Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Mar. 29, 2020 | May 01, 2020 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 29, 2020 | |
Document Transition Report | false | |
Entity Registrant Name | Spectrum Brands Holdings, Inc. | |
Entity Incorporation, State or Country Code | DE | |
Entity Central Index Key | 0000109177 | |
Entity File Number | 1-4219 | |
Entity Tax Identification Number | 74-1339132 | |
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 Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Shell Company | false | |
Entity Emerging Growth Company | false | |
Title of 12(b) Security | Common Stock, $0.01 par value | |
Trading Symbol | SPB | |
Security Exchange Name | NYSE | |
Entity Common Stock, Shares Outstanding | 43,056,296 | |
Amendment Flag | false | |
Document Fiscal Period Focus | Q2 | |
Current Fiscal Year End Date | --09-30 | |
Document Fiscal Year Focus | 2020 | |
SB/RH [Member] | ||
Entity Registrant Name | SB/RH Holdings, LLC | |
Entity Central Index Key | 0001592706 | |
Entity File Number | 333-192634-03 | |
Entity Tax Identification Number | 27-2812840 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Shell Company | false | |
Entity Emerging Growth Company | false |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of Financial Position - USD ($) $ in Millions | Mar. 29, 2020 | Sep. 30, 2019 |
Assets | ||
Cash and cash equivalents | $ 457.8 | $ 627.1 |
Trade receivables, net | 465.9 | 356.7 |
Other receivables | 99.5 | 74.2 |
Inventories | 607.9 | 548.4 |
Prepaid expenses and other current assets | 60.1 | 53.5 |
Total current assets | 1,691.2 | 1,659.9 |
Property, plant and equipment, net | 396.2 | 452.9 |
Operating lease assets | 93.6 | |
Investments | 134 | 230.8 |
Deferred charges and other | 102.8 | 51.7 |
Goodwill | 1,324.1 | 1,328.1 |
Intangible assets, net | 1,453.3 | 1,507.1 |
Total assets | 5,195.2 | 5,230.5 |
Liabilities and Shareholders' Equity | ||
Current portion of long-term debt | 13.3 | 136.9 |
Accounts payable | 387.4 | 456.8 |
Accrued wages and salaries | 47.7 | 72.1 |
Accrued interest | 36.7 | 29.3 |
Indemnification payable to Energizer | 31.7 | 230.8 |
Other current liabilities | 190.1 | 216 |
Total current liabilities | 706.9 | 1,141.9 |
Long-term debt, net of current portion | 2,999.1 | 2,214.4 |
Long-term operating lease liabilities | 79.7 | |
Deferred income taxes | 77.2 | 55.9 |
Other long-term liabilities | 110.1 | 112 |
Total liabilities | 3,973 | 3,524.2 |
Commitments and contingencies (Note 19) | ||
Shareholders' equity | ||
Common stock | 0.5 | 0.5 |
Additional paid-in capital | 2,034.3 | 2,031.1 |
Accumulated earnings (deficit) | 68.2 | 201.2 |
Accumulated other comprehensive loss, net of tax | (282) | (273.6) |
Treasury stock | (606.9) | (260.9) |
Total shareholders' equity | 1,214.1 | 1,698.3 |
Non-controlling interest | 8.1 | 8 |
Total equity | 1,222.2 | 1,706.3 |
Total liabilities and equity | 5,195.2 | 5,230.5 |
SB/RH [Member] | ||
Assets | ||
Cash and cash equivalents | 453.5 | 621.9 |
Trade receivables, net | 465.9 | 356.7 |
Other receivables | 177.6 | 140.1 |
Inventories | 607.9 | 548.4 |
Prepaid expenses and other current assets | 60.1 | 53.5 |
Total current assets | 1,765 | 1,720.6 |
Property, plant and equipment, net | 396.2 | 452.9 |
Operating lease assets | 93.6 | |
Investments | 134 | 230.8 |
Deferred charges and other | 58 | 51.7 |
Goodwill | 1,324.1 | 1,328.1 |
Intangible assets, net | 1,453.3 | 1,507.1 |
Total assets | 5,224.2 | 5,291.2 |
Liabilities and Shareholders' Equity | ||
Current portion of long-term debt | 13.3 | 136.9 |
Accounts payable | 394.6 | 463.8 |
Accrued wages and salaries | 47.7 | 72 |
Accrued interest | 36.7 | 29.3 |
Indemnification payable to Energizer | 31.7 | 230.8 |
Income tax payable | 7.6 | 240.5 |
Other current liabilities | 178.2 | 182.7 |
Total current liabilities | 709.8 | 1,356 |
Long-term debt, net of current portion | 2,923.1 | 2,139.1 |
Long-term operating lease liabilities | 79.7 | |
Deferred income taxes | 271.1 | 272.2 |
Other long-term liabilities | 109.8 | 111.8 |
Total liabilities | 4,093.5 | 3,879.1 |
Commitments and contingencies (Note 19) | ||
Shareholders' equity | ||
Other capital | 2,134.7 | 2,113.3 |
Accumulated earnings (deficit) | (731.8) | (437.3) |
Accumulated other comprehensive loss, net of tax | (281.9) | (273.5) |
Total shareholders' equity | 1,121 | 1,402.5 |
Non-controlling interest | 9.7 | 9.6 |
Total equity | 1,130.7 | 1,412.1 |
Total liabilities and equity | $ 5,224.2 | $ 5,291.2 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements Of Income - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Mar. 29, 2020 | Mar. 31, 2019 | Mar. 29, 2020 | Mar. 31, 2019 | |
Net sales | $ 937.8 | $ 906.7 | $ 1,809.3 | $ 1,787 |
Cost of goods sold | 606 | 601 | 1,198.5 | 1,174.7 |
Restructuring and related charges | 2.9 | 0.2 | 12.8 | 1 |
Gross profit | 328.9 | 305.5 | 598 | 611.3 |
Selling | 150 | 151.4 | 296.1 | 306.9 |
General and administrative | 81.9 | 83.6 | 162.2 | 183 |
Research and development | 10.1 | 11.2 | 19.9 | 22.3 |
Restructuring and related charges | 19 | 12.4 | 36.6 | 20.5 |
Transaction related charges | 7.2 | 5.3 | 11.3 | 11.6 |
Loss on assets held for sale | (7) | 25.7 | ||
Write-off from impairment of intangible assets | 24.2 | |||
Total operating expenses | 261.2 | 263.9 | 576 | 544.3 |
Operating income | 67.7 | 41.6 | 22 | 67 |
Interest expense | 35.5 | 94.2 | 70.4 | 151.2 |
Other non-operating expense, net | 110.4 | 24.1 | 66.8 | 24.8 |
(Loss) income from continuing operations before income taxes | (78.2) | (76.7) | (115.2) | (109) |
Income tax benefit | (19) | (22.7) | (18.3) | (26) |
Net loss from continuing operations | (59.2) | (54) | (96.9) | (83) |
Income from discontinued operations, net of tax | 1.4 | 783.6 | 4.3 | 700.4 |
Net (loss) income | (57.8) | 729.6 | (92.6) | 617.4 |
Net (loss) income attributable to non-controlling interest | (0.8) | 1 | 0.1 | 1.2 |
Net (loss) income attributable to controlling interest | (57) | 728.6 | (92.7) | 616.2 |
Amounts attributable to controlling interest | ||||
Net loss from continuing operations attributable to controlling interest | (58.4) | (55) | (97) | (84.2) |
Net income from discontinued operations attributable to controlling interest | $ 1.4 | $ 783.6 | $ 4.3 | $ 700.4 |
Earnings Per Share | ||||
Basic earnings per share from continuing operations | $ (1.29) | $ (1.06) | $ (2.09) | $ (1.60) |
Basic earnings per share from discontinued operations | 0.03 | 15.13 | 0.09 | 13.32 |
Basic earnings per share | (1.26) | 14.07 | (2) | 11.72 |
Diluted earnings per share from continuing operations | (1.29) | (1.06) | (2.09) | (1.60) |
Diluted earnings per share from discontinued operations | 0.03 | 15.13 | 0.09 | 13.32 |
Diluted earnings per share | (1.26) | 14.07 | (2) | 11.72 |
Dividend per share | $ 0.42 | $ 0.42 | $ 0.84 | $ 0.84 |
Weighted Average Shares Outstanding | ||||
Basic | 45.1 | 51.8 | 46.4 | 52.6 |
Diluted | 45.1 | 51.8 | 46.4 | 52.6 |
SB/RH [Member] | ||||
Net sales | $ 937.8 | $ 906.7 | $ 1,809.3 | $ 1,787 |
Cost of goods sold | 606 | 601 | 1,198.5 | 1,174.7 |
Restructuring and related charges | 2.9 | 0.2 | 12.8 | 1 |
Gross profit | 328.9 | 305.5 | 598 | 611.3 |
Selling | 150 | 151.4 | 296.1 | 306.9 |
General and administrative | 78 | 82.4 | 157.5 | 180.6 |
Research and development | 10.1 | 11.2 | 19.9 | 22.3 |
Restructuring and related charges | 19 | 12.4 | 36.6 | 20.5 |
Transaction related charges | 7.2 | 5.3 | 11.3 | 11.6 |
Loss on assets held for sale | (7) | 25.7 | ||
Write-off from impairment of intangible assets | 24.2 | |||
Total operating expenses | 257.3 | 262.7 | 571.3 | 541.9 |
Operating income | 71.6 | 42.8 | 26.7 | 69.4 |
Interest expense | 35.3 | 48.3 | 70 | 91.5 |
Other non-operating expense, net | 110.4 | 24.2 | 66.8 | 25 |
(Loss) income from continuing operations before income taxes | (74.1) | (29.7) | (110.1) | (47.1) |
Income tax benefit | (17.5) | (17.3) | (16.6) | (15.8) |
Net loss from continuing operations | (56.6) | (12.4) | (93.5) | (31.3) |
Income from discontinued operations, net of tax | 1.4 | 783.6 | 4.3 | 700.4 |
Net (loss) income | (55.2) | 771.2 | (89.2) | 669.1 |
Net (loss) income attributable to non-controlling interest | (0.8) | 1 | 0.1 | 1.2 |
Net (loss) income attributable to controlling interest | (54.4) | 770.2 | (89.3) | 667.9 |
Amounts attributable to controlling interest | ||||
Net loss from continuing operations attributable to controlling interest | (55.8) | (13.4) | (93.6) | (32.5) |
Net income from discontinued operations attributable to controlling interest | $ 1.4 | $ 783.6 | $ 4.3 | $ 700.4 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements Of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Mar. 29, 2020 | Mar. 31, 2019 | Mar. 29, 2020 | Mar. 31, 2019 | |
Net (loss) income | $ (57.8) | $ 729.6 | $ (92.6) | $ 617.4 |
Other comprehensive (loss) income | ||||
Foreign currency translation (loss) gain | (47.4) | 9.1 | (20.8) | (0.5) |
Deferred tax effect | 0.3 | (2.6) | 0.2 | (4.9) |
Deferred tax valuation allowance | 0.1 | |||
Net unrealized (loss) gain on foreign currency translation | (47.1) | 6.5 | (20.6) | (5.3) |
Unrealized gain (loss) on derivative instruments | ||||
Unrealized gain on hedging activity before reclassification | 7.8 | 0.3 | 1.6 | 5.7 |
Net reclassification for gain to income from continuing operations | (1.7) | (2.9) | (4.3) | (5.7) |
Net reclassification for loss to income from discontinued operations | 0.6 | 0.5 | ||
Unrealized gain (loss) on hedging instruments after reclassification | 6.1 | (2) | (2.7) | 0.5 |
Deferred tax effect | (1.6) | (1.9) | 1.1 | (5) |
Net unrealized gain (loss) on hedging derivative instruments | 4.5 | (3.9) | (1.6) | (4.5) |
Defined benefit pension gain | ||||
Defined benefit pension gain (loss) before reclassification | 0.9 | (0.3) | 3.7 | 0.8 |
Net reclassification for loss to income from continuing operations | 1 | 0.5 | 2.1 | 1 |
Net reclassification for loss to income from discontinued operations | 0.2 | |||
Defined benefit pension gain after reclassification | 1.9 | 0.2 | 5.8 | 2 |
Deferred tax effect | (0.4) | (0.2) | (0.4) | (0.5) |
Net defined benefit pension gain | 1.5 | 5.4 | 1.5 | |
Deconsolidation of discontinued operations and assets held for sale | 8.1 | 21.9 | 8.1 | 21.9 |
Net change to derive comprehensive (loss) income for the periods | (33) | 24.5 | (8.7) | 13.6 |
Comprehensive (loss) income | (90.8) | 754.1 | (101.3) | 631 |
Comprehensive loss attributable to non-controlling interest | (0.1) | |||
Comprehensive (loss) income attributable to controlling interest | (90.7) | 754.1 | (101.3) | 631 |
SB/RH [Member] | ||||
Net (loss) income | (55.2) | 771.2 | (89.2) | 669.1 |
Other comprehensive (loss) income | ||||
Foreign currency translation (loss) gain | (47.4) | 9.1 | (20.8) | (0.5) |
Deferred tax effect | 0.3 | (2.6) | 0.2 | (4.9) |
Deferred tax valuation allowance | 0.1 | |||
Net unrealized (loss) gain on foreign currency translation | (47.1) | 6.5 | (20.6) | (5.3) |
Unrealized gain (loss) on derivative instruments | ||||
Unrealized gain on hedging activity before reclassification | 7.8 | 0.3 | 1.6 | 5.7 |
Net reclassification for gain to income from continuing operations | (1.7) | (2.9) | (4.3) | (5.7) |
Net reclassification for loss to income from discontinued operations | 0.6 | 0.5 | ||
Unrealized gain (loss) on hedging instruments after reclassification | 6.1 | (2) | (2.7) | 0.5 |
Deferred tax effect | (1.6) | (1.9) | 1.1 | (5) |
Net unrealized gain (loss) on hedging derivative instruments | 4.5 | (3.9) | (1.6) | (4.5) |
Defined benefit pension gain | ||||
Defined benefit pension gain (loss) before reclassification | 0.9 | (0.3) | 3.7 | 0.8 |
Net reclassification for loss to income from continuing operations | 1 | 0.5 | 2.1 | 1 |
Net reclassification for loss to income from discontinued operations | 0.2 | |||
Defined benefit pension gain after reclassification | 1.9 | 0.2 | 5.8 | 2 |
Deferred tax effect | (0.4) | (0.2) | (0.4) | (0.5) |
Net defined benefit pension gain | 1.5 | 5.4 | 1.5 | |
Deconsolidation of discontinued operations and assets held for sale | 8.1 | 21.9 | 8.1 | 21.9 |
Net change to derive comprehensive (loss) income for the periods | (33) | 24.5 | (8.7) | 13.6 |
Comprehensive (loss) income | (88.2) | 795.7 | (97.9) | 682.7 |
Comprehensive loss attributable to non-controlling interest | (0.1) | |||
Comprehensive (loss) income attributable to controlling interest | $ (88.1) | $ 795.7 | $ (97.9) | $ 682.7 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements Of Shareholder's Equity - USD ($) shares in Millions, $ in Millions | SB/RH [Member]Other Capital [Member] | SB/RH [Member]Accumulated Deficit/Earnings [Member] | SB/RH [Member]Accumulated Other Comprehensive Loss [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 Deficit/Earnings [Member] | Accumulated Other Comprehensive Loss [Member] | Treasury Stock [Member] | Total Shareholders' Equity [Member] | Non-controlling Interest [Member] | Total |
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 | (19.1) | (19.1) | 0.2 | (18.9) | (29.2) | (29.2) | 0.2 | (29) | |||||||
Income (loss) from discontinued operations, net of tax | (83.2) | (83.2) | (83.2) | (83.2) | (83.2) | (83.2) | |||||||||
Other comprehensive income (loss), net of tax | (11.1) | (11.1) | (11.1) | (11) | (11) | (11) | |||||||||
Treasury stock repurchases | $ (18.5) | (18.5) | (18.5) | ||||||||||||
Treasury stock repurchases, shares | (0.3) | ||||||||||||||
Restricted stock issued and related tax withholdings | 11.3 | 11.3 | 11.3 | 7.5 | (0.2) | 3.9 | 11.2 | 11.2 | |||||||
Restricted stock issued and related tax withholdings, shares | 0.3 | ||||||||||||||
Share based compensation | 2.8 | 2.8 | 2.8 | 3.2 | 3.2 | 3.2 | |||||||||
Dividends declared | (22.5) | (22.5) | (22.5) | ||||||||||||
Dividends paid to parent | (30.4) | (30.4) | (30.4) | ||||||||||||
Balances at Dec. 31, 2018 | 2,087.1 | (371.4) | (246.8) | 1,468.9 | 10.1 | 1,479 | $ 0.5 | 2,007.4 | (318.4) | (246.8) | (14.6) | 1,428.1 | 8.5 | 1,436.6 | |
Balances, shares at Dec. 31, 2018 | 53.4 | ||||||||||||||
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 | (31.3) | (83) | |||||||||||||
Income (loss) from discontinued operations, net of tax | 700.4 | 700.4 | |||||||||||||
Treasury stock repurchases | $ (268.5) | ||||||||||||||
Treasury stock repurchases, shares | (4.9) | ||||||||||||||
Balances at Mar. 31, 2019 | 2,097.2 | (247.2) | (222.3) | 1,627.7 | 11.1 | 1,638.8 | $ 0.5 | 2,017.5 | 387.6 | (222.3) | (264.2) | 1,919.1 | 9.5 | $ 1,928.6 | |
Balances, shares at Mar. 31, 2019 | 48.8 | ||||||||||||||
Cumulative adjustment for adoption of new accounting standards (Note 1) | (3.2) | (3.2) | (3.2) | (3.2) | (3.2) | (3.2) | |||||||||
Balances at Dec. 31, 2018 | $ 2,087.1 | (371.4) | (246.8) | 1,468.9 | 10.1 | 1,479 | $ 0.5 | 2,007.4 | (318.4) | (246.8) | (14.6) | 1,428.1 | 8.5 | 1,436.6 | |
Balances, shares at Dec. 31, 2018 | 53.4 | ||||||||||||||
Net (loss) income from continuing operations | (13.4) | (13.4) | 1 | (12.4) | (55) | (55) | 1 | (54) | |||||||
Income (loss) from discontinued operations, net of tax | 783.6 | 783.6 | 783.6 | 783.6 | 783.6 | 783.6 | |||||||||
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 | 2.6 | 2.6 | 2.6 | 2.6 | 2.6 | 2.6 | |||||||||
Treasury stock repurchases | (250) | (250) | $ (250) | ||||||||||||
Treasury stock repurchases, shares | (4.6) | (4.6) | |||||||||||||
Restricted stock issued and related tax withholdings | 0.2 | 0.2 | (0.2) | 0.4 | 0.2 | $ 0.2 | |||||||||
Restricted stock issued and related tax withholdings, shares | 0.2 | ||||||||||||||
Share based compensation | $ 9.9 | 9.9 | 9.9 | 10.3 | 10.3 | 10.3 | |||||||||
Dividends declared | (22.6) | (22.6) | (22.6) | ||||||||||||
Dividends paid to parent | (646) | (646) | (646) | ||||||||||||
Balances at Mar. 31, 2019 | 2,097.2 | (247.2) | (222.3) | 1,627.7 | 11.1 | 1,638.8 | $ 0.5 | 2,017.5 | 387.6 | (222.3) | (264.2) | 1,919.1 | 9.5 | 1,928.6 | |
Balances, shares at Mar. 31, 2019 | 48.8 | ||||||||||||||
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 | ||||||||||||||
Net (loss) income from continuing operations | (37.7) | (37.7) | 0.9 | (36.8) | (38.6) | (38.6) | 0.9 | (37.7) | |||||||
Income (loss) from discontinued operations, net of tax | 2.8 | 2.8 | 2.8 | 2.8 | 2.8 | 2.8 | |||||||||
Other comprehensive income (loss), net of tax | 24.2 | 24.2 | 0.1 | 24.3 | 24.2 | 24.2 | 0.1 | 24.3 | |||||||
Treasury stock repurchases | (90.6) | (90.6) | (90.6) | ||||||||||||
Treasury stock repurchases, shares | (1.5) | ||||||||||||||
Accelerated share repurchase pending final settlement | (18.7) | (106.3) | (125) | (125) | |||||||||||
Accelerated share repurchase pending final settlement, shares | (1.7) | ||||||||||||||
Restricted stock issued and related tax withholdings | 4.9 | 4.9 | 4.9 | (13.3) | 18.2 | 4.9 | 4.9 | ||||||||
Restricted stock issued and related tax withholdings, shares | 0.5 | ||||||||||||||
Share based compensation | 8.5 | 8.5 | 8.5 | 8.5 | 8.5 | 8.5 | |||||||||
Dividends declared | (20.2) | (20.2) | (20.2) | ||||||||||||
Dividends paid to parent | (36.7) | (36.7) | (36.7) | ||||||||||||
Balances at Dec. 29, 2019 | 2,126.7 | (509.2) | (249) | 1,368.5 | 10.6 | 1,379.1 | $ 0.5 | 2,007.6 | 144.9 | (249.1) | (439.6) | 1,464.3 | 9 | 1,473.3 | |
Balances, shares at Dec. 29, 2019 | 46.1 | ||||||||||||||
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 | ||||||||||||||
Net (loss) income from continuing operations | (93.5) | (96.9) | |||||||||||||
Income (loss) from discontinued operations, net of tax | 4.3 | 4.3 | |||||||||||||
Treasury stock repurchases | $ (364.5) | ||||||||||||||
Treasury stock repurchases, shares | (6.2) | ||||||||||||||
Balances at Mar. 29, 2020 | 2,134.7 | (731.8) | (281.9) | 1,121 | 9.7 | 1,130.7 | $ 0.5 | 2,034.3 | 68.2 | (282) | (606.9) | 1,214.1 | 8.1 | $ 1,222.2 | |
Balances, shares at Mar. 29, 2020 | 43.1 | ||||||||||||||
Cumulative adjustment for adoption of new accounting standards (Note 1) | (0.3) | 0.3 | (0.3) | 0.3 | |||||||||||
Balances at Dec. 29, 2019 | 2,126.7 | (509.2) | (249) | 1,368.5 | 10.6 | 1,379.1 | $ 0.5 | 2,007.6 | 144.9 | (249.1) | (439.6) | 1,464.3 | 9 | 1,473.3 | |
Balances, shares at Dec. 29, 2019 | 46.1 | ||||||||||||||
Net (loss) income from continuing operations | (55.8) | (55.8) | (0.8) | (56.6) | (58.4) | (58.4) | (0.8) | (59.2) | |||||||
Income (loss) from discontinued operations, net of tax | 1.4 | 1.4 | 1.4 | 1.4 | 1.4 | 1.4 | |||||||||
Sale and decconsolidation of assets held for sale | 8.1 | 8.1 | 8.1 | 8.1 | 8.1 | 8.1 | |||||||||
Other comprehensive income (loss), net of tax | (41) | (41) | (0.1) | (41.1) | (41) | (41) | (0.1) | (41.1) | |||||||
Treasury stock repurchases | (167.7) | ||||||||||||||
Treasury stock repurchases | (149.2) | (149.2) | $ (149.2) | ||||||||||||
Treasury stock repurchases, shares | (2.7) | (3) | |||||||||||||
Accelerated share repurchase pending final settlement | 18.5 | (18.5) | |||||||||||||
Accelerated share repurchase pending final settlement, shares | (0.3) | ||||||||||||||
Restricted stock issued and related tax withholdings | (0.3) | (0.3) | (0.3) | (0.7) | 0.4 | (0.3) | $ (0.3) | ||||||||
Share based compensation | 8.3 | 8.3 | 8.3 | 8.9 | 8.9 | 8.9 | |||||||||
Dividends declared | (19.7) | (19.7) | (19.7) | ||||||||||||
Dividends paid to parent | (168.2) | (168.2) | (168.2) | ||||||||||||
Balances at Mar. 29, 2020 | $ 2,134.7 | $ (731.8) | $ (281.9) | $ 1,121 | $ 9.7 | $ 1,130.7 | $ 0.5 | $ 2,034.3 | $ 68.2 | $ (282) | $ (606.9) | $ 1,214.1 | $ 8.1 | $ 1,222.2 | |
Balances, shares at Mar. 29, 2020 | 43.1 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Millions | 6 Months Ended | |
Mar. 29, 2020 | Mar. 31, 2019 | |
Cash flows from operating activities | ||
Net (loss) income | $ (92.6) | $ 617.4 |
Income from discontinued operations, net of tax | 4.3 | 700.4 |
Net loss from continuing operations | (96.9) | (83) |
Adjustments to reconcile net loss to net cash from operating activities: | ||
Depreciation and amortization | 78 | 102.6 |
Share based compensation | 26 | 21.8 |
Unrealized loss on equity investments held | 53.3 | 5 |
Realized loss on equity investments sold | 15 | |
Write-off from impairment of intangible assets | 24.2 | |
Loss on assets held for sale | 25.7 | |
Amortization of debt issuance costs and debt discount | 3.2 | 6.6 |
Write-off of unamortized discount and debt issuance costs | 1.1 | 36.6 |
Deferred tax expense (benefit) | 22 | (61.8) |
Net changes in operating assets and liabilities | ||
Net changes in operating assets and liabilities | (336.2) | (307.5) |
Net cash used by operating activities from continuing operations | (184.6) | (279.7) |
Net cash used by operating activities from discontinued operations | (254) | |
Net cash used by operating activities | (184.6) | (533.7) |
Cash flows from investing activities | ||
Purchases of property, plant and equipment | (31.7) | (27.1) |
Proceeds from disposal of property, plant and equipment | 0.6 | 0.1 |
Proceeds from sale of discontinued operations, net of cash | 2,854.4 | |
Business acquisitions, net of cash acquired | (17) | |
Proceeds from sale of equity investment | 28.6 | |
Other investing activities | 2.5 | |
Net cash (used) provided by investing activities from continuing operations | (17) | 2,827.4 |
Net cash used by investing activities from discontinued operations | (5.3) | |
Net cash (used) provided by investing activities | (17) | 2,822.1 |
Cash flows from financing activities | ||
Payment of debt, including premium on extinguishment | (130) | (2,479.9) |
Proceeds from issuance of debt | 780 | 136.3 |
Payment of debt issuance costs | (0.8) | (0.1) |
Payment of contingent consideration | (197) | |
Treasury stock purchases | (239.8) | (268.5) |
Accelerated share repurchase | (125) | |
Dividends paid to shareholders | (39.1) | (44.6) |
Share based award tax withholding payments, net of proceeds upon vesting | (12.6) | (2.5) |
Net cash provided (used) by financing activities from continuing operations | 35.7 | (2,659.3) |
Net cash used by financing activities from discontinued operations | (2.3) | |
Net cash provided (used) by financing activities | 35.7 | (2,661.6) |
Effect of exchange rate changes on cash and cash equivalents | (0.5) | (3.1) |
Net change in cash, cash equivalents and restricted cash | (166.4) | (376.3) |
Cash, cash equivalents, and restricted cash, beginning of period | 627.1 | 561.4 |
Cash, cash equivalents, and restricted cash, end of period | 460.7 | 185.1 |
Supplemental disclsoure of cash flow information | ||
Cash paid for interest | 57.5 | 140.9 |
Cash paid for taxes | 30.8 | 36.3 |
Non cash investing activities | ||
Acquisition of property, plant and equipment through finance leases | 3 | 1.6 |
Non cash financing activities | ||
Issuance of shares through stock compensation plan | 39.1 | 23.3 |
SB/RH [Member] | ||
Cash flows from operating activities | ||
Net (loss) income | (89.2) | 669.1 |
Income from discontinued operations, net of tax | 4.3 | 700.4 |
Net loss from continuing operations | (93.5) | (31.3) |
Adjustments to reconcile net loss to net cash from operating activities: | ||
Depreciation and amortization | 78 | 102.6 |
Share based compensation | 25.4 | 21.1 |
Unrealized loss on equity investments held | 53.3 | 5 |
Realized loss on equity investments sold | 15 | |
Write-off from impairment of intangible assets | 24.2 | |
Loss on assets held for sale | 25.7 | |
Amortization of debt issuance costs and debt discount | 2.7 | 3.7 |
Write-off of unamortized discount and debt issuance costs | 1.1 | 12.7 |
Deferred tax expense (benefit) | 20.3 | (51.6) |
Net changes in operating assets and liabilities | ||
Net changes in operating assets and liabilities | (547.5) | (329.5) |
Net cash used by operating activities from continuing operations | (395.3) | (267.3) |
