Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Dec. 31, 2020 | Feb. 01, 2021 | |
Cover [Abstract] | ||
Entity Registrant Name | SALLY BEAUTY HOLDINGS, INC. | |
Entity Central Index Key | 0001368458 | |
Document Type | 10-Q | |
Document Period End Date | Dec. 31, 2020 | |
Trading Symbol | SBH | |
Amendment Flag | false | |
Current Fiscal Year End Date | --09-30 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Shell Company | false | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity File Number | 1-33145 | |
Entity Tax Identification Number | 36-2257936 | |
Entity Address, Address Line One | 3001 Colorado Boulevard | |
Entity Address, City or Town | Denton | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 76210 | |
City Area Code | 940 | |
Local Phone Number | 898-7500 | |
Security Exchange Name | NYSE | |
Title of 12(b) Security | Common Stock, $0.01 par value | |
Entity Incorporation, State or Country Code | DE | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Interactive Data Current | Yes | |
Entity Common Stock, Shares Outstanding | 112,814,336 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2020 | Sep. 30, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 537,644 | $ 514,151 |
Trade accounts receivable, net | 40,046 | 35,590 |
Accounts receivable, other | 27,904 | 20,839 |
Inventory | 895,984 | 814,503 |
Other current assets | 44,300 | 48,014 |
Total current assets | 1,545,878 | 1,433,097 |
Property and equipment, net of accumulated depreciation of $725,437 at December 31, 2020, and $694,709 at September 30, 2020 | 305,225 | 315,029 |
Operating lease assets | 519,985 | 525,634 |
Goodwill | 546,027 | 540,038 |
Intangible assets, excluding goodwill, net of accumulated amortization of $68,590 at December 31, 2020, and $63,491 at September 30, 2020 | 58,819 | 58,283 |
Other assets | 23,714 | 23,066 |
Total assets | 2,999,648 | 2,895,147 |
Current liabilities: | ||
Current maturities of long-term debt | 186 | 180 |
Accounts payable | 285,636 | 236,333 |
Accrued liabilities | 133,328 | 170,665 |
Current operating lease liabilities | 154,090 | 153,267 |
Income taxes payable | 17,096 | 2,917 |
Total current liabilities | 590,336 | 563,362 |
Long-term debt | 1,798,154 | 1,796,897 |
Long-term operating lease liabilities | 390,873 | 394,375 |
Other liabilities | 29,406 | 32,976 |
Deferred income tax liabilities, net | 92,013 | 92,094 |
Total liabilities | 2,900,782 | 2,879,704 |
Stockholders’ equity: | ||
Common stock, $0.01 par value. Authorized 500,000 shares; 112,814 and 112,824 shares issued and 112,538 and 112,405 shares outstanding at December 31, 2020, and September 30, 2020, respectively | 1,125 | 1,124 |
Preferred stock, $0.01 par value. Authorized 50,000 shares; none issued | ||
Additional paid-in capital | 4,556 | 1,913 |
Accumulated earnings | 174,300 | 117,109 |
Accumulated other comprehensive loss, net of tax | (81,115) | (104,703) |
Total stockholders’ equity | 98,866 | 15,443 |
Total liabilities and stockholders’ equity | $ 2,999,648 | $ 2,895,147 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2020 | Sep. 30, 2020 |
Statement Of Financial Position [Abstract] | ||
Property and equipment, accumulated depreciation (in dollars) | $ 725,437 | $ 694,709 |
Intangible assets, excluding goodwill, accumulated amortization (in dollars) | $ 68,590 | $ 63,491 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, Authorized shares | 500,000,000 | 500,000,000 |
Common stock, shares issued | 112,814,000 | 112,824,000 |
Common stock, shares outstanding | 112,538,000 | 112,405,000 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, Authorized shares | 50,000,000 | 50,000,000 |
Preferred stock, shares issued | 0 | 0 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Earnings - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Income Statement [Abstract] | ||
Net sales | $ 936,022 | $ 980,208 |
Cost of goods sold | 465,298 | 505,360 |
Gross profit | 470,724 | 474,848 |
Selling, general and administrative expenses | 366,170 | 377,930 |
Restructuring | 232 | 2,531 |
Operating earnings | 104,322 | 94,387 |
Interest expense | 25,978 | 21,541 |
Earnings before provision for income taxes | 78,344 | 72,846 |
Provision for income taxes | 21,153 | 19,631 |
Net earnings | $ 57,191 | $ 53,215 |
Earnings per share: | ||
Basic | $ 0.51 | $ 0.46 |
Diluted | $ 0.50 | $ 0.45 |
Weighted-average shares: | ||
Basic | 112,475 | 116,125 |
Diluted | 113,828 | 117,154 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Net earnings | $ 57,191 | $ 53,215 |
Other comprehensive income: | ||
Foreign currency translation adjustments | 25,007 | 14,961 |
Interest rate caps, net of tax | 175 | 109 |
Foreign exchange contracts, net of tax | (1,594) | (200) |
Other comprehensive income, net of tax | 23,588 | 14,870 |
Total comprehensive income | $ 80,779 | $ 68,085 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Cumulative Effect Period of Adoption Adjustment | Common Stock | Common StockCumulative Effect Period of Adoption Adjustment | Additional Paid-in Capital | Additional Paid-in CapitalCumulative Effect Period of Adoption Adjustment | Accumulated Earnings (Deficit) | Accumulated Earnings (Deficit)Cumulative Effect Period of Adoption Adjustment | Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive LossCumulative Effect Period of Adoption Adjustment |
Balance at Sep. 30, 2019 | $ (60,323) | $ (445) | $ 1,167 | $ 55,797 | $ (445) | $ (117,287) | ||||
Balance (in shares) at Sep. 30, 2019 | 116,725 | |||||||||
Accounting Standards Update [Extensible List] | us-gaap:AccountingStandardsUpdate201602Member | us-gaap:AccountingStandardsUpdate201602Member | us-gaap:AccountingStandardsUpdate201602Member | us-gaap:AccountingStandardsUpdate201602Member | us-gaap:AccountingStandardsUpdate201602Member | |||||
