Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |
Jun. 29, 2014 | Aug. 04, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 29-Jun-14 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Document Fiscal Year Focus | '2014 | ' |
Entity Registrant Name | 'Spectrum Brands Holdings, Inc. | ' |
Entity Central Index Key | '0001487730 | ' |
Current Fiscal Year End Date | '--09-30 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 52,731,734 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements Of Financial Position (USD $) | Jun. 29, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $85,142 | $207,257 |
Receivables: | ' | ' |
Trade accounts receivable, net of allowances $35,626 and $37,376, respectively | 523,628 | 481,313 |
Other | 80,979 | 65,620 |
Inventories | 734,823 | 632,923 |
Deferred income taxes | 39,133 | 32,959 |
Prepaid expenses and other | 87,588 | 62,833 |
Total current assets | 1,551,293 | 1,482,905 |
Property, plant and equipment, net of accumulated depreciation of $253,343 and $203,897, respectively | 440,398 | 412,551 |
Deferred charges and other | 28,764 | 26,050 |
Goodwill | 1,484,436 | 1,476,672 |
Intangible assets, net | 2,136,166 | 2,163,166 |
Debt issuance costs | 56,085 | 65,329 |
Total assets | 5,697,142 | 5,626,673 |
Current liabilities: | ' | ' |
Current maturities of long-term debt | 121,509 | 102,921 |
Accounts payable | 419,551 | 525,519 |
Accrued liabilities: | ' | ' |
Wages and benefits | 74,322 | 82,056 |
Income taxes payable | 16,702 | 32,613 |
Accrued interest | 21,553 | 36,731 |
Other | 148,530 | 172,530 |
Total current liabilities | 802,167 | 952,370 |
Long-term debt, net of current maturities | 3,215,100 | 3,115,942 |
Employee benefit obligations, net of current portion | 84,859 | 96,612 |
Deferred income taxes | 506,694 | 492,774 |
Other | 28,505 | 28,879 |
Total liabilities | 4,637,325 | 4,686,577 |
Commitments and contingencies | ' | ' |
Shareholders’ equity: | ' | ' |
Common stock, $.01 par value, authorized 200,000 shares; issued 54,151 and 53,579 shares, respectively; outstanding 52,710 and 52,210 shares | 542 | 535 |
Additional paid-in capital | 1,409,422 | 1,410,738 |
Accumulated deficit | -315,068 | -435,911 |
Accumulated other comprehensive loss | -33,997 | -38,521 |
Shareholders' equity before treasury stock | 1,060,899 | 936,841 |
Less treasury stock, at cost, 1,441 and 1,369 shares, respectively | -44,339 | -39,820 |
Total shareholders' equity | 1,016,560 | 897,021 |
Non-controlling interest | 43,257 | 43,075 |
Total equity | 1,059,817 | 940,096 |
Total liabilities and equity | $5,697,142 | $5,626,673 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements Of Financial Position (Parenthetical) (USD $) | Jun. 29, 2014 | Sep. 30, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Condensed Consolidated Statements Of Financial Position [Abstract] | ' | ' |
Trade accounts receivable, allowances | $35,626 | $37,376 |
Accumulated depreciation | $253,343 | $203,897 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 54,151,000 | 53,579,000 |
Common stock, shares outstanding | 52,710,000 | 52,210,000 |
Treasury stock, shares | 1,441,000 | 1,369,000 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements Of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, except Per Share data, unless otherwise specified | Jun. 29, 2014 | Jun. 30, 2013 | Jun. 29, 2014 | Jun. 30, 2013 | ||||
Net sales | $1,128,509 | $1,089,825 | $3,250,797 | $2,947,849 | ||||
Cost of goods sold | 710,918 | 706,053 | 2,089,601 | 1,949,332 | ||||
Restructuring and related charges | 3,692 | 13,245 | 15,993 | 27,736 | ||||
Gross profit | 417,037 | 382,759 | 1,157,868 | 993,819 | ||||
Selling | 171,841 | 165,178 | 501,759 | 464,961 | ||||
General and administrative | 78,472 | 70,429 | 227,380 | 197,587 | ||||
Research and development | 12,163 | 11,486 | 35,258 | 31,517 | ||||
Acquisition and integration related charges | 2,671 | 7,747 | 14,455 | 40,558 | ||||
Total operating expenses | 268,285 | 267,072 | 791,517 | 757,661 | ||||
Operating income | 148,752 | 115,687 | 366,351 | 236,158 | ||||
Interest expense | 47,344 | 61,516 | 151,724 | 191,758 | ||||
Other expense, net | 2,760 | 2,613 | 4,390 | 7,941 | ||||
Income from continuing operations before income taxes | 98,648 | 51,558 | 210,237 | 36,459 | ||||
Income tax expense | 20,554 | 15,169 | 43,841 | 54,928 | ||||
Net income (loss) | 78,094 | [1],[2] | 36,389 | [1],[2] | 166,396 | [1],[2] | -18,469 | [1],[2] |
Less: Net income attributable to non-controlling interest | 39 | 259 | 242 | 72 | ||||
Net income (loss) attributable to controlling interest | 78,055 | 36,130 | 166,154 | -18,541 | ||||
Basic earnings (loss) per share: | ' | ' | ' | ' | ||||
Weighted average shares of common stock outstanding | 52,710 | 52,136 | 52,608 | 51,992 | ||||
Net income (loss) per share attributable to controlling interest | $1.48 | $0.69 | $3.16 | ($0.36) | ||||
Diluted earnings (loss) per share: | ' | ' | ' | ' | ||||
Weighted average shares and equivalents outstanding | 53,010 | 52,701 | 52,908 | 51,992 | ||||
Net income (loss) per share attributable to controlling interest | $1.47 | [3] | $0.69 | [3] | $3.14 | [3] | ($0.36) | [3] |
Cash dividends declared per common share | $0.30 | $0.25 | $0.85 | $0.50 | ||||
Cost of Sales [Member] | ' | ' | ' | ' | ||||
Restructuring and related charges | 554 | 1,013 | 3,328 | 4,698 | ||||
Operating Expense [Member] | ' | ' | ' | ' | ||||
Restructuring and related charges | $3,138 | $12,232 | $12,665 | $23,038 | ||||
[1] | Included in Reported Net income (loss) for the three and nine month periods ended June 30, 2013, are adjustments of $3,359 and $49,291, respectively, to record the income tax benefit resulting from the reversal of U.S. valuation allowances on deferred tax assets as a result of the HHI Business acquisition. For information pertaining to the income tax benefit, see Note 11, “Income Taxes.†| |||||||
[2] | Included in Reported Net income for the three and nine month periods ended June 29, 2014, is $3,327 and $11,176, respectively, of Acquisition and integration related charges as a result of the HHI Business acquisition. Included in Reported Net income (loss) for the three and nine month periods ended June 30, 2013, is $6,291 and $31,045, respectively, of Acquisition and integration related charges as a result of the HHI Business acquisition. For information pertaining to Acquisition and integration related charges, see Note 2, “Significant Accounting Policies - Acquisition and Integration Related Charges.†| |||||||
[3] | For the nine month periods ended June 30, 2013, the Company has not assumed the exercise of common stock equivalents as the impact would be antidilutive due to the loss reported. |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Comprehensive Income (Loss) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Jun. 29, 2014 | Jun. 30, 2013 | Jun. 29, 2014 | Jun. 30, 2013 | ||||
Condensed Consolidated Statements of Comprehensive Income (Loss) [Abstract] | ' | ' | ' | ' | ||||
Net income (loss) | $78,094 | [1],[2] | $36,389 | [1],[2] | $166,396 | [1],[2] | ($18,469) | [1],[2] |
Other comprehensive income (loss), net of tax: | ' | ' | ' | ' | ||||
Foreign currency translation gain (loss) | 8,444 | -7,830 | 5,594 | -25,385 | ||||
Unrealized gain (loss) on derivative hedging instruments | -1,485 | 1,780 | -1,595 | 2,858 | ||||
Defined benefit pension gain (loss) | 416 | -52 | 525 | -348 | ||||
Other comprehensive income (loss), net of tax | 7,375 | -6,102 | 4,524 | -22,875 | ||||
Comprehensive income (loss) | 85,469 | 30,287 | 170,920 | -41,344 | ||||
Less: Comprehensive income attributable to non-controlling interest | 47 | 259 | 478 | 72 | ||||
Comprehensive income (loss) attributable to controlling interest | $85,422 | $30,028 | $170,442 | ($41,416) | ||||
[1] | Included in Reported Net income (loss) for the three and nine month periods ended June 30, 2013, are adjustments of $3,359 and $49,291, respectively, to record the income tax benefit resulting from the reversal of U.S. valuation allowances on deferred tax assets as a result of the HHI Business acquisition. For information pertaining to the income tax benefit, see Note 11, “Income Taxes.†| |||||||
[2] | Included in Reported Net income for the three and nine month periods ended June 29, 2014, is $3,327 and $11,176, respectively, of Acquisition and integration related charges as a result of the HHI Business acquisition. Included in Reported Net income (loss) for the three and nine month periods ended June 30, 2013, is $6,291 and $31,045, respectively, of Acquisition and integration related charges as a result of the HHI Business acquisition. For information pertaining to Acquisition and integration related charges, see Note 2, “Significant Accounting Policies - Acquisition and Integration Related Charges.†|
Condensed_Consolidated_Stateme4
Condensed Consolidated Statements Of Cash Flows (USD $) | 9 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 29, 2014 | Jun. 30, 2013 | ||
Cash flows from operating activities: | ' | ' | ||
Net income (loss) | $166,396 | [1],[2] | ($18,469) | [1],[2] |
Adjustments to reconcile net income (loss) to net cash used by operating activities, net of effects of acquisitions: | ' | ' | ||
Depreciation | 56,375 | 42,618 | ||
Amortization of intangibles | 61,233 | 57,502 | ||
Amortization of unearned restricted stock compensation | 27,543 | 32,566 | ||
Amortization of debt issuance costs | 8,184 | 7,210 | ||
Non-cash increase to cost of goods sold due to sale of HHI Business acquisition inventory step up | ' | 31,000 | ||
Write off unamortized discount on retired debt | 2,821 | 885 | ||
Write off of debt issuance costs | 6,395 | 4,600 | ||
Other non-cash adjustments | 3,952 | 19,518 | ||
Net changes in assets and liabilities | -382,076 | -253,069 | ||
Net cash used by operating activities | -49,177 | -75,639 | ||
Cash flows from investing activities: | ' | ' | ||
Purchases of property, plant and equipment | -50,938 | -45,236 | ||
Proceeds from sales of property, plant and equipment | 9,096 | 160 | ||
Other investing activities | -239 | -1,308 | ||
Net cash used by investing activities | -67,335 | -1,446,099 | ||
Cash flows from financing activities: | ' | ' | ||
Proceeds from issuance of Term Loan, net of discount | 523,658 | 792,000 | ||
Payment of senior credit facilities, excluding ABL revolving credit facility | -567,459 | -406,904 | ||
Debt issuance costs | -5,419 | -44,469 | ||
Other debt financing, net | 13,897 | 17,080 | ||
Reduction of other debt | -4,415 | -1,970 | ||
ABL revolving credit facility, net | 110,000 | 69,500 | ||
Cash dividends paid | -44,805 | -27,075 | ||
Treasury stock purchases | -4,518 | -200 | ||
Share based payment tax withholding payments | -26,548 | -20,141 | ||
Net cash provided (used) by financing activities | -5,609 | 1,467,821 | ||
Effect of exchange rate changes on cash and cash equivalents due to Venezuela devaluation | ' | -1,870 | ||
Effect of exchange rate changes on cash and cash equivalents | 6 | -3,181 | ||
Net decrease in cash and cash equivalents | -122,115 | -58,968 | ||
Cash and cash equivalents, beginning of period | 207,257 | 157,961 | ||
Cash and cash equivalents, end of period | 85,142 | 98,993 | ||
Liquid Fence [Member] | ' | ' | ||
Cash flows from investing activities: | ' | ' | ||
Acquisition, net of cash acquired | -25,254 | ' | ||
Shaser, Inc. [Member] | ' | ' | ||
Cash flows from investing activities: | ' | ' | ||
Acquisition, net of cash acquired | ' | -48,707 | ||
HHI Business [Member] | ' | ' | ||
Cash flows from investing activities: | ' | ' | ||
Acquisition, net of cash acquired | ' | -1,351,008 | ||
Notes 6.375% due 2020 [Member] | ' | ' | ||
Cash flows from financing activities: | ' | ' | ||
Proceeds from issuance of unsecured debt | ' | 520,000 | ||
Notes 6.625% due 2022 [Member] | ' | ' | ||
Cash flows from financing activities: | ' | ' | ||
Proceeds from issuance of unsecured debt | ' | $570,000 | ||
[1] | Included in Reported Net income (loss) for the three and nine month periods ended June 30, 2013, are adjustments of $3,359 and $49,291, respectively, to record the income tax benefit resulting from the reversal of U.S. valuation allowances on deferred tax assets as a result of the HHI Business acquisition. For information pertaining to the income tax benefit, see Note 11, “Income Taxes.†| |||
[2] | Included in Reported Net income for the three and nine month periods ended June 29, 2014, is $3,327 and $11,176, respectively, of Acquisition and integration related charges as a result of the HHI Business acquisition. Included in Reported Net income (loss) for the three and nine month periods ended June 30, 2013, is $6,291 and $31,045, respectively, of Acquisition and integration related charges as a result of the HHI Business acquisition. For information pertaining to Acquisition and integration related charges, see Note 2, “Significant Accounting Policies - Acquisition and Integration Related Charges.†|
Condensed_Consolidated_Stateme5
Condensed Consolidated Statements Of Cash Flows (Parenthetical) | Jun. 29, 2014 | Sep. 30, 2013 | Jun. 30, 2013 |
Notes 6.375% due 2020 [Member] | ' | ' | ' |
Interest rate | 6.38% | ' | 6.38% |
Notes 6.625% due 2022 [Member] | ' | ' | ' |
Interest rate | 6.63% | 6.63% | 6.63% |
Description_Of_Business
Description Of Business | 9 Months Ended |
Jun. 29, 2014 | |
Description Of Business [Abstract] | ' |
Description Of Business | ' |
1 DESCRIPTION OF BUSINESS | |
Spectrum Brands Holdings, Inc., a Delaware corporation (“SB Holdings” or the “Company”), is a diversified global branded consumer products company. SB Holdings' common stock trades on the New York Stock Exchange (the “NYSE”) under the symbol “SPB.” | |
The Company’s operations include the worldwide manufacturing and marketing of alkaline, zinc carbon and hearing aid batteries, as well as aquariums and aquatic health supplies and the designing and marketing of rechargeable batteries, battery-powered lighting products, electric shavers and accessories, grooming products and hair care appliances. The Company’s operations also include the manufacturing and marketing of specialty pet supplies. The Company also manufactures and markets herbicides, insecticides and insect repellents in North America. The Company also designs, markets and distributes a broad range of branded small appliances and personal care products. The Company also designs, markets, distributes and sells certain hardware, home improvement and plumbing products. The Company’s operations utilize manufacturing and product development facilities located in the United States ("U.S."), Europe, Latin America and Asia. | |
The Company sells its products in approximately 140 countries through a variety of trade channels, including retailers, wholesalers and distributors, hearing aid professionals, industrial distributors and original equipment manufacturers and enjoys name recognition in its markets under the Rayovac, VARTA and Remington brands, each of which has been in existence for more than 80 years, and under the Tetra, 8-in-1, Dingo, Nature's Miracle, Spectracide, Cutter, Hot Shot, Black & Decker, George Foreman, Russell Hobbs, Farberware, Black Flag, FURminator, Kwikset, Weiser, Baldwin, National Hardware, Stanley, FANAL and Pfister brands. | |
The Company's global branded consumer products have positions in seven major product categories: consumer batteries, small appliances, pet supplies, electric shaving and grooming, electric personal care, home and garden controls, and hardware and home improvement. | |
The Company manages the businesses in four vertically integrated, product-focused reporting segments: (i) Global Batteries & Appliances, which consists of the Company's worldwide battery, electric shaving and grooming, electric personal care and small appliances primarily in the kitchen and home product categories (“Global Batteries & Appliances”); (ii) Global Pet Supplies, which consists of the Company's worldwide pet supplies business (“Global Pet Supplies”); (iii) Home and Garden, which consists of the Company's home and garden and insect control business (“Home and Garden”); and (iv) Hardware & Home Improvement, which consists of the Company's worldwide hardware, home improvement and plumbing business (“Hardware & Home Improvement”). Management reviews the performance of the Company based on these segments, which also reflect the manner in which the Company's management monitors performance and allocates resources. For information pertaining to our business segments, see Note 12, “Segment Results.” | |
Significant_Accounting_Policie
Significant Accounting Policies | 9 Months Ended | ||||||||||||
Jun. 29, 2014 | |||||||||||||
Significant Accounting Policies [Abstract] | ' | ||||||||||||
Significant Accounting Policies | ' | ||||||||||||
2 SIGNIFICANT ACCOUNTING POLICIES | |||||||||||||
Basis of Presentation: The condensed consolidated financial statements include the accounts of SB Holdings and its subsidiaries and are prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”). All intercompany transactions have been eliminated. | |||||||||||||
These condensed consolidated financial statements have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC") and, in the opinion of the Company, include all adjustments (which are normal and recurring in nature) necessary to present fairly the financial position of the Company at June 29, 2014, the results of operations for the three and nine month periods ended June 29, 2014 and June 30, 2013, the comprehensive income (loss) for the three and nine month periods ended June 29, 2014 and June 30, 2013 and the cash flows for the nine month periods ended June 29, 2014 and June 30, 2013. Certain information and note disclosures normally included in consolidated financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such SEC rules and regulations. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2013. | |||||||||||||
Use of Estimates: The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |||||||||||||
Intangible Assets: Intangible assets are recorded at cost or at fair value if acquired in a purchase business combination. Customer relationships and proprietary technology intangibles are amortized, using the straight-line method, over their estimated useful lives. Excess of cost over fair value of net assets acquired (goodwill) and indefinite lived trade name intangibles are not amortized. Accounting Standards Codification (“ASC”) Topic 350: “Intangibles-Goodwill and Other,” requires that goodwill and indefinite-lived intangible assets be tested for impairment annually, or more often if an event or circumstance indicates that an impairment loss may have been incurred. Goodwill is tested for impairment at the reporting unit level, with such groupings being consistent with the Company’s reportable segments. If an impairment is indicated, a write-down to fair value (normally measured by discounting estimated future cash flows) is recorded. Indefinite lived trade name intangibles are tested for impairment at least annually by comparing the fair value with the carrying value. Any excess of carrying value over fair value is recognized as an impairment loss in income from operations. | |||||||||||||
The Company’s annual impairment testing is completed at the August financial period end. Management uses its judgment in assessing whether assets may have become impaired between annual impairment tests. Indicators such as unexpected adverse business conditions, economic factors, unanticipated technological change or competitive activities, loss of key personnel, and acts by governments and courts may signal that an asset has become impaired. | |||||||||||||
Shipping and Handling Costs: The Company incurred shipping and handling costs of $66,195 and $194,530 for the three and nine month periods ended June 29, 2014, respectively, and $67,023 and $183,050 for the three and nine month periods ended June 30, 2013, respectively. These costs are included in Selling expenses in the accompanying Condensed Consolidated Statements of Operations (Unaudited). Shipping and handling costs include costs incurred with third-party carriers to transport products to customers as well as salaries and overhead costs related to activities to prepare the Company’s products for shipment from its distribution facilities. | |||||||||||||
Concentrations of Credit Risk: Trade receivables subject the Company to credit risk. Trade accounts receivable are carried at net realizable value. The Company extends credit to its customers based upon an evaluation of the customer’s financial condition and credit history, and generally does not require collateral. The Company monitors its customers’ credit and financial condition based on changing economic conditions and makes adjustments to credit policies as required. Provisions for losses on uncollectible trade receivables are determined based on ongoing evaluations of the Company’s receivables, principally on the basis of historical collection experience and evaluations of the risks of nonpayment for a given customer. | |||||||||||||
The Company has a broad range of customers including many large retail outlet chains, two of which account for a significant percentage of its sales volume. The first customer represented approximately 15% and 16% of the Company’s Net sales during the three and nine month periods ended June 29, 2014, and 17% and 18% of the Company’s Net sales during the three and nine month periods ended June 30, 2013, respectively. The second customer represented approximately 10% and 9% of the Company’s Net sales during the three and nine month periods ended June 29, 2014, and 10% and 7% of the Company’s Net sales during the three and nine month periods ended June 30, 2013, respectively. The first customer represented approximately 11% of the Company’s Trade accounts receivable, net at both June 29, 2014 and September 30, 2013, respectively. The second customer represented 15% and 14% of the Company’s Trade accounts receivable, net at June 29, 2014 and September 30, 2013, respectively. | |||||||||||||
Approximately 37% and 41% of the Company’s Net sales during the three and nine month periods ended June 29, 2014, respectively, and 37% and 41% of the Company’s Net sales during the three and nine month periods ended June 30, 2013, respectively, occurred outside the U.S. These sales and related receivables are subject to varying degrees of credit, currency, political and economic risk. The Company monitors these risks and makes appropriate provisions for collectability based on an assessment of the risks present. | |||||||||||||
Stock-Based Compensation: The Company measures the cost of its stock-based compensation plans based on the fair value of its employee stock awards and recognizes these costs over the requisite service period of the awards. | |||||||||||||
Total stock compensation expense associated with restricted stock units recognized by the Company during the three and nine month periods ended June 29, 2014 was $9,612 and $27,543, respectively. Total stock compensation expense associated with restricted stock units recognized by the Company during the three and nine month periods ended June 30, 2013 was $17,807 and $32,566, respectively. | |||||||||||||
The Company granted approximately 6 and 442 restricted stock units during the three and nine month periods ended June 29, 2014, respectively. The 442 restricted stock units granted during the nine months ended June 29, 2014 include 91 restricted stock units that vested immediately and 58 time-based restricted stock units that vest over a one year period. The remaining 293 restricted stock units are performance and time-based that vest over a two year period. The total market value of the restricted stock units on the dates of the grants was approximately $30,593. | |||||||||||||
The Company granted approximately 30 and 666 restricted stock units during the three and nine month periods ended June 30, 2013, respectively. The 666 restricted stock units granted during the nine months ended June 30, 2013 include 22 time-based restricted stock units that vest over a one year period. Of the remaining 644 restricted stock units, 90 are performance-based that vest over a one year period and 554 restricted stock units are performance and time-based that vest over a two year period. The total market value of the restricted stock units on the dates of the grants was approximately $30,189. | |||||||||||||
The fair value of restricted stock units is determined based on the market price of the Company’s shares of common stock on the grant date. A summary of the activity in the Company’s non-vested restricted stock units during the nine months ended June 29, 2014 is as follows: | |||||||||||||
Weighted | |||||||||||||
Average | Fair Value | ||||||||||||
Grant Date | at Grant | ||||||||||||
Restricted Stock Units | Shares | Fair Value | Date | ||||||||||
Non-vested restricted stock units at September 30, 2013 | 1,118 | $ | 39.11 | $ | 43,723 | ||||||||
Granted | 442 | 69.21 | 30,593 | ||||||||||
Vested | -949 | 39.65 | -37,629 | ||||||||||
Non-vested restricted stock units at June 29, 2014 | 611 | $ | 60.04 | $ | 36,687 | ||||||||