Net cash used by operating activities from discontinued operations | (254) | |
Net cash used by operating activities | (395.3) | (521.3) |
Cash flows from investing activities | ||
Purchases of property, plant and equipment | (31.7) | (27.1) |
Proceeds from disposal of property, plant and equipment | 0.6 | 0.1 |
Proceeds from sale of discontinued operations, net of cash | 2,854.4 | |
Business acquisitions, net of cash acquired | (17) | |
Proceeds from sale of equity investment | 28.6 | |
Other investing activities | 2.5 | |
Net cash (used) provided by investing activities from continuing operations | (17) | 2,827.4 |
Net cash used by investing activities from discontinued operations | (5.3) | |
Net cash (used) provided by investing activities | (17) | 2,822.1 |
Cash flows from financing activities | ||
Payment of debt, including premium on extinguishment | (130) | (2,092.6) |
Proceeds from issuance of debt | 780 | 136.3 |
Payment of debt issuance costs | (0.8) | (0.1) |
Payment of contingent consideration | (197) | |
Payment of cash dividends to parent | (204.9) | (676.4) |
Net cash provided (used) by financing activities from continuing operations | 247.3 | (2,632.8) |
Net cash used by financing activities from discontinued operations | (2.3) | |
Net cash provided (used) by financing activities | 247.3 | (2,635.1) |
Effect of exchange rate changes on cash and cash equivalents | (0.5) | (3.1) |
Net change in cash, cash equivalents and restricted cash | (165.5) | (337.4) |
Cash, cash equivalents, and restricted cash, beginning of period | 621.9 | 514.3 |
Cash, cash equivalents, and restricted cash, end of period | 456.4 | 176.9 |
Supplemental disclsoure of cash flow information | ||
Cash paid for interest | 57.5 | 109.8 |
Cash paid for taxes | 30.8 | 36.3 |
Non cash investing activities | ||
Acquisition of property, plant and equipment through finance leases | $ 3 | $ 1.6 |
Basis Of Presentation And Signi
Basis Of Presentation And Significant Accounting Policies | 6 Months Ended |
Mar. 29, 2020 | |
Basis Of Presentation And Significant Accounting Policies [Abstract] | |
Basis Of Presentation And Significant Accounting Policies | NOTE 1 – BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation and Fiscal Period-End The accompanying unaudited condensed consolidated financial statements have been prepared by the Company and its majority owned subsidiaries in accordance with accounting principles for interim financial information generally accepted in the United States and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all the information and notes necessary for a comprehensive presentation of financial position and results of operations. It is management’s opinion, however, that all material adjustments have been made which are necessary for a fair financial statement presentation. For further information, refer to the consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2019. SBH’s and SB/RH’s fiscal year ends September 30 and the Company 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. As a result, the fiscal period end date for the three and six month periods, included within this Quarterly Report for the Company, are March 29, 2020 and March 31, 2019. Newly Adopted Accounting Standards In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) , which superseded 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. In July 2018, the FASB issued ASU No. 2018- 11, “Leases (Topic 842): Targeted Improvements” , which provided entities with an alternative modified transition method, for which, comparative periods, including the disclosures related to those periods, are not restated. The Company adopted ASU No. 2016-02 and ASU 2018-11 as of October 1, 2019, using a modified retrospective approach, which allowed for the recognition of a cumulative effect of applying the new standard as an adjustment to the opening balance sheet of retained earnings, while continuing to present all prior periods under previous lease accounting guidance. The Company’s adoption of the new standard resulted in the recognition of additional right-of-use (“ROU”) lease assets of $ 107.5 million and additional lease liabilities of $ 113.0 million, with no material cumulative effect adjustment to equity as of the date of adoption. The difference between ROU assets and lease liabilities was driven primarily by prepaid lease payments, deferred and accrued lease incentives, and restructuring related accruals that were reclassified to the ROU asset balance as of October 1, 2019. The income tax accounting impact of ASC 842 adoption resulted in recording of deferred tax assets and tax liabilities of $ 29.7 million as of October 1, 2019. The adoption of the new standard did not have a material impact on the Condensed Consolidated Statements of Income and Condensed Consolidated Statements of Cash Flows. As allowed under the new accounting standard, the Company elected to apply the package of practical expedients to carry forward the original lease determinations, lease classifications, and accounting of initial direct costs for all asset classes at the time of adoption. The Company elected to apply the practical expedient for all of its leases to account for the lease and non-lease components as a single, combined lease component. Therefore, all fixed payments associated with the lease, including non-lease components, are included in the ROU asset and the lease liability. Any variable payments related to the lease are recognized as lease expense when and as incurred. The Company also elected not to apply the recognition requirements to leases of twelve months or less. These leases are expensed on a straight-line basis and no operating lease liability is recorded. In accordance with Topic 842, the Company determines if an arrangement is a lease at inception, considering whether the contract conveys a right to control the use of the identified asset for a period of time in exchange for consideration. Leases are classified as operating or finance leases at the commencement date of the lease. ROU assets and lease liabilities are recognized based on the present value of future minimum lease payments over the lease term at commencement date. Lease liabilities are classified between current and long-term liabilities based on their payment terms. The operating lease ROU asset includes prepaid rent and reflects the unamortized balance of lease incentives. Our leases may include renewal options, and we include the renewal option in the lease term if we conclude that it is reasonably certain that we will exercise that option. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. Lease expense for operating leases is recognized on a straight-line basis over the lease term. Variable lease payments that do not depend on an index or a rate, such as the Company’s proportionate share of actual costs for utilities, common area maintenance, insurance, and property taxes, are excluded from the measurement of the lease liability, unless subject to fixed minimum requirements and are recognized as variable lease cost when the obligation for that payment is incurred. As most of the Company’s leases do not provide the lease implicit rates, the Company uses its incremental borrowing rates as the discount rate, adjusted as applicable, based on the information available at the lease commencement dates to determine the present value of lease payments. The incremental borrowing rate represents an estimate of the interest rate the Company would incur to borrow, on a collateralized basis and in a similar economic environment, over the term of a lease. The Company may use the lease implicit rate, if readily determinable, as the discount rate to determine the present value of lease payments. As of October 1, 2019, the Company used an average discount rate of approximately 4.6 %, based on an estimate of the Company’s incremental borrowing rate. See Note 11 – Leases for additional information. We review the impairment of our ROU assets consistent with the approach applied for our other long-lived assets. 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 an undiscounted cash flow analysis 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. In February 2018, the FASB issued ASU No. 2018-02, Income Statement-Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income (“AOCI”), which allows for an optional reclassification from AOCI to retained earnings for stranded tax effects as a result of the Tax Cuts and Jobs Act (the “Tax Reform Act”). Effective October 1, 2019, we adopted ASU No. 2018-02 and elected to reclassify the income tax effects of the Tax Reform Act from AOCI to Retained Earnings, which resulted in reclassification of $ 0.3 million from AOCI to Retained Earnings. NOTE 1 – BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (continued) In August 2017, the FASB issued ASU 2017- 12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities . This guidance amends certain rules for hedging relationships, expands the types of strategies that are eligible for hedge accounting treatment to more closely align the results of hedge accounting with risk management activities and amends disclosure requirements related to fair value and net investment hedges. The Company adopted this guidance effective October 1, 2019. The adoption of the guidance did not have a material impact on the Company’s financial statements and related disclosures. 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. See Note 2 - Divestitures and Note 3 – Acquisitions for further discussion. The following table summarizes transaction related charges incurred by the Company during the three and six month periods ended March 29, 2020 and March 31, 2019: Three Month Periods Ended Six Month Periods Ended (in millions) March 29, 2020 March 31, 2019 March 29, 2020 March 31, 2019 Coevorden operations divestiture $ 1.5 $ — $ 1.7 $ — GBL divestiture 2.7 2.5 5.1 2.5 Omega Sea acquisition 1.3 — 1.3 — Other 1.7 2.8 3.2 9.1 Total transaction-related charges $ 7.2 $ 5.3 $ 11.3 $ 11.6 |
Divestitures
Divestitures | 6 Months Ended |
Mar. 29, 2020 | |
Divestitures [Abstract] | |
Divestitures | NOTE 2 – DIVESTITURES The following table summarizes the components of Income from Discontinued Operations, Net of Tax in the accompanying Condensed Consolidated Statement of Income for the three and six month periods ended March 29, 2020 and March 31, 2019: Three Month Periods Ended Six Month Periods Ended (in millions) March 29, 2020 March 31, 2019 March 29, 2020 March 31, 2019 Income from discontinued operations before income taxes - GBL $ 1.4 $ 965.5 $ 3.8 $ 981.4 Loss from discontinued operations before income taxes - GAC — ( 6.2 ) — ( 115.5 ) Income from discontinued operations before income taxes 1.4 959.3 3.8 865.9 Income tax expense (benefit) from discontinued operations — 175.7 ( 0.5 ) 165.5 Income from discontinued operations, net of tax 1.4 783.6 4.3 700.4 Income from discontinued operations attributable to controlling interest, net of tax $ 1.4 $ 783.6 $ 4.3 $ 700.4 GBL On January 2, 2019, the Company completed the sale of its GBL business pursuant to the GBL acquisition agreement with Energizer Holdings, Inc. (“Energizer”) for cash proceeds of $ 1,956.2 million, resulting in a pre-tax gain on sale of $ 989.8 million during the year ended September 30, 2019, 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 were recognized as a component of discontinued operations during the year ended September 30, 2019. The GBL acquisition agreement provided for a purchase price adjustment that was 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 included a 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. Effective January 2, 2020, Energizer closed its divestiture of the Varta® consumer batteries business to Varta Aktiengesellschaft (“Varta AG”) with an aggregate purchase price of € 180 million and, in accordance with the terms and conditions of the GBL acquisition agreement, the Company was obligated to contribute up to $ 200.0 million to Energizer in connection with the sale. The Company settled the outstanding balance with Energizer for $ 197.0 million during the three month period ended March 29, 2020. 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 March 29, 2020, the Company recognized $ 47.6 million related to indemnifications in accordance with the acquisition agreement, including $ 31.7 million within Indemnification Payable to Energizer on the Company’s Consolidated Condensed Statement of Financial Position primarily attributable to current income tax indemnifications and $ 15.9 million within Other Long-Term Liabilities on the Company’s Consolidated Condensed 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 18 – Related Party Transactions for additional discussion. NOTE 2 – DIVESTITURES (continued) The following table summarizes the components of Income from Discontinued Operations, Net of Tax associated with the GBL divestiture in the accompanying Condensed Consolidated Statements of Operations for the three and six month period ended March 31, 2019: Three Month Period Ended Six Month Period Ended (in millions) March 31, 2019 March 31, 2019 Net sales $ — $ 249.0 Cost of goods sold — 164.6 Gross profit — 84.4 Operating expenses 2.3 57.0 Operating (loss) income ( 2.3 ) 27.4 Interest expense 10.0 23.3 Other non-operating expense, net — 0.5 Gain on sale ( 996.3 ) ( 996.3 ) Reclassification of accumulated other comprehensive income 18.5 18.5 Income from discontinued operations before income taxes $ 965.5 $ 981.4 During the three and six month periods ended March 29, 2020, the Company recognized incremental pre-tax gain on sale of $ 1.4 million and $ 3.8 million, respectively, for changes to tax and legal indemnifications and other agreed-upon funding under the acquisition agreement. 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 three and six month periods ended March 31, 2019. 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. No impairment loss was recognized as the proceeds from the disposal of the business were more than the carrying value. During the three and six month periods ended March 31, 2019, the Company incurred transaction costs of $ 2.3 million and $ 12.9 million, respectively, associated with the divestiture, which were recognized as a component of income from discontinued operations. Transaction costs were expensed as incurred and included 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 Condensed Consolidated Statement of Income. See Note 1 – Basis of Presentation and Significant Accounting Policies 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 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 during the year ended September 30, 2019. 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 March 29, 2020, 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 Condensed 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 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 18 – Related Party Transactions for additional discussion. 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 and six month periods ended March 31, 2019: Three Month Period Ended Six Month Period Ended (in millions) March 31, 2019 March 31, 2019 Net sales $ 22.1 $ 87.7 Cost of goods sold 13.2 52.5 Gross profit 8.9 35.2 Operating expenses 8.0 35.7 Operating income (loss) 0.9 ( 0.5 ) Interest expense 0.2 0.7 Other non-operating expense, net 0.1 0.2 Write-down of assets of business held for sale to fair value less cost to sell 3.5 110.8 Reclassification of accumulated other comprehensive income 3.3 3.3 Loss from discontinued operations before income taxes $ ( 6.2 ) $ ( 115.5 ) NOTE 2 – DIVESTITURES (continued) 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 six month period ended March 31, 2019. Interest expense consists of interest from debt directly held by subsidiaries of the business held for sale, including interest from capital leases. During the six month period ended March 31, 2019, the Company recognized a $ 110.8 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 three and six month periods ended March 31, 2019, the Company incurred transaction costs of $ 3.0 million and $ 8.8 million, respectively, associated with the divestiture which have been recognized as a component of income from discontinued operations on the Consolidated Statements of Income. 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 Condensed Consolidated Statement of Income. See Note 1 – Basis of Presentation and Significant Accounting Policies for further detail. Coevorden Operations On March 29, 2020, the Company completed its sale of the dog and cat food (“DCF”) production facility and distribution center in Coevorden, Netherlands (“Coevorden Operations”) pursuant to an agreement with United Petfood Producers NV (“UPP”) for total cash proceeds of $ 30.1 million. As of March 29, 2019, the net assets of the Coevorden Operations were legally transferred to UPP, with the recognition of a receivable for the cash proceeds included within Other Non-Trade Receivables on the Company’s Condensed Consolidated Statement of Financial Position. Cash proceeds were subsequently received on March 30, 2019. The divestiture does not constitute a strategic shift for the Company and therefore is not considered discontinued operations. The divestiture of the Coevorden Operations is defined as a disposal of a business and a component of the GPC segment and reporting unit, resulting in the allocation of $ 10.6 million of GPC goodwill to the disposal group based upon a relative fair-value allocation. The Company realized a loss on assets held for sale of $ 25.7 million during the six month period ended March 29, 2020. The Company and UPP entered into related agreements ancillary to the acquisition that became effective upon the consummation of the acquisition, including a TSA. The Company will continue to operate its commercial DCF business following the divestiture of the Coevorden Operations and entered into a manufacturing agreement with UPP to supply the continuing DCF business, subject to an incremental tolling charge. Additionally, the Company will lease and operate the distribution center on behalf of UPP for up to 18 months following the divestiture under a lease agreement. |
Acquisitions
Acquisitions | 6 Months Ended |
Mar. 29, 2020 | |
Acquisitions [Abstract] | |
Acquisitions | NOTE 3 - ACQUISITIONS On March 10, 2020, the Company entered into an asset purchase agreement with Omega Sea, LLC (“Omega”), a manufacturer and marketer of premium fish foods and consumable goods for the home and commercial aquarium markets, primarily consisting of the Omega brand, for a purchase price of approximately $ 17.0 million. The results of Omega’s operations since March 10, 2020 are included in the Company’s Consolidated Statements of Income and reported within the GPC reporting segment for the three and six month periods ended March 29, 2020. The Company has recorded an allocation of the purchase price to the Company’s tangible and identifiable intangible assets acquired and liabilities assumed based on their fair values as of March 10, 2020, the acquisition date. The excess of the purchase price over the fair value of the net tangible assets and identifiable intangible assets was recorded as goodwill, resulting in the recognition of $ 4.4 million for the indefinite lived intangible asset Omega trade name and the allocation of goodwill of $ 8.6 million, allocated to the GPC segment and deductible for tax purposes. Pro forma results have not been presented as the Omega acquisition is not considered individually significant to the consolidated results of the Company. |
Restructuring And Related Charg
Restructuring And Related Charges | 6 Months Ended |
Mar. 29, 2020 | |
Restructuring And Related Charges [Abstract] | |
Restructuring And Related Charges | NOTE 4 - 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 of 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 2 – Divestitures and Note 18 – Related Party Transactions for further discussion of continuing involvement with Energizer. The initiative includes review of global processes 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 $ 101.7 million as of March 29, 2020, with approximately $ 89.4 million forecasted in the foreseeable future. The project costs are anticipated to be incurred through the fiscal year ending September 30, 2022. 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 three and six month periods ended March 29, 2020 and March 31, 2019: Three Month Periods Ended Six Month Periods Ended (in millions) March 29, 2020 March 31, 2019 March 29, 2020 March 31, 2019 Global productivity improvement plan $ 21.2 $ 12.7 $ 47.9 $ 18.5 Other restructuring activities 0.7 ( 0.1 ) 1.5 3.0 Total restructuring and related charges $ 21.9 $ 12.6 $ 49.4 $ 21.5 Reported as: Cost of goods sold $ 2.9 $ 0.2 $ 12.8 $ 1.0 Operating expense 19.0 12.4 36.6 20.5 The following is a summary of restructuring and related charges for the three and six month periods ended March 29, 2020 and March 31, 2019 and cumulative costs for current restructuring initiatives as of March 29, 2020 , by cost type. Termination Other (in millions) Benefits Costs Total For the three month period ended March 29, 2020 $ 6.2 $ 15.7 $ 21.9 For the three month period ended March 31, 2019 2.1 10.5 12.6 For the six month period ended March 29, 2020 11.4 38.0 49.4 For the six month period ended March 31, 2019 3.6 17.9 21.5 Cumulative costs through March 29, 2020 18.6 83.1 101.7 Future costs to be incurred 3.8 85.6 89.4 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 six month period ended March 29 , 2020. Termination Other (in millions) Benefits Costs Total Accrual balance at September 30, 2019 $ 6.6 $ 27.0 $ 33.6 Adoption of ASU 842 (Note 1) — ( 4.3 ) ( 4.3 ) Provisions 3.3 31.0 34.3 Cash expenditures ( 3.5 ) ( 35.2 ) ( 38.7 ) Non-cash items — ( 1.2 ) ( 1.2 ) Accrual balance at March 29, 2020 $ 6.4 $ 17.3 $ 23.7 The following summarizes restructuring and related charges by segment for the three and six month periods ended March 29, 2020 and March 31, 2019 , cumulative costs incurred through March 29, 2020 , and future expected costs to be incurred by Spectrum’s segments of continuing operations: (in millions) HHI HPC GPC H&G Corporate Total For the three month period ended March 29, 2020 $ 0.2 $ 1.7 $ 6.4 $ 0.2 $ 13.4 $ 21.9 For the three month period ended March 31, 2019 0.4 1.3 2.3 0.3 8.3 12.6 For the six month period ended March 29, 2020 0.7 2.8 16.7 0.4 28.8 49.4 For the six month period ended March 31, 2019 3.2 1.5 4.9 1.0 10.9 21.5 Cumulative costs through March 29, 2020 1.1 10.9 16.5 2.1 71.1 101.7 Future costs to be incurred 1.8 7.1 3.3 4.6 72.6 89.4 |
Revenue Recognition
Revenue Recognition | 6 Months Ended |
Mar. 29, 2020 | |
Revenue Recognition [Abstract] | |