Increase (Decrease) in Stockholders' Equity | ||||||||||
Net earnings | 53,215 | 53,215 | ||||||||
Other comprehensive income | 14,870 | 14,870 | ||||||||
Repurchases and cancellations of common stock | (11,357) | $ (7) | $ (6,237) | (5,113) | ||||||
Repurchases and cancellations of common stock (in shares) | (766) | |||||||||
Share-based compensation | 3,473 | 3,473 | ||||||||
Stock issued for equity awards | 2,766 | $ 2 | 2,764 | |||||||
Stock issued for equity awards (in shares) | 206 | |||||||||
Balance at Dec. 31, 2019 | 2,199 | $ 1,162 | 103,454 | (102,417) | ||||||
Balance (in shares) at Dec. 31, 2019 | 116,165 | |||||||||
Balance at Sep. 30, 2020 | $ 15,443 | $ 1,124 | 1,913 | 117,109 | (104,703) | |||||
Balance (in shares) at Sep. 30, 2020 | 112,405 | 112,405 | ||||||||
Increase (Decrease) in Stockholders' Equity | ||||||||||
Net earnings | $ 57,191 | 57,191 | ||||||||
Other comprehensive income | 23,588 | 23,588 | ||||||||
Share-based compensation | 2,893 | 2,893 | ||||||||
Stock issued for equity awards | (249) | $ 1 | (250) | |||||||
Stock issued for equity awards (in shares) | 133 | |||||||||
Balance at Dec. 31, 2020 | $ 98,866 | $ 1,125 | $ 4,556 | $ 174,300 | $ (81,115) | |||||
Balance (in shares) at Dec. 31, 2020 | 112,538 | 112,538 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Cash Flows from Operating Activities: | ||
Net earnings | $ 57,191 | $ 53,215 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Depreciation and amortization | 26,386 | 27,076 |
Share-based compensation expense | 2,893 | 3,473 |
Amortization of deferred financing costs | 1,496 | 887 |
Gain on early extinguishment of debt | (223) | |
Loss on disposal of equipment and other property | 1,589 | |
Deferred income taxes | 229 | 555 |
Changes in (exclusive of effects of acquisitions): | ||
Trade accounts receivable | (3,502) | 2,457 |
Accounts receivable, other | (8,643) | 8,793 |
Inventory | (67,764) | (30,138) |
Other current assets | 3,220 | (482) |
Other assets | (240) | (2,480) |
Operating leases, net | 2,996 | |
Accounts payable and accrued liabilities | 12,401 | (11,930) |
Income taxes payable | 14,307 | 10,352 |
Other liabilities | (3,573) | 770 |
Net cash provided by operating activities | 38,986 | 62,325 |
Cash Flows from Investing Activities: | ||
Payments for property and equipment, net of proceeds | (15,483) | (40,875) |
Acquisitions, net of cash acquired | (2,025) | (1,944) |
Net cash used by investing activities | (17,508) | (42,819) |
Cash Flows from Financing Activities: | ||
Proceeds from issuance of long-term debt | 232,000 | |
Repayments of long-term debt | (63) | (247,830) |
Payments for common stock repurchased | (11,357) | |
Proceeds from equity awards | 2,766 | |
Employee withholding taxes paid related to net share settlement of equity awards | (249) | |
Net cash used by financing activities | (312) | (24,421) |
Effect of foreign exchange rate changes on cash and cash equivalents | 2,327 | 682 |
Net increase (decrease) in cash and cash equivalents | 23,493 | (4,233) |
Cash and cash equivalents, beginning of period | 514,151 | 71,495 |
Cash and cash equivalents, end of period | 537,644 | 67,262 |
Supplemental Cash Flow Information: | ||
Interest paid | 43,439 | 33,297 |
Income taxes paid | 2,609 | 9,216 |
Capital expenditures incurred but not paid | $ 6,707 | $ 3,491 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Dec. 31, 2020 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Basis of Presentation | 1. Basis of Presentation The condensed consolidated interim financial statements included herein have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and pursuant to the rules and regulations of the SEC. Accordingly, certain information and note disclosures normally included in annual financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to the rules and regulations of the SEC, although we believe that the disclosures are adequate to make the information not misleading. These condensed consolidated interim financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended September 30, 2020. In the opinion of management, these condensed consolidated interim financial statements reflect all adjustments that are of a normal recurring nature and which are necessary to present fairly our consolidated financial position as of December 31, 2020 and September 30, 2020, and our consolidated results of operations, consolidated comprehensive income, and consolidated statements of stockholders’ equity and our consolidated cash flows for the three months ended December 31, 2020 and 2019. Our operating results for the three months ended December 31, 2020, may not be indicative of the results that may be expected for the full fiscal year ending September 30, 2021, in particular as a result of the uncertainty around the continuing effects of the COVID-19 pandemic on future periods. Due to the uncertainty over the duration and severity of the economic and operational impacts of COVID-19, the adverse impact of the pandemic may continue further into our fiscal year 2021 and possibly beyond, and it may be material. |
Significant Accounting Policies
Significant Accounting Policies | 3 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | 2. Significant Accounting Policies We adhere to the same accounting policies in the preparation of our condensed consolidated interim financial statements as we do in the preparation of our full-year consolidated financial statements. As permitted under GAAP, interim accounting for certain expenses, including income taxes, is based on full-year assumptions. For interim financial reporting purposes, income taxes are recorded based upon estimated annual effective income tax rates. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 3 Months Ended |