Acquisition and Integration Related Charges: Acquisition and integration related charges reflected in Operating expenses in the accompanying Condensed Consolidated Statements of Operations (Unaudited) include, but are not limited to, transaction costs such as banking, legal, accounting and other professional fees directly related to acquisitions, termination and related costs for transitional and certain other employees, integration related professional fees and other post business combination expenses associated with mergers and acquisitions. | |||||||||||||
The following table summarizes acquisition and integration related charges incurred by the Company during the three and nine month periods ended June 29, 2014 and June 30, 2013: | |||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||
Russell Hobbs | |||||||||||||
Integration costs | $ | — | $ | 695 | $ | — | $ | 2,630 | |||||
Employee termination charges | — | -35 | — | 224 | |||||||||
Legal and professional fees | — | -78 | — | 12 | |||||||||
Russell Hobbs Acquisition and integration related charges | $ | — | $ | 582 | $ | — | $ | 2,866 | |||||
HHI Business | |||||||||||||
Legal and professional fees | 222 | 4,663 | 1,912 | 25,650 | |||||||||
Integration costs | 3,105 | 1,615 | 9,283 | 5,292 | |||||||||
Employee termination charges (credits) | — | 13 | -19 | 103 | |||||||||
HHI Business Acquisition and integration related charges | $ | 3,327 | $ | 6,291 | $ | 11,176 | $ | 31,045 | |||||
Liquid Fence | 692 | — | 2,397 | — | |||||||||
Shaser | 224 | 161 | 801 | 4,534 | |||||||||
FURminator | 1 | 372 | 53 | 1,605 | |||||||||
Black Flag | — | 52 | — | 90 | |||||||||
(Credits) Other | -1,573 | 289 | 28 | 418 | |||||||||
Total Acquisition and integration related charges | $ | 2,671 | $ | 7,747 | $ | 14,455 | $ | 40,558 | |||||
Comprehensive_Income_Loss
Comprehensive Income (Loss) | 9 Months Ended | ||||||||||||
Jun. 29, 2014 | |||||||||||||
Comprehensive Income (Loss) [Abstract] | ' | ||||||||||||
Comprehensive Income (Loss) | ' | ||||||||||||
3 COMPREHENSIVE INCOME (LOSS) | |||||||||||||
Comprehensive income (loss) includes foreign currency translation gains and losses on assets and liabilities of foreign subsidiaries, effects of exchange rate changes on intercompany balances of a long-term nature and transactions designated as a hedge of a net investment in a foreign subsidiary, deferred gains and losses on derivative financial instruments designated as cash flow hedges and amortization of deferred gains and losses associated with the Company’s pension plans. The foreign currency translation gains and losses for the three and nine month periods ended June 29, 2014 and June 30, 2013 were principally attributable to the impact of translation of the net assets of the Company’s European and Latin American operations, which primarily have functional currencies in Euros, Pounds Sterling and Brazilian Real. | |||||||||||||
For information pertaining to the reclassification of unrealized gains and losses on derivative instruments, see Note 8, “Derivative Financial Instruments.” | |||||||||||||
The components of Other comprehensive income (loss), net of tax, for the three and nine month periods ended June 29, 2014 and June 30, 2013 are as follows: | |||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||
Foreign Currency Translation Adjustments: | |||||||||||||
Net change after reclassification adjustment | $ | 8,444 | $ | -7,830 | $ | 5,594 | $ | -25,385 | |||||
Deferred tax effect | — | — | — | — | |||||||||
Deferred tax valuation allowance | — | — | — | — | |||||||||
Other Comprehensive Income (Loss) | 8,444 | -7,830 | 5,594 | -25,385 | |||||||||
Noncontrolling interest | 8 | — | 236 | — | |||||||||
Comprehensive income (loss) attributable to controlling interest | $ | 8,436 | $ | -7,830 | $ | 5,358 | $ | -25,385 | |||||
Derivative Hedging Instruments: | |||||||||||||
Gross change before reclassification adjustment | $ | -3,002 | $ | 3,193 | $ | -3,919 | $ | 4,595 | |||||
Net reclassification adjustment for (gains) losses included in earnings | 1,273 | -507 | 2,156 | -80 | |||||||||
Gross change after reclassification adjustment | -1,729 | 2,686 | -1,763 | 4,515 | |||||||||
Deferred tax effect | 332 | -450 | 220 | -1,566 | |||||||||
Deferred tax valuation allowance | -88 | -456 | -52 | -91 | |||||||||
Other Comprehensive Income (Loss) | $ | -1,485 | $ | 1,780 | $ | -1,595 | $ | 2,858 | |||||
Defined Benefit Pension Plans: | |||||||||||||
Gross change before reclassification adjustment | $ | 175 | $ | -575 | $ | -416 | $ | -2,164 | |||||
Net reclassification adjustment for losses included in Cost of goods sold | 153 | 326 | 460 | 979 | |||||||||
Net reclassification adjustment for losses included in Selling expenses | 78 | 41 | 234 | 122 | |||||||||
Net reclassification adjustment for losses included in General and administrative expenses | 156 | 152 | 467 | 456 | |||||||||
Gross change after reclassification adjustment | 562 | -56 | 745 | -607 | |||||||||
Deferred tax effect | -146 | -38 | -220 | 205 | |||||||||
Deferred tax valuation allowance | — | 42 | — | 54 | |||||||||
Other Comprehensive Income (Loss) | $ | 416 | $ | -52 | $ | 525 | $ | -348 | |||||
Total Other Comprehensive Income (Loss), net of tax | $ | 7,367 | $ | -6,102 | $ | 4,288 | $ | -22,875 | |||||
Net_Income_Loss_Per_Common_Sha
Net Income (Loss) Per Common Share | 9 Months Ended | ||||||||
Jun. 29, 2014 | |||||||||
Net Income (Loss) Per Common Share [Abstract] | ' | ||||||||
Net Income (Loss) Per Common Share | ' | ||||||||
4 NET INCOME (LOSS) PER COMMON SHARE | |||||||||
Net income (loss) per common share of the Company for the three and nine month periods ended June 29, 2014 and June 30, 2013 is calculated based upon the following number of shares: | |||||||||
Three Months Ended | Nine Months Ended | ||||||||
2014 | 2013 | 2014 | 2013 | ||||||
Basic | 52,710 | 52,136 | 52,608 | 51,992 | |||||
Effect of common stock equivalents | 300 | 565 | 300 | — | |||||
Diluted | 53,010 | 52,701 | 52,908 | 51,992 | |||||
For the nine month period ended June 30, 2013, the Company has not assumed any dilution associated with outstanding common stock equivalents as the impact would be antidilutive due to the loss reported. The dilutive impact of common stock equivalents would have been 556 shares for the nine month period ended June 30, 2013, if not for the GAAP loss reported. | |||||||||
Inventories
Inventories | 9 Months Ended | ||||||
Jun. 29, 2014 | |||||||
Inventories [Abstract] | ' | ||||||
Inventories | ' | ||||||
5 INVENTORIES | |||||||
Inventories for the Company, which are stated at the lower of cost or market, consist of the following: | |||||||
29-Jun-14 | 30-Sep-13 | ||||||
Raw materials | $ | 123,790 | $ | 97,290 | |||
Work-in-process | 45,613 | 40,626 | |||||
Finished goods | 565,420 | 495,007 | |||||
$ | 734,823 | $ | 632,923 | ||||
Goodwill_And_Intangible_Assets
Goodwill And Intangible Assets | 9 Months Ended | |||||||||||||||
Jun. 29, 2014 | ||||||||||||||||
Goodwill And Intangible Assets [Abstract] | ' | |||||||||||||||
Goodwill And Intangible Assets | ' | |||||||||||||||
6 GOODWILL AND INTANGIBLE ASSETS | ||||||||||||||||
Goodwill and intangible assets of the Company consist of the following: | ||||||||||||||||
Global | Hardware & | |||||||||||||||
Batteries & | Home | Global Pet | Home and | |||||||||||||
Appliances | Improvement | Supplies | Garden | Total | ||||||||||||
Goodwill: | ||||||||||||||||
Balance at September 30, 2013 | $ | 333,500 | $ | 714,724 | $ | 239,077 | $ | 189,371 | $ | 1,476,672 | ||||||
Additions | — | 3,460 | — | 7,088 | 10,548 | |||||||||||
Effect of translation | 1,520 | -4,488 | 184 | — | -2,784 | |||||||||||
Balance at June 29, 2014 | $ | 335,020 | $ | 713,696 | $ | 239,261 | $ | 196,459 | $ | 1,484,436 | ||||||
Intangible Assets: | ||||||||||||||||
Trade Names Not Subject to Amortization | ||||||||||||||||
Balance at September 30, 2013 | $ | 547,353 | $ | 330,771 | $ | 216,426 | $ | 83,500 | $ | 1,178,050 | ||||||
Additions | — | — | — | 5,100 | 5,100 | |||||||||||
Effect of translation | 5,259 | 74 | 626 | — | 5,959 | |||||||||||
Balance at June 29, 2014 | $ | 552,612 | $ | 330,845 | $ | 217,052 | $ | 88,600 | $ | 1,189,109 | ||||||
Intangible Assets Subject to Amortization | ||||||||||||||||
Balance at September 30, 2013, net | $ | 440,776 | 146,461 | $ | 245,227 | $ | 152,652 | $ | 985,116 | |||||||
Additions | — | — | 238 | 21,800 | 22,038 | |||||||||||
Amortization during period | -26,262 | -11,069 | -16,183 | -7,719 | -61,233 | |||||||||||
Effect of translation | 1,440 | -505 | 201 | — | 1,136 | |||||||||||
Balance at June 29, 2014, net | $ | 415,954 | $ | 134,887 | $ | 229,483 | $ | 166,733 | $ | 947,057 | ||||||
Total Intangible Assets, net at June 29, 2014 | $ | 968,566 | $ | 465,732 | $ | 446,535 | $ | 255,333 | $ | 2,136,166 | ||||||
During the nine month period ended June 29, 2014, the Company recorded an adjustment of $3,460 to goodwill to finalize the purchase accounting for the acquisition of the residential hardware and home improvement business (the "HHI Business") from Stanley Black & Decker, Inc. ("Stanley Black & Decker"). The adjustment related to changes in the valuation of working capital accounts and deferred taxes based on the final determination of fair value. These adjustments were not retrospectively applied to the opening balance sheet as the amounts were deemed immaterial. | ||||||||||||||||
During the nine month period ended June 29, 2014, the Company recorded additions to goodwill and intangible assets related to the acquisition of Liquid Fence. See Note 15 "Acquisitions," for further information. | ||||||||||||||||
Intangible assets subject to amortization include proprietary technology, customer relationships and certain trade names, which were recognized in connection with acquisitions and from the application of fresh-start reporting during fiscal 2009. The useful lives of the Company’s intangible assets subject to amortization are 9 to 17 years for technology assets associated with the Global Batteries & Appliances segment; 8 to 9 years for technology assets related to the Hardware & Home Improvement segment; 4 to 9 years for technology assets related to the Global Pet Supplies segment; 17 years for technology assets related to the Home and Garden segment; 15 to 20 years for customer relationships of the Global Batteries & Appliances and Home and Garden segments; 20 years for customer relationships of the Hardware & Home Improvement and Global Pet Supplies segments; 1 to 12 years for trade names within the Global Batteries & Appliances segment; 5 to 8 years for trade names within the Hardware & Home Improvement segment and 3 years for a trade name within the Global Pet Supplies segment. | ||||||||||||||||
The carrying value and accumulated amortization for intangible assets subject to amortization are as follows: | ||||||||||||||||
29-Jun-14 | 30-Sep-13 | |||||||||||||||
Technology Assets Subject to Amortization: | ||||||||||||||||
Gross balance | $ | 192,180 | $ | 172,105 | ||||||||||||
Accumulated amortization | -52,866 | -39,028 | ||||||||||||||
Carrying value, net | $ | 139,314 | $ | 133,077 | ||||||||||||
Trade Names Subject to Amortization: | ||||||||||||||||
Gross balance | $ | 171,404 | $ | 171,572 | ||||||||||||
Accumulated amortization | -56,966 | -44,660 | ||||||||||||||
Carrying value, net | $ | 114,438 | $ | 126,912 | ||||||||||||
Customer Relationships Subject to Amortization: | ||||||||||||||||
Gross balance | $ | 889,624 | $ | 885,895 | ||||||||||||
Accumulated amortization | -196,319 | -160,768 | ||||||||||||||
Carrying value, net | $ | 693,305 | $ | 725,127 | ||||||||||||
Total Intangible Assets, net Subject to Amortization | $ | 947,057 | $ | 985,116 | ||||||||||||
Amortization expense for the three and nine month periods ended June 29, 2014 and June 30, 2013 is as follows: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Proprietary technology amortization | $ | 4,707 | $ | 4,470 | $ | 13,850 | $ | 12,009 | ||||||||
Trade names amortization | 4,112 | 4,264 | 12,336 | 12,162 | ||||||||||||
Customer relationships amortization | 11,713 | 11,611 | 35,047 | 33,331 | ||||||||||||
$ | 20,532 | $ | 20,345 | $ | 61,233 | $ | 57,502 | |||||||||
The Company estimates annual amortization expense of intangible assets for the next five fiscal years will approximate $77,500 per year. | ||||||||||||||||
Debt
Debt | 9 Months Ended | ||||||||||||
Jun. 29, 2014 | |||||||||||||
Debt [Abstract] | ' | ||||||||||||
Debt | ' | ||||||||||||
7 DEBT | |||||||||||||
Debt consists of the following: | |||||||||||||
29-Jun-14 | 30-Sep-13 | ||||||||||||
Amount | Rate | Amount | Rate | ||||||||||
Term Loan, due September 4, 2017 (Tranche A) | $ | 818,125 | 3.0 | % | $ | 850,000 | 3.0 | % | |||||
Term Loan, due September 4, 2019 (Tranche C) | 512,425 | 3.6 | % | 300,000 | 3.6 | % | |||||||
CAD Term Loan, due December 17, 2019 | 59,361 | 5.1 | % | 81,397 | 5.1 | % | |||||||
Term Loan, due December 17, 2019 (Tranche B) | — | — | % | 513,312 | 4.6 | % | |||||||
Euro Term Loan, due September 4, 2019 | 305,482 | 3.8 | % | — | — | % | |||||||
6.375% Notes, due November 15, 2020 | 520,000 | 6.4 | % | 520,000 | 6.4 | % | |||||||
6.625% Notes, due November 15, 2022 | 570,000 | 6.6 | % | 570,000 | 6.6 | % | |||||||
6.75% Notes, due March 15, 2020 | 300,000 | 6.8 | % | 300,000 | 6.8 | % | |||||||
ABL Facility, expiring May 24, 2017 | 110,000 | 2.0 | % | — | 5.7 | % | |||||||
Other notes and obligations | 52,112 | 8.3 | % | 28,468 | 8.5 | % | |||||||
Capitalized lease obligations | 96,579 | 6.1 | % | 67,402 | 6.2 | % | |||||||
$ | 3,344,084 | $ | 3,230,579 | ||||||||||
Original issuance discounts on debt | -7,475 | -11,716 | |||||||||||
Less: current maturities | -121,509 | -102,921 | |||||||||||
Long-term debt | $ | 3,215,100 | $ | 3,115,942 | |||||||||
The Company has the following debt instruments outstanding at June 29, 2014: (i) a senior secured term loan pursuant to a senior credit agreement (the “Senior Credit Agreement”) which consists of $818,125 principal due September 4, 2017 (“Tranche A”), $512,425 principal due September 4, 2019 (“Tranche C”), $59,361 Canadian dollar denominated principal due December 17, 2019 ("CAD Term Loan") and $305,482 Euro denominated principal due September 4, 2019 ("Euro Term Loan") (together, the “Term Loan”); (ii) $300,000 6.75% unsecured notes (the “6.75% Notes”); (iii) $520,000 6.375% unsecured notes (the “6.375% Notes”); (iv) $570,000 6.625% unsecured notes (the “ 6.625% Notes”); and (v) a $400,000 asset based lending revolving credit facility (the “ABL Facility”). | |||||||||||||
Term Loan | |||||||||||||
On December 18, 2013, the Company amended the Term Loan, issuing two tranches maturing September 4, 2019 which provide for borrowings in aggregate principal amounts of $215,000 and €225,000. The proceeds from the amendment were used to refinance a portion of the Term Loan (formerly Tranche B) which was scheduled to mature December 17, 2019, in an amount outstanding of $513,312 prior to refinancing. The $215,000 additional U.S. dollar denominated portion was combined with the existing Tranche C maturing September 4, 2019. The Company recorded accelerated amortization of portions of the unamortized discount and unamortized Debt issuance costs related to the refinancing of the Term Loan totaling $9,216 as an adjustment to interest expense during the nine month period ended June 29, 2014. | |||||||||||||
The additional Tranche C and Euro Term Loan debt were issued at a .125% discount and recorded net of the discount incurred. Of this discount, $510 is reflected as an adjustment to the carrying value of principal, and is being amortized with a corresponding charge to interest expense over the remaining life of the debt, and the remainder of $146 is reflected as an increase to interest expense during the nine month period ended June 29, 2014. In connection with the refinancing of a portion of the Term Loan, the Company recorded $162 and $7,236 of fees during the three and nine month periods ended June 29, 2014, respectively, of which $5,150 is classified as Debt issuance costs within the accompanying Condensed Consolidated Statements of Financial Position (Unaudited) and is being amortized as an adjustment to interest expense over the remaining life of the Term Loan, with the remainder of $2,086 reflected as an increase to interest expense during the nine month period ended June 29, 2014. | |||||||||||||
6.375% Notes and 6.625% Notes | |||||||||||||
In connection with the registration of the 6.375% Notes and the 6.625% Notes that were assumed on December 17, 2012 to finance the acquisition of the HHI Business, the Company recorded $9 and $261 of fees during the three and nine month periods ended June 29, 2014, respectively. The $261 was classified as Debt issuance costs within the accompanying Condensed Consolidated Statements of Financial Position (Unaudited) and is being amortized as an adjustment to interest expense over the remaining life of the 6.375% Notes and the 6.625% Notes. | |||||||||||||
ABL Facility | |||||||||||||
In connection with the December 18, 2013 amendment of the Term Loan, the Company amended the ABL Facility to obtain certain consents to the amendment of the Senior Credit Agreement. In connection with the amendment, the Company incurred fees and expenses that are included in the amounts recorded above related to the amendment of the Term Loan. | |||||||||||||
As a result of borrowings and payments under the ABL Facility, at June 29, 2014, the Company had aggregate borrowing availability of approximately $193,759, net of lender reserves of $6,398 and outstanding letters of credit of $54,132. | |||||||||||||
Derivative_Financial_Instrumen
Derivative Financial Instruments | 9 Months Ended | |||||||||||||
Jun. 29, 2014 | ||||||||||||||
Derivative Financial Instruments [Abstract] | ' | |||||||||||||
Derivative Financial Instruments | ' | |||||||||||||
8 DERIVATIVE FINANCIAL INSTRUMENTS | ||||||||||||||
Derivative financial instruments are used by the Company principally in the management of its interest rate, foreign currency exchange rate and raw material price exposures. The Company does not hold or issue derivative financial instruments for trading purposes. Derivative instruments are reported at fair value in the Condensed Consolidated Statements of Financial Position (Unaudited). When hedge accounting is elected at inception, the Company formally designates the financial instrument as a hedge of a specific underlying exposure and documents both the risk management objectives and strategies for undertaking the hedge. The Company formally assesses both at the inception and at least quarterly thereafter, whether the financial instruments that are used in hedging transactions are effective at offsetting changes in the forecasted cash flows of the related underlying exposure. Because of the high degree of effectiveness between the hedging instrument and the underlying exposure being hedged, fluctuations in the value of the derivative instruments are generally offset by changes in the forecasted cash flows of the underlying exposures being hedged. Any ineffective portion of a financial instrument’s change in fair value is recognized in earnings in the period incurred. For derivatives that are not designated as cash flow hedges, or do not qualify for hedge accounting treatment, the change in the fair value is also recognized in earnings in the period incurred. | ||||||||||||||
Fair Value of Derivative Instruments | ||||||||||||||
The Company discloses its derivative instruments and hedging activities in accordance with ASC Topic 815: “Derivatives and Hedging” (“ASC 815”). | ||||||||||||||
The fair value of the Company’s outstanding derivative contracts recorded as assets in the accompanying Condensed Consolidated Statements of Financial Position (Unaudited) are as follows: | ||||||||||||||
Asset Derivatives | 29-Jun-14 | 30-Sep-13 | ||||||||||||
Derivatives designated as hedging instruments under ASC 815: | ||||||||||||||
Commodity contracts | Receivables—Other | $ | 1,350 | $ | 416 | |||||||||
Commodity contracts | Deferred charges and other | — | 3 | |||||||||||
Foreign exchange contracts | Receivables—Other | 656 | 1,719 | |||||||||||
Foreign exchange contracts | Deferred charges and other | 95 | — | |||||||||||
Total asset derivatives designated as hedging instruments under ASC 815 | 2,101 | 2,138 | ||||||||||||
Derivatives not designated as hedging instruments under ASC 815: | ||||||||||||||
Commodity contracts | Receivables—Other | 54 | — | |||||||||||
Foreign exchange contracts | Receivables—Other | 167 | 143 | |||||||||||
Total asset derivatives | $ | 2,322 | $ | 2,281 | ||||||||||
The fair value of the Company’s outstanding derivative contracts recorded as liabilities in the accompanying Condensed Consolidated Statements of Financial Position (Unaudited) are as follows: | ||||||||||||||
Liability Derivatives | 29-Jun-14 | 30-Sep-13 | ||||||||||||
Derivatives designated as hedging instruments under ASC 815: | ||||||||||||||
Interest rate contracts | Other current liabilities | $ | 1,416 | $ | — | |||||||||
Interest rate contracts | Accrued interest | 430 | — | |||||||||||
Interest rate contracts | Other long-term liabilities | 57 | — | |||||||||||
Commodity contracts | Accounts payable | 5 | 450 | |||||||||||
Foreign exchange contracts | Accounts payable | 4,964 | 4,577 | |||||||||||
Foreign exchange contracts | Other long-term liabilities | 341 | 65 | |||||||||||
Total liability derivatives designated as hedging instruments under ASC 815 | $ | 7,213 | $ | 5,092 | ||||||||||
Derivatives not designated as hedging instruments under ASC 815: | ||||||||||||||
Commodity contract | Accounts payable | $ | — | $ | 55 | |||||||||
Foreign exchange contracts | Accounts payable | 303 | 5,323 | |||||||||||
Total liability derivatives | $ | 7,516 | $ | 10,470 | ||||||||||
Changes in AOCI from Derivative Instruments | ||||||||||||||
For derivative instruments that are designated and qualify as cash flow hedges, the effective portion of the gain or loss on the derivative is reported as a component of Accumulated Other Comprehensive Income ("AOCI") and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. Gains and losses on derivatives representing either hedge ineffectiveness or hedge components excluded from the assessment of effectiveness are recognized in current earnings. See Note 3, "Comprehensive Income (Loss)" for further information. | ||||||||||||||
The following table summarizes the impact of derivative instruments on the accompanying Condensed Consolidated Statement of Operations (Unaudited) for the three month period ended June 29, 2014, pretax: | ||||||||||||||
Location of | ||||||||||||||
Gain (Loss) | ||||||||||||||
Recognized in | Amount of | |||||||||||||
Income on | Gain (Loss) | |||||||||||||
Derivatives | Recognized in | |||||||||||||
Amount of | Location of | (Ineffective | Income on | |||||||||||
Gain (Loss) | Gain (Loss) | Amount of | Portion and | Derivatives | ||||||||||
Recognized in | Reclassified from | Gain (Loss) | Amount | (Ineffective Portion | ||||||||||
AOCI on | AOCI into | Reclassified from | Excluded from | and Amount | ||||||||||
Derivatives in ASC 815 Cash Flow | Derivatives | Income | AOCI into Income | Effectiveness | Excluded from | |||||||||
Hedging Relationships | (Effective Portion) | (Effective Portion) | (Effective Portion) | Testing) | Effectiveness Testing) | |||||||||
Commodity contracts | $ | 1,342 | Cost of goods sold | $ | 120 | Cost of goods sold | $ | 35 | ||||||
Interest rate contracts | -1,903 | Interest expense | -430 | Interest expense | — | |||||||||
Foreign exchange contracts | -9 | Net sales | 58 | Net sales | — | |||||||||
Foreign exchange contracts | -2,432 | Cost of goods sold | -1,021 | Cost of goods sold | — | |||||||||
Total | $ | -3,002 | $ | -1,273 | $ | 35 | ||||||||
The following table summarizes the impact of derivative instruments on the accompanying Condensed Consolidated Statement of Operations (Unaudited) for the nine month period ended June 29, 2014, pretax: | ||||||||||||||
Location of | ||||||||||||||
Gain (Loss) | ||||||||||||||
Recognized in | Amount of | |||||||||||||
Income on | Gain (Loss) | |||||||||||||
Derivatives | Recognized in | |||||||||||||
Amount of | Location of | (Ineffective | Income on | |||||||||||
Gain (Loss) | Gain (Loss) | Amount of | Portion and | Derivatives | ||||||||||
Recognized in | Reclassified from | Gain (Loss) | Amount | (Ineffective Portion | ||||||||||
AOCI on | AOCI into | Reclassified from | Excluded from | and Amount | ||||||||||
Derivatives in ASC 815 Cash Flow | Derivatives | Income | AOCI into Income | Effectiveness | Excluded from | |||||||||
Hedging Relationships | (Effective Portion) | (Effective Portion) | (Effective Portion) | Testing) | Effectiveness Testing) | |||||||||
Commodity contracts | $ | 1,411 | Cost of goods sold | $ | 72 | Cost of goods sold | $ | 35 | ||||||
Interest rate contracts | -1,903 | Interest expense | -430 | Interest expense | — | |||||||||
Foreign exchange contracts | 138 | Net sales | 179 | Net sales | — | |||||||||
Foreign exchange contracts | -3,565 | Cost of goods sold | -1,977 | Cost of goods sold | — | |||||||||
Total | $ | -3,919 | $ | -2,156 | $ | 35 | ||||||||
