Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Apr. 03, 2016 | May. 02, 2016 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Apr. 3, 2016 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2,016 | |
Entity Registrant Name | Spectrum Brands Holdings, Inc. | |
Entity Central Index Key | 1,487,730 | |
Current Fiscal Year End Date | --09-30 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 59,402,165 | |
SB/RH Holdings, LLC [Member] | ||
Entity Registrant Name | SB/RH Holdings, LLC | |
Entity Central Index Key | 1,592,706 | |
Entity Filer Category | Non-accelerated Filer |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of Financial Position - USD ($) $ in Millions | Apr. 03, 2016 | Sep. 30, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 133.3 | $ 247.9 |
Trade receivables, net | 557.2 | 498.8 |
Other receivables | 78.7 | 87.9 |
Inventories | 924.4 | 780.8 |
Prepaid expenses and other current assets | 85.7 | 72.1 |
Total current assets | 1,779.3 | 1,687.5 |
Property, plant and equipment, net | 528.9 | 507.1 |
Deferred charges and other | 39 | 42.2 |
Goodwill | 2,483.4 | 2,476.7 |
Intangible assets, net | 2,432.4 | 2,480.3 |
Total assets | 7,263 | 7,193.8 |
Current liabilities: | ||
Current portion of long-term debt | 34.7 | 33.8 |
Accounts payable | 472.2 | 620.6 |
Accrued wages and salaries | 79 | 96.5 |
Accrued interest | 54.1 | 63.3 |
Other current liabilities | 180.8 | 212.7 |
Total current liabilities | 820.8 | 1,026.9 |
Long-term debt, net current portion | 4,069.1 | 3,872.1 |
Deferred income taxes | 563.8 | 572.5 |
Other long-term liabilities | 105.8 | 115.5 |
Total liabilities | $ 5,559.5 | $ 5,587 |
Commitments and contingencies | ||
Shareholders' equity: | ||
Common stock | $ 0.6 | $ 0.6 |
Additional paid-in capital | 2,054.9 | 2,033.6 |
Accumulated deficit | (99.1) | (205.5) |
Accumulated other comprehensive loss, net of tax | (191) | (200.1) |
Treasury stock, at cost | (105.8) | (65.5) |
Total shareholder's equity | 1,659.6 | 1,563.1 |
Noncontrolling interest | 43.9 | 43.7 |
Total equity | 1,703.5 | 1,606.8 |
Total liabilities and equity | 7,263 | 7,193.8 |
SB/RH Holdings, LLC [Member] | ||
Current assets: | ||
Cash and cash equivalents | 133.2 | 247.9 |
Trade receivables, net | 557.2 | 498.8 |
Other receivables | 79.7 | 87.9 |
Inventories | 924.4 | 780.8 |
Prepaid expenses and other current assets | 85.7 | 72.1 |
Total current assets | 1,780.2 | 1,687.5 |
Property, plant and equipment, net | 528.9 | 507.1 |
Deferred charges and other | 29.2 | 42.1 |
Goodwill | 2,483.4 | 2,476.7 |
Intangible assets, net | 2,432.4 | 2,480.3 |
Total assets | 7,254.1 | 7,193.7 |
Current liabilities: | ||
Current portion of long-term debt | 48.6 | 68.5 |
Accounts payable | 472.2 | 620.6 |
Accrued wages and salaries | 79 | 96.5 |
Accrued interest | 54.1 | 63.3 |
Other current liabilities | 180.3 | 211.9 |
Total current liabilities | 834.2 | 1,060.8 |
Long-term debt, net current portion | 4,069.1 | 3,872.1 |
Deferred income taxes | 558.5 | 572.5 |
Other long-term liabilities | 105.8 | 115.5 |
Total liabilities | $ 5,567.6 | $ 5,620.9 |
Commitments and contingencies | ||
Shareholders' equity: | ||
Other capital | $ 1,978.9 | $ 1,969.9 |
Accumulated deficit | (151.2) | (246.7) |
Accumulated other comprehensive loss, net of tax | (191) | (200.1) |
Total shareholder's equity | 1,636.7 | 1,523.1 |
Noncontrolling interest | 49.8 | 49.7 |
Total equity | 1,686.5 | 1,572.8 |
Total liabilities and equity | $ 7,254.1 | $ 7,193.7 |
Condensed Consolidated Stateme3
Condensed Consolidated Statements Of Operations - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Apr. 03, 2016 | Mar. 29, 2015 | Apr. 03, 2016 | Mar. 29, 2015 | |
Net sales | $ 1,209.6 | $ 1,067 | $ 2,428.4 | $ 2,134.8 |
Cost of goods sold | 746.6 | 692.1 | 1,524.6 | 1,389.5 |
Restructuring and related charges | 0.2 | 0.2 | 0.3 | 0.4 |
Gross profit | 462.8 | 374.7 | 903.5 | 744.9 |
Selling | 189.5 | 173.1 | 376.6 | 332.9 |
General and administrative | 95.6 | 84.3 | 181.9 | 152.6 |
Research and development | 14.5 | 12.8 | 28.3 | 24 |
Acquisition and integration related charges | 13.3 | 11.9 | 23.2 | 20 |
Restructuring and related charges | 1.4 | 4.2 | 2.5 | 11.4 |
Total operating expenses | 314.3 | 286.3 | 612.5 | 540.9 |
Operating income | 148.5 | 88.4 | 291 | 204 |
Interest expense | 57.5 | 49.2 | 115.9 | 93.6 |
Other non-operating expense, net | 0.8 | 3.2 | 4.3 | 3.9 |
Income from operations before income taxes | 90.2 | 36 | 170.8 | 106.5 |
Income tax expense | 14.9 | 8.1 | 21.8 | 28.6 |
Net income (loss) | 75.3 | 27.9 | 149 | 77.9 |
Net income attributable to non-controlling interest | 0.1 | 0.1 | 0.2 | 0.3 |
Net income (loss) attributable to controlling interest | $ 75.2 | $ 27.8 | $ 148.8 | $ 77.6 |
Earnings Per Share | ||||
Basic earnings per share | $ 1.27 | $ 0.52 | $ 2.51 | $ 1.46 |
Diluted earnings per share | 1.26 | 0.52 | 2.50 | 1.46 |
Dividends per share | $ 0.38 | $ 0.33 | $ 0.71 | $ 0.63 |
Weighted Average Shares Outstanding | ||||
Basic | 59.4 | 53.3 | 59.3 | 53 |
Diluted | 59.5 | 53.3 | 59.4 | 53.1 |
SB/RH Holdings, LLC [Member] | ||||
Net sales | $ 1,209.6 | $ 1,067 | $ 2,428.4 | $ 2,134.8 |
Cost of goods sold | 746.6 | 692.1 | 1,524.6 | 1,389.5 |
Restructuring and related charges | 0.2 | 0.2 | 0.3 | 0.4 |
Gross profit | 462.8 | 374.7 | 903.5 | 744.9 |
Selling | 189.5 | 173.1 | 376.6 | 332.9 |
General and administrative | 94.2 | 82.6 | 178.7 | 149.9 |
Research and development | 14.5 | 12.8 | 28.3 | 24 |
Acquisition and integration related charges | 13.3 | 11.9 | 23.2 | 20 |
Restructuring and related charges | 1.4 | 4.2 | 2.5 | 11.4 |
Total operating expenses | 312.9 | 284.6 | 609.3 | 538.2 |
Operating income | 149.9 | 90.1 | 294.2 | 206.7 |
Interest expense | 57.5 | 49.2 | 115.9 | 93.6 |
Other non-operating expense, net | 0.8 | 3.2 | 4.3 | 3.9 |
Income from operations before income taxes | 91.6 | 37.7 | 174 | 109.2 |
Income tax expense | 19.4 | 8.1 | 26.3 | 28.6 |
Net income (loss) | 72.2 | 29.6 | 147.7 | 80.6 |
Net income attributable to non-controlling interest | 0.1 | 0.2 | 0.2 | |
Net income (loss) attributable to controlling interest | $ 72.1 | $ 29.6 | $ 147.5 | $ 80.4 |
Condensed Consolidated Stateme4
Condensed Consolidated Statements Of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Apr. 03, 2016 | Mar. 29, 2015 | Apr. 03, 2016 | Mar. 29, 2015 | |
Net income | $ 75.3 | $ 27.9 | $ 149 | $ 77.9 |
Other comprehensive income (loss), net of tax: | ||||
Foreign currency translation gain (loss) | 28.2 | (43.6) | 7.7 | (78.1) |
Unrealized (loss) gain on hedging derivatives, net tax of $2.1,$(0.9), $1.4 and $(1.9), respectively | (2.9) | 1.4 | 0.8 | 3.4 |
Defined benefit pension (loss) gain, net tax of $0.1, $(0.8), $(0.2) and $(1.1), respectively | (0.6) | 2.4 | 0.5 | 3.4 |
Other comprehensive income (loss), net of tax | 24.7 | (39.8) | 9 | (71.3) |
Comprehensive income (loss) | 100 | (11.9) | 158 | 6.6 |
Comprehensive income (loss) attributable to non-controlling interest | 0.1 | (0.1) | 0.3 | |
Comprehensive income (loss) attributable to controlling interest | 100 | (12) | 158.1 | 6.3 |
SB/RH Holdings, LLC [Member] | ||||
Net income | 72.2 | 29.6 | 147.7 | 80.6 |
Other comprehensive income (loss), net of tax: | ||||
Foreign currency translation gain (loss) | 28.2 | (43.6) | 7.7 | (78.1) |
Unrealized (loss) gain on hedging derivatives, net tax of $2.1,$(0.9), $1.4 and $(1.9), respectively | (2.9) | 1.4 | 0.8 | 3.4 |
Defined benefit pension (loss) gain, net tax of $0.1, $(0.8), $(0.2) and $(1.1), respectively | (0.6) | 2.4 | 0.5 | 3.4 |
Other comprehensive income (loss), net of tax | 24.7 | (39.8) | 9 | (71.3) |
Comprehensive income (loss) | 96.9 | (10.2) | 156.7 | 9.3 |
Comprehensive income (loss) attributable to non-controlling interest | (0.1) | 0.2 | ||
Comprehensive income (loss) attributable to controlling interest | $ 96.9 | $ (10.2) | $ 156.8 | $ 9.1 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements Of Comprehensive Income (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Apr. 03, 2016 | Mar. 29, 2015 | Apr. 03, 2016 | Mar. 29, 2015 | |
Unrealized (loss) gain on derivatives, tax | $ 3.2 | $ (0.9) | $ 2.5 | $ (1.9) |
Defined benefit pension (loss) gain, tax | 0.1 | (0.8) | (0.2) | (1.1) |
SB/RH Holdings, LLC [Member] | ||||
Unrealized (loss) gain on derivatives, tax | 3.2 | (0.9) | 2.5 | (1.9) |
Defined benefit pension (loss) gain, tax | $ 0.1 | $ (0.8) | $ (0.2) | $ (1.1) |
Condensed Consolidated Stateme6
Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Millions | 6 Months Ended | |
Apr. 03, 2016 | Mar. 29, 2015 | |
Cash flows from operating activities | ||
Net income | $ 149 | $ 77.9 |
Adjustments to reconcile net income to net cash used by operating activities: | ||
Amortization of intangible assets | 47 | 41.7 |
Depreciation | 44.4 | 37.1 |
Share based compensation | 31.6 | 19.4 |
Non-cash inventory adjustment from acquisitions | 3 | |
Non-cash restructuring and related charges | 7.2 | |
Amortization of debt issuance costs | 4.1 | 5.1 |
Non-cash debt accretion | 0.5 | |
Deferred tax (benefit) expense | (1.9) | 1.4 |
Net changes in operating assets and liabilities, net of effects of acquisitions | (419.2) | (373.1) |
Net cash used by operating activities | (144.5) | (180.3) |
Cash flows from investing activities | ||
Purchases of property, plant and equipment | (38.7) | (29.9) |
Business acquisitions, net of cash acquired | (292.7) | |
Proceeds from sales of property, plant and equipment | 0.8 | 1.2 |
Other investing activities | (0.9) | |
Net cash used by investing activities | (37.9) | (322.3) |
Cash flows from financing activities | ||
Proceeds from issuance of debt | 175 | 477.4 |
Payment of debt | (13.3) | (18.9) |
Payment of debt issuance costs | (1.6) | (6.9) |
Payment of cash dividends | (42) | (33.5) |
Treasury stock purchases | (40.2) | (8.5) |
Share based tax withholding payments, net of proceeds upon vesting | (9.8) | (1.9) |
Net cash provided (used) by financing activities | 68.1 | 407.7 |
Effect of exchange rate changes on cash and cash equivalents | (0.3) | (11.9) |
Net increase (decrease) in cash and cash equivalents | (114.6) | (106.8) |
Cash and cash equivalents, beginning of period | 247.9 | 194.6 |
Cash and cash equivalents, end of period | 133.3 | 87.8 |
Supplemental disclsoure of cash flow information | ||
Cash paid for interest | 120.5 | 83.2 |
Cash paid for taxes | 23.9 | 21.7 |
Non cash investing activities | ||
Acquisition of property, plant and equipment through capital leases | 28.3 | 1.4 |
Non cash financing activities | ||
Issuance of shares through stock conpensation plan | 45.8 | 9.9 |
SB/RH Holdings, LLC [Member] | ||
Cash flows from operating activities | ||
Net income | 147.7 | 80.6 |
Adjustments to reconcile net income to net cash used by operating activities: | ||
Amortization of intangible assets | 47 | 41.7 |
Depreciation | 44.4 | 37.1 |
Share based compensation | 28.8 | 17 |
Non-cash inventory adjustment from acquisitions | 3 | |
Non-cash restructuring and related charges | 7.5 | |
Amortization of debt issuance costs | 4.1 | 5.1 |
Non-cash debt accretion | 0.5 | |
Deferred tax (benefit) expense | 2.6 | 1.4 |
Net changes in operating assets and liabilities, net of effects of acquisitions | (438.8) | (373.7) |
Net cash used by operating activities | (163.7) | (180.3) |
Cash flows from investing activities | ||
Purchases of property, plant and equipment | (38.7) | (29.9) |
Business acquisitions, net of cash acquired | (292.7) | |
Proceeds from sales of property, plant and equipment | 0.8 | 1.2 |
Other investing activities | (0.9) | |
Net cash used by investing activities | (37.9) | (322.3) |
Cash flows from financing activities | ||
Proceeds from issuance of debt | 188.9 | 481.2 |
Payment of debt | (48.1) | (25.5) |
Payment of debt issuance costs | (1.6) | (6.9) |
Payment of cash dividends | (52) | (33.5) |
Share based tax withholding payments, net of proceeds upon vesting | (5.9) | |
Net cash provided (used) by financing activities | 87.2 | 409.4 |
Effect of exchange rate changes on cash and cash equivalents | (0.3) | (11.9) |
Net increase (decrease) in cash and cash equivalents | (114.7) | (105.1) |
Cash and cash equivalents, beginning of period | 247.9 | 192.9 |
Cash and cash equivalents, end of period | 133.2 | 87.8 |
Supplemental disclsoure of cash flow information | ||
Cash paid for interest | 120.5 | 83.2 |
Cash paid for taxes | 23.9 | 21.7 |
Non cash investing activities | ||
Acquisition of property, plant and equipment through capital leases | $ 28.3 | $ 1.4 |
Basis Of Presentation
Basis Of Presentation | 6 Months Ended |
Apr. 03, 2016 | |
Basis Of Presentation [Abstract] | |
Basis Of Presentation | NOTE 1 - B ASIS OF PRESENTATION The accompanying unaudited condensed consolidated financial statements have been prepared by the Company and its majority owned subsidiaries in accordance with accounting principles for interim financial information generally accepted in the United States and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all the information and notes necessary for a comprehensive presentation of financial position and results of operations. It is management’s opinion, however, that all material adjustments have been made which are necessary for a fair financial statement presentation. For further information, refer to the consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended September 30, 2015. |
Significant Accounting Policies
Significant Accounting Policies | 6 Months Ended |
Apr. 03, 2016 | |
Significant Accounting Policies [Abstract] | |