Dec. 31, 2020 | |
New Accounting Pronouncements And Changes In Accounting Principles [Abstract] | |
Recent Accounting Pronouncements | 3. Recent Accounting Pronouncements In December 2019, the FASB issued ASU No. 2019-12 which simplifies the accounting for income taxes by removing an exception related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period with year to date losses and the recognition of deferred tax liabilities for outside basis differences. Additionally, the update clarifies and simplifies other areas of ASC 740, Income Taxes |
Revenue Recognition
Revenue Recognition | 3 Months Ended |
Dec. 31, 2020 | |
Revenue From Contract With Customer [Abstract] | |
Revenue Recognition | 4. Revenue Recognition Substantially all of our revenue is derived through the sale of merchandise at the point-of-sale. Revenue is recognized net of estimated sales returns and sales taxes. We estimate sales returns based on historical data. Changes to our contract liabilities for the period were as follows (in thousands): September 30, 2020 $ 13,947 Loyalty points and gift cards issued but not redeemed, net of estimated breakage 5,709 Revenue recognized from beginning liability (3,476 ) December 31, 2020 $ 16,180 See Note 11, Business Segments |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 5. Fair Value Measurements Fair value on recurring basis Consistent with the three-level hierarchy defined in ASC Topic 820, Fair Value Measurement Classification Fair Value Hierarchy Level December 31, 2020 September 30, 2020 Financial Assets: Cash equivalents Cash and cash equivalents Level 1 $ — $ 194,612 Interest rate caps Other assets Level 2 18 27 Total assets $ 18 $ 194,639 . Financial Liabilities: Foreign exchange contracts Accrued liabilities Level 2 $ 1,587 $ — Other fair value disclosures December 31, 2020 September 30, 2020 Fair Value Hierarchy Level Carrying Value Fair Value Carrying Value Fair Value Long-term debt, excluding capital leases Senior notes Level 1 $ 1,177,380 $ 1,234,206 $ 1,177,380 $ 1,217,707 Term loan B Level 2 635,788 632,623 635,788 619,397 Total long-term debt $ 1,813,168 $ 1,866,829 $ 1,813,168 $ 1,837,104 The table above excludes amounts, if any, related to our ABL facility as the balance approximates fair value due to the short-term nature of our borrowings. |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Dec. 31, 2020 | |
Stockholders Equity Note [Abstract] | |
Stockholders' Equity | 6. Stockholders’ Equity Share Repurchases In August 2017, our Board of Directors approved a share repurchase program authorizing the Company to repurchase up to $1.0 billion of its common stock, subject to certain limitations governed by our debt agreements, over an approximate four-year Information related to our shares repurchased and subsequently retired were as follows (in thousands): Three Months Ended December 31, 2020 2019 Number of shares repurchased — 766 Total cost of share repurchased $ — $ 11,357 Accumulated Other Comprehensive Loss The change in accumulated other comprehensive loss (“AOCL”) was as follows (in thousands): Foreign Currency Translation Adjustments Interest Rate Caps Foreign Exchange Contracts Total Balance at September 30, 2020 $ (102,111 ) $ (3,003 ) $ 411 $ (104,703 ) Other comprehensive income (loss) before reclassification, net of tax 25,007 (69 ) (1,224 ) 23,714 Reclassification to net earnings, net of tax — 244 (370 ) (126 ) Balance at December 31, 2020 $ (77,104 ) $ (2,828 ) $ (1,183 ) $ (81,115 ) The tax impact for the changes in other comprehensive loss and the reclassifications to net earnings were not material. |
Weighted-Average Shares
Weighted-Average Shares | 3 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Weighted-Average Shares | 7. Weighted-Average Shares The following table sets forth the reconciliation of basic and diluted weighted-average shares (in thousands): Three Months Ended December 31, 2020 2019 Weighted-average basic shares 112,475 116,125 Dilutive securities: Stock option and stock award programs 1,353 1,029 Weighted-average diluted shares 113,828 117,154 Anti-dilutive options excluded from our computation of diluted shares 6,009 5,132 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 3 Months Ended |
Dec. 31, 2020 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | 8. Goodwill and Intangible Assets Due to the uncertainty around COVID-19, our projected future cash flows may differ materially from actual results. We considered potential triggering events and determined there were none during the three months ended December 31, 2020. No material impairment losses were recognized in the current or prior periods presented in connection with our goodwill and other intangible assets. For the three months ended December 31, 2020 and 2019, amortization expense related to other intangible assets was $1.7 million and $2.4 million, respectively. Additionally, goodwill increased primarily from the effects of foreign currency exchange rates of $6.1 million during the three months ended December 31, 2020. |
Short-term Borrowings and Long-
Short-term Borrowings and Long-term Debt | 3 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Short-term Borrowings and Long-term Debt | 9. Short-term Borrowings and Long-term Debt At December 31, 2020, there were no outstanding borrowings Please see Note 13, Subsequent Event , for further information about our debt. Covenants The agreements governing our ABL facility, term loan B and the senior notes contain a customary covenant package that places restrictions on the disposition of assets, the granting of liens and security interests, the prepayment of certain indebtedness, and other matters with customary events of default, including customary cross-default and/or cross-acceleration provisions. As of December 31, 2020, we were in compliance with all debt covenants and all the net assets of our consolidated subsidiaries were unrestricted from transfer. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 3 Months Ended |