The following table summarizes the impact of derivative instruments on the accompanying Condensed Consolidated Statement of Operations (Unaudited) for the three month period ended June 30, 2013, pretax: | ||||||||||||||
Location of | ||||||||||||||
Gain (Loss) | ||||||||||||||
Recognized in | Amount of | |||||||||||||
Income on | Gain (Loss) | |||||||||||||
Derivatives | Recognized in | |||||||||||||
Amount of | Location of | (Ineffective | Income on | |||||||||||
Gain (Loss) | Gain (Loss) | Amount of | Portion and | Derivatives | ||||||||||
Recognized in | Reclassified from | Gain (Loss) | Amount | (Ineffective Portion | ||||||||||
AOCI on | AOCI into | Reclassified from | Excluded from | and Amount | ||||||||||
Derivatives in ASC 815 Cash Flow | Derivatives | Income | AOCI into Income | Effectiveness | Excluded from | |||||||||
Hedging Relationships | (Effective Portion) | (Effective Portion) | (Effective Portion) | Testing) | Effectiveness Testing) | |||||||||
Commodity contracts | $ | -930 | Cost of goods sold | $ | -321 | Cost of goods sold | $ | 11 | ||||||
Foreign exchange contracts | 89 | Net sales | 313 | Net sales | — | |||||||||
Foreign exchange contracts | 4,034 | Cost of goods sold | 515 | Cost of goods sold | — | |||||||||
Total | $ | 3,193 | $ | 507 | $ | 11 | ||||||||
The following table summarizes the impact of derivative instruments on the accompanying Condensed Consolidated Statement of Operations (Unaudited) for the nine month period ended June 30, 2013, pretax: | ||||||||||||||
Location of | ||||||||||||||
Gain (Loss) | ||||||||||||||
Recognized in | Amount of | |||||||||||||
Income on | Gain (Loss) | |||||||||||||
Derivatives | Recognized in | |||||||||||||
Amount of | Location of | (Ineffective | Income on | |||||||||||
Gain (Loss) | Gain (Loss) | Amount of | Portion and | Derivatives | ||||||||||
Recognized in | Reclassified from | Gain (Loss) | Amount | (Ineffective Portion | ||||||||||
AOCI on | AOCI into | Reclassified from | Excluded from | and Amount | ||||||||||
Derivatives in ASC 815 Cash Flow | Derivatives | Income | AOCI into Income | Effectiveness | Excluded from | |||||||||
Hedging Relationships | (Effective Portion) | (Effective Portion) | (Effective Portion) | Testing) | Effectiveness Testing) | |||||||||
Commodity contracts | $ | -3,361 | Cost of goods sold | $ | -223 | Cost of goods sold | $ | -71 | ||||||
Foreign exchange contracts | 755 | Net sales | 653 | Net sales | — | |||||||||
Foreign exchange contracts | 7,201 | Cost of goods sold | -350 | Cost of goods sold | — | |||||||||
Total | $ | 4,595 | $ | 80 | $ | -71 | ||||||||
Other Changes in Fair Value of Derivative Contracts | ||||||||||||||
For derivative instruments that are used to economically hedge the fair value of the Company’s third party and intercompany foreign currency payments, commodity purchases and interest rate payments, but are not designated as hedging instruments under ASC 815, the gain (loss) associated with the derivative contract is recognized in earnings in the period of change. During the three month periods ended June 29, 2014 and June 30, 2013, the Company recognized the following gains (losses) on these derivative contracts: | ||||||||||||||
Amount of Gain (Loss) | ||||||||||||||
Recognized in | Location of Gain (Loss) | |||||||||||||
Derivatives Not Designated as | Income on Derivatives | Recognized in | ||||||||||||
Hedging Instruments Under ASC 815 | 2014 | 2013 | Income on Derivatives | |||||||||||
Commodity contracts | $ | 53 | $ | -197 | Cost of goods sold | |||||||||
Foreign exchange contracts | -243 | 477 | Other expense, net | |||||||||||
Total | $ | -190 | $ | 280 | ||||||||||
During the nine month periods ended June 29, 2014 and June 30, 2013, the Company recognized the following gains (losses) on these derivative contracts: | ||||||||||||||
Amount of Gain (Loss) | ||||||||||||||
Recognized in | Location of Gain (Loss) | |||||||||||||
Derivatives Not Designated as | Income on Derivatives | Recognized in | ||||||||||||
Hedging Instruments Under ASC 815 | 2014 | 2013 | Income on Derivatives | |||||||||||
Commodity contracts | $ | -8 | $ | -197 | Cost of goods sold | |||||||||
Foreign exchange contracts | 405 | -1,834 | Other expense, net | |||||||||||
Total | $ | 397 | $ | -2,031 | ||||||||||
Credit Risk | ||||||||||||||
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 such 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 was $3 and $5 at June 29, 2014 and September 30, 2013, respectively. | ||||||||||||||
The Company’s standard contracts do not contain credit risk related contingent features whereby the Company would be required to post additional cash collateral as a result of a credit event. However, the Company is typically required to post collateral in the normal course of business to offset its liability positions. At June 29, 2014 and September 30, 2013, the Company had posted cash collateral of $0 and $450, respectively, related to such liability positions. In addition, at June 29, 2014 and September 30, 2013, the Company had no posted standby letters of credit related to such liability positions. The cash collateral is included in Current Assets—Receivables-Other within the accompanying Condensed Consolidated Statements of Financial Position (Unaudited). | ||||||||||||||
Derivative Financial Instruments | ||||||||||||||
Cash Flow Hedges | ||||||||||||||
The Company uses interest rate swaps to manage its interest rate risk. The swaps are designated as cash flow hedges with the changes in fair value recorded in AOCI and as a derivative hedge asset or liability, as applicable. The swaps settle periodically in arrears with the related amounts for the current settlement period payable to, or receivable from, the counter-parties included in accrued liabilities or receivables, respectively, and recognized in earnings as an adjustment to Interest expense from the underlying debt to which the swap is designated. At June 29, 2014, the Company had a series of U.S. dollar denominated interest rate swaps outstanding which effectively fix the interest on floating rate debt, exclusive of lender spreads, at 1.36% for a notional principal amount of $300,000 through April 2017. At September 30, 2013, the Company did not have any interest rate swaps outstanding. The derivative net loss on these contracts recorded in AOCI by the Company at June 29, 2014 was $1,473, net of tax benefit of $0. At June 29, 2014, the portion of derivative net losses estimated to be reclassified from AOCI into earnings by the Company over the next 12 months is $1,416, net of tax. | ||||||||||||||
The Company periodically enters into forward foreign exchange contracts to hedge 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, Pounds Sterling, Australian Dollars, Brazilian Reals, Mexican Pesos, Canadian 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. At June 29, 2014, the Company had a series of foreign exchange derivative contracts outstanding through September 2015 with a contract value of $221,513. The derivative net loss on these contracts recorded in AOCI by the Company at June 29, 2014 was $3,524, net of tax benefit of $1,029. At June 29, 2014, the portion of derivative net loss estimated to be reclassified from AOCI into earnings by the Company over the next 12 months is $3,331, net of tax. | ||||||||||||||
The Company is exposed to risk from fluctuating prices for raw materials, specifically zinc and brass used in its manufacturing processes. The Company hedges a portion of the risk associated with the purchase of these materials through the use of 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 June 29, 2014, the Company had a series of zinc swap contracts outstanding through June 2015 for 5 tons with a contract value of $9,851. At June 29, 2014, the Company had a series of brass swap contracts outstanding through June 2015 for 1 ton with a contract value of $3,853. The derivative net gain on these contracts recorded in AOCI by the Company at June 29, 2014 was $1,154, net of tax expense of $149. At June 29, 2014, the portion of derivative net gain estimated to be reclassified from AOCI into earnings by the Company over the next 12 months is $1,154, net of tax. | ||||||||||||||
Derivative Contracts | ||||||||||||||
The Company periodically enters into forward and swap foreign exchange contracts to economically hedge 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 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 (Unaudited). 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 June 29, 2014 and September 30, 2013, the Company had $154,263 and $108,480, respectively, of notional value of such foreign exchange derivative contracts outstanding. | ||||||||||||||
The Company periodically enters into commodity swap contracts to economically hedge the risk from fluctuating prices for raw materials, specifically the pass-through of market prices for silver used in manufacturing purchased watch batteries. The Company hedges a portion of the risk associated with these materials through the use of commodity swaps. The swap contracts are designated as economic hedges with the unrealized gain or loss recorded in earnings and as an asset or liability at each period end. The unrecognized changes in fair value of the hedge contracts are adjusted through earnings when the realized gains or losses affect earnings upon settlement of the hedges. The swaps effectively fix the floating price on a specified quantity of silver through a specified date. At June 29, 2014, the Company had a series of such swap contracts outstanding through September 2015 for 35 troy ounces with a contract value of $741. At September 30, 2013, the Company had a series of such swap contracts outstanding through April 2014 for 45 troy ounces with a contract value of $980. | ||||||||||||||
Fair_Value_Of_Financial_Instru
Fair Value Of Financial Instruments | 9 Months Ended | ||||||||||||
Jun. 29, 2014 | |||||||||||||
Fair Value Of Financial Instruments [Abstract] | ' | ||||||||||||
Fair Value Of Financial Instruments | ' | ||||||||||||
9 FAIR VALUE OF FINANCIAL INSTRUMENTS | |||||||||||||
The Company’s net derivative portfolio as of June 29, 2014, contains Level 2 instruments and consists of commodity, interest rate and foreign exchange contracts. The fair values of these instruments as of June 29, 2014 were as follows ((liability)/asset): | |||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||
Assets: | |||||||||||||
Commodity contracts | $ | — | $ | 1,404 | $ | — | $ | 1,404 | |||||
Foreign exchange contracts | — | 918 | — | 918 | |||||||||
Total Assets | $ | — | $ | 2,322 | $ | — | $ | 2,322 | |||||
Liabilities: | |||||||||||||
Commodity contracts | $ | — | $ | -5 | $ | — | $ | -5 | |||||
Interest rate contracts | — | -1,903 | — | -1,903 | |||||||||
Foreign exchange contracts | — | -5,608 | — | -5,608 | |||||||||
Total Liabilities | $ | — | $ | -7,516 | $ | — | $ | -7,516 | |||||
The Company’s net derivative portfolio as of September 30, 2013, contains Level 2 instruments and consists of commodity and foreign exchange contracts. The fair values of these instruments as of September 30, 2013 were as follows: | |||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||
Assets: | |||||||||||||
Commodity contracts | $ | — | $ | 419 | $ | — | $ | 419 | |||||
Foreign exchange contracts | — | 1,862 | — | 1,862 | |||||||||
Total Assets | $ | — | $ | 2,281 | $ | — | $ | 2,281 | |||||
Liabilities: | |||||||||||||
Commodity contracts | $ | — | $ | -505 | $ | — | $ | -505 | |||||
Foreign exchange contracts | — | -9,965 | — | -9,965 | |||||||||
Total Liabilities | $ | — | $ | -10,470 | $ | — | $ | -10,470 | |||||
The carrying values of cash and cash equivalents, accounts and notes receivable, accounts payable and non-publicly traded debt approximate fair value. The fair values of long-term publicly traded debt are based on unadjusted quoted market prices (Level 1) and derivative financial instruments are generally based on quoted or observed market prices (Level 2). | |||||||||||||
The carrying values of goodwill, intangible assets and other long-lived assets are tested annually, or more frequently if an event occurs that indicates an impairment loss may have been incurred, using fair value measurements with unobservable inputs (Level 3). | |||||||||||||
The carrying amounts and fair values of the Company’s financial instruments are summarized as follows ((liability)/asset): | |||||||||||||
29-Jun-14 | 30-Sep-13 | ||||||||||||
Carrying | Carrying | ||||||||||||
Amount | Fair Value | Amount | Fair Value | ||||||||||
Total debt | $ | -3,336,608 | $ | -3,463,788 | $ | -3,218,863 | $ | -3,297,411 | |||||
Commodity swap and option agreements | 1,399 | 1,399 | -86 | -86 | |||||||||
Interest swap agreements | -1,903 | -1,903 | — | — | |||||||||
Foreign exchange forward agreements | -4,690 | -4,690 | -8,103 | -8,103 | |||||||||
Employee_Benefit_Plans
Employee Benefit Plans | 9 Months Ended | ||||||||||||
Jun. 29, 2014 | |||||||||||||
Employee Benefit Plans [Abstract] | ' | ||||||||||||
Employee Benefit Plans | ' | ||||||||||||
10 EMPLOYEE BENEFIT PLANS | |||||||||||||
Pension Benefits | |||||||||||||
The Company has various defined benefit pension plans covering some of its employees in the U.S. and certain employees in other countries, including the United Kingdom, the Netherlands, Germany, Guatemala, Brazil, Mexico and Taiwan. These pension plans generally provide benefits of stated amounts for each year of service. | |||||||||||||
The Company’s results of operations for the three and nine month periods ended June 29, 2014 and June 30, 2013 reflect the following pension and deferred compensation benefit costs: | |||||||||||||
Components of net periodic pension benefit | Three Months Ended | Nine Months Ended | |||||||||||
and deferred compensation benefit cost | 2014 | 2013 | 2014 | 2013 | |||||||||
Service cost | $ | 852 | $ | 867 | $ | 2,555 | $ | 2,416 | |||||
Interest cost | 2,612 | 2,498 | 7,835 | 7,326 | |||||||||
Expected return on assets | -2,456 | -2,196 | -7,368 | -6,589 | |||||||||
Amortization of prior year service cost | 16 | — | 48 | — | |||||||||
Recognized net actuarial loss | 371 | 519 | 1,113 | 1,557 | |||||||||
Employee contributions | -16 | -46 | -46 | -137 | |||||||||
Net periodic benefit cost | $ | 1,379 | $ | 1,642 | $ | 4,137 | $ | 4,573 | |||||
The Company funds its U.S. pension plans in accordance with the Internal Revenue Service defined guidelines and, where applicable, in amounts sufficient to satisfy the minimum funding requirements of applicable laws. Additionally, in compliance with the Company’s funding policy, annual contributions to non-U.S. defined benefit plans are equal to the actuarial recommendations or statutory requirements in the respective countries. The Company’s contributions to its pension and deferred compensation plans for the three and nine month periods ended June 29, 2014 and June 30, 2013 were as follows: | |||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
Pension and deferred compensation contributions | 2014 | 2013 | 2014 | 2013 | |||||||||
Contributions made during period | $ | 3,693 | $ | 1,188 | $ | 9,133 | $ | 2,890 | |||||
The Company sponsors a defined contribution pension plan for its domestic salaried employees, which allows participants to make contributions by salary reduction pursuant to Section 401(k) of the Internal Revenue Code. The Company also sponsors defined contribution pension plans for employees of certain foreign subsidiaries. Company contributions charged to operations, including discretionary amounts, for the three and nine month periods ended June 29, 2014 were $3,433 and $10,706, respectively. Company contributions charged to operations, including discretionary amounts, for the three and nine month periods ended June 30, 2013 were $2,851 and $5,665, respectively. | |||||||||||||
Income_Taxes
Income Taxes | 9 Months Ended |
Jun. 29, 2014 | |
Income Taxes [Abstract] | ' |
Income Taxes | ' |
11 INCOME TAXES | |
The Company's effective tax rate for both the three and nine month periods ended June 29, 2014 was 21%. The Company's effective tax rates for the three and nine month periods ended June 30, 2013 were 29% and 151%, respectively. For the three and nine month periods ended June 29, 2014, the Company's effective tax rate differs from the U.S. federal statutory rate of 35% principally due to income earned outside the U.S. that is subject to statutory rates lower than 35%. Additionally, for the nine month period ended June 29, 2014, our effective tax rate differs from the U.S. federal statutory rate due to a tax benefit recognized as a result of a Mexican tax law change. For both the three and nine month periods ended June 30, 2013, the Company's effective tax rate differs from the U.S. statutory rate due to (i) losses in the U.S. and certain foreign jurisdictions for which no tax benefit can be recognized due to full valuation allowances that have been provided on the Company's net operating loss carryforward tax benefits and (ii) other deferred tax assets and deferred income tax expense related to the change in book versus tax basis of indefinite lived intangibles, which are amortized for tax purposes but not for book purposes. Additionally, for the nine month period ended June 30, 2013, the Company’s effective tax rate is higher than the U.S. statutory rate due to the reversal of U.S. valuation allowances of $49,291 as a result of the HHI Business acquisition, coupled with the fact that pretax consolidated income was close to break even, resulting in a higher effective tax rate. | |
During the nine month period ended June 29, 2014, the Company recorded a one-time reduction of $178,716 to its U.S. net operating loss carryforwards from actual and deemed repatriation of foreign earnings resulting from internal restructuring and external debt refinancing activities. The Company has a full valuation allowance on its U.S. net operating loss carryforwards; therefore there was no material impact on the Company’s quarterly or projected annual income tax expense. | |
The Company records the impact of a tax position if it concludes that the position is more likely than not sustainable upon audit, based on the technical merits of the position. At June 29, 2014 and September 30, 2013, the Company had $13,004 and $13,807, respectively, of unrecognized tax benefits related to uncertain tax positions. The Company also had approximately $3,706 and $3,671, respectively, of accrued interest and penalties related to the uncertain tax positions at those dates. Interest and penalties related to uncertain tax positions are reported as Income tax expense. | |
As of June 29, 2014, certain of the Company's legal entities in various jurisdictions are undergoing income tax audits. The Company cannot predict the ultimate outcome of the examinations; however, it is reasonably possible that during the next 12 months some portion of previously unrecognized tax benefits could be recognized. | |
Segment_Results
Segment Results | 9 Months Ended | ||||||||||||
Jun. 29, 2014 | |||||||||||||
Segment Results [Abstract] | ' | ||||||||||||
Segment Results | ' | ||||||||||||
12 SEGMENT RESULTS | |||||||||||||
The Company manages its business in four vertically integrated, product-focused reporting segments: (i) Global Batteries & Appliances; (ii) Global Pet Supplies; (iii) Home and Garden; and (iv) Hardware & Home Improvement. | |||||||||||||
The results of the HHI Business operations, excluding certain assets of Tong Lung Metal Industry Co. Ltd., a Taiwan Corporation (the "TLM Business"), which was acquired on April 8, 2013, are included in the Company's Condensed Consolidated Statements of Operations (Unaudited) since December 17, 2012. The results of the TLM Business operations are included in the Company's Condensed Consolidated Statements of Operations (Unaudited) since April 8, 2013. The financial results related to the HHI Business are reported as a separate business segment, Hardware & Home Improvement. | |||||||||||||
The results of The Liquid Fence Company, Inc. ("Liquid Fence") since January 2, 2014 are included in the Company's Condensed Consolidated Statements of Operations (Unaudited) and are reported as part of the Home and Garden segment. | |||||||||||||
Global strategic initiatives and financial objectives for each reportable segment are determined at the corporate level. Each reportable segment is responsible for implementing defined strategic initiatives and achieving certain financial objectives and has a general manager responsible for the sales and marketing initiatives and financial results for product lines within that segment. | |||||||||||||
Net sales and Cost of goods sold from transactions with other business segments have been eliminated. The gross contribution of intersegment sales is included in the segment selling the product to the external customer. Segment net sales are based upon the segment from which the product is shipped. | |||||||||||||
The operating segment profits do not include restructuring and related charges, acquisition and integration related charges, interest expense, interest income and income tax expense. Corporate expenses primarily include general and administrative expenses and global long-term incentive compensation plan costs which are evaluated on a consolidated basis and not allocated to the Company’s operating segments. All depreciation and amortization included in income from operations is related to operating segments or corporate expense. Costs are identified to operating segments or corporate expense according to the function of each cost center. | |||||||||||||
All capital expenditures are related to operating segments. Variable allocations of assets are not made for segment reporting. | |||||||||||||
Segment information for the three and nine month periods ended June 29, 2014 and June 30, 2013 is as follows: | |||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||
Net sales to external customers | |||||||||||||
Consumer batteries | $ | 213,348 | $ | 207,339 | $ | 689,186 | $ | 678,067 | |||||
Small appliances | 163,893 | 168,744 | 533,161 | 543,451 | |||||||||
Electric shaving and grooming | 63,307 | 61,742 | 208,914 | 207,978 | |||||||||
Electric personal care | 54,255 | 53,776 | 203,743 | 196,747 | |||||||||
Global Batteries & Appliances | 494,803 | 491,601 | 1,635,004 | 1,626,243 | |||||||||
Hardware & Home Improvement | 306,905 | 285,216 | 852,214 | 575,876 | |||||||||
Global Pet Supplies | 152,158 | 156,440 | 440,691 | 456,639 | |||||||||
Home and Garden | 174,643 | 156,568 | 322,888 | 289,091 | |||||||||
Total segments | $ | 1,128,509 | $ | 1,089,825 | $ | 3,250,797 | $ | 2,947,849 | |||||
Three Months Ended | Nine Months Ended | ||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||
Segment profit | |||||||||||||
Global Batteries & Appliances | $ | 49,117 | $ | 44,904 | $ | 190,559 | $ | 181,696 | |||||
Hardware & Home Improvement | 50,672 | 42,963 | 125,489 | 46,483 | |||||||||
Global Pet Supplies | 22,942 | 26,560 | 56,531 | 62,833 | |||||||||
Home and Garden | 48,372 | 43,117 | 70,221 | 59,648 | |||||||||
Total segments | 171,103 | 157,544 | 442,800 | 350,660 | |||||||||
Corporate expense | 15,988 | 20,865 | 46,001 | 46,208 | |||||||||
Acquisition and integration related charges | 2,671 | 7,747 | 14,455 | 40,558 | |||||||||
Restructuring and related charges | 3,692 | 13,245 | 15,993 | 27,736 | |||||||||
Interest expense | 47,344 | 61,516 | 151,724 | 191,758 | |||||||||
Other expense, net | 2,760 | 2,613 | 4,390 | 7,941 | |||||||||
Income from continuing operations before income taxes | $ | 98,648 | $ | 51,558 | $ | 210,237 | $ | 36,459 | |||||
On February 8, 2013, the Venezuelan government announced the formal devaluation of its currency, the Bolivar fuerte, relative to the U.S. dollar. As Venezuela continues to be considered a highly inflationary economy, the functional currency of the Company's Venezuelan subsidiary is the U.S. dollar. Therefore, the Company remeasured the local statement of financial position of its Venezuela entity as of February 8, 2013 to reflect the impact of the devaluation to the official exchange rate from 4.3 to 6.3 Bolivar fuerte per U.S. dollar. The effect of the devaluation of the Bolivar fuerte was recorded in other expense, net and resulted in a $1,953 reduction to the Company's pretax income during the three and nine month periods ended June 30, 2013. | |||||||||||||
Segment assets for the Company’s product-focused reporting segments and its Corporate function are as follows: | |||||||||||||
29-Jun-14 | 30-Sep-13 | ||||||||||||
Segment total assets | (Unaudited) | ||||||||||||
Global Batteries & Appliances | $ | 2,327,575 | $ | 2,360,733 | |||||||||
Hardware & Home Improvement | 1,740,967 | 1,735,629 | |||||||||||
Global Pet Supplies | 974,548 | 948,832 | |||||||||||
Home and Garden | 590,875 | 500,559 | |||||||||||
Total segment assets | 5,633,965 | 5,545,753 | |||||||||||
Corporate | 63,177 | 80,920 | |||||||||||
Total assets at period end | $ | 5,697,142 | $ | 5,626,673 | |||||||||
Restructuring_And_Related_Char
Restructuring And Related Charges | 9 Months Ended | |||||||||||||||
Jun. 29, 2014 | ||||||||||||||||
Restructuring And Related Charges [Abstract] | ' | |||||||||||||||