Revenue Recognition | NOTE 5 – REVENUE RECOGNITION The Company generates all of its revenue from contracts with customers. The following table disaggregates our revenue for the three and six month periods ended March 29, 2020 and March 31, 2019, by the Company’s key revenue streams, segments and geographic region (based upon destination): Three Month Period Ended March 29, 2020 (in millions) HHI HPC GPC H&G Total Product Sales NA $ 313.6 $ 98.7 $ 166.3 $ 137.8 $ 716.4 EMEA 0.3 92.2 57.9 — 150.4 LATAM 9.9 28.3 3.3 0.9 42.4 APAC 5.0 12.6 6.2 — 23.8 Licensing 0.3 0.9 2.0 0.4 3.6 Other — — 1.2 — 1.2 Total Revenue $ 329.1 $ 232.7 $ 236.9 $ 139.1 $ 937.8 Three Month Period Ended March 31, 2019 (in millions) HHI HPC GPC H&G Total Product Sales NA $ 313.1 $ 91.4 $ 140.9 $ 137.5 $ 682.9 EMEA 0.1 87.8 60.2 — 148.1 LATAM 11.7 28.5 3.3 0.9 44.4 APAC 5.8 11.8 7.6 — 25.2 Licensing 0.4 2.2 1.7 0.6 4.9 Other — — 1.2 — 1.2 Total Revenue $ 331.1 $ 221.7 $ 214.9 $ 139.0 $ 906.7 Six Month Period Ended March 29, 2020 (in millions) HHI HPC GPC H&G Total Product Sales NA $ 595.1 $ 215.1 $ 304.8 $ 182.0 $ 1,297.0 EMEA 0.4 241.4 111.8 — 353.6 LATAM 20.4 64.2 6.6 2.2 93.4 APAC 10.3 30.1 13.3 — 53.7 Licensing 0.6 4.0 3.8 0.8 9.2 Other — — 2.4 — 2.4 Total Revenue $ 626.8 $ 554.8 $ 442.7 $ 185.0 $ 1,809.3 Six Month Period Ended March 31, 2019 (in millions) HHI HPC GPC H&G Total Product Sales NA $ 602.3 $ 208.3 $ 279.2 $ 189.5 $ 1,279.3 EMEA 0.2 227.6 112.5 — 340.3 LATAM 22.0 66.7 6.4 2.2 97.3 APAC 11.0 30.2 15.7 — 56.9 Licensing 0.7 6.1 3.4 0.6 10.8 Other — — 2.4 — 2.4 Total Revenue $ 636.2 $ 538.9 $ 419.6 $ 192.3 $ 1,787.0 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. The allowance for product returns as of March 29, 2020, and September 30, 2019 was $ 20.9 million and $ 19.2 million, respectively. |
Receivables And Concentration O
Receivables And Concentration Of Credit Risk | 6 Months Ended |
Mar. 29, 2020 | |
Receivables And Concentration Of Credit Risk [Abstract] | |
Receivables And Concentration Of Credit Risk | NOTE 6 - RECEIVABLES AND CONCENTRATION OF CREDIT RISK The allowance for uncollectible receivables as of March 29, 2020, and September 30, 2019 was $ 5.3 million and $ 4.9 million, respectively. The Company has a broad range of customers including many large retail outlet chains, three of which have historically exceeded 10 % of consolidated Net Sales and/or Trade Receivables. These three customers represented 37.2 % and 37.7 % of Net Sales for the three month periods ended March 29, 2020 and March 31, 2019, respectively, and 34.1 % and 33.9 % of Net Sales for the six month periods ended March 29, 2020 and March 31, 2019, respectively. These three customers also represented 28.0 % and 29.9 % of Trade Receivables at March 29, 2020 and September 30, 2019, respectively. |
Inventories
Inventories | 6 Months Ended |
Mar. 29, 2020 | |
Inventories [Abstract] | |
Inventories | NOTE 7 - INVENTORIES Inventories consist of the following: (in millions) March 29, 2020 September 30, 2019 Raw materials $ 80.4 $ 66.2 Work-in-process 56.7 46.4 Finished goods 470.8 435.8 $ 607.9 $ 548.4 |
Property, Plant And Equipment
Property, Plant And Equipment | 6 Months Ended |
Mar. 29, 2020 | |
Property, Plant And Equipment [Abstract] | |
Property, Plant And Equipment | NOTE 8 – PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment consist of the following: (in millions) March 29, 2020 September 30, 2019 Land, buildings and improvements $ 130.2 $ 161.4 Machinery, equipment and other 501.6 523.6 Finance leases 198.6 197.2 Construction in progress 27.0 31.7 Property, plant and equipment $ 857.4 $ 913.9 Accumulated depreciation ( 461.2 ) ( 461.0 ) Property, plant and equipment, net $ 396.2 $ 452.9 Depreciation expense from property, plant and equipment for the three month periods ended March 29, 2020 and March 31, 2019 was $ 19.4 million and $ 19.3 million, respectively; and for the six month periods ended March 29, 2020 and March 31, 2019 was $ 44.0 million and $ 52.5 million, respectively. During the six month period ended March 31, 2019, the Company recognized incremental depreciation of $ 13.5 million attributable to depreciation on property plant and equipment of HPC assets that were previously held for sale. |
Goodwill And Intangible Assets
Goodwill And Intangible Assets | 6 Months Ended |
Mar. 29, 2020 | |
Goodwill And Intangible Assets [Abstract] | |
Goodwill And Intangible Assets | NOTE 9 - GOODWILL AND INTANGIBLE ASSETS Goodwill consists of the following: (in millions) HHI GPC H&G Total As of September 30, 2019 $ 702.1 $ 430.4 $ 195.6 $ 1,328.1 Foreign currency impact ( 3.0 ) 1.0 — ( 2.0 ) Omega Sea acquisition (Note 3) — 8.6 — 8.6 Allocated to Assets Held for Sale - Coevorden Operations (Note 2) — ( 10.6 ) — ( 10.6 ) As of March 29, 2020 $ 699.1 $ 429.4 $ 195.6 $ 1,324.1 Following the recognition of the Coevorden Operations as held for sale and allocation of goodwill, the Company remeasured the fair value of its GPC reporting unit goodwill. The fair value of the remaining GPC reporting unit exceeded its carrying value by 17 % and the Company did not recognize an impairment. The GPC reporting unit goodwill of $ 429.4 million as of March 29, 2020 is still deemed ‘at risk’ of impairment in the near term if operating performance does not continue to improve in line with management expectations, or a negative long-term outlook for the business, or another change in factors and assumptions such as discount rate. The duration and severity of the COVID-19 pandemic could result in additional future impairment charges for the GPC reporting unit goodwill, and potentially other reporting unit goodwill not considered ‘at risk’. While we have concluded that a triggering event did not occur during the three month period ended March 29, 2020, a prolonged pandemic could negatively impact the results of operations, net sales and earnings growth rates, changes in key assumptions and other global and regional macroeconomic factors. The carrying value of indefinite-lived intangibles and definite-lived intangibles assets subject to amortization and accumulated amortization are as follows: March 29, 2020 September 30, 2019 (in millions) Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net Amortizable Intangible Assets: Customer relationships $ 684.8 $ ( 344.8 ) $ 340.0 $ 694.9 $ ( 329.7 ) $ 365.2 Technology assets 175.7 ( 96.4 ) 79.3 179.4 ( 90.9 ) 88.5 Tradenames 160.8 ( 125.3 ) 35.5 160.4 ( 118.1 ) 42.3 Total Amortizable Intangible Assets 1,021.3 ( 566.5 ) 454.8 1,034.7 ( 538.7 ) 496.0 Indefinite-lived Intangible Assets - Tradenames 998.5 — 998.5 1,011.1 — 1,011.1 Total Intangible Assets $ 2,019.8 $ ( 566.5 ) $ 1,453.3 $ 2,045.8 $ ( 538.7 ) $ 1,507.1 The Company assessed the indefinite-lived intangible assets and definite-lived intangible assets associated with the continuing commercial DCF business following recognition of the Coevorden Operations as held for sale. During the six month period ended March 29, 2020, the Company recognized an impairment of $ 16.6 million on indefinite-lived intangible assets of tradenames associated with the commercial DCF business due to the reduced value of the associated tradenames, leaving no excess fair value as of the measurement date and risk of future impairment. For the remaining tradenames associated with the DCF business, there were $ 3.3 million of indefinite lived intangible assets that could be deemed at risk of future impairment due to the limited excess fair value. For definite lived intangible assets, the Company recognized an impairment of $ 7.6 million due to the incremental cash flow risk associated with the commercial DCF business following the planned divestiture of the Coevorden Operations, which consisted of the remaining carrying cost of the definite lived intangibles assets associated with the commercial DCF business. There were no additional impairments identified during the three and six month periods ended March 29, 2020. While a triggering event did not occur during the three month period ended March 29, 2020, a prolonged COVID-19 pandemic could negatively impact net sales growth rate, change in key assumptions, and other global and regional macroeconomic factors that could result in additional future impairment charges for indefinite-lived intangible assets. Amortization expense from the intangible assets for the three month periods ended March 29, 2020 and March 31, 2019 was $ 16.9 million and $ 17.4 million, respectively; and for the six month periods ended March 29, 2020 and March 31, 2019 was $ 34.0 million and $ 50.2 million, respectively. During the six month period ended March 31, 2019, there was an incremental amortization expense of $ 15.5 million attributable to amortization expense on intangible assets of HPC that were previously held for sale. Excluding the impact of any future acquisitions or changes in foreign currency, the Company estimates annual amortization expense of intangible assets for the next five fiscal years will be as follows: (in millions) Amortization 2020 $ 77.2 2021 60.6 2022 46.6 2023 44.0 2024 43.3 |
Debt
Debt | 6 Months Ended |
Mar. 29, 2020 | |
Debt [Abstract] | |
Debt | NOTE 10 - DEBT Debt consists of the following: SBH SB/RH March 29, 2020 September 30, 2019 March 29, 2020 September 30, 2019 (in millions) Amount Rate Amount Rate Amount Rate Amount Rate Spectrum Brands Inc. Revolver Facility, variable rate, expiring March 6, 2022 $ 780.0 3.3 % $ — — % $ 780.0 3.3 % $ — — % 6.625 % Notes, due November 15, 2022 — — % 117.4 6.6 % — — % 117.4 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 % 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 468.9 4.0 % 465.0 4.0 % 468.9 4.0 % 465.0 4.0 % Other notes and obligations 3.3 10.4 % 9.5 10.4 % 3.3 10.4 % 9.5 10.4 % Obligations under capital leases 163.0 5.6 % 165.6 5.6 % 163.0 5.6 % 165.6 5.6 % Total Spectrum Brands, Inc. debt 2,965.2 2,307.5 2,965.2 2,307.5 Spectrum Brands Holdings, Inc. Salus - unaffiliated long-term debt of consolidated VIE 77.0 — % 77.0 — % — — % — — % Total SBH debt 3,042.2 2,384.5 2,965.2 2,307.5 Unamortized discount on debt ( 0.1 ) ( 0.2 ) — — Debt issuance costs ( 29.7 ) ( 33.0 ) ( 28.8 ) ( 31.5 ) Less current portion ( 13.3 ) ( 136.9 ) ( 13.3 ) ( 136.9 ) Long-term debt, net of current portion $ 2,999.1 $ 2,214.4 $ 2,923.1 $ 2,139.1 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. As a result of borrowings and payments under the Revolver Facility, the Company had borrowing availability of $ 1.4 million at March 29, 2020, net of outstanding letters of credit of $ 18.6 million. Subsequent to March 29, 2020, the Company increased its overall capacity of the Revolver Facility by $ 90.0 million, resulting in a total capacity of $ 890 million. All amounts under the additional capacity will be subject to either LIBOR plus margin ranging between 2.00 % to 2.50 % per annum, or base rate plus margin ranging from 1.00 % to 1.50 %. Effective November 15, 2019, the Company completed the tender and call of its 6.625 % Senior Unsecured Notes with an outstanding principal of $ 117.4 million, recognizing a loss on extinguishment of the debt of $ 2.6 million including a non-cash charge of $ 1.1 million attributable to the write-off of deferred financing costs associated with the debt. |
Leases
Leases | 6 Months Ended |
Mar. 29, 2020 | |
Leases [Abstract] | |
Leases | NOTE 11 – LEASES The Company has leases primarily pertaining to manufacturing facilities, distribution centers, office space, warehouses, automobiles, machinery, computer and office equipment that expire at various times through February 28, 2047 . We have identified embedded operating leases within certain logistic agreements for warehouses and IT services arrangements and recognized assets identified in the arrangements as part of operating ROU assets on the Company’s Condensed Consolidated Statement of Financial Position as of March 29, 2020. We elected to exclude certain supply chain contracts that contain embedded leases for manufacturing facilities or dedicated manufacturing lines from our ROU asset and liability calculation based on the insignificant impact to our financial statements. The following is a summary of the Company’s leases recognized on the Company’s Condensed Consolidated Statement of Financial Position as of March 29, 2020: (in millions) Line Item March 29, 2020 Assets Operating Operating lease assets $ 93.6 Finance Property, plant and equipment, net 139.0 Total leased assets $ 232.6 Liabilities Current Operating Other current liabilities $ 19.6 Finance Current portion of long-term debt 10.0 Long-term Operating Long-term operating lease liabilities 79.7 Finance Long-term debt, net of current portion 153.0 Total lease liabilities $ 262.3 NOTE 11 – LEASES (continued) As of March 29, 2020, we have operating leases with an obligation and corresponding ROU assets of $ 1.7 million that was not recognized and will commence in April, 20 20. The Company records its operating lease and amortization of finance lease ROU assets within Cost of Goods Sold or Operating Expenses in the Condensed Consolidated Statement of Income depending on the nature and use of the underlying asset. The Company records its finance interest cost within interest expense in the Condensed Consolidated Statement of Income. The components of lease costs recognized in the Condensed Consolidated Statement of Income for the three and six month periods ending March 29, 2020 are as follows: Three Month Period Ended Six Month Period Ended (in millions) March 29, 2020 March 29, 2020 Operating lease cost $ 6.1 $ 12.6 Finance lease cost Amortization of leased assets 3.4 7.0 Interest on lease liability 2.2 4.5 Variable lease cost 3.3 5.8 Total lease cost $ 15.0 $ 29.9 During the three month and six month periods ended March 29, 2020, the Company recognized income attributable to leases and sub-leases of $ 0.5 million and $ 1.0 million, respectively, including $ 0.3 million and $ 0.6 million, respectively, from the sublease of the Company’s Corporate Headquarters in Middleton, Wisconsin with a related party, Energizer. Income from leases and sub-leases is recognized as Other Non-Operating Income on the Condensed Consolidated Statement of Income. The following is a summary of the Company’s cash paid for amounts included in the measurement of lease liabilities recognized in the Condensed Consolidated Statement of Cash Flow, including supplemental non-cash activity related to operating leases, for the three and six month periods ending March 29, 2020: Three Month Period Ended Six Month Period Ended (in millions) March 29, 2020 March 29, 2020 Operating cash flow from operating leases $ 5.4 $ 11.8 Operating cash flows from finance leases 2.3 4.6 Financing cash flows from finance leases 3.5 6.9 Supplemental non-cash flow disclosure Acquisition of operating lease asset through lease obligations 1.8 4.3 The following is a summary of weighted-average lease term and discount rate at March 29, 2020: Weighted average remaining lease term Operating leases 6.4 years Finance leases 15.7 years Weighted average discount rate Operating leases 4.57 % Finance leases 5.59 % At March 29, 2020, future lease payments under operating and finance leases were as follows: (in millions) Finance Leases Operating Leases 2020 remaining balance $ 8.8 $ 11.9 2021 20.8 23.2 2022 17.6 18.8 2023 16.5 16.9 2024 16.2 10.6 Thereafter 180.6 35.0 Total lease payments 260.5 116.4 Amount representing interest ( 97.5 ) ( 17.1 ) Total minimum lease payments $ 163.0 $ 99.3 As of September 30, 2019, minimum commitments under the Company’s leases, as required under prior lease guidance, were as follows: (in millions) Finance Leases Operating Leases 2020 $ 17.5 $ 25.0 2021 19.7 23.2 2022 16.5 20.6 2023 15.5 17.8 2024 15.4 10.8 Thereafter 179.9 37.5 Total lease payments 264.5 134.9 Amount representing interest ( 98.9 ) — Total minimum lease payments $ 165.6 $ 134.9 |
Derivatives
Derivatives | 6 Months Ended |
Mar. 29, 2020 | |
Derivatives [Abstract] | |
Derivatives | NOTE 12 - DERIVATIVES Cash Flow Hedges Commodity Swaps. The Company is exposed to risk from fluctuating prices for raw materials, specifically brass used in its manufacturing processes. Brass consists of zinc and copper. 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 March 29, 2020, the Company had a series of brass swap contracts outstanding through August 31, 2021 . The derivative net loss estimated to be reclassified from AOCI into earnings over the next 12 months is $ 0.5 million, net of tax. The Company had the following commodity swap contracts outstanding as of March 29, 2020 and September 30, 2019. March 29, 2020 September 30, 2019 (in millions) Notional Contract Value Notional Contract Value Brass swap contracts 0.9 Tons $ 4.1 0.9 Tons $ 4.4 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, or 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 Condensed Consolidated Statements of Income. At March 29, 2020, the Company had a series of foreign exchange derivative contracts outstanding through September 29, 2021 . The derivative net loss estimated to be reclassified from AOCI into earnings over the next 12 months is $ 4.0 million, net of tax. At March 29, 2020 and September 30, 2019, the Company had foreign exchange derivative contracts designated as cash flow hedges with a notional value of $ 201.4 million and $ 235.6 million, respectively. Interest Rate Swaps. 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 six months ended March 31, 2019, recognized as a component of discontinued operations as interest expense from the Term Loans per Note 2 – Divestitures. As of March 29, 2020, there are no outstanding interest rate swaps hedges. The following table summarizes the impact of designated cash flow hedges and the pre-tax gain (loss) recognized in the Condensed Consolidated Statement of Income for the three and six month periods ended March 29, 2020 and March 31, 2019, respectively: For the three month periods Reclassified to ended March 29, 2020 Gain (Loss) Reclassified to Continuing Operations Discontinued (in millions) in OCI Line Item Gain (Loss) Operations Commodity swaps $ ( 0.9 ) Cost of goods sold $ ( 0.1 ) $ — Foreign exchange contracts ( 0.1 ) Net sales — — Foreign exchange contracts 8.8 Cost of goods sold 1.8 — Total $ 7.8 $ 1.7 $ — For the three month periods Reclassified to ended March 31, 2019 Gain (Loss) Reclassified to Continuing Operations Discontinued (in millions) in OCI Line Item Gain (Loss) Operations Commodity swaps $ 0.5 Cost of goods sold $ ( 0.1 ) $ ( 1.9 ) Foreign exchange contracts ( 0.1 ) Net sales ( 0.1 ) — Foreign exchange contracts ( 0.1 ) Cost of goods sold 3.1 — Total $ 0.3 $ 2.9 $ ( 1.9 ) For the six month periods Reclassified to ended March 29, 2020 Gain (Loss) Reclassified to Continuing Operations Discontinued (in millions) in OCI Line Item Gain (Loss) Operations Commodity swaps $ ( 0.7 ) Cost of goods sold $ ( 0.1 ) $ — Foreign exchange contracts — Net sales ( 0.1 ) — Foreign exchange contracts 2.3 Cost of goods sold 4.5 — Total $ 1.6 $ 4.3 $ — For the six month periods Reclassified to ended March 31, 2019 Gain (Loss) Reclassified to Continuing Operations Discontinued (in millions) in OCI Line Item Gain (Loss) Operations Interest rate swaps $ ( 0.6 ) Interest expense $ — $ 2.2 Commodity swaps ( 0.6 ) Cost of goods sold ( 0.2 ) ( 4.4 ) Foreign exchange contracts ( 0.2 ) Net sales ( 0.1 ) — Foreign exchange contracts 7.2 Cost of goods sold 6.0 0.5 Total $ 5.8 $ 5.7 $ ( 1.7 ) NOTE 12 – DERIVATIVES (continued) Derivative Contracts Not Designated as Hedges for Accounting Purposes Foreign exchange contracts. The Company periodically enters into forward 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 U.S. Dollars, Canadian Dollars, Euros, Pounds Sterling, Taiwanese Dollars, Philippine Peso, or Australian Dollars. These foreign exchange contracts are fair value hedges of a related liability or asset recorded in the accompanying Condensed 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 March 29, 2020, the Company had a series of forward exchange contracts outstanding through April 24, 2020 . At March 29, 2020 and September 30, 2019, the Company had $ 531.8 million and $ 977.5 million, respectively, of notional value of such foreign exchange derivative contracts outstanding. The following summarizes the impact of derivative instruments on the accompanying Condensed Consolidated Statements of Income for the three and six month periods ended March 29, 2020 and March 31, 2019, pre-tax: Three Month Periods Ended Six Month Periods Ended (in millions) Line Item March 29, 2020 March 31, 2019 March 29, 2020 March 31, 2019 Foreign exchange contracts Other non-operating expense (income) $ 22.9 $ 17.4 $ ( 2.2 ) $ 13.1 Fair Value of Derivative Instruments The fair value of the Company’s outstanding derivative contracts recorded in the Condensed Consolidated Statements of Financial Position is as follows: (in millions) Line Item March 29, 2020 September 30, 2019 Derivative Assets Foreign exchange contracts - designated as hedge Other receivables $ 5.6 $ 7.8 Foreign exchange contracts - designated as hedge Deferred charges and other 0.4 0.5 Foreign exchange contracts - not designated as hedge Other receivables 7.7 1.2 Total Derivative Assets $ 13.7 $ 9.5 Derivative Liabilities Commodity swaps - designated as hedge Accounts payable $ 0.7 $ 0.2 Commodity swaps - designated as hedge Other long term liabilities 0.1 — Foreign exchange contracts - designated as hedge Accounts payable 0.1 0.2 Foreign exchange contracts - not designated as hedge Accounts payable 0.5 1.9 Total Derivative Liabilities $ 1.4 $ 2.3 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 as of March 29, 2020. 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 of 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 March 29, 2020, and September 30, 2019, there was no cash collateral outstanding and no posted standby letters of credit related to such liability positions. Net Investment Hedge Spectrum Brands, Inc. (“SBI”), has € 425 million aggregate principle amount of 4.00 % Notes designated as a non-derivative economic hedge, or net investment hedge, of the translation of the Company’s net investments in Euro denominated subsidiaries at the time of issuance. The hedge effectiveness is measured on the beginning balance of the net investment and re-designated every three months. Due to changes in the net investments in Euro denominated subsidiaries, € 345.6 million of the original principal amount was designated as a net investment hedge as of March 29, 2020 . As a result, any gains and losses attributable to the translation of the Euro denominated debt designated as net investment hedge were recognized as a component of foreign currency translation within AOCI, and gains and losses attributable to the translation of the undesignated portion are recognized as foreign currency translation gains or losses within Other Non-Operating Income (Expense). For the three and six month period ended March 31, 2019, the full principal amount was designated as a net investment hedge and considered fully effective . Three Month Periods Ended Six Month Periods Ended Gain (loss) in OCI (in millions) March 29, 2020 March 31, 2019 March 29, 2020 March 31, 2019 Net investment hedge $ 2.2 $ 8.8 $ ( 2.8 ) $ 17.8 During the three month period ended March 29, 2020, the Company recognized a pre-tax gain in earnings related to the translation of the undesignated portion of debt obligation of $ 0.5 million. During the six month period ended March 29, 2020, the Company recognized a pre-tax loss in earnings of $ 1.2 million. 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. |
Fair Value Of Financial Instrum
Fair Value Of Financial Instruments | 6 Months Ended |
Mar. 29, 2020 | |
Fair Value Of Financial Instruments [Abstract] | |