Dec. 31, 2020 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities | 10. Derivative Instruments and Hedging Activities During the three months ended December 31, 2020, we did not purchase or hold any derivative instruments for trading or speculative purposes. See Note 5, Fair Value Measurements Designated Cash Flow Hedges Foreign Currency Forwards We regularly enter into foreign currency forwards to mitigate our exposure to exchange rate changes on inventory purchases in U.S. dollars by our foreign subsidiaries. At December 31, 2020, the notional amount we held through these forwards, based upon exchange rates at December 31, 2020, was as follows (in thousands): Notional Currency Notional Amount Euro $ 13,916 Mexican Peso 10,932 Canadian Dollar 3,767 Total $ 28,615 We record quarterly, net of income tax, the changes in fair value related to the foreign currency forwards into AOCL. As the forwards are exercised, the realized value is recognized into cost of goods sold based on inventory turns. For the three months ended December 31, 2020, we recognized a $ 0.4 million gain into cost of goods sold on our condensed consolidated statements of earnings. Based on December 31, 2020 , valuations and exchange rates, we expect to reclassify losses of approximately $1.3 million into cost of goods sold over the next 12 months . Interest Rate Caps In July 2017, we purchased two interest rate caps with an initial aggregate notional amount of $550 million (the “interest rate caps”) to mitigate the exposure to higher interest rates in connection with our term loan B. The interest rate caps are comprised of individual caplets that expire ratably through June 30, 2023, and are designated as cash flow hedges. Accordingly, changes in fair value of the interest rate caps are recorded quarterly, net of income tax, and are included in AOCL. Over the next 12 months, we expect to reclassify approximately $1.3 million into interest expense, which represents the original value of the expiring caplets. The effects of our interest rate caps on our condensed consolidated statements of earnings were not material for the three months ended December 31, 2020. |
Business Segments
Business Segments | 3 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Business Segments | 11. Business Segments Segment data for the three months ended December 31, 2020 and 2019, is as follows (in thousands): Three Months Ended December 31, 2020 2019 Net sales: Sally Beauty Supply ("SBS") $ 547,670 $ 569,147 Beauty Systems Group ("BSG") 388,352 411,061 Total $ 936,022 $ 980,208 Earnings before provision for income taxes: Segment operating earnings: SBS $ 95,128 $ 74,225 BSG 48,572 62,434 Segment operating earnings 143,700 136,659 Unallocated expenses 39,146 39,741 Restructuring 232 2,531 Consolidated operating earnings 104,322 94,387 Interest expense 25,978 21,541 Earnings before provision for income taxes $ 78,344 $ 72,846 Sales between segments, which are eliminated in consolidation, were not material during the three months ended December 31, 2020 and 2019. Disaggregation of net sales by segment Three Months Ended December 31, SBS 2020 2019 Hair color 35.4 % 29.4 % Hair care 18.6 % 19.4 % Skin and nail care 14.2 % 14.0 % Styling tools 12.8 % 14.9 % Salon supplies and accessories 7.9 % 7.7 % Textured hair products 5.5 % 6.1 % Other beauty items 5.6 % 8.5 % Total 100.0 % 100.0 % Three Months Ended December 31, BSG 2020 2019 Hair color 40.8 % 37.5 % Hair care 35.0 % 34.5 % Skin and nail care 8.2 % 8.1 % Styling tools 7.1 % 3.6 % Other beauty items 2.6 % 5.8 % Promotional items 6.3 % 10.5 % Total 100.0 % 100.0 % The following tables disaggregate our segment revenue by sales channels: Three Months Ended December 31, SBS 2020 2019 Company-operated stores 93.9 % 95.8 % E-commerce 6.0 % 4.0 % Franchise stores 0.1 % 0.2 % Total 100.0 % 100.0 % Three Months Ended December 31, BSG 2020 2019 Company-operated stores 69.6 % 69.4 % Distributor sales consultants 14.3 % 17.9 % E-commerce 8.5 % 7.3 % Franchise stores 7.6 % 5.4 % Total 100.0 % 100.0 % |
Restructuring
Restructuring | 3 Months Ended |
Dec. 31, 2020 | |
Restructuring And Related Activities [Abstract] | |
Restructuring | 12. Restructuring Restructuring expense for the three months ended December 31, 2020 and 2019, are as follows (in thousands): Three Months Ended December 31, 2020 2019 Project Surge $ 190 $ 1,253 Transformation Plan 42 1,278 Total expense $ 232 $ 2,531 Project Surge In November 2019, we announced that we were launching Project Surge, which takes the successful elements of the North American Sally Beauty transformation and integrates them into our European operations, with the support and participation of several key leaders from the corporate headquarters. As part of this plan, we are focusing on several operating elements, including a review of our talent and operating structure. The liability related to Project Surge, which is included in accrued liabilities on our condensed consolidated balance sheets, is as follows (in thousands): Project Surge Liability at September 30, 2020 Expenses Expenses Paid or Otherwise Settled Adjustments Liability at December 31, 2020 Workforce reductions $ — $ 150 $ 150 $ — $ — Other — 40 40 — — Total $ — $ 190 $ 190 $ — $ — Expenses incurred during the three months ended December 31, 2020, represent costs incurred by SBS of $0.2 million. Transformation Plan We previously disclosed a plan to focus on certain core business strategies. In