Restructuring And Related Charges | ' | |||||||||||||||
13 RESTRUCTURING AND RELATED CHARGES | ||||||||||||||||
The Company reports restructuring and related charges associated with manufacturing and related initiatives in Cost of goods sold. Restructuring and related charges reflected in Cost of goods sold include, but are not limited to, termination, compensation and related costs associated with manufacturing employees, asset impairments relating to manufacturing initiatives, and other costs directly related to the restructuring or integration initiatives implemented. | ||||||||||||||||
The Company reports restructuring and related charges relating to administrative functions in Operating expenses, such as initiatives impacting sales, marketing, distribution or other non-manufacturing functions. Restructuring and related charges reflected in Operating expenses include, but are not limited to, termination and related costs, any asset impairments relating to the functional areas described above and other costs directly related to the initiatives. | ||||||||||||||||
The following table summarizes restructuring and related charges incurred by segment for the three and nine month periods ended June 29, 2014 and June 30, 2013: | ||||||||||||||||
THREE MONTHS ENDED | NINE MONTHS ENDED | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Cost of goods sold: | ||||||||||||||||
Global Batteries & Appliances | $ | 18 | $ | 93 | $ | 513 | $ | 907 | ||||||||
Hardware & Home Improvement | 319 | 644 | 2,570 | 1,772 | ||||||||||||
Global Pet Supplies | 217 | 276 | 245 | 2,019 | ||||||||||||
Total restructuring and related charges in cost of goods sold | 554 | 1,013 | 3,328 | 4,698 | ||||||||||||
Operating expenses: | ||||||||||||||||
Global Batteries & Appliances | 2,608 | 8,201 | 9,330 | 10,556 | ||||||||||||
Hardware & Home Improvement | 252 | 1,698 | 1,095 | 3,251 | ||||||||||||
Global Pet Supplies | 271 | 1,165 | 1,561 | 7,501 | ||||||||||||
Home and Garden | — | 151 | — | 518 | ||||||||||||
Corporate | 7 | 1,017 | 679 | 1,212 | ||||||||||||
Total restructuring and related charges in operating expenses | 3,138 | 12,232 | 12,665 | 23,038 | ||||||||||||
Total restructuring and related charges | $ | 3,692 | $ | 13,245 | $ | 15,993 | $ | 27,736 | ||||||||
Global Expense Rationalization Initiatives Summary | ||||||||||||||||
During the third quarter of the fiscal year ended September 30, 2013, the Company implemented a series of initiatives throughout the Company to reduce operating costs (the “Global Expense Rationalization Initiatives”). These initiatives consist of headcount reductions primarily in the Global Batteries & Appliances segment, the Global Pet Supplies segment, the Home and Garden segment and within Corporate. Costs associated with these initiatives, which are expected to be incurred through December 31, 2014, are currently projected to approximate $28,000. | ||||||||||||||||
The Company recorded $2,924 and $11,645 of pretax restructuring and related charges during the three and nine month periods ended June 29, 2014, respectively, and $7,876 of pretax restructuring and related charges during the three and nine month periods ended June 30, 2013, related to the Global Expense Rationalization Initiatives. | ||||||||||||||||
The following table summarizes the remaining accrual balance associated with the Global Expense Rationalization Initiatives and the activity during the nine month period ended June 29, 2014: | ||||||||||||||||
Termination | Other | |||||||||||||||
Benefits | Costs | Total | ||||||||||||||
Accrual balance at September 30, 2013 | $ | 7,320 | $ | -35 | $ | 7,285 | ||||||||||
Provisions | 1,592 | 1,117 | 2,709 | |||||||||||||
Cash expenditures | -5,911 | — | -5,911 | |||||||||||||
Non-cash items | 309 | 4 | 313 | |||||||||||||
Accrual balance at June 29, 2014 | $ | 3,310 | $ | 1,086 | $ | 4,396 | ||||||||||
Expensed as incurred (A) | $ | 2,219 | $ | 6,717 | $ | 8,936 | ||||||||||
______________________________ | ||||||||||||||||
(A) | Consists of amounts not impacting the accrual for restructuring and related charges. | |||||||||||||||
The following table summarizes the expenses incurred during the nine month period ended June 29, 2014, the cumulative amount incurred to date and the total future costs expected to be incurred associated with the Global Expense Rationalization Initiatives by operating segment: | ||||||||||||||||
Global | ||||||||||||||||
Batteries & | Global Pet | |||||||||||||||
Appliances | Supplies | Corporate | Total | |||||||||||||
Restructuring and related charges during the nine month period ended June 29, 2014 | $ | 9,855 | $ | 1,111 | $ | 679 | $ | 11,645 | ||||||||
Restructuring and related charges since initiative inception | $ | 19,925 | $ | 1,111 | $ | 1,926 | $ | 22,962 | ||||||||
Total future restructuring and related charges expected | $ | 3,902 | $ | 896 | $ | 127 | $ | 4,925 | ||||||||
Global Cost Reduction Initiatives Summary | ||||||||||||||||
During the fiscal year ended September 30, 2009, the Company implemented a series of initiatives within the Global Batteries & Appliances segment, the Global Pet Supplies segment and the Home and Garden segment to reduce operating costs, and to evaluate opportunities to improve the Company’s capital structure (the “Global Cost Reduction Initiatives”). These initiatives included headcount reductions and the exit of certain facilities within each of these segments. These initiatives also included consultation, legal and accounting fees related to the evaluation of the Company’s capital structure. Costs associated with these initiatives, which are expected to be incurred through January 31, 2015, are currently projected to approximate $103,000. | ||||||||||||||||
The Company recorded $213 and $733 of pretax restructuring and related charges during the three and nine month periods ended June 29, 2014, respectively, and $2,981 and $14,627 of pretax restructuring and related charges during the three and nine month periods ended June 30, 2013, respectively, related to the Global Cost Reduction Initiatives. | ||||||||||||||||
The following table summarizes the remaining accrual balance associated with the Global Cost Reduction Initiatives and the activity during the nine month period ended June 29, 2014: | ||||||||||||||||
Termination | Other | |||||||||||||||
Benefits | Costs | Total | ||||||||||||||
Accrual balance at September 30, 2013 | $ | 4,927 | $ | 424 | $ | 5,351 | ||||||||||
Provisions | 233 | -108 | 125 | |||||||||||||
Cash expenditures | -3,052 | -599 | -3,651 | |||||||||||||
Non-cash items | 11 | 5 | 16 | |||||||||||||
Accrual balance at June 29, 2014 | $ | 2,119 | $ | -278 | $ | 1,841 | ||||||||||
Expensed as incurred (A) | $ | 64 | $ | 544 | $ | 608 | ||||||||||
______________________________ | ||||||||||||||||
(A) | Consists of amounts not impacting the accrual for restructuring and related charges. | |||||||||||||||
The following table summarizes the expenses incurred during the nine month period ended June 29, 2014, the cumulative amount incurred to date and the total future costs expected to be incurred associated with the Global Cost Reduction Initiatives by operating segment: | ||||||||||||||||
Global | ||||||||||||||||
Batteries & | Global Pet | Home and | ||||||||||||||
Appliances | Supplies | Garden | Corporate | Total | ||||||||||||
Restructuring and related charges during the nine month period ended June 29, 2014 | $ | 38 | $ | 695 | $ | — | $ | — | $ | 733 | ||||||
Restructuring and related charges since initiative inception | $ | 25,451 | $ | 48,844 | $ | 18,219 | $ | 7,591 | $ | 100,105 | ||||||
Total future restructuring and related charges expected | $ | 450 | $ | 2,015 | $ | — | $ | — | $ | 2,465 | ||||||
The Company recorded $571 and $3,665 of restructuring and related charges during the three and nine month periods ended June 29, 2014, respectively, and $2,342 and $5,023 of restructuring and related charges during the three and nine month periods ended June 30, 2013, respectively, related to initiatives implemented by the HHI Business prior to the Company's acquisition on December 17, 2012. | ||||||||||||||||
In connection with other restructuring efforts, the Company recorded $(17) and $(50) of pretax restructuring and related credits during the three and nine month periods ended June 29, 2014, respectively, and $46 and $210 of pretax restructuring and related charges during the three and nine month periods ended June 30, 2013, respectively. | ||||||||||||||||
Commitments_And_Contingencies
Commitments And Contingencies | 9 Months Ended |
Jun. 29, 2014 | |
Commitments and Contingencies [Abstract] | ' |
Commitments And Contingencies | ' |
14 COMMITMENTS AND CONTINGENCIES | |
The Company has provided for the estimated costs associated with environmental remediation activities at some of its current and former manufacturing sites. The Company believes that any additional liability which may result from resolution of these matters in excess of the amounts provided of approximately $4,675 will not have a material adverse effect on the financial condition, results of operations or cash flows of the Company. | |
The Company is a defendant in various matters of litigation generally arising out of the ordinary course of business. The Company does not believe that the resolution of any such matters or proceedings presently pending will have a material adverse effect on its results of operations, financial condition, liquidity or cash flows. | |
Acquisitions
Acquisitions | 9 Months Ended | ||||||||||||
Jun. 29, 2014 | |||||||||||||
Acquisitions [Abstract] | ' | ||||||||||||
Acquisitions | ' | ||||||||||||
15 ACQUISITIONS | |||||||||||||
In accordance with ASC Topic 805, “Business Combinations” (“ASC 805”), the Company accounts for acquisitions by applying the acquisition method of accounting. The acquisition method of accounting requires, among other things, that the assets acquired and liabilities assumed in a business combination be measured at their fair values as of the closing date of the acquisition. | |||||||||||||
HHI Business | |||||||||||||
On December 17, 2012, the Company completed the cash acquisition of the HHI Business from Stanley Black & Decker. A portion of the HHI Business, consisting of the purchase of the TLM Business, closed on April 8, 2013. | |||||||||||||
Supplemental Pro Forma Information | |||||||||||||
The following reflects the Company's pro forma results had the results of the HHI Business been included for all periods presented. | |||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||
Net sales: | |||||||||||||
Reported Net sales | $ | 1,128,509 | $ | 1,089,825 | $ | 3,250,797 | $ | 2,947,849 | |||||
HHI Business adjustment (1) | — | — | — | 191,777 | |||||||||
Pro forma Net sales | $ | 1,128,509 | $ | 1,089,825 | $ | 3,250,797 | $ | 3,139,626 | |||||
Net income (loss): | |||||||||||||
Reported Net income (loss) (2) (3) | $ | 78,094 | $ | 36,389 | $ | 166,396 | $ | -18,469 | |||||
HHI Business adjustment (1) | — | — | — | 4,942 | |||||||||
Pro forma Net income (loss) | $ | 78,094 | $ | 36,389 | $ | 166,396 | $ | -13,527 | |||||
Basic income (loss) per share: | |||||||||||||
Reported Basic income (loss) per share | $ | 1.48 | $ | 0.69 | $ | 3.16 | $ | -0.36 | |||||
HHI Business adjustment (1) | — | — | — | 0.10 | |||||||||
Pro forma Basic income (loss) per share | $ | 1.48 | $ | 0.69 | $ | 3.16 | $ | -0.26 | |||||
Diluted income (loss) per share (4): | |||||||||||||
Reported Diluted income (loss) per share | $ | 1.47 | $ | 0.69 | $ | 3.14 | $ | -0.36 | |||||
HHI Business adjustment (1) | — | — | — | 0.10 | |||||||||
Pro forma Diluted income (loss) per share | $ | 1.47 | $ | 0.69 | $ | 3.14 | $ | -0.26 | |||||
-1 | The results related to the HHI Business adjustment do not include the TLM Business as stand-alone financial data is not available for the periods presented. The TLM Business is not deemed material to the operating results of the Company. | ||||||||||||
-2 | Included in Reported Net income (loss) for the three and nine month periods ended June 30, 2013, are adjustments of $3,359 and $49,291, respectively, to record the income tax benefit resulting from the reversal of U.S. valuation allowances on deferred tax assets as a result of the HHI Business acquisition. For information pertaining to the income tax benefit, see Note 11, “Income Taxes.” | ||||||||||||
-3 | Included in Reported Net income for the three and nine month periods ended June 29, 2014, is $3,327 and $11,176, respectively, of Acquisition and integration related charges as a result of the HHI Business acquisition. Included in Reported Net income (loss) for the three and nine month periods ended June 30, 2013, is $6,291 and $31,045, respectively, of Acquisition and integration related charges as a result of the HHI Business acquisition. For information pertaining to Acquisition and integration related charges, see Note 2, “Significant Accounting Policies - Acquisition and Integration Related Charges.” | ||||||||||||
-4 | For the nine month periods ended June 30, 2013, the Company has not assumed the exercise of common stock equivalents as the impact would be antidilutive due to the loss reported. | ||||||||||||
Liquid Fence | |||||||||||||
On January 2, 2014, the Company completed the acquisition of Liquid Fence, a producer of animal repellents. The preliminary value of the consideration given in this acquisition, net of working capital adjustments, was $35,845 and is not significant individually. | |||||||||||||
The following table summarizes the consideration paid for Liquid Fence: | |||||||||||||
Cash paid to seller at close | $ | 24,800 | |||||||||||
Promissory note due to seller | 9,500 | ||||||||||||
Contingent consideration | 1,500 | ||||||||||||
Preliminary working capital adjustment | 45 | ||||||||||||
Preliminary purchase price | $ | 35,845 | |||||||||||
The promissory note will be paid in four semi-annual installments over 24 months from the close of the transaction. | |||||||||||||
The results of Liquid Fence's operations since January 2, 2014 are included in the Company’s Condensed Consolidated Statements of Operations (Unaudited) and are reported as part of the Home and Garden segment. | |||||||||||||
Preliminary Valuation of Assets and Liabilities | |||||||||||||
The assets acquired and liabilities assumed in the Liquid Fence acquisition have been measured at their fair values at January 2, 2014 as set forth below. The excess of the purchase price over the fair values of the net tangible assets and identifiable intangible assets was recorded as goodwill, which includes value associated with the assembled workforce including an experienced research team, and is expected to be deductible for income tax purposes. The preliminary fair values recorded were determined based upon a valuation and the estimates and assumptions used in such valuation are subject to change, which could be significant, within the measurement period (up to one year from the acquisition date). The primary areas of acquisition accounting that are not yet finalized relate to amounts for intangible assets, contingent liabilities and residual goodwill. | |||||||||||||
The preliminary fair values recorded for the assets acquired and liabilities assumed for Liquid Fence are as follows: | |||||||||||||
Cash | $ | 46 | |||||||||||
Accounts receivable | 1,152 | ||||||||||||
Inventories | 2,188 | ||||||||||||
Property, plant and equipment, net | 59 | ||||||||||||
Intangible assets | 26,900 | ||||||||||||
Total assets acquired | $ | 30,345 | |||||||||||
Total liabilities assumed | 1,588 | ||||||||||||
Total identifiable net assets less goodwill | 28,757 | ||||||||||||
Goodwill | 7,088 | ||||||||||||
Total identifiable net assets | $ | 35,845 | |||||||||||
Preliminary Pre-Acquisition Contingencies Assumed | |||||||||||||
The Company has evaluated and continues to evaluate pre-acquisition contingencies relating to Liquid Fence that existed as of the acquisition date. Based on the evaluation to date, the Company has preliminarily determined that certain pre-acquisition contingencies are probable in nature and estimable as of the acquisition date. Accordingly, the Company has preliminarily recorded its best estimates for these contingencies as part of the preliminary purchase accounting for Liquid Fence. The Company continues to gather information relating to all pre-acquisition contingencies that it has assumed from Liquid Fence. Any changes to the pre-acquisition contingency amounts recorded during the measurement period will be included in the final valuation and related amounts recognized. Subsequent to the end of the measurement period, any adjustments to pre-acquisition contingency amounts will be reflected in the Company's results of operations. | |||||||||||||
Preliminary Valuation Adjustments | |||||||||||||
The Company performed a preliminary valuation of the acquired trade names, proprietary technology assets, customer relationships and a contingent earn-out liability at January 2, 2014. A summary of the significant key inputs is as follows: | |||||||||||||
· | The Company valued the technology assets related to formulas and processes using the income approach, specifically the excess earnings method. Under this method, the asset value was determined by estimating the earnings attributable to the technology assets, adjusted for contributory asset charges. In estimating the fair value of the technology, Net sales and associated earnings were forecasted and adjusted for a technical obsolescence factor to isolate the forecasted sales and earnings attributable to the acquired technology assets. The forecasted technology earnings were discounted to present value to arrive at the concluded fair value. The Company anticipates using the technology asset over a useful life of 17 years which is generally determined by assessing the time period in which substantially all of the discounted cash flows are expected to be generated. The technology asset was valued at approximately $20,500 under this approach. | ||||||||||||
· | The Company valued an indefinite-lived trade name using the income approach, specifically the relief from royalty method. Under this method, the asset value was determined by estimating the hypothetical royalties that would have to be paid if the trade name was not owned. Royalty rates were selected based on consideration of several factors, including prior transactions of Liquid Fence, related trademarks and trade names, other similar trademark licensing and transaction agreements and the relative profitability and perceived contribution of the trademarks and trade names. Trade name and trademarks were valued at $5,100 under this approach. | ||||||||||||
· | The Company valued customer relationships using the distributor approach. Under this method, the asset value was determined by estimating the hypothetical earnings before interest and taxes ("EBIT") that a comparable distributor would earn, further adjusted for contributory asset charges. In determining the fair value of the customer relationships, the distributor approach values the intangible asset at the present value of the incremental after-tax cash flows. The customer relationships were valued at $1,300 under this approach and will be amortized over 15 years. | ||||||||||||
· | The Company valued a contingent liability related to additional payments that may be made to the selling company. This liability was calculated based on the probability weighted present value of expected payments. This contingent liability is based on the achievement of specific revenue milestones through both January 31, 2015 and January 31, 2016. The contingent liability was valued at $1,500 under this approach. | ||||||||||||
New_Accounting_Pronouncements
New Accounting Pronouncements | 9 Months Ended |
Jun. 29, 2014 | |
New Accounting Pronouncements [Abstract] | ' |
New Accounting Pronouncements | ' |
16 NEW ACCOUNTING PRONOUNCEMENTS | |
Revenue recognition | |
In May 2014, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Topic 606), which supersedes the revenue recognition requirements in ASC 605, Revenue Recognition. This ASU requires revenue recognition to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The new revenue recognition model requires identifying the contract, identifying the performance obligations, determining the transaction price, allocating the transaction price to performance obligations and recognizing the revenue upon satisfaction of performance obligations. This ASU also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments, and assets recognized from costs incurred to obtain or fulfill a contract. This ASU can be applied either retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially applying the update recognized at the date of the initial application along with additional disclosures. This ASU will become effective for the Company beginning in the first quarter of its fiscal year ending September 30, 2018. The Company has not selected a method for adoption nor determined the potential effects on our consolidated financial statements. | |
Presentation of Unrecognized Tax Benefit | |
In July 2013, the Financial Accounting Standards Board issued new accounting guidance which requires entities to present unrecognized tax benefits as a reduction of a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward, except to the extent the net operating loss carryforwards or tax credit carryforwards are not available to be used at the reporting date to settle additional income taxes, and the entity does not intend to use them for this purpose. The new accounting guidance is consistent with how the Company has historically presented unrecognized tax benefits in its Consolidated Statements of Financial Position, and therefore, the Company does not expect this guidance to have a significant impact on its consolidated financial statements | |
Significant_Accounting_Policie1
Significant Accounting Policies (Policies) | 9 Months Ended | ||||||||||||
Jun. 29, 2014 | |||||||||||||
Significant Accounting Policies [Abstract] | ' | ||||||||||||
Basis of Presentation | ' | ||||||||||||
Basis of Presentation: The condensed consolidated financial statements include the accounts of SB Holdings and its subsidiaries and are prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”). All intercompany transactions have been eliminated. | |||||||||||||
These condensed consolidated financial statements have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC") and, in the opinion of the Company, include all adjustments (which are normal and recurring in nature) necessary to present fairly the financial position of the Company at June 29, 2014, the results of operations for the three and nine month periods ended June 29, 2014 and June 30, 2013, the comprehensive income (loss) for the three and nine month periods ended June 29, 2014 and June 30, 2013 and the cash flows for the nine month periods ended June 29, 2014 and June 30, 2013. Certain information and note disclosures normally included in consolidated financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such SEC rules and regulations. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2013 | |||||||||||||
Use of Estimates | ' | ||||||||||||
Use of Estimates: The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |||||||||||||
Intangible Assets | ' | ||||||||||||
Intangible Assets: Intangible assets are recorded at cost or at fair value if acquired in a purchase business combination. Customer relationships and proprietary technology intangibles are amortized, using the straight-line method, over their estimated useful lives. Excess of cost over fair value of net assets acquired (goodwill) and indefinite lived trade name intangibles are not amortized. Accounting Standards Codification (“ASC”) Topic 350: “Intangibles-Goodwill and Other,” requires that goodwill and indefinite-lived intangible assets be tested for impairment annually, or more often if an event or circumstance indicates that an impairment loss may have been incurred. Goodwill is tested for impairment at the reporting unit level, with such groupings being consistent with the Company’s reportable segments. If an impairment is indicated, a write-down to fair value (normally measured by discounting estimated future cash flows) is recorded. Indefinite lived trade name intangibles are tested for impairment at least annually by comparing the fair value with the carrying value. Any excess of carrying value over fair value is recognized as an impairment loss in income from operations. | |||||||||||||
The Company’s annual impairment testing is completed at the August financial period end. Management uses its judgment in assessing whether assets may have become impaired between annual impairment tests. Indicators such as unexpected adverse business conditions, economic factors, unanticipated technological change or competitive activities, loss of key personnel, and acts by governments and courts may signal that an asset has become impaired. | |||||||||||||
Shipping and Handling Costs | ' | ||||||||||||