Significant Accounting Policies | NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES In April 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2015-03, Interest – Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. This ASU requires debt issuance costs related to a recognized debt liability to be presented on a balance sheet as a direct deduction from the debt liability, similar to the presentation of debt discounts. Current guidance generally requires entities to capitalize costs paid to third parties that are directly related to issuing debt and that otherwise wouldn’t be incurred, and present those amounts separately as deferred charges. During the three month period ended January 3, 2016, the Company retrospectively applied the adoption of this ASU, resulting in a reclassification of $ 65.1 million of debt issuance costs as of September 30, 2015. In November 2015, the FASB issued ASU No. 2015-17, Income Taxes (Topic 740) – Balance Sheet Classification of Deferred Taxes. The ASU simplifies the presentation of deferred tax assets and liabilities to be classified as noncurrent on a balance sheet. Current guidance requires an entity to separate deferred income tax assets and liabilities into current and noncurrent amounts. The new guidance requires all deferred tax assets and liabilities to be presented as noncurrent as the separate current classification results in little to no benefit to users of the financial statements because the classification does not generally align with the time period in which the recognized deferred tax amounts are expected to be recovered or settled. During the three month period ended January 3, 2016, the Company retrospectively applied the adoption of this ASU, resulting in a reclassification of $ 44.7 million of current deferred tax assets and $ 4.6 million of current deferred tax liabilities as of September 30, 2015. The following is a summary of the reclassifications from the retrospective adoption of the ASUs discussed above, as of September 30, 2015 for SBH and SB/RH, respectively: Spectrum Brands Holdings, Inc. SB/RH Holdings, LLC Statement of Financial Position (in millions) As Reported Reclassification As Reclassified As Reported Reclassification As Reclassified Prepaid expenses and other current assets $ 116.8 $ (44.7) $ 72.1 $ 116.8 $ (44.7) $ 72.1 Deferred charges and other 101.7 (59.5) 42.2 101.6 (59.5) 42.1 Other current liabilities (217.3) 4.6 (212.7) (216.5) 4.6 (211.9) Long-term debt, net of current portion (3,937.2) 65.1 (3,872.1) (3,937.2) 65.1 (3,872.1) Deferred taxes (noncurrent liability) (607.0) 34.5 (572.5) (607.0) 34.5 (572.5) In September 2015, the FASB issued ASU No. 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments. The ASU simplifies the presentation of provisional amounts recognized in a business combination during the measurement period (one year from the date of acquisition). Current guidance requires retrospective adjustment of prior periods; the new guidance eliminates this requirement. T he Company applied the adoption of this ASU effective the first day of the year ending September 30, 2016 and all subsequent measurement period adjustments are recorded in the period identified , resulting in the recognition of adjustments to goodwill from the Armored AutoGroup (“AAG”) acquisition. See Note 8 for adjustments to goodwill. |
Acquisitions
Acquisitions | 6 Months Ended |
Apr. 03, 2016 | |
Acquisitions [Abstract] | |
Acquisitions | NOTE 3 - ACQUISITIONS Armored AutoGroup - On May 21, 2015 , the Company completed the acquisition of Armored AutoGroup Parent, Inc. (“ AAG ”) , a consumer products company consisting primarily of Armor All and STP products, two of the most recognizable brands in the automotive aftermarket appearance products and performance chemicals categories, respectively, and the A/C PRO brand of do-it-yourself automotive air conditioner recharge products. The results of AAG’s operations are included in the Company’s Condensed Consolidated Statements of Operations and are reported as a separate segment under Global Auto Care for the three and six month period s ended April 3, 2016. Primary areas of acquisition accounting that are not yet finalized relate to amounts for residual goodwill and income taxes. Salix - On January 16, 2015 , the Company completed the acquisition of Salix, a vertically integrated producer and distributer of premium natural rawhide dog chews, treats and snacks. The results of Salix’s operations are included in the Company’s Condensed Consolidated Statements of Operations and as part of the Global Pet Supplies segment for the three and six month period s ended April 3, 2016 and March 29, 2015 . European IAMS and Eukanuba - On December 31, 2014 , the Company completed the acquisition of Procter & Gamble’s European IAMS and Eukanuba pet food business (“European IAMS and Eukanuba”), premium brands for dogs and cats. The results of European IAMS and Eukanuba’s operations are included in the Company’s Condensed Consolidated Statements of Operations and as part of the Global Pet Supplies segment for the three and six month period s ended April 3, 2016 and March 29, 2015 . Tell Manufacturing - On October 1, 2014 , the Company completed the acquisition of Tell, a manufacturer and distributor of commercial doors, locks and hardware. The results of Tell’s operations are included in the Company’s Condensed Consolidated Statements of Operations and as part of the Hardware and Home Improvement segment for the three and six month periods ended April 3, 2016 and March 29, 2015 . Acquisition and Integration Costs The following table summarizes acquisition and integration related charges incurred by the Company for the three and six month periods ended April 3, 2016 and March 29, 2015 : Three Months Ended Six Months Ended (in millions) April 3, 2016 March 29, 2015 April 3, 2016 March 29, 2015 Armored AutoGroup $ 6.1 $ — $ 10.6 $ — HHI Business 4.8 3.0 7.6 6.2 European IAMS and Eukanuba 1.0 4.1 2.0 5.0 Salix 0.6 5.1 1.5 5.1 Tell 0.1 0.6 0.2 1.1 Other 0.7 (0.9) 1.3 2.6 Total acquisition and integration related charges $ 13.3 $ 11.9 $ 23.2 $ 20.0 |
Restructuring And Related Charg
Restructuring And Related Charges | 6 Months Ended |
Apr. 03, 2016 | |
Restructuring And Related Charges [Abstract] | |
Restructuring And Related Charges | NOTE 4 - RESTRUCTURING AND RELATED CHARGES HHI Business Rationalization Initiatives – During the fourth quarter of the year ended September 30, 2014, the Company implemented a series of initiatives throughout the Hardware & Home Improvement segment to reduce operating costs and exit low margin business outside the U.S. These initiatives included headcount reductions, the exit of certain facilities and the sale of a portion of the global Hardware & Home Improvement operations. Total costs associated with these initiatives are expected to be approximately $ 15 million , of which $14.4 million has been incurred to date , the balance is anticipated to be incurred through September 30, 2016. Global Expense Rationalization Initiatives – During the third quarter of the year ended September 30, 2013, the Company implemented a series of initiatives throughout the Company to reduce operating costs. These initiatives consisted of headcount reductions in the Global Batteries & Appliances and Global Pet Supplies segments, and within Corporate. Total costs associated with these initiatives are expected to be approximately $ 47 million, of which $44.0 million has been incurred to date, the balance is anticipated to be incurred through September 30, 2018. Other Restructuring Activities – The Company is entering or may enter into small, less significant initiatives and restructuring activities to reduce costs and improve margins. Individually these activities are not substantial, and occur over a shorter time period (less than 12 months). Total costs associated with these initiatives are expected to be approximately $1 million, of which $0.9 million has been incurred to date . The following table summarizes restructuring and related charges for the three and six month periods ended April 3, 2016 and March 29, 2015 : Three Months Ended Six Months Ended (in millions) April 3, 2016 March 29, 2015 April 3, 2016 March 29, 2015 HHI business rationalization initiatives $ 0.3 $ 1.3 $ (0.4) $ 1.4 Global expense rationalization initiatives 1.2 2.8 2.3 10.0 Other restructuring activities 0.1 0.3 0.9 0.4 Total restructuring and related charges $ 1.6 $ 4.4 $ 2.8 $ 11.8 Reported as: Cost of goods sold $ 0.2 $ 0.2 $ 0.3 $ 0.4 Operating expense 1.4 4.2 2.5 11.4 The following is a summary of restructuring and related charges for the three and six month periods ended April 3, 2016 and March 29, 2015 by cost type: Termination Other (in millions) Benefits Costs Total For the three month period ended April 3, 2016 0.7 0.9 1.6 For the three month period ended March 29, 2015 3.0 1.4 4.4 For the six month period ended April 3, 2016 1.7 1.1 2.8 For the six month period ended March 29, 2015 7.9 3.9 11.8 Cumulative costs through April 3, 2016 29.8 29.6 59.4 The following is a rollforward of the accrual related to all restructuring and related activities , included within Other Current Liabilities, by cost type for the six month period ended April 3, 2016: Termination Other (in millions) Benefits Costs Total Accrual balance at September 30, 2015 4.3 3.9 8.2 Provisions 1.7 1.1 2.8 Cash expenditures (4.1) (4.5) (8.6) Non-cash items 0.1 (0.2) (0.1) Accrual balance at April 3, 2016 $ 2.0 $ 0.3 $ 2.3 The following summarizes restructuring and related charges by segment for the three and six month periods ended April 3, 2016 and March 29, 2015 , cumulative costs incurred through April 3, 2016 and future expected costs to be incurred by segment: Global Hardware Batteries & Global Pet & Home (in millions) Appliances Supplies Improvement Corporate Total For the three month period ended April 3, 2016 $ 0.1 $ 1.1 $ 0.4 $ — $ 1.6 For the three month period ended March 29, 2015 0.7 2.3 1.4 — 4.4 For the six month period ended April 3, 2016 0.4 1.9 0.5 — 2.8 For the six month period ended March 29, 2015 5.4 4.6 1.5 0.3 11.8 Cumulative costs through April 3, 2016 29.6 12.4 15.3 2.1 59.4 Future costs to be incurred 0.8 2.7 — 0.1 3.6 |
Receivables And Concentration O
Receivables And Concentration Of Credit Risk | 6 Months Ended |
Apr. 03, 2016 | |
Receivables And Concentration Of Credit Risk [Abstract] | |
Receivables And Concentration Of Credit Risk | NOTE 5 - RECEIVABLES AND CONCENTRATION OF CREDIT RISK The allowance for uncollectible receivables as of April 3, 2016 and September 30, 2015 was $47.6 million and $ 44.0 million, respectively. The Company has a broad range of customers including many large retail outlet chains, one of which accounts for a significant percentage of its sales volume. This customer represents approximately 15% and 16% of the Company’s Trade Receivable s at April 3, 2016 and September 30, 2015, respectively. |
Inventories
Inventories | 6 Months Ended |
Apr. 03, 2016 | |
Inventories [Abstract] | |
Inventories | NOTE 6 - INVENTORIES Inventories consist of the following: (in millions) April 3, 2016 September 30, 2015 Raw materials $ 160.0 $ 132.4 Work-in-process 55.4 37.9 Finished goods 709.0 610.5 $ 924.4 $ 780.8 |
Property, Plant And Equipment
Property, Plant And Equipment | 6 Months Ended |
Apr. 03, 2016 | |
Property, Plant And Equipment [Abstract] | |
Property, Plant And Equipment | NOTE 7 – PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment consist of the following: (in millions) April 3, 2016 September 30, 2015 Land, buildings and improvements $ 194.0 $ 190.9 Machinery, equipment and other 512.9 491.9 Capitalized leases 124.1 97.3 Construction in progress 58.6 51.8 Property, plant and equipment $ 889.6 $ 831.9 Accumulated depreciation (360.7) (324.8) Property, plant and equipment, net $ 528.9 $ 507.1 |
Goodwill And Intangible Assets
Goodwill And Intangible Assets | 6 Months Ended |
Apr. 03, 2016 | |
Goodwill And Intangible Assets [Abstract] | |
Goodwill And Intangible Assets | NOTE 8 - GOODWILL AND INTANGIBLE ASSETS Goodwill, by segment, consist of the following: Global Hardware & Batteries & Home Global Pet Home and Global (in millions) Appliances Improvement Supplies Garden Auto Care Total Balance, as of September 30, 2015 348.5 699.5 299.6 196.5 932.6 2,476.7 Adjustments — — — — 2.6 2.6 Foreign currency impact — 3.4 1.1 — (0.4) 4.1 Balance, as of April 3, 2016 $ 348.5 $ 702.9 $ 300.7 $ 196.5 $ 934.8 $ 2,483.4 The carrying value and accumulated amortization for intangible assets subject to amortization are as follows: April 3, 2016 September 30, 2015 (in millions) Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net Customer relationships $ 987.8 $ (276.0) $ 711.8 $ 985.2 $ (247.4) $ 737.8 Technology assets 234.3 (85.4) 148.9 238.6 (78.1) 160.5 Tradenames 165.4 (81.4) 84.0 165.4 (73.7) 91.7 Total $ 1,387.5 $ (442.8) $ 944.7 $ 1,389.2 $ (399.2) $ 990.0 The range and weighted average useful lives for definite-lived intangible assets are as follows: Asset Type Range Weighted Average Customer relationships 2 - 20 years 18.5 years Technology assets 4 - 18 years 11.1 years Tradenames 8 - 17 years 16.2 years Certain tradename intangible assets have an indefinite life and are not amortized. The balance of tradenames not subject to amortization was $1,487.7 million and $1,490.3 million as of April 3, 2016 and September 30, 2015. There was no impairment loss on indefinite-lived trade names for the six month period ended April 3, 2016 or March 29, 2015 . Amortization expense from intangible assets for the three month periods ended April 3, 2016 and March 29, 2015 was $23.4 million and $21.2 million, respectively. Amortization expense from intangible assets for the six month periods ended April 3, 2016 and March 29, 2015 was $ 47.0 million and $ 41.7 million, respectively. Excluding the impact of any future acquisitions or changes in foreign currency, the Company estimates annual amortization expense of intangible assets for the next five fiscal years will be as follows: (in millions) Amortization 2016 $ 93.9 2017 93.0 2018 86.2 2019 85.1 2020 84.9 |
Debt
Debt | 6 Months Ended |
Apr. 03, 2016 | |
Debt [Abstract] | |
Debt | NOTE 9 - DEBT Debt consist of the following: Spectrum Brands Holdings, Inc. SB/RH Holdings, LLC April 3, 2016 September 30, 2015 April 3, 2016 September 30, 2015 (in millions) Amount Rate Amount Rate Amount Rate Amount Rate Term Loan, variable rate, due June 23, 2022 $ 1,220.8 3.5 % $ 1,226.9 3.9 % $ 1,220.8 3.5 % $ 1,226.9 3.9 % CAD Term Loan, variable rate, due June 23, 2022 57.2 4.5 % 55.7 4.4 % 57.2 4.5 % 55.7 4.4 % Euro Term Loan, variable rate, due June 23, 2022 257.5 3.5 % 255.8 3.5 % 257.5 3.5 % 255.8 3.5 % 5.75% Notes, due July 15, 2025 1,000.0 5.8 % 1,000.0 5.8 % 1,000.0 5.8 % 1,000.0 5.8 % 6.125% Notes, due December 15, 2024 250.0 6.1 % 250.0 6.1 % 250.0 6.1 % 250.0 6.1 % 6.375% Notes, due November 15, 2020 520.0 6.4 % 520.0 6.4 % 520.0 6.4 % 520.0 6.4 % 6.625% Notes, due November 15, 2022 570.0 6.6 % 570.0 6.6 % 570.0 6.6 % 570.0 6.6 % Revolver Facility, variable rate, expiring June 23, 2020 175.0 3.2 % — — % 175.0 3.2 % — — % Other notes and obligations 10.4 12.4 % 11.2 10.2 % 24.3 5.3 % 45.9 4.9 % Obligations under capital leases 111.8 5.5 % 88.2 5.7 % 111.8 5.5 % 88.2 5.7 % Total debt 4,172.7 3,977.8 4,186.6 4,012.5 Unamortized discount on debt (6.4) (6.8) (6.4) (6.8) Debt issuance costs (62.5) (65.1) (62.5) (65.1) Less current portion (34.7) (33.8) (48.6) (68.5) Long-term debt, net of current portion $ 4,069.1 $ 3,872.1 $ 4,069.1 $ 3,872.1 The Term Loans and Revolver Facility are subject to variable interest rates, (i) the USD Term Loan is subject to either adjusted LIBOR (International Exchange London Interbank Offered Rate), subject to a 0.75% floor, plus 2.75% per annum, or base rate plus 1.75% per annum, (ii) the CAD Term Loan is subject to either CDOR (Canadian Dollar Offered Rate), subject to a 0.75% floor plus 3.5% per annum, or base rate plus 2.5% per annum, (iii) the Euro Term Loan is subject to either EURIBOR (Euro Interbank Offered Rate), subject to a 0.75% floor, plus 2.75% per annum, with no base rate option available and (iv) the Revolver Facility is subject to either adjusted LIBOR plus 2.75% per annum, or base rate plus 1.75% per annum. As a result of borrowings and payments under the Revolver Facility, at April 3, 2016, the Company had borrowing availability of $300.4 million, net outstanding letters of credit of $24.6 million. Debt held by SB/RH also includes a loan with SBH of $13.9 million and $34.7 million as of April 3, 2016 and September 30, 2015, respectively. |