addition to optimizing our supply chain network with changes to our transportation model and network of nodes, we are improving our marketing and digital commerce capabilities, and advancing our merchandising transformation efforts. In addition, we expanded our plan and announced a reduction in workforce within our field and headquarters. All these together, make up our Transformation Plan. The liability related to the Transformation Plan, which is included in accrued liabilities on our condensed consolidated balance sheets, is as follows (in thousands): Transformation Plan Liability at September 30, 2020 Expenses Expenses Paid or Otherwise Settled Adjustments Liability at December 31, 2020 Workforce reductions $ 65 $ 7 $ 72 $ — $ — Other — 35 35 — — Total $ 65 $ 42 $ 107 $ — $ — Expenses incurred during the three months ended December 31, 2020, represent costs incurred by SBS of $0.1 million. |
Subsequent Event
Subsequent Event | 3 Months Ended |
Dec. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | 13. Subsequent Event On January 5, 2021, we announced that we fully repaid the outstanding balance of $213.2 million on our term loan B fixed portion. The repayment was funded with excess cash and reflects our continued progress toward deleveraging the balance sheet. In connection with this repayment, we recognized an approximately $1 million loss on the extinguishment of debt from the write-off of unamortized deferred financing costs. |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements (Policies) | 3 Months Ended |
Dec. 31, 2020 | |
New Accounting Pronouncements And Changes In Accounting Principles [Abstract] | |
Recent Accounting Pronouncements | In December 2019, the FASB issued ASU No. 2019-12 which simplifies the accounting for income taxes by removing an exception related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period with year to date losses and the recognition of deferred tax liabilities for outside basis differences. Additionally, the update clarifies and simplifies other areas of ASC 740, Income Taxes |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 3 Months Ended |
Dec. 31, 2020 | |
Revenue From Contract With Customer [Abstract] | |
Schedule of Changes to Contract Liabilities | Changes to our contract liabilities for the period were as follows (in thousands): September 30, 2020 $ 13,947 Loyalty points and gift cards issued but not redeemed, net of estimated breakage 5,709 Revenue recognized from beginning liability (3,476 ) December 31, 2020 $ 16,180 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Schedule of financial assets and liabilities and other fair value disclosures by fair value hierarchy | Fair value on recurring basis Consistent with the three-level hierarchy defined in ASC Topic 820, Fair Value Measurement Classification Fair Value Hierarchy Level December 31, 2020 September 30, 2020 Financial Assets: Cash equivalents Cash and cash equivalents Level 1 $ — $ 194,612 Interest rate caps Other assets Level 2 18 27 Total assets $ 18 $ 194,639 . Financial Liabilities: Foreign exchange contracts Accrued liabilities Level 2 $ 1,587 $ — Other fair value disclosures December 31, 2020 September 30, 2020 Fair Value Hierarchy Level Carrying Value Fair Value Carrying Value Fair Value Long-term debt, excluding capital leases Senior notes Level 1 $ 1,177,380 $ 1,234,206 $ 1,177,380 $ 1,217,707 Term loan B Level 2 635,788 632,623 635,788 619,397 Total long-term debt $ 1,813,168 $ 1,866,829 $ 1,813,168 $ 1,837,104 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
Dec. 31, 2020 | |
Stockholders Equity Note [Abstract] | |
Schedule of Shares Repurchased and Subsequently Retired | Information related to our shares repurchased and subsequently retired were as follows (in thousands): Three Months Ended December 31, 2020 2019 Number of shares repurchased — 766 Total cost of share repurchased $ — $ 11,357 |
Schedule of changes in accumulated other comprehensive loss | The change in accumulated other comprehensive loss (“AOCL”) was as follows (in thousands): Foreign Currency Translation Adjustments Interest Rate Caps Foreign Exchange Contracts Total Balance at September 30, 2020 $ (102,111 ) $ (3,003 ) $ 411 $ (104,703 ) Other comprehensive income (loss) before reclassification, net of tax 25,007 (69 ) (1,224 ) 23,714 Reclassification to net earnings, net of tax — 244 (370 ) (126 ) Balance at December 31, 2020 $ (77,104 ) $ (2,828 ) $ (1,183 ) $ (81,115 ) |
Weighted-Average Shares (Tables
Weighted-Average Shares (Tables) | 3 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Schedule of reconciliation of basic and diluted weighted-average shares | The following table sets forth the reconciliation of basic and diluted weighted-average shares (in thousands): Three Months Ended December 31, 2020 2019 Weighted-average basic shares 112,475 116,125 Dilutive securities: Stock option and stock award programs 1,353 1,029 Weighted-average diluted shares 113,828 117,154 Anti-dilutive options excluded from our computation of diluted shares 6,009 5,132 |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 3 Months Ended |
Dec. 31, 2020 | |
Foreign Currency Forwards | |
Schedule of notional amount held through foreign currency forwards, based upon exchange rates | At December 31, 2020, the notional amount we held through these forwards, based upon exchange rates at December 31, 2020, was as follows (in thousands): Notional Currency Notional Amount Euro $ 13,916 Mexican Peso 10,932 Canadian Dollar 3,767 Total $ 28,615 |
Business Segments (Tables)
