 820.5 | 793.2 |
Home And Garden [Member] | Operating Segments [Member] | |||
Revenue from External Customer [Line Items] | |||
Net sales | $ 508.1 | $ 500.1 | $ 503.8 |
Segment Information (Schedule O
Segment Information (Schedule Of Segment Information) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Total Segment Adjusted EBITDA | $ 72.2 | $ 224.2 | $ 287.5 | |
Corporate expenses | 22 | 36.3 | 39.3 | |
Interest expense | 222.1 | 264 | 310.4 | |
Depreciation and amortization | 180.8 | 125.3 | 147.3 | |
Share and incentive based compensation | 53.7 | 11.9 | 54.2 | |
Restructuring and related charges | 65.7 | 75.6 | 37.5 | |
Transaction related charges | 21.8 | 30.2 | 17.7 | |
Write-off from impairment of goodwill | 116 | |||
Write-off from impairment of intangible assets | 35.4 | 20.3 | 16.3 | |
Unrealized loss on Energizer investment | 12.1 | |||
Foreign currency loss on multicurrency divestiture loans | 36.2 | |||
Legal and environmental remediation reserves | 10 | |||
Inventory acquisition step-up | 0.8 | 3.3 | ||
GPC safety recall | 0.7 | 18.9 | 35.8 | |
Spectrum merger related transaction charges | 45.9 | 7.6 | ||
Non-recurring HRG operating costs | 18.9 | 32.1 | ||
Salus | 1.6 | 1.1 | 4 | |
Other | 4.7 | 4.8 | 0.3 | |
Loss from operations before income taxes | (193.8) | (35.7) | (27.9) | |
Operating Segments [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Total Segment Adjusted EBITDA | 589 | 618.3 | 677.9 | |
Depreciation and amortization | 166.2 | 109.9 | 133.8 | |
SB/RH [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Total Segment Adjusted EBITDA | 77 | 302.3 | 341.2 | |
Corporate expenses | 20.7 | 35.9 | 38.6 | |
Interest expense | 162 | 167 | 161.8 | |
Depreciation and amortization | 180.8 | 124.6 | 146.8 | |
Share and incentive based compensation | 52.1 | 8.8 | 46.2 | |
Restructuring and related charges | 65.7 | 75.6 | 37.5 | |
Transaction related charges | 21.8 | 30.2 | 17.7 | |
Write-off from impairment of goodwill | 116 | |||
Write-off from impairment of intangible assets | 35.4 | 20.3 | 16.3 | |
Unrealized loss on Energizer investment | 12.1 | |||
Foreign currency loss on multicurrency divestiture loans | 36.2 | |||
Legal and environmental remediation reserves | 10 | |||
Inventory acquisition step-up | 0.8 | 3.3 | ||
GPC safety recall | 0.7 | 18.9 | 35.8 | |
Other | 4.7 | 6.1 | 0.3 | |
Loss from operations before income taxes | (129.2) | 130.1 | 173.6 | |
SB/RH [Member] | Operating Segments [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Total Segment Adjusted EBITDA | 589 | 618.3 | 677.9 | |
Depreciation and amortization | 166.2 | 109.9 | 133.8 | |
Hardware & Home Improvement [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Restructuring and related charges | 4.7 | |||
Write-off from impairment of goodwill | ||||
Hardware & Home Improvement [Member] | Operating Segments [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Total Segment Adjusted EBITDA | 253.7 | 254.7 | 254.4 | |
Depreciation and amortization | 33.5 | 40 | 38.3 | |
Hardware & Home Improvement [Member] | SB/RH [Member] | Operating Segments [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Total Segment Adjusted EBITDA | 253.7 | 254.7 | 254.4 | |
Depreciation and amortization | 33.5 | 40 | 38.3 | |
Home And Personal Care [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Restructuring and related charges | 8.1 | |||
Write-off from impairment of goodwill | $ 116 | 116 | ||
Home And Personal Care [Member] | Operating Segments [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Total Segment Adjusted EBITDA | 87.2 | 119.4 | 147.8 | |
Depreciation and amortization | 64.6 | 8.8 | 34.8 | |
Home And Personal Care [Member] | SB/RH [Member] | Operating Segments [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Total Segment Adjusted EBITDA | 87.2 | 119.4 | 147.8 | |
Depreciation and amortization | 64.6 | 8.8 | 34.8 | |
Global Pet Supplies [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Restructuring and related charges | 7.6 | |||
Write-off from impairment of goodwill | ||||
Global Pet Supplies [Member] | Operating Segments [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Total Segment Adjusted EBITDA | 142.6 | 136.7 | 142.7 | |
Depreciation and amortization | 48.8 | 42.3 | 43.1 | |
Global Pet Supplies [Member] | SB/RH [Member] | Operating Segments [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Total Segment Adjusted EBITDA | 142.6 | 136.7 | 142.7 | |
Depreciation and amortization | 48.8 | 42.3 | 43.1 | |
Home And Garden [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Restructuring and related charges | 1.8 | |||
Write-off from impairment of goodwill | ||||
Home And Garden [Member] | Operating Segments [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Total Segment Adjusted EBITDA | 105.5 | 107.5 | 133 | |
Depreciation and amortization | 19.3 | 18.8 | 17.6 | |
Home And Garden [Member] | SB/RH [Member] | Operating Segments [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Total Segment Adjusted EBITDA | 105.5 | 107.5 | 133 | |
Depreciation and amortization | $ 19.3 | $ 18.8 | $ 17.6 |
Segment Information (Depreciati
Segment Information (Depreciation And Amortization Relating To Segments) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Total depreciation and amortization | $ 180.8 | $ 125.3 | $ 147.3 |
SB/RH [Member] | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Total depreciation and amortization | 180.8 | 124.6 | 146.8 |
Operating Segments [Member] | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Total depreciation and amortization | 166.2 | 109.9 | 133.8 |
Operating Segments [Member] | SB/RH [Member] | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Total depreciation and amortization | 166.2 | 109.9 | 133.8 |
Operating Segments [Member] | Hardware & Home Improvement [Member] | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Total depreciation and amortization | 33.5 | 40 | 38.3 |
Operating Segments [Member] | Hardware & Home Improvement [Member] | SB/RH [Member] | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Total depreciation and amortization | 33.5 | 40 | 38.3 |
Operating Segments [Member] | Global Pet Supplies [Member] | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Total depreciation and amortization | 48.8 | 42.3 | 43.1 |
Operating Segments [Member] | Global Pet Supplies [Member] | SB/RH [Member] | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Total depreciation and amortization | 48.8 | 42.3 | 43.1 |
Operating Segments [Member] | Home And Garden [Member] | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Total depreciation and amortization | 19.3 | 18.8 | 17.6 |
Operating Segments [Member] | Home And Garden [Member] | SB/RH [Member] | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Total depreciation and amortization | 19.3 | 18.8 | 17.6 |