Fair Value Of Financial Instruments | NOTE 13 - FAIR VALUE OF FINANCIAL INSTRUMENTS 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 value and estimated fair value of financial and derivative instruments as of March 29, 2020 and September 30, 2019 according to the fair value hierarchy are as follows. March 29, 2020 September 30, 2019 Carrying Carrying (in millions) Level 1 Level 2 Level 3 Fair Value Amount Level 1 Level 2 Level 3 Fair Value Amount Investments $ 134.0 $ — $ — $ 134.0 $ 134.0 $ 230.8 $ — $ — $ 230.8 $ 230.8 Derivative Assets — 13.7 — 13.7 13.7 — 9.5 — 9.5 9.5 Derivative Liabilities — 1.4 — 1.4 1.4 — 2.3 — 2.3 2.3 Debt - SBH — 2,864.1 — 2,864.1 3,012.4 — 2,468.8 — 2,468.8 2,351.3 Debt - SB/RH — 2,787.0 — 2,787.0 2,936.4 — 2,391.8 — 2,391.8 2,276.0 Investments consist of our investment in Energizer common stock, which is valued at quoted market prices for identical instruments in an active market. Unrealized income (loss) from changes in fair value, realized income (loss) from sale of equity investments, plus dividend income from equity investments, are recognized as components of Other Non-Operating Expense, Net on the Condensed Consolidated Statements of Income. During the three and six month periods ended March 29, 2020, the Company sold 1.0 million shares of Energizer common stock for proceeds of $ 28.6 million. As of March 29, 2020, the company holds 4.3 million shares of Energizer common stock. The following is a summary of income recognized from equity investments: Three month period ended Six month period ended (in millions) March 29, 2020 March 31, 2019 March 29, 2020 March 31, 2019 Unrealized loss on equity investments held $ ( 84.5 ) $ ( 5.0 ) $ ( 53.3 ) $ ( 5.0 ) Realized loss on equity investments sold ( 22.3 ) — ( 15.0 ) — Loss on equity investments ( 106.8 ) ( 5.0 ) ( 68.3 ) ( 5.0 ) Dividend income from equity investments 1.6 1.6 3.2 1.6 Loss from equity investments $ ( 105.2 ) $ ( 3.4 ) $ ( 65.1 ) $ ( 3.4 ) See Note 12 – Derivatives for additional detail on derivative assets and liabilities. The fair value measurements of the Company’s debt represent non-active market exchanged traded securities which are valued at quoted input prices that are directly observable or indirectly observable through corroboration with observable market data. See Note 10 – Debt for additional detail on outstanding debt of SBH and SB/RH. The carrying value 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. 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). |
Employee Benefit Plans
Employee Benefit Plans | 6 Months Ended |
Mar. 29, 2020 | |
Employee Benefit Plans [Abstract] | |
Employee Benefit Plans | NOTE 14 - EMPLOYEE BENEFIT PLANS The net periodic benefit cost for defined benefit plans for the three and six month periods ended March 29, 2020 and March 31, 2019 are as follows: U.S. Plans Non U.S. Plans (in millions) March 29, 2020 March 31, 2019 March 29, 2020 March 31, 2019 Three Month Period Ended Service cost $ 0.2 $ 0.1 $ 0.6 $ 0.5 Interest cost 0.5 0.7 0.6 0.9 Expected return on assets ( 1.0 ) ( 1.1 ) ( 0.9 ) ( 1.1 ) Recognized net actuarial loss 0.2 0.1 0.8 0.5 Net periodic benefit cost $ ( 0.1 ) $ ( 0.2 ) $ 1.1 $ 0.8 Six Month Period Ended Service cost $ 0.3 $ 0.2 $ 1.1 $ 1.0 Interest cost 1.1 1.4 1.2 1.8 Expected return on assets ( 2.1 ) ( 2.2 ) ( 1.8 ) ( 2.2 ) Settlement and curtailment 0.9 — — — Recognized net actuarial loss 0.5 0.1 1.6 1.0 Net periodic benefit cost $ 0.7 $ ( 0.5 ) $ 2.1 $ 1.6 Weighted average assumptions Discount rate 3.07 % 4.10 % 0.75 - 7.70 % 1.00 - 8.15 % Expected return on plan assets 6.50 % 6.50 % 0.75 - 3.40 % 1.00 - 4.01 % Rate of compensation increase N/A N/A 2.25 - 6.00 % 2.05 - 4.85 % Contributions to our pension and defined benefit plans, including discretionary amounts, for the three month periods ended March 29, 2020 and March 31, 2019 were $ 0.7 and $ 0.5 million, respectively. Contributions to our pension and defined benefit plans, including discretionary amounts, for the six month periods ended March 29, 2020 and March 31, 2019, were $ 1.5 million and $ 0.9 million, respectively. |
Shareholder's Equity
Shareholder's Equity | 6 Months Ended |
Mar. 29, 2020 | |
Shareholder's Equity [Abstract] | |
Stockholder's Equity | NOTE 15 – SHAREHOLDER’S EQUITY Share Repurchases The Company has a share repurchase program that is executed through purchases made from time to time either in the open market or otherwise. On July 24, 2018, the Board of Directors approved a $ 1 billion common stock repurchase program. The authorization is effective for 36 months. As part of the share repurchase program, the Company purchased treasury shares in open market purchases at market fair value, in private purchases from Company employees at fair value and through an accelerated share repurchase (“ASR”) agreement with a third-party financial institution. On November 18, 2019, SBH entered into an ASR to repurchase $ 125 million of the Company’s common stock. At inception, pursuant to the agreement, the Company paid $ 125.0 million to the financial institution using cash on hand and took delivery of 1.7 million shares which represented approximately 85 % of the total shares the Company expected to receive based on the market price at the time of the initial delivery. The transaction was accounted for as an equity transaction. The fair value of shares received initially of $ 106.3 million was recorded as a treasury stock transaction, with the remainder of $ 18.7 million recorded as a reduction to additional paid-in capital. Upon initial receipt of the shares, there was an immediate reduction in the weighted average common shares calculation for basic and diluted earnings per share. On February 24, 2020, the Company closed and settled the ASR resulting in an additional delivery of 0.3 million shares, with a fair value of $ 18.5 million. The total number of shares repurchased under the ASR program was 2.0 million at an average cost per share of $ 61.59 , based on the volume-weighted average share price of the Company’s common stock during the calculation period of the ASR program, less the applicable contractual discount. The following summarizes the activity of common stock repurchases under the program for the three and six month periods ended March 29, 2020 and March 31, 2019: March 29, 2020 March 31, 2019 Number of Average Number of Average Shares Price Shares Price Three Month Periods Ended (in millions except per share data) Repurchased Per Share Amount Repurchased Per Share Amount Open Market Purchases 2.7 $ 54.54 $ 149.2 4.6 $ 54.22 $ 250.0 ASR 0.3 59.69 18.5 — — — Total Purchases 3.0 $ 55.06 $ 167.7 4.6 $ 54.22 $ 250.0 March 29, 2020 March 31, 2019 Number of Average Number of Average Shares Price Shares Price Six Month Periods Ended (in millions except per share data) Repurchased Per Share Amount Repurchased Per Share Amount Open Market Purchases 4.0 $ 56.97 $ 230.6 4.6 $ 54.22 $ 250.0 Private Purchases 0.2 62.30 9.2 0.3 56.02 18.5 ASR 2.0 61.47 124.7 — — — Total Purchases 6.2 $ 58.57 $ 364.5 4.9 $ 54.34 $ 268.5 |
Share Based Compensation
Share Based Compensation | 6 Months Ended |
Mar. 29, 2020 | |
Share Based Compensation [Abstract] | |
Share Based Compensation | NOTE 16 - SHARE BASED COMPENSATION Share based compensation expense is recognized as General and Administrative Expenses on the Condensed Consolidated Statements of Income and consists of costs from the Spectrum equity plan. The following is a summary of share based compensation expense for the three and six month periods ended March 29, 2020 and March 31, 2019 for SBH and SB/RH, respectively. Three Month Periods Ended Six Month Periods Ended (in millions) March 29, 2020 March 31, 2019 March 29, 2020 March 31, 2019 SBH $ 13.1 $ 15.9 $ 26.0 $ 21.8 SB/RH $ 12.6 $ 15.5 $ 25.4 $ 21.1 The Company recognizes share based compensation expense primarily from the issuance of its Restricted Stock Units (“RSUs”) based on the fair value of the awards, as determined by the market price of the Company’s shares of common stock on the designated grant date and recognized on a straight-line basis over the requisite service period of the awards. Certain RSUs are performance-based awards that are dependent upon achieving specified financial metrics over a designated period of time. Beginning in the fiscal year ended September 30, 2019, the Company provided to certain employees RSU grants issued under a 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, return on equity, and adjusted free cash flow) and time-based service. The Company also provided for bridge awards that are special awards to certain employees for transitioning to the 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 in fiscal year 2019 and 2020, respectively, (adjusted EBITDA and adjusted free cash flow) and time-based service conditions ( 60 % performance/ 40 % service). Bridge awards are 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. 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. NOTE 16 - SHARE BASED COMPENSATION (continued) The following summary of the activity in Spectrum RSUs during the six month periods ended March 29, 2020: 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 Vesting in less than 24 months 0.3 $ 62.37 $ 18.5 0.3 $ 62.29 $ 17.2 Vesting in more than 24 months 0.1 63.38 8.1 0.1 63.38 8.1 Total time-based grants 0.4 $ 62.67 $ 26.6 0.4 $ 62.63 $ 25.3 Performance-based grants Vesting in more than 24 months 0.3 63.37 19.0 0.3 63.37 19.0 Total performance-based grants 0.3 $ 63.37 $ 19.0 0.3 $ 63.38 $ 19.0 Total grants 0.7 $ 62.96 $ 45.6 0.7 $ 62.95 $ 44.3 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, 2019 1.2 $ 53.57 $ 67.0 1.2 $ 53.23 $ 65.1 Granted 0.7 62.96 45.6 0.7 62.95 44.3 Forfeited ( 0.1 ) 65.19 ( 1.4 ) ( 0.1 ) 65.19 ( 1.4 ) Vested ( 0.6 ) 57.76 ( 39.1 ) ( 0.6 ) 57.24 ( 37.6 ) At March 29, 2020 1.2 $ 56.49 $ 72.1 1.2 $ 56.39 $ 70.4 In addition to RSU awards, the Company also provides for a portion of its annual management incentive compensation plan (“MIP”) to be paid in common stock of the Company, in lieu of cash payment, and is recognized as a liability plan. Share based compensation expense associated with the annual MIP was $ 4.3 million and $ 8.6 million for the three and six month periods ended March 29, 2020, respectively, and $ 5.6 million and $ 8.4 million for the three and six month periods ended March 31, 2019, respectively. The remaining unrecognized pre-tax compensation cost for SBH and SB/RH at March 29, 2020 was $ 51.3 million and $ 50.7 million, respectively. |
Income Taxes
Income Taxes | 6 Months Ended |
Mar. 29, 2020 | |
Income Taxes [Abstract] | |
Income Taxes | NOTE 17 - INCOME TAXES The effective tax rate for the three and six month periods ended March 29, 2020 and March 31, 2019 was as follows: Three Month Periods Ended Six Month Periods Ended Effective tax rate March 29, 2020 March 31, 2019 March 29, 2020 March 31, 2019 SBH 24.3 % 29.6 % 15.9 % 23.9 % SB/RH 23.5 % 58.2 % 15.0 % 33.5 % The estimated annual effective tax rate applied to the three and six month periods ended March 29, 2020 differs from the US federal statutory rate of 21 % principally due to income earned outside the U.S. that is subject to U.S. tax, including the U.S. tax on global intangible low taxed income (“GILTI”), net operating losses outside the U.S. that are not more likely than not to result in a tax benefit, certain nondeductible expenses, and foreign rates that differ from the US federal statutory rate. The Company has U.S. net operating loss carryforwards, which do not allow it to take advantage of the foreign-derived intangible income (“FDII”) deduction. The Company’s federal effective tax rate on GILTI is therefore 21 %. During the six month period ended March 29, 2020, the Company also recognized a $ 5.3 million tax benefit from the favorable settlement of an income tax examination. As of March 29, 2020, there is $ 0.8 million of income taxes payable on the SB/RH Condensed Consolidated Statement of Financial Position, payable to its parent company, calculated as if SB/RH were a separate taxpayer. |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Mar. 29, 2020 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | NOTE 18 – RELATED PARTY TRANSACTIONS Energizer Holdings, Inc. Effective the close of the GBL divestiture on January 2, 2019, and GAC divestiture on January 28, 2019, the Company and Energizer entered into a series of 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 Spectrum, 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 Spectrum and recognized as a component of operating expense or cost of goods sold depending upon the functions being supported by Spectrum. 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. Effective January 2, 2020, Energizer closed its divestiture of the European based Varta® consumer battery business in the EMEA region to Varta AG, which also transferred TSAs and reverse TSAs associated with the divested entities to be assumed by Varta AG. As a result, a portion of the TSA and reverse TSA charges with Energizer were transferred to Varta AG. During the three month period ended March 29, 2020, the Company recognized net loss of $ 1.5 million, consisting of TSA charges of $ 2.2 million and reverse TSA costs of $ 3.7 million. During the six month period ended March 29, 2020, the Company recognized net gain of $ 0.1 million, consisting of TSA charges of $ 6.6 million and reverse TSA costs of and $ 6.5 million. During the three and six month periods ended March 31, 2019, the Company recognized net gain of $ 2.5 million, consisting of TSA charges of $ 6.6 million and reverse TSA costs of $ 4.1 million. In addition to the TSAs and reverse TSAs, the Company, Energizer and Varta AG 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 and Varta AG for any outstanding TSA and reverse TSA related services and net working capital attributable to commingled cash flow. As of March 29, 2020 and September 30, 2019, the Company had net payable of $ 3.0 million and net receivable of $ 12.8 million, respectively, with Energizer included in Other Current Liabilities on the Company’s Condensed Statement of Financial Position. As of March 29, 2020, the Company had net payable of $ 0.7 million with Varta AG included in Other Current Liabilities on the Company’s Condensed Consolidated Statement of Financial Position. The Company’s H&G segment continues 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 three and six month periods ended March 29, 2020, the Company recognized $ 5.6 million and $ 10.9 million, respectively, of revenue attributable to the Energizer supply agreement as a component of H&G revenue after completion of the GAC divestiture. During the three and six month periods ended March 31, 2019, the Company recognized $ 3.7 million of revenue attributable to the Energizer supply agreement. As of March 29, 2020 and September 30, 2019, the Company had outstanding receivable of $ 4.2 million and $ 4.9 million, respectively, from Energizer in Trade Receivables, Net on the Company’s Condensed 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 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 Condensed 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 Condensed Consolidated Statements of Income. See Note 13 – Fair value of Financial Instruments for additional discussion on the Company’s investment in Energizer common stock. |
Commitments And Contingencies
Commitments And Contingencies | 6 Months Ended |
Mar. 29, 2020 | |
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. Shareholder Litigation. The Company has provided an estimated cost of $ 1.1 million, net anticipated third party insurance recoveries, for a proposed settlement related to the state court class action complaint filed on August 16, 2019 in the Circuit Court of Dane County, Wisconsin against the Company and certain of the Company’s current and former directors and officers, included in Other Current Liabilities on the Condensed Consolidated Statement of Financial Position. The complaint alleged that certain financial statements incorporated into the registration statement contained misstatements in violation of the Securities Act of 1933. Separately, on July 12, 2019, an amended consolidated class action complaint filed earlier in 2018 was filed in the United State District Court for the Western District of Wisconsin by the Public School Teachers’ Pension & Retirement Fund of Chicago and the Cambridge Retirement against Spectrum Brands’ Legacy, Inc. (“Spectrum Legacy”). The complaint alleges that the defendants violated the Securities Act of 1934 by making misrepresentations and omissions in Spectrum Legacy’s financial statements. The amended complaint added HRG Group, Inc. (“HRG”) as a defendant and asserted additional claims against the Company on behalf of a purported class of HRG shareholders. The class period of the consolidated amended complaint is from January 26, 2017 to November 19, 2018, and the plaintiffs seek an unspecified amount of compensatory damages, interest, attorneys’ and expert fees and costs. The Company believes the suit is without merit and intends to defend it vigorously. Based on information currently available, the Company does not believe that any other matters related to this complaint will have a material adverse effect on its business or financial condition. Environmental. The Company has provided for an estimated cost of $ 11.5 million and $ 12.2 million, as of March 29, 2020 and September 30, 2019, respectively, associated with environmental remediation activities at some of its current and former manufacturing sites, included in Other Long-Term Liabilities on the Condensed 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 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 liabilities based upon probable loss from loss reports, individual cases, and losses incurred but not reported. As of March 29, 2020 and September 30, 2019, the Company recognized $ 6.0 million and $ 5.9 million in product liability, respectively, included in Other Current Liabilities on the Condensed 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 $ 7.0 million and $ 7.2 million of warranty accruals as of March 29, 2020 and September 30, 2019, respectively, included in Other Current Liabilities on the Condensed Consolidated Statement of Financial Position. |
Segment Information
Segment Information | 6 Months Ended |
Mar. 29, 2020 | |
Segment Information [Abstract] | |
Segment Information | NOTE 20 - SEGMENT INFORMATION Net sales relating to the segments for the three and six month periods ended March 29, 2020 and March 31, 2019 are as follows: Three Month Periods Ended Six Month Periods Ended (in millions) March 29, 2020 March 31, 2019 March 29, 2020 March 31, 2019 HHI $ 329.1 $ 331.1 $ 626.8 $ 636.2 HPC 232.7 221.7 554.8 538.9 GPC 236.9 214.9 442.7 419.6 H&G 139.1 139.0 185.0 192.3 Net sales $ 937.8 $ 906.7 $ 1,809.3 $ 1,787.0 The Chief Operating Decision Maker of the Company 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 that consist of costs associated with long-term compensation arrangements and other equity based 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 have been included in the adjustment but do not qualify for shared-based compensation. See Note 16 - Share Based Compensation for further discussion; Restructuring and related charges, which consist of project costs associated with restructuring initiatives across the segments. See Note 4 - Restructuring and Related Charges for further details; Transaction related charges that consist of (1) transaction costs from qualifying acquisition transactions during the period, or subsequent integration related project costs directly associated with an acquired business; and (2) divestiture related transaction costs that are recognized in continuing operations and post-divestiture separation costs consisting of incremental costs to facilitate separation of shared operations, development of transferred shared service operations, platforms and personnel transferred as part of the divestitures and exiting of TSAs. See Note 1 – Basis of Presentation & Significant Accounting Policies for additional details; Gains and losses attributable to the Company’s investment in Energizer common stock, acquired as part of consideration received from the Company’s sale and divestiture of GAC. See Note 2 – Divestitures and Note 13 – Fair Value of Financial Instruments for further discussion; Non-cash purchase accounting inventory adjustments recognized in earnings from continuing operations subsequent to an acquisition (when applicable); Non-cash asset impairments or write-offs realized and recognized in earnings from continuing operations (when applicable); Foreign currency gains and losses attributable to multicurrency loans for the three and six month periods ended March 29, 2020 and March 31, 2019, that were entered into with foreign subsidiaries in exchange for 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 divestures during the year ended September 30, 2019. The Company has entered into various hedging arrangements to mitigate the volatility of foreign exchange risk associated with such loans; Legal and litigation costs associated with Salus during the three and six month periods ended March 29, 2020 and March 31, 2019 as they are not considered a component of the continuing commercial products company, but continue to be consolidated by the Company until the Salus operations can be wholly dissolved and/or deconsolidated; and Other adjustments primarily consisting of costs attributable to (1) expenses and cost recovery for flood damage at Company facilities in Middleton, Wisconsin during the three and six month periods ended March 29, 2020 and March 31, 2019; (2) incremental costs for separation of a key executive during the three and six month periods ended March 29, 2020 and March 31, 2019; (3) incremental costs associated with a safety recall in GPC during the three and six month periods ended March 31, 2019; (4) operating margin on H&G sales to GAC discontinued operations during the three and six month period ended March 31, 2019; and (5) certain fines and penalties for delayed shipments following the completion of a GPC distribution center consolidation in EMEA during the three and six month period ended March 31, 2019 . Segment Adjusted EBITDA for the reportable segments for SBH for the three and six month periods ended March 29, 2020 and March 31, 2019, are as follows: Three Month Periods Ended Six Month Periods Ended SBH (in millions) March 29, 2020 March 31, 2019 March 29, 2020 March 31, 2019 HHI $ 69.5 $ 52.7 $ 112.3 $ 108.2 HPC 8.0 4.5 44.4 39.5 GPC 40.0 32.8 71.5 61.9 H&G 28.4 29.6 25.1 32.7 Total Segment Adjusted EBITDA 145.9 119.6 253.3 242.3 Corporate 5.5 4.0 10.8 11.5 Interest expense 35.5 94.2 70.4 151.2 Depreciation and amortization 36.4 36.6 78.0 102.6 Share and incentive based compensation 14.6 17.3 29.1 23.2 Restructuring and related charges 21.9 12.6 49.4 21.5 Transaction related charges 7.2 5.3 11.3 11.6 (Gain) loss on assets held for sale ( 7.0 ) — 25.7 — Write-off from impairment of intangible assets — — 24.2 — Loss on Energizer investment 106.8 5.0 68.3 5.0 Foreign currency translation on multicurrency divestiture loans 3.1 21.8 0.4 21.8 GPC safety recall — — — 0.6 Salus 0.1 — 0.4 — Other — ( 0.5 ) 0.5 2.3 Loss from operations before income taxes $ ( 78.2 ) $ ( 76.7 ) $ ( 115.2 ) $ ( 109.0 ) NOTE 20 - SEGMENT INFORMATION (continued) Segment Adjusted EBITDA for reportable segments for SB/RH for the three and six month periods ended March 29, 2020 and March 31, 2019 are as follows: Three Month Periods Ended Six Month Periods Ended SB/RH (in millions) March 29, 2020 March 31, 2019 March 29, 2020 March 31, 2019 HHI $ 69.5 $ 52.7 $ 112.3 $ 108.2 HPC 8.0 4.5 44.4 39.5 GPC 40.0 32.8 71.5 61.9 H&G 28.4 29.6 25.1 32.7 Total Segment Adjusted EBITDA 145.9 119.6 253.3 242.3 Corporate 2.3 3.3 7.2 9.9 Interest expense 35.3 48.3 70.0 91.5 Depreciation and amortization 36.4 36.6 78.0 102.6 Share and incentive based compensation 14.1 16.9 28.5 22.5 Restructuring and related charges 21.9 12.6 49.4 21.5 Transaction related charges 7.2 5.3 11.3 11.6 (Gain) loss on assets held for sale ( 7.0 ) — 25.7 — Write-off from impairment of intangible assets — — 24.2 — Loss on Energizer investment 106.8 5.0 68.3 5.0 Foreign currency translation on multicurrency divestiture loans 3.0 21.8 0.4 21.8 GPC safety recall — — — 0.6 Other — ( 0.5 ) 0.4 2.4 Loss from operations before income taxes $ ( 74.1 ) $ ( 29.7 ) $ ( 110.1 ) $ ( 47.1 ) |