Business Segments (Tables) | 3 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Schedule of segment data | Segment data for the three months ended December 31, 2020 and 2019, is as follows (in thousands): Three Months Ended December 31, 2020 2019 Net sales: Sally Beauty Supply ("SBS") $ 547,670 $ 569,147 Beauty Systems Group ("BSG") 388,352 411,061 Total $ 936,022 $ 980,208 Earnings before provision for income taxes: Segment operating earnings: SBS $ 95,128 $ 74,225 BSG 48,572 62,434 Segment operating earnings 143,700 136,659 Unallocated expenses 39,146 39,741 Restructuring 232 2,531 Consolidated operating earnings 104,322 94,387 Interest expense 25,978 21,541 Earnings before provision for income taxes $ 78,344 $ 72,846 |
Schedule of disaggregation of net sales by segment | Disaggregation of net sales by segment Three Months Ended December 31, SBS 2020 2019 Hair color 35.4 % 29.4 % Hair care 18.6 % 19.4 % Skin and nail care 14.2 % 14.0 % Styling tools 12.8 % 14.9 % Salon supplies and accessories 7.9 % 7.7 % Textured hair products 5.5 % 6.1 % Other beauty items 5.6 % 8.5 % Total 100.0 % 100.0 % Three Months Ended December 31, BSG 2020 2019 Hair color 40.8 % 37.5 % Hair care 35.0 % 34.5 % Skin and nail care 8.2 % 8.1 % Styling tools 7.1 % 3.6 % Other beauty items 2.6 % 5.8 % Promotional items 6.3 % 10.5 % Total 100.0 % 100.0 % The following tables disaggregate our segment revenue by sales channels: Three Months Ended December 31, SBS 2020 2019 Company-operated stores 93.9 % 95.8 % E-commerce 6.0 % 4.0 % Franchise stores 0.1 % 0.2 % Total 100.0 % 100.0 % Three Months Ended December 31, BSG 2020 2019 Company-operated stores 69.6 % 69.4 % Distributor sales consultants 14.3 % 17.9 % E-commerce 8.5 % 7.3 % Franchise stores 7.6 % 5.4 % Total 100.0 % 100.0 % |
Restructuring (Tables)
Restructuring (Tables) | 3 Months Ended |
Dec. 31, 2020 | |
Summary of restructuring expense and gain | Restructuring expense for the three months ended December 31, 2020 and 2019, are as follows (in thousands): Three Months Ended December 31, 2020 2019 Project Surge $ 190 $ 1,253 Transformation Plan 42 1,278 Total expense $ 232 $ 2,531 |
Project Surge | |
Schedule of restructuring | The liability related to Project Surge, which is included in accrued liabilities on our condensed consolidated balance sheets, is as follows (in thousands): Project Surge Liability at September 30, 2020 Expenses Expenses Paid or Otherwise Settled Adjustments Liability at December 31, 2020 Workforce reductions $ — $ 150 $ 150 $ — $ — Other — 40 40 — — Total $ — $ 190 $ 190 $ — $ — |
Supply Chain Modernization | |
Schedule of restructuring | The liability related to the Transformation Plan, which is included in accrued liabilities on our condensed consolidated balance sheets, is as follows (in thousands): Transformation Plan Liability at September 30, 2020 Expenses Expenses Paid or Otherwise Settled Adjustments Liability at December 31, 2020 Workforce reductions $ 65 $ 7 $ 72 $ — $ — Other — 35 35 — — Total $ 65 $ 42 $ 107 $ — $ — |
Revenue Recognition - Schedule
Revenue Recognition - Schedule of Changes to Contract Liabilities (Details) $ in Thousands | 3 Months Ended |
Dec. 31, 2020USD ($) | |
Contract With Customer Liability [Abstract] | |
Beginning balance | $ 13,947 |
Loyalty points and gift cards issued but not redeemed, net of estimated breakage | 5,709 |
Revenue recognized from beginning liability | (3,476) |
Ending balance | $ 16,180 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Sep. 30, 2020 |
Long-term debt, excluding capital leases | ||
Long-term debt, excluding capital leases, Carrying Value | $ 1,813,168 | $ 1,813,168 |
Long-term debt, excluding capital leases, Fair Value | 1,866,829 | 1,837,104 |
Level 1 | Senior notes | ||
Long-term debt, excluding capital leases | ||
Long-term debt, excluding capital leases, Carrying Value | 1,177,380 | 1,177,380 |
Long-term debt, excluding capital leases, Fair Value | 1,234,206 | 1,217,707 |
Level 2 | Term loan B | ||
Long-term debt, excluding capital leases | ||
Long-term debt, excluding capital leases, Carrying Value | 635,788 | 635,788 |
Long-term debt, excluding capital leases, Fair Value | 632,623 | 619,397 |
Fair value measurement on recurring basis | ||
Financial Assets: | ||
Total assets | 18 | 194,639 |
Fair value measurement on recurring basis | Level 1 | Cash and cash equivalents | ||
Financial Assets: | ||
Cash equivalents | 194,612 | |
Fair value measurement on recurring basis | Level 2 | Other assets | ||
Financial Assets: | ||
Interest rate caps | 18 | $ 27 |
Fair value measurement on recurring basis | Level 2 | Accrued Liabilities | ||
Financial Liabilities: | ||
Foreign exchange contracts | $ 1,587 |
Stockholders' Equity - Share Re
Stockholders' Equity - Share Repurchase Program (Details) - 2017 Share Repurchase program | 1 Months Ended |
Aug. 31, 2017USD ($) | |
Share Repurchase Program | |
Amount of shares authorized to be repurchased | $ 1,000,000,000 |
Term of share repurchase program | 4 years |
Stock repurchase program, expiration date | Sep. 30, 2021 |
Stockholders' Equity - Schedule
Stockholders' Equity - Schedule of Shares Repurchased and Subsequently Retired (Details) shares in Thousands, $ in Thousands | 3 Months Ended |
Dec. 31, 2019USD ($)shares | |
Stockholders Equity Note [Abstract] | |
Number of shares repurchased | shares | 766 |
Total cost of share repurchased | $ | $ 11,357 |
Stockholders' Equity - Change i
Stockholders' Equity - Change in AOCL (Details) $ in Thousands | 3 Months Ended |
Dec. 31, 2020USD ($) | |
Accumulated Other Comprehensive Income Loss [Line Items] | |
Balance | $ 15,443 |
Balance | 98,866 |
Interest rate caps | |
Accumulated Other Comprehensive Income Loss [Line Items] | |
Balance | (3,003) |
Other comprehensive income (loss) before reclassification, net of tax | (69) |
Reclassification to net earnings, net of tax | 244 |
Balance | (2,828) |
Foreign exchange contracts | |
Accumulated Other Comprehensive Income Loss [Line Items] | |