Operating Segments [Member] | Home And Personal Care [Member] | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Total depreciation and amortization | 64.6 | 8.8 | 34.8 |
Operating Segments [Member] | Home And Personal Care [Member] | SB/RH [Member] | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Total depreciation and amortization | 64.6 | 8.8 | 34.8 |
Corporate [Member] | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Total depreciation and amortization | 14.6 | 15.4 | 13.5 |
Corporate [Member] | SB/RH [Member] | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Total depreciation and amortization | $ 14.6 | $ 14.7 | $ 13 |
Segment Information (Capital Ex
Segment Information (Capital Expenditures Relating To Segments) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Total capital expenditures | $ 58.4 | $ 75.9 | $ 81.8 |
SB/RH [Member] | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Total capital expenditures | 58.4 | 75.9 | 81.8 |
Operating Segments [Member] | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Total capital expenditures | 50.9 | 61.4 | 67.5 |
Operating Segments [Member] | SB/RH [Member] | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Total capital expenditures | 50.9 | 61.4 | 67.5 |
Operating Segments [Member] | Hardware & Home Improvement [Member] | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Total capital expenditures | 18 | 15.6 | 25.5 |
Operating Segments [Member] | Hardware & Home Improvement [Member] | SB/RH [Member] | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Total capital expenditures | 18 | 15.6 | 25.5 |
Operating Segments [Member] | Global Pet Supplies [Member] | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Total capital expenditures | 16 | 24.6 | 20.2 |
Operating Segments [Member] | Global Pet Supplies [Member] | SB/RH [Member] | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Total capital expenditures | 16 | 24.6 | 20.2 |
Operating Segments [Member] | Home And Garden [Member] | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Total capital expenditures | 5.9 | 6.4 | 6.5 |
Operating Segments [Member] | Home And Garden [Member] | SB/RH [Member] | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Total capital expenditures | 5.9 | 6.4 | 6.5 |
Operating Segments [Member] | Home And Personal Care [Member] | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Total capital expenditures | 11 | 14.8 | 15.3 |
Operating Segments [Member] | Home And Personal Care [Member] | SB/RH [Member] | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Total capital expenditures | 11 | 14.8 | 15.3 |
Corporate [Member] | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Total capital expenditures | 7.5 | 14.5 | 14.3 |
Corporate [Member] | SB/RH [Member] | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Total capital expenditures | $ 7.5 | $ 14.5 | $ 14.3 |
Segment Information (Segment To
Segment Information (Segment Total Assets Relating To Segments) (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Sep. 30, 2018 |
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | $ 5,230.5 | $ 5,396.4 |
SB/RH [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | 5,291.2 | 5,234.8 |
Operating Segments [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | 4,258.6 | 4,507.6 |
Operating Segments [Member] | SB/RH [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | 4,258.6 | 4,507.6 |
Operating Segments [Member] | Hardware & Home Improvement [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | 1,611 | 1,640.7 |
Operating Segments [Member] | Hardware & Home Improvement [Member] | SB/RH [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | 1,611 | 1,640.7 |
Operating Segments [Member] | Global Pet Supplies [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | 1,275.4 | 1,367.6 |
Operating Segments [Member] | Global Pet Supplies [Member] | SB/RH [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | 1,275.4 | 1,367.6 |
Operating Segments [Member] | Home And Garden [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | 538.6 | 528.4 |
Operating Segments [Member] | Home And Garden [Member] | SB/RH [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | 538.6 | 528.4 |
Operating Segments [Member] | Home And Personal Care [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | 833.6 | 970.9 |
Operating Segments [Member] | Home And Personal Care [Member] | SB/RH [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | 833.6 | 970.9 |
Corporate [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | 971.9 | 888.8 |
Corporate [Member] | SB/RH [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | $ 1,032.6 | $ 727.2 |
Segment Information (Net Sale_2
Segment Information (Net Sales By Geographic Area) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net sales | $ 3,802.1 | $ 3,808.7 | $ 3,705.4 |
SBH And SB/RH [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net sales | 3,802.1 | 3,808.7 | 3,705.4 |
SBH And SB/RH [Member] | United States [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net sales | 2,649.5 | 2,627.2 | 2,543.2 |
SBH And SB/RH [Member] | Europe/MEA [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net sales | 656.6 | 669.4 | 653.2 |
SBH And SB/RH [Member] | Latin America [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net sales | 205.4 | 212.1 | 207.5 |
SBH And SB/RH [Member] | North America [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net sales | 168.5 | 173.9 | 174.4 |
SBH And SB/RH [Member] | Asia-Pacific [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net sales | $ 122.1 | $ 126.1 | $ 127.1 |
Segment Information (Long-Lived
Segment Information (Long-Lived Assets By Geographic Area) (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Sep. 30, 2018 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total long-lived assets | $ 452.9 | $ 500 |
United States [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total long-lived assets | 308.3 | 345.1 |
Europe/MEA [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total long-lived assets | 83 | 84.3 |
Latin America [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total long-lived assets | 19.3 | 26.7 |
North America [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total long-lived assets | 1.1 | 1.3 |
Asia-Pacific [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total long-lived assets | 41.2 | 42.6 |
SB/RH [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total long-lived assets | 452.9 | 500 |
SB/RH [Member] | United States [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total long-lived assets | 308.3 | 345.1 |
SB/RH [Member] | Europe/MEA [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total long-lived assets | 83 | 84.3 |
SB/RH [Member] | Latin America [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total long-lived assets | 19.3 | 26.7 |