Derivatives
Derivatives | 6 Months Ended |
Apr. 03, 2016 | |
Derivatives [Abstract] | |
Derivatives | NOTE 10 - DERIVATIVES Cash Flow Hedges Interest Rate Swaps. The Company uses interest rate swaps to manage its interest rate risk. The swaps are designated as cash flow hedges with the changes in fair value recorded in AOCI and as a derivative hedge asset or liability, as applicable. The swaps settle periodically in arrears with the related amounts for the current settlement period payable to, or receivable from, the counterparties included in accrued liabilities or receivables, respectively, and recognized in earnings as an adjustment to interest from the underlying debt to which the swap is designated. At April 3, 2016 and September 30, 2015, 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 $300.0 million through April 2017. The derivative net losses estimated to be reclassified from AOCI into earnings over the next 12 months is $1.3 million, net of tax. The Company’s interest rate swap derivative financial instruments at April 3, 2016 and September 30, 2015 are as follows: April 3, 2016 September 30, 2015 (in millions) Notional Amount Remaining Years Notional Amount Remaining Years Interest rate swaps - fixed $ 300.0 1.0 $ 300.0 1.5 Commodity Swaps. 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 mater ials through a specified date. At April 3, 2016, the Company had a series of zinc and brass swap contracts outsta nding through September 2017. The derivative net losses estimated to be reclassified from AOCI into earnings over the next 12 months is $1.4 million, net of tax. The Company had the following commodity swap contracts outstanding as of April 3, 2016 and September 30, 2015. April 3, 2016 September 30, 2015 (in millions, except notional) Notional Contract Value Notional Contract Value Zinc swap contracts 9.4 Tons $ 18.0 10.8 Tons $ 22.2 Brass swap contracts 1.0 Tons $ 4.4 1.8 Tons $ 8.5 Foreign exchange contracts. 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 on the Condensed Consolidated Statements of Operations. At April 3, 2016, the Company had a series of foreign exchange derivative contracts outst anding through September 2017. The derivative net losses estimated to be reclassified from AOCI into earnings over the next 12 months is $1.1 million, net of tax. At April 3, 2016 and September 30, 2015, the Company had foreign exchange derivative contracts designated as cash flow hedges with a notional value of $252.8 million and $300.6 million, respectively. Derivative Contracts Not Designated as Hedges for Accounting Purposes Foreign exchange contracts. The Company periodically enters into forward and swap foreign exchange contracts to economically hedge 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. 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 April 3, 2016, the Company had a series of forward exchange contracts outstanding through May 2016 . At April 3, 2016 and September 30, 2015, the Company had $ 262.4 million and $126.8 million , respectively, of notional value of such foreign exchange derivative contracts outstanding. Commodity Swaps. 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 manufactur ing 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 the 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 April 3, 2016, the Company had a series of commodity swaps outstanding through August 2016. The Company had the following commodity swaps outstanding as of April 3, 2016 and September 30, 2015: April 3, 2016 September 30, 2015 (in millions, except notional) Notional Contract Value Notional Contract Value Silver 10.0 troy oz. $ 0.2 25.0 troy oz. $ 0.4 Fair Value of Derivative Instruments The fair value of the Company’s outstanding derivative contracts recorded in the Condensed Consolidated Statements of Financial Position are as follows: (in millions) Line Item April 3, 2016 September 30, 2015 Derivative Assets Commodity swaps - designated as hedge Receivables—Other $ 0.2 $ — Commodity swaps - designated as hedge Deferred charges and other 0.1 — Foreign exchange contracts - designated as hedge Receivables—Other 2.3 $ 5.2 Foreign exchange contracts - designated as hedge Deferred charges and other 0.1 0.4 Foreign exchange contracts - not designated as hedge Receivables—Other 1.0 0.4 Total Derivative Assets $ 3.7 $ 6.0 Derivative Liabilities Interest rate swaps - designated as hedge Other current liabilities $ 1.3 $ 1.4 Interest rate swaps - designated as hedge Accrued interest 0.5 0.4 Interest rate swaps - designated as hedge Other long-term liabilities 0.3 0.8 Commodity swaps - designated as hedge Accounts payable 1.8 4.7 Commodity swaps - designated as hedge Other long-term liabilities 0.2 0.8 Commodity swaps - not designated as hedge Accounts payable — 0.1 Foreign exchange contracts - designated as hedge Accounts payable 4.2 1.5 Foreign exchange contracts - designated as hedge Other long-term liabilities 0.3 — Foreign exchange contracts - not designated as hedge Accounts payable 0.8 0.1 Total Derivative Liabilities $ 9.4 $ 9.8 The Company is exposed to the risk of default by the counterparties with which it transacts and generally does not require collateral or other security to support financial instruments subject to credit risk. The Company monitors counterparty credit risk on an individual basis by periodically assessing each 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 less than $0.1 million as of April 3, 2016 and September 30, 2015. 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. As of April 3, 2016 and September 30, 2015, there was $0.5 million and $3.5 million, respectively, of posted cash collateral related to such liability positions. In addition, as of April 3, 2016 and September 30, 2015, the Company had no posted standby letters of credit related to such liability positions. The cash collateral is included in Other Receivables in the Condensed Consolidated Statements of Financial Position. The following table summarizes the impact of derivative instruments on the accompanying Condensed Consolidated Statement of Operations for the three and six month periods ended April 3, 2016 and March 29, 2015 , pretax: Effective Portion For the three months ended Gain (Loss) Reclassified to Earnings Ineffective portion April 3, 2016 (in millions) in OCI Line Item Gain (Loss) Line Item Gain (Loss) Interest rate swaps $ (0.7) Interest expense $ (0.5) Interest expense $ — Commodity swaps 1.8 Cost of goods sold (1.6) Cost of goods sold — Foreign exchange contracts (6.6) Cost of goods sold 2.8 Cost of goods sold — Total $ (5.5) $ 0.7 $ — Effective Portion For the three months ended Gain (Loss) Reclassified to Earnings Ineffective portion March 29, 2015 (in millions) in OCI Line Item Gain (Loss) Line Item Gain (Loss) Interest rate swaps $ (1.4) Interest expense $ (0.5) Interest expense $ — Commodity swaps (0.5) Cost of goods sold (0.1) Cost of goods sold — Foreign exchange contracts (0.1) Net sales — Net sales — Foreign exchange contracts 11.3 Cost of goods sold 7.6 Cost of goods sold — Total $ 9.3 $ 7.0 $ — Effective Portion For the six months ended Gain (Loss) Reclassified to Earnings Ineffective portion April 3, 2016 (in millions) in OCI Line Item Gain (Loss) Line Item Gain (Loss) Interest rate swaps $ (0.3) Interest expense $ (1.0) Interest expense $ — Commodity swaps 0.8 Cost of goods sold (3.0) Cost of goods sold — Foreign exchange contracts (0.1) Net sales — Net sales — Foreign exchange contracts (1.2) Cost of goods sold 4.9 Cost of goods sold — Total $ (0.8) $ 0.9 $ — Effective Portion For the six months ended Gain (Loss) Reclassified to Earnings Ineffective portion March 29, 2015 (in millions) in OCI Line Item Gain (Loss) Line Item Gain (Loss) Interest rate swaps $ (2.0) Interest expense $ (0.9) Interest expense $ — Commodity swaps (1.7) Cost of goods sold 0.3 Cost of goods sold — Foreign exchange contracts 20.8 Cost of goods sold 12.4 Cost of goods sold — Total $ 17.1 $ 11.8 $ — The following table summarizes the loss associated with derivative contracts not designated as hedges in the Condensed Consolidated Statements of Operations for the three and six month periods ended April 3, 2016 and March 29, 2015: Three Months Ended Six Months Ended (in millions) Line Item April 3, 2016 March 29, 2015 April 3, 2016 March 29, 2015 Foreign exchange contracts Other non-operating expenses, net $ 2.9 $ (5.7) $ 0.8 $ (7.4) |
Fair Value Of Financial Instrum
Fair Value Of Financial Instruments | 6 Months Ended |
Apr. 03, 2016 | |
Fair Value Of Financial Instruments [Abstract] | |
Fair Value Of Financial Instruments | NOTE 11 - FAIR VALUE OF FINANCIAL INSTRUMENTS The Company has not changed the valuation techniques used in measuring the fair value of any financial assets an d liabilities during the year. The Company’s derivative portfolio contains Level 2 instruments. See Note 10, “Derivatives” for additional detail. The fair values of derivative instruments as of April 3, 2016 and September 30, 2015 are as follows: April 3, 2016 September 30, 2015 Carrying Carrying (in millions) Amount Fair Value Amount Fair Value Derivative Assets $ 3.7 $ 3.7 $ 6.0 $ 6.0 Derivative Liabilities $ 9.4 $ 9.4 $ 9.8 $ 9.8 The carrying values of cash and cash equivalents, receivables, accounts payable and short term debt approximate fair value based on the short-term nature of these assets and liabilities. The carrying values and fair values for debt as of April 3, 2016 and September 30, 2015 are as follows: April 3, 2016 September 30, 2015 Carrying Carrying (in millions) Amount Fair Value Amount Fair Value Total debt - Spectrum Brands Holdings, Inc. $ 4,103.8 $ 4,330.2 $ 3,905.9 $ 4,085.8 Total debt - SB/RH Holdings, LLC $ 4,117.7 $ 4,344.1 $ 3,940.6 $ 4,120.5 |
Employee Benefit Plans
Employee Benefit Plans | 6 Months Ended |
Apr. 03, 2016 | |
Employee Benefit Plans [Abstract] | |
Employee Benefit Plans | NOTE 12 - EMPLOYEE BENEFIT PLANS The net periodic benefit cost for the Company’s pension and deferred compensation plans for the three and six month periods ended April 3, 2016, and March 29, 2015 were as follows: U.S. Plans Non U.S. Plans (in millions) April 3, 2016 March 29, 2015 April 3, 2016 March 29, 2015 Three month period ended Service cost $ 0.1 $ 0.1 $ 0.7 $ 0.7 Interest cost 0.7 0.8 1.5 1.6 Expected return on assets (1.1) (1.1) (1.2) (1.4) Recognized net actuarial loss 0.1 0.1 0.4 0.3 Net periodic benefit cost $ (0.2) $ (0.1) $ 1.4 $ 1.2 Six month period ended Service cost $ 0.1 $ 0.2 $ 1.3 $ 1.4 Interest cost 1.5 1.6 3.1 3.2 Expected return on assets (2.2) (2.2) (2.4) (2.8) Recognized net actuarial loss 0.3 0.1 0.9 0.7 Net periodic benefit cost $ (0.3) $ (0.3) $ 2.9 $ 2.5 Weighted average assumptions Discount rate 4.25% 4.15% 1.75 - 13.81% 2.00 - 13.50% Expected return on plan assets 7.25% 7.50% 1.75 - 4.53% 2.00 - 5.26% Rate of compensation increase N/A N/A 2.25 - 5.50% 2.25 - 5.50% Company contributions to its pension and deferred compensation plans, including discretionary amounts, for the three months ended April 3, 2016 and March 29, 2015 , were $2.3 million and $ 3.3 million, respectively. Company contributions to its pension and deferred compensation plans, including discretionary amounts, for the six months ended April 3, 2016 and March 29, 2015 , were $5.9 million and $5.5 million, respectively. |
Share Based Compensation
Share Based Compensation | 6 Months Ended |
Apr. 03, 2016 | |
Share Based Compensation [Abstract] | |
Share Based Compensation | NOTE 13 - SHARE BASED COMPENSATION Share based compensation expense for SBH during the three month periods ended April 3, 2016 and March 29, 2015 was $ 21.5 million and $13.8 million respectively . Share based compensation expense for SBH during the six month periods ended April 3, 2016 and March 29, 2015 was $ 31.6 million and $19.4 million respectively . The remaining unrecognized pre-tax compensation cost for SBH at April 3, 2016 was $40.2 million . Share based compensation expense for SB/RH during the three month periods ended April 3, 2016 and March 29, 2015 was $20.2 million and $12.2 million respectively . Share based compensation expense for SB/RH during the six month periods ended April 3, 2016 and March 29, 2015 was $ 28.8 million and $ 17.0 million respectively . The remaining unrecognized pre-tax compensation cost for SB/RH at April 3, 2016 was $ 36.3 million. During the three month period ended April 3, 2016, SBH and SB/RH granted 0.2 million Restricted Stock Units (“RSUs”), which include d 0.1 million units that vested immediately or within 12 months and 0.1 million that are both performance and time-based and vest over a period ranging from one to two years. The total market value of the RSUs on the dates of the grants was $12.1 million for SBH and SB/RH . During the six month period ended April 3, 2016, SBH and SB/RH granted 0.6 million RSUs, which include d 0.2 million units that vested immediately or within 12 months and 0.4 million that are both performance and time-based and vest over a period ranging from one to two years. The total market value of the RSUs on the dates of the grants was $ 54.2 million and $ 52.3 million for SBH and SB/RH, respectively. The fair value of RSUs 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 RSUs during the six month period ended April 3, 2016 is as follows: Spectrum Brands Holdings, Inc. SB/RH Holdings, LLC Weighted Fair Weighted Fair Average Value Average Value Grant Date at Grant Grant Date at Grant (in millions, except per share data) Shares Fair Value Date Shares Fair Value Date Non-vested RSUs at September 30, 2015 0.6 87.50 $ 53.2 0.5 87.71 $ 42.1 Granted 0.6 94.73 54.2 0.6 94.85 52.3 Forfeited (0.1) 91.67 (5.9) (0.1) 91.67 (5.9) Vested (0.5) 86.54 (45.7) (0.5) 86.31 (42.2) Non-vested RSUs at April 3, 2016 0.6 94.95 $ 55.8 0.5 96.85 $ 46.3 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 6 Months Ended |