Earnings Per Share - SBH
Earnings Per Share - SBH | 6 Months Ended |
Mar. 29, 2020 | |
Earnings Per Share - SBH [Abstract] | |
Earnings Per Share - SBH | NOTE 21 - EARNINGS PER SHARE – SBH The reconciliation of the numerator and denominator of the basic and diluted earnings per share calculation and the anti-dilutive shares for the three and six month periods ended March 29, 2020 and March 31, 2019 are as follows: Three Month Periods Ended Six Month Periods Ended (in millions, except per share amounts) March 29, 2020 March 31, 2019 March 29, 2020 March 31, 2019 Numerator Net loss from continuing operations attributable to controlling interest $ ( 58.4 ) $ ( 55.0 ) $ ( 97.0 ) $ ( 84.2 ) Income from discontinued operations attributable to controlling interest 1.4 783.6 4.3 700.4 Net (loss) income attributable to controlling interest $ ( 57.0 ) $ 728.6 $ ( 92.7 ) $ 616.2 Denominator Weighted average shares outstanding - basic 45.1 51.8 46.4 52.6 Dilutive shares — — — — Weighted average shares outstanding - diluted 45.1 51.8 46.4 52.6 Earnings per share Basic earnings per share from continuing operations $ ( 1.29 ) $ ( 1.06 ) $ ( 2.09 ) $ ( 1.60 ) Basic earnings per share from discontinued operations 0.03 15.13 0.09 13.32 Basic earnings per share $ ( 1.26 ) $ 14.07 $ ( 2.00 ) $ 11.72 Diluted earnings per share from continuing operations $ ( 1.29 ) $ ( 1.06 ) $ ( 2.09 ) $ ( 1.60 ) Diluted earnings per share from discontinued operations 0.03 15.13 0.09 13.32 Diluted earnings per share $ ( 1.26 ) $ 14.07 $ ( 2.00 ) $ 11.72 Weighted average number of anti-dilutive shares excluded from denominator 0.1 0.1 0.1 0.1 |
Basis Of Presentation And Sig_2
Basis Of Presentation And Significant Accounting Policies (Policy) | 6 Months Ended |
Mar. 29, 2020 | |
Basis Of Presentation And Significant Accounting Policies [Abstract] | |
Principles Of Consolidation And Fiscal Year End | Principles of Consolidation and Fiscal Period-End The accompanying unaudited condensed consolidated financial statements have been prepared by the Company and its majority owned subsidiaries in accordance with accounting principles for interim financial information generally accepted in the United States and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all the information and notes necessary for a comprehensive presentation of financial position and results of operations. It is management’s opinion, however, that all material adjustments have been made which are necessary for a fair financial statement presentation. For further information, refer to the consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2019. SBH’s and SB/RH’s fiscal year ends September 30 and the Company 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. As a result, the fiscal period end date for the three and six month periods, included within this Quarterly Report for the Company, are March 29, 2020 and March 31, 2019. |
Newly Adopted Accounting Standards | Newly Adopted Accounting Standards In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) , which superseded 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. In July 2018, the FASB issued ASU No. 2018- 11, “Leases (Topic 842): Targeted Improvements” , which provided entities with an alternative modified transition method, for which, comparative periods, including the disclosures related to those periods, are not restated. The Company adopted ASU No. 2016-02 and ASU 2018-11 as of October 1, 2019, using a modified retrospective approach, which allowed for the recognition of a cumulative effect of applying the new standard as an adjustment to the opening balance sheet of retained earnings, while continuing to present all prior periods under previous lease accounting guidance. The Company’s adoption of the new standard resulted in the recognition of additional right-of-use (“ROU”) lease assets of $ 107.5 million and additional lease liabilities of $ 113.0 million, with no material cumulative effect adjustment to equity as of the date of adoption. The difference between ROU assets and lease liabilities was driven primarily by prepaid lease payments, deferred and accrued lease incentives, and restructuring related accruals that were reclassified to the ROU asset balance as of October 1, 2019. The income tax accounting impact of ASC 842 adoption resulted in recording of deferred tax assets and tax liabilities of $ 29.7 million as of October 1, 2019. The adoption of the new standard did not have a material impact on the Condensed Consolidated Statements of Income and Condensed Consolidated Statements of Cash Flows. As allowed under the new accounting standard, the Company elected to apply the package of practical expedients to carry forward the original lease determinations, lease classifications, and accounting of initial direct costs for all asset classes at the time of adoption. The Company elected to apply the practical expedient for all of its leases to account for the lease and non-lease components as a single, combined lease component. Therefore, all fixed payments associated with the lease, including non-lease components, are included in the ROU asset and the lease liability. Any variable payments related to the lease are recognized as lease expense when and as incurred. The Company also elected not to apply the recognition requirements to leases of twelve months or less. These leases are expensed on a straight-line basis and no operating lease liability is recorded. In accordance with Topic 842, the Company determines if an arrangement is a lease at inception, considering whether the contract conveys a right to control the use of the identified asset for a period of time in exchange for consideration. Leases are classified as operating or finance leases at the commencement date of the lease. ROU assets and lease liabilities are recognized based on the present value of future minimum lease payments over the lease term at commencement date. Lease liabilities are classified between current and long-term liabilities based on their payment terms. The operating lease ROU asset includes prepaid rent and reflects the unamortized balance of lease incentives. Our leases may include renewal options, and we include the renewal option in the lease term if we conclude that it is reasonably certain that we will exercise that option. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. Lease expense for operating leases is recognized on a straight-line basis over the lease term. Variable lease payments that do not depend on an index or a rate, such as the Company’s proportionate share of actual costs for utilities, common area maintenance, insurance, and property taxes, are excluded from the measurement of the lease liability, unless subject to fixed minimum requirements and are recognized as variable lease cost when the obligation for that payment is incurred. As most of the Company’s leases do not provide the lease implicit rates, the Company uses its incremental borrowing rates as the discount rate, adjusted as applicable, based on the information available at the lease commencement dates to determine the present value of lease payments. The incremental borrowing rate represents an estimate of the interest rate the Company would incur to borrow, on a collateralized basis and in a similar economic environment, over the term of a lease. The Company may use the lease implicit rate, if readily determinable, as the discount rate to determine the present value of lease payments. As of October 1, 2019, the Company used an average discount rate of approximately 4.6 %, based on an estimate of the Company’s incremental borrowing rate. See Note 11 – Leases for additional information. We review the impairment of our ROU assets consistent with the approach applied for our other long-lived assets. 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 an undiscounted cash flow analysis 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. In February 2018, the FASB issued ASU No. 2018-02, Income Statement-Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income (“AOCI”), which allows for an optional reclassification from AOCI to retained earnings for stranded tax effects as a result of the Tax Cuts and Jobs Act (the “Tax Reform Act”). Effective October 1, 2019, we adopted ASU No. 2018-02 and elected to reclassify the income tax effects of the Tax Reform Act from AOCI to Retained Earnings, which resulted in reclassification of $ 0.3 million from AOCI to Retained Earnings. NOTE 1 – BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (continued) In August 2017, the FASB issued ASU 2017- 12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities . This guidance amends certain rules for hedging relationships, expands the types of strategies that are eligible for hedge accounting treatment to more closely align the results of hedge accounting with risk management activities and amends disclosure requirements related to fair value and net investment hedges. The Company adopted this guidance effective October 1, 2019. The adoption of the guidance did not have a material impact on the Company’s financial statements and related disclosures. |
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. See Note 2 - Divestitures and Note 3 – Acquisitions for further discussion. The following table summarizes transaction related charges incurred by the Company during the three and six month periods ended March 29, 2020 and March 31, 2019: Three Month Periods Ended Six Month Periods Ended (in millions) March 29, 2020 March 31, 2019 March 29, 2020 March 31, 2019 Coevorden operations divestiture $ 1.5 $ — $ 1.7 $ — GBL divestiture 2.7 2.5 5.1 2.5 Omega Sea acquisition 1.3 — 1.3 — Other 1.7 2.8 3.2 9.1 Total transaction-related charges $ 7.2 $ 5.3 $ 11.3 $ 11.6 |
Basis Of Presentation And Sig_3
Basis Of Presentation And Significant Accounting Policies (Tables) | 6 Months Ended |
Mar. 29, 2020 | |
Basis Of Presentation And Significant Accounting Policies [Abstract] | |
Summary Of Transactions Related Charges | Three Month Periods Ended Six Month Periods Ended (in millions) March 29, 2020 March 31, 2019 March 29, 2020 March 31, 2019 Coevorden operations divestiture $ 1.5 $ — $ 1.7 $ — GBL divestiture 2.7 2.5 5.1 2.5 Omega Sea acquisition 1.3 — 1.3 — Other 1.7 2.8 3.2 9.1 Total transaction-related charges $ 7.2 $ 5.3 $ 11.3 $ 11.6 |
Divestitures (Tables)
Divestitures (Tables) | 6 Months Ended |
Mar. 29, 2020 | |
Summary Of Components Of Income From Discontinued Operations, Net Of Tax | Three Month Periods Ended Six Month Periods Ended (in millions) March 29, 2020 March 31, 2019 March 29, 2020 March 31, 2019 Income from discontinued operations before income taxes - GBL $ 1.4 $ 965.5 $ 3.8 $ 981.4 Loss from discontinued operations before income taxes - GAC — ( 6.2 ) — ( 115.5 ) Income from discontinued operations before income taxes 1.4 959.3 3.8 865.9 Income tax expense (benefit) from discontinued operations — 175.7 ( 0.5 ) 165.5 Income from discontinued operations, net of tax 1.4 783.6 4.3 700.4 Income from discontinued operations attributable to controlling interest, net of tax $ 1.4 $ 783.6 $ 4.3 $ 700.4 |
Global Battery And Lighting [Member] | |
Summary Of Components Of Income From Discontinued Operations Before Income Taxes | Three Month Period Ended Six Month Period Ended (in millions) March 31, 2019 March 31, 2019 Net sales $ — $ 249.0 Cost of goods sold — 164.6 Gross profit — 84.4 Operating expenses 2.3 57.0 Operating (loss) income ( 2.3 ) 27.4 Interest expense 10.0 23.3 Other non-operating expense, net — 0.5 Gain on sale ( 996.3 ) ( 996.3 ) Reclassification of accumulated other comprehensive income 18.5 18.5 Income from discontinued operations before income taxes $ 965.5 $ 981.4 |
Global Auto Care [Member] | |
Summary Of Components Of Income From Discontinued Operations Before Income Taxes | Three Month Period Ended Six Month Period Ended (in millions) March 31, 2019 March 31, 2019 Net sales $ 22.1 $ 87.7 Cost of goods sold 13.2 52.5 Gross profit 8.9 35.2 Operating expenses 8.0 35.7 Operating income (loss) 0.9 ( 0.5 ) Interest expense 0.2 0.7 Other non-operating expense, net 0.1 0.2 Write-down of assets of business held for sale to fair value less cost to sell 3.5 110.8 Reclassification of accumulated other comprehensive income 3.3 3.3 Loss from discontinued operations before income taxes $ ( 6.2 ) $ ( 115.5 ) |
Restructuring And Related Cha_2
Restructuring And Related Charges (Tables) | 6 Months Ended |
Mar. 29, 2020 | |
Restructuring And Related Charges [Abstract] | |
Summary Of Restructuring And Related Charges | Three Month Periods Ended Six Month Periods Ended (in millions) March 29, 2020 March 31, 2019 March 29, 2020 March 31, 2019 Global productivity improvement plan $ 21.2 $ 12.7 $ 47.9 $ 18.5 Other restructuring activities 0.7 ( 0.1 ) 1.5 3.0 Total restructuring and related charges $ 21.9 $ 12.6 $ 49.4 $ 21.5 Reported as: Cost of goods sold $ 2.9 $ 0.2 $ 12.8 $ 1.0 Operating expense 19.0 12.4 36.6 20.5 |
Summary Of Costs Incurred And Cumulative Costs By Cost Type | Termination Other (in millions) Benefits Costs Total For the three month period ended March 29, 2020 $ 6.2 $ 15.7 $ 21.9 For the three month period ended March 31, 2019 2.1 10.5 12.6 For the six month period ended March 29, 2020 11.4 38.0 49.4 For the six month period ended March 31, 2019 3.6 17.9 21.5 Cumulative costs through March 29, 2020 18.6 83.1 101.7 Future costs to be incurred 3.8 85.6 89.4 |
Rollforward Of Restructuring Accrual | Termination Other (in millions) Benefits Costs Total Accrual balance at September 30, 2019 $ 6.6 $ 27.0 $ 33.6 Adoption of ASU 842 (Note 1) — ( 4.3 ) ( 4.3 ) Provisions 3.3 31.0 34.3 Cash expenditures ( 3.5 ) ( 35.2 ) ( 38.7 ) Non-cash items — ( 1.2 ) ( 1.2 ) Accrual balance at March 29, 2020 $ 6.4 $ 17.3 $ 23.7 |
Summary Of Costs Incurred By Reporting Segment | (in millions) HHI HPC GPC H&G Corporate Total For the three month period ended March 29, 2020 $ 0.2 $ 1.7 $ 6.4 $ 0.2 $ 13.4 $ 21.9 For the three month period ended March 31, 2019 0.4 1.3 2.3 0.3 8.3 12.6 For the six month period ended March 29, 2020 0.7 2.8 16.7 0.4 28.8 49.4 For the six month period ended March 31, 2019 3.2 1.5 4.9 1.0 10.9 21.5 Cumulative costs through March 29, 2020 1.1 10.9 16.5 2.1 71.1 101.7 Future costs to be incurred 1.8 7.1 3.3 4.6 72.6 89.4 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 6 Months Ended |
Mar. 29, 2020 | |
Revenue Recognition [Abstract] | |
Disaggregation Of Revenue | Three Month Period Ended March 29, 2020 (in millions) HHI HPC GPC H&G Total Product Sales NA $ 313.6 $ 98.7 $ 166.3 $ 137.8 $ 716.4 EMEA 0.3 92.2 57.9 — 150.4 LATAM 9.9 28.3 3.3 0.9 42.4 APAC 5.0 12.6 6.2 — 23.8 Licensing 0.3 0.9 2.0 0.4 3.6 Other — — 1.2 — 1.2 Total Revenue $ 329.1 $ 232.7 $ 236.9 $ 139.1 $ 937.8 Three Month Period Ended March 31, 2019 (in millions) HHI HPC GPC H&G Total Product Sales NA $ 313.1 $ 91.4 $ 140.9 $ 137.5 $ 682.9 EMEA 0.1 87.8 60.2 — 148.1 LATAM 11.7 28.5 3.3 0.9 44.4 APAC 5.8 11.8 7.6 — 25.2 Licensing 0.4 2.2 1.7 0.6 4.9 Other — — 1.2 — 1.2 Total Revenue $ 331.1 $ 221.7 $ 214.9 $ 139.0 $ 906.7 Six Month Period Ended March 29, 2020 (in millions) HHI HPC GPC H&G Total Product Sales NA $ 595.1 $ 215.1 $ 304.8 $ 182.0 $ 1,297.0 EMEA 0.4 241.4 111.8 — 353.6 LATAM 20.4 64.2 6.6 2.2 93.4 APAC 10.3 30.1 13.3 — 53.7 Licensing 0.6 4.0 3.8 0.8 9.2 Other — — 2.4 — 2.4 Total Revenue $ 626.8 $ 554.8 $ 442.7 $ 185.0 $ 1,809.3 Six Month Period Ended March 31, 2019 (in millions) HHI HPC GPC H&G Total Product Sales NA $ 602.3 $ 208.3 $ 279.2 $ 189.5 $ 1,279.3 EMEA 0.2 227.6 112.5 — 340.3 LATAM 22.0 66.7 6.4 2.2 97.3 APAC 11.0 30.2 15.7 — 56.9 Licensing 0.7 6.1 3.4 0.6 10.8 Other — — 2.4 — 2.4 Total Revenue $ 636.2 $ 538.9 $ 419.6 $ 192.3 $ 1,787.0 |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Mar. 29, 2020 | |
Inventories [Abstract] | |
Schedule Of Inventories | (in millions) March 29, 2020 September 30, 2019 Raw materials $ 80.4 $ 66.2 Work-in-process 56.7 46.4 Finished goods 470.8 435.8 $ 607.9 $ 548.4 |
Property, Plant And Equipment (
Property, Plant And Equipment (Tables) | 6 Months Ended |
Mar. 29, 2020 | |
Property, Plant And Equipment [Abstract] | |
Schedule Of Property, Plant And Equipment | (in millions) March 29, 2020 September 30, 2019 Land, buildings and improvements $ 130.2 $ 161.4 Machinery, equipment and other 501.6 523.6 Finance leases 198.6 197.2 Construction in progress 27.0 31.7 Property, plant and equipment $ 857.4 $ 913.9 Accumulated depreciation ( 461.2 ) ( 461.0 ) Property, plant and equipment, net $ 396.2 $ 452.9 |
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Tables) | 6 Months Ended |
Mar. 29, 2020 | |
Goodwill And Intangible Assets [Abstract] | |
Changes In The Carrying Amount Of Goodwill By Reporting Segment | (in millions) HHI GPC H&G Total As of September 30, 2019 $ 702.1 $ 430.4 $ 195.6 $ 1,328.1 Foreign currency impact ( 3.0 ) 1.0 — ( 2.0 ) Omega Sea acquisition (Note 3) — 8.6 — 8.6 Allocated to Assets Held for Sale - Coevorden Operations (Note 2) — ( 10.6 ) — ( 10.6 ) As of March 29, 2020 $ 699.1 $ 429.4 $ 195.6 $ 1,324.1 |
Schedule Of Carrying Value And Accumulated Amortization For Intangible Assets | March 29, 2020 September 30, 2019 (in millions) Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net Amortizable Intangible Assets: Customer relationships $ 684.8 $ ( 344.8 ) $ 340.0 $ 694.9 $ ( 329.7 ) $ 365.2 Technology assets 175.7 ( 96.4 ) 79.3 179.4 ( 90.9 ) 88.5 Tradenames 160.8 ( 125.3 ) 35.5 160.4 ( 118.1 ) 42.3 Total Amortizable Intangible Assets 1,021.3 ( 566.5 ) 454.8 1,034.7 ( 538.7 ) 496.0 Indefinite-lived Intangible Assets - Tradenames 998.5 — 998.5 1,011.1 — 1,011.1 Total Intangible Assets $ 2,019.8 $ ( 566.5 ) $ 1,453.3 $ 2,045.8 $ ( 538.7 ) $ 1,507.1 |
Schedule Of Future Amortization Expense | (in millions) Amortization 2020 $ 77.2 2021 60.6 2022 46.6 2023 44.0 2024 43.3 |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Mar. 29, 2020 | |
Debt [Abstract] | |
Schedule Of Debt | SBH SB/RH March 29, 2020 September 30, 2019 March 29, 2020 September 30, 2019 (in millions) Amount Rate Amount Rate Amount Rate Amount Rate Spectrum Brands Inc. Revolver Facility, variable rate, expiring March 6, 2022 $ 780.0 3.3 % $ — — % $ 780.0 3.3 % $ — — % 6.625 % Notes, due November 15, 2022 — — % 117.4 6.6 % — — % 117.4 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 % 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 468.9 4.0 % 465.0 4.0 % 468.9 4.0 % 465.0 4.0 % Other notes and obligations 3.3 10.4 % 9.5 10.4 % 3.3 10.4 % 9.5 10.4 % Obligations under capital leases 163.0 5.6 % 165.6 5.6 % 163.0 5.6 % 165.6 5.6 % Total Spectrum Brands, Inc. debt 2,965.2 2,307.5 2,965.2 2,307.5 Spectrum Brands Holdings, Inc. Salus - unaffiliated long-term debt of consolidated VIE 77.0 — % 77.0 — % — — % — — % Total SBH debt 3,042.2 2,384.5 2,965.2 2,307.5 Unamortized discount on debt ( 0.1 ) ( 0.2 ) — — Debt issuance costs ( 29.7 ) ( 33.0 ) ( 28.8 ) ( 31.5 ) Less current portion ( 13.3 ) ( 136.9 ) ( 13.3 ) ( 136.9 ) Long-term debt, net of current portion $ 2,999.1 $ 2,214.4 $ 2,923.1 $ 2,139.1 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Mar. 29, 2020 | |
Leases [Abstract] | |
Summary Of Leases Related To Consolidated Statement Of Financial Position | (in millions) Line Item March 29, 2020 Assets Operating Operating lease assets $ 93.6 Finance Property, plant and equipment, net 139.0 Total leased assets $ 232.6 Liabilities Current Operating Other current liabilities $ 19.6 Finance Current portion of long-term debt 10.0 Long-term Operating Long-term operating lease liabilities 79.7 Finance Long-term debt, net of current portion 153.0 Total lease liabilities $ 262.3 |
Schedule Of Lease Costs | Three Month Period Ended Six Month Period Ended (in millions) March 29, 2020 March 29, 2020 Operating lease cost $ 6.1 $ 12.6 Finance lease cost Amortization of leased assets 3.4 7.0 Interest on lease liability 2.2 4.5 Variable lease cost 3.3 5.8 Total lease cost $ 15.0 $ 29.9 |
Summary Of Cash Paid For Lease Liabilities | Three Month Period Ended Six Month Period Ended (in millions) March 29, 2020 March 29, 2020 Operating cash flow from operating leases $ 5.4 $ 11.8 Operating cash flows from finance leases 2.3 4.6 Financing cash flows from finance leases 3.5 6.9 Supplemental non-cash flow disclosure Acquisition of operating lease asset through lease obligations 1.8 4.3 |
Summary Of Weighted-Average Lease Term And Discount Rate | Weighted average remaining lease term Operating leases 6.4 years Finance leases 15.7 years Weighted average discount rate Operating leases 4.57 % Finance leases 5.59 % |
Schedule Of Future Lease Payments Under Operating And Finance Leases | (in millions) Finance Leases Operating Leases 2020 remaining balance $ 8.8 $ 11.9 2021 20.8 23.2 2022 17.6 18.8 2023 16.5 16.9 2024 16.2 10.6 Thereafter 180.6 35.0 Total lease payments 260.5 116.4 Amount representing interest ( 97.5 ) ( 17.1 ) Total minimum lease payments $ 163.0 $ 99.3 |
Schedule Of Minimum Commitments Under Leases | (in millions) Finance Leases Operating Leases 2020 $ 17.5 $ 25.0 2021 19.7 23.2 2022 16.5 20.6 2023 15.5 17.8 2024 15.4 10.8 Thereafter 179.9 37.5 Total lease payments 264.5 134.9 Amount representing interest ( 98.9 ) — Total minimum lease payments $ 165.6 $ 134.9 |
Derivatives (Tables)
Derivatives (Tables) | 6 Months Ended |
Mar. 29, 2020 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Schedule Of Fair Value Of Outstanding Derivative Instruments | (in millions) Line Item March 29, 2020 September 30, 2019 Derivative Assets Foreign exchange contracts - designated as hedge Other receivables $ 5.6 $ 7.8 Foreign exchange contracts - designated as hedge Deferred charges and other 0.4 0.5 Foreign exchange contracts - not designated as hedge Other receivables 7.7 1.2 Total Derivative Assets $ 13.7 $ 9.5 Derivative Liabilities Commodity swaps - designated as hedge Accounts payable $ 0.7 $ 0.2 Commodity swaps - designated as hedge Other long term liabilities 0.1 — Foreign exchange contracts - designated as hedge Accounts payable 0.1 0.2 Foreign exchange contracts - not designated as hedge Accounts payable 0.5 1.9 Total Derivative Liabilities $ 1.4 $ 2.3 |
Cash Flow Hedging [Member] | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Schedule Of Commodity Swap Contracts Outstanding | March 29, 2020 September 30, 2019 (in millions) Notional Contract Value Notional Contract Value Brass swap contracts 0.9 Tons $ 4.1 0.9 Tons $ 4.4 |
Summary Of Impact Of Designated Hedges And Gain (Loss) | For the three month periods Reclassified to ended March 29, 2020 Gain (Loss) Reclassified to Continuing Operations Discontinued (in millions) in OCI Line Item Gain (Loss) Operations Commodity swaps $ ( 0.9 ) Cost of goods sold $ ( 0.1 ) $ — Foreign exchange contracts ( 0.1 ) Net sales — — Foreign exchange contracts 8.8 Cost of goods sold 1.8 — Total $ 7.8 $ 1.7 $ — For the three month periods Reclassified to ended March 31, 2019 Gain (Loss) Reclassified to Continuing Operations Discontinued (in millions) in OCI Line Item Gain (Loss) Operations Commodity swaps $ 0.5 Cost of goods sold $ ( 0.1 ) $ ( 1.9 ) Foreign exchange contracts ( 0.1 ) Net sales ( 0.1 ) — Foreign exchange contracts ( 0.1 ) Cost of goods sold 3.1 — Total $ 0.3 $ 2.9 $ ( 1.9 ) For the six month periods Reclassified to ended March 29, 2020 Gain (Loss) Reclassified to Continuing Operations Discontinued (in millions) in OCI Line Item Gain (Loss) Operations Commodity swaps $ ( 0.7 ) Cost of goods sold $ ( 0.1 ) $ — Foreign exchange contracts — Net sales ( 0.1 ) — Foreign exchange contracts 2.3 Cost of goods sold 4.5 — Total $ 1.6 $ 4.3 $ — For the six month periods Reclassified to ended March 31, 2019 Gain (Loss) Reclassified to Continuing Operations Discontinued (in millions) in OCI Line Item Gain (Loss) Operations Interest rate swaps $ ( 0.6 ) Interest expense $ — $ 2.2 Commodity swaps ( 0.6 ) Cost of goods sold ( 0.2 ) ( 4.4 ) Foreign exchange contracts ( 0.2 ) Net sales ( 0.1 ) — Foreign exchange contracts 7.2 Cost of goods sold 6.0 0.5 Total $ 5.8 $ 5.7 $ ( 1.7 ) |