SB/RH [Member] | North America [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total long-lived assets | 1.1 | 1.3 |
SB/RH [Member] | Asia-Pacific [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total long-lived assets | $ 41.2 | $ 42.6 |
Earnings Per Share - SBH (Narra
Earnings Per Share - SBH (Narrative) (Details) shares in Millions, $ in Millions | Jul. 13, 2018USD ($)shares | Jul. 12, 2018USD ($) | Sep. 30, 2017 |
Upward adjustment | $ 200 | ||
Increase in total outstanding shares | shares | 20.6 | ||
HRG [Member] | |||
Net indebtedness and transaction expenses | $ 328.2 | ||
Upward adjustment | $ 200 | ||
Reverse stock split conversion | 0.1613 | ||
HRG [Member] | HRG Common Stock [Member] | |||
Reverse stock split conversion | 0.1613 |
Earnings Per Share - SBH (Sched
Earnings Per Share - SBH (Schedule Of Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 30, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Numerator | |||||||||||
Net (loss) income from continuing operations attributable to controlling interest | $ (79) | $ (24.7) | $ (55) | $ (29.3) | $ (34.1) | $ 382.9 | $ (32.6) | $ 40.3 | $ (188) | $ 356.5 | $ (90.6) |
Income from discontinued operations attributable to controlling interest | (39.3) | (1.2) | 783.6 | (83.2) | (81.7) | 22.7 | 3.7 | 467.1 | 659.9 | 411.8 | 196.6 |
Net income attributable to controlling interest | $ (118.3) | $ (25.9) | $ 728.6 | $ (112.5) | $ (115.8) | $ 405.6 | $ (28.9) | $ 507.4 | $ 471.9 | $ 768.3 | $ 106 |
Denominator | |||||||||||
Weighted average shares outstanding - basic | 50.7 | 36.9 | 32.2 | ||||||||
Dilutive shares | 0.1 | ||||||||||
Weighted average shares outstanding - diluted | 50.7 | 37 | 32.2 | ||||||||
Earnings per share | |||||||||||
Basic earnings per share from continuing operations | $ (1.62) | $ (0.51) | $ (1.06) | $ (0.56) | $ (0.68) | $ 11.69 | $ (1) | $ 1.24 | $ (3.71) | $ 9.64 | $ (2.81) |
Basic earnings per share from discontinued operations | (0.81) | (0.02) | 15.13 | (1.55) | (1.64) | 0.70 | 0.11 | 14.45 | 13.02 | 11.15 | 6.10 |
Basic earnings per share | (2.43) | (0.53) | 14.07 | (2.11) | (2.32) | 12.39 | (0.89) | 15.69 | 9.31 | 20.79 | 3.29 |
Diluted earnings per share from continuing operations | (1.62) | (0.51) | (1.06) | (0.56) | (0.68) | 11.68 | (1) | 1.23 | (3.71) | 9.62 | (2.81) |
Diluted earnings per share from discontinued operations | (0.81) | (0.02) | 15.13 | (1.55) | (1.64) | 0.69 | 0.11 | 14.32 | 13.02 | 11.12 | 6.10 |
Diluted earnings per share | $ (2.43) | $ (0.53) | $ 14.07 | $ (2.11) | $ (2.32) | $ 12.37 | $ (0.89) | $ 15.55 | $ 9.31 | $ 20.74 | $ 3.29 |
Weighted average number of anti-dilutive shares excluded from denominator | 0.2 | 0.4 |
Earnings Per Share - SBH (Sch_2
Earnings Per Share - SBH (Schedule Of Weighted Average Shares) (Details) shares in Millions | 12 Months Ended | ||
Sep. 30, 2019shares | Sep. 30, 2018shares | Sep. 30, 2017shares | |
Basic | |||
Basic, weighted average shares | 50.7 | 36.9 | 32.2 |
Diluted | |||
Diluted, weighted average shares | 50.7 | 37 | 32.2 |
HRG [Member] | |||
Basic | |||
Basic, weighted average shares | 200 | ||
Basic, share conversion at 1 to 0.1613 | 32.2 | ||
Diluted | |||
Diluted, weighted average shares | 200 | ||
Diluted, share conversion at 1 to 0.1613 | 32.2 | ||
Reverse stock split conversion | 0.1613 |
Guarantor Statements - SB_RH (N
Guarantor Statements - SB/RH (Narrative) (Details) | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 20, 2016 | May 20, 2015 | Dec. 04, 2014 | Dec. 17, 2012 |
6.625% Notes, Due November 15, 2022 [Member] | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Interest rate | 6.625% | 6.625% | ||||
6.125% Notes, Due December 15, 2024 [Member] | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Interest rate | 6.125% | 6.125% | 6.125% | |||
5.75% Notes, Due July 15, 2025 [Member] | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Interest rate | 5.75% | 5.75% | 5.75% | |||
4.00% Notes, Due October 1, 2026 [Member] | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Interest rate | 4.00% | 4.00% | 4.00% |
Guarantor Statements - SB_RH (S
Guarantor Statements - SB/RH (Statement Of Financial Position) (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 |
Assets | ||||
Cash and cash equivalents | $ 627.1 | $ 552.5 | ||
Trade receivables, net | 356.7 | 317.1 | ||
Other receivables | 74.2 | 51.7 | ||
Inventories | 548.4 | 583.6 | ||
Prepaid expenses and other | 53.5 | 63.2 | ||
Current assets of business held for sale | 2,402.6 | |||
Total current assets | 1,659.9 | 3,970.7 | ||
Property, plant and equipment, net | 452.9 | 500 | ||
Deferred charges and other | 51.7 | 231.8 | ||
Investment | 230.8 | |||
Goodwill | 1,328.1 | 1,454.7 | $ 1,461.8 | |
Intangible assets, net | 1,507.1 | 1,641.8 | ||
Total assets | 5,230.5 | 7,799 | ||
Liabilities and Shareholders' Equity | ||||
Current portion of long-term debt | 136.9 | 26.9 | ||
Accounts payable | 456.8 | 584.7 | ||
Accrued wages and salaries | 72.1 | 55.1 | ||
Accrued interest | 29.3 | 65 | ||
Indemnification payable to Energizer | 230.8 | |||
Other current liabilities | 216 | 159.4 | ||
Current liabilities of business held for sale | 537.6 | |||
Total current liabilities | 1,141.9 | 1,428.7 | ||
Long-term debt, net of current portion | 2,214.4 | 4,624.3 | ||
Deferred income taxes | 55.9 | 35 | ||
Other long-term liabilities | 112 | 121.4 | ||
Total liabilities | 3,524.2 | 6,209.4 | ||
Shareholders' equity | ||||
Accumulated (deficit) earnings | 201.2 | (180.1) | ||
Accumulated other comprehensive loss | (273.6) | (235.8) | ||
Total shareholders' equity | 1,698.3 | 1,581.3 | ||
Non-controlling interest | 8 | 8.3 | ||
Total equity | 1,706.3 | 1,589.6 | 1,946.9 | $ 1,817.2 |
Total liabilities and equity | 5,230.5 | 7,799 | ||
Eliminations [Member] | ||||
Assets | ||||
Intercompany receivables | (3,503) | (1,931.3) | ||
Other receivables | (2.2) | |||
Inventories | (7.3) | (12.1) | ||
Current assets of business held for sale | (10.1) | |||
Total current assets | (3,510.3) | (1,955.7) | ||
Long-term intercompany receivables | (99.5) | (403.2) | ||
Deferred charges and other | (276.5) | (195.4) | ||
Investments in subsidiaries | (5,339.5) | (6,160.3) | ||
Total assets | (9,225.8) | (8,714.6) | ||
Liabilities and Shareholders' Equity | ||||
Current portion of long-term debt | (0.2) | (0.2) | ||
Intercompany accounts payable | (3,471.2) | (1,913.1) | ||
Income tax payable | (2.3) | |||
Total current liabilities | (3,471.4) | (1,915.6) | ||
Long-term intercompany debt | (131.1) | (421.4) | ||
Deferred income taxes | (279.2) | (200.6) | ||
Total liabilities | (3,881.7) | (2,537.6) | ||
Shareholders' equity | ||||
Other capital | 300.2 | 534.4 | ||
Accumulated (deficit) earnings | (6,157.4) | (7,117.4) | ||
Accumulated other comprehensive loss | 513.1 | 406 | ||
Total shareholders' equity | (5,344.1) | (6,177) | ||