Apr. 03, 2016 | |
Accumulated Other Comprehensive Income (Loss) [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | NOTE 14 - ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) The changes in the components of accumulated other comprehensive income (loss) (“AOCI”), net of tax, for the six month period ended April 3, 2016 was as follows: Foreign Employee Currency Derivative Benefit (in millions) Translation Hedging Plans Total Accumulated other comprehensive loss, as of September 30, 2015 (152.3) (4.0) (43.8) (200.1) Other comprehensive (loss) income before reclassification 7.7 (0.8) (0.5) 6.4 Amounts reclassified from accumulated other comprehensive income (loss) - (0.9) 1.2 0.3 Other comprehensive (loss) income, six month period ended April 3, 2016 7.7 (1.7) 0.7 6.7 Deferred tax effect - 1.5 (0.2) 1.3 Deferred tax valuation allowance - 1.0 - 1.0 Other comprehensive income, net of tax 7.7 0.8 0.5 9.0 Other comprehensive loss attributable to non-controlling interest (0.1) - - (0.1) Other comprehensive income attributable to controlling interest 7.8 0.8 0.5 9.1 Accumulated other comprehensive loss, as of April 3, 2016 $ (144.5) $ (3.2) $ (43.3) $ (191.0) Amounts reclassified from AOCI associated with employee benefit plan costs and recognized on the Company’s Condensed Consolidated Statements of Operations for the three and six month periods ended April 3, 2016 and March 29, 2015 were as follows: Three Months Ended Six Months Ended (in millions) April 3, 2016 March 29, 2015 April 3, 2016 March 29, 2015 Cost of goods sold $ 0.4 $ 0.1 $ 0.7 $ 0.3 Selling expenses 0.1 0.1 0.2 0.2 General and administrative expenses 0.1 0.2 0.3 0.3 Amounts reclassified from accumulated other comprehensive loss $ 0.6 $ 0.4 $ 1.2 $ 0.8 See Note 10 “Derivatives”, for amounts reclassified from AOCI from the Company’s derivative hedging activity. |
Income Taxes
Income Taxes | 6 Months Ended |
Apr. 03, 2016 | |
Income Taxes [Abstract] | |
Income Taxes | NOTE 15 - INCOME TAXES SBH 's effective tax rate for the three month periods ended April 3, 2016 and March 29, 2015 was 16.5% and 22.5% , respectively. SB/RH's effective tax rate for the three month periods ended April 3, 2016 and March 29, 2015 was 21.2% and 21.5% , respectively. The estimated annual effective tax rate applied to these periods 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% and the release of valuation allowance on U.S. net operating losses deferred tax assets offsetting tax expense on U.S. pretax income. SBH’s effective tax rate for the six month periods ended April 3, 2016 and March 29, 2015 was 12.8% and 26.9% , respectively. SB/RH’s effective tax rate for the six month periods ended April 3, 2016 and March 29, 2015 was 15.1% and 26.2% , respectively. The estimated annual effective tax rate applied to these periods 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% and the release of valuation allowance on U.S. net operating losses deferred tax assets offsetting tax expense on U.S. pretax income. For the six month period ended April 3, 2016, the effective tax rate was also reduced $5.9 million for non-recurring items related to the impact of tax law changes and changes in state deferred tax rates on the Company’s net deferred tax liabilities. In December 2015, the Company received a ruling from the Internal Revenue Service which resulted in approximately $88 million of U.S. net operating losses being restored. The ruling created additional U.S. deferred tax assets and valuation allowance during the three and six month periods ended April 3, 2016. During the three month period ended April 3, 2016, the Company determined it is more likely than not its U.S. deferred tax assets will be used to reduce taxable income, except for tax attributes subject to ownership change limitations, capital losses, and certain state operating losses and credits that will expire unused. The Company estimates the total unused tax benefits are approximately $209 million. The Company has projected to release approximately $84 million of valuation allowance during the year ending September 30, 2016 based on estimates of taxable income. Since the release is expected to be realized as a result of ordinary income for the year ending September 30, 2016, the entire $84 million is included in the calculation of the estimated annual effective tax rate for the current year. |
Segment Information
Segment Information | 6 Months Ended |
Apr. 03, 2016 | |
Segment Information [Abstract] | |
Segment Information | NOTE 16 - SEGMENT INFORMATION The Company identifies its segments based upon the internal organization that is used by management for making operating decisions and assessing performance as the source of the Company’s reportable segments. The Company manufactures, markets and/or distributes multiple product lines through various distribution networks, and in multiple geographic regions. The Company manages its business in f ive vertically integrated, product-focused reporting segments: (i) Global Batteries & Appliances, which consists of the Company’s worldwide battery, electric personal care and small appliances businesses; (ii) Hardware & Home Improvement, which consists of the Company’s worldwide hardware, home improvement and plumbing business; (iii) Global Pet Supplies, which consists of the Company’s worldwide pet supplies business; (iv) Home and Garden, which consists of the Company’s home and garden and insect control business and (v) Global Auto Care, which was established through the AAG acquisition on May 21, 2015 and consists of the Company’s automotive appearance and performance products. Global strategic initiatives and financial objectives for each reportable segment are determined at the corporate level. Each segment is responsible for implementing defined strategic initiatives and achieving certain financial objectives, and has a general manager responsible for the sales and marketing initiatives and financial results for product lines within the segment. Net sales to external customers relating to the segments for the three and six month periods ended April 3, 2016 and March 29, 2015 are as follows: Spectrum Brands Holdings, Inc. SB/RH Holdings, LLC Three months ended (in millions) April 3, 2016 March 29, 2015 April 3, 2016 March 29, 2015 Consumer batteries $ 178.2 $ 181.8 $ 178.2 $ 181.8 Small appliances 138.3 151.6 138.3 151.6 Personal care 108.4 110.5 108.4 110.5 Global Batteries & Appliances 424.9 443.9 424.9 443.9 Hardware & Home Improvement 301.7 289.4 301.7 289.4 Global Pet Supplies 208.5 209.8 208.5 209.8 Home and Garden 155.0 123.9 155.0 123.9 Global Auto Care 119.5 — 119.5 — Net sales $ 1,209.6 $ 1,067.0 $ 1,209.6 $ 1,067.0 Spectrum Brands Holdings, Inc. SB/RH Holdings, LLC Six months ended (in millions) April 3, 2016 March 29, 2015 April 3, 2016 March 29, 2015 Consumer batteries $ 430.8 $ 422.0 $ 430.8 $ 422.0 Small appliances 328.2 375.4 328.2 375.4 Personal care 277.2 283.0 277.2 283.0 Global Batteries & Appliances 1,036.2 1,080.4 1,036.2 1,080.4 Hardware & Home Improvement 584.3 560.6 584.3 560.6 Global Pet Supplies 411.9 330.4 411.9 330.4 Home and Garden 202.7 163.4 202.7 163.4 Global Auto Care 193.3 — 193.3 — Net sales $ 2,428.4 $ 2,134.8 $ 2,428.4 $ 2,134.8 Segment profit does not include corporate expenses, acquisition and integration related charges, restructuring and related charges, impairment charges, interest expense, income tax expense, and other non-operating expenses. Corporate expenses primarily include general and administrative expenses and the cost of stock compensation plans which are evaluated on a consolidated basis and not allocated to the segments. Segment profit in relation to the Company’s reportable segments for the three and six month periods ended April 3, 2016 and March 29, 2015 are as follows: Spectrum Brands Holdings, Inc. SB/RH Holdings, LLC Three months ended (in millions) April 3, 2016 March 29, 2015 April 3, 2016 March 29, 2015 Global Batteries & Appliances $ 40.0 $ 41.8 $ 40.0 $ 41.8 Hardware & Home Improvement 45.6 37.3 45.6 37.3 Global Pet Supplies 20.9 18.7 20.9 18.7 Home and Garden 40.4 28.3 40.4 28.3 Global Auto Care 44.5 — 44.5 — Total segment profit 191.4 126.1 191.4 126.1 Corporate expense 28.0 21.4 26.6 19.7 Acquisition and integration related charges 13.3 11.9 13.3 11.9 Restructuring and related charges 1.6 4.4 1.6 4.4 Interest expense 57.5 49.2 57.5 49.2 Other non-operating expenses, net 0.8 3.2 0.8 3.2 Income from operations before income taxes $ 90.2 $ 36.0 $ 91.6 $ 37.7 Spectrum Brands Holdings, Inc. SB/RH Holdings, LLC Six months ended (in millions) April 3, 2016 March 29, 2015 April 3, 2016 March 29, 2015 Global Batteries & Appliances $ 130.4 $ 138.4 $ 130.4 $ 138.4 Hardware & Home Improvement 89.7 76.1 89.7 76.1 Global Pet Supplies 39.8 24.4 39.8 24.4 Home and Garden 44.0 31.1 44.0 31.1 Global Auto Care 58.6 — 58.6 — Total segment profit 362.5 270.0 362.5 270.0 Corporate expense 45.5 34.2 42.3 31.5 Acquisition and integration related charges 23.2 20.0 23.2 20.0 Restructuring and related charges 2.8 11.8 2.8 11.8 Interest expense 115.9 93.6 115.9 93.6 Other non-operating expenses, net 4.3 3.9 4.3 3.9 Income from operations before income taxes $ 170.8 $ 106.5 $ 174.0 $ 109.2 |
Earnings Per Share - SBH
Earnings Per Share - SBH | 6 Months Ended |
Apr. 03, 2016 | |
Earnings Per Share - SBH [Abstract] | |
Earnings Per Share - SBH | NOTE 17 - EARNINGS PER SHARE - SBH The reconciliation of the numerator and denominator of the basic and diluted earnings per share calculation and the anti-dilutive shares for the three and six month periods ended April 3, 2016 and March 29, 2015 are as follows: Three Months Ended Six Months Ended (in millions, except per share amounts) April 3, 2016 March 29, 2015 April 3, 2016 March 29, 2015 Numerator Net income attributable to controlling interest $ 75.2 $ 27.8 $ 148.8 $ 77.6 Denominator Weighted average common shares outstanding - basic 59.4 53.3 59.3 53.0 Dilutive shares 0.1 - 0.1 0.1 Weighted average common shares outstanding - diluted 59.5 53.3 59.4 53.1 Earnings per share Basic earnings per share $ 1.27 $ 0.52 $ 2.51 $ 1.46 Diluted earnings per share $ 1.26 $ 0.52 $ 2.50 $ 1.46 Weighted average number of anti-dilutive shares excluded from denominator Restricted stock units 0.4 0.3 0.4 0.3 |
Guarantor Statements - SB_RH
Guarantor Statements - SB/RH | 6 Months Ended |
Apr. 03, 2016 | |
Guarantor Statements - SB/RH [Abstract] | |
Guarantor Statements - SB/RH | NOTE 18 - GUARANTOR STATEMENTS – SB/RH Spectrum Brands, Inc. (“ SBI ”) with SB/RH as a parent guarantor (collectively, the “Parent”), with SBI’s domestic subsidiaries as subsidiary guarantors, has issued the 6.375% Notes and the 6.625% Notes under the 2020/22 Indenture, 6.125% Notes under the 2024 Indenture and the 5.75% Notes under the 2025 Indenture. See Note 9, “Debt” for further information on the 6.375% Notes, 6.625% Notes, 6.125% Notes and 5.75% Notes. The following consolidating financial statements illustrate the components of the consolidated financial statements of SB/RH. Investments in subsidiaries are accounted for using the equity method for purposes of illustrating the consolidating presentation. The elimination entries presented herein eliminate investments in subsidiaries and intercompany balances and transactions. Statement of Financial Position Guarantor Nonguarantor As of April 3, 2016 (in millions) Parent Subsidiaries Subsidiaries Eliminations Consolidated Assets Current assets: Cash and cash equivalents $ 4.3 $ 0.9 $ 128.0 $ — $ 133.2 Trade receivables, net 170.0 168.0 219.2 — 557.2 Intercompany receivables — 664.6 210.8 (875.4) — Other receivables 10.3 14.8 56.5 (1.9) 79.7 Inventories 423.2 186.6 334.5 (19.9) 924.4 Prepaid expenses and other 41.3 6.4 38.1 (0.1) 85.7 Total current assets 649.1 1,041.3 987.1 (897.3) 1,780.2 Property, plant and equipment, net 233.6 77.4 217.9 — 528.9 Long-term intercompany receivables 505.4 287.4 14.5 (807.3) — Deferred charges and other 170.9 0.9 41.1 (183.7) 29.2 Goodwill 912.1 1,153.9 417.4 — 2,483.4 Intangible assets, net 1,373.1 636.5 422.8 — 2,432.4 Investments in subsidiaries 3,309.7 1,184.8 (2.9) (4,491.6) — Total assets $ 7,153.9 $ 4,382.2 $ 2,097.9 $ (6,379.9) $ 7,254.1 Liabilities and Shareholder's Equity Current liabilities: Current portion of long-term debt $ 31.9 $ 0.5 $ 16.2 $ — $ 48.6 Accounts payable 191.0 80.9 200.3 — 472.2 Intercompany accounts payable 801.6 — 40.8 (842.4) — Accrued wages and salaries 39.0 2.6 37.4 — 79.0 Accrued interest 54.0 — 0.1 — 54.1 Other current liabilities 68.8 15.7 98.6 (2.8) 180.3 Total current liabilities 1,186.3 99.7 393.4 (845.2) 834.2 Long-term debt, net of current portion 4,022.5 16.5 30.1 — 4,069.1 Long-term intercompany debt 15.4 501.4 322.7 (839.5) — Deferred income taxes 200.8 453.4 94.4 (190.1) 558.5 Other long-term liabilities 31.8 1.4 72.6 — 105.8 Total liabilities 5,456.8 1,072.4 913.2 (1,874.8) 5,567.6 Shareholder's equity: Other equity 2,039.6 122.9 (983.7) 800.1 1,978.9 Accumulated (deficit) earnings (151.2) 3,356.6 2,284.0 (5,640.6) (151.2) Accumulated other comprehensive (loss) income (191.3) (169.7) (165.4) 335.4 (191.0) Total shareholder's equity 1,697.1 3,309.8 1,134.9 (4,505.1) 1,636.7 Non-controlling interest — — 49.8 — 49.8 Total equity 1,697.1 3,309.8 1,184.7 (4,505.1) 1,686.5 Total liabilities and equity $ 7,153.9 $ 4,382.2 $ 2,097.9 $ (6,379.9) $ 7,254.1 Statement of Financial Position Guarantor Nonguarantor As of September 30, 2015 (in millions) Parent Subsidiaries Subsidiaries Eliminations Consolidated Assets Current assets: Cash and cash equivalents $ 13.0 $ 8.6 $ 226.3 $ — $ 247.9 Trade receivables, net 175.8 94.9 228.1 — 498.8 Intercompany receivables 152.0 713.8 225.0 (1,090.8) — Other receivables 14.3 11.2 62.4 — 87.9 Inventories 410.3 95.7 291.8 (17.0) 780.8 Prepaid expenses and other 36.1 2.2 33.0 0.8 72.1 Total current assets 801.5 926.4 1,066.6 (1,107.0) 1,687.5 