Shipping and Handling Costs: The Company incurred shipping and handling costs of $66,195 and $194,530 for the three and nine month periods ended June 29, 2014, respectively, and $67,023 and $183,050 for the three and nine month periods ended June 30, 2013, respectively. These costs are included in Selling expenses in the accompanying Condensed Consolidated Statements of Operations (Unaudited). Shipping and handling costs include costs incurred with third-party carriers to transport products to customers as well as salaries and overhead costs related to activities to prepare the Company’s products for shipment from its distribution facilities. | |||||||||||||
Concentration of Credit Risk | ' | ||||||||||||
Concentrations of Credit Risk: Trade receivables subject the Company to credit risk. Trade accounts receivable are carried at net realizable value. The Company extends credit to its customers based upon an evaluation of the customer’s financial condition and credit history, and generally does not require collateral. The Company monitors its customers’ credit and financial condition based on changing economic conditions and makes adjustments to credit policies as required. Provisions for losses on uncollectible trade receivables are determined based on ongoing evaluations of the Company’s receivables, principally on the basis of historical collection experience and evaluations of the risks of nonpayment for a given customer. | |||||||||||||
The Company has a broad range of customers including many large retail outlet chains, two of which account for a significant percentage of its sales volume. The first customer represented approximately 15% and 16% of the Company’s Net sales during the three and nine month periods ended June 29, 2014, and 17% and 18% of the Company’s Net sales during the three and nine month periods ended June 30, 2013, respectively. The second customer represented approximately 10% and 9% of the Company’s Net sales during the three and nine month periods ended June 29, 2014, and 10% and 7% of the Company’s Net sales during the three and nine month periods ended June 30, 2013, respectively. The first customer represented approximately 11% of the Company’s Trade accounts receivable, net at both June 29, 2014 and September 30, 2013, respectively. The second customer represented 15% and 14% of the Company’s Trade accounts receivable, net at June 29, 2014 and September 30, 2013, respectively. | |||||||||||||
Approximately 37% and 41% of the Company’s Net sales during the three and nine month periods ended June 29, 2014, respectively, and 37% and 41% of the Company’s Net sales during the three and nine month periods ended June 30, 2013, respectively, occurred outside the U.S. These sales and related receivables are subject to varying degrees of credit, currency, political and economic risk. The Company monitors these risks and makes appropriate provisions for collectability based on an assessment of the risks present. | |||||||||||||
Stock-Based Compensation | ' | ||||||||||||
Stock-Based Compensation: The Company measures the cost of its stock-based compensation plans based on the fair value of its employee stock awards and recognizes these costs over the requisite service period of the awards. | |||||||||||||
Total stock compensation expense associated with restricted stock units recognized by the Company during the three and nine month periods ended June 29, 2014 was $9,612 and $27,543, respectively. Total stock compensation expense associated with restricted stock units recognized by the Company during the three and nine month periods ended June 30, 2013 was $17,807 and $32,566, respectively. | |||||||||||||
The Company granted approximately 6 and 442 restricted stock units during the three and nine month periods ended June 29, 2014, respectively. The 442 restricted stock units granted during the nine months ended June 29, 2014 include 91 restricted stock units that vested immediately and 58 time-based restricted stock units that vest over a one year period. The remaining 293 restricted stock units are performance and time-based that vest over a two year period. The total market value of the restricted stock units on the dates of the grants was approximately $30,593. | |||||||||||||
The Company granted approximately 30 and 666 restricted stock units during the three and nine month periods ended June 30, 2013, respectively. The 666 restricted stock units granted during the nine months ended June 30, 2013 include 22 time-based restricted stock units that vest over a one year period. Of the remaining 644 restricted stock units, 90 are performance-based that vest over a one year period and 554 restricted stock units are performance and time-based that vest over a two year period. The total market value of the restricted stock units on the dates of the grants was approximately $30,189. | |||||||||||||
The fair value of restricted stock units is determined based on the market price of the Company’s shares of common stock on the grant date. A summary of the activity in the Company’s non-vested restricted stock units during the nine months ended June 29, 2014 is as follows: | |||||||||||||
Weighted | |||||||||||||
Average | Fair Value | ||||||||||||
Grant Date | at Grant | ||||||||||||
Restricted Stock Units | Shares | Fair Value | Date | ||||||||||
Non-vested restricted stock units at September 30, 2013 | 1,118 | $ | 39.11 | $ | 43,723 | ||||||||
Granted | 442 | 69.21 | 30,593 | ||||||||||
Vested | -949 | 39.65 | -37,629 | ||||||||||
Non-vested restricted stock units at June 29, 2014 | 611 | $ | 60.04 | $ | 36,687 | ||||||||
Acquisition and Integration Related Charges | ' | ||||||||||||
Acquisition and Integration Related Charges: Acquisition and integration related charges reflected in Operating expenses in the accompanying Condensed Consolidated Statements of Operations (Unaudited) include, but are not limited to, transaction costs such as banking, legal, accounting and other professional fees directly related to acquisitions, termination and related costs for transitional and certain other employees, integration related professional fees and other post business combination expenses associated with mergers and acquisitions. | |||||||||||||
The following table summarizes acquisition and integration related charges incurred by the Company during the three and nine month periods ended June 29, 2014 and June 30, 2013: | |||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||
Russell Hobbs | |||||||||||||
Integration costs | $ | — | $ | 695 | $ | — | $ | 2,630 | |||||
Employee termination charges | — | -35 | — | 224 | |||||||||
Legal and professional fees | — | -78 | — | 12 | |||||||||
Russell Hobbs Acquisition and integration related charges | $ | — | $ | 582 | $ | — | $ | 2,866 | |||||
HHI Business | |||||||||||||
Legal and professional fees | 222 | 4,663 | 1,912 | 25,650 | |||||||||
Integration costs | 3,105 | 1,615 | 9,283 | 5,292 | |||||||||
Employee termination charges (credits) | — | 13 | -19 | 103 | |||||||||
HHI Business Acquisition and integration related charges | $ | 3,327 | $ | 6,291 | $ | 11,176 | $ | 31,045 | |||||
Liquid Fence | 692 | — | 2,397 | — | |||||||||
Shaser | 224 | 161 | 801 | 4,534 | |||||||||
FURminator | 1 | 372 | 53 | 1,605 | |||||||||
Black Flag | — | 52 | — | 90 | |||||||||
(Credits) Other | -1,573 | 289 | 28 | 418 | |||||||||
Total Acquisition and integration related charges | $ | 2,671 | $ | 7,747 | $ | 14,455 | $ | 40,558 | |||||
Significant_Accounting_Policie2
Significant Accounting Policies (Tables) | 9 Months Ended | ||||||||||||
Jun. 29, 2014 | |||||||||||||
Significant Accounting Policies [Abstract] | ' | ||||||||||||
Schedule of Restricted Stock Units | ' | ||||||||||||
Weighted | |||||||||||||
Average | Fair Value | ||||||||||||
Grant Date | at Grant | ||||||||||||
Restricted Stock Units | Shares | Fair Value | Date | ||||||||||
Non-vested restricted stock units at September 30, 2013 | 1,118 | $ | 39.11 | $ | 43,723 | ||||||||
Granted | 442 | 69.21 | 30,593 | ||||||||||
Vested | -949 | 39.65 | -37,629 | ||||||||||
Non-vested restricted stock units at June 29, 2014 | 611 | $ | 60.04 | $ | 36,687 | ||||||||
Summarized Acquisition and Integration Related Charges | ' | ||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||
Russell Hobbs | |||||||||||||
Integration costs | $ | — | $ | 695 | $ | — | $ | 2,630 | |||||
Employee termination charges | — | -35 | — | 224 | |||||||||
Legal and professional fees | — | -78 | — | 12 | |||||||||
Russell Hobbs Acquisition and integration related charges | $ | — | $ | 582 | $ | — | $ | 2,866 | |||||
HHI Business | |||||||||||||
Legal and professional fees | 222 | 4,663 | 1,912 | 25,650 | |||||||||
Integration costs | 3,105 | 1,615 | 9,283 | 5,292 | |||||||||
Employee termination charges (credits) | — | 13 | -19 | 103 | |||||||||
HHI Business Acquisition and integration related charges | $ | 3,327 | $ | 6,291 | $ | 11,176 | $ | 31,045 | |||||
Liquid Fence | 692 | — | 2,397 | — | |||||||||
Shaser | 224 | 161 | 801 | 4,534 | |||||||||
FURminator | 1 | 372 | 53 | 1,605 | |||||||||
Black Flag | — | 52 | — | 90 | |||||||||
(Credits) Other | -1,573 | 289 | 28 | 418 | |||||||||
Total Acquisition and integration related charges | $ | 2,671 | $ | 7,747 | $ | 14,455 | $ | 40,558 | |||||
Comprehensive_Income_Loss_Tabl
Comprehensive Income (Loss) (Tables) | 9 Months Ended | ||||||||||||
Jun. 29, 2014 | |||||||||||||
Comprehensive Income (Loss) [Abstract] | ' | ||||||||||||
Schedule Of Comprehensive Income (Loss) | ' | ||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||
Foreign Currency Translation Adjustments: | |||||||||||||
Net change after reclassification adjustment | $ | 8,444 | $ | -7,830 | $ | 5,594 | $ | -25,385 | |||||
Deferred tax effect | — | — | — | — | |||||||||
Deferred tax valuation allowance | — | — | — | — | |||||||||
Other Comprehensive Income (Loss) | 8,444 | -7,830 | 5,594 | -25,385 | |||||||||
Noncontrolling interest | 8 | — | 236 | — | |||||||||
Comprehensive income (loss) attributable to controlling interest | $ | 8,436 | $ | -7,830 | $ | 5,358 | $ | -25,385 | |||||
Derivative Hedging Instruments: | |||||||||||||
Gross change before reclassification adjustment | $ | -3,002 | $ | 3,193 | $ | -3,919 | $ | 4,595 | |||||
Net reclassification adjustment for (gains) losses included in earnings | 1,273 | -507 | 2,156 | -80 | |||||||||
Gross change after reclassification adjustment | -1,729 | 2,686 | -1,763 | 4,515 | |||||||||
Deferred tax effect | 332 | -450 | 220 | -1,566 | |||||||||
Deferred tax valuation allowance | -88 | -456 | -52 | -91 | |||||||||
Other Comprehensive Income (Loss) | $ | -1,485 | $ | 1,780 | $ | -1,595 | $ | 2,858 | |||||
Defined Benefit Pension Plans: | |||||||||||||
Gross change before reclassification adjustment | $ | 175 | $ | -575 | $ | -416 | $ | -2,164 | |||||
Net reclassification adjustment for losses included in Cost of goods sold | 153 | 326 | 460 | 979 | |||||||||
Net reclassification adjustment for losses included in Selling expenses | 78 | 41 | 234 | 122 | |||||||||
Net reclassification adjustment for losses included in General and administrative expenses | 156 | 152 | 467 | 456 | |||||||||
Gross change after reclassification adjustment | 562 | -56 | 745 | -607 | |||||||||
Deferred tax effect | -146 | -38 | -220 | 205 | |||||||||
Deferred tax valuation allowance | — | 42 | — | 54 | |||||||||
Other Comprehensive Income (Loss) | $ | 416 | $ | -52 | $ | 525 | $ | -348 | |||||
Total Other Comprehensive Income (Loss), net of tax | $ | 7,367 | $ | -6,102 | $ | 4,288 | $ | -22,875 | |||||
Net_Income_Loss_Per_Common_Sha1
Net Income (Loss) Per Common Share (Tables) | 9 Months Ended | ||||||||
Jun. 29, 2014 | |||||||||
Net Income (Loss) Per Common Share [Abstract] | ' | ||||||||
Schedule of Net Income (Loss) Per Common Share | ' | ||||||||
Three Months Ended | Nine Months Ended | ||||||||
2014 | 2013 | 2014 | 2013 | ||||||
Basic | 52,710 | 52,136 | 52,608 | 51,992 | |||||
Effect of common stock equivalents | 300 | 565 | 300 | — | |||||
Diluted | 53,010 | 52,701 | 52,908 | 51,992 | |||||
Inventories_Tables
Inventories (Tables) | 9 Months Ended | ||||||
Jun. 29, 2014 | |||||||
Inventories [Abstract] | ' | ||||||
Schedule of Inventories | ' | ||||||
29-Jun-14 | 30-Sep-13 | ||||||
Raw materials | $ | 123,790 | $ | 97,290 | |||
Work-in-process | 45,613 | 40,626 | |||||
Finished goods | 565,420 | 495,007 | |||||
$ | 734,823 | $ | 632,923 | ||||
Goodwill_And_Intangible_Assets1
Goodwill And Intangible Assets (Tables) | 9 Months Ended | |||||||||||||||
Jun. 29, 2014 | ||||||||||||||||
Goodwill And Intangible Assets [Abstract] | ' | |||||||||||||||
Schedule of Goodwill and Intangible Assets | ' | |||||||||||||||
Global | Hardware & | |||||||||||||||
Batteries & | Home | Global Pet | Home and | |||||||||||||
Appliances | Improvement | Supplies | Garden | Total | ||||||||||||
Goodwill: | ||||||||||||||||
Balance at September 30, 2013 | $ | 333,500 | $ | 714,724 | $ | 239,077 | $ | 189,371 | $ | 1,476,672 | ||||||
Additions | — | 3,460 | — | 7,088 | 10,548 | |||||||||||
Effect of translation | 1,520 | -4,488 | 184 | — | -2,784 | |||||||||||
Balance at June 29, 2014 | $ | 335,020 | $ | 713,696 | $ | 239,261 | $ | 196,459 | $ | 1,484,436 | ||||||
Intangible Assets: | ||||||||||||||||
Trade Names Not Subject to Amortization | ||||||||||||||||
Balance at September 30, 2013 | $ | 547,353 | $ | 330,771 | $ | 216,426 | $ | 83,500 | $ | 1,178,050 | ||||||
Additions | — | — | — | 5,100 | 5,100 | |||||||||||
Effect of translation | 5,259 | 74 | 626 | — | 5,959 | |||||||||||
Balance at June 29, 2014 | $ | 552,612 | $ | 330,845 | $ | 217,052 | $ | 88,600 | $ | 1,189,109 | ||||||
Intangible Assets Subject to Amortization | ||||||||||||||||
Balance at September 30, 2013, net | $ | 440,776 | 146,461 | $ | 245,227 | $ | 152,652 | $ | 985,116 | |||||||
Additions | — | — | 238 | 21,800 | 22,038 | |||||||||||
Amortization during period | -26,262 | -11,069 | -16,183 | -7,719 | -61,233 | |||||||||||
Effect of translation | 1,440 | -505 | 201 | — | 1,136 | |||||||||||
Balance at June 29, 2014, net | $ | 415,954 | $ | 134,887 | $ | 229,483 | $ | 166,733 | $ | 947,057 | ||||||
Total Intangible Assets, net at June 29, 2014 | $ | 968,566 | $ | 465,732 | $ | 446,535 | $ | 255,333 | $ | 2,136,166 | ||||||
Schedule of Carrying Value and Accumulated Amortization for Intangible Assets Subject to Amortization | ' | |||||||||||||||
29-Jun-14 | 30-Sep-13 | |||||||||||||||
Technology Assets Subject to Amortization: | ||||||||||||||||
Gross balance | $ | 192,180 | $ | 172,105 | ||||||||||||
Accumulated amortization | -52,866 | -39,028 | ||||||||||||||
Carrying value, net | $ | 139,314 | $ | 133,077 | ||||||||||||
Trade Names Subject to Amortization: | ||||||||||||||||
Gross balance | $ | 171,404 | $ | 171,572 | ||||||||||||
Accumulated amortization | -56,966 | -44,660 | ||||||||||||||
Carrying value, net | $ | 114,438 | $ | 126,912 | ||||||||||||
Customer Relationships Subject to Amortization: | ||||||||||||||||
Gross balance | $ | 889,624 | $ | 885,895 | ||||||||||||
Accumulated amortization | -196,319 | -160,768 | ||||||||||||||
Carrying value, net | $ | 693,305 | $ | 725,127 | ||||||||||||
Total Intangible Assets, net Subject to Amortization | $ | 947,057 | $ | 985,116 | ||||||||||||
Amortization Expense | ' | |||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Proprietary technology amortization | $ | 4,707 | $ | 4,470 | $ | 13,850 | $ | 12,009 | ||||||||
Trade names amortization | 4,112 | 4,264 | 12,336 | 12,162 | ||||||||||||
Customer relationships amortization | 11,713 | 11,611 | 35,047 | 33,331 | ||||||||||||
$ | 20,532 | $ | 20,345 | $ | 61,233 | $ | 57,502 | |||||||||
Debt_Tables
Debt (Tables) | 9 Months Ended | ||||||||||||
Jun. 29, 2014 | |||||||||||||
Debt [Abstract] | ' | ||||||||||||
Schedule Of Debt | ' | ||||||||||||
29-Jun-14 | 30-Sep-13 | ||||||||||||
Amount | Rate | Amount | Rate | ||||||||||
Term Loan, due September 4, 2017 (Tranche A) | $ | 818,125 | 3.0 | % | $ | 850,000 | 3.0 | % | |||||
Term Loan, due September 4, 2019 (Tranche C) | 512,425 | 3.6 | % | 300,000 | 3.6 | % | |||||||
CAD Term Loan, due December 17, 2019 | 59,361 | 5.1 | % | 81,397 | 5.1 | % | |||||||
Term Loan, due December 17, 2019 (Tranche B) | — | — | % | 513,312 | 4.6 | % | |||||||
Euro Term Loan, due September 4, 2019 | 305,482 | 3.8 | % | — | — | % | |||||||
6.375% Notes, due November 15, 2020 | 520,000 | 6.4 | % | 520,000 | 6.4 | % | |||||||
6.625% Notes, due November 15, 2022 | 570,000 | 6.6 | % | 570,000 | 6.6 | % | |||||||
6.75% Notes, due March 15, 2020 | 300,000 | 6.8 | % | 300,000 | 6.8 | % | |||||||
ABL Facility, expiring May 24, 2017 | 110,000 | 2.0 | % | — | 5.7 | % | |||||||
Other notes and obligations | 52,112 | 8.3 | % | 28,468 | 8.5 | % | |||||||
Capitalized lease obligations | 96,579 | 6.1 | % | 67,402 | 6.2 | % | |||||||
$ | 3,344,084 | $ | 3,230,579 | ||||||||||
Original issuance discounts on debt | -7,475 | -11,716 | |||||||||||
Less: current maturities | -121,509 | -102,921 | |||||||||||
Long-term debt | $ | 3,215,100 | $ | 3,115,942 | |||||||||
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 9 Months Ended | |||||||||||||
Jun. 29, 2014 | ||||||||||||||
Derivative Financial Instruments [Abstract] | ' | |||||||||||||
Fair Value of Outstanding Derivative Contracts Recorded as Assets and Liabilities in the Condensed Consolidated Statements of Financial Position | ' | |||||||||||||
Asset Derivatives | 29-Jun-14 | 30-Sep-13 | ||||||||||||
Derivatives designated as hedging instruments under ASC 815: | ||||||||||||||
Commodity contracts | Receivables—Other | $ | 1,350 | $ | 416 | |||||||||
Commodity contracts | Deferred charges and other | — | 3 | |||||||||||
Foreign exchange contracts | Receivables—Other | 656 | 1,719 | |||||||||||
Foreign exchange contracts | Deferred charges and other | 95 | — | |||||||||||
Total asset derivatives designated as hedging instruments under ASC 815 | 2,101 | 2,138 | ||||||||||||
Derivatives not designated as hedging instruments under ASC 815: | ||||||||||||||
Commodity contracts | Receivables—Other | 54 | — | |||||||||||
Foreign exchange contracts | Receivables—Other | 167 | 143 | |||||||||||
Total asset derivatives | $ | 2,322 | $ | 2,281 | ||||||||||
The fair value of the Company’s outstanding derivative contracts recorded as liabilities in the accompanying Condensed Consolidated Statements of Financial Position (Unaudited) are as follows: | ||||||||||||||
Liability Derivatives | 29-Jun-14 | 30-Sep-13 | ||||||||||||
Derivatives designated as hedging instruments under ASC 815: | ||||||||||||||
Interest rate contracts | Other current liabilities | $ | 1,416 | $ | — | |||||||||
Interest rate contracts | Accrued interest | 430 | — | |||||||||||
Interest rate contracts | Other long-term liabilities | 57 | — | |||||||||||
Commodity contracts | Accounts payable | 5 | 450 | |||||||||||
Foreign exchange contracts | Accounts payable | 4,964 | 4,577 | |||||||||||
Foreign exchange contracts | Other long-term liabilities | 341 | 65 | |||||||||||
Total liability derivatives designated as hedging instruments under ASC 815 | $ | 7,213 | $ | 5,092 | ||||||||||
Derivatives not designated as hedging instruments under ASC 815: | ||||||||||||||
Commodity contract | Accounts payable | $ | — | $ | 55 | |||||||||
Foreign exchange contracts | Accounts payable | 303 | 5,323 | |||||||||||
Total liability derivatives | $ | 7,516 | $ | 10,470 | ||||||||||
Summarized Impact of Derivative Instruments on the Condensed Consolidated Statement of Operations | ' | |||||||||||||
Location of | ||||||||||||||
Gain (Loss) | ||||||||||||||
Recognized in | Amount of | |||||||||||||
Income on | Gain (Loss) | |||||||||||||
Derivatives | Recognized in | |||||||||||||
Amount of | Location of | (Ineffective | Income on | |||||||||||
Gain (Loss) | Gain (Loss) | Amount of | Portion and | Derivatives | ||||||||||
Recognized in | Reclassified from | Gain (Loss) | Amount | (Ineffective Portion | ||||||||||
AOCI on | AOCI into | Reclassified from | Excluded from | and Amount | ||||||||||
Derivatives in ASC 815 Cash Flow | Derivatives | Income | AOCI into Income | Effectiveness | Excluded from | |||||||||
Hedging Relationships | (Effective Portion) | (Effective Portion) | (Effective Portion) | Testing) | Effectiveness Testing) | |||||||||
Commodity contracts | $ | 1,342 | Cost of goods sold | $ | 120 | Cost of goods sold | $ | 35 | ||||||
Interest rate contracts | -1,903 | Interest expense | -430 | Interest expense | — | |||||||||
Foreign exchange contracts | -9 | Net sales | 58 | Net sales | — | |||||||||
Foreign exchange contracts | -2,432 | Cost of goods sold | -1,021 | Cost of goods sold | — | |||||||||
Total | $ | -3,002 | $ | -1,273 | $ | 35 | ||||||||
The following table summarizes the impact of derivative instruments on the accompanying Condensed Consolidated Statement of Operations (Unaudited) for the nine month period ended June 29, 2014, pretax: | ||||||||||||||
Location of | ||||||||||||||
Gain (Loss) | ||||||||||||||
Recognized in | Amount of | |||||||||||||
Income on | Gain (Loss) | |||||||||||||
Derivatives | Recognized in | |||||||||||||
Amount of | Location of | (Ineffective | Income on | |||||||||||
Gain (Loss) | Gain (Loss) | Amount of | Portion and | Derivatives | ||||||||||
Recognized in | Reclassified from | Gain (Loss) | Amount | (Ineffective Portion | ||||||||||
AOCI on | AOCI into | Reclassified from | Excluded from | and Amount | ||||||||||
Derivatives in ASC 815 Cash Flow | Derivatives | Income | AOCI into Income | Effectiveness | Excluded from | |||||||||
Hedging Relationships | (Effective Portion) | (Effective Portion) | (Effective Portion) | Testing) | Effectiveness Testing) | |||||||||
Commodity contracts | $ | 1,411 | Cost of goods sold | $ | 72 | Cost of goods sold | $ | 35 | ||||||
Interest rate contracts | -1,903 | Interest expense | -430 | Interest expense | — | |||||||||
Foreign exchange contracts | 138 | Net sales | 179 | Net sales | — | |||||||||
Foreign exchange contracts | -3,565 | Cost of goods sold | -1,977 | Cost of goods sold | — | |||||||||
Total | $ | -3,919 | $ | -2,156 | $ | 35 | ||||||||
The following table summarizes the impact of derivative instruments on the accompanying Condensed Consolidated Statement of Operations (Unaudited) for the three month period ended June 30, 2013, pretax: | ||||||||||||||
Location of | ||||||||||||||
Gain (Loss) | ||||||||||||||
Recognized in | Amount of | |||||||||||||
Income on | Gain (Loss) | |||||||||||||
Derivatives | Recognized in | |||||||||||||
Amount of | Location of | (Ineffective | Income on | |||||||||||
Gain (Loss) | Gain (Loss) | Amount of | Portion and | Derivatives | ||||||||||
Recognized in | Reclassified from | Gain (Loss) | Amount | (Ineffective Portion | ||||||||||
AOCI on | AOCI into | Reclassified from | Excluded from | and Amount | ||||||||||
Derivatives in ASC 815 Cash Flow | Derivatives | Income | AOCI into Income | Effectiveness | Excluded from | |||||||||
Hedging Relationships | (Effective Portion) | (Effective Portion) | (Effective Portion) | Testing) | Effectiveness Testing) | |||||||||
Commodity contracts | $ | -930 | Cost of goods sold | $ | -321 | Cost of goods sold | $ | 11 | ||||||
Foreign exchange contracts | 89 | Net sales | 313 | Net sales | — | |||||||||
Foreign exchange contracts | 4,034 | Cost of goods sold | 515 | Cost of goods sold | — | |||||||||
Total | $ | 3,193 | $ | 507 | $ | 11 | ||||||||
The following table summarizes the impact of derivative instruments on the accompanying Condensed Consolidated Statement of Operations (Unaudited) for the nine month period ended June 30, 2013, pretax: | ||||||||||||||
Location of | ||||||||||||||
Gain (Loss) | ||||||||||||||
Recognized in | Amount of | |||||||||||||
Income on | Gain (Loss) | |||||||||||||
Derivatives | Recognized in | |||||||||||||
Amount of | Location of | (Ineffective | Income on | |||||||||||
Gain (Loss) | Gain (Loss) | Amount of | Portion and | Derivatives | ||||||||||
Recognized in | Reclassified from | Gain (Loss) | Amount | (Ineffective Portion | ||||||||||
AOCI on | AOCI into | Reclassified from | Excluded from | and Amount | ||||||||||
Derivatives in ASC 815 Cash Flow | Derivatives | Income | AOCI into Income | Effectiveness | Excluded from | |||||||||
Hedging Relationships | (Effective Portion) | (Effective Portion) | (Effective Portion) | Testing) | Effectiveness Testing) | |||||||||
Commodity contracts | $ | -3,361 | Cost of goods sold | $ | -223 | Cost of goods sold | $ | -71 | ||||||
Foreign exchange contracts | 755 | Net sales | 653 | Net sales | — | |||||||||
Foreign exchange contracts | 7,201 | Cost of goods sold | -350 | Cost of goods sold | — | |||||||||
Total | $ | 4,595 | $ | 80 | $ | -71 | ||||||||
Schedule of Gains (Losses) on Other Derivative Contracts | ' | |||||||||||||
During the three month periods ended June 29, 2014 and June 30, 2013, the Company recognized the following gains (losses) on these derivative contracts: | ||||||||||||||
Amount of Gain (Loss) | ||||||||||||||
Recognized in | Location of Gain (Loss) | |||||||||||||
Derivatives Not Designated as | Income on Derivatives | Recognized in | ||||||||||||
Hedging Instruments Under ASC 815 | 2014 | 2013 | Income on Derivatives | |||||||||||
Commodity contracts | $ | 53 | $ | -197 | Cost of goods sold | |||||||||
Foreign exchange contracts | -243 | 477 | Other expense, net | |||||||||||
Total | $ | -190 | $ | 280 | ||||||||||