Total equity | (5,344.1) | (6,177) | ||
Total liabilities and equity | (9,225.8) | (8,714.6) | ||
Guarantor Subsidiaries [Member] | ||||
Assets | ||||
Cash and cash equivalents | 0.4 | 1.8 | ||
Trade receivables, net | 55.2 | 42.9 | ||
Intercompany receivables | 2,435.5 | 1,648.3 | ||
Other receivables | 7.4 | 4 | ||
Inventories | 156.5 | 162.6 | ||
Prepaid expenses and other | 4.7 | 4 | ||
Current assets of business held for sale | 1,379 | |||
Total current assets | 2,659.7 | 3,242.6 | ||
Property, plant and equipment, net | 121.1 | 122.1 | ||
Long-term intercompany receivables | 37.4 | 70.3 | ||
Deferred charges and other | 0.7 | 0.6 | ||
Goodwill | 543.3 | 611.4 | ||
Intangible assets, net | 560.3 | 609.5 | ||
Investments in subsidiaries | 1,111.2 | 1,262.5 | ||
Total assets | 5,033.7 | 5,919 | ||
Liabilities and Shareholders' Equity | ||||
Current portion of long-term debt | 4.7 | 4.3 | ||
Accounts payable | 65.4 | 124.2 | ||
Intercompany accounts payable | 211.2 | |||
Accrued wages and salaries | 6.5 | 1.5 | ||
Other current liabilities | 19.8 | 17.5 | ||
Current liabilities of business held for sale | 157.8 | |||
Total current liabilities | 307.6 | 305.3 | ||
Long-term debt, net of current portion | 52.8 | 57.3 | ||
Long-term intercompany debt | 295 | |||
Deferred income taxes | 439 | 357.6 | ||
Other long-term liabilities | 3.1 | 3.1 | ||
Total liabilities | 802.5 | 1,018.3 | ||
Shareholders' equity | ||||
Other capital | 439.2 | 803.7 | ||
Accumulated (deficit) earnings | 4,049 | 4,303 | ||
Accumulated other comprehensive loss | (257) | (206) | ||
Total shareholders' equity | 4,231.2 | 4,900.7 | ||
Total equity | 4,231.2 | 4,900.7 | ||
Total liabilities and equity | 5,033.7 | 5,919 | ||
Nonguarantor Subsidiaries [Member] | ||||
Assets | ||||
Cash and cash equivalents | 180.3 | 227 | ||
Trade receivables, net | 209 | 165.3 | ||
Intercompany receivables | 1,067.5 | 283 | ||
Other receivables | 64 | 27.6 | ||
Inventories | 191.5 | 204.6 | ||
Prepaid expenses and other | 22.8 | 23.6 | ||
Current assets of business held for sale | 482.5 | |||
Total current assets | 1,735.1 | 1,413.6 | ||
Property, plant and equipment, net | 144.7 | 155 | ||
Long-term intercompany receivables | 10.2 | 11.6 | ||
Deferred charges and other | 49.7 | 68.6 | ||
Goodwill | 217.6 | 285.9 | ||
Intangible assets, net | 239.6 | 261.9 | ||
Investments in subsidiaries | (2.9) | (2.9) | ||
Total assets | 2,394 | 2,193.7 | ||
Liabilities and Shareholders' Equity | ||||
Current portion of long-term debt | 12.7 | 7.8 | ||
Accounts payable | 299.7 | 238.1 | ||
Intercompany accounts payable | 386.4 | 35.1 | ||
Accrued wages and salaries | 27.4 | 29.3 | ||
Indemnification payable to Energizer | 230.8 | |||
Income tax payable | 24.8 | 15.9 | ||
Other current liabilities | 43.3 | 61.9 | ||
Current liabilities of business held for sale | 298.1 | |||
Total current liabilities | 1,025.1 | 686.2 | ||
Long-term debt, net of current portion | 9.6 | 13.8 | ||
Long-term intercompany debt | 118.8 | 114.8 | ||
Deferred income taxes | 55.9 | 70.6 | ||
Other long-term liabilities | 73.6 | 45.8 | ||
Total liabilities | 1,283 | 931.2 | ||
Shareholders' equity | ||||
Other capital | (750.9) | (1,361.9) | ||
Accumulated (deficit) earnings | 2,108.4 | 2,814.5 | ||
Accumulated other comprehensive loss | (256.1) | (200) | ||
Total shareholders' equity | 1,101.4 | 1,252.6 | ||
Non-controlling interest | 9.6 | 9.9 | ||
Total equity | 1,111 | 1,262.5 | ||
Total liabilities and equity | 2,394 | 2,193.7 | ||
Parent [Member] | ||||
Assets | ||||
Cash and cash equivalents | 441.2 | 276.6 | ||
Trade receivables, net | 92.5 | 108.9 | ||
Other receivables | 68.7 | 65.7 | ||
Inventories | 207.7 | 228.5 | ||
Prepaid expenses and other | 26 | 35.3 | ||
Current assets of business held for sale | 551.2 | |||
Total current assets | 836.1 | 1,266.2 | ||
Property, plant and equipment, net | 187.1 | 222.9 | ||
Long-term intercompany receivables | 51.9 | 321.3 | ||
Deferred charges and other | 277.8 | 200.4 | ||
Investment | 230.8 | |||
Goodwill | 567.2 | 557.4 | ||
Intangible assets, net | 707.2 | 770.4 | ||
Investments in subsidiaries | 4,231.2 | 4,900.7 | ||
Total assets | 7,089.3 | 8,239.3 | ||
Liabilities and Shareholders' Equity | ||||
Current portion of long-term debt | 119.7 | 535 | ||
Accounts payable | 98.7 | 222.4 | ||
Intercompany accounts payable | 2,873.6 | 1,878 | ||
Accrued wages and salaries | 38.1 | 24.6 | ||
Accrued interest | 29.3 | 55 | ||
Income tax payable | 215.7 | 1.9 | ||
Other current liabilities | 119.6 | 57.4 | ||
Current liabilities of business held for sale | 81.7 | |||
Total current liabilities | 3,494.7 | 2,856 | ||
Long-term debt, net of current portion | 2,076.7 | 3,615.3 | ||
Long-term intercompany debt | 12.3 | 11.6 | ||
Deferred income taxes | 56.5 | 59.4 | ||
Other long-term liabilities | 35.1 | 71.5 | ||
Total liabilities | 5,675.3 | 6,613.8 | ||
Shareholders' equity | ||||
Other capital | 2,124.8 | 2,096.8 | ||
Accumulated (deficit) earnings | (437.3) | (235.6) | ||
Accumulated other comprehensive loss | (273.5) | (235.7) | ||
Total shareholders' equity | 1,414 | 1,625.5 | ||
Total equity | 1,414 | 1,625.5 | ||
Total liabilities and equity | 7,089.3 | 8,239.3 | ||
SB/RH [Member] | ||||
Assets | ||||
Cash and cash equivalents | 621.9 | 505.4 | ||
Trade receivables, net | 356.7 | 317.1 | ||
Other receivables | 140.1 | 95.1 | ||
Inventories | 548.4 | 583.6 | ||
Prepaid expenses and other | 53.5 | 62.9 | ||
Current assets of business held for sale | 2,402.6 | |||
Total current assets | 1,720.6 | 3,966.7 | ||
Property, plant and equipment, net | 452.9 | 500 | ||
Deferred charges and other | 51.7 | 74.2 | ||
Investment | 230.8 | |||
Goodwill | 1,328.1 | 1,454.7 | ||
Intangible assets, net | 1,507.1 | 1,641.8 | ||
Total assets | 5,291.2 | 7,637.4 | ||
Liabilities and Shareholders' Equity | ||||
Current portion of long-term debt | 136.9 | 546.9 | ||
Accounts payable | 463.8 | 584.7 | ||
Accrued wages and salaries | 72 | 55.4 | ||
Accrued interest | 29.3 | 55 | ||
Indemnification payable to Energizer | 230.8 | |||
Income tax payable | 240.5 | 15.5 | ||
Other current liabilities | 182.7 | 136.8 | ||
Current liabilities of business held for sale | 537.6 | |||
Total current liabilities | 1,356 | 1,931.9 | ||
Long-term debt, net of current portion | 2,139.1 | 3,686.4 | ||
Deferred income taxes | 272.2 | 287 | ||
Other long-term liabilities | 111.8 | 120.4 | ||
Total liabilities | 3,879.1 | 6,025.7 | ||
Shareholders' equity | ||||
Other capital | 2,113.3 | 2,073 | ||
Accumulated (deficit) earnings | (437.3) | (235.5) | ||
Accumulated other comprehensive loss | (273.5) | (235.7) | ||
Total shareholders' equity | 1,402.5 | 1,601.8 | ||
Non-controlling interest | 9.6 | 9.9 | ||
Total equity | 1,412.1 | 1,611.7 | $ 1,835.4 | $ 1,829.4 |
Total liabilities and equity | $ 5,291.2 | $ 7,637.4 |