Net Investment Hedge [Member] | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Summary Of Impact Of Designated Hedges And Gain (Loss) | Three Month Periods Ended Six Month Periods Ended Gain (loss) in OCI (in millions) March 29, 2020 March 31, 2019 March 29, 2020 March 31, 2019 Net investment hedge $ 2.2 $ 8.8 $ ( 2.8 ) $ 17.8 |
Foreign Exchange Contract [Member] | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Summary Of Impact Of Derivative Instruments | Three Month Periods Ended Six Month Periods Ended (in millions) Line Item March 29, 2020 March 31, 2019 March 29, 2020 March 31, 2019 Foreign exchange contracts Other non-operating expense (income) $ 22.9 $ 17.4 $ ( 2.2 ) $ 13.1 |
Fair Value Of Financial Instr_2
Fair Value Of Financial Instruments (Tables) | 6 Months Ended |
Mar. 29, 2020 | |
Fair Value Of Financial Instruments [Abstract] | |
Schedule Of Carrying Values And Fair Values For Financial Instruments | March 29, 2020 September 30, 2019 Carrying Carrying (in millions) Level 1 Level 2 Level 3 Fair Value Amount Level 1 Level 2 Level 3 Fair Value Amount Investments $ 134.0 $ — $ — $ 134.0 $ 134.0 $ 230.8 $ — $ — $ 230.8 $ 230.8 Derivative Assets — 13.7 — 13.7 13.7 — 9.5 — 9.5 9.5 Derivative Liabilities — 1.4 — 1.4 1.4 — 2.3 — 2.3 2.3 Debt - SBH — 2,864.1 — 2,864.1 3,012.4 — 2,468.8 — 2,468.8 2,351.3 Debt - SB/RH — 2,787.0 — 2,787.0 2,936.4 — 2,391.8 — 2,391.8 2,276.0 |
Summary Of Income Recognized From Equity Investments | Three month period ended Six month period ended (in millions) March 29, 2020 March 31, 2019 March 29, 2020 March 31, 2019 Unrealized loss on equity investments held $ ( 84.5 ) $ ( 5.0 ) $ ( 53.3 ) $ ( 5.0 ) Realized loss on equity investments sold ( 22.3 ) — ( 15.0 ) — Loss on equity investments ( 106.8 ) ( 5.0 ) ( 68.3 ) ( 5.0 ) Dividend income from equity investments 1.6 1.6 3.2 1.6 Loss from equity investments $ ( 105.2 ) $ ( 3.4 ) $ ( 65.1 ) $ ( 3.4 ) |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 6 Months Ended |
Mar. 29, 2020 | |
Employee Benefit Plans [Abstract] | |
Components Of Net Periodic Benefit Cost | U.S. Plans Non U.S. Plans (in millions) March 29, 2020 March 31, 2019 March 29, 2020 March 31, 2019 Three Month Period Ended Service cost $ 0.2 $ 0.1 $ 0.6 $ 0.5 Interest cost 0.5 0.7 0.6 0.9 Expected return on assets ( 1.0 ) ( 1.1 ) ( 0.9 ) ( 1.1 ) Recognized net actuarial loss 0.2 0.1 0.8 0.5 Net periodic benefit cost $ ( 0.1 ) $ ( 0.2 ) $ 1.1 $ 0.8 Six Month Period Ended Service cost $ 0.3 $ 0.2 $ 1.1 $ 1.0 Interest cost 1.1 1.4 1.2 1.8 Expected return on assets ( 2.1 ) ( 2.2 ) ( 1.8 ) ( 2.2 ) Settlement and curtailment 0.9 — — — Recognized net actuarial loss 0.5 0.1 1.6 1.0 Net periodic benefit cost $ 0.7 $ ( 0.5 ) $ 2.1 $ 1.6 Weighted average assumptions Discount rate 3.07 % 4.10 % 0.75 - 7.70 % 1.00 - 8.15 % Expected return on plan assets 6.50 % 6.50 % 0.75 - 3.40 % 1.00 - 4.01 % Rate of compensation increase N/A N/A 2.25 - 6.00 % 2.05 - 4.85 % |
Shareholder's Equity (Tables)
Shareholder's Equity (Tables) | 6 Months Ended |
Mar. 29, 2020 | |
Shareholder's Equity [Abstract] | |
Summary Of Activity Of Common Stock Repurchase Program | March 29, 2020 March 31, 2019 Number of Average Number of Average Shares Price Shares Price Three Month Periods Ended (in millions except per share data) Repurchased Per Share Amount Repurchased Per Share Amount Open Market Purchases 2.7 $ 54.54 $ 149.2 4.6 $ 54.22 $ 250.0 ASR 0.3 59.69 18.5 — — — Total Purchases 3.0 $ 55.06 $ 167.7 4.6 $ 54.22 $ 250.0 March 29, 2020 March 31, 2019 Number of Average Number of Average Shares Price Shares Price Six Month Periods Ended (in millions except per share data) Repurchased Per Share Amount Repurchased Per Share Amount Open Market Purchases 4.0 $ 56.97 $ 230.6 4.6 $ 54.22 $ 250.0 Private Purchases 0.2 62.30 9.2 0.3 56.02 18.5 ASR 2.0 61.47 124.7 — — — Total Purchases 6.2 $ 58.57 $ 364.5 4.9 $ 54.34 $ 268.5 |
Share Based Compensation (Table
Share Based Compensation (Tables) | 6 Months Ended |
Mar. 29, 2020 | |
Share Based Compensation [Abstract] | |
Summary Of Share Based Compensation Expense | Three Month Periods Ended Six Month Periods Ended (in millions) March 29, 2020 March 31, 2019 March 29, 2020 March 31, 2019 SBH $ 13.1 $ 15.9 $ 26.0 $ 21.8 SB/RH $ 12.6 $ 15.5 $ 25.4 $ 21.1 |
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 Vesting in less than 24 months 0.3 $ 62.37 $ 18.5 0.3 $ 62.29 $ 17.2 Vesting in more than 24 months 0.1 63.38 8.1 0.1 63.38 8.1 Total time-based grants 0.4 $ 62.67 $ 26.6 0.4 $ 62.63 $ 25.3 Performance-based grants Vesting in more than 24 months 0.3 63.37 19.0 0.3 63.37 19.0 Total performance-based grants 0.3 $ 63.37 $ 19.0 0.3 $ 63.38 $ 19.0 Total grants 0.7 $ 62.96 $ 45.6 0.7 $ 62.95 $ 44.3 |
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, 2019 1.2 $ 53.57 $ 67.0 1.2 $ 53.23 $ 65.1 Granted 0.7 62.96 45.6 0.7 62.95 44.3 Forfeited ( 0.1 ) 65.19 ( 1.4 ) ( 0.1 ) 65.19 ( 1.4 ) Vested ( 0.6 ) 57.76 ( 39.1 ) ( 0.6 ) 57.24 ( 37.6 ) At March 29, 2020 1.2 $ 56.49 $ 72.1 1.2 $ 56.39 $ 70.4 |
Income Taxes (Tables)
Income Taxes (Tables) | 6 Months Ended |
Mar. 29, 2020 | |
Income Taxes [Abstract] | |
Schedule Of Effective Tax Rate | Three Month Periods Ended Six Month Periods Ended Effective tax rate March 29, 2020 March 31, 2019 March 29, 2020 March 31, 2019 SBH 24.3 % 29.6 % 15.9 % 23.9 % SB/RH 23.5 % 58.2 % 15.0 % 33.5 % |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Mar. 29, 2020 | |
Net Sales Relating To Segments | Three Month Periods Ended Six Month Periods Ended (in millions) March 29, 2020 March 31, 2019 March 29, 2020 March 31, 2019 HHI $ 329.1 $ 331.1 $ 626.8 $ 636.2 HPC 232.7 221.7 554.8 538.9 GPC 236.9 214.9 442.7 419.6 H&G 139.1 139.0 185.0 192.3 Net sales $ 937.8 $ 906.7 $ 1,809.3 $ 1,787.0 |
Schedule Of Segment Information | Three Month Periods Ended Six Month Periods Ended SBH (in millions) March 29, 2020 March 31, 2019 March 29, 2020 March 31, 2019 HHI $ 69.5 $ 52.7 $ 112.3 $ 108.2 HPC 8.0 4.5 44.4 39.5 GPC 40.0 32.8 71.5 61.9 H&G 28.4 29.6 25.1 32.7 Total Segment Adjusted EBITDA 145.9 119.6 253.3 242.3 Corporate 5.5 4.0 10.8 11.5 Interest expense 35.5 94.2 70.4 151.2 Depreciation and amortization 36.4 36.6 78.0 102.6 Share and incentive based compensation 14.6 17.3 29.1 23.2 Restructuring and related charges 21.9 12.6 49.4 21.5 Transaction related charges 7.2 5.3 11.3 11.6 (Gain) loss on assets held for sale ( 7.0 ) — 25.7 — Write-off from impairment of intangible assets — — 24.2 — Loss on Energizer investment 106.8 5.0 68.3 5.0 Foreign currency translation on multicurrency divestiture loans 3.1 21.8 0.4 21.8 GPC safety recall — — — 0.6 Salus 0.1 — 0.4 — Other — ( 0.5 ) 0.5 2.3 Loss from operations before income taxes $ ( 78.2 ) $ ( 76.7 ) $ ( 115.2 ) $ ( 109.0 ) |
SB/RH [Member] | |
Schedule Of Segment Information | Three Month Periods Ended Six Month Periods Ended SB/RH (in millions) March 29, 2020 March 31, 2019 March 29, 2020 March 31, 2019 HHI $ 69.5 $ 52.7 $ 112.3 $ 108.2 HPC 8.0 4.5 44.4 39.5 GPC 40.0 32.8 71.5 61.9 H&G 28.4 29.6 25.1 32.7 Total Segment Adjusted EBITDA 145.9 119.6 253.3 242.3 Corporate 2.3 3.3 7.2 9.9 Interest expense 35.3 48.3 70.0 91.5 Depreciation and amortization 36.4 36.6 78.0 102.6 Share and incentive based compensation 14.1 16.9 28.5 22.5 Restructuring and related charges 21.9 12.6 49.4 21.5 Transaction related charges 7.2 5.3 11.3 11.6 (Gain) loss on assets held for sale ( 7.0 ) — 25.7 — Write-off from impairment of intangible assets — — 24.2 — Loss on Energizer investment 106.8 5.0 68.3 5.0 Foreign currency translation on multicurrency divestiture loans 3.0 21.8 0.4 21.8 GPC safety recall — — — 0.6 Other — ( 0.5 ) 0.4 2.4 Loss from operations before income taxes $ ( 74.1 ) $ ( 29.7 ) $ ( 110.1 ) $ ( 47.1 ) |
Earnings Per Share - SBH (Table
Earnings Per Share - SBH (Tables) | 6 Months Ended |
Mar. 29, 2020 | |
Earnings Per Share - SBH [Abstract] | |
Schedule Of Earnings Per Share | Three Month Periods Ended Six Month Periods Ended (in millions, except per share amounts) March 29, 2020 March 31, 2019 March 29, 2020 March 31, 2019 Numerator Net loss from continuing operations attributable to controlling interest $ ( 58.4 ) $ ( 55.0 ) $ ( 97.0 ) $ ( 84.2 ) Income from discontinued operations attributable to controlling interest 1.4 783.6 4.3 700.4 Net (loss) income attributable to controlling interest $ ( 57.0 ) $ 728.6 $ ( 92.7 ) $ 616.2 Denominator Weighted average shares outstanding - basic 45.1 51.8 46.4 52.6 Dilutive shares — — — — Weighted average shares outstanding - diluted 45.1 51.8 46.4 52.6 Earnings per share Basic earnings per share from continuing operations $ ( 1.29 ) $ ( 1.06 ) $ ( 2.09 ) $ ( 1.60 ) Basic earnings per share from discontinued operations 0.03 15.13 0.09 13.32 Basic earnings per share $ ( 1.26 ) $ 14.07 $ ( 2.00 ) $ 11.72 Diluted earnings per share from continuing operations $ ( 1.29 ) $ ( 1.06 ) $ ( 2.09 ) $ ( 1.60 ) Diluted earnings per share from discontinued operations 0.03 15.13 0.09 13.32 Diluted earnings per share $ ( 1.26 ) $ 14.07 $ ( 2.00 ) $ 11.72 Weighted average number of anti-dilutive shares excluded from denominator 0.1 0.1 0.1 0.1 |
Basis Of Presentation And Sig_4
Basis Of Presentation And Significant Accounting Policies (Narrative) (Details) - USD ($) $ in Millions | 6 Months Ended | |
Mar. 29, 2020 | Oct. 01, 2019 | |
Significant Accounting Policies [Line Items] | ||
Right-of-use lease assets | $ 93.6 | |
Lease liabilities | $ 99.3 | |
Average discount rate | 4.57% | |
Accounting Standards Update 2016-02 [Member] | ||
Significant Accounting Policies [Line Items] | ||
Right-of-use lease assets | $ 107.5 | |
Lease liabilities | $ 113 | |
Average discount rate | 4.60% | |
Deferred tax assets and tax liabilities | $ 29.7 | |
Accounting Standards Update 2018-02 [Member] | ||
Significant Accounting Policies [Line Items] | ||
Reclassification from AOCI to retained earnings | $ 0.3 | |
SB/RH [Member] | ||
Significant Accounting Policies [Line Items] | ||
Right-of-use lease assets | $ 93.6 |
Basis Of Presentation And Sig_5
Basis Of Presentation And Significant Accounting Policies (Summary Of Transactions Related Charges) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Mar. 29, 2020 | Mar. 31, 2019 | Mar. 29, 2020 | Mar. 31, 2019 | |
Business Acquisition [Line Items] | ||||
Total transaction-related charges | $ 7.2 | $ 5.3 | $ 11.3 | $ 11.6 |
Coevorden Operations [Member] | ||||
Business Acquisition [Line Items] | ||||
Total transaction-related charges | 1.5 | 1.7 | ||
GBL Divestiture [Member] | ||||
Business Acquisition [Line Items] | ||||
Total transaction-related charges | 2.7 | 2.5 | 5.1 | 2.5 |
Omega Sea Acquisition [Member] | ||||
Business Acquisition [Line Items] | ||||
Total transaction-related charges | 1.3 | 1.3 | ||
Other [Member] | ||||
Business Acquisition [Line Items] | ||||
Total transaction-related charges | $ 1.7 | $ 2.8 | $ 3.2 | $ 9.1 |
Divestitures (Narrative) (Detai
Divestitures (Narrative) (Details) € in Millions, $ in Millions | Jan. 02, 2020USD ($) | Nov. 29, 2019 | Jan. 28, 2019USD ($) | Jan. 02, 2019USD ($) | Mar. 29, 2020USD ($) | Mar. 31, 2019USD ($) | Mar. 29, 2020USD ($) | Mar. 31, 2019USD ($) | Sep. 30, 2019USD ($) | Jan. 02, 2020EUR (€) |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Loss on assets held for sale | $ 7 | $ (25.7) | ||||||||
Global Battery And Lighting [Member] | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Gain on sale | 1.4 | 3.8 | $ 989.8 | |||||||
Depreciation and amortization expense | $ 0 | $ 0 | ||||||||
Write-down of assets of business held for sale to fair value less cost to sell | 0 | 0 | ||||||||
Transaction costs associated with the divestiture | 2.3 | 12.9 | ||||||||
Indenmifications, acquisition agreement | 47.6 | 47.6 | ||||||||
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 | 15.9 | 15.9 | ||||||||
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 | |||||||||
Write-down of assets of business held for sale to fair value less cost to sell | 110.8 | |||||||||
Transaction costs associated with the divestiture | $ 3 | $ 8.8 | ||||||||
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 | 1.4 | ||||||||
Coevorden Operations [Member] | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Cash payment | 30.1 | 30.1 | ||||||||
Loss on assets held for sale | 25.7 | |||||||||
Goodwill | 10.6 | 10.6 | ||||||||
Coevorden Operations [Member] | Maximum [Member] | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Period of lease and operate distribution center | 18 months | |||||||||
Energizer [Member] | Common Stock [Member] | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Stock consideration, value | 28.6 | 28.6 | ||||||||
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 | |||||||||
Contingent settlement | 197 | |||||||||
Energizer [Member] | 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 | $ 31.7 | $ 31.7 | ||||||||
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] | ||||||||||
Purchase price | € | € 180 | |||||||||
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 | $ 938.7 | |||||||||
Stock consideration, value | $ 242.1 | |||||||||
Write-down of assets of business held for sale to fair value less cost to sell | $ 111 |
Divestitures (Summary Of Compon
Divestitures (Summary Of Components Of Income From Discontinued Operations, Net Of Tax) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Mar. 29, 2020 | Dec. 29, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 29, 2020 | Mar. 31, 2019 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Net income (loss) from discontinued operations | $ 1.4 | $ 2.8 | $ 783.6 | $ (83.2) | $ 4.3 | $ 700.4 |
Net income (loss) from discontinued operations attributable to controlling interest | 1.4 | 783.6 | 4.3 | 700.4 | ||
Discontinued Operations, Held-For-Sale [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Income (Loss) from discontinued operations before income taxes | 1.4 | 959.3 | 3.8 | 865.9 | ||
Income tax expense (benefit) from discontinued operations | 175.7 | (0.5) | 165.5 | |||
Net income (loss) from discontinued operations | 1.4 | 783.6 | 4.3 | 700.4 | ||
Net income (loss) from discontinued operations attributable to controlling interest | 1.4 | 783.6 | 4.3 | 700.4 | ||
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] | ||||||
Income (Loss) from discontinued operations before income taxes | $ 1.4 | 965.5 | $ 3.8 | 981.4 | ||
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] | ||||||
Income (Loss) from discontinued operations before income taxes | $ (6.2) | $ (115.5) |
Divestitures (Summary Of Comp_2
Divestitures (Summary Of Components Of Income From Discontinued Operations Before Income Taxes) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Mar. 29, 2020 | Mar. 31, 2019 | Mar. 29, 2020 | Mar. 31, 2019 | Sep. 30, 2019 | |
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 | $ 0 | |||
Gain on sale | $ 1.4 | $ 3.8 | $ 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 | 110.8 | ||||
Discontinued Operations, Held-For-Sale [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
(Loss) Income from discontinued operations before income taxes | 1.4 | 959.3 | 3.8 | 865.9 | |
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 | ||||
Cost of goods sold | 164.6 | ||||
Gross profit | 84.4 | ||||
Operating expenses | 2.3 | 57 | |||
Operating (loss) income | (2.3) | 27.4 | |||
Interest expense | 10 | 23.3 | |||
Other non-operating expense, net | 0.5 | ||||
Gain on sale | (996.3) | (996.3) | |||
Reclassification of accumulated other comprehensive income | 18.5 | 18.5 | |||
(Loss) Income from discontinued operations before income taxes | $ 1.4 | 965.5 | $ 3.8 | 981.4 | |
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 | 22.1 | 87.7 | |||
Cost of goods sold | 13.2 | 52.5 | |||
Gross profit | 8.9 | 35.2 | |||
Operating expenses | 8 | 35.7 | |||
Operating (loss) income | 0.9 | (0.5) | |||
Interest expense | 0.2 | 0.7 | |||
Other non-operating expense, net | 0.1 | 0.2 | |||
Write-down of assets of business held for sale to fair value less cost to sell | 3.5 | 110.8 | |||
Reclassification of accumulated other comprehensive income | 3.3 | 3.3 | |||
(Loss) Income from discontinued operations before income taxes | $ (6.2) | $ (115.5) |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Details) - USD ($) $ in Millions | Mar. 10, 2020 | Mar. 29, 2020 | Sep. 30, 2019 |
Business Acquisition [Line Items] | |||
Goodwill | $ 1,324.1 | $ 1,328.1 | |
Global Pet Care [Member] | |||
Business Acquisition [Line Items] | |||
Goodwill | $ 429.4 | $ 430.4 | |
Omega Sea Acquisition [Member] | |||
Business Acquisition [Line Items] | |||
Purchase price | $ 17 | ||
Omega Sea Acquisition [Member] | Global Pet Care [Member] | |||
Business Acquisition [Line Items] | |||
Indefinite intangible asset | 4.4 | ||
Goodwill | $ 8.6 |
Restructuring And Related Cha_3
Restructuring And Related Charges (Narrative) (Details) - Global Productivity Improvement Plan [Member] $ in Millions | Mar. 29, 2020USD ($) |
Restructuring Cost and Reserve [Line Items] | |
Expected restructuring and related charges | $ 101.7 |
Anticipated To Be Incurred Through September 30 2022 [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Expected restructuring and related charges | $ 89.4 |
Restructuring And Related Cha_4
Restructuring And Related Charges (Summary Of Restructuring And Related Charges) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Mar. 29, 2020 | Mar. 31, 2019 | Mar. 29, 2020 | Mar. 31, 2019 | |
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and related charges | $ 21.9 | $ 12.6 | $ 49.4 | $ 21.5 |
Global Productivity Improvement Plan [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and related charges | 21.2 | 12.7 | 47.9 | 18.5 |
Other Restructuring Activities [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and related charges | 0.7 | (0.1) | 1.5 | 3 |
Cost Of Goods Sold [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and related charges | 2.9 | 0.2 | 12.8 | 1 |
Operating Expense [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and related charges | $ 19 | $ 12.4 | $ 36.6 | $ 20.5 |
Restructuring And Related Cha_5
Restructuring And Related Charges (Summary Of Costs Incurred And Cumulative Costs By Cost Type) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Mar. 29, 2020 | Mar. 31, 2019 | Mar. 29, 2020 | Mar. 31, 2019 | |
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and related charges | $ 21.9 | $ 12.6 | $ 49.4 | $ 21.5 |
Cumulative costs | 101.7 | 101.7 | ||
Future costs to be incurred | 89.4 | 89.4 | ||
Termination Benefits [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and related charges | 6.2 | 2.1 | 11.4 | 3.6 |
Cumulative costs | 18.6 | 18.6 | ||
Future costs to be incurred | 3.8 | 3.8 | ||
Other Costs [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and related charges | 15.7 | $ 10.5 | 38 | $ 17.9 |
Cumulative costs | 83.1 | 83.1 | ||
Future costs to be incurred | $ 85.6 | $ 85.6 |
Restructuring And Related Cha_6
Restructuring And Related Charges (Rollforward Of Restructuring Accrual) (Details) $ in Millions | 6 Months Ended |
Mar. 29, 2020USD ($) | |
Restructuring Cost and Reserve [Line Items] | |
Accrual balance at beginning | $ 33.6 |
Adoption of ASU 842 (Note 1) | (4.3) |
Provisions | 34.3 |
Cash expenditures | (38.7) |
Non-cash items | (1.2) |
Accrual balance at ending | 23.7 |
Termination Benefits [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Accrual balance at beginning | 6.6 |
Adoption of ASU 842 (Note 1) | |
Provisions | 3.3 |
Cash expenditures | (3.5) |
Non-cash items | |
Accrual balance at ending | 6.4 |
Other Costs [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Accrual balance at beginning | 27 |
Adoption of ASU 842 (Note 1) | (4.3) |
Provisions | 31 |
Cash expenditures | (35.2) |
Non-cash items | (1.2) |
Accrual balance at ending | $ 17.3 |
Restructuring And Related Cha_7
Restructuring And Related Charges (Summary Of Costs Incurred By Reporting Segment) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Mar. 29, 2020 | Mar. 31, 2019 | Mar. 29, 2020 | Mar. 31, 2019 | |
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and related charges | $ 21.9 | $ 12.6 | $ 49.4 | $ 21.5 |
Cumulative costs | 101.7 | 101.7 | ||
Future costs to be incurred | 89.4 | 89.4 | ||
Corporate [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and related charges | 13.4 | 8.3 | 28.8 | 10.9 |
Cumulative costs | 71.1 | 71.1 | ||
Future costs to be incurred | 72.6 | 72.6 | ||
Hardware & Home Improvement [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and related charges | 0.2 | 0.4 | 0.7 | 3.2 |
Cumulative costs | 1.1 | 1.1 | ||
Future costs to be incurred | 1.8 | 1.8 | ||
Home And Personal Care [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and related charges | 1.7 | 1.3 | 2.8 | 1.5 |
Cumulative costs | 10.9 | 10.9 | ||
Future costs to be incurred | 7.1 | 7.1 | ||
Global Pet Care [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and related charges | 6.4 | 2.3 | 16.7 | 4.9 |
Cumulative costs | 16.5 | 16.5 | ||
Future costs to be incurred | 3.3 | 3.3 | ||
Home and Garden Business [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and related charges | 0.2 | $ 0.3 | 0.4 | $ 1 |
Cumulative costs | 2.1 | 2.1 | ||
Future costs to be incurred | $ 4.6 | $ 4.6 |
Revenue Recognition (Narrative)
Revenue Recognition (Narrative) (Details) - USD ($) $ in Millions | Mar. 29, 2020 | Sep. 30, 2019 |
Revenue Recognition [Abstract] | ||
Allowance for product returns | $ 20.9 | $ 19.2 |
Revenue Recognition (Disaggrega
Revenue Recognition (Disaggregation Of Revenue) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Mar. 29, 2020 | Mar. 31, 2019 | Mar. 29, 2020 | Mar. 31, 2019 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 937.8 | $ 906.7 | $ 1,809.3 | $ 1,787 |
Operating Segments [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 937.8 | 906.7 | 1,809.3 | 1,787 |
Operating Segments [Member] | Licensing [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 3.6 | 4.9 | 9.2 | 10.8 |
Operating Segments [Member] | Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 1.2 | 1.2 | 2.4 | 2.4 |
Operating Segments [Member] | North America [Member] | Product [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 716.4 | 682.9 | 1,297 | 1,279.3 |
Operating Segments [Member] | EMEA [Member] | Product [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 150.4 | 148.1 | 353.6 | 340.3 |
Operating Segments [Member] | Latin America [Member] | Product [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 42.4 | 44.4 | 93.4 | 97.3 |
Operating Segments [Member] | Asia-Pacific [Member] | Product [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 23.8 | 25.2 | 53.7 | 56.9 |
Operating Segments [Member] | Hardware & Home Improvement [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 329.1 | 331.1 | 626.8 | 636.2 |
Operating Segments [Member] | Hardware & Home Improvement [Member] | Licensing [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 0.3 | 0.4 | 0.6 | 0.7 |
Operating Segments [Member] | Hardware & Home Improvement [Member] | North America [Member] | Product [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 313.6 | 313.1 | 595.1 | 602.3 |
Operating Segments [Member] | Hardware & Home Improvement [Member] | EMEA [Member] | Product [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 0.3 | 0.1 | 0.4 | 0.2 |
Operating Segments [Member] | Hardware & Home Improvement [Member] | Latin America [Member] | Product [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 9.9 | 11.7 | 20.4 | 22 |