During the nine month periods ended June 29, 2014 and June 30, 2013, the Company recognized the following gains (losses) on these derivative contracts: | ||||||||||||||
Amount of Gain (Loss) | ||||||||||||||
Recognized in | Location of Gain (Loss) | |||||||||||||
Derivatives Not Designated as | Income on Derivatives | Recognized in | ||||||||||||
Hedging Instruments Under ASC 815 | 2014 | 2013 | Income on Derivatives | |||||||||||
Commodity contracts | $ | -8 | $ | -197 | Cost of goods sold | |||||||||
Foreign exchange contracts | 405 | -1,834 | Other expense, net | |||||||||||
Total | $ | 397 | $ | -2,031 | ||||||||||
Fair_Value_Of_Financial_Instru1
Fair Value Of Financial Instruments (Tables) | 9 Months Ended | ||||||||||||
Jun. 29, 2014 | |||||||||||||
Fair Value Of Financial Instruments [Abstract] | ' | ||||||||||||
Net Derivative Portfolio | ' | ||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||
Assets: | |||||||||||||
Commodity contracts | $ | — | $ | 1,404 | $ | — | $ | 1,404 | |||||
Foreign exchange contracts | — | 918 | — | 918 | |||||||||
Total Assets | $ | — | $ | 2,322 | $ | — | $ | 2,322 | |||||
Liabilities: | |||||||||||||
Commodity contracts | $ | — | $ | -5 | $ | — | $ | -5 | |||||
Interest rate contracts | — | -1,903 | — | -1,903 | |||||||||
Foreign exchange contracts | — | -5,608 | — | -5,608 | |||||||||
Total Liabilities | $ | — | $ | -7,516 | $ | — | $ | -7,516 | |||||
The Company’s net derivative portfolio as of September 30, 2013, contains Level 2 instruments and consists of commodity and foreign exchange contracts. The fair values of these instruments as of September 30, 2013 were as follows: | |||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||
Assets: | |||||||||||||
Commodity contracts | $ | — | $ | 419 | $ | — | $ | 419 | |||||
Foreign exchange contracts | — | 1,862 | — | 1,862 | |||||||||
Total Assets | $ | — | $ | 2,281 | $ | — | $ | 2,281 | |||||
Liabilities: | |||||||||||||
Commodity contracts | $ | — | $ | -505 | $ | — | $ | -505 | |||||
Foreign exchange contracts | — | -9,965 | — | -9,965 | |||||||||
Total Liabilities | $ | — | $ | -10,470 | $ | — | $ | -10,470 | |||||
Carrying Amounts and Fair Values of Financial Instruments | ' | ||||||||||||
29-Jun-14 | 30-Sep-13 | ||||||||||||
Carrying | Carrying | ||||||||||||
Amount | Fair Value | Amount | Fair Value | ||||||||||
Total debt | $ | -3,336,608 | $ | -3,463,788 | $ | -3,218,863 | $ | -3,297,411 | |||||
Commodity swap and option agreements | 1,399 | 1,399 | -86 | -86 | |||||||||
Interest swap agreements | -1,903 | -1,903 | — | — | |||||||||
Foreign exchange forward agreements | -4,690 | -4,690 | -8,103 | -8,103 | |||||||||
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 9 Months Ended | ||||||||||||
Jun. 29, 2014 | |||||||||||||
Employee Benefit Plans [Abstract] | ' | ||||||||||||
Components of Net Periodic Pension Benefit and Deferred Compensation Benefit Cost | ' | ||||||||||||
Components of net periodic pension benefit | Three Months Ended | Nine Months Ended | |||||||||||
and deferred compensation benefit cost | 2014 | 2013 | 2014 | 2013 | |||||||||
Service cost | $ | 852 | $ | 867 | $ | 2,555 | $ | 2,416 | |||||
Interest cost | 2,612 | 2,498 | 7,835 | 7,326 | |||||||||
Expected return on assets | -2,456 | -2,196 | -7,368 | -6,589 | |||||||||
Amortization of prior year service cost | 16 | — | 48 | — | |||||||||
Recognized net actuarial loss | 371 | 519 | 1,113 | 1,557 | |||||||||
Employee contributions | -16 | -46 | -46 | -137 | |||||||||
Net periodic benefit cost | $ | 1,379 | $ | 1,642 | $ | 4,137 | $ | 4,573 | |||||
Pension and Deferred Compensation Contributions | ' | ||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
Pension and deferred compensation contributions | 2014 | 2013 | 2014 | 2013 | |||||||||
Contributions made during period | $ | 3,693 | $ | 1,188 | $ | 9,133 | $ | 2,890 | |||||
Segment_Results_Tables
Segment Results (Tables) | 9 Months Ended | ||||||||||||
Jun. 29, 2014 | |||||||||||||
Segment Results [Abstract] | ' | ||||||||||||
Net Sales to External Customers | ' | ||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||
Net sales to external customers | |||||||||||||
Consumer batteries | $ | 213,348 | $ | 207,339 | $ | 689,186 | $ | 678,067 | |||||
Small appliances | 163,893 | 168,744 | 533,161 | 543,451 | |||||||||
Electric shaving and grooming | 63,307 | 61,742 | 208,914 | 207,978 | |||||||||
Electric personal care | 54,255 | 53,776 | 203,743 | 196,747 | |||||||||
Global Batteries & Appliances | 494,803 | 491,601 | 1,635,004 | 1,626,243 | |||||||||
Hardware & Home Improvement | 306,905 | 285,216 | 852,214 | 575,876 | |||||||||
Global Pet Supplies | 152,158 | 156,440 | 440,691 | 456,639 | |||||||||
Home and Garden | 174,643 | 156,568 | 322,888 | 289,091 | |||||||||
Total segments | $ | 1,128,509 | $ | 1,089,825 | $ | 3,250,797 | $ | 2,947,849 | |||||
Segment Profit | ' | ||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||
Segment profit | |||||||||||||
Global Batteries & Appliances | $ | 49,117 | $ | 44,904 | $ | 190,559 | $ | 181,696 | |||||
Hardware & Home Improvement | 50,672 | 42,963 | 125,489 | 46,483 | |||||||||
Global Pet Supplies | 22,942 | 26,560 | 56,531 | 62,833 | |||||||||
Home and Garden | 48,372 | 43,117 | 70,221 | 59,648 | |||||||||
Total segments | 171,103 | 157,544 | 442,800 | 350,660 | |||||||||
Corporate expense | 15,988 | 20,865 | 46,001 | 46,208 | |||||||||
Acquisition and integration related charges | 2,671 | 7,747 | 14,455 | 40,558 | |||||||||
Restructuring and related charges | 3,692 | 13,245 | 15,993 | 27,736 | |||||||||
Interest expense | 47,344 | 61,516 | 151,724 | 191,758 | |||||||||
Other expense, net | 2,760 | 2,613 | 4,390 | 7,941 | |||||||||
Income from continuing operations before income taxes | $ | 98,648 | $ | 51,558 | $ | 210,237 | $ | 36,459 | |||||
Segment Total Assets | ' | ||||||||||||
29-Jun-14 | 30-Sep-13 | ||||||||||||
Segment total assets | (Unaudited) | ||||||||||||
Global Batteries & Appliances | $ | 2,327,575 | $ | 2,360,733 | |||||||||
Hardware & Home Improvement | 1,740,967 | 1,735,629 | |||||||||||
Global Pet Supplies | 974,548 | 948,832 | |||||||||||
Home and Garden | 590,875 | 500,559 | |||||||||||
Total segment assets | 5,633,965 | 5,545,753 | |||||||||||
Corporate | 63,177 | 80,920 | |||||||||||
Total assets at period end | $ | 5,697,142 | $ | 5,626,673 | |||||||||
Restructuring_And_Related_Char1
Restructuring And Related Charges (Tables) | 9 Months Ended | |||||||||||||||
Jun. 29, 2014 | ||||||||||||||||
Restructuring and Related Cost [Abstract] | ' | |||||||||||||||
Restructuring And Related Charges Inccurred By Segment | ' | |||||||||||||||
THREE MONTHS ENDED | NINE MONTHS ENDED | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Cost of goods sold: | ||||||||||||||||
Global Batteries & Appliances | $ | 18 | $ | 93 | $ | 513 | $ | 907 | ||||||||
Hardware & Home Improvement | 319 | 644 | 2,570 | 1,772 | ||||||||||||
Global Pet Supplies | 217 | 276 | 245 | 2,019 | ||||||||||||
Total restructuring and related charges in cost of goods sold | 554 | 1,013 | 3,328 | 4,698 | ||||||||||||
Operating expenses: | ||||||||||||||||
Global Batteries & Appliances | 2,608 | 8,201 | 9,330 | 10,556 | ||||||||||||
Hardware & Home Improvement | 252 | 1,698 | 1,095 | 3,251 | ||||||||||||
Global Pet Supplies | 271 | 1,165 | 1,561 | 7,501 | ||||||||||||
Home and Garden | — | 151 | — | 518 | ||||||||||||
Corporate | 7 | 1,017 | 679 | 1,212 | ||||||||||||
Total restructuring and related charges in operating expenses | 3,138 | 12,232 | 12,665 | 23,038 | ||||||||||||
Total restructuring and related charges | $ | 3,692 | $ | 13,245 | $ | 15,993 | $ | 27,736 | ||||||||
Global Expense Rationalization Initiatives [Member] | ' | |||||||||||||||
Restructuring and Related Cost [Abstract] | ' | |||||||||||||||
Restructuring And Related Charges Inccurred By Segment | ' | |||||||||||||||
Global | ||||||||||||||||
Batteries & | Global Pet | |||||||||||||||
Appliances | Supplies | Corporate | Total | |||||||||||||
Restructuring and related charges during the nine month period ended June 29, 2014 | $ | 9,855 | $ | 1,111 | $ | 679 | $ | 11,645 | ||||||||
Restructuring and related charges since initiative inception | $ | 19,925 | $ | 1,111 | $ | 1,926 | $ | 22,962 | ||||||||
Total future restructuring and related charges expected | $ | 3,902 | $ | 896 | $ | 127 | $ | 4,925 | ||||||||
Summarized Restructuring Reserve by Type of Cost | ' | |||||||||||||||
Termination | Other | |||||||||||||||
Benefits | Costs | Total | ||||||||||||||
Accrual balance at September 30, 2013 | $ | 7,320 | $ | -35 | $ | 7,285 | ||||||||||
Provisions | 1,592 | 1,117 | 2,709 | |||||||||||||
Cash expenditures | -5,911 | — | -5,911 | |||||||||||||
Non-cash items | 309 | 4 | 313 | |||||||||||||
Accrual balance at June 29, 2014 | $ | 3,310 | $ | 1,086 | $ | 4,396 | ||||||||||
Expensed as incurred (A) | $ | 2,219 | $ | 6,717 | $ | 8,936 | ||||||||||
______________________________ | ||||||||||||||||
(A) | Consists of amounts not impacting the accrual for restructuring and related charges. | |||||||||||||||
Global Cost Reduction Initiative [Member] | ' | |||||||||||||||
Restructuring and Related Cost [Abstract] | ' | |||||||||||||||
Restructuring And Related Charges Inccurred By Segment | ' | |||||||||||||||
Global | ||||||||||||||||
Batteries & | Global Pet | Home and | ||||||||||||||
Appliances | Supplies | Garden | Corporate | Total | ||||||||||||
Restructuring and related charges during the nine month period ended June 29, 2014 | $ | 38 | $ | 695 | $ | — | $ | — | $ | 733 | ||||||
Restructuring and related charges since initiative inception | $ | 25,451 | $ | 48,844 | $ | 18,219 | $ | 7,591 | $ | 100,105 | ||||||
Total future restructuring and related charges expected | $ | 450 | $ | 2,015 | $ | — | $ | — | $ | 2,465 | ||||||
Summarized Restructuring Reserve by Type of Cost | ' | |||||||||||||||
Termination | Other | |||||||||||||||
Benefits | Costs | Total | ||||||||||||||
Accrual balance at September 30, 2013 | $ | 4,927 | $ | 424 | $ | 5,351 | ||||||||||
Provisions | 233 | -108 | 125 | |||||||||||||
Cash expenditures | -3,052 | -599 | -3,651 | |||||||||||||
Non-cash items | 11 | 5 | 16 | |||||||||||||
Accrual balance at June 29, 2014 | $ | 2,119 | $ | -278 | $ | 1,841 | ||||||||||
Expensed as incurred (A) | $ | 64 | $ | 544 | $ | 608 | ||||||||||
______________________________ | ||||||||||||||||
(A) | Consists of amounts not impacting the accrual for restructuring and related charges. | |||||||||||||||
Acquisitions_Tables
Acquisitions (Tables) | 9 Months Ended | ||||||||||||
Jun. 29, 2014 | |||||||||||||
Acquisitions [Abstract] | ' | ||||||||||||
Schedule of Business Acquisition, Pro Forma Results | ' | ||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||
Net sales: | |||||||||||||
Reported Net sales | $ | 1,128,509 | $ | 1,089,825 | $ | 3,250,797 | $ | 2,947,849 | |||||
HHI Business adjustment (1) | — | — | — | 191,777 | |||||||||
Pro forma Net sales | $ | 1,128,509 | $ | 1,089,825 | $ | 3,250,797 | $ | 3,139,626 | |||||
Net income (loss): | |||||||||||||
Reported Net income (loss) (2) (3) | $ | 78,094 | $ | 36,389 | $ | 166,396 | $ | -18,469 | |||||
HHI Business adjustment (1) | — | — | — | 4,942 | |||||||||
Pro forma Net income (loss) | $ | 78,094 | $ | 36,389 | $ | 166,396 | $ | -13,527 | |||||
Basic income (loss) per share: | |||||||||||||
Reported Basic income (loss) per share | $ | 1.48 | $ | 0.69 | $ | 3.16 | $ | -0.36 | |||||
HHI Business adjustment (1) | — | — | — | 0.10 | |||||||||
Pro forma Basic income (loss) per share | $ | 1.48 | $ | 0.69 | $ | 3.16 | $ | -0.26 | |||||
Diluted income (loss) per share (4): | |||||||||||||
Reported Diluted income (loss) per share | $ | 1.47 | $ | 0.69 | $ | 3.14 | $ | -0.36 | |||||
HHI Business adjustment (1) | — | — | — | 0.10 | |||||||||
Pro forma Diluted income (loss) per share | $ | 1.47 | $ | 0.69 | $ | 3.14 | $ | -0.26 | |||||
-1 | The results related to the HHI Business adjustment do not include the TLM Business as stand-alone financial data is not available for the periods presented. The TLM Business is not deemed material to the operating results of the Company. | ||||||||||||
-2 | Included in Reported Net income (loss) for the three and nine month periods ended June 30, 2013, are adjustments of $3,359 and $49,291, respectively, to record the income tax benefit resulting from the reversal of U.S. valuation allowances on deferred tax assets as a result of the HHI Business acquisition. For information pertaining to the income tax benefit, see Note 11, “Income Taxes.” | ||||||||||||
-3 | Included in Reported Net income for the three and nine month periods ended June 29, 2014, is $3,327 and $11,176, respectively, of Acquisition and integration related charges as a result of the HHI Business acquisition. Included in Reported Net income (loss) for the three and nine month periods ended June 30, 2013, is $6,291 and $31,045, respectively, of Acquisition and integration related charges as a result of the HHI Business acquisition. For information pertaining to Acquisition and integration related charges, see Note 2, “Significant Accounting Policies - Acquisition and Integration Related Charges.” | ||||||||||||
-4 | For the nine month periods ended June 30, 2013, the Company has not assumed the exercise of common stock equivalents as the impact would be antidilutive due to the loss reported. | ||||||||||||
Summarized Consideration Paid for Acquisition | ' | ||||||||||||
Cash paid to seller at close | $ | 24,800 | |||||||||||
Promissory note due to seller | 9,500 | ||||||||||||
Contingent consideration | 1,500 | ||||||||||||
Preliminary working capital adjustment | 45 | ||||||||||||
Preliminary purchase price | $ | 35,845 | |||||||||||
Preliminary Fair Values Recorded for Assets Acquired and Liabilities Assumed | ' | ||||||||||||
Cash | $ | 46 | |||||||||||
Accounts receivable | 1,152 | ||||||||||||
Inventories | 2,188 | ||||||||||||
Property, plant and equipment, net | 59 | ||||||||||||
Intangible assets | 26,900 | ||||||||||||
Total assets acquired | $ | 30,345 | |||||||||||
Total liabilities assumed | 1,588 | ||||||||||||
Total identifiable net assets less goodwill | 28,757 | ||||||||||||
Goodwill | 7,088 | ||||||||||||
Total identifiable net assets | $ | 35,845 | |||||||||||
Description_Of_Business_Detail
Description Of Business (Details) | 9 Months Ended |
Jun. 29, 2014 | |
country | |
Description Of Business [Abstract] | ' |
Number of Countries in which Entity Operates | 140 |
Number of years certain brands have been in existence | '80 years |
Significant_Accounting_Policie3
Significant Accounting Policies (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||||||||
In Thousands, unless otherwise specified | Jun. 29, 2014 | Jun. 30, 2013 | Jun. 29, 2014 | Jun. 30, 2013 | Sep. 30, 2013 | Jun. 29, 2014 | Jun. 30, 2013 | Jun. 29, 2014 | Jun. 30, 2013 | Jun. 29, 2014 | Jun. 30, 2013 | Jun. 29, 2014 | Jun. 29, 2014 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 29, 2014 | Jun. 30, 2013 | Jun. 29, 2014 | Jun. 30, 2013 | Jun. 29, 2014 | Jun. 30, 2013 | Jun. 29, 2014 | Jun. 30, 2013 | Jun. 29, 2014 | Sep. 30, 2013 | Jun. 29, 2014 | Jun. 30, 2013 | Jun. 29, 2014 | Jun. 30, 2013 | Jun. 29, 2014 | Sep. 30, 2013 |
Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Outside of the U.S. [Member] | Outside of the U.S. [Member] | Outside of the U.S. [Member] | Outside of the U.S. [Member] | Major Customer One [Member] | Major Customer One [Member] | Major Customer One [Member] | Major Customer One [Member] | Major Customer One [Member] | Major Customer One [Member] | Major Customer Two [Member] | Major Customer Two [Member] | Major Customer Two [Member] | Major Customer Two [Member] | Major Customer Two [Member] | Major Customer Two [Member] | ||||||
Time Based RSUs 1 Year Vesting [Member] | Time Based RSUs 1 Year Vesting [Member] | Performance And Time Based RSUs 2 Year Vesting [Member] | Performance Based RSUs [Member] | Performance Based RSUs 1 Year Vesting [Member] | Performance Based RSUs 2 Year Vesting [Member] | Trade Accounts Receivable [Member] | Trade Accounts Receivable [Member] | Trade Accounts Receivable [Member] | Trade Accounts Receivable [Member] | Net Sales [Member] | Net Sales [Member] | Net Sales [Member] | Net Sales [Member] | Trade Accounts Receivable [Member] | Trade Accounts Receivable [Member] | Net Sales [Member] | Net Sales [Member] | Net Sales [Member] | Net Sales [Member] | Trade Accounts Receivable [Member] | Trade Accounts Receivable [Member] | ||||||||||
Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shipping and handling costs | $66,195 | $67,023 | $194,530 | $183,050 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Concentration risk percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 37.00% | 37.00% | 41.00% | 41.00% | 15.00% | 17.00% | 16.00% | 18.00% | 11.00% | 11.00% | 10.00% | 10.00% | 9.00% | 7.00% | 15.00% | 14.00% |
Stock compensation expense | ' | ' | ' | ' | ' | 9,612 | 17,807 | 27,543 | 32,566 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares granted | ' | ' | 442 | ' | ' | 6 | 30 | 442 | 666 | ' | ' | ' | 644 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of nonvested shares | 611 | ' | 611 | ' | 1,118 | ' | ' | ' | ' | 58 | 22 | 293 | ' | 90 | 554 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vesting period | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | '1 year | '2 years | ' | '1 year | '2 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Market values of restricted stock units on date of grant | ' | ' | ($37,629) | ' | ' | ' | ' | $30,593 | ' | ' | ' | ' | ' | ' | $30,189 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Significant_Accounting_Policie4
Significant Accounting Policies (Schedule Of Share-Based Compensation, Restricted Stock And Restricted Stock Units Activity) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 29, 2014 | Jun. 30, 2013 | Jun. 29, 2014 | Jun. 30, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Net sales | $1,128,509 | $1,089,825 | $3,250,797 | $2,947,849 |
Amortization of unearned restricted stock compensation | ' | ' | 27,543 | 32,566 |
Nonvested Awards Outstanding, Shares | ' | ' | 1,118 | ' |
Nonvested Awards Outstanding, Weighted Average Grant Date Fair Value, Beginning Balance | ' | ' | $39.11 | ' |
Nonvested Awards Outstanding, Grant Date Fair Value, Beginning Balance | ' | ' | 43,723 | ' |
Granted, Shares | ' | ' | 442 | ' |
Granted, Weighted Average Grant Date Fair Value | ' | ' | $69.21 | ' |
Granted, Grant Date Fair Value | ' | ' | 30,593 | ' |
Vested, Shares | ' | ' | -949 | ' |
Vested, Weighted Average Grant Date Fair Value | ' | ' | $39.65 | ' |
Vested, Grant Date Fair Value | ' | ' | -37,629 | ' |
Nonvested Awards Outstanding, Shares | 611 | ' | 611 | ' |
Nonvested Awards Outstanding, Weighted Average Grant Date Fair Value, Ending Balance | $60.04 | ' | $60.04 | ' |
Nonvested Awards Outstanding, Grant Date Fair Value, Ending Balance | 36,687 | ' | 36,687 | ' |
Restricted Stock Units (RSUs) [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Granted, Shares | 6 | 30 | 442 | 666 |
Vested, Shares | ' | ' | -91 | ' |
Vested, Grant Date Fair Value | ' | ' | $30,593 | ' |
Significant_Accounting_Policie5
Significant Accounting Policies (Business Acquisition, Integration, Restructuring And Other Related Costs) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 29, 2014 | Jun. 30, 2013 | Jun. 29, 2014 | Jun. 30, 2013 |
Business Combination, Separately Recognized Transactions [Line Items] | ' | ' | ' | ' |
Share based payment tax withholding payments | ' | ' | ($26,548) | ($20,141) |
Increase (Decrease) in Operating Capital | ' | ' | -382,076 | -253,069 |
Net sales | 1,128,509 | 1,089,825 | 3,250,797 | 2,947,849 |
Business Combination, Acquisition and Integration Related Costs | 2,671 | 7,747 | 14,455 | 40,558 |
Russell Hobbs Merger [Member] | ' | ' | ' | ' |
Business Combination, Separately Recognized Transactions [Line Items] | ' | ' | ' | ' |
Integration costs | ' | 695 | ' | 2,630 |
Employee termination costs | ' | -35 | ' | 224 |
Business Combination, Acquisition and Integration Related Costs | ' | 582 | ' | 2,866 |
Legal and professional fees | ' | -78 | ' | 12 |
HHI Business [Member] | ' | ' | ' | ' |
Business Combination, Separately Recognized Transactions [Line Items] | ' | ' | ' | ' |
Integration costs | 3,105 | 1,615 | 9,283 | 5,292 |
Employee termination costs | ' | 13 | -19 | 103 |
Business Combination, Acquisition and Integration Related Costs | 3,327 | 6,291 | 11,176 | 31,045 |
Legal and professional fees | 222 | 4,663 | 1,912 | 25,650 |
Liquid Fence [Member] | ' | ' | ' | ' |
Business Combination, Separately Recognized Transactions [Line Items] | ' | ' | ' | ' |
Business Combination, Acquisition and Integration Related Costs | 692 | ' | 2,397 | ' |
Shaser, Inc. [Member] | ' | ' | ' | ' |
Business Combination, Separately Recognized Transactions [Line Items] | ' | ' | ' | ' |
Business Combination, Acquisition and Integration Related Costs | 224 | 161 | 801 | 4,534 |
FURminator [Member] | ' | ' | ' | ' |
Business Combination, Separately Recognized Transactions [Line Items] | ' | ' | ' | ' |
Business Combination, Acquisition and Integration Related Costs | 1 | 372 | 53 | 1,605 |
Black Flag [Member] | ' | ' | ' | ' |
Business Combination, Separately Recognized Transactions [Line Items] | ' | ' | ' | ' |
Business Combination, Acquisition and Integration Related Costs | ' | 52 | ' | 90 |
Other [Member] | ' | ' | ' | ' |
Business Combination, Separately Recognized Transactions [Line Items] | ' | ' | ' | ' |
Business Combination, Acquisition and Integration Related Costs | ($1,573) | $289 | $28 | $418 |
Comprehensive_Income_Loss_Deta
Comprehensive Income (Loss) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 29, 2014 | Jun. 30, 2013 | Jun. 29, 2014 | Jun. 30, 2013 |
Other Comprehensive Income (Loss) | $8,444 | ($7,830) | $5,594 | ($25,385) |
Other Comprehensive Income (Loss) | -1,485 | 1,780 | -1,595 | 2,858 |
Other Comprehensive Income (Loss) | 416 | -52 | 525 | -348 |
Total Other Comprehensive Income (Loss), net of tax | 7,367 | -6,102 | 4,288 | -22,875 |
Foreign Currency Gain (Loss) [Member] | ' | ' | ' | ' |
Net change after reclassification adjustment | 8,444 | -7,830 | 5,594 | -25,385 |
Other Comprehensive Income (Loss) | 8,444 | -7,830 | 5,594 | -25,385 |
Noncontrolling interest | 8 | ' | 236 | ' |
Comprehensive income (loss) attributable to controlling interest | 8,436 | -7,830 | 5,358 | -25,385 |
Cash Flow Hedging [Member] | ' | ' | ' | ' |
Deferred tax valuation allowance | -88 | -456 | -52 | -91 |
Gross change before reclassification adjustment | -3,002 | 3,193 | -3,919 | 4,595 |
Net reclassification adjustment for (gains) losses included in earnings | 1,273 | -507 | 2,156 | -80 |
Gross change after reclassification adjustment | 1,729 | -2,686 | 1,763 | -4,515 |
Deferred tax effect | 332 | -450 | 220 | -1,566 |
Other Comprehensive Income (Loss) | -1,485 | 1,780 | -1,595 | 2,858 |
Pension Plans, Defined Benefit [Member] | ' | ' | ' | ' |
Deferred tax valuation allowance | ' | 42 | ' | 54 |
Gross change before reclassification adjustment | 175 | -575 | -416 | -2,164 |
Gross change after reclassification adjustment | 562 | -56 | 745 | -607 |
Deferred tax effect | 146 | 38 | 220 | -205 |
Other Comprehensive Income (Loss) | 416 | -52 | 525 | -348 |
Cost of Sales [Member] | Pension Plans, Defined Benefit [Member] | ' | ' | ' | ' |
Net reclassification adjustment for losses included in General and administrative expenses | 153 | 326 | 460 | 979 |
Selling and Marketing Expense [Member] | Pension Plans, Defined Benefit [Member] | ' | ' | ' | ' |
Net reclassification adjustment for losses included in General and administrative expenses | 78 | 41 | 234 | 122 |
General and Administrative Expense [Member] | Pension Plans, Defined Benefit [Member] | ' | ' | ' | ' |
Net reclassification adjustment for losses included in General and administrative expenses | $156 | $152 | $467 | $456 |
Net_Income_Loss_Per_Common_Sha2
Net Income (Loss) Per Common Share (Details) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 29, 2014 | Jun. 30, 2013 | Jun. 29, 2014 | Jun. 30, 2013 |
Net Income (Loss) Per Common Share [Abstract] | ' | ' | ' | ' |
Basic | 52,710 | 52,136 | 52,608 | 51,992 |
Effect of common stock equivalents | 300 | 565 | 300 | ' |
Diluted | 53,010 | 52,701 | 52,908 | 51,992 |
Antidilutive shares excluded | ' | ' | ' | 556 |
Inventories_Details
Inventories (Details) (USD $) | Jun. 29, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Inventories [Abstract] | ' | ' |
Raw materials | $123,790 | $97,290 |
Work-in-process | 45,613 | 40,626 |
Finished goods | 565,420 | 495,007 |
Inventories | $734,823 | $632,923 |
Goodwill_And_Intangible_Assets2
Goodwill And Intangible Assets (Narrative) (Details) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Jun. 29, 2014 |
Finite-Lived Intangible Assets [Line Items] | ' |
Adjustment to goodwill | $10,548 |
Estimated annual amortization expense of intangible assets for the next five fiscal years | 77,500 |
Global Batteries & Appliances [Member] | Minimum [Member] | Technology Assets [Member] | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Useful lives of intangible assets | '9 years |