Guarantor Statements - SB_RH _2
Guarantor Statements - SB/RH (Statement Of Income) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 30, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Condensed Income Statements, Captions [Line Items] | |||||||||||
Net sales | $ 3,802.1 | $ 3,808.7 | $ 3,705.4 | ||||||||
Cost of goods sold | 2,492.4 | 2,470.8 | 2,369.6 | ||||||||
Restructuring and related charges | 2.8 | 3.6 | 0.5 | ||||||||
Gross profit | $ 334.7 | $ 361 | $ 305.5 | $ 305.7 | $ 346.9 | $ 362.7 | $ 306 | $ 318.6 | 1,306.9 | 1,334.3 | 1,336.4 |
Selling | 600.5 | 607.2 | 578.1 | ||||||||
General and administrative | 354.6 | 335.8 | 355.2 | ||||||||
Research and development | 43.5 | 44.6 | 44.6 | ||||||||
Restructuring and related charges | 62.9 | 72 | 37 | ||||||||
Transaction related charges | 21.8 | 30.2 | 17.7 | ||||||||
Write-off from impairment of goodwill | 116 | ||||||||||
Write-off from impairment of intangible assets | 35.4 | 20.3 | 16.3 | ||||||||
Total operating expenses | 1,234.7 | 1,110.1 | 1,048.9 | ||||||||
Operating (loss) income | 72.2 | 224.2 | 287.5 | ||||||||
Interest expense (income) | 222.1 | 264 | 310.4 | ||||||||
Other non-operating expense (income), net | 43.9 | (4.1) | 5 | ||||||||
(Loss) income from continuing operations before income taxes | (193.8) | (35.7) | (27.9) | ||||||||
Income tax (benefit) expense | (7.1) | (462.7) | (11.8) | ||||||||
Net (loss) income from continuing operations | (186.7) | 427 | (16.1) | ||||||||
Income (loss) from discontinued operations, net of tax | 659.9 | 445 | 289.3 | ||||||||
Net (loss) income | 473.2 | 872 | 273.2 | ||||||||
Net income (loss) attributable to non-controlling interest | 1.3 | 103.7 | 167.2 | ||||||||
Net income attributable to controlling interest | (118.3) | (25.9) | 728.6 | (112.5) | $ (115.8) | $ 405.6 | $ (28.9) | $ 507.4 | 471.9 | 768.3 | 106 |
Parent [Member] | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Net sales | 1,794.5 | 1,839.8 | 1,662.9 | ||||||||
Cost of goods sold | 1,327.5 | 1,336.8 | 1,132.3 | ||||||||
Restructuring and related charges | 0.3 | ||||||||||
Gross profit | 466.7 | 503 | 530.6 | ||||||||
Selling | 231.3 | 239.1 | 226.3 | ||||||||
General and administrative | 229.8 | 108.2 | 195.4 | ||||||||
Research and development | 23.2 | 23.3 | 23.5 | ||||||||
Restructuring and related charges | 46.6 | 59.7 | 28.1 | ||||||||
Transaction related charges | 27.4 | 23.5 | 14.3 | ||||||||
Write-off from impairment of goodwill | 61 | ||||||||||
Write-off from impairment of intangible assets | 18.8 | ||||||||||
Total operating expenses | 638.1 | 453.8 | 487.6 | ||||||||
Operating (loss) income | (171.4) | 49.2 | 43 | ||||||||
Interest expense (income) | 179.3 | 145.2 | 138 | ||||||||
Other non-operating expense (income), net | (55.4) | (208.3) | (231.2) | ||||||||
(Loss) income from continuing operations before income taxes | (295.3) | 112.3 | 136.2 | ||||||||
Income tax (benefit) expense | (143.2) | (99.2) | (48.3) | ||||||||
Net (loss) income from continuing operations | (152.1) | 211.5 | 184.5 | ||||||||
Income (loss) from discontinued operations, net of tax | 659.6 | (30.7) | 123 | ||||||||
Net (loss) income | 507.5 | 180.8 | 307.5 | ||||||||
Net income (loss) attributable to non-controlling interest | (0.3) | ||||||||||
Net income attributable to controlling interest | 507.5 | 180.8 | 307.8 | ||||||||
SB/RH [Member] | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Net sales | 3,802.1 | 3,808.7 | 3,705.4 | ||||||||
Cost of goods sold | 2,492.4 | 2,470.8 | 2,369.6 | ||||||||
Restructuring and related charges | 2.8 | 3.6 | 0.5 | ||||||||
Gross profit | 334.7 | 361 | 305.5 | 305.7 | 1,306.9 | 1,334.3 | 1,335.3 | ||||
Selling | 600.5 | 607.2 | 578 | ||||||||
General and administrative | 349.8 | 257.7 | 300.5 | ||||||||
Research and development | 43.5 | 44.6 | 44.6 | ||||||||
Restructuring and related charges | 62.9 | 72 | 37 | ||||||||
Transaction related charges | 21.8 | 30.2 | 17.7 | ||||||||
Write-off from impairment of goodwill | 116 | ||||||||||
Write-off from impairment of intangible assets | 35.4 | 20.3 | 16.3 | ||||||||
Total operating expenses | 1,229.9 | 1,032 | 994.1 | ||||||||
Operating (loss) income | 77 | 302.3 | 341.2 | ||||||||
Interest expense (income) | 162 | 167 | 161.8 | ||||||||
Other non-operating expense (income), net | 44.2 | 5.2 | 5.8 | ||||||||
(Loss) income from continuing operations before income taxes | (129.2) | 130.1 | 173.6 | ||||||||
Income tax (benefit) expense | 10.7 | (76.8) | (8.6) | ||||||||
Net (loss) income from continuing operations | (139.9) | 206.9 | 182.2 | ||||||||
Income (loss) from discontinued operations, net of tax | 659.9 | (24) | 119 | ||||||||
Net (loss) income | 520 | 182.9 | 301.2 | ||||||||
Net income (loss) attributable to non-controlling interest | 1.3 | 1.4 | 1.3 | ||||||||
Net income attributable to controlling interest | $ (119) | $ (30.1) | $ 770.2 | $ (102.4) | 518.7 | 181.5 | 299.9 | ||||
Eliminations [Member] | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Net sales | (1,417.2) | (1,354.4) | (790.5) | ||||||||
Cost of goods sold | (1,421.8) | (1,354) | (789.1) | ||||||||
Gross profit | 4.6 | (0.4) | (1.4) | ||||||||
Selling | (0.2) | (0.2) | (0.2) | ||||||||
General and administrative | (1.5) | (0.5) | (0.1) | ||||||||
Total operating expenses | (1.7) | (0.7) | (0.3) | ||||||||
Operating (loss) income | 6.3 | 0.3 | (1.1) | ||||||||
Interest expense (income) | 0.1 | ||||||||||
Other non-operating expense (income), net | 998.3 | 190.9 | 369.6 | ||||||||
(Loss) income from continuing operations before income taxes | (992) | (190.7) | (370.7) | ||||||||
Income tax (benefit) expense | 0.2 | 4.4 | 1.2 | ||||||||
Net (loss) income from continuing operations | (992.2) | (195.1) | (371.9) | ||||||||
Income (loss) from discontinued operations, net of tax | 80.3 | (294.9) | (194.7) | ||||||||
Net (loss) income | (911.9) | (490) | (566.6) | ||||||||
Net income attributable to controlling interest | (911.9) | (490) | (566.6) | ||||||||
Guarantor Subsidiaries [Member] | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Net sales | 1,517.9 | 1,363.1 | 1,002.1 | ||||||||
Cost of goods sold | 1,126.4 | 998.8 | 649.6 | ||||||||
Restructuring and related charges | 0.2 | 0.1 | 0.5 | ||||||||
Gross profit | 391.3 | 364.2 | 352 | ||||||||
Selling | 129.4 | 122 | 119.2 | ||||||||
General and administrative | 85.1 | 87.9 | 66.2 | ||||||||
Research and development | 10 | 8.9 | 10 | ||||||||
Restructuring and related charges | 2 | 1.6 | 1.2 | ||||||||
Transaction related charges | (0.1) | 4.2 | 0.5 | ||||||||
Write-off from impairment of intangible assets | 16.6 | 20.3 | 16.3 | ||||||||
Total operating expenses | 243 | 244.9 | 213.4 | ||||||||
Operating (loss) income | 148.3 | 119.3 | 138.6 | ||||||||
Interest expense (income) | 6.2 | 18.8 | 17.3 | ||||||||