Balance | 411 |
Other comprehensive income (loss) before reclassification, net of tax | (1,224) |
Reclassification to net earnings, net of tax | (370) |
Balance | (1,183) |
Foreign currency translation adjustments | |
Accumulated Other Comprehensive Income Loss [Line Items] | |
Balance | (102,111) |
Other comprehensive income (loss) before reclassification, net of tax | 25,007 |
Balance | (77,104) |
Accumulated Other Comprehensive Loss | |
Accumulated Other Comprehensive Income Loss [Line Items] | |
Balance | (104,703) |
Other comprehensive income (loss) before reclassification, net of tax | 23,714 |
Reclassification to net earnings, net of tax | (126) |
Balance | $ (81,115) |
Weighted-Average Shares (Detail
Weighted-Average Shares (Details) - shares shares in Thousands | 3 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Earnings Per Share Reconciliation: | ||
Weighted-average basic shares | 112,475 | 116,125 |
Dilutive securities: | ||
Stock option and stock award programs | 1,353 | 1,029 |
Weighted-average diluted shares | 113,828 | 117,154 |
Anti-dilutive options excluded from our computation of diluted shares | 6,009 | 5,132 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets - (Details) - USD ($) | 3 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
Impairment losses in connection with the goodwill | $ 0 | $ 0 |
Impairment losses in connection with the intangible assets | 0 | 0 |
Effect on future cash flows, amount | $ 0 | |
Effect on future cash flows, Description | Due to the uncertainty around COVID-19, our projected future cash flows may differ materially from actual results. We considered potential triggering events and determined there were none during the three months ended December 31, 2020. | |
Amortization expense related to other intangible assets | $ 1,700,000 | $ 2,400,000 |
Goodwill, increased from effects of foreign currency exchange rates | $ 6,100,000 |
Short-term Borrowings and Lon_2
Short-term Borrowings and Long-term Debt - ABL Facility and Canadian Sub-Facility (Details) - ABL facility | 3 Months Ended |
Dec. 31, 2020USD ($) | |
Debt Instruments | |
Outstanding borrowing | $ 0 |
Revolving credit facility | $ 461,000,000 |
Debt instrument, maturity date | Jul. 6, 2022 |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities - (Details) | 3 Months Ended | |
Dec. 31, 2020USD ($)instrument | Jul. 31, 2017USD ($)derivative | |
Derivative Instruments | ||
Number of derivative instruments held | instrument | 0 | |
Foreign Currency Forwards | ||
Derivative Instruments | ||
Notional Amount | $ 28,615,000 | |
Interest rate caps | Variable-rate tranche | Sally Holdings, LLC | ||
Derivative Instruments | ||
Notional Amount | $ 550,000,000 | |
Derivative instruments, expiration date | Jun. 30, 2023 | |
Number of interest rate caps | derivative | 2 | |
Interest rate caps | Term loan B variable tranche | Sally Holdings, LLC | ||
Derivative Instruments | ||
Interest rate caps designated as cash flow hedges to be reclassified into interest expense over next 12 months | $ 1,300,000 | |
Reclassification out of Accumulated Other Comprehensive Income | Foreign Currency Forwards | ||
Derivative Instruments | ||
Foreign currency forwards designated as cash flow hedges to be reclassified into cost of goods sold | 400,000 | |
Foreign currency forwards designated as cash flow hedges to be reclassified losses into cost of goods sold over next 12 months | $ 1,300,000 |
Derivative Instruments and He_4
Derivative Instruments and Hedging Activities - Schedule of Notional Amount Held Through Foreign Currency Forwards, Based Upon Exchange Rates (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Foreign Currency Forwards | |
Foreign Currency Fair Value Hedge Derivative [Line Items] | |
Notional Amount | $ 28,615 |
Euro | |
Foreign Currency Fair Value Hedge Derivative [Line Items] | |
Notional Amount | 13,916 |
Mexican Peso | |
Foreign Currency Fair Value Hedge Derivative [Line Items] | |
Notional Amount | 10,932 |
Canadian Dollar | |
Foreign Currency Fair Value Hedge Derivative [Line Items] | |
Notional Amount | $ 3,767 |
Business Segments (Details)
Business Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Net sales: | ||
Total net sales | $ 936,022 | $ 980,208 |
Segment operating earnings: | ||
Segment operating earnings | 104,322 | 94,387 |
Restructuring | 232 | 2,531 |
Interest expense | 25,978 | 21,541 |
Earnings before provision for income taxes | 78,344 | 72,846 |
Operating segments | ||
Segment operating earnings: | ||
Segment operating earnings | 143,700 | 136,659 |
Corporate | ||
Segment operating earnings: | ||
Unallocated expenses | 39,146 | 39,741 |
Sally Beauty Supply | ||
Net sales: | ||
Total net sales | 547,670 | 569,147 |
Sally Beauty Supply | Operating segments | ||
Segment operating earnings: | ||
Segment operating earnings | 95,128 | 74,225 |
Beauty Systems Group | ||
Net sales: | ||
Total net sales | 388,352 | 411,061 |
Beauty Systems Group | Operating segments | ||
Segment operating earnings: | ||
Segment operating earnings | $ 48,572 | $ 62,434 |
Business Segments - Schedule of
Business Segments - Schedule of Disaggregation of Net Sales by Segment (Details) - Sales Revenue, Net | 3 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Sally Beauty Supply | ||
Disaggregation Of Revenue [Line Items] | ||
Percentage of net sales | 100.00% | 100.00% |
Sally Beauty Supply | Product Concentration Risk | ||
Disaggregation Of Revenue [Line Items] | ||
Percentage of net sales | 100.00% | 100.00% |
Sally Beauty Supply | Hair color | Product Concentration Risk | ||
Disaggregation Of Revenue [Line Items] | ||
Percentage of net sales | 35.40% | 29.40% |
Sally Beauty Supply | Hair care | Product Concentration Risk | ||
Disaggregation Of Revenue [Line Items] | ||