Operating Segments [Member] | Hardware & Home Improvement [Member] | Asia-Pacific [Member] | Product [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 5 | 5.8 | 10.3 | 11 |
Operating Segments [Member] | Home And Personal Care [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 232.7 | 221.7 | 554.8 | 538.9 |
Operating Segments [Member] | Home And Personal Care [Member] | Licensing [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 0.9 | 2.2 | 4 | 6.1 |
Operating Segments [Member] | Home And Personal Care [Member] | North America [Member] | Product [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 98.7 | 91.4 | 215.1 | 208.3 |
Operating Segments [Member] | Home And Personal Care [Member] | EMEA [Member] | Product [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 92.2 | 87.8 | 241.4 | 227.6 |
Operating Segments [Member] | Home And Personal Care [Member] | Latin America [Member] | Product [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 28.3 | 28.5 | 64.2 | 66.7 |
Operating Segments [Member] | Home And Personal Care [Member] | Asia-Pacific [Member] | Product [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 12.6 | 11.8 | 30.1 | 30.2 |
Operating Segments [Member] | Global Pet Care [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 236.9 | 214.9 | 442.7 | 419.6 |
Operating Segments [Member] | Global Pet Care [Member] | Licensing [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 2 | 1.7 | 3.8 | 3.4 |
Operating Segments [Member] | Global Pet Care [Member] | Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 1.2 | 1.2 | 2.4 | 2.4 |
Operating Segments [Member] | Global Pet Care [Member] | North America [Member] | Product [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 166.3 | 140.9 | 304.8 | 279.2 |
Operating Segments [Member] | Global Pet Care [Member] | EMEA [Member] | Product [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 57.9 | 60.2 | 111.8 | 112.5 |
Operating Segments [Member] | Global Pet Care [Member] | Latin America [Member] | Product [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 3.3 | 3.3 | 6.6 | 6.4 |
Operating Segments [Member] | Global Pet Care [Member] | Asia-Pacific [Member] | Product [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 6.2 | 7.6 | 13.3 | 15.7 |
Operating Segments [Member] | Home and Garden Business [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 139.1 | 139 | 185 | 192.3 |
Operating Segments [Member] | Home and Garden Business [Member] | Licensing [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 0.4 | 0.6 | 0.8 | 0.6 |
Operating Segments [Member] | Home and Garden Business [Member] | North America [Member] | Product [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 137.8 | 137.5 | 182 | 189.5 |
Operating Segments [Member] | Home and Garden Business [Member] | Latin America [Member] | Product [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 0.9 | $ 0.9 | $ 2.2 | $ 2.2 |
Receivables And Concentration_2
Receivables And Concentration Of Credit Risk (Narrative) (Details) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Mar. 29, 2020USD ($)customer | Mar. 31, 2019customer | Mar. 29, 2020USD ($)customer | Mar. 31, 2019customer | Sep. 30, 2019USD ($)customer | |
Receivables [Line Items] | |||||
Allowance for uncollectible receivables | $ | $ 5.3 | $ 5.3 | $ 4.9 | ||
Major Customer Three [Member] | Net Sales And/Or Trade Receivables [Member] | |||||
Receivables [Line Items] | |||||
Number of major customers | 3 | 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] | Sales Revenue, Goods, Net [Member] | |||||
Receivables [Line Items] | |||||
Concentration risk | 37.20% | 37.70% | 34.10% | 33.90% | |
Major Customer Three [Member] | Trade Receivable [Member] | |||||
Receivables [Line Items] | |||||
Number of major customers | 3 | 3 | 3 | ||
Concentration risk | 28.00% | 28.00% | 29.90% |
Inventories (Schedule Of Invent
Inventories (Schedule Of Inventories) (Details) - USD ($) $ in Millions | Mar. 29, 2020 | Sep. 30, 2019 |
Inventories [Abstract] | ||
Raw materials | $ 80.4 | $ 66.2 |
Work-in-process | 56.7 | 46.4 |
Finished goods | 470.8 | 435.8 |
Inventories | $ 607.9 | $ 548.4 |
Property, Plant And Equipment_2
Property, Plant And Equipment (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Mar. 29, 2020 | Mar. 31, 2019 | Mar. 29, 2020 | Mar. 31, 2019 | |
Property, Plant and Equipment [Line Items] | ||||
Depreciation expense | $ 19.4 | $ 19.3 | $ 44 | $ 52.5 |
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 | Mar. 29, 2020 | Sep. 30, 2019 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | $ 857.4 | $ 913.9 |
Accumulated depreciation | (461.2) | (461) |
Property, plant and equipment, net | 396.2 | 452.9 |
Land, Buildings And Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | 130.2 | 161.4 |
Machinery, Equipment And Other [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | 501.6 | 523.6 |
Finance Leases [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | 198.6 | 197.2 |
Construction In Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | $ 27 | $ 31.7 |
Goodwill And Intangible Asset_2
Goodwill And Intangible Assets (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Mar. 29, 2020 | Mar. 31, 2019 | Mar. 29, 2020 | Mar. 31, 2019 | Sep. 30, 2019 | |
Intangible Assets [Line Items] | |||||
Goodwill | $ 1,324.1 | $ 1,324.1 | $ 1,328.1 | ||
Impairment of indefinite lived intangible assets | 24.2 | ||||
Amortization expense | 16.9 | $ 17.4 | $ 34 | $ 50.2 | |
Coevorden Operations [Member] | |||||
Intangible Assets [Line Items] | |||||
Percentage of reporting units exceeded carrying values by | 17.00% | ||||
Impairment of definite lived intangible assets | $ 7.6 | ||||
Tradenames [Member] | Coevorden Operations [Member] | |||||
Intangible Assets [Line Items] | |||||
Indefinite-lived intangible assets | 3.3 | 3.3 | |||
Impairment of indefinite lived intangible assets | 16.6 | ||||
Global Pet Care [Member] | |||||
Intangible Assets [Line Items] | |||||
Goodwill | $ 429.4 | $ 429.4 | $ 430.4 | ||
Home And Personal Care [Member] | |||||
Intangible Assets [Line Items] | |||||
Amortization expense | $ 15.5 |
Goodwill And Intangible Asset_3
Goodwill And Intangible Assets (Changes In The Carrying Amount Of Goodwill By Reporting Segment) (Details) $ in Millions | 6 Months Ended |
Mar. 29, 2020USD ($) | |
Goodwill [Line Items] | |
Goodwill, beginning | $ 1,328.1 |
Foreign currency impact | (2) |
Omega Sea acquisition (Note 3) | 8.6 |
Allocated to Assets Held for Sale - Coevorden Operations (Note 2) | (10.6) |
Goodwill, ending | 1,324.1 |
Hardware & Home Improvement [Member] | |
Goodwill [Line Items] | |
Goodwill, beginning | 702.1 |
Foreign currency impact | (3) |
Omega Sea acquisition (Note 3) | |
Allocated to Assets Held for Sale - Coevorden Operations (Note 2) | |
Goodwill, ending | 699.1 |
Global Pet Care [Member] | |
Goodwill [Line Items] | |
Goodwill, beginning | 430.4 |
Foreign currency impact | 1 |
Omega Sea acquisition (Note 3) | 8.6 |
Allocated to Assets Held for Sale - Coevorden Operations (Note 2) | (10.6) |
Goodwill, ending | 429.4 |
Home and Garden Business [Member] | |
Goodwill [Line Items] | |
Goodwill, beginning | 195.6 |
Foreign currency impact | |
Omega Sea acquisition (Note 3) | |
Allocated to Assets Held for Sale - Coevorden Operations (Note 2) | |
Goodwill, ending | $ 195.6 |
Goodwill And Intangible Asset_4
Goodwill And Intangible Assets (Schedule Of Carrying Value And Accumulated Amortization For Intangible Assets) (Details) - USD ($) $ in Millions | Mar. 29, 2020 | Sep. 30, 2019 |
Finite-Lived Intangible Assets [Line Items] | ||
Amortizable Intangible Assets, Gross Carrying Amount | $ 1,021.3 | $ 1,034.7 |
Amortizable Intangible Assets, Accumulated Amortization | (566.5) | (538.7) |
Amortizable Intangible Assets, Net | 454.8 | 496 |
Total Intangible Assets, Gross Carrying Amount | 2,019.8 | 2,045.8 |
Total Intangible Assets, Net | 1,453.3 | 1,507.1 |
Tradenames [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortizable Intangible Assets, Gross Carrying Amount | 998.5 | 1,011.1 |
Amortizable Intangible Assets, Net | 998.5 | 1,011.1 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortizable Intangible Assets, Gross Carrying Amount | 684.8 | 694.9 |
Amortizable Intangible Assets, Accumulated Amortization | (344.8) | (329.7) |
Amortizable Intangible Assets, Net | 340 | 365.2 |
Technology Assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortizable Intangible Assets, Gross Carrying Amount | 175.7 | 179.4 |
Amortizable Intangible Assets, Accumulated Amortization | (96.4) | (90.9) |
Amortizable Intangible Assets, Net | 79.3 | 88.5 |
Tradenames [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortizable Intangible Assets, Gross Carrying Amount | 160.8 | 160.4 |
Amortizable Intangible Assets, Accumulated Amortization | (125.3) | (118.1) |
Amortizable Intangible Assets, Net | $ 35.5 | $ 42.3 |
Goodwill And Intangible Asset_5
Goodwill And Intangible Assets (Schedule Of Future Amortization Expense) (Details) $ in Millions | Mar. 29, 2020USD ($) |
Goodwill And Intangible Assets [Abstract] | |
2020 | $ 77.2 |
2021 | 60.6 |
2022 | 46.6 |
2023 | 44 |
2024 | $ 43.3 |
Debt (Narrative) (Details)
Debt (Narrative) (Details) - USD ($) $ in Millions | Mar. 30, 2020 | Nov. 15, 2019 | Mar. 29, 2020 |
Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Aggregate borrowing availability | $ 1.4 | ||
Outstanding letters of credit | $ 18.6 | ||
Revolving Credit Facility [Member] | Subsequent Event [Member] | |||
Debt Instrument [Line Items] | |||
Revolving credit facility | $ 890 | ||
Revolving Credit Facility [Member] | Subsequent Event [Member] | Additional Capacity [Member] | |||
Debt Instrument [Line Items] | |||
Revolving credit facility | $ 90 | ||
6.625% Notes, Due November 15, 2022 [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate | 6.625% | ||
Gain (Loss) on extinguishment of debt | $ (2.6) | ||
Write-off of deferred financing costs | 1.1 | ||
Repurchased aggregate principal amount | $ 117.4 | ||
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] | London Interbank Offered Rate (LIBOR) [Member] | Subsequent Event [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate | 2.00% | ||
Minimum [Member] | Revolving Credit Facility [Member] | Base Rate [Member] | |||
Debt Instrument [Line Items] | |||
Percentage over base variable rate | 0.75% | ||
Minimum [Member] | Revolving Credit Facility [Member] | Base Rate [Member] | Subsequent Event [Member] | |||
Debt Instrument [Line Items] | |||
Percentage over base variable rate | 1.00% | ||
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] | London Interbank Offered Rate (LIBOR) [Member] | Subsequent Event [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate | 2.50% | ||
Maximum [Member] | Revolving Credit Facility [Member] | Base Rate [Member] | |||
Debt Instrument [Line Items] | |||
Percentage over base variable rate | 1.25% | ||
Maximum [Member] | Revolving Credit Facility [Member] | Base Rate [Member] | Subsequent Event [Member] | |||
Debt Instrument [Line Items] | |||
Percentage over base variable rate | 1.50% |
Debt (Schedule Of Debt) (Detail
Debt (Schedule Of Debt) (Details) - USD ($) $ in Millions | 6 Months Ended | |
Mar. 29, 2020 | Sep. 30, 2019 | |
Debt Instrument [Line Items] | ||
Total debt | $ 3,042.2 | $ 2,384.5 |
Unamortized discount on debt | (0.1) | (0.2) |
Debt issuance costs | (29.7) | (33) |
Less current portion | (13.3) | (136.9) |
Long-term debt, net of current portion | 2,999.1 | 2,214.4 |
Spectrum Brands, Inc. [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | 2,965.2 | 2,307.5 |
Spectrum Brands, Inc. And SB/RH [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | 2,965.2 | 2,307.5 |
SB/RH [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | 2,965.2 | 2,307.5 |
Debt issuance costs | (28.8) | (31.5) |
Less current portion | (13.3) | (136.9) |
Long-term debt, net of current portion | 2,923.1 | 2,139.1 |
Expiring March 6, 2022 [Member] | Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Revolver facility | $ 780 | |
Rate | 3.30% | |
Expiring March 6, 2022 [Member] | Spectrum Brands Holdings, Inc. And SB/RH [Member} | Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date | Mar. 6, 2022 | |
Expiring March 6, 2022 [Member] | SB/RH [Member] | Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Revolver facility | $ 780 | |
Rate | 3.30% | |
6.625% Notes, Due November 15, 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Notes | $ 117.4 | |
Rate | 6.60% | |
Interest rate | 6.625% | |
6.625% Notes, Due November 15, 2022 [Member] | Spectrum Brands Holdings, Inc. And SB/RH [Member} | ||
Debt Instrument [Line Items] | ||
Interest rate | 6.625% | |
Maturity date | Nov. 15, 2022 | |
6.625% Notes, Due November 15, 2022 [Member] | SB/RH [Member] | ||
Debt Instrument [Line Items] | ||
Notes | $ 117.4 | |
Rate | 6.60% | |
6.125% Notes, Due December 15, 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Notes | $ 250 | $ 250 |
Rate | 6.10% | 6.10% |
6.125% Notes, Due December 15, 2024 [Member] | Spectrum Brands Holdings, Inc. And SB/RH [Member} | ||
Debt Instrument [Line Items] | ||
Interest rate | 6.125% | |
Maturity date | 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 | $ 300 |
Rate | 5.00% | 5.00% |
5.00% Notes, Due October 1, 2029 [Member] | Spectrum Brands Holdings, Inc. And SB/RH [Member} | ||
Debt Instrument [Line Items] | ||
Interest rate | 5.00% | |
Maturity date | Oct. 1, 2029 | |
5.00% Notes, Due October 1, 2029 [Member] | SB/RH [Member] | ||
Debt Instrument [Line Items] | ||
Notes | $ 300 | $ 300 |
Rate | 5.00% | 5.00% |
5.75% Notes, Due July 15, 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Notes | $ 1,000 | $ 1,000 |
Rate | 5.80% | 5.80% |
5.75% Notes, Due July 15, 2025 [Member] | Spectrum Brands Holdings, Inc. And SB/RH [Member} | ||
Debt Instrument [Line Items] | ||
Interest rate | 5.75% | |
Maturity date | 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 | $ 468.9 | $ 465 |
Rate | 4.00% | 4.00% |
4.00% Notes, Due October 1, 2026 [Member] | Spectrum Brands Holdings, Inc. And SB/RH [Member} | ||
Debt Instrument [Line Items] | ||
Interest rate | 4.00% | |
Maturity date | Oct. 1, 2026 | |
4.00% Notes, Due October 1, 2026 [Member] | SB/RH [Member] | ||
Debt Instrument [Line Items] | ||
Notes | $ 468.9 | $ 465 |
Rate | 4.00% | 4.00% |
Other Notes And Obligations [Member] | ||
Debt Instrument [Line Items] | ||
Other notes and obligations | $ 3.3 | $ 9.5 |
Rate | 10.40% | 10.40% |
Other Notes And Obligations [Member] | SB/RH [Member] | ||
Debt Instrument [Line Items] | ||
Other notes and obligations | $ 3.3 | $ 9.5 |
Rate | 10.40% | 10.40% |
Obligations Under Capital Leases [Member] | ||
Debt Instrument [Line Items] | ||
Obligations under capital leases | $ 163 | $ 165.6 |
Rate | 5.60% | 5.60% |
Obligations Under Capital Leases [Member] | SB/RH [Member] | ||
Debt Instrument [Line Items] | ||
Obligations under capital leases | $ 163 | $ 165.6 |
Rate | 5.60% | 5.60% |
Salus - Unaffiliated Long-Term Debt Of Consolidated VIE [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 77 | $ 77 |
Leases (Narrative) (Details)
Leases (Narrative) (Details) $ in Millions | 3 Months Ended | 6 Months Ended |
Mar. 29, 2020USD ($) | Mar. 29, 2020USD ($) | |
Operating leases, not recognized and will commence | $ 1.7 | $ 1.7 |
Lease and sub-lease income | 0.5 | $ 1 |
Maximum [Member] | ||
Lease expiration | Feb. 28, 2047 | |
Energizer [Member] | ||
Sub-lease income | $ 0.3 | $ 0.6 |
Leases (Summary Of Leases Relat
Leases (Summary Of Leases Related To Consolidated Statement Of Financial Position) (Details) $ in Millions | Mar. 29, 2020USD ($) |
Assets | |
Operating | $ 93.6 |
Finance | 139 |
Total leased assets | 232.6 |
Liabilities | |
Current, Operating | 19.6 |
Current, Finance | 10 |
Long-term, Operating | 79.7 |
Long-term, Finance | 153 |
Total lease liabilities | $ 262.3 |
Leases (Schedule Of Lease Costs
Leases (Schedule Of Lease Costs) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended |
Mar. 29, 2020 | Mar. 29, 2020 | |
Leases [Abstract] | ||
Operating lease cost | $ 6.1 | $ 12.6 |
Finance lease cost, Amortization of leased assets | 3.4 | 7 |
Finance lease cost, Interest on lease liability | 2.2 | 4.5 |
Variable lease cost | 3.3 | 5.8 |
Total lease cost | $ 15 | $ 29.9 |
Leases (Summary Of Cash Paid Fo
Leases (Summary Of Cash Paid For Lease Liabilities) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended |
Mar. 29, 2020 | Mar. 29, 2020 | |
Leases [Abstract] | ||
Operating cash flow from operating leases | $ 5.4 | $ 11.8 |
Operating cash flows from finance leases | 2.3 | 4.6 |
Financing cash flows from finance leases | 3.5 | 6.9 |
Acquisition of operating lease asset through lease obligations | $ 1.8 | $ 4.3 |
Leases (Summary Of Weighted-Ave
Leases (Summary Of Weighted-Average Lease Term And Discount Rate) (Details) | Mar. 29, 2020 |
Leases [Abstract] | |
Weighted average remaining lease term, Operating leases | 6 years 4 months 24 days |
Weighted average remaining lease term, Finance leases | 15 years 8 months 12 days |
Weighted average discount rate, Operating leases | 4.57% |
Weighted average discount rate, Finance leases | 5.59% |
Leases (Schedule Of Future Leas
Leases (Schedule Of Future Lease Payments Under Operating And Finance Leases) (Details) $ in Millions | Mar. 29, 2020USD ($) |
Leases [Abstract] | |
Finance Leases, 2020 remaining balance | $ 8.8 |
Finance Leases, 2021 | 20.8 |
Finance Leases, 2022 | 17.6 |
Finance Leases, 2023 | 16.5 |
Finance Leases, 2024 | 16.2 |
Finance Leases, Thereafter | 180.6 |
Finance Leases, Total lease payments | 260.5 |
Finance Leases, Amount representing interest | (97.5) |
Finance Leases, Total minimum lease payments | 163 |
Operating Leases, 2020 remaining balance | 11.9 |
Operating Leases, 2021 | 23.2 |
Operating Leases, 2022 | 18.8 |
Operating Leases, 2023 | 16.9 |
Operating Leases, 2024 | 10.6 |
Operating Leases, Thereafter | 35 |
Operating Leases, Total lease payments | 116.4 |
Operating Leases, Amount representing interest | (17.1) |
Operating Leases, Total minimum lease payments | $ 99.3 |
Leases (Schedule Of Minimum Com
Leases (Schedule Of Minimum Commitments Under Leases) (Details) $ in Millions | Sep. 30, 2019USD ($) |
Leases [Abstract] | |
Finance Leases, 2020 | $ 17.5 |
Finance Leases, 2021 | 19.7 |
Finance Leases, 2022 | 16.5 |
Finance Leases, 2023 | 15.5 |
Finance Leases, 2024 | 15.4 |
Finance Leases, Thereafter | 179.9 |
Finance Leases, Total lease payments | 264.5 |
Finance Leases, Amount representing interest | (98.9) |
Finance Leases, Total minimum lease payments | 165.6 |
Operating Leases, 2020 | 25 |
Operating Leases, 2021 | 23.2 |
Operating Leases, 2022 | 20.6 |
Operating Leases, 2023 | 17.8 |
Operating Leases, 2024 | 10.8 |
Operating Leases, Thereafter | 37.5 |
Operating Leases, Total lease payments | 134.9 |
Operating Leases, Total minimum lease payments | $ 134.9 |
Derivatives (Narrative) (Detail
Derivatives (Narrative) (Details) € in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Mar. 29, 2020USD ($) | Mar. 29, 2020USD ($) | Mar. 31, 2019USD ($) | Mar. 29, 2020EUR (€) | Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | |
4.00% Notes, Due October 1, 2026 [Member] | ||||||
Derivative [Line Items] | ||||||
Notes | $ 468.9 | $ 468.9 | $ 465 | |||
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 | $ 0 | ||||
Cash Flow Hedging [Member] | Commodity Swaps [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, maturity date | Aug. 31, 2021 | |||||
Derivative net (loss) gain estimated to be reclassified from AOCI into earnings over the next 12 months | 0.5 | $ 0.5 | ||||
Cash Flow Hedging [Member] | Foreign Exchange Contract [Member] | ||||||
Derivative [Line Items] | ||||||
Notional value | 201.4 | $ 201.4 | 235.6 | |||
Derivative, maturity date | Sep. 29, 2021 | |||||
Derivative net (loss) gain estimated to be reclassified from AOCI into earnings over the next 12 months | 4 | $ 4 | ||||
Fair Value Hedging [Member] | ||||||
Derivative [Line Items] | ||||||
Posted cash collateral | 0 | 0 | 0 | |||
Posted standby letters of credit | 0 | 0 | 0 | |||
Net Investment Hedge [Member] | ||||||
Derivative [Line Items] | ||||||
Pre-tax gain (loss) related to translation of undesignated debt obligation recognized in earnings | 0.5 | (1.2) | ||||
Not Designated as Hedging [Member] | Foreign Exchange Contract [Member] | ||||||
Derivative [Line Items] | ||||||
Notional value | $ 531.8 | $ 531.8 | $ 977.5 | |||
Derivative, maturity date | Apr. 24, 2020 | |||||
Spectrum Brands, Inc. [Member] | Net Investment Hedge [Member] | 4.00% Notes, Due October 1, 2026 [Member] | ||||||
Derivative [Line Items] | ||||||
Notional value | € | € 345.6 | |||||
Notes | € | € 425 | |||||
Interest rate | 4.00% | 4.00% | 4.00% |
Derivatives (Schedule Of Commod
Derivatives (Schedule Of Commodity Swap Contracts Outstanding) (Details) - Brass [Member] - Cash Flow Hedging [Member] $ in Millions | 6 Months Ended | 12 Months Ended |
Mar. 29, 2020USD ($)T | Sep. 30, 2019USD ($)T | |
Derivative [Line Items] | ||
Notional Amount | T | 0.9 | 0.9 |
Contract Value | $ | $ 4.1 | $ 4.4 |
Derivatives (Summary Of Impact
Derivatives (Summary Of Impact Of Designated Hedges And Gain (Loss)) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Mar. 29, 2020 | Mar. 31, 2019 | Mar. 29, 2020 | Mar. 31, 2019 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Effective Portion, Gain (Loss) in OCI | $ 7.8 | $ 0.3 | $ 1.6 | $ 5.8 |
Effective Portion, Gain (Loss) Reclassified to Operations | 1.7 | 2.9 | 4.3 | 5.7 |
Discontinued Operations [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Effective Portion, Gain (Loss) Reclassified to Operations | (1.9) | (1.7) | ||
Interest Rate Swaps [Member] | Interest Expense [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Effective Portion, Gain (Loss) in OCI | (0.6) | |||
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 | |||
Commodity Swaps [Member] | Cost Of Goods Sold [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Effective Portion, Gain (Loss) in OCI | (0.9) | 0.5 | (0.7) | (0.6) |
Effective Portion, Gain (Loss) Reclassified to Operations | (0.1) | (0.1) | (0.1) | (0.2) |
Commodity Swaps [Member] | Cost Of Goods Sold [Member] | Discontinued Operations [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Effective Portion, Gain (Loss) Reclassified to Operations | (1.9) | (4.4) | ||
Foreign Exchange Contract [Member] | Sales Revenue, Goods, Net [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Effective Portion, Gain (Loss) in OCI | (0.1) | (0.1) | (0.2) | |
Effective Portion, Gain (Loss) Reclassified to Operations | (0.1) | (0.1) | (0.1) | |
Foreign Exchange Contract [Member] | Cost Of Goods Sold [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Effective Portion, Gain (Loss) in OCI | 8.8 | (0.1) | 2.3 | 7.2 |
Effective Portion, Gain (Loss) Reclassified to Operations | $ 1.8 | $ 3.1 | $ 4.5 | 6 |
Foreign Exchange Contract [Member] | Cost Of Goods Sold [Member] | Discontinued Operations [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Effective Portion, Gain (Loss) Reclassified to Operations | $ 0.5 |
Derivatives (Summary Of Impac_2
Derivatives (Summary Of Impact Of Derivative Instruments) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Mar. 29, 2020 | Mar. 31, 2019 | Mar. 29, 2020 | Mar. 31, 2019 | |
Foreign Exchange Contract [Member] | Other Non-Operating Expense (Income) [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on derivatives recognized in operations | $ 22.9 | $ 17.4 | $ (2.2) | $ 13.1 |
Derivatives (Schedule Of Fair V
Derivatives (Schedule Of Fair Value Of Outstanding Derivative Instruments) (Details) - USD ($) $ in Millions | Mar. 29, 2020 | Sep. 30, 2019 |