Other non-operating expense (income), net | (403.9) | 21.1 | (133.6) | ||||||||
(Loss) income from continuing operations before income taxes | 546 | 79.4 | 254.9 | ||||||||
Income tax (benefit) expense | 108.5 | (131.3) | 22.7 | ||||||||
Net (loss) income from continuing operations | 437.5 | 210.7 | 232.2 | ||||||||
Income (loss) from discontinued operations, net of tax | (72.9) | 124.2 | 132.3 | ||||||||
Net (loss) income | 364.6 | 334.9 | 364.5 | ||||||||
Net income attributable to controlling interest | 364.6 | 334.9 | 364.5 | ||||||||
Nonguarantor Subsidiaries [Member] | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Net sales | 1,906.9 | 1,960.2 | 1,830.9 | ||||||||
Cost of goods sold | 1,460.3 | 1,489.2 | 1,376.8 | ||||||||
Restructuring and related charges | 2.3 | 3.5 | |||||||||
Gross profit | 444.3 | 467.5 | 454.1 | ||||||||
Selling | 240 | 246.3 | 232.7 | ||||||||
General and administrative | 36.4 | 62.1 | 39 | ||||||||
Research and development | 10.3 | 12.4 | 11.1 | ||||||||
Restructuring and related charges | 14.3 | 10.7 | 7.7 | ||||||||
Transaction related charges | (5.5) | 2.5 | 2.9 | ||||||||
Write-off from impairment of goodwill | 55 | ||||||||||
Total operating expenses | 350.5 | 334 | 293.4 | ||||||||
Operating (loss) income | 93.8 | 133.5 | 160.7 | ||||||||
Interest expense (income) | (23.5) | 2.9 | 6.5 | ||||||||
Other non-operating expense (income), net | (494.8) | 1.5 | 1 | ||||||||
(Loss) income from continuing operations before income taxes | 612.1 | 129.1 | 153.2 | ||||||||
Income tax (benefit) expense | 45.2 | 149.3 | 15.8 | ||||||||
Net (loss) income from continuing operations | 566.9 | (20.2) | 137.4 | ||||||||
Income (loss) from discontinued operations, net of tax | (7.1) | 177.4 | 58.4 | ||||||||
Net (loss) income | 559.8 | 157.2 | 195.8 | ||||||||
Net income (loss) attributable to non-controlling interest | 1.3 | 1.4 | 1.6 | ||||||||
Net income attributable to controlling interest | $ 558.5 | $ 155.8 | $ 194.2 |
Guarantor Statements - SB_RH _3
Guarantor Statements - SB/RH (Statement Of Comprehensive Income) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Condensed Statement of Income Captions [Line Items] | |||
Net income | $ 473.2 | $ 872 | $ 273.2 |
Net unrealized loss on foreign currency translation | (65.3) | (44.3) | 29.1 |
Unrealized gain (loss) on derivative instruments | 26.4 | 16.2 | (29.1) |
Defined benefit pension gain (loss) | (21.3) | 3.8 | 20.5 |
Deconsolidation of discontinued operations | 21.9 | (445.9) | |
Net change to derive comprehensive (loss) income for the periods | (38.3) | (458.1) | 120.1 |
Comprehensive income (loss) | 434.9 | 413.9 | 393.3 |
Comprehensive loss attributable to non-controlling interest | (0.5) | (2.8) | 195.2 |
Comprehensive income (loss) attributable to controlling interest | 435.4 | 416.7 | 198.1 |
Parent [Member] | |||
Condensed Statement of Income Captions [Line Items] | |||
Net income | 507.5 | 180.8 | 307.5 |
Net unrealized loss on foreign currency translation | (65.3) | (44.3) | 29.1 |
Unrealized gain (loss) on derivative instruments | 26.4 | 16.2 | (29.1) |
Defined benefit pension gain (loss) | (21.3) | 1.7 | 19.6 |
Deconsolidation of discontinued operations | 21.8 | ||
Net change to derive comprehensive (loss) income for the periods | (38.4) | (26.4) | 19.6 |
Comprehensive income (loss) | 469.1 | 154.4 | 327.1 |
Comprehensive income (loss) attributable to controlling interest | 469.1 | 154.4 | 327.1 |
SB/RH [Member] | |||
Condensed Statement of Income Captions [Line Items] | |||
Net income | 520 | 182.9 | 301.2 |
Net unrealized loss on foreign currency translation | (65.3) | (44.3) | 29.1 |
Unrealized gain (loss) on derivative instruments | 26.4 | 16.2 | (29.1) |
Defined benefit pension gain (loss) | (21.3) | 1.7 | 19.6 |
Deconsolidation of discontinued operations | 21.9 | ||
Net change to derive comprehensive (loss) income for the periods | (38.3) | (26.4) | 19.6 |
Comprehensive income (loss) | 481.7 | 156.5 | 320.8 |
Comprehensive loss attributable to non-controlling interest | (0.5) | (0.3) | (0.2) |
Comprehensive income (loss) attributable to controlling interest | 482.2 | 156.8 | 321 |
Eliminations [Member] | |||
Condensed Statement of Income Captions [Line Items] | |||
Net income | (911.9) | (490) | (566.6) |
Net unrealized loss on foreign currency translation | 137.2 | 89.8 | (66.3) |
Unrealized gain (loss) on derivative instruments | (5) | (26.6) | 30.2 |
Defined benefit pension gain (loss) | 19.4 | 5.2 | (29.3) |
Deconsolidation of discontinued operations | (43.5) | ||
Net change to derive comprehensive (loss) income for the periods | 108.1 | 68.4 | (65.4) |
Comprehensive income (loss) | (803.8) | (421.6) | (632) |
Comprehensive income (loss) attributable to controlling interest | (803.8) | (421.6) | (632) |
Guarantor Subsidiaries [Member] | |||
Condensed Statement of Income Captions [Line Items] | |||
Net income | 364.6 | 334.9 | 364.5 |
Net unrealized loss on foreign currency translation | (66) | (43.6) | 32 |
Unrealized gain (loss) on derivative instruments | 2.5 | 13.3 | (15.1) |
Defined benefit pension gain (loss) | (9.7) | (2.6) | 14.6 |
Deconsolidation of discontinued operations | 21.8 | ||
Net change to derive comprehensive (loss) income for the periods | (51.4) | (32.9) | 31.5 |
Comprehensive income (loss) | 313.2 | 302 | 396 |
Comprehensive income (loss) attributable to controlling interest | 313.2 | 302 | 396 |
Nonguarantor Subsidiaries [Member] | |||
Condensed Statement of Income Captions [Line Items] | |||
Net income | 559.8 | 157.2 | 195.8 |
Net unrealized loss on foreign currency translation | (71.2) | (46.2) | 34.3 |
Unrealized gain (loss) on derivative instruments | 2.5 | 13.3 | (15.1) |
Defined benefit pension gain (loss) | (9.7) | (2.6) | 14.7 |
Deconsolidation of discontinued operations | 21.8 | ||
Net change to derive comprehensive (loss) income for the periods | (56.6) | (35.5) | 33.9 |
Comprehensive income (loss) | 503.2 | 121.7 | 229.7 |
Comprehensive loss attributable to non-controlling interest | (0.5) | (0.3) | (0.2) |
Comprehensive income (loss) attributable to controlling interest | $ 503.7 | $ 122 | $ 229.9 |
Guarantor Statements - SB_RH _4
Guarantor Statements - SB/RH (Statement Of Cash Flows) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net cash (used) provided by operating activities from continuing operations | $ 83.5 | $ 117.1 | $ 276.1 |
Net cash (used) provided by operating activities from discontinued operations | (82.4) | 226.2 | 564.1 |
Net cash provided (used) by operating activities | 1.1 | 343.3 | 840.2 |
Cash flows from investing activities | |||
Purchases of property, plant and equipment | (58.4) | (75.9) | (81.8) |
Proceeds from disposal of property, plant and equipment | 2.1 | 4.2 | 4.6 |
Proceeds from sale of discontinued operations, net of cash | 2,859.5 | 1,546.8 | |
Business acquisitions, net of cash acquired | (289.4) | ||