Percentage of net sales | 18.60% | 19.40% |
Sally Beauty Supply | Skin and nail care | Product Concentration Risk | ||
Disaggregation Of Revenue [Line Items] | ||
Percentage of net sales | 14.20% | 14.00% |
Sally Beauty Supply | Styling tools | Product Concentration Risk | ||
Disaggregation Of Revenue [Line Items] | ||
Percentage of net sales | 12.80% | 14.90% |
Sally Beauty Supply | Salon supplies and accessories | Product Concentration Risk | ||
Disaggregation Of Revenue [Line Items] | ||
Percentage of net sales | 7.90% | 7.70% |
Sally Beauty Supply | Textured hair products | Product Concentration Risk | ||
Disaggregation Of Revenue [Line Items] | ||
Percentage of net sales | 5.50% | 6.10% |
Sally Beauty Supply | Other Beauty items | Product Concentration Risk | ||
Disaggregation Of Revenue [Line Items] | ||
Percentage of net sales | 5.60% | 8.50% |
Sally Beauty Supply | Sales channel, directly to consumer | Company-operated stores | ||
Disaggregation Of Revenue [Line Items] | ||
Percentage of net sales | 93.90% | 95.80% |
Sally Beauty Supply | Sales channel, through intermediary | E-commerce | ||
Disaggregation Of Revenue [Line Items] | ||
Percentage of net sales | 6.00% | 4.00% |
Sally Beauty Supply | Sales channel, through intermediary | Franchise stores | ||
Disaggregation Of Revenue [Line Items] | ||
Percentage of net sales | 0.10% | 0.20% |
Beauty Systems Group | ||
Disaggregation Of Revenue [Line Items] | ||
Percentage of net sales | 100.00% | 100.00% |
Beauty Systems Group | Product Concentration Risk | ||
Disaggregation Of Revenue [Line Items] | ||
Percentage of net sales | 100.00% | 100.00% |
Beauty Systems Group | Hair color | Product Concentration Risk | ||
Disaggregation Of Revenue [Line Items] | ||
Percentage of net sales | 40.80% | 37.50% |
Beauty Systems Group | Hair care | Product Concentration Risk | ||
Disaggregation Of Revenue [Line Items] | ||
Percentage of net sales | 35.00% | 34.50% |
Beauty Systems Group | Skin and nail care | Product Concentration Risk | ||
Disaggregation Of Revenue [Line Items] | ||
Percentage of net sales | 8.20% | 8.10% |
Beauty Systems Group | Styling tools | Product Concentration Risk | ||
Disaggregation Of Revenue [Line Items] | ||
Percentage of net sales | 7.10% | 3.60% |
Beauty Systems Group | Other Beauty items | Product Concentration Risk | ||
Disaggregation Of Revenue [Line Items] | ||
Percentage of net sales | 2.60% | 5.80% |
Beauty Systems Group | Promotional items | Product Concentration Risk | ||
Disaggregation Of Revenue [Line Items] | ||
Percentage of net sales | 6.30% | 10.50% |
Beauty Systems Group | Sales channel, directly to consumer | Company-operated stores | ||
Disaggregation Of Revenue [Line Items] | ||
Percentage of net sales | 69.60% | 69.40% |
Beauty Systems Group | Sales channel, through intermediary | E-commerce | ||
Disaggregation Of Revenue [Line Items] | ||
Percentage of net sales | 8.50% | 7.30% |
Beauty Systems Group | Sales channel, through intermediary | Franchise stores | ||
Disaggregation Of Revenue [Line Items] | ||
Percentage of net sales | 7.60% | 5.40% |
Beauty Systems Group | Sales channel, through intermediary | Distributor sales consultants | ||
Disaggregation Of Revenue [Line Items] | ||
Percentage of net sales | 14.30% | 17.90% |
Restructuring - Summary of Rest
Restructuring - Summary of Restructuring Expense and Gain (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Restructuring Cost And Reserve [Line Items] | ||
Restructuring charges | $ 232 | $ 2,531 |
Total expense | 232 | 2,531 |
Project Surge | ||
Restructuring Cost And Reserve [Line Items] | ||
Restructuring expense | 190 | 1,253 |
Restructuring charges | 190 | |
Transformation Plan | ||
Restructuring Cost And Reserve [Line Items] | ||
Restructuring charges | $ 42 | $ 1,278 |
Restructuring (Details)
Restructuring (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Changes in restructuring reserve | ||
Restructuring charges | $ 232 | $ 2,531 |
Project Surge | ||
Changes in restructuring reserve | ||
Restructuring charges | 190 | |
Expenses Paid or Otherwise Settled | 190 | |
Project Surge | Sally Beauty Supply | ||
Changes in restructuring reserve | ||
Restructuring charges | 200 | |
Transformation Plan | ||
Changes in restructuring reserve | ||
Restructuring reserve, beginning balance | 65 | |
Restructuring charges | 42 | $ 1,278 |
Expenses Paid or Otherwise Settled | 107 | |
Transformation Plan | Sally Beauty Supply | ||
Changes in restructuring reserve | ||
Restructuring charges | 100 | |
Workforce reductions | Project Surge | ||
Changes in restructuring reserve | ||
Restructuring charges | 150 | |
Expenses Paid or Otherwise Settled | 150 | |
Workforce reductions | Transformation Plan | ||
Changes in restructuring reserve | ||
Restructuring reserve, beginning balance | 65 | |
Restructuring charges | 7 | |
Expenses Paid or Otherwise Settled | 72 | |
Other | Project Surge | ||
Changes in restructuring reserve | ||
Restructuring charges | 40 | |
Expenses Paid or Otherwise Settled | 40 | |
Other | Transformation Plan | ||
Changes in restructuring reserve | ||
Restructuring charges | 35 | |
Expenses Paid or Otherwise Settled | $ 35 |
Subsequent Event - Additional I
Subsequent Event - Additional Information (Details) - USD ($) $ in Thousands | Jan. 05, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Subsequent Event [Line Items] | |||
Repayment of outstanding balance | $ 63 | $ 247,830 | |
Loss on extinguishment of debt from write-off of unamortized deferred financing costs | $ 223 | ||
Term Loan B | Subsequent Event | |||
Subsequent Event [Line Items] | |||
Repayment of outstanding balance | $ 213,200 | ||
Loss on extinguishment of debt from write-off of unamortized deferred financing costs | $ (1,000) |