Global Batteries & Appliances [Member] | Minimum [Member] | Customer Relationships [Member] | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Useful lives of intangible assets | '15 years |
Global Batteries & Appliances [Member] | Minimum [Member] | Trade Names [Member] | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Useful lives of intangible assets | '1 year |
Global Batteries & Appliances [Member] | Maximum [Member] | Technology Assets [Member] | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Useful lives of intangible assets | '17 years |
Global Batteries & Appliances [Member] | Maximum [Member] | Customer Relationships [Member] | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Useful lives of intangible assets | '20 years |
Global Batteries & Appliances [Member] | Maximum [Member] | Trade Names [Member] | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Useful lives of intangible assets | '12 years |
Hardware & Home Improvement [Member] | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Adjustment to goodwill | 3,460 |
Hardware & Home Improvement [Member] | Customer Relationships [Member] | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Useful lives of intangible assets | '20 years |
Hardware & Home Improvement [Member] | Minimum [Member] | Technology Assets [Member] | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Useful lives of intangible assets | '8 years |
Hardware & Home Improvement [Member] | Minimum [Member] | Trade Names [Member] | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Useful lives of intangible assets | '5 years |
Hardware & Home Improvement [Member] | Maximum [Member] | Technology Assets [Member] | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Useful lives of intangible assets | '9 years |
Hardware & Home Improvement [Member] | Maximum [Member] | Trade Names [Member] | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Useful lives of intangible assets | '8 years |
Global Pet Supplies [Member] | Trade Names [Member] | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Useful lives of intangible assets | '3 years |
Global Pet Supplies [Member] | Minimum [Member] | Technology Assets [Member] | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Useful lives of intangible assets | '4 years |
Global Pet Supplies [Member] | Maximum [Member] | Technology Assets [Member] | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Useful lives of intangible assets | '9 years |
Home and Garden [Member] | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Adjustment to goodwill | 7,088 |
Home and Garden [Member] | Technology Assets [Member] | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Useful lives of intangible assets | '17 years |
HHI Business [Member] | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Adjustment to goodwill | $3,460 |
Goodwill_And_Intangible_Assets3
Goodwill And Intangible Assets (Schedule of Goodwill and Intangible Assets) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 29, 2014 | Jun. 30, 2013 | Jun. 29, 2014 | Jun. 30, 2013 | Sep. 30, 2013 |
Goodwill [Line Items] | ' | ' | ' | ' | ' |
Goodwill: Balance | ' | ' | $1,476,672 | ' | ' |
Additions | ' | ' | 10,548 | ' | ' |
Effect of translation | ' | ' | -2,784 | ' | ' |
Goodwill: Balance | 1,484,436 | ' | 1,484,436 | ' | ' |
Trade names Not Subject to Amortization: Balance | ' | ' | 1,178,050 | ' | ' |
Additions | ' | ' | 5,100 | ' | ' |
Effect of translation | ' | ' | 5,959 | ' | ' |
Trade names Not Subject to Amortization: Balance | 1,189,109 | ' | 1,189,109 | ' | ' |
Intangible Assets Subject to Amortization: Balance | ' | ' | 985,116 | ' | ' |
Additions | ' | ' | 22,038 | ' | ' |
Amortization during period | -20,532 | -20,345 | -61,233 | -57,502 | ' |
Effect of translation | ' | ' | 1,136 | ' | ' |
Intangible Assets Subject to Amortization: Balance | 947,057 | ' | 947,057 | ' | ' |
Total Intangible Assets, net | 2,136,166 | ' | 2,136,166 | ' | 2,163,166 |
Global Batteries & Appliances [Member] | ' | ' | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' | ' | ' |
Goodwill: Balance | ' | ' | 333,500 | ' | ' |
Effect of translation | ' | ' | 1,520 | ' | ' |
Goodwill: Balance | 335,020 | ' | 335,020 | ' | ' |
Trade names Not Subject to Amortization: Balance | ' | ' | 547,353 | ' | ' |
Effect of translation | ' | ' | 5,259 | ' | ' |
Trade names Not Subject to Amortization: Balance | 552,612 | ' | 552,612 | ' | ' |
Intangible Assets Subject to Amortization: Balance | ' | ' | 440,776 | ' | ' |
Amortization during period | ' | ' | -26,262 | ' | ' |
Effect of translation | ' | ' | 1,440 | ' | ' |
Intangible Assets Subject to Amortization: Balance | 415,954 | ' | 415,954 | ' | ' |
Total Intangible Assets, net | 968,566 | ' | 968,566 | ' | ' |
Hardware & Home Improvement [Member] | ' | ' | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' | ' | ' |
Goodwill: Balance | ' | ' | 714,724 | ' | ' |
Additions | ' | ' | 3,460 | ' | ' |
Effect of translation | ' | ' | -4,488 | ' | ' |
Goodwill: Balance | 713,696 | ' | 713,696 | ' | ' |
Trade names Not Subject to Amortization: Balance | ' | ' | 330,771 | ' | ' |
Effect of translation | ' | ' | 74 | ' | ' |
Trade names Not Subject to Amortization: Balance | 330,845 | ' | 330,845 | ' | ' |
Intangible Assets Subject to Amortization: Balance | ' | ' | 146,461 | ' | ' |
Amortization during period | ' | ' | -11,069 | ' | ' |
Effect of translation | ' | ' | -505 | ' | ' |
Intangible Assets Subject to Amortization: Balance | 134,887 | ' | 134,887 | ' | ' |
Total Intangible Assets, net | 465,732 | ' | 465,732 | ' | ' |
Global Pet Supplies [Member] | ' | ' | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' | ' | ' |
Goodwill: Balance | ' | ' | 239,077 | ' | ' |
Effect of translation | ' | ' | 184 | ' | ' |
Goodwill: Balance | 239,261 | ' | 239,261 | ' | ' |
Trade names Not Subject to Amortization: Balance | ' | ' | 216,426 | ' | ' |
Effect of translation | ' | ' | 626 | ' | ' |
Trade names Not Subject to Amortization: Balance | 217,052 | ' | 217,052 | ' | ' |
Intangible Assets Subject to Amortization: Balance | ' | ' | 245,227 | ' | ' |
Additions | ' | ' | 238 | ' | ' |
Amortization during period | ' | ' | -16,183 | ' | ' |
Effect of translation | ' | ' | 201 | ' | ' |
Intangible Assets Subject to Amortization: Balance | 229,483 | ' | 229,483 | ' | ' |
Total Intangible Assets, net | 446,535 | ' | 446,535 | ' | ' |
Home and Garden [Member] | ' | ' | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' | ' | ' |
Goodwill: Balance | ' | ' | 189,371 | ' | ' |
Additions | ' | ' | 7,088 | ' | ' |
Goodwill: Balance | 196,459 | ' | 196,459 | ' | ' |
Trade names Not Subject to Amortization: Balance | ' | ' | 83,500 | ' | ' |
Additions | ' | ' | 5,100 | ' | ' |
Trade names Not Subject to Amortization: Balance | 88,600 | ' | 88,600 | ' | ' |
Intangible Assets Subject to Amortization: Balance | ' | ' | 152,652 | ' | ' |
Additions | ' | ' | 21,800 | ' | ' |
Amortization during period | ' | ' | -7,719 | ' | ' |
Intangible Assets Subject to Amortization: Balance | 166,733 | ' | 166,733 | ' | ' |
Total Intangible Assets, net | $255,333 | ' | $255,333 | ' | ' |
Goodwill_And_Intangible_Assets4
Goodwill And Intangible Assets (Intangibles Subject To Amortization) (Details) (USD $) | Jun. 29, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Total Intangible Assets, net Subject to Amortization | $947,057 | $985,116 |
Technology Assets [Member] | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross balance | 192,180 | 172,105 |
Accumulated amortization | -52,866 | -39,028 |
Total Intangible Assets, net Subject to Amortization | 139,314 | 133,077 |
Trade Names [Member] | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross balance | 171,404 | 171,572 |
Accumulated amortization | -56,966 | -44,660 |
Total Intangible Assets, net Subject to Amortization | 114,438 | 126,912 |
Customer Relationships [Member] | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross balance | 889,624 | 885,895 |
Accumulated amortization | -196,319 | -160,768 |
Total Intangible Assets, net Subject to Amortization | $693,305 | $725,127 |
Goodwill_And_Intangible_Assets5
Goodwill And Intangible Assets (Indefinite Lived Intangibles) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 29, 2014 | Jun. 30, 2013 | Jun. 29, 2014 | Jun. 30, 2013 |
Acquired Indefinite-lived Intangible Assets [Line Items] | ' | ' | ' | ' |
Amortization expense | $20,532 | $20,345 | $61,233 | $57,502 |
Technology Assets [Member] | ' | ' | ' | ' |
Acquired Indefinite-lived Intangible Assets [Line Items] | ' | ' | ' | ' |
Amortization expense | 4,707 | 4,470 | 13,850 | 12,009 |
Trade Names [Member] | ' | ' | ' | ' |
Acquired Indefinite-lived Intangible Assets [Line Items] | ' | ' | ' | ' |
Amortization expense | 4,112 | 4,264 | 12,336 | 12,162 |
Customer Relationships [Member] | ' | ' | ' | ' |
Acquired Indefinite-lived Intangible Assets [Line Items] | ' | ' | ' | ' |
Amortization expense | $11,713 | $11,611 | $35,047 | $33,331 |
Debt_Narrative_Details
Debt (Narrative) (Details) | 0 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | ||||||||||||||||||||||||||
Dec. 18, 2013 | Jun. 29, 2014 | Jun. 30, 2013 | Jun. 29, 2014 | Jun. 30, 2013 | Sep. 30, 2013 | Dec. 18, 2013 | Dec. 18, 2013 | Dec. 18, 2012 | Jun. 29, 2014 | Jun. 29, 2014 | Jun. 29, 2014 | Jun. 29, 2014 | Jun. 29, 2014 | Jun. 29, 2014 | Jun. 30, 2013 | Jun. 29, 2014 | Sep. 30, 2013 | Jun. 29, 2014 | Jun. 29, 2014 | Sep. 30, 2013 | Jun. 29, 2014 | Sep. 30, 2013 | Jun. 29, 2014 | Sep. 30, 2013 | Jun. 30, 2013 | Jun. 29, 2014 | Sep. 30, 2013 | Jun. 29, 2014 | Sep. 30, 2013 | Dec. 17, 2013 | Jun. 29, 2014 | Sep. 30, 2013 | Jun. 29, 2014 | |
item | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Revolving Credit Facility [Member] | Unsecured Debt [Member] | Unsecured Debt [Member] | Notes 6.375% due 2020 [Member] | Notes 6.375% due 2020 [Member] | Notes 6.375% due 2020 [Member] | Notes 6.375% due 2020 [Member] | Senior Notes [Member] | 6.75% Notes [Member] | 6.75% Notes [Member] | 6.75% Notes [Member] | 6.75% Notes [Member] | Notes 6.625% due 2022 [Member] | Notes 6.625% due 2022 [Member] | Notes 6.625% due 2022 [Member] | Notes 6.625% due 2022 [Member] | Notes 6.625% due 2022 [Member] | Due September 4, 2017 [Member] | Due September 4, 2017 [Member] | Due September 4, 2019 [Member] | Due September 4, 2019 [Member] | Due September 4, 2019 [Member] | Due December 17, 2019 [Member] | |
USD ($) | EUR (€) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Unsecured Debt [Member] | Unsecured Debt [Member] | EUR (€) | Unsecured Debt [Member] | Unsecured Debt [Member] | Unsecured Debt [Member] | Unsecured Debt [Member] | Senior Notes [Member] | Senior Notes [Member] | USD ($) | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | |||||||||||||||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | CAD | ||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior Notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | € 305,482,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $818,125,000 | $850,000,000 | $513,312,000 | $512,425,000 | $300,000,000 | 59,361,000 |
Unsecured Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 520,000,000 | 520,000,000 | ' | ' | ' | 300,000,000 | 300,000,000 | ' | ' | ' | 570,000,000 | 570,000,000 | ' | ' | ' | ' | ' | ' |
Interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.38% | 6.38% | 6.38% | ' | ' | 6.75% | 6.75% | 6.75% | ' | 6.63% | 6.63% | 6.63% | 6.63% | ' | ' | ' | ' | ' | ' | ' |
Asset based lending revolving credit facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 400,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of debt tranches under amendment | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional borrowings under amendment | ' | ' | ' | ' | ' | ' | 215,000,000 | 225,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accelerated amortization of unamortized discount and unamortized Debt issuance costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,216,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of discount on issuance of debt | ' | ' | ' | ' | ' | ' | ' | ' | 0.125 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Adjustment to the carrying value of principal | ' | ' | ' | ' | ' | ' | ' | ' | ' | 510,000 | 510,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Adjustment to interest expense | ' | ' | ' | 2,821,000 | 885,000 | ' | ' | ' | ' | ' | 146,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments of fees in connection with the refinancing | ' | ' | ' | ' | ' | ' | ' | ' | ' | 162,000 | 7,236,000 | ' | 9,000 | 261,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt issuance costs | ' | 56,085,000 | ' | 56,085,000 | ' | 65,329,000 | ' | ' | ' | 5,150,000 | 5,150,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | 1,128,509,000 | 1,089,825,000 | 3,250,797,000 | 2,947,849,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase to interest expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,086,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Write off of debt issuance costs | ' | ' | ' | 6,395,000 | 4,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate borrowing availability | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 193,759,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Lender reserves | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,398,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding letters of credit | ' | $54,132,000 | ' | $54,132,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt_Schedule_Of_Debt_Details
Debt (Schedule Of Debt) (Details) | Jun. 29, 2014 | Sep. 30, 2013 | Jun. 29, 2014 | Jun. 29, 2014 | Sep. 30, 2013 | Jun. 29, 2014 | Sep. 30, 2013 | Jun. 29, 2014 | Sep. 30, 2013 | Jun. 29, 2014 | Jun. 29, 2014 | Jun. 30, 2013 | Jun. 29, 2014 | Sep. 30, 2013 | Jun. 29, 2014 | Sep. 30, 2013 | Jun. 30, 2013 | Jun. 29, 2014 | Sep. 30, 2013 | Jun. 29, 2014 | Sep. 30, 2013 | Jun. 29, 2014 | Sep. 30, 2013 | Jun. 29, 2014 | Sep. 30, 2013 | Dec. 17, 2013 | Jun. 29, 2014 | Sep. 30, 2013 | Jun. 29, 2014 | Jun. 29, 2014 | Sep. 30, 2013 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | USD ($) | USD ($) | Secured Debt [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Other Debt Obligations [Member] | Other Debt Obligations [Member] | Capital Lease Obligations [Member] | Capital Lease Obligations [Member] | Senior Notes [Member] | Notes 6.375% due 2020 [Member] | Notes 6.375% due 2020 [Member] | Notes 6.375% due 2020 [Member] | Notes 6.375% due 2020 [Member] | Notes 6.625% due 2022 [Member] | Notes 6.625% due 2022 [Member] | Notes 6.625% due 2022 [Member] | Notes 6.625% due 2022 [Member] | Notes 6.625% due 2022 [Member] | 6.75% Notes [Member] | 6.75% Notes [Member] | 6.75% Notes [Member] | 6.75% Notes [Member] | Due September 4, 2017 [Member] | Due September 4, 2017 [Member] | Due September 4, 2019 [Member] | Due September 4, 2019 [Member] | Due September 4, 2019 [Member] | Due December 17, 2019 [Member] | Due December 17, 2019 [Member] | Due December 17, 2019 [Member] | Due December 17, 2019 [Member] |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | EUR (€) | Unsecured Debt [Member] | Unsecured Debt [Member] | Unsecured Debt [Member] | Unsecured Debt [Member] | Unsecured Debt [Member] | Unsecured Debt [Member] | Senior Notes [Member] | Senior Notes [Member] | USD ($) | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | |||||||||||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | CAD | Canada, Dollars | Canada, Dollars | United States of America, Dollars | |||||||||||||||||||
USD ($) | USD ($) | USD ($) | ||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Balance | ' | ' | ' | ' | ' | ' | ' | ' | ' | € 305,482 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $818,125 | $850,000 | $513,312 | $512,425 | $300,000 | 59,361 | $59,361 | $81,397 | ' |
Debt Balance | ' | ' | 305,482 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 513,312 |
Debt Balance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 520,000 | 520,000 | ' | ' | ' | 570,000 | 570,000 | ' | ' | 300,000 | 300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Balance | ' | ' | ' | 110,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Balance | ' | ' | ' | ' | ' | 52,112 | 28,468 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Balance | ' | ' | ' | ' | ' | ' | ' | 96,579 | 67,402 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest Rate | ' | ' | 3.80% | 2.00% | 5.70% | 8.30% | 8.50% | 6.10% | 6.20% | ' | ' | ' | 6.40% | 6.40% | ' | ' | ' | 6.60% | 6.60% | ' | ' | 6.80% | 6.80% | 3.00% | 3.00% | ' | 3.60% | 3.60% | ' | 5.10% | 5.10% | 4.60% |
Gross Debt Obligations | 3,344,084 | 3,230,579 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Original issuance discounts on debt | 7,475 | 11,716 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Less: current maturities | -121,509 | -102,921 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt | $3,215,100 | $3,115,942 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.38% | 6.38% | 6.38% | ' | 6.63% | 6.63% | 6.63% | 6.63% | ' | 6.75% | 6.75% | 6.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative_Financial_Instrumen2
Derivative Financial Instruments (Narrative) (Details) (USD $) | Jun. 29, 2014 | Sep. 30, 2013 | Jun. 29, 2014 | Sep. 30, 2013 | Jun. 29, 2014 | Sep. 30, 2013 | Jun. 29, 2014 | Sep. 30, 2013 | Jun. 29, 2014 | Jun. 29, 2014 | Jun. 28, 2015 | Jun. 29, 2014 | Jun. 29, 2014 | Sep. 30, 2013 | Jun. 29, 2014 | Sep. 30, 2013 | Jun. 29, 2014 | Jun. 29, 2014 | Jun. 29, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | Other Current Assets [Member] | Other Current Assets [Member] | Foreign Exchange Contracts [Member] | Foreign Exchange Contracts [Member] | Commodity Contracts [Member] | Commodity Contracts [Member] | Interest Rate Swaps [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Fair Value Hedging [Member] | Fair Value Hedging [Member] | Zinc [Member] | Brass [Member] | Silver, Ounces | Silver, Ounces | ||
Foreign Exchange Contracts [Member] | Foreign Exchange Contracts [Member] | Commodity Contracts [Member] | Interest Rate Swaps [Member] | Interest Rate Swaps [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | ||||||||||||
Commodity Contracts [Member] | Commodity Contracts [Member] | Commodity Contracts [Member] | Commodity Contracts [Member] | |||||||||||||||||
T | T | ozt | ozt | |||||||||||||||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit reserve on derivative assets | $3 | $5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Posted cash collateral | ' | ' | 0 | 450 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding letters of credit | 54,132 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, fixed interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.36% | ' | ' | ' | ' | ' | ' | ' |
Interest rate swaps outstanding | ' | ' | ' | ' | -4,690 | -8,103 | 1,399 | -86 | -1,903 | ' | ' | ' | 300,000 | 0 | ' | ' | ' | ' | ' | ' |
Contract value of derivative | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 221,513 | ' | ' | ' | 154,263 | 108,480 | 9,851 | 3,853 | 741 | 980 |
Derivative net loss recorded in AOCI | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,524 | ' | ' | 1,473 | ' | ' | ' | ' | ' | ' | ' |
Tax expense (benefit) from net loss on derivative contracts | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,029 | ' | 149 | 0 | ' | ' | ' | ' | ' | ' | ' |
Derivative net loss estimated to be reclassified from AOCI into earnings over the next 12 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,331 | ' | 1,154 | 1,416 | ' | ' | ' | ' | ' | ' | ' |
Swap contract, nonmonetary amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000 | 1,000 | 35,000 | 45,000 |
Derivative net gain recorded in AOCI | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,154 | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative_Financial_Instrumen3
Derivative Financial Instruments (Schedule Of Derivative Instruments In Statement Of Financial Position, Fair Value) (Details) (USD $) | Jun. 29, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Asset, Fair Value, Gross Asset | $2,322 | $2,281 |
Derivative Liability, Fair Value, Gross Liability | 7,516 | 10,470 |
Accumulated other comprehensive loss | 33,997 | 38,521 |
Derivative Assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Asset, Fair Value, Gross Asset | 2,322 | 2,281 |
Commodity Contracts [Member] | Derivative Assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Asset, Fair Value, Gross Asset | 1,404 | 419 |
Foreign Exchange Contracts [Member] | Derivative Assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Asset, Fair Value, Gross Asset | 918 | 1,862 |
Cash Flow Hedging [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Asset, Fair Value, Gross Asset | 2,101 | 2,138 |
Derivative Liability, Fair Value, Gross Liability | 7,213 | 5,092 |
Cash Flow Hedging [Member] | Interest Rate Contracts [Member] | Other Current Liabilities [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Liability, Fair Value, Gross Liability | 1,416 | ' |
Cash Flow Hedging [Member] | Interest Rate Contracts [Member] | Accrued Interest [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Liability, Fair Value, Gross Liability | 430 | ' |
Cash Flow Hedging [Member] | Interest Rate Contracts [Member] | Other Long-term Liabilities [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Liability, Fair Value, Gross Liability | 57 | ' |
Cash Flow Hedging [Member] | Commodity Contracts [Member] | Other Current Assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Asset, Fair Value, Gross Asset | 1,350 | 416 |
Cash Flow Hedging [Member] | Commodity Contracts [Member] | Derivative Assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Asset, Fair Value, Gross Asset | ' | 3 |
Cash Flow Hedging [Member] | Commodity Contracts [Member] | Accounts Payable [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Liability, Fair Value, Gross Liability | 5 | 450 |
Cash Flow Hedging [Member] | Foreign Exchange Contracts [Member] | Other Current Assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Asset, Fair Value, Gross Asset | 656 | 1,719 |
Cash Flow Hedging [Member] | Foreign Exchange Contracts [Member] | Derivative Assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Asset, Fair Value, Gross Asset | 95 | ' |
Cash Flow Hedging [Member] | Foreign Exchange Contracts [Member] | Other Long-term Liabilities [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Liability, Fair Value, Gross Liability | 341 | 65 |
Cash Flow Hedging [Member] | Foreign Exchange Contracts [Member] | Accounts Payable [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Liability, Fair Value, Gross Liability | 4,964 | 4,577 |
Fair Value Hedging [Member] | Commodity Contracts [Member] | Other Current Assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Asset, Fair Value, Gross Asset | 54 | ' |
Fair Value Hedging [Member] | Commodity Contracts [Member] | Accounts Payable [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Liability, Fair Value, Gross Liability | ' | 55 |
Fair Value Hedging [Member] | Foreign Exchange Contracts [Member] | Other Current Assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Asset, Fair Value, Gross Asset | 167 | 143 |
Fair Value Hedging [Member] | Foreign Exchange Contracts [Member] | Accounts Payable [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Liability, Fair Value, Gross Liability | $303 | $5,323 |
Derivative_Financial_Instrumen4
Derivative Financial Instruments (Impact Of Derivative Instruments On Condensed Consolidated Statement Of Operations) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 29, 2014 | Jun. 30, 2013 | Jun. 29, 2014 | Jun. 30, 2013 |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) | ($3,002) | $3,193 | ($3,919) | $4,595 |
Amount of Gain (Loss) Reclassified From AOCI into Income (Effective Portion) | -1,273 | 507 | -2,156 | 80 |
Amount of Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing) | 35 | 11 | 35 | -71 |
Commodity Contracts [Member] | Cost of Goods, Total [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) | 1,342 | -930 | 1,411 | -3,361 |
Amount of Gain (Loss) Reclassified From AOCI into Income (Effective Portion) | 120 | -321 | 72 | -223 |
Amount of Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing) | 35 | 11 | 35 | -71 |
Interest Rate Contracts [Member] | Interest Expense [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) | -1,903 | ' | -1,903 | ' |
Amount of Gain (Loss) Reclassified From AOCI into Income (Effective Portion) | -430 | ' | -430 | ' |
Foreign Exchange Contracts [Member] | Cost of Goods, Total [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) | -2,432 | 4,034 | -3,565 | 7,201 |
Amount of Gain (Loss) Reclassified From AOCI into Income (Effective Portion) | -1,021 | 515 | -1,977 | -350 |
Foreign Exchange Contracts [Member] | Sales Revenue, Goods, Net [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) | -9 | 89 | 138 | 755 |
Amount of Gain (Loss) Reclassified From AOCI into Income (Effective Portion) | $58 | $313 | $179 | $653 |
Derivative_Financial_Instrumen5
Derivative Financial Instruments (Other Changes In Fair Value Of Derivative Contracts) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 29, 2014 | Jun. 30, 2013 | Jun. 29, 2014 | Jun. 30, 2013 |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Amount of Gain (Loss) Recognized in Income on Derivatives | ($190) | $280 | $397 | ($2,031) |