Property, plant and equipment, net 235.2 60.7 211.2 — 507.1 Long-term intercompany receivables 2.8 357.7 15.4 (375.9) — Deferred charges and other 154.8 14.1 35.3 (162.1) 42.1 Goodwill 910.7 1,154.0 412.0 — 2,476.7 Intangible assets, net 1,402.4 646.6 431.3 — 2,480.3 Investments in subsidiaries 3,150.1 1,095.9 (2.9) (4,243.1) — Total assets $ 6,657.5 $ 4,255.4 $ 2,168.9 $ (5,888.1) $ 7,193.7 Liabilities and Shareholder's Equity Current liabilities: Current portion of long-term debt $ 53.4 $ — $ 15.1 $ — $ 68.5 Accounts payable 281.1 45.9 293.6 — 620.6 Intercompany accounts payable 449.4 — 28.5 (477.9) — Accrued wages and salaries 40.3 10.0 46.2 — 96.5 Accrued interest 63.2 — 0.1 — 63.3 Other current liabilities 84.5 21.5 106.0 (0.1) 211.9 Total current liabilities 971.9 77.4 489.5 (478.0) 1,060.8 Long-term debt, net of current portion 3,848.8 — 23.3 — 3,872.1 Long-term intercompany debt 16.8 578.7 392.6 (988.1) — Deferred income taxes 202.1 440.5 94.2 (164.3) 572.5 Other long-term liabilities 33.3 8.8 73.4 — 115.5 Total liabilities 5,072.9 1,105.4 1,073.0 (1,630.4) 5,620.9 Shareholder's equity: Other equity 1,981.7 1,129.2 34.7 (1,175.7) 1,969.9 Accumulated (deficit) earnings (246.7) 2,139.8 1,176.1 (3,315.9) (246.7) Accumulated other comprehensive (loss) income (200.2) (175.1) (171.0) 346.2 (200.1) Total shareholder's equity 1,534.8 3,093.9 1,039.8 (4,145.4) 1,523.1 Non-controlling interest 49.8 56.1 56.1 (112.3) 49.7 Total equity 1,584.6 3,150.0 1,095.9 (4,257.7) 1,572.8 Total liabilities and equity $ 6,657.5 $ 4,255.4 $ 2,168.9 $ (5,888.1) $ 7,193.7 Statement of Operations Guarantor Nonguarantor Three month period ended April 3, 2016 (in millions) Parent Subsidiaries Subsidiaries Eliminations Consolidated Net sales $ 574.3 $ 409.3 $ 606.9 $ (380.9) $ 1,209.6 Cost of goods sold 393.6 276.9 454.6 (378.5) 746.6 Restructuring and related charges — — 0.2 — 0.2 Gross profit 180.7 132.4 152.1 (2.4) 462.8 Selling 80.6 29.8 79.6 (0.5) 189.5 General and administrative 55.2 18.1 20.9 — 94.2 Research and development 9.5 1.4 3.6 — 14.5 Acquisition and integration related charges 7.1 2.5 3.7 — 13.3 Restructuring and related charges 0.5 0.3 0.6 — 1.4 Total operating expense 152.9 52.1 108.4 (0.5) 312.9 Operating income (loss) 27.8 80.3 43.7 (1.9) 149.9 Interest expense 48.0 5.1 4.4 — 57.5 Other non-operating (income) expense, net (80.8) (44.9) 0.5 126.0 0.8 Income from operations before income taxes 60.6 120.1 38.8 (127.9) 91.6 Income tax (benefit) expense (11.6) 28.5 6.7 (4.2) 19.4 Net income (loss) 72.2 91.6 32.1 (123.7) 72.2 Net income attributable to non-controlling interest — — 0.1 — 0.1 Net income (loss) attributable to controlling interest $ 72.2 $ 91.6 $ 32.0 $ (123.7) $ 72.1 Statement of Operations Guarantor Nonguarantor Six month period ended April 3, 2016 (in millions) Parent Subsidiaries Subsidiaries Eliminations Consolidated Net sales $ 1,206.3 $ 600.2 $ 1,341.1 $ (719.2) $ 2,428.4 Cost of goods sold 829.7 412.8 997.6 (715.5) 1,524.6 Restructuring and related charges — — 0.3 — 0.3 Gross profit 376.6 187.4 343.2 (3.7) 903.5 Selling 156.6 50.8 170.1 (0.9) 376.6 General and administrative 107.2 32.7 38.8 — 178.7 Research and development 18.1 2.8 7.4 — 28.3 Acquisition and integration related charges 13.5 3.3 6.4 — 23.2 Restructuring and related charges 1.3 0.4 0.8 — 2.5 Total operating expense 296.7 90.0 223.5 (0.9) 609.3 Operating income (loss) 79.9 97.4 119.7 (2.8) 294.2 Interest expense 96.3 10.5 9.0 0.1 115.9 Other non-operating (income) expense, net (152.8) (92.1) 4.1 245.1 4.3 Income from operations before income taxes 136.4 179.0 106.6 (248.0) 174.0 Income tax (benefit) expense (11.3) 24.7 17.0 (4.1) 26.3 Net income (loss) 147.7 154.3 89.6 (243.9) 147.7 Net income attributable to non-controlling interest — — 0.2 — 0.2 Net income (loss) attributable to controlling interest $ 147.7 $ 154.3 $ 89.4 $ (243.9) $ 147.5 Statement of Operations Guarantor Nonguarantor Three month period ended March 29, 2015 (in millions) Parent Subsidiaries Subsidiaries Eliminations Consolidated Net sales $ 529.8 $ 152.5 $ 597.2 $ (212.5) $ 1,067.0 Cost of goods sold 369.6 93.7 438.7 (209.9) 692.1 Restructuring and related charges — — 0.2 — 0.2 Gross profit 160.2 58.8 158.3 (2.6) 374.7 Selling 70.5 19.2 83.7 (0.3) 173.1 General and administrative 51.7 10.2 20.6 0.1 82.6 Research and development 8.7 0.5 3.6 — 12.8 Acquisition and integration related charges 7.1 0.7 4.1 — 11.9 Restructuring and related charges 2.7 0.1 1.4 — 4.2 Total operating expense 140.7 30.7 113.4 (0.2) 284.6 Operating income (loss) 19.5 28.1 44.9 (2.4) 90.1 Interest expense 42.9 (1.4) 7.7 — 49.2 Other non-operating (income) expense, net (32.1) (11.6) 2.5 44.4 3.2 Income from operations before income taxes 8.7 41.1 34.7 (46.8) 37.7 Income tax (benefit) expense (20.9) 17.7 11.8 (0.5) 8.1 Net income (loss) 29.6 23.4 22.9 (46.3) 29.6 Net income (loss) attributable to non-controlling interest — 0.1 0.1 (0.2) — Net income (loss) attributable to controlling interest $ 29.6 $ 23.3 $ 22.8 $ (46.1) $ 29.6 Statement of Operations Guarantor Nonguarantor Six month period ended March 29, 2015 (in millions) Parent Subsidiaries Subsidiaries Eliminations Consolidated Net sales $ 1,095.0 $ 205.5 $ 1,270.5 $ (436.2) $ 2,134.8 Cost of goods sold 766.3 126.1 929.9 (432.8) 1,389.5 Restructuring and related charges — — 0.4 — 0.4 Gross profit 328.7 79.4 340.2 (3.4) 744.9 Selling 136.5 31.7 165.0 (0.3) 332.9 General and administrative 101.8 15.4 32.8 (0.1) 149.9 Research and development 16.0 1.0 7.0 — 24.0 Acquisition and integration related charges 12.0 2.6 5.4 — 20.0 Restructuring and related charges 8.1 0.1 3.2 — 11.4 Total operating expense 274.4 50.8 213.4 (0.4) 538.2 Operating income (loss) 54.3 28.6 126.8 (3.0) 206.7 Interest expense 81.4 (1.6) 13.8 — 93.6 Other non-operating (income) expense, net (85.9) (71.1) 2.9 158.0 3.9 Income from operations before income taxes 58.8 101.3 110.1 (161.0) 109.2 Income tax (benefit) expense (21.8) 22.1 29.0 (0.7) 28.6 Net income (loss) 80.6 79.2 81.1 (160.3) 80.6 Net income (loss) attributable to non-controlling interest 0.2 0.2 0.2 (0.4) 0.2 Net income (loss) attributable to controlling interest $ 80.4 $ 79.0 $ 80.9 $ (159.9) $ 80.4 Statement of Comprehensive Income Guarantor Nonguarantor Three month period ended April 3, 2016 (in millions) Parent Subsidiaries Subsidiaries Eliminations Consolidated Net income (loss) $ 72.2 $ 91.6 $ 32.1 $ (123.7) $ 72.2 Other comprehensive income (loss), net of tax: Foreign currency translation gain (loss) 28.2 28.3 28.3 (56.6) 28.2 Unrealized (loss) gain on derivative instruments (2.9) (5.5) (5.6) 11.1 (2.9) Defined benefit pension (loss) gain (0.6) (0.6) (0.6) 1.2 (0.6) Other comprehensive income (loss) 24.7 22.2 22.1 (44.3) 24.7 Comprehensive income (loss) 96.9 113.8 54.2 (168.0) 96.9 Comprehensive income (loss) attributable to non-controlling interest — — — — — Comprehensive income (loss) attributable to controlling interest $ 96.9 $ 113.8 $ 54.2 $ (168.0) $ 96.9 Statement of Comprehensive Income Guarantor Nonguarantor Six month period ended April 3, 2016 (in millions) Parent Subsidiaries Subsidiaries Eliminations Consolidated Net income (loss) $ 147.7 $ 154.3 $ 89.6 $ (243.9) $ 147.7 Other comprehensive income (loss), net of tax: Foreign currency translation gain (loss) 7.8 7.8 7.8 (15.7) 7.7 Unrealized gain (loss) on derivative instruments 0.7 (2.8) (2.8) 5.7 0.8 Defined benefit pension gain (loss) 0.5 0.5 0.5 (1.0) 0.5 Other comprehensive income (loss) 9.0 5.5 5.5 (11.0) 9.0 Comprehensive income (loss) 156.7 159.8 95.1 (254.9) 156.7 Comprehensive income (loss) attributable to non-controlling interest — — (0.1) — (0.1) Comprehensive income (loss) attributable to controlling interest $ 156.7 $ 159.8 $ 95.2 $ (254.9) $ 156.8 Statement of Comprehensive Income Guarantor Nonguarantor Three month period ended March 29, 2015 (in millions) Parent Subsidiaries Subsidiaries Eliminations Consolidated Net income (loss) $ 29.6 $ 23.4 $ 22.9 $ (46.3) $ 29.6 Other comprehensive income (loss), net of tax: Foreign currency translation (loss) gain (43.6) (44.0) (44.0) 88.0 (43.6) Unrealized gain (loss) on derivative instruments 1.4 2.5 2.5 (5.0) 1.4 Defined benefit pension gain (loss) 2.4 2.4 2.4 (4.8) 2.4 Other comprehensive (loss) income (39.8) (39.1) (39.1) 78.2 (39.8) Comprehensive (loss) income (10.2) (15.7) (16.2) 31.9 (10.2) Comprehensive income (loss) attributable to non-controlling interest — — — — — Comprehensive income (loss) attributable to controlling interest $ (10.2) $ (15.7) $ (16.2) $ 31.9 $ (10.2) Statement of Comprehensive Income Guarantor Nonguarantor Six month period ended March 29, 2015 (in millions) Parent Subsidiaries Subsidiaries Eliminations Consolidated Net income (loss) $ 80.6 $ 79.2 $ 81.1 $ (160.3) $ 80.6 Other comprehensive income (loss), net of tax: Foreign currency translation (loss) gain (78.1) (78.7) (78.7) 157.4 (78.1) Unrealized gain (loss) on derivative instruments 3.4 5.6 5.6 (11.2) 3.4 Defined benefit pension gain (loss) 3.4 3.4 3.4 (6.8) 3.4 Other comprehensive (loss) income (71.3) (69.7) (69.7) 139.4 (71.3) Comprehensive income (loss) 9.3 9.5 11.4 (20.9) 9.3 Comprehensive income (loss) attributable to non-controlling interest 0.2 0.2 0.2 (0.4) 0.2 Comprehensive income (loss) attributable to controlling interest $ 9.1 $ 9.3 $ 11.2 $ (20.5) $ 9.1 Statement of Cash Flows Guarantor Nonguarantor Six month period ended April 3, 2016 (in millions) Parent Subsidiaries Subsidiaries Eliminations Consolidated Net cash (used) provided by operating activities $ (557.4) $ 146.2 $ (346.4) $ 593.9 $ (163.7) Cash flows from investing activities Purchases of property, plant and equipment (20.1) (6.4) (12.2) — (38.7) Proceeds from sales of property, plant and equipment 0.1 — 0.7 — 0.8 Net cash used by investing activities (20.0) (6.4) (11.5) — (37.9) Cash flows from financing activities Proceeds from issuance of debt 188.9 — — — 188.9 Payment of debt (47.0) — (1.1) — (48.1) Payment of debt issuance costs (1.6) — — — (1.6) Payment of cash dividends to parent (52.0) — — — (52.0) Advances related to intercompany transactions 480.4 (147.5) 261.0 (593.9) — Net cash provided (used) by financing activities 568.7 (147.5) 259.9 (593.9) 87.2 Effect of exchange rate changes on cash and cash equivalents — — (0.3) — (0.3) Net (decrease) in cash and cash equivalents (8.7) (7.7) (98.3) — (114.7) Cash and cash equivalents, beginning of period 13.0 8.6 226.3 — 247.9 Cash and cash equivalents, end of period $ 4.3 $ 0.9 $ 128.0 $ — $ 133.2 Statement of Cash Flows Guarantor Nonguarantor Six month period ended March 29, 2015 (in millions) Parent Subsidiaries Subsidiaries Eliminations Consolidated Net cash (used) provided by operating activities $ (204.2) $ (132.3) $ (376.5) $ 532.7 $ (180.3) Cash flows from investing activities — Purchases of property, plant and equipment (16.4) (3.9) (9.6) — (29.9) Business acquisitions, net of cash acquired (176.7) — (116.0) — (292.7) Proceeds from sales of property, plant and equipment 1.2 — — — 1.2 Other investing activities — — (0.9) — (0.9) Net cash used by investing activities (191.9) (3.9) (126.5) — (322.3) Cash flows from financing activities Proceeds from issuance of debt 481.3 — (0.1) — 481.2 Payment of debt (25.5) — — — (25.5) Payment of debt issuance costs (6.9) — — — (6.9) Payment of cash dividends to parent (33.5) — — — (33.5) Share based tax withholding payments, net of proceeds upon vesting (5.9) — — — (5.9) Advances related to intercompany transactions (16.6) 129.4 419.9 (532.7) — Net cash provided (used) by financing activities 392.9 129.4 419.8 (532.7) 409.4 Effect of exchange rate changes on cash and cash equivalents — — (11.9) — (11.9) Net increase (decrease) in cash and cash equivalents (3.2) (6.8) (95.1) — (105.1) Cash and cash equivalents, beginning of period 4.8 11.2 176.9 — 192.9 Cash and cash equivalents, end of period $ 1.6 $ 4.4 $ 81.8 $ — $ 87.8 |
Significant Accounting Polici25
Significant Accounting Policies (Policies) | 6 Months Ended |
Apr. 03, 2016 | |
Significant Accounting Policies [Abstract] | |
Reclassifications | In April 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2015-03, Interest – Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. This ASU requires debt issuance costs related to a recognized debt liability to be presented on a balance sheet as a direct deduction from the debt liability, similar to the presentation of debt discounts. Current guidance generally requires entities to capitalize costs paid to third parties that are directly related to issuing debt and that otherwise wouldn’t be incurred, and present those amounts separately as deferred charges. During the three month period ended January 3, 2016, the Company retrospectively applied the adoption of this ASU, resulting in a reclassification of $ 65.1 million of debt issuance costs as of September 30, 2015. In November 2015, the FASB issued ASU No. 2015-17, Income Taxes (Topic 740) – Balance Sheet Classification of Deferred Taxes. The ASU simplifies the presentation of deferred tax assets and liabilities to be classified as noncurrent on a balance sheet. Current guidance requires an entity to separate deferred income tax assets and liabilities into current and noncurrent amounts. The new guidance requires all deferred tax assets and liabilities to be presented as noncurrent as the separate current classification results in little to no benefit to users of the financial statements because the classification does not generally align with the time period in which the recognized deferred tax amounts are expected to be recovered or settled. During the three month period ended January 3, 2016, the Company retrospectively applied the adoption of this ASU, resulting in a reclassification of $ 44.7 million of current deferred tax assets and $ 4.6 million of current deferred tax liabilities as of September 30, 2015. The following is a summary of the reclassifications from the retrospective adoption of the ASUs discussed above, as of September 30, 2015 for SBH and SB/RH, respectively: Spectrum Brands Holdings, Inc. SB/RH Holdings, LLC Statement of Financial Position (in millions) As Reported Reclassification As Reclassified As Reported Reclassification As Reclassified Prepaid expenses and other current assets $ 116.8 $ (44.7) $ 72.1 $ 116.8 $ (44.7) $ 72.1 Deferred charges and other 101.7 (59.5) 42.2 101.6 (59.5) 42.1 Other current liabilities (217.3) 4.6 (212.7) (216.5) 4.6 (211.9) Long-term debt, net of current portion (3,937.2) 65.1 (3,872.1) (3,937.2) 65.1 (3,872.1) Deferred taxes (noncurrent liability) (607.0) 34.5 (572.5) (607.0) 34.5 (572.5) In September 2015, the FASB issued ASU No. 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments. The ASU simplifies the presentation of provisional amounts recognized in a business combination during the measurement period (one year from the date of acquisition). Current guidance requires retrospective adjustment of prior periods; the new guidance eliminates this requirement. T he Company applied the adoption of this ASU effective the first day of the year ending September 30, 2016 and all subsequent measurement period adjustments are recorded in the period identified , resulting in the recognition of adjustments to goodwill from the Armored AutoGroup (“AAG”) acquisition. See Note 8 for adjustments to goodwill. |