Derivatives, Fair Value [Line Items] | ||
Derivative assets | $ 13.7 | $ 9.5 |
Derivative liabilities | 1.4 | 2.3 |
Commodity Swaps [Member] | Accounts Payable [Member] | Designated as Hedging [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | 0.7 | 0.2 |
Commodity Swaps [Member] | Other Long-term Liabilities [Member] | Designated as Hedging [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | 0.1 | |
Foreign Exchange Contract [Member] | Other Receivables [Member] | Designated as Hedging [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 5.6 | 7.8 |
Foreign Exchange Contract [Member] | Other Receivables [Member] | Not Designated as Hedging [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 7.7 | 1.2 |
Foreign Exchange Contract [Member] | Deferred Charges And Other [Member] | Designated as Hedging [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 0.4 | 0.5 |
Foreign Exchange Contract [Member] | Accounts Payable [Member] | Designated as Hedging [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | 0.1 | 0.2 |
Foreign Exchange Contract [Member] | Accounts Payable [Member] | Not Designated as Hedging [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | $ 0.5 | $ 1.9 |
Derivatives (Summary Of Impac_3
Derivatives (Summary Of Impact Of Designated Hedges And Gain (Loss) - Net Investment Hedge) (Details) - Net Investment Hedge [Member] - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Mar. 29, 2020 | Mar. 31, 2019 | Mar. 29, 2020 | Mar. 31, 2019 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
(Loss) in OCI | $ (2.8) | |||
Gain in OCI | $ 2.2 | $ 8.8 | $ 17.8 |
Fair Value Of Financial Instr_3
Fair Value Of Financial Instruments (Narrative) (Details) - Common Stock [Member] - Energizer [Member] shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended |
Mar. 29, 2020USD ($)shares | Mar. 29, 2020USD ($)shares | |
Fair Value Of Financial Instruments [Line Items] | ||
Stock consideration, shares | 1 | 1 |
Stock consideration, value | $ | $ 28.6 | $ 28.6 |
Shares held | 4.3 | 4.3 |
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 | Mar. 29, 2020 | Sep. 30, 2019 |
Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments | $ 134 | $ 230.8 |
Derivative Assets | 13.7 | 9.5 |
Derivative Liabilities | 1.4 | 2.3 |
Debt | 2,864.1 | 2,468.8 |
Carrying Amount [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments | 134 | 230.8 |
Derivative Assets | 13.7 | 9.5 |
Derivative Liabilities | 1.4 | 2.3 |
Debt | 3,012.4 | 2,351.3 |
Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments | 134 | 230.8 |
Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative Assets | 13.7 | 9.5 |
Derivative Liabilities | 1.4 | 2.3 |
Debt | 2,864.1 | 2,468.8 |
SB/RH [Member] | Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt | 2,787 | 2,391.8 |
SB/RH [Member] | Carrying Amount [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt | 2,936.4 | 2,276 |
SB/RH [Member] | Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt | $ 2,787 | $ 2,391.8 |
Fair Value Of Financial Instr_5
Fair Value Of Financial Instruments (Summary Of Income Recognized From Equity Investments) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Mar. 29, 2020 | Mar. 31, 2019 | Mar. 29, 2020 | Mar. 31, 2019 | |
Unrealized loss on investments held | $ (53.3) | $ (5) | ||
Realized loss on equity investments sold | (15) | |||
Loss on equity investments | $ 106.8 | $ 5 | 68.3 | 5 |
Energizer [Member] | ||||
Unrealized loss on investments held | (84.5) | (5) | (53.3) | (5) |
Realized loss on equity investments sold | (22.3) | (15) | ||
Loss on equity investments | (106.8) | (5) | (68.3) | (5) |
Dividend income from equity investments | 1.6 | 1.6 | 3.2 | 1.6 |
Income from equity investments | $ (105.2) | $ (3.4) | $ (65.1) | $ (3.4) |
Employee Benefit Plans (Narrati
Employee Benefit Plans (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Mar. 29, 2020 | Mar. 31, 2019 | Mar. 29, 2020 | Mar. 31, 2019 | |
Employee Benefit Plans [Abstract] | ||||
Company contributions to pension and defined benefit plans, including discretionary amounts | $ 0.7 | $ 0.5 | $ 1.5 | $ 0.9 |
Employee Benefit Plans (Compone
Employee Benefit Plans (Components Of Net Periodic Benefit Cost) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Mar. 29, 2020 | Mar. 31, 2019 | Mar. 29, 2020 | Mar. 31, 2019 | |
United States [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Service cost | $ 0.2 | $ 0.1 | $ 0.3 | $ 0.2 |
Interest cost | 0.5 | 0.7 | 1.1 | 1.4 |
Expected return on assets | (1) | (1.1) | (2.1) | (2.2) |
Settlements and curtailments | 0.9 | |||
Recognized net actuarial loss | 0.2 | 0.1 | 0.5 | 0.1 |
Net periodic benefit cost | $ (0.1) | $ (0.2) | $ 0.7 | $ (0.5) |
Weighted average assumptions | ||||
Discount rate | 3.07% | 4.10% | 3.07% | 4.10% |
Expected return on plan assets | 6.50% | 6.50% | 6.50% | 6.50% |
Non U.S. Plans [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Service cost | $ 0.6 | $ 0.5 | $ 1.1 | $ 1 |
Interest cost | 0.6 | 0.9 | 1.2 | 1.8 |
Expected return on assets | (0.9) | (1.1) | (1.8) | (2.2) |
Recognized net actuarial loss | 0.8 | 0.5 | 1.6 | 1 |
Net periodic benefit cost | $ 1.1 | $ 0.8 | $ 2.1 | $ 1.6 |
Non U.S. Plans [Member] | Minimum [Member] | ||||
Weighted average assumptions | ||||
Discount rate | 0.75% | 1.00% | 0.75% | 1.00% |
Expected return on plan assets | 0.75% | 1.00% | 0.75% | 1.00% |
Rate of compensation increase | 2.25% | 2.05% | 2.25% | 2.05% |
Non U.S. Plans [Member] | Maximum [Member] | ||||
Weighted average assumptions | ||||
Discount rate | 7.70% | 8.15% | 7.70% | 8.15% |
Expected return on plan assets | 3.40% | 4.01% | 3.40% | 4.01% |
Rate of compensation increase | 6.00% | 4.85% | 6.00% | 4.85% |
Shareholder's Equity (Narrative
Shareholder's Equity (Narrative) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | Feb. 24, 2020 | Nov. 18, 2019 | Jul. 24, 2018 | Mar. 29, 2020 | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 29, 2020 | Mar. 31, 2019 |
Common stock repurchase program, approved amount | $ 1,000 | |||||||
Common stock repurchase program, authorization period | 36 months | |||||||
Shares repurchased | 3 | 4.6 | 6.2 | 4.9 | ||||
Repuchase amount, fair value | $ 167.7 | $ 250 | $ 18.5 | $ 364.5 | $ 268.5 | |||
Average cost per share | $ 55.06 | $ 54.22 | $ 58.57 | $ 54.34 | ||||
ASR [Member] | ||||||||
Repuchase payment | $ 125 | |||||||
Shares repurchased | 0.3 | 1.7 | 0.3 | 2 | ||||
Percentage of total shares | 85.00% | |||||||
Repuchase amount, fair value | $ 18.5 | $ 106.3 | $ 18.5 | $ 124.7 | ||||
Average cost per share | $ 59.69 | $ 61.47 | ||||||
Reduction to additional paid-in capital | $ 18.7 | |||||||
ASR [Member] | Weighted Average [Member] | ||||||||
Shares repurchased | 2 | |||||||
Average cost per share | $ 61.59 |
Shareholder's Equity (Summary O
Shareholder's Equity (Summary Of Activity Of Common Stock Repurchase Program) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | Feb. 24, 2020 | Nov. 18, 2019 | Mar. 29, 2020 | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 29, 2020 | Mar. 31, 2019 |
Equity, Class of Treasury Stock [Line Items] | |||||||
Number of Shares Repuchased | 3 | 4.6 | 6.2 | 4.9 | |||
Average Price Per Share | $ 55.06 | $ 54.22 | $ 58.57 | $ 54.34 | |||
Amount | $ 167.7 | $ 250 | $ 18.5 | $ 364.5 | $ 268.5 | ||
Open Market Purchases [Member] | |||||||
Equity, Class of Treasury Stock [Line Items] | |||||||
Number of Shares Repuchased | 2.7 | 4.6 | 4 | 4.6 | |||
Average Price Per Share | $ 54.54 | $ 54.22 | $ 56.97 | $ 54.22 | |||
Amount | $ 149.2 | $ 250 | $ 230.6 | $ 250 | |||
Private Purchases [Member] | |||||||
Equity, Class of Treasury Stock [Line Items] | |||||||
Number of Shares Repuchased | 0.2 | 0.3 | |||||
Average Price Per Share | $ 62.30 | $ 56.02 | |||||
Amount | $ 9.2 | $ 18.5 | |||||
ASR [Member] | |||||||
Equity, Class of Treasury Stock [Line Items] | |||||||
Number of Shares Repuchased | 0.3 | 1.7 | 0.3 | 2 | |||
Average Price Per Share | $ 59.69 | $ 61.47 | |||||
Amount | $ 18.5 | $ 106.3 | $ 18.5 | $ 124.7 |
Share Based Compensation (Narra
Share Based Compensation (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Mar. 29, 2020 | Mar. 31, 2019 | Mar. 29, 2020 | Mar. 31, 2019 | Sep. 30, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Remaining unrecognized pre-tax compensation cost | $ 51.3 | $ 51.3 | |||
SB/RH [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Remaining unrecognized pre-tax compensation cost | 50.7 | 50.7 | |||
Annual Management Incentive Compensation Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Total share based compensation expense | $ 4.3 | $ 5.6 | $ 8.6 | $ 8.4 | |
Restricted Stock Units (RSUs) [Member] | Bridge Awards [Member] | Performance [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Time-based service conditions pecentage | 60.00% | ||||
Restricted Stock Units (RSUs) [Member] | Bridge Awards [Member] | Service [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Time-based service conditions pecentage | 40.00% |
Share Based Compensation (Summa
Share Based Compensation (Summary Of Share Based Compensation Expense) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Mar. 29, 2020 | Mar. 31, 2019 | Mar. 29, 2020 | Mar. 31, 2019 | |
Share based compensation | $ 13.1 | $ 15.9 | $ 26 | $ 21.8 |
SB/RH [Member] | ||||
Share based compensation | $ 12.6 | $ 15.5 | $ 25.4 | $ 21.1 |
Share Based Compensation (Sum_2
Share Based Compensation (Summary Of Activity Of The RSUs Granted) (Details) $ / shares in Units, shares in Millions, $ in Millions | 6 Months Ended |
Mar. 29, 2020USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Granted, Shares | shares | 0.7 |
Granted, Weighted Average Grant Date Fair Value | $ / shares | $ 62.96 |
Granted, Fair Value at Grant Date | $ | $ 45.6 |
Time-Based RSUs [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 | $ 62.67 |
Granted, Fair Value at Grant Date | $ | $ 26.6 |
Time-Based RSUs [Member] | Vesting In Less Than 24 Months [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Granted, Shares | shares | 0.3 |
Granted, Weighted Average Grant Date Fair Value | $ / shares | $ 62.37 |
Granted, Fair Value at Grant Date | $ | $ 18.5 |
Time-Based RSUs [Member] | Vesting In More Than 24 Months [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Granted, Shares | shares | 0.1 |
Granted, Weighted Average Grant Date Fair Value | $ / shares | $ 63.38 |
Granted, Fair Value at Grant Date | $ | $ 8.1 |
Performance-Based RSUs [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Granted, Shares | shares | 0.3 |
Granted, Weighted Average Grant Date Fair Value | $ / shares | $ 63.37 |
Granted, Fair Value at Grant Date | $ | $ 19 |
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 | 0.3 |
Granted, Weighted Average Grant Date Fair Value | $ / shares | $ 63.37 |
Granted, Fair Value at Grant Date | $ | $ 19 |
SB/RH [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Granted, Shares | shares | 0.7 |
Granted, Weighted Average Grant Date Fair Value | $ / shares | $ 62.95 |
Granted, Fair Value at Grant Date | $ | $ 44.3 |
SB/RH [Member] | Time-Based RSUs [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 | $ 62.63 |
Granted, Fair Value at Grant Date | $ | $ 25.3 |
SB/RH [Member] | Time-Based RSUs [Member] | Vesting In Less Than 24 Months [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Granted, Shares | shares | 0.3 |
Granted, Weighted Average Grant Date Fair Value | $ / shares | $ 62.29 |
Granted, Fair Value at Grant Date | $ | $ 17.2 |
SB/RH [Member] | Time-Based RSUs [Member] | Vesting In More Than 24 Months [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Granted, Shares | shares | 0.1 |
Granted, Weighted Average Grant Date Fair Value | $ / shares | $ 63.38 |
Granted, Fair Value at Grant Date | $ | $ 8.1 |
SB/RH [Member] | Performance-Based RSUs [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Granted, Shares | shares | 0.3 |
Granted, Weighted Average Grant Date Fair Value | $ / shares | $ 63.38 |
Granted, Fair Value at Grant Date | $ | $ 19 |
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 | 0.3 |
Granted, Weighted Average Grant Date Fair Value | $ / shares | $ 63.37 |
Granted, Fair Value at Grant Date | $ | $ 19 |
Share Based Compensation (Sum_3
Share Based Compensation (Summary Of RSU Activity) (Details) $ / shares in Units, shares in Millions, $ in Millions | 6 Months Ended |
Mar. 29, 2020USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Granted, Shares | shares | 0.7 |
Granted, Weighted Average Grant Date Fair Value | $ / shares | $ 62.96 |
Granted, Fair Value at Grant Date | $ | $ 45.6 |
Restricted Stock Units (RSUs) [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Beginning balance, Shares | shares | 1.2 |
Granted, Shares | shares | 0.7 |
Forfeited, Shares | shares | (0.1) |
Vested, Shares | shares | (0.6) |
Ending balance, Shares | shares | 1.2 |
Beginning balance, Weighted Average Grant Date Fair Value | $ / shares | $ 53.57 |
Granted, Weighted Average Grant Date Fair Value | $ / shares | 62.96 |
Forfeited, Weighted Average Grant Date Fair Value | $ / shares | 65.19 |
Vested, Weighted Average Grant Date Fair Value | $ / shares | 57.76 |
Ending balance, Weighted Average Grant Date Fair Value | $ / shares | $ 56.49 |
Beginning balance, Fair Value at Grant Date | $ | $ 67 |
Granted, Fair Value at Grant Date | $ | 45.6 |
Forfeited, Fair Value at Grant Date | $ | (1.4) |
Vested, Fair Value at Grant Date | $ | (39.1) |
Ending balance, Fair Value at Grant Date | $ | $ 72.1 |
SB/RH [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Granted, Shares | shares | 0.7 |
Granted, Weighted Average Grant Date Fair Value | $ / shares | $ 62.95 |
Granted, Fair Value at Grant Date | $ | $ 44.3 |
SB/RH [Member] | Restricted Stock Units (RSUs) [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Beginning balance, Shares | shares | 1.2 |
Granted, Shares | shares | 0.7 |
Forfeited, Shares | shares | (0.1) |
Vested, Shares | shares | (0.6) |
Ending balance, Shares | shares | 1.2 |
Beginning balance, Weighted Average Grant Date Fair Value | $ / shares | $ 53.23 |
Granted, Weighted Average Grant Date Fair Value | $ / shares | 62.95 |
Forfeited, Weighted Average Grant Date Fair Value | $ / shares | 65.19 |
Vested, Weighted Average Grant Date Fair Value | $ / shares | 57.24 |
Ending balance, Weighted Average Grant Date Fair Value | $ / shares | $ 56.39 |
Beginning balance, Fair Value at Grant Date | $ | $ 65.1 |
Granted, Fair Value at Grant Date | $ | 44.3 |
Forfeited, Fair Value at Grant Date | $ | (1.4) |
Vested, Fair Value at Grant Date | $ | (37.6) |
Ending balance, Fair Value at Grant Date | $ | $ 70.4 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) $ in Millions | 3 Months Ended | 6 Months Ended |
Mar. 29, 2020USD ($) | Mar. 29, 2020USD ($) | |
Income Taxes [Line Items] | ||
U.S. Federal statutory income tax rate | 21.00% | 21.00% |
Tax benefit from favorable settlement | $ 5.3 | |
GILTI [Member] | ||
Income Taxes [Line Items] | ||
U.S. Federal statutory income tax rate | 21.00% | |
SB/RH [Member] | ||
Income Taxes [Line Items] | ||
Income taxes receivable | $ 0.8 | $ 0.8 |
Income Taxes (Schedule Of Effec
Income Taxes (Schedule Of Effective Tax Rate) (Details) | 3 Months Ended | 6 Months Ended | ||
Mar. 29, 2020 | Mar. 31, 2019 | Mar. 29, 2020 | Mar. 31, 2019 | |
Income Taxes [Line Items] | ||||
Effective tax rate | 24.30% | 29.60% | 15.90% | 23.90% |
SB/RH [Member] | ||||
Income Taxes [Line Items] | ||||
Effective tax rate | 23.50% | 58.20% | 15.00% | 33.50% |
Related Party Transactions (Nar
Related Party Transactions (Narrative) (Details) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Mar. 29, 2020 | Mar. 31, 2019 | Mar. 29, 2020 | Mar. 31, 2019 | |
Related Party Transactions [Line Items] | ||||
Net income (loss) | $ (57) | $ 728.6 | $ (92.7) | $ 616.2 |
TSAs And Reverse TSAs [Member] | ||||
Related Party Transactions [Line Items] | ||||
Net income (loss) | (1.5) | 2.5 | 0.1 | 2.5 |
Transition Services Agreements [Member] | ||||
Related Party Transactions [Line Items] | ||||
Costs | 2.2 | 6.6 | 6.6 | 6.6 |
Reverse Transition Services Agreements [Member] | ||||
Related Party Transactions [Line Items] | ||||
Costs | 3.7 | 4.1 | $ 6.5 | 4.1 |
Minimum [Member] | TSAs And Reverse TSAs [Member] | ||||
Related Party Transactions [Line Items] | ||||
Overall expected time period of transition | 12 months | |||
Maximum [Member] | TSAs And Reverse TSAs [Member] | ||||
Related Party Transactions [Line Items] | ||||
Overall expected time period of transition | 24 months | |||
Energizer [Member] | TSAs And Reverse TSAs [Member] | ||||
Related Party Transactions [Line Items] | ||||
Net payable | 3 | $ 3 | ||
Net receivable | 12.8 | 12.8 | ||
Energizer [Member] | H&G Supply Agreement [Member] | ||||
Related Party Transactions [Line Items] | ||||
Supply agreement contract term | 24 months | |||
Revenue | 5.6 | 3.7 | $ 10.9 | 3.7 |
Net receivable | 4.2 | $ 4.9 | $ 4.2 | $ 4.9 |
Energizer [Member] | Energizer Shareholder Agreement [Member] | ||||
Related Party Transactions [Line Items] | ||||
Stock consideration, shares | 5.3 | |||
Energizer [Member] | Minimum [Member] | Energizer Shareholder Agreement [Member] | ||||
Related Party Transactions [Line Items] | ||||
Percentage beneficially owns of common stock | 4.90% | |||
Vivint [Member] | TSAs And Reverse TSAs [Member] | ||||
Related Party Transactions [Line Items] | ||||
Net payable | $ 0.7 | $ 0.7 |
Commitments And Contingencies (
Commitments And Contingencies (Narrative) (Details) - USD ($) $ in Millions | Mar. 29, 2020 | Sep. 30, 2019 | Aug. 16, 2019 |
Commitments And Contingencies [Abstract] | |||
Estimated cost associated with shareholder litigation | $ 1.1 | ||
Estimated costs associated with environmental remediation activities | $ 11.5 | $ 12.2 | |
Product liability accruals | 6 | 5.9 | |
Product warranty accruals | $ 7 | $ 7.2 |
Segment Information (Net Sales
Segment Information (Net Sales Relating To Segments) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Mar. 29, 2020 | Mar. 31, 2019 | Mar. 29, 2020 | Mar. 31, 2019 | |
Revenue from External Customer [Line Items] | ||||
Net sales | $ 937.8 | $ 906.7 | $ 1,809.3 | $ 1,787 |
Operating Segments [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Net sales | 937.8 | 906.7 | 1,809.3 | 1,787 |
Hardware & Home Improvement [Member] | Operating Segments [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Net sales | 329.1 | 331.1 | 626.8 | 636.2 |
Home And Personal Care [Member] | Operating Segments [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Net sales | 232.7 | 221.7 | 554.8 | 538.9 |
Global Pet Care [Member] | Operating Segments [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Net sales | 236.9 | 214.9 | 442.7 | 419.6 |
Home and Garden Business [Member] | Operating Segments [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Net sales | $ 139.1 | $ 139 | $ 185 | $ 192.3 |
Segment Information (Schedule O
Segment Information (Schedule Of Segment Information) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Mar. 29, 2020 | Mar. 31, 2019 | Mar. 29, 2020 | Mar. 31, 2019 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Total Segment Adjusted EBITDA | $ 67.7 | $ 41.6 | $ 22 | $ 67 |
Corporate | 5.5 | 4 | 10.8 | 11.5 |
Interest expense | 35.5 | 94.2 | 70.4 | 151.2 |
Depreciation and amortization | 36.4 | 36.6 | 78 | 102.6 |
Share and incentive based compensation | 14.6 | 17.3 | 29.1 | 23.2 |
Restructuring and related charges | 21.9 | 12.6 | 49.4 | 21.5 |
Transaction related charges | 7.2 | 5.3 | 11.3 | 11.6 |
(Gain) loss on assets held for sale | (7) | 25.7 | ||
Write-off from impairment of intangible assets | 24.2 | |||
Loss on Energizer investment | 106.8 | 5 | 68.3 | 5 |
Foreign currency translation on multicurrency divestiture loans | 3.1 | 21.8 | 0.4 | 21.8 |
GPC safety recall | 0.6 | |||
Salus | 0.1 | 0.4 | ||
Other | (0.5) | 0.5 | 2.3 | |
Loss from operations before income taxes | (78.2) | (76.7) | (115.2) | (109) |
Operating Segments [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Total Segment Adjusted EBITDA | 145.9 | 119.6 | 253.3 | 242.3 |
SB/RH [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Total Segment Adjusted EBITDA | 71.6 | 42.8 | 26.7 | 69.4 |
Corporate | 2.3 | 3.3 | 7.2 | 9.9 |
Interest expense | 35.3 | 48.3 | 70 | 91.5 |
Depreciation and amortization | 36.4 | 36.6 | 78 | 102.6 |
Share and incentive based compensation | 14.1 | 16.9 | 28.5 | 22.5 |
Restructuring and related charges | 21.9 | 12.6 | 49.4 | 21.5 |
Transaction related charges | 7.2 | 5.3 | 11.3 | 11.6 |
(Gain) loss on assets held for sale | (7) | 25.7 | ||
Write-off from impairment of intangible assets | 24.2 | |||
Loss on Energizer investment | 106.8 | 5 | 68.3 | 5 |
Foreign currency translation on multicurrency divestiture loans | 3 | 21.8 | 0.4 | 21.8 |
GPC safety recall | 0.6 | |||
Other | (0.5) | 0.4 | 2.4 | |
Loss from operations before income taxes | (74.1) | (29.7) | (110.1) | (47.1) |
SB/RH [Member] | Operating Segments [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Total Segment Adjusted EBITDA | 145.9 | 119.6 | 253.3 | 242.3 |
Hardware & Home Improvement [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Restructuring and related charges | 0.2 | 0.4 | 0.7 | 3.2 |
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 | 69.5 | 52.7 | 112.3 | 108.2 |
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 | 69.5 | 52.7 | 112.3 | 108.2 |
Home And Personal Care [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Restructuring and related charges | 1.7 | 1.3 | 2.8 | 1.5 |
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 | 8 | 4.5 | 44.4 | 39.5 |
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 | 8 | 4.5 | 44.4 | 39.5 |
Global Pet Care [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Restructuring and related charges | 6.4 | 2.3 | 16.7 | 4.9 |
Global Pet Care [Member] | Operating Segments [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Total Segment Adjusted EBITDA | 40 | 32.8 | 71.5 | 61.9 |
Global Pet 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 | 40 | 32.8 | 71.5 | 61.9 |
Home and Garden Business [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Restructuring and related charges | 0.2 | 0.3 | 0.4 | 1 |
Home and Garden Business [Member] | Operating Segments [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Total Segment Adjusted EBITDA | 28.4 | 29.6 | 25.1 | 32.7 |
Home and Garden Business [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 | $ 28.4 | $ 29.6 | $ 25.1 | $ 32.7 |
Earnings Per Share - SBH (Sched
Earnings Per Share - SBH (Schedule Of Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Mar. 29, 2020 | Mar. 31, 2019 | Mar. 29, 2020 | Mar. 31, 2019 | |
Numerator | ||||
Net loss from continuing operations attributable to controlling interest | $ (58.4) | $ (55) | $ (97) | $ (84.2) |
Income from discontinued operations attributable to controlling interest | 1.4 | 783.6 | 4.3 | 700.4 |
Net (loss) income attributable to controlling interest | $ (57) | $ 728.6 | $ (92.7) | $ 616.2 |
Denominator | ||||
Weighted average shares outstanding - basic | 45,100 | 51,800 | 46,400 | 52,600 |
Weighted average shares outstanding - diluted | 45,100 | 51,800 | 46,400 | 52,600 |
Earnings per share | ||||
Basic earnings per share from continuing operations | $ (1.29) | $ (1.06) | $ (2.09) | $ (1.60) |
Basic earnings per share from discontinued operations | 0.03 | 15.13 | 0.09 | 13.32 |
Basic earnings per share | (1.26) | 14.07 | (2) | 11.72 |
Diluted earnings per share from continuing operations | (1.29) | (1.06) | (2.09) | (1.60) |
Diluted earnings per share from discontinued operations | 0.03 | 15.13 | 0.09 | 13.32 |
Diluted earnings per share | $ (1.26) | $ 14.07 | $ (2) | $ 11.72 |
Weighted average number of anti-dilutive shares excluded from denominator | 100 | 100 | 100 | 100 |