Other investing activity | (0.3) | (0.5) | (2.8) |
Net cash provided (used) by investing activities from continuing operations | 2,802.9 | 1,474.6 | (338.5) |
Net cash used by investing activities from discontinued operations | (5.3) | (201.9) | (1,248.7) |
Net cash provided (used) by investing activities | 2,797.6 | 1,272.7 | (1,587.2) |
Cash flows from financing activities | |||
Proceeds from issuance of debt | 300 | 19.6 | 315.6 |
Payment of debt, including premium on extinguishment | (2,649.9) | (1,075.9) | (257.7) |
Payment of debt issuance costs | (4.1) | (0.4) | (7) |
Dividends paid by subsidiary to non-controlling interest | (1.1) | (28.6) | (39.9) |
Other financing activities, net | 20.7 | 6.5 | |
Purchase of non-controlling interest | (12.6) | ||
Payment of contingent consideration | (8.9) | (6.4) | |
Net cash (used) provided by financing activities from continuing operations | (2,722.4) | (1,405.7) | (288.4) |
Net cash (used) provided by financing activities from discontinued operations | (2.2) | 110.4 | 871.4 |
Net cash (used) provided by financing activities | (2,724.6) | (1,295.3) | 583 |
Effect of exchange rate changes on cash and cash equivalents on Venezuela devaluation | (0.4) | ||
Effect of exchange rate changes on cash and cash equivalents | (8.4) | (7) | 3.1 |
Net change in cash, cash equivalents and restricted cash | 65.7 | 313.7 | (161.3) |
Cash, cash equivalents, and restricted cash, beginning of period | 561.4 | 285.4 | 465.2 |
Cash, cash equivalents, and restricted cash, end of period | 627.1 | 561.4 | 285.4 |
Parent [Member] | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net cash (used) provided by operating activities from continuing operations | 797.4 | (312.9) | 638.2 |
Net cash (used) provided by operating activities from discontinued operations | 1.7 | 3.6 | 8.8 |
Net cash provided (used) by operating activities | 799.1 | (309.3) | 647 |
Cash flows from investing activities | |||
Purchases of property, plant and equipment | (29.5) | (35.6) | (38.7) |
Proceeds from disposal of property, plant and equipment | 2 | 0.7 | 0.2 |
Proceeds from sale of discontinued operations, net of cash | 2,859.5 | ||
Business acquisitions, net of cash acquired | (289.4) | ||
Net cash provided (used) by investing activities from continuing operations | 2,832 | (34.9) | (327.9) |
Net cash used by investing activities from discontinued operations | (1.1) | (6) | (8.8) |
Net cash provided (used) by investing activities | 2,830.9 | (40.9) | (336.7) |
Cash flows from financing activities | |||
Proceeds from issuance of debt | 300 | 520 | 250 |
Payment of debt, including premium on extinguishment | (2,250) | (52.3) | (214.9) |
Payment of debt issuance costs | (4.1) | (0.4) | (5.9) |
Payment of cash dividends to parent | (717.4) | (374.2) | (350.8) |
Advances related to intercompany transactions | (793.3) | 527.7 | (54.2) |
Other financing activities, net | (8.9) | (6.4) | |
Purchase of non-controlling interest | (12.6) | ||
Net cash (used) provided by financing activities from continuing operations | (3,473.7) | 614.4 | (388.4) |
Net cash (used) provided by financing activities from discontinued operations | (0.6) | ||
Net cash (used) provided by financing activities | (3,474.3) | 614.4 | (388.4) |
Net change in cash, cash equivalents and restricted cash | 155.7 | 264.2 | (78.1) |
Cash, cash equivalents, and restricted cash, beginning of period | 285.5 | 21.3 | 99.4 |
Cash, cash equivalents, and restricted cash, end of period | 441.2 | 285.5 | 21.3 |
SB/RH [Member] | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net cash (used) provided by operating activities from continuing operations | 97.2 | 223.7 | 444 |
Net cash (used) provided by operating activities from discontinued operations | (82.4) | 128.8 | 203.6 |
Net cash provided (used) by operating activities | 14.8 | 352.5 | 647.6 |
Cash flows from investing activities | |||
Purchases of property, plant and equipment | (58.4) | (75.9) | (81.8) |
Proceeds from disposal of property, plant and equipment | 2.1 | 4.2 | 4.6 |
Proceeds from sale of discontinued operations, net of cash | 2,859.5 | ||
Business acquisitions, net of cash acquired | (289.4) | ||
Other investing activity | (0.3) | (0.5) | (2.8) |
Net cash provided (used) by investing activities from continuing operations | 2,802.9 | (72.2) | (369.4) |
Net cash used by investing activities from discontinued operations | (5.3) | (27) | (31.9) |
Net cash provided (used) by investing activities | 2,797.6 | (99.2) | (401.3) |
Cash flows from financing activities | |||
Proceeds from issuance of debt | 300 | 539.6 | 265.6 |
Payment of debt, including premium on extinguishment | (2,262.7) | (69.3) | (229.2) |
Payment of debt issuance costs | (4.1) | (0.4) | (5.9) |
Payment of cash dividends to parent | (717.4) | (374.2) | (350.8) |
Dividends paid by subsidiary to non-controlling interest | (1.1) | ||
Other financing activities, net | (8.9) | (6.4) | |
Purchase of non-controlling interest | (12.6) | ||
Net cash (used) provided by financing activities from continuing operations | (2,694.2) | 89.3 | (332.9) |
Net cash (used) provided by financing activities from discontinued operations | (2.2) | (4.8) | (3.4) |
Net cash (used) provided by financing activities | (2,696.4) | 84.5 | (336.3) |
Effect of exchange rate changes on cash and cash equivalents on Venezuela devaluation | (0.4) | ||
Effect of exchange rate changes on cash and cash equivalents | (8.4) | (7) | 3.1 |
Net change in cash, cash equivalents and restricted cash | 107.6 | 330.8 | (87.3) |
Cash, cash equivalents, and restricted cash, beginning of period | 514.3 | 183.5 | 270.8 |
Cash, cash equivalents, and restricted cash, end of period | 621.9 | 514.3 | 183.5 |
Guarantor Subsidiaries [Member] | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net cash (used) provided by operating activities from continuing operations | 346.2 | 43.5 | 149 |
Net cash (used) provided by operating activities from discontinued operations | 2.7 | 5.6 | 15.5 |
Net cash provided (used) by operating activities | 348.9 | 49.1 | 164.5 |
Cash flows from investing activities | |||
Purchases of property, plant and equipment | (15) | (13) | (11.7) |
Proceeds from disposal of property, plant and equipment | 0.1 | 0.3 | |
Other investing activity | (0.2) | (2.5) | |
Net cash provided (used) by investing activities from continuing operations | (15) | (13.1) | (13.9) |
Net cash used by investing activities from discontinued operations | (2.5) | (5.6) | (12.4) |
Net cash provided (used) by investing activities | (17.5) | (18.7) | (26.3) |
Cash flows from financing activities | |||
Payment of debt, including premium on extinguishment | (4.7) | 0.3 | |
Advances related to intercompany transactions | (327.9) | (33.4) | (135.9) |
Net cash (used) provided by financing activities from continuing operations | (332.6) | (33.4) | (135.6) |