Significant Accounting Polici26
Significant Accounting Policies (Tables) | 6 Months Ended |
Apr. 03, 2016 | |
Significant Accounting Policies [Abstract] | |
Summary Of Reclassifications From Retrospective Adoption Of ASUs | Spectrum Brands Holdings, Inc. SB/RH Holdings, LLC Statement of Financial Position (in millions) As Reported Reclassification As Reclassified As Reported Reclassification As Reclassified Prepaid expenses and other current assets $ 116.8 $ (44.7) $ 72.1 $ 116.8 $ (44.7) $ 72.1 Deferred charges and other 101.7 (59.5) 42.2 101.6 (59.5) 42.1 Other current liabilities (217.3) 4.6 (212.7) (216.5) 4.6 (211.9) Long-term debt, net of current portion (3,937.2) 65.1 (3,872.1) (3,937.2) 65.1 (3,872.1) Deferred taxes (noncurrent liability) (607.0) 34.5 (572.5) (607.0) 34.5 (572.5) |
Acquisitions (Tables)
Acquisitions (Tables) | 6 Months Ended |
Apr. 03, 2016 | |
Acquisitions [Abstract] | |
Summary Of Acquisition And Integration Related Charges | Three Months Ended Six Months Ended (in millions) April 3, 2016 March 29, 2015 April 3, 2016 March 29, 2015 Armored AutoGroup $ 6.1 $ — $ 10.6 $ — HHI Business 4.8 3.0 7.6 6.2 European IAMS and Eukanuba 1.0 4.1 2.0 5.0 Salix 0.6 5.1 1.5 5.1 Tell 0.1 0.6 0.2 1.1 Other 0.7 (0.9) 1.3 2.6 Total acquisition and integration related charges $ 13.3 $ 11.9 $ 23.2 $ 20.0 |
Restructuring And Related Cha28
Restructuring And Related Charges (Tables) | 6 Months Ended |
Apr. 03, 2016 | |
Restructuring And Related Charges [Abstract] | |
Summary Of Restructuring And Related Charges | Three Months Ended Six Months Ended (in millions) April 3, 2016 March 29, 2015 April 3, 2016 March 29, 2015 HHI business rationalization initiatives $ 0.3 $ 1.3 $ (0.4) $ 1.4 Global expense rationalization initiatives 1.2 2.8 2.3 10.0 Other restructuring activities 0.1 0.3 0.9 0.4 Total restructuring and related charges $ 1.6 $ 4.4 $ 2.8 $ 11.8 Reported as: Cost of goods sold $ 0.2 $ 0.2 $ 0.3 $ 0.4 Operating expense 1.4 4.2 2.5 11.4 |
Summary Of Costs Incurred By Cost Type | Termination Other (in millions) Benefits Costs Total For the three month period ended April 3, 2016 0.7 0.9 1.6 For the three month period ended March 29, 2015 3.0 1.4 4.4 For the six month period ended April 3, 2016 1.7 1.1 2.8 For the six month period ended March 29, 2015 7.9 3.9 11.8 Cumulative costs through April 3, 2016 29.8 29.6 59.4 |
Rollforward Of Restructuring Accrual | Termination Other (in millions) Benefits Costs Total Accrual balance at September 30, 2015 4.3 3.9 8.2 Provisions 1.7 1.1 2.8 Cash expenditures (4.1) (4.5) (8.6) Non-cash items 0.1 (0.2) (0.1) Accrual balance at April 3, 2016 $ 2.0 $ 0.3 $ 2.3 |
Summary Of Costs Incurred By Reporting Segment | Global Hardware Batteries & Global Pet & Home (in millions) Appliances Supplies Improvement Corporate Total For the three month period ended April 3, 2016 $ 0.1 $ 1.1 $ 0.4 $ — $ 1.6 For the three month period ended March 29, 2015 0.7 2.3 1.4 — 4.4 For the six month period ended April 3, 2016 0.4 1.9 0.5 — 2.8 For the six month period ended March 29, 2015 5.4 4.6 1.5 0.3 11.8 Cumulative costs through April 3, 2016 29.6 12.4 15.3 2.1 59.4 Future costs to be incurred 0.8 2.7 — 0.1 3.6 |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Apr. 03, 2016 | |
Inventories [Abstract] | |
Schedule Of Inventories | (in millions) April 3, 2016 September 30, 2015 Raw materials $ 160.0 $ 132.4 Work-in-process 55.4 37.9 Finished goods 709.0 610.5 $ 924.4 $ 780.8 |
Property, Plant And Equipment (
Property, Plant And Equipment (Tables) | 6 Months Ended |
Apr. 03, 2016 | |
Property, Plant And Equipment [Abstract] | |
Schedule Of Property, Plant And Equipment | (in millions) April 3, 2016 September 30, 2015 Land, buildings and improvements $ 194.0 $ 190.9 Machinery, equipment and other 512.9 491.9 Capitalized leases 124.1 97.3 Construction in progress 58.6 51.8 Property, plant and equipment $ 889.6 $ 831.9 Accumulated depreciation (360.7) (324.8) Property, plant and equipment, net $ 528.9 $ 507.1 |
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Tables) | 6 Months Ended |
Apr. 03, 2016 | |
Goodwill And Intangible Assets [Abstract] | |
Changes In The Carrying Amount Of Goodwill By Reporting Segment | Global Hardware & Batteries & Home Global Pet Home and Global (in millions) Appliances Improvement Supplies Garden Auto Care Total Balance, as of September 30, 2015 348.5 699.5 299.6 196.5 932.6 2,476.7 Adjustments — — — — 2.6 2.6 Foreign currency impact — 3.4 1.1 — (0.4) 4.1 Balance, as of April 3, 2016 $ 348.5 $ 702.9 $ 300.7 $ 196.5 $ 934.8 $ 2,483.4 |
Schedule Of Carrying Value And Accumulated Amortization For Intangible Assets | April 3, 2016 September 30, 2015 (in millions) Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net Customer relationships $ 987.8 $ (276.0) $ 711.8 $ 985.2 $ (247.4) $ 737.8 Technology assets 234.3 (85.4) 148.9 238.6 (78.1) 160.5 Tradenames 165.4 (81.4) 84.0 165.4 (73.7) 91.7 Total $ 1,387.5 $ (442.8) $ 944.7 $ 1,389.2 $ (399.2) $ 990.0 |
Schedule Of Range And Weighted Average Useful Lives For Definite-Lived Intangible Assets | Asset Type Range Weighted Average Customer relationships 2 - 20 years 18.5 years Technology assets 4 - 18 years 11.1 years Tradenames 8 - 17 years 16.2 years |
Schedule Of Future Amortization Expense | (in millions) Amortization 2016 $ 93.9 2017 93.0 2018 86.2 2019 85.1 2020 84.9 |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Apr. 03, 2016 | |
Debt [Abstract] | |
Schedule Of Debt | Spectrum Brands Holdings, Inc. SB/RH Holdings, LLC April 3, 2016 September 30, 2015 April 3, 2016 September 30, 2015 (in millions) Amount Rate Amount Rate Amount Rate Amount Rate Term Loan, variable rate, due June 23, 2022 $ 1,220.8 3.5 % $ 1,226.9 3.9 % $ 1,220.8 3.5 % $ 1,226.9 3.9 % CAD Term Loan, variable rate, due June 23, 2022 57.2 4.5 % 55.7 4.4 % 57.2 4.5 % 55.7 4.4 % Euro Term Loan, variable rate, due June 23, 2022 257.5 3.5 % 255.8 3.5 % 257.5 3.5 % 255.8 3.5 % 5.75% Notes, due July 15, 2025 1,000.0 5.8 % 1,000.0 5.8 % 1,000.0 5.8 % 1,000.0 5.8 % 6.125% Notes, due December 15, 2024 250.0 6.1 % 250.0 6.1 % 250.0 6.1 % 250.0 6.1 % 6.375% Notes, due November 15, 2020 520.0 6.4 % 520.0 6.4 % 520.0 6.4 % 520.0 6.4 % 6.625% Notes, due November 15, 2022 570.0 6.6 % 570.0 6.6 % 570.0 6.6 % 570.0 6.6 % Revolver Facility, variable rate, expiring June 23, 2020 175.0 3.2 % — — % 175.0 3.2 % — — % Other notes and obligations 10.4 12.4 % 11.2 10.2 % 24.3 5.3 % 45.9 4.9 % Obligations under capital leases 111.8 5.5 % 88.2 5.7 % 111.8 5.5 % 88.2 5.7 % Total debt 4,172.7 3,977.8 4,186.6 4,012.5 Unamortized discount on debt (6.4) (6.8) (6.4) (6.8) Debt issuance costs (62.5) (65.1) (62.5) (65.1) Less current portion (34.7) (33.8) (48.6) (68.5) Long-term debt, net of current portion $ 4,069.1 $ 3,872.1 $ 4,069.1 $ 3,872.1 |
Derivatives (Tables)
Derivatives (Tables) | 6 Months Ended |
Apr. 03, 2016 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Schedule Of Interest Rate Swap Derivative Financial Instruments | April 3, 2016 September 30, 2015 (in millions) Notional Amount Remaining Years Notional Amount Remaining Years Interest rate swaps - fixed $ 300.0 1.0 $ 300.0 1.5 |
Schedule Of Fair Value Of Outstanding Derivative Contracts | (in millions) Line Item April 3, 2016 September 30, 2015 Derivative Assets Commodity swaps - designated as hedge Receivables—Other $ 0.2 $ — Commodity swaps - designated as hedge Deferred charges and other 0.1 — Foreign exchange contracts - designated as hedge Receivables—Other 2.3 $ 5.2 Foreign exchange contracts - designated as hedge Deferred charges and other 0.1 0.4 Foreign exchange contracts - not designated as hedge Receivables—Other 1.0 0.4 Total Derivative Assets $ 3.7 $ 6.0 Derivative Liabilities Interest rate swaps - designated as hedge Other current liabilities $ 1.3 $ 1.4 Interest rate swaps - designated as hedge Accrued interest 0.5 0.4 Interest rate swaps - designated as hedge Other long-term liabilities 0.3 0.8 Commodity swaps - designated as hedge Accounts payable 1.8 4.7 Commodity swaps - designated as hedge Other long-term liabilities 0.2 0.8 Commodity swaps - not designated as hedge Accounts payable — 0.1 Foreign exchange contracts - designated as hedge Accounts payable 4.2 1.5 Foreign exchange contracts - designated as hedge Other long-term liabilities 0.3 — Foreign exchange contracts - not designated as hedge Accounts payable 0.8 0.1 Total Derivative Liabilities $ 9.4 $ 9.8 |
Summary Of Impact Of Effective And Ineffective Portions Of Cash Flow Hedges And Gain (Loss) Realized | Effective Portion For the three months ended Gain (Loss) Reclassified to Earnings Ineffective portion April 3, 2016 (in millions) in OCI Line Item Gain (Loss) Line Item Gain (Loss) Interest rate swaps $ (0.7) Interest expense $ (0.5) Interest expense $ — Commodity swaps 1.8 Cost of goods sold (1.6) Cost of goods sold — Foreign exchange contracts (6.6) Cost of goods sold 2.8 Cost of goods sold — Total $ (5.5) $ 0.7 $ — Effective Portion For the three months ended Gain (Loss) Reclassified to Earnings Ineffective portion March 29, 2015 (in millions) in OCI Line Item Gain (Loss) Line Item Gain (Loss) Interest rate swaps $ (1.4) Interest expense $ (0.5) Interest expense $ — Commodity swaps (0.5) Cost of goods sold (0.1) Cost of goods sold — Foreign exchange contracts (0.1) Net sales — Net sales — Foreign exchange contracts 11.3 Cost of goods sold 7.6 Cost of goods sold — Total $ 9.3 $ 7.0 $ — Effective Portion For the six months ended Gain (Loss) Reclassified to Earnings Ineffective portion April 3, 2016 (in millions) in OCI Line Item Gain (Loss) Line Item Gain (Loss) Interest rate swaps $ (0.3) Interest expense $ (1.0) Interest expense $ — Commodity swaps 0.8 Cost of goods sold (3.0) Cost of goods sold — Foreign exchange contracts (0.1) Net sales — Net sales — Foreign exchange contracts (1.2) Cost of goods sold 4.9 Cost of goods sold — Total $ (0.8) $ 0.9 $ — Effective Portion For the six months ended Gain (Loss) Reclassified to Earnings Ineffective portion March 29, 2015 (in millions) in OCI Line Item Gain (Loss) Line Item Gain (Loss) Interest rate swaps $ (2.0) Interest expense $ (0.9) Interest expense $ — Commodity swaps (1.7) Cost of goods sold 0.3 Cost of goods sold — Foreign exchange contracts 20.8 Cost of goods sold 12.4 Cost of goods sold — Total $ 17.1 $ 11.8 $ — |
Summary Of Loss Associated With Derivative Contracts Not Designated As Hedges | Three Months Ended Six Months Ended (in millions) Line Item April 3, 2016 March 29, 2015 April 3, 2016 March 29, 2015 Foreign exchange contracts Other non-operating expenses, net $ 2.9 $ (5.7) $ 0.8 $ (7.4) |
Cash Flow Hedging [Member] | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Schedule Of Commodity Swap Contracts Outstanding | April 3, 2016 September 30, 2015 (in millions, except notional) Notional Contract Value Notional Contract Value Zinc swap contracts 9.4 Tons $ 18.0 10.8 Tons $ 22.2 Brass swap contracts 1.0 Tons $ 4.4 1.8 Tons $ 8.5 |
Fair Value Hedging [Member] | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Schedule Of Commodity Swap Contracts Outstanding | April 3, 2016 September 30, 2015 (in millions, except notional) Notional Contract Value Notional Contract Value Silver 10.0 troy oz. $ 0.2 25.0 troy oz. $ 0.4 |
Fair Value Of Financial Instr34
Fair Value Of Financial Instruments (Tables) | 6 Months Ended |
Apr. 03, 2016 | |
Fair Value Of Financial Instruments [Abstract] | |
Fair Values Of Derivative Instruments | April 3, 2016 September 30, 2015 Carrying Carrying (in millions) Amount Fair Value Amount Fair Value Derivative Assets $ 3.7 $ 3.7 $ 6.0 $ 6.0 Derivative Liabilities $ 9.4 $ 9.4 $ 9.8 $ 9.8 |
Carrying Values And Fair Values For Debt | April 3, 2016 September 30, 2015 Carrying Carrying (in millions) Amount Fair Value Amount Fair Value Total debt - Spectrum Brands Holdings, Inc. $ 4,103.8 $ 4,330.2 $ 3,905.9 $ 4,085.8 Total debt - SB/RH Holdings, LLC $ 4,117.7 $ 4,344.1 $ 3,940.6 $ 4,120.5 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 6 Months Ended |
Apr. 03, 2016 | |
Employee Benefit Plans [Abstract] | |
Components Of Net Periodic Benefit Cost | U.S. Plans Non U.S. Plans (in millions) April 3, 2016 March 29, 2015 April 3, 2016 March 29, 2015 Three month period ended Service cost $ 0.1 $ 0.1 $ 0.7 $ 0.7 Interest cost 0.7 0.8 1.5 1.6 Expected return on assets (1.1) (1.1) (1.2) (1.4) Recognized net actuarial loss 0.1 0.1 0.4 0.3 Net periodic benefit cost $ (0.2) $ (0.1) $ 1.4 $ 1.2 Six month period ended Service cost $ 0.1 $ 0.2 $ 1.3 $ 1.4 Interest cost 1.5 1.6 3.1 3.2 Expected return on assets (2.2) (2.2) (2.4) (2.8) Recognized net actuarial loss 0.3 0.1 0.9 0.7 Net periodic benefit cost $ (0.3) $ (0.3) $ 2.9 $ 2.5 Weighted average assumptions Discount rate 4.25% 4.15% 1.75 - 13.81% 2.00 - 13.50% Expected return on plan assets 7.25% 7.50% 1.75 - 4.53% 2.00 - 5.26% Rate of compensation increase N/A N/A 2.25 - 5.50% 2.25 - 5.50% |
Share Based Compensation (Table
Share Based Compensation (Tables) | 6 Months Ended |
Apr. 03, 2016 | |
Share Based Compensation [Abstract] | |
Summary Of Non-Vested RSUs Activity | Spectrum Brands Holdings, Inc. SB/RH Holdings, LLC Weighted Fair Weighted Fair Average Value Average Value Grant Date at Grant Grant Date at Grant (in millions, except per share data) Shares Fair Value Date Shares Fair Value Date Non-vested RSUs at September 30, 2015 0.6 87.50 $ 53.2 0.5 87.71 $ 42.1 Granted 0.6 94.73 54.2 0.6 94.85 52.3 Forfeited (0.1) 91.67 (5.9) (0.1) 91.67 (5.9) Vested (0.5) 86.54 (45.7) (0.5) 86.31 (42.2) Non-vested RSUs at April 3, 2016 0.6 94.95 $ 55.8 0.5 96.85 $ 46.3 |
Accumulated Other Comprehensi37
Accumulated Other Comprehensive Income (Loss) (Tables) | 6 Months Ended |