Commodity Contracts [Member] | Cost of Goods, Total [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Amount of Gain (Loss) Recognized in Income on Derivatives | 53 | -197 | -8 | -197 |
Foreign Exchange Contracts [Member] | Other Expense [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Amount of Gain (Loss) Recognized in Income on Derivatives | ($243) | $477 | $405 | ($1,834) |
Fair_Value_Of_Financial_Instru2
Fair Value Of Financial Instruments (Net Derivative Portfolio) (Details) (USD $) | Jun. 29, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Total Assets | $2,322 | $2,281 |
Total Liabilities | -7,516 | -10,470 |
Derivative Assets [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Total Assets | 2,322 | 2,281 |
Derivative Assets [Member] | Level 2 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Total Assets | 2,322 | 2,281 |
Derivative Assets [Member] | Commodity Contracts [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Total Assets | 1,404 | 419 |
Derivative Assets [Member] | Commodity Contracts [Member] | Level 2 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Total Assets | 1,404 | 419 |
Derivative Assets [Member] | Foreign Exchange Contracts [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Total Assets | 918 | 1,862 |
Derivative Assets [Member] | Foreign Exchange Contracts [Member] | Level 2 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Total Assets | 918 | 1,862 |
Derivative Liabilities [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Total Liabilities | -7,516 | -10,470 |
Derivative Liabilities [Member] | Level 2 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Total Liabilities | -7,516 | -10,470 |
Derivative Liabilities [Member] | Commodity Contracts [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Total Liabilities | -5 | -505 |
Derivative Liabilities [Member] | Commodity Contracts [Member] | Level 2 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Total Liabilities | -5 | -505 |
Derivative Liabilities [Member] | Interest Rate Contracts [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Total Liabilities | -1,903 | ' |
Derivative Liabilities [Member] | Interest Rate Contracts [Member] | Level 2 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Total Liabilities | -1,903 | ' |
Derivative Liabilities [Member] | Foreign Exchange Contracts [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Total Liabilities | -5,608 | -9,965 |
Derivative Liabilities [Member] | Foreign Exchange Contracts [Member] | Level 2 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Total Liabilities | ($5,608) | ($9,965) |
Fair_Value_Of_Financial_Instru3
Fair Value Of Financial Instruments (Carrying Amounts And Fair Values Of Financial Instruments) (Details) (USD $) | Jun. 29, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Total Debt, Carrying Amount | ($3,336,608) | ($3,218,863) |
Total Debt, Fair Value | -3,463,788 | -3,297,411 |
Commodity Contracts [Member] | ' | ' |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Total Debt, Carrying Amount | 1,399 | -86 |
Derivative, Fair Value | 1,399 | -86 |
Interest Rate Swaps [Member] | ' | ' |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Total Debt, Carrying Amount | -1,903 | ' |
Derivative, Fair Value | -1,903 | ' |
Foreign Exchange Contracts [Member] | ' | ' |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Total Debt, Carrying Amount | -4,690 | -8,103 |
Derivative, Fair Value | ($4,690) | ($8,103) |
Employee_Benefit_Plans_Narrati
Employee Benefit Plans (Narrative) (Details) (Defined Contribution Pension Plan [Member], USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 29, 2014 | Jun. 30, 2013 | Jun. 29, 2014 | Jun. 30, 2013 |
Defined Contribution Pension Plan [Member] | ' | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' |
Defined Contribution Plan, Employer Discretionary Contribution Amount | $3,433 | $2,851 | $10,706 | $5,665 |
Employee_Benefit_Plans_Compone
Employee Benefit Plans (Components of Net Periodic Pension Benefit and Deferred Compensation Benefit Cost) (Details) (Pension Plans, Defined Benefit [Member], USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 29, 2014 | Jun. 30, 2013 | Jun. 29, 2014 | Jun. 30, 2013 |
Pension Plans, Defined Benefit [Member] | ' | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' |
Service cost | $852 | $867 | $2,555 | $2,416 |
Interest cost | 2,612 | 2,498 | 7,835 | 7,326 |
Expected return on assets | -2,456 | -2,196 | -7,368 | -6,589 |
Amortization of prior year service cost | 16 | ' | 48 | ' |
Recognized net actuarial loss | 371 | 519 | 1,113 | 1,557 |
Employee contributions | -16 | -46 | -46 | -137 |
Net periodic benefit cost | $1,379 | $1,642 | $4,137 | $4,573 |
Employee_Benefit_Plans_Pension
Employee Benefit Plans (Pension and Deferred Compensation Contributions) (Details) (Pension Plans, Defined Benefit [Member], USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 29, 2014 | Jun. 30, 2013 | Jun. 29, 2014 | Jun. 30, 2013 |
Pension Plans, Defined Benefit [Member] | ' | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' |
Contributions made during period | $3,693 | $1,188 | $9,133 | $2,890 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 29, 2014 | Jun. 30, 2013 | Jun. 29, 2014 | Jun. 30, 2013 | Sep. 30, 2013 |
Income Taxes [Abstract] | ' | ' | ' | ' | ' |
Effective income tax rate | 21.00% | 29.00% | 21.00% | 151.00% | ' |
U.S. federal statutory rate | ' | ' | 35.00% | ' | ' |
Valuation allowance, deferred tax asset, change in amount | ' | ' | ' | $49,291 | ' |
Change in net operating loss carryforwards due to repatriation of foreign earnings | ' | ' | 178,716 | ' | ' |
Unrecognized tax benefits | 13,004 | ' | 13,004 | ' | 13,807 |
Unrecognized tax benefits, income tax penalties and interest accrued | $3,706 | ' | $3,706 | ' | $3,671 |
Segment_Results_Narrative_Deta
Segment Results (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 29, 2014 | Jun. 30, 2013 | Jun. 29, 2014 | Jun. 30, 2013 | Mar. 30, 2014 |
item | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Number of Reportable Segments | ' | ' | 4 | ' | ' |
Foreign Currency Exchange Rate, Translation | 6.3 | ' | 6.3 | ' | 4.3 |
Operating Income (Loss) | $148,752 | $115,687 | $366,351 | $236,158 | ' |
Venezuela Hyperinflation [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Operating Income (Loss) | ' | ($1,953) | ' | ($1,953) | ' |
Segment_Results_Net_Sales_to_E
Segment Results (Net Sales to External Customers) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 29, 2014 | Jun. 30, 2013 | Jun. 29, 2014 | Jun. 30, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | $1,128,509 | $1,089,825 | $3,250,797 | $2,947,849 |
Global Batteries & Appliances [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | 494,803 | 491,601 | 1,635,004 | 1,626,243 |
Hardware & Home Improvement [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | 306,905 | 285,216 | 852,214 | 575,876 |
Global Pet Supplies [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | 152,158 | 156,440 | 440,691 | 456,639 |
Home and Garden [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | 174,643 | 156,568 | 322,888 | 289,091 |
Consumer Batteries [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | 213,348 | 207,339 | 689,186 | 678,067 |
Small Appliances [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | 163,893 | 168,744 | 533,161 | 543,451 |
Electric Shaving and Grooming [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | 63,307 | 61,742 | 208,914 | 207,978 |
Electric Personal Care [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | $54,255 | $53,776 | $203,743 | $196,747 |
Segment_Results_Segment_Profit
Segment Results (Segment Profit) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 29, 2014 | Jun. 30, 2013 | Jun. 29, 2014 | Jun. 30, 2013 |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ' | ' | ' | ' |
Acquisition and integration related charges | $2,671 | $7,747 | $14,455 | $40,558 |
Restructuring and related charges | 3,692 | 13,245 | 15,993 | 27,736 |
Interest expense | 47,344 | 61,516 | 151,724 | 191,758 |
Other expense, net | 2,760 | 2,613 | 4,390 | 7,941 |
Income from continuing operations before income taxes | 98,648 | 51,558 | 210,237 | 36,459 |
Total Segments [Member] | ' | ' | ' | ' |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ' | ' | ' | ' |
Segment profit | 171,103 | 157,544 | 442,800 | 350,660 |
Corporate [Member] | ' | ' | ' | ' |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ' | ' | ' | ' |
Segment profit | 15,988 | 20,865 | 46,001 | 46,208 |
Restructuring and related charges | 3,692 | 13,245 | 15,993 | 27,736 |
Interest expense | 47,344 | 61,516 | 151,724 | 191,758 |
Other expense, net | 2,760 | 2,613 | 4,390 | 7,941 |
Global Batteries & Appliances [Member] | ' | ' | ' | ' |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ' | ' | ' | ' |
Segment profit | 49,117 | 44,904 | 190,559 | 181,696 |
Hardware & Home Improvement [Member] | ' | ' | ' | ' |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ' | ' | ' | ' |
Segment profit | 50,672 | 42,963 | 125,489 | 46,483 |
Global Pet Supplies [Member] | ' | ' | ' | ' |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ' | ' | ' | ' |
Segment profit | 22,942 | 26,560 | 56,531 | 62,833 |
Home and Garden [Member] | ' | ' | ' | ' |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ' | ' | ' | ' |
Segment profit | $48,372 | $43,117 | $70,221 | $59,648 |
Segment_Results_Segment_Total_
Segment Results (Segment Total Assets) (Details) (USD $) | Jun. 29, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Total assets | $5,697,142 | $5,626,673 |
Global Batteries & Appliances [Member] | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Total assets | 2,327,575 | 2,360,733 |
Hardware & Home Improvement [Member] | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Total assets | 1,740,967 | 1,735,629 |
Global Pet Supplies [Member] | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Total assets | 974,548 | 948,832 |
Home and Garden [Member] | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Total assets | 590,875 | 500,559 |
Total Segments [Member] | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Total assets | 5,633,965 | 5,545,753 |
Corporate [Member] | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Total assets | $63,177 | $80,920 |
Restructuring_And_Related_Char2
Restructuring And Related Charges (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 29, 2014 | Jun. 30, 2013 | Jun. 29, 2014 | Jun. 30, 2013 |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring and related charges | $3,692 | $13,245 | $15,993 | $27,736 |
Global Expense Rationalization Initiatives [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Total Expected Restructuring Costs | 28,000 | ' | 28,000 | ' |
Restructuring and related charges | 2,924 | 7,876 | 11,645 | 7,876 |
Global Cost Reduction Initiative [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Total Expected Restructuring Costs | 103,000 | ' | 103,000 | ' |
Restructuring and related charges | 213 | 2,981 | 733 | 14,627 |
HHI Business [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring and related charges | 571 | 2,342 | 3,665 | 5,023 |
Other Restructuring [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring and related charges | ($17) | $46 | ($50) | $210 |
Restructuring_And_Related_Char3
Restructuring And Related Charges (Restructuring And Related Charges By Segment) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 29, 2014 | Jun. 30, 2013 | Jun. 29, 2014 | Jun. 30, 2013 |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring and related charges | $3,692 | $13,245 | $15,993 | $27,736 |
Cost of Sales [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring and related charges | 554 | 1,013 | 3,328 | 4,698 |
Cost of Sales [Member] | Global Batteries & Appliances [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring and related charges | 18 | 93 | 513 | 907 |
Cost of Sales [Member] | Hardware & Home Improvement [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring and related charges | 319 | 644 | 2,570 | 1,772 |
Cost of Sales [Member] | Global Pet Supplies [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring and related charges | 217 | 276 | 245 | 2,019 |
Operating Expense [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring and related charges | 3,138 | 12,232 | 12,665 | 23,038 |
Operating Expense [Member] | Global Batteries & Appliances [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring and related charges | 2,608 | 8,201 | 9,330 | 10,556 |
Operating Expense [Member] | Hardware & Home Improvement [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring and related charges | 252 | 1,698 | 1,095 | 3,251 |
Operating Expense [Member] | Global Pet Supplies [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring and related charges | 271 | 1,165 | 1,561 | 7,501 |
Operating Expense [Member] | Home and Garden [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring and related charges | ' | 151 | ' | 518 |
Operating Expense [Member] | Corporate Segment [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring and related charges | $7 | $1,017 | $679 | $1,212 |
Restructuring_And_Related_Char4
Restructuring And Related Charges (Restructuring Accrual And Expenses Incurred) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 29, 2014 | Jun. 30, 2013 | Jun. 29, 2014 | Jun. 30, 2013 | |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | |
Restructuring and related charges for the period | $3,692 | $13,245 | $15,993 | $27,736 | |
Global Expense Rationalization Initiatives [Member] | ' | ' | ' | ' | |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | |
Accrual balance at beginning of period | ' | ' | 7,285 | ' | |
Provisions | ' | ' | 2,709 | ' | |
Cash expenditures | ' | ' | -5,911 | ' | |
Non-cash items | ' | ' | 313 | ' | |
Accrual balance at end of period | 4,396 | ' | 4,396 | ' | |
Expensed as incurred | ' | ' | 8,936 | [1] | ' |
Restructuring and related charges for the period | 2,924 | 7,876 | 11,645 | 7,876 | |
Restructuring and related charges since initiative inception | 22,962 | ' | 22,962 | ' | |
Total future restructuring and related charges expected | 4,925 | ' | 4,925 | ' | |
Global Expense Rationalization Initiatives [Member] | Termination Benefits [Member] | ' | ' | ' | ' | |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | |
Accrual balance at beginning of period | ' | ' | 7,320 | ' | |
Provisions | ' | ' | 1,592 | ' | |
Cash expenditures | ' | ' | -5,911 | ' | |
Non-cash items | ' | ' | 309 | ' | |
Accrual balance at end of period | 3,310 | ' | 3,310 | ' | |
Expensed as incurred | ' | ' | 2,219 | [1] | ' |
Global Expense Rationalization Initiatives [Member] | Other Restructuring [Member] | ' | ' | ' | ' | |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | |
Accrual balance at beginning of period | ' | ' | -35 | ' | |
Provisions | ' | ' | 1,117 | ' | |
Non-cash items | ' | ' | 4 | ' | |
Accrual balance at end of period | 1,086 | ' | 1,086 | ' | |
Expensed as incurred | ' | ' | 6,717 | [1] | ' |
Global Cost Reduction Initiative [Member] | ' | ' | ' | ' | |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | |
Accrual balance at beginning of period | ' | ' | 5,351 | ' | |
Provisions | ' | ' | 125 | ' | |
Cash expenditures | ' | ' | -3,651 | ' | |
Non-cash items | ' | ' | 16 | ' | |
Accrual balance at end of period | 1,841 | ' | 1,841 | ' | |
Expensed as incurred | ' | ' | 608 | [1] | ' |
Restructuring and related charges for the period | 213 | 2,981 | 733 | 14,627 | |
Restructuring and related charges since initiative inception | 100,105 | ' | 100,105 | ' | |
Total future restructuring and related charges expected | 2,465 | ' | 2,465 | ' | |
Global Cost Reduction Initiative [Member] | Termination Benefits [Member] | ' | ' | ' | ' | |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | |
Accrual balance at beginning of period | ' | ' | 4,927 | ' | |
Provisions | ' | ' | 233 | ' | |
Cash expenditures | ' | ' | -3,052 | ' | |
Non-cash items | ' | ' | 11 | ' | |
Accrual balance at end of period | 2,119 | ' | 2,119 | ' | |
Expensed as incurred | ' | ' | 64 | [1] | ' |
Global Cost Reduction Initiative [Member] | Other Restructuring [Member] | ' | ' | ' | ' | |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | |
Accrual balance at beginning of period | ' | ' | 424 | ' | |
Provisions | ' | ' | -108 | ' | |
Cash expenditures | ' | ' | -599 | ' | |
Non-cash items | ' | ' | 5 | ' | |
Accrual balance at end of period | -278 | ' | -278 | ' | |
Expensed as incurred | ' | ' | 544 | [1] | ' |
Other Restructuring [Member] | ' | ' | ' | ' | |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | |
Restructuring and related charges for the period | -17 | 46 | -50 | 210 | |
Global Batteries & Appliances [Member] | Global Expense Rationalization Initiatives [Member] | ' | ' | ' | ' | |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | |
Restructuring and related charges for the period | ' | ' | 9,855 | ' | |
Restructuring and related charges since initiative inception | 19,925 | ' | 19,925 | ' | |
Total future restructuring and related charges expected | 3,902 | ' | 3,902 | ' | |
Global Batteries & Appliances [Member] | Global Cost Reduction Initiative [Member] | ' | ' | ' | ' | |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | |
Restructuring and related charges for the period | ' | ' | 38 | ' | |
Restructuring and related charges since initiative inception | 25,451 | ' | 25,451 | ' | |
Total future restructuring and related charges expected | 450 | ' | 450 | ' | |
Global Pet Supplies [Member] | Global Expense Rationalization Initiatives [Member] | ' | ' | ' | ' | |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | |
Restructuring and related charges for the period | ' | ' | 1,111 | ' | |
Restructuring and related charges since initiative inception | 1,111 | ' | 1,111 | ' | |
Total future restructuring and related charges expected | 896 | ' | 896 | ' | |
Global Pet Supplies [Member] | Global Cost Reduction Initiative [Member] | ' | ' | ' | ' | |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | |
Restructuring and related charges for the period | ' | ' | 695 | ' | |
Restructuring and related charges since initiative inception | 48,844 | ' | 48,844 | ' | |
Total future restructuring and related charges expected | 2,015 | ' | 2,015 | ' | |
Home and Garden [Member] | Global Cost Reduction Initiative [Member] | ' | ' | ' | ' | |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | |
Restructuring and related charges since initiative inception | 18,219 | ' | 18,219 | ' | |
Corporate Segment [Member] | Global Expense Rationalization Initiatives [Member] | ' | ' | ' | ' | |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | |
Restructuring and related charges for the period | ' | ' | 679 | ' | |
Restructuring and related charges since initiative inception | 1,926 | ' | 1,926 | ' | |
Total future restructuring and related charges expected | 127 | ' | 127 | ' | |
Corporate Segment [Member] | Global Cost Reduction Initiative [Member] | ' | ' | ' | ' | |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | |
Restructuring and related charges since initiative inception | $7,591 | ' | $7,591 | ' | |
[1] | Consists of amounts not impacting the accrual for restructuring and related charges. |
Commitments_And_Contingencies_
Commitments And Contingencies (Details) (USD $) | Jun. 29, 2014 |
In Thousands, unless otherwise specified | |
Commitments and Contingencies [Abstract] | ' |
Accrual for environmental loss contingencies | $4,675 |
Acquisitions_Narrative_Details
Acquisitions (Narrative) (Details) (USD $) | 9 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 29, 2014 | Jan. 02, 2014 | Sep. 30, 2013 |
item | |||
Business Acquisition [Line Items] | ' | ' | ' |
Preliminary purchase price | ' | $35,845 | ' |
Number of semi-annual installment payments | 4 | ' | ' |
Debt maturity period, months | '24 months | ' | ' |
Trade names Not Subject to Amortization | 1,189,109 | ' | 1,178,050 |
Liquid Fence [Member] | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' |
Preliminary purchase price | ' | 35,845 | ' |
Patents Subject to Amortization, Gross | ' | 20,500 | ' |
Trade names Not Subject to Amortization | ' | 5,100 | ' |
Finite-Lived Customer Relationships, Gross | ' | 1,300 | ' |
Contingent consideration | ' | $1,500 | ' |
Technology Assets [Member] | Liquid Fence [Member] | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' |
Useful lives of intangible assets | '17 years | ' | ' |
Customer Relationships [Member] | Liquid Fence [Member] | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' |
Useful lives of intangible assets | '15 years | ' | ' |
Acquisitions_Schedule_of_Busin
Acquisitions (Schedule of Business Acquisition, Pro Forma Results) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, except Per Share data, unless otherwise specified | Jun. 29, 2014 | Jun. 30, 2013 | Jun. 29, 2014 | Jun. 30, 2013 | ||||
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | ' | ' | ' | ' | ||||
Reported Net sales | $1,128,509 | $1,089,825 | $3,250,797 | $2,947,849 | ||||
Net sales: HHI Business adjustment | ' | ' | ' | 191,777 | [1] | |||
Pro forma Net sales | 1,128,509 | 1,089,825 | 3,250,797 | 3,139,626 | ||||
Reportend Net income (loss) | 78,094 | [2],[3] | 36,389 | [2],[3] | 166,396 | [2],[3] | -18,469 | [2],[3] |
Net income (loss): HHI Business adjustment | ' | ' | ' | 4,942 | [1] | |||
Pro forma Net income (loss) | 78,094 | 36,389 | 166,396 | -13,527 | ||||
Reported Basic income (loss) per share | $1.48 | $0.69 | $3.16 | ($0.36) | ||||
Basic income (loss) per share: HHI Business adjustment | ' | ' | ' | $0.10 | [1] | |||
Pro forma Basic income (loss) per share | $1.48 | $0.69 | $3.16 | ($0.26) | ||||
Diluted income (loss) per share | $1.47 | [4] | $0.69 | [4] | $3.14 | [4] | ($0.36) | [4] |
Diluted income (loss) per share: HHI Business adjustment | ' | ' | ' | $0.10 | [1],[4] | |||
Pro forma Diluted income (loss) per share | $1.47 | [4] | $0.69 | [4] | $3.14 | [4] | ($0.26) | [4] |
Valuation allowance, deferred tax asset, change in amount | ' | ' | ' | 49,291 | ||||
Acquisition and integration related charges | 2,671 | 7,747 | 14,455 | 40,558 | ||||
HHI Business [Member] | ' | ' | ' | ' | ||||
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | ' | ' | ' | ' | ||||
Valuation allowance, deferred tax asset, change in amount | ' | 3,359 | ' | 49,291 | ||||
Acquisition and integration related charges | $3,327 | $6,291 | $11,176 | $31,045 | ||||
[1] | The results related to the HHI Business adjustment do not include the TLM Business as stand-alone financial data is not available for the periods presented. The TLM Business is not deemed material to the operating results of the Company. | |||||||
[2] | Included in Reported Net income (loss) for the three and nine month periods ended June 30, 2013, are adjustments of $3,359 and $49,291, respectively, to record the income tax benefit resulting from the reversal of U.S. valuation allowances on deferred tax assets as a result of the HHI Business acquisition. For information pertaining to the income tax benefit, see Note 11, “Income Taxes.†| |||||||
[3] | Included in Reported Net income for the three and nine month periods ended June 29, 2014, is $3,327 and $11,176, respectively, of Acquisition and integration related charges as a result of the HHI Business acquisition. Included in Reported Net income (loss) for the three and nine month periods ended June 30, 2013, is $6,291 and $31,045, respectively, of Acquisition and integration related charges as a result of the HHI Business acquisition. For information pertaining to Acquisition and integration related charges, see Note 2, “Significant Accounting Policies - Acquisition and Integration Related Charges.†| |||||||
[4] | For the nine month periods ended June 30, 2013, the Company has not assumed the exercise of common stock equivalents as the impact would be antidilutive due to the loss reported. |
Acquisitions_Summarized_Consid
Acquisitions (Summarized Consideration Paid for Acquisition) (Details) (USD $) | Jan. 02, 2014 |
In Thousands, unless otherwise specified | |
Business Acquisition, Contingent Consideration [Line Items] | ' |
Preliminary purchase price | $35,845 |
Liquid Fence [Member] | ' |
Business Acquisition, Contingent Consideration [Line Items] | ' |
Cash paid to seller at close | 24,800 |
Promissory note due to seller | 9,500 |
Contingent consideration | 1,500 |
Preliminary working capital adjustment | 45 |
Preliminary purchase price | $35,845 |
Acquisitions_Preliminary_Fair_
Acquisitions (Preliminary Fair Values Recorded for Assets Acquired and Liabilities Assumed) (Details) (Liquid Fence [Member], USD $) | Jan. 02, 2014 |
In Thousands, unless otherwise specified | |
Liquid Fence [Member] | ' |
Business Acquisition [Line Items] | ' |
Cash | $46 |
Accounts receivable | 1,152 |
Inventories | 2,188 |
Property, plant and equipment, net | 59 |
Intangible assets | 26,900 |
Total assets acquired | 30,345 |
Total liabilities assumed | 1,588 |
Total identifiable net assets | 28,757 |
Goodwill | 7,088 |
Total identifiable net assets | $35,845 |