Net cash (used) provided by financing activities from discontinued operations | (0.2) | (0.3) | |
Net cash (used) provided by financing activities | (332.8) | (33.4) | (135.9) |
Net change in cash, cash equivalents and restricted cash | (1.4) | (3) | 2.3 |
Cash, cash equivalents, and restricted cash, beginning of period | 1.8 | 4.8 | 2.5 |
Cash, cash equivalents, and restricted cash, end of period | 0.4 | 1.8 | 4.8 |
Nonguarantor Subsidiaries [Member] | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net cash (used) provided by operating activities from continuing operations | 2,104.9 | 809.9 | (140.7) |
Net cash (used) provided by operating activities from discontinued operations | 3.2 | 22.5 | 11.1 |
Net cash provided (used) by operating activities | 2,108.1 | 832.4 | (129.6) |
Cash flows from investing activities | |||
Purchases of property, plant and equipment | (13.9) | (27.3) | (31.4) |
Proceeds from disposal of property, plant and equipment | 0.1 | 3.4 | 4.1 |
Other investing activity | (0.3) | (0.3) | (0.3) |
Net cash provided (used) by investing activities from continuing operations | (14.1) | (24.2) | (27.6) |
Net cash used by investing activities from discontinued operations | (1.7) | (15.4) | (10.7) |
Net cash provided (used) by investing activities | (15.8) | (39.6) | (38.3) |
Cash flows from financing activities | |||
Proceeds from issuance of debt | 19.6 | 15.6 | |
Payment of debt, including premium on extinguishment | (8) | (17) | (14.6) |
Dividends paid by subsidiary to non-controlling interest | (1.1) | ||
Advances related to intercompany transactions | (2,120.1) | (714.1) | 155.8 |
Net cash (used) provided by financing activities from continuing operations | (2,129.2) | (711.5) | 156.8 |
Net cash (used) provided by financing activities from discontinued operations | (1.4) | (4.7) | (3.1) |
Net cash (used) provided by financing activities | (2,130.6) | (716.2) | 153.7 |
Effect of exchange rate changes on cash and cash equivalents on Venezuela devaluation | (0.4) | ||
Effect of exchange rate changes on cash and cash equivalents | (8.4) | (7) | 3.1 |
Net change in cash, cash equivalents and restricted cash | (46.7) | 69.6 | (11.5) |
Cash, cash equivalents, and restricted cash, beginning of period | 227 | 157.4 | 168.9 |
Cash, cash equivalents, and restricted cash, end of period | 180.3 | 227 | 157.4 |
Eliminations [Member] | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net cash (used) provided by operating activities from continuing operations | (3,151.3) | (316.8) | (202.5) |
Net cash (used) provided by operating activities from discontinued operations | (90) | 97.1 | 168.2 |
Net cash provided (used) by operating activities | (3,241.3) | (219.7) | (34.3) |
Cash flows from financing activities | |||
Advances related to intercompany transactions | 3,241.3 | 219.8 | 34.3 |
Net cash (used) provided by financing activities from continuing operations | 3,241.3 | 219.8 | 34.3 |
Net cash (used) provided by financing activities from discontinued operations | (0.1) | ||
Net cash (used) provided by financing activities | $ 3,241.3 | $ 219.7 | $ 34.3 |
Quarterly Results (Schedule Of
Quarterly Results (Schedule Of Quarterly Results) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 30, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Revenue | $ 993 | $ 1,022.2 | $ 906.7 | $ 880.3 | $ 974.4 | $ 1,029.4 | $ 882.6 | $ 922.3 | $ 3,802.1 | $ 3,808.7 | $ 3,706.5 |
Gross profit | 334.7 | 361 | 305.5 | 305.7 | 346.9 | 362.7 | 306 | 318.6 | 1,306.9 | 1,334.3 | 1,336.4 |
Net (loss) income from continuing operations | (79) | (24.7) | (55) | (29.3) | (34.1) | 382.9 | (32.6) | 40.3 | (188) | 356.5 | (90.6) |
Income from discontinued operations, net of tax | (39.3) | (1.2) | 783.6 | (83.2) | (81.7) | 22.7 | 3.7 | 467.1 | 659.9 | 411.8 | 196.6 |
Net income | 473.2 | 872 | 273.2 | ||||||||
Net income attributable to controlling interest | $ (118.3) | $ (25.9) | $ 728.6 | $ (112.5) | $ (115.8) | $ 405.6 | $ (28.9) | $ 507.4 | $ 471.9 | $ 768.3 | $ 106 |
Earnings Per Share | |||||||||||
Basic earnings per share from continuing operations | $ (1.62) | $ (0.51) | $ (1.06) | $ (0.56) | $ (0.68) | $ 11.69 | $ (1) | $ 1.24 | $ (3.71) | $ 9.64 | $ (2.81) |
Basic earnings per share from discontinued operations | (0.81) | (0.02) | 15.13 | (1.55) | (1.64) | 0.70 | 0.11 | 14.45 | 13.02 | 11.15 | 6.10 |
Basic earnings per share | (2.43) | (0.53) | 14.07 | (2.11) | (2.32) | 12.39 | (0.89) | 15.69 | 9.31 | 20.79 | 3.29 |
Diluted earnings per share from continuing operations | (1.62) | (0.51) | (1.06) | (0.56) | (0.68) | 11.68 | (1) | 1.23 | (3.71) | 9.62 | (2.81) |
Diluted earnings per share from discontinued operations | (0.81) | (0.02) | 15.13 | (1.55) | (1.64) | 0.69 | 0.11 | 14.32 | 13.02 | 11.12 | 6.10 |
Diluted earnings per share | $ (2.43) | $ (0.53) | $ 14.07 | $ (2.11) | $ (2.32) | $ 12.37 | $ (0.89) | $ 15.55 | $ 9.31 | $ 20.74 | $ 3.29 |
SB/RH [Member] | |||||||||||
Revenue | $ 993 | $ 1,022.2 | $ 906.7 | $ 880.3 | |||||||
Gross profit | 334.7 | 361 | 305.5 | 305.7 | $ 1,306.9 | $ 1,334.3 | $ 1,335.3 | ||||
Net (loss) income from continuing operations | (79.7) | (28.9) | (13.4) | (19.2) | (141.2) | 205.5 | 180.9 | ||||
Income from discontinued operations, net of tax | (39.3) | (1.2) | 783.6 | (83.2) | 659.9 | (24) | 119 | ||||
Net income | 520 | 182.9 | 301.2 | ||||||||
Net income attributable to controlling interest | $ (119) | $ (30.1) | $ 770.2 | $ (102.4) | $ 518.7 | $ 181.5 | $ 299.9 | ||||
SB/RH [Member] | Quarter Ended September 30, 2018 [Member] | |||||||||||
Revenue | $ 974.4 | ||||||||||
Gross profit | 346.9 | ||||||||||
Net (loss) income from continuing operations | (2) | ||||||||||
Income from discontinued operations, net of tax | (84.6) | ||||||||||
Net income attributable to controlling interest | $ (86.6) | ||||||||||
SB/RH [Member] | Quarter Ended July 1, 2018 [Member] | |||||||||||
Revenue | $ 1,029.4 | ||||||||||
Gross profit | 362.7 | ||||||||||
Net (loss) income from continuing operations | 45.8 | ||||||||||
Income from discontinued operations, net of tax | 27.8 | ||||||||||
Net income attributable to controlling interest | $ 73.6 | ||||||||||
SB/RH [Member] | Quarter Ended April 1, 2018 [Member] | |||||||||||
Revenue | $ 882.6 | ||||||||||
Gross profit | 306 | ||||||||||
Net (loss) income from continuing operations | 14.7 | ||||||||||
Income from discontinued operations, net of tax | 11.3 | ||||||||||
Net income attributable to controlling interest | $ 26 | ||||||||||
SB/RH [Member] | Quarter Ended December 31, 2017 [Member] | |||||||||||
Revenue | $ 922.3 | ||||||||||
Gross profit | 318.6 | ||||||||||
Net (loss) income from continuing operations | 147 | ||||||||||
Income from discontinued operations, net of tax | 21.5 | ||||||||||
Net income attributable to controlling interest | $ 168.5 |