Apr. 03, 2016 | |
Accumulated Other Comprehensive Income (Loss) [Abstract] | |
Schedule Of Accumulated Other Comprehensive Income (Loss) | Foreign Employee Currency Derivative Benefit (in millions) Translation Hedging Plans Total Accumulated other comprehensive loss, as of September 30, 2015 (152.3) (4.0) (43.8) (200.1) Other comprehensive (loss) income before reclassification 7.7 (0.8) (0.5) 6.4 Amounts reclassified from accumulated other comprehensive income (loss) - (0.9) 1.2 0.3 Other comprehensive (loss) income, six month period ended April 3, 2016 7.7 (1.7) 0.7 6.7 Deferred tax effect - 1.5 (0.2) 1.3 Deferred tax valuation allowance - 1.0 - 1.0 Other comprehensive income, net of tax 7.7 0.8 0.5 9.0 Other comprehensive loss attributable to non-controlling interest (0.1) - - (0.1) Other comprehensive income attributable to controlling interest 7.8 0.8 0.5 9.1 Accumulated other comprehensive loss, as of April 3, 2016 $ (144.5) $ (3.2) $ (43.3) $ (191.0) |
Schedule Of Reclassified From AOCL Associated With Employee Benefit Plan Costs | Three Months Ended Six Months Ended (in millions) April 3, 2016 March 29, 2015 April 3, 2016 March 29, 2015 Cost of goods sold $ 0.4 $ 0.1 $ 0.7 $ 0.3 Selling expenses 0.1 0.1 0.2 0.2 General and administrative expenses 0.1 0.2 0.3 0.3 Amounts reclassified from accumulated other comprehensive loss $ 0.6 $ 0.4 $ 1.2 $ 0.8 |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Apr. 03, 2016 | |
Segment Information [Abstract] | |
Net Sales Relating To Segments | Spectrum Brands Holdings, Inc. SB/RH Holdings, LLC Three months ended (in millions) April 3, 2016 March 29, 2015 April 3, 2016 March 29, 2015 Consumer batteries $ 178.2 $ 181.8 $ 178.2 $ 181.8 Small appliances 138.3 151.6 138.3 151.6 Personal care 108.4 110.5 108.4 110.5 Global Batteries & Appliances 424.9 443.9 424.9 443.9 Hardware & Home Improvement 301.7 289.4 301.7 289.4 Global Pet Supplies 208.5 209.8 208.5 209.8 Home and Garden 155.0 123.9 155.0 123.9 Global Auto Care 119.5 — 119.5 — Net sales $ 1,209.6 $ 1,067.0 $ 1,209.6 $ 1,067.0 Spectrum Brands Holdings, Inc. SB/RH Holdings, LLC Six months ended (in millions) April 3, 2016 March 29, 2015 April 3, 2016 March 29, 2015 Consumer batteries $ 430.8 $ 422.0 $ 430.8 $ 422.0 Small appliances 328.2 375.4 328.2 375.4 Personal care 277.2 283.0 277.2 283.0 Global Batteries & Appliances 1,036.2 1,080.4 1,036.2 1,080.4 Hardware & Home Improvement 584.3 560.6 584.3 560.6 Global Pet Supplies 411.9 330.4 411.9 330.4 Home and Garden 202.7 163.4 202.7 163.4 Global Auto Care 193.3 — 193.3 — Net sales $ 2,428.4 $ 2,134.8 $ 2,428.4 $ 2,134.8 |
Segment Profit Relating To Segments | Spectrum Brands Holdings, Inc. SB/RH Holdings, LLC Three months ended (in millions) April 3, 2016 March 29, 2015 April 3, 2016 March 29, 2015 Global Batteries & Appliances $ 40.0 $ 41.8 $ 40.0 $ 41.8 Hardware & Home Improvement 45.6 37.3 45.6 37.3 Global Pet Supplies 20.9 18.7 20.9 18.7 Home and Garden 40.4 28.3 40.4 28.3 Global Auto Care 44.5 — 44.5 — Total segment profit 191.4 126.1 191.4 126.1 Corporate expense 28.0 21.4 26.6 19.7 Acquisition and integration related charges 13.3 11.9 13.3 11.9 Restructuring and related charges 1.6 4.4 1.6 4.4 Interest expense 57.5 49.2 57.5 49.2 Other non-operating expenses, net 0.8 3.2 0.8 3.2 Income from operations before income taxes $ 90.2 $ 36.0 $ 91.6 $ 37.7 Spectrum Brands Holdings, Inc. SB/RH Holdings, LLC Six months ended (in millions) April 3, 2016 March 29, 2015 April 3, 2016 March 29, 2015 Global Batteries & Appliances $ 130.4 $ 138.4 $ 130.4 $ 138.4 Hardware & Home Improvement 89.7 76.1 89.7 76.1 Global Pet Supplies 39.8 24.4 39.8 24.4 Home and Garden 44.0 31.1 44.0 31.1 Global Auto Care 58.6 — 58.6 — Total segment profit 362.5 270.0 362.5 270.0 Corporate expense 45.5 34.2 42.3 31.5 Acquisition and integration related charges 23.2 20.0 23.2 20.0 Restructuring and related charges 2.8 11.8 2.8 11.8 Interest expense 115.9 93.6 115.9 93.6 Other non-operating expenses, net 4.3 3.9 4.3 3.9 Income from operations before income taxes $ 170.8 $ 106.5 $ 174.0 $ 109.2 |
Earnings Per Share - SBH (Table
Earnings Per Share - SBH (Tables) | 6 Months Ended |
Apr. 03, 2016 | |
Earnings Per Share - SBH [Abstract] | |
Schedule Of Earnings Per Share | Three Months Ended Six Months Ended (in millions, except per share amounts) April 3, 2016 March 29, 2015 April 3, 2016 March 29, 2015 Numerator Net income attributable to controlling interest $ 75.2 $ 27.8 $ 148.8 $ 77.6 Denominator Weighted average common shares outstanding - basic 59.4 53.3 59.3 53.0 Dilutive shares 0.1 - 0.1 0.1 Weighted average common shares outstanding - diluted 59.5 53.3 59.4 53.1 Earnings per share Basic earnings per share $ 1.27 $ 0.52 $ 2.51 $ 1.46 Diluted earnings per share $ 1.26 $ 0.52 $ 2.50 $ 1.46 Weighted average number of anti-dilutive shares excluded from denominator Restricted stock units 0.4 0.3 0.4 0.3 |
Guarantor Statements - SB_RH (T
Guarantor Statements - SB/RH (Tables) | 6 Months Ended |
Apr. 03, 2016 | |
Guarantor Statements - SB/RH [Abstract] | |
Statement Of Financial Position | Statement of Financial Position Guarantor Nonguarantor As of April 3, 2016 (in millions) Parent Subsidiaries Subsidiaries Eliminations Consolidated Assets Current assets: Cash and cash equivalents $ 4.3 $ 0.9 $ 128.0 $ — $ 133.2 Trade receivables, net 170.0 168.0 219.2 — 557.2 Intercompany receivables — 664.6 210.8 (875.4) — Other receivables 10.3 14.8 56.5 (1.9) 79.7 Inventories 423.2 186.6 334.5 (19.9) 924.4 Prepaid expenses and other 41.3 6.4 38.1 (0.1) 85.7 Total current assets 649.1 1,041.3 987.1 (897.3) 1,780.2 Property, plant and equipment, net 233.6 77.4 217.9 — 528.9 Long-term intercompany receivables 505.4 287.4 14.5 (807.3) — Deferred charges and other 170.9 0.9 41.1 (183.7) 29.2 Goodwill 912.1 1,153.9 417.4 — 2,483.4 Intangible assets, net 1,373.1 636.5 422.8 — 2,432.4 Investments in subsidiaries 3,309.7 1,184.8 (2.9) (4,491.6) — Total assets $ 7,153.9 $ 4,382.2 $ 2,097.9 $ (6,379.9) $ 7,254.1 Liabilities and Shareholder's Equity Current liabilities: Current portion of long-term debt $ 31.9 $ 0.5 $ 16.2 $ — $ 48.6 Accounts payable 191.0 80.9 200.3 — 472.2 Intercompany accounts payable 801.6 — 40.8 (842.4) — Accrued wages and salaries 39.0 2.6 37.4 — 79.0 Accrued interest 54.0 — 0.1 — 54.1 Other current liabilities 68.8 15.7 98.6 (2.8) 180.3 Total current liabilities 1,186.3 99.7 393.4 (845.2) 834.2 Long-term debt, net of current portion 4,022.5 16.5 30.1 — 4,069.1 Long-term intercompany debt 15.4 501.4 322.7 (839.5) — Deferred income taxes 200.8 453.4 94.4 (190.1) 558.5 Other long-term liabilities 31.8 1.4 72.6 — 105.8 Total liabilities 5,456.8 1,072.4 913.2 (1,874.8) 5,567.6 Shareholder's equity: Other equity 2,039.6 122.9 (983.7) 800.1 1,978.9 Accumulated (deficit) earnings (151.2) 3,356.6 2,284.0 (5,640.6) (151.2) Accumulated other comprehensive (loss) income (191.3) (169.7) (165.4) 335.4 (191.0) Total shareholder's equity 1,697.1 3,309.8 1,134.9 (4,505.1) 1,636.7 Non-controlling interest — — 49.8 — 49.8 Total equity 1,697.1 3,309.8 1,184.7 (4,505.1) 1,686.5 Total liabilities and equity $ 7,153.9 $ 4,382.2 $ 2,097.9 $ (6,379.9) $ 7,254.1 Statement of Financial Position Guarantor Nonguarantor As of September 30, 2015 (in millions) Parent Subsidiaries Subsidiaries Eliminations Consolidated Assets Current assets: Cash and cash equivalents $ 13.0 $ 8.6 $ 226.3 $ — $ 247.9 Trade receivables, net 175.8 94.9 228.1 — 498.8 Intercompany receivables 152.0 713.8 225.0 (1,090.8) — Other receivables 14.3 11.2 62.4 — 87.9 Inventories 410.3 95.7 291.8 (17.0) 780.8 Prepaid expenses and other 36.1 2.2 33.0 0.8 72.1 Total current assets 801.5 926.4 1,066.6 (1,107.0) 1,687.5 Property, plant and equipment, net 235.2 60.7 211.2 — 507.1 Long-term intercompany receivables 2.8 357.7 15.4 (375.9) — Deferred charges and other 154.8 14.1 35.3 (162.1) 42.1 Goodwill 910.7 1,154.0 412.0 — 2,476.7 Intangible assets, net 1,402.4 646.6 431.3 — 2,480.3 Investments in subsidiaries 3,150.1 1,095.9 (2.9) (4,243.1) — Total assets $ 6,657.5 $ 4,255.4 $ 2,168.9 $ (5,888.1) $ 7,193.7 Liabilities and Shareholder's Equity Current liabilities: Current portion of long-term debt $ 53.4 $ — $ 15.1 $ — $ 68.5 Accounts payable 281.1 45.9 293.6 — 620.6 Intercompany accounts payable 449.4 — 28.5 (477.9) — Accrued wages and salaries 40.3 10.0 46.2 — 96.5 Accrued interest 63.2 — 0.1 — 63.3 Other current liabilities 84.5 21.5 106.0 (0.1) 211.9 Total current liabilities 971.9 77.4 489.5 (478.0) 1,060.8 Long-term debt, net of current portion 3,848.8 — 23.3 — 3,872.1 Long-term intercompany debt 16.8 578.7 392.6 (988.1) — Deferred income taxes 202.1 440.5 94.2 (164.3) 572.5 Other long-term liabilities 33.3 8.8 73.4 — 115.5 Total liabilities 5,072.9 1,105.4 1,073.0 (1,630.4) 5,620.9 Shareholder's equity: Other equity 1,981.7 1,129.2 34.7 (1,175.7) 1,969.9 Accumulated (deficit) earnings (246.7) 2,139.8 1,176.1 (3,315.9) (246.7) Accumulated other comprehensive (loss) income (200.2) (175.1) (171.0) 346.2 (200.1) Total shareholder's equity 1,534.8 3,093.9 1,039.8 (4,145.4) 1,523.1 Non-controlling interest 49.8 56.1 56.1 (112.3) 49.7 Total equity 1,584.6 3,150.0 1,095.9 (4,257.7) 1,572.8 Total liabilities and equity $ 6,657.5 $ 4,255.4 $ 2,168.9 $ (5,888.1) $ 7,193.7 |
Statement Of Operations | Statement of Operations Guarantor Nonguarantor Three month period ended April 3, 2016 (in millions) Parent Subsidiaries Subsidiaries Eliminations Consolidated Net sales $ 574.3 $ 409.3 $ 606.9 $ (380.9) $ 1,209.6 Cost of goods sold 393.6 276.9 454.6 (378.5) 746.6 Restructuring and related charges — — 0.2 — 0.2 Gross profit 180.7 132.4 152.1 (2.4) 462.8 Selling 80.6 29.8 79.6 (0.5) 189.5 General and administrative 55.2 18.1 20.9 — 94.2 Research and development 9.5 1.4 3.6 — 14.5 Acquisition and integration related charges 7.1 2.5 3.7 — 13.3 Restructuring and related charges 0.5 0.3 0.6 — 1.4 Total operating expense 152.9 52.1 108.4 (0.5) 312.9 Operating income (loss) 27.8 80.3 43.7 (1.9) 149.9 Interest expense 48.0 5.1 4.4 — 57.5 Other non-operating (income) expense, net (80.8) (44.9) 0.5 126.0 0.8 Income from operations before income taxes 60.6 120.1 38.8 (127.9) 91.6 Income tax (benefit) expense (11.6) 28.5 6.7 (4.2) 19.4 Net income (loss) 72.2 91.6 32.1 (123.7) 72.2 Net income attributable to non-controlling interest — — 0.1 — 0.1 Net income (loss) attributable to controlling interest $ 72.2 $ 91.6 $ 32.0 $ (123.7) $ 72.1 Statement of Operations Guarantor Nonguarantor Six month period ended April 3, 2016 (in millions) Parent Subsidiaries Subsidiaries Eliminations Consolidated Net sales $ 1,206.3 $ 600.2 $ 1,341.1 $ (719.2) $ 2,428.4 Cost of goods sold 829.7 412.8 997.6 (715.5) 1,524.6 Restructuring and related charges — — 0.3 — 0.3 Gross profit 376.6 187.4 343.2 (3.7) 903.5 Selling 156.6 50.8 170.1 (0.9) 376.6 General and administrative 107.2 32.7 38.8 — 178.7 Research and development 18.1 2.8 7.4 — 28.3 Acquisition and integration related charges 13.5 3.3 6.4 — 23.2 Restructuring and related charges 1.3 0.4 0.8 — 2.5 Total operating expense 296.7 90.0 223.5 (0.9) 609.3 Operating income (loss) 79.9 97.4 119.7 (2.8) 294.2 Interest expense 96.3 10.5 9.0 0.1 115.9 Other non-operating (income) expense, net (152.8) (92.1) 4.1 245.1 4.3 Income from operations before income taxes 136.4 179.0 106.6 (248.0) 174.0 Income tax (benefit) expense (11.3) 24.7 17.0 (4.1) 26.3 Net income (loss) 147.7 154.3 89.6 (243.9) 147.7 Net income attributable to non-controlling interest — — 0.2 — 0.2 Net income (loss) attributable to controlling interest $ 147.7 $ 154.3 $ 89.4 $ (243.9) $ 147.5 Statement of Operations Guarantor Nonguarantor Three month period ended March 29, 2015 (in millions) Parent Subsidiaries Subsidiaries Eliminations Consolidated Net sales $ 529.8 $ 152.5 $ 597.2 $ (212.5) $ 1,067.0 Cost of goods sold 369.6 93.7 438.7 (209.9) 692.1 Restructuring and related charges — — 0.2 — 0.2 Gross profit 160.2 58.8 158.3 (2.6) 374.7 Selling 70.5 19.2 83.7 (0.3) 173.1 General and administrative 51.7 10.2 20.6 0.1 82.6 Research and development 8.7 0.5 3.6 — 12.8 Acquisition and integration related charges 7.1 0.7 4.1 — 11.9 Restructuring and related charges 2.7 0.1 1.4 — 4.2 Total operating expense 140.7 30.7 113.4 (0.2) 284.6 Operating income (loss) 19.5 28.1 44.9 (2.4) 90.1 Interest expense 42.9 (1.4) 7.7 — 49.2 Other non-operating (income) expense, net (32.1) (11.6) 2.5 44.4 3.2 Income from operations before income taxes 8.7 41.1 34.7 (46.8) 37.7 Income tax (benefit) expense (20.9) 17.7 11.8 (0.5) 8.1 Net income (loss) 29.6 23.4 22.9 (46.3) 29.6 Net income (loss) attributable to non-controlling interest — 0.1 0.1 (0.2) — Net income (loss) attributable to controlling interest $ 29.6 $ 23.3 $ 22.8 $ (46.1) $ 29.6 Statement of Operations Guarantor Nonguarantor Six month period ended March 29, 2015 (in millions) Parent Subsidiaries Subsidiaries Eliminations Consolidated Net sales $ 1,095.0 $ 205.5 $ 1,270.5 $ (436.2) $ 2,134.8 Cost of goods sold 766.3 126.1 929.9 (432.8) 1,389.5 Restructuring and related charges — — 0.4 — 0.4 Gross profit 328.7 79.4 340.2 (3.4) 744.9 Selling 136.5 31.7 165.0 (0.3) 332.9 General and administrative 101.8 15.4 32.8 (0.1) 149.9 Research and development 16.0 1.0 7.0 — 24.0 Acquisition and integration related charges 12.0 2.6 5.4 — 20.0 Restructuring and related charges 8.1 0.1 3.2 — 11.4 Total operating expense 274.4 50.8 213.4 (0.4) 538.2 Operating income (loss) 54.3 28.6 126.8 (3.0) 206.7 Interest expense 81.4 (1.6) 13.8 — 93.6 Other non-operating (income) expense, net (85.9) (71.1) 2.9 158.0 3.9 Income from operations before income taxes 58.8 101.3 110.1 (161.0) 109.2 Income tax (benefit) expense (21.8) 22.1 29.0 (0.7) 28.6 Net income (loss) 80.6 79.2 81.1 (160.3) 80.6 Net income (loss) attributable to non-controlling interest 0.2 0.2 0.2 (0.4) 0.2 Net income (loss) attributable to controlling interest $ 80.4 $ 79.0 $ 80.9 $ (159.9) $ 80.4 |
Statement Of Comprehensive Income | Statement of Comprehensive Income Guarantor Nonguarantor Three month period ended April 3, 2016 (in millions) Parent Subsidiaries Subsidiaries Eliminations Consolidated Net income (loss) $ 72.2 $ 91.6 $ 32.1 $ (123.7) $ 72.2 Other comprehensive income (loss), net of tax: Foreign currency translation gain (loss) 28.2 28.3 28.3 (56.6) 28.2 Unrealized (loss) gain on derivative instruments (2.9) (5.5) (5.6) 11.1 (2.9) Defined benefit pension (loss) gain (0.6) (0.6) (0.6) 1.2 (0.6) Other comprehensive income (loss) 24.7 22.2 22.1 (44.3) 24.7 Comprehensive income (loss) 96.9 113.8 54.2 (168.0) 96.9 Comprehensive income (loss) attributable to non-controlling interest — — — — — Comprehensive income (loss) attributable to controlling interest $ 96.9 $ 113.8 $ 54.2 $ (168.0) $ 96.9 Statement of Comprehensive Income Guarantor Nonguarantor Six month period ended April 3, 2016 (in millions) Parent Subsidiaries Subsidiaries Eliminations Consolidated Net income (loss) $ 147.7 $ 154.3 $ 89.6 $ (243.9) $ 147.7 Other comprehensive income (loss), net of tax: Foreign currency translation gain (loss) 7.8 7.8 7.8 (15.7) 7.7 Unrealized gain (loss) on derivative instruments 0.7 (2.8) (2.8) 5.7 0.8 Defined benefit pension gain (loss) 0.5 0.5 0.5 (1.0) 0.5 Other comprehensive income (loss) 9.0 5.5 5.5 (11.0) 9.0 Comprehensive income (loss) 156.7 159.8 95.1 (254.9) 156.7 Comprehensive income (loss) attributable to non-controlling interest — — (0.1) — (0.1) Comprehensive income (loss) attributable to controlling interest $ 156.7 $ 159.8 $ 95.2 $ (254.9) $ 156.8 Statement of Comprehensive Income Guarantor Nonguarantor Three month period ended March 29, 2015 (in millions) Parent Subsidiaries Subsidiaries Eliminations Consolidated Net income (loss) $ 29.6 $ 23.4 $ 22.9 $ (46.3) $ 29.6 Other comprehensive income (loss), net of tax: Foreign currency translation (loss) gain (43.6) (44.0) (44.0) 88.0 (43.6) Unrealized gain (loss) on derivative instruments 1.4 2.5 2.5 (5.0) 1.4 Defined benefit pension gain (loss) 2.4 2.4 2.4 (4.8) 2.4 Other comprehensive (loss) income (39.8) (39.1) (39.1) 78.2 (39.8) Comprehensive (loss) income (10.2) (15.7) (16.2) 31.9 (10.2) Comprehensive income (loss) attributable to non-controlling interest — — — — — Comprehensive income (loss) attributable to controlling interest $ (10.2) $ (15.7) $ (16.2) $ 31.9 $ (10.2) Statement of Comprehensive Income Guarantor Nonguarantor Six month period ended March 29, 2015 (in millions) Parent Subsidiaries Subsidiaries Eliminations Consolidated Net income (loss) $ 80.6 $ 79.2 $ 81.1 $ (160.3) $ 80.6 Other comprehensive income (loss), net of tax: Foreign currency translation (loss) gain (78.1) (78.7) (78.7) 157.4 (78.1) Unrealized gain (loss) on derivative instruments 3.4 5.6 5.6 (11.2) 3.4 Defined benefit pension gain (loss) 3.4 3.4 3.4 (6.8) 3.4 Other comprehensive (loss) income (71.3) (69.7) (69.7) 139.4 (71.3) Comprehensive income (loss) 9.3 9.5 11.4 (20.9) 9.3 Comprehensive income (loss) attributable to non-controlling interest 0.2 0.2 0.2 (0.4) 0.2 Comprehensive income (loss) attributable to controlling interest $ 9.1 $ 9.3 $ 11.2 $ (20.5) $ 9.1 |
Statement Of Cash Flows | Statement of Cash Flows Guarantor Nonguarantor Six month period ended April 3, 2016 (in millions) Parent Subsidiaries Subsidiaries Eliminations Consolidated Net cash (used) provided by operating activities $ (557.4) $ 146.2 $ (346.4) $ 593.9 $ (163.7) Cash flows from investing activities Purchases of property, plant and equipment (20.1) (6.4) (12.2) — (38.7) Proceeds from sales of property, plant and equipment 0.1 — 0.7 — 0.8 Net cash used by investing activities (20.0) (6.4) (11.5) — (37.9) Cash flows from financing activities Proceeds from issuance of debt 188.9 — — — 188.9 Payment of debt (47.0) — (1.1) — (48.1) Payment of debt issuance costs (1.6) — — — (1.6) Payment of cash dividends to parent (52.0) — — — (52.0) Advances related to intercompany transactions 480.4 (147.5) 261.0 (593.9) — Net cash provided (used) by financing activities 568.7 (147.5) 259.9 (593.9) 87.2 Effect of exchange rate changes on cash and cash equivalents — — (0.3) — (0.3) Net (decrease) in cash and cash equivalents (8.7) (7.7) (98.3) — (114.7) Cash and cash equivalents, beginning of period 13.0 8.6 226.3 — 247.9 Cash and cash equivalents, end of period $ 4.3 $ 0.9 $ 128.0 $ — $ 133.2 Statement of Cash Flows Guarantor Nonguarantor Six month period ended March 29, 2015 (in millions) Parent Subsidiaries Subsidiaries Eliminations Consolidated Net cash (used) provided by operating activities $ (204.2) $ (132.3) $ (376.5) $ 532.7 $ (180.3) Cash flows from investing activities — Purchases of property, plant and equipment (16.4) (3.9) (9.6) — (29.9) Business acquisitions, net of cash acquired (176.7) — (116.0) — (292.7) Proceeds from sales of property, plant and equipment 1.2 — — — 1.2 Other investing activities — — (0.9) — (0.9) Net cash used by investing activities (191.9) (3.9) (126.5) — (322.3) Cash flows from financing activities Proceeds from issuance of debt 481.3 — (0.1) — 481.2 Payment of debt (25.5) — — — (25.5) Payment of debt issuance costs (6.9) — — — (6.9) Payment of cash dividends to parent (33.5) — — — (33.5) Share based tax withholding payments, net of proceeds upon vesting (5.9) — — — (5.9) Advances related to intercompany transactions (16.6) 129.4 419.9 (532.7) — Net cash provided (used) by financing activities 392.9 129.4 419.8 (532.7) 409.4 Effect of exchange rate changes on cash and cash equivalents — — (11.9) — (11.9) Net increase (decrease) in cash and cash equivalents (3.2) (6.8) (95.1) — (105.1) Cash and cash equivalents, beginning of period 4.8 11.2 176.9 — 192.9 Cash and cash equivalents, end of period $ 1.6 $ 4.4 $ 81.8 $ — $ 87.8 |
Significant Accounting Polici41
Significant Accounting Policies (Narrative) (Details) - USD ($) $ in Millions | Apr. 03, 2016 | Sep. 30, 2015 |
Significant Accounting Policies [Line Items] | ||
Debt issuance costs | $ (62.5) | $ (65.1) |
Accounting Standards Update 2015-03 [Member] | ||
Significant Accounting Policies [Line Items] | ||
Debt issuance costs | 65.1 | |
Accounting Standards Update 2015-17 [Member] | ||
Significant Accounting Policies [Line Items] | ||
Current deferred tax assets | 44.7 | |
Current deferred tax liabilities | $ 4.6 |
Significant Accounting Polici42
Significant Accounting Policies (Summary Of Reclassifications From Retrospective Adoption Of ASUs) (Details) - USD ($) $ in Millions | Apr. 03, 2016 | Sep. 30, 2015 |
Prepaid expenses and other current assets | $ 85.7 | $ 72.1 |
Deferred charges and other | 39 | 42.2 |
Other current liabilities | (180.8) | (212.7) |
Long-term debt, net current portion | (4,069.1) | (3,872.1) |
Deferred taxes (noncurrent liability) | (563.8) | (572.5) |
SB/RH Holdings, LLC [Member] | ||
Prepaid expenses and other current assets | 85.7 | 72.1 |
Deferred charges and other | 29.2 | 42.1 |
Other current liabilities | (180.3) | (211.9) |
Long-term debt, net current portion | (4,069.1) | (3,872.1) |
Deferred taxes (noncurrent liability) | $ (558.5) | (572.5) |
As Reported [Member] | ||
Prepaid expenses and other current assets | 116.8 | |
Deferred charges and other | 101.7 | |
Other current liabilities | (217.3) | |
Long-term debt, net current portion | (3,937.2) | |
Deferred taxes (noncurrent liability) | (607) | |
As Reported [Member] | SB/RH Holdings, LLC [Member] | ||
Prepaid expenses and other current assets | 116.8 | |
Deferred charges and other | 101.6 | |
Other current liabilities | (216.5) | |
Long-term debt, net current portion | (3,937.2) | |
Deferred taxes (noncurrent liability) | (607) | |
Reclassification [Member] | ||
Prepaid expenses and other current assets | (44.7) | |
Deferred charges and other | (59.5) | |
Other current liabilities | 4.6 | |
Long-term debt, net current portion | 65.1 | |
Deferred taxes (noncurrent liability) | 34.5 | |
Reclassification [Member] | SB/RH Holdings, LLC [Member] | ||
Prepaid expenses and other current assets | (44.7) | |
Deferred charges and other | (59.5) | |
Other current liabilities | 4.6 | |
Long-term debt, net current portion | 65.1 | |
Deferred taxes (noncurrent liability) | $ 34.5 |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Details) | 6 Months Ended |
Apr. 03, 2016 | |
Armored AutoGroup [Member] | |
Business Acquisition [Line Items] | |
Acquisition date | May 21, 2015 |
Salix [Member] | |
Business Acquisition [Line Items] | |
Acquisition date | Jan. 16, 2015 |
European IAMS And Eukanuba [Member] | |
Business Acquisition [Line Items] | |
Acquisition date | Dec. 31, 2014 |
Tell Manufacturing [Member] | |
Business Acquisition [Line Items] | |
Acquisition date | Oct. 1, 2014 |
Acquisitions (Summary Of Acquis
Acquisitions (Summary Of Acquisition And Integration Related Charges) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Apr. 03, 2016 | Mar. 29, 2015 | Apr. 03, 2016 | Mar. 29, 2015 | |
Business Acquisition [Line Items] | ||||
Acquisition and integration related charges | $ 13.3 | $ 11.9 | $ 23.2 | $ 20 |
Armored AutoGroup [Member] | ||||
Business Acquisition [Line Items] | ||||
Acquisition and integration related charges | 6.1 | 10.6 | ||
HHI Business Rationalization Initiatives [Member] | ||||
Business Acquisition [Line Items] | ||||
Acquisition and integration related charges | 4.8 | 3 | 7.6 | 6.2 |
European IAMS And Eukanuba [Member] | ||||
Business Acquisition [Line Items] | ||||
Acquisition and integration related charges | 1 | 4.1 | 2 | 5 |
Salix [Member] | ||||
Business Acquisition [Line Items] | ||||
Acquisition and integration related charges | 0.6 | 5.1 | 1.5 | 5.1 |
Tell Manufacturing [Member] | ||||
Business Acquisition [Line Items] | ||||
Acquisition and integration related charges | 0.1 | 0.6 | 0.2 | 1.1 |
Other [Member] | ||||
Business Acquisition [Line Items] | ||||
Acquisition and integration related charges | $ 0.7 | $ (0.9) | $ 1.3 | $ 2.6 |
Restructuring And Related Cha45
Restructuring And Related Charges (Narrative) (Details) $ in Millions | Apr. 03, 2016USD ($) |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and related charges since initiative inception | $ 59.4 |
HHI Business Rationalization Initiatives [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and related charges since initiative inception | 14.4 |
HHI Business Rationalization Initiatives [Member] | Anticipated To Be Incurred Through September 30, 2016 [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Expected restructuring and related charges | 15 |
Global Expense Rationalization Initiatives [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and related charges since initiative inception | 44 |
Global Expense Rationalization Initiatives [Member] | Anticipated To Be Incurred Through September 30 2018 [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Expected restructuring and related charges | 47 |
Other Restructuring Activities [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and related charges since initiative inception | 0.9 |
Other Restructuring Activities [Member] | Anticipated To Be Incurred Through September 30 2018 [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Expected restructuring and related charges | $ 1 |
Restructuring And Related Cha46
Restructuring And Related Charges (Summary Of Restructuring And Related Charges) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Apr. 03, 2016 | Mar. 29, 2015 | Apr. 03, 2016 | Mar. 29, 2015 | |
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and related charges | $ 1.6 | $ 4.4 | $ 2.8 | $ 11.8 |
HHI Business Rationalization Initiatives [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and related charges | 0.3 | 1.3 | (0.4) | 1.4 |
Global Expense Rationalization Initiatives [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and related charges | 1.2 | 2.8 | 2.3 | 10 |
Other Restructuring Activities [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and related charges | 0.1 | 0.3 | 0.9 | 0.4 |
Cost of Goods Sold [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and related charges | 0.2 | 0.2 | 0.3 | 0.4 |
Operating Expense [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and related charges | $ 1.4 | $ 4.2 | $ 2.5 | $ 11.4 |
Restructuring And Related Cha47
Restructuring And Related Charges (Summary Of Costs Incurred By Cost Type) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Apr. 03, 2016 | Mar. 29, 2015 | Apr. 03, 2016 | Mar. 29, 2015 | |
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and related charges | $ 1.6 | $ 4.4 | $ 2.8 | $ 11.8 |
Cumulative costs | 59.4 | 59.4 | ||
Termination Benefits [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and related charges | 0.7 | 3 | 1.7 | 7.9 |
Cumulative costs | 29.8 | 29.8 | ||
Other Costs [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and related charges | 0.9 | $ 1.4 | 1.1 | $ 3.9 |
Cumulative costs | $ 29.6 | $ 29.6 |
Restructuring And Related Cha48
Restructuring And Related Charges (Rollforward Of Restructuring Accrual) (Details) $ in Millions | 6 Months Ended |
Apr. 03, 2016USD ($) | |
Restructuring Cost and Reserve [Line Items] | |
Accrual balance at beginning | $ 8.2 |
Provisions | 2.8 |
Cash expenditures | (8.6) |
Non-cash items | (0.1) |
Accrual balance at ending | 2.3 |
Termination Benefits [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Accrual balance at beginning | 4.3 |
Provisions | 1.7 |
Cash expenditures | (4.1) |
Non-cash items | 0.1 |
Accrual balance at ending | 2 |
Other Costs [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Accrual balance at beginning | 3.9 |
Provisions | 1.1 |
Cash expenditures | (4.5) |
Non-cash items | (0.2) |
Accrual balance at ending | $ 0.3 |
Restructuring And Related Cha49
Restructuring And Related Charges (Summary Of Costs Incurred By Reporting Segment) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Apr. 03, 2016 | Mar. 29, 2015 | Apr. 03, 2016 | Mar. 29, 2015 | |
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and related charges | $ 1.6 | $ 4.4 | $ 2.8 | $ 11.8 |
Cumulative costs | 59.4 | 59.4 | ||
Future costs to be incurred | 3.6 | 3.6 | ||
Corporate [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and related charges | 0.3 | |||
Cumulative costs | 2.1 | 2.1 | ||
Future costs to be incurred | 0.1 | 0.1 | ||
Global Batteries & Appliances [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and related charges | 0.1 | 0.7 | 0.4 | 5.4 |
Cumulative costs | 29.6 | 29.6 | ||
Future costs to be incurred | 0.8 | 0.8 | ||
Global Pet Supplies [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and related charges | 1.1 | 2.3 | 1.9 | 4.6 |
Cumulative costs | 12.4 | 12.4 | ||
Future costs to be incurred | 2.7 | 2.7 | ||
Hardware & Home Improvement [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and related charges | 0.4 | $ 1.4 | 0.5 | $ 1.5 |
Cumulative costs | $ 15.3 | $ 15.3 |
Receivables And Concentration50
Receivables And Concentration Of Credit Risk (Narrative) (Details) $ in Millions | Apr. 03, 2016USD ($)customer | Sep. 30, 2015USD ($)customer |
Receivables and Concentration of Credit Risk [Line Items] | ||
Allowance for uncollectible receivables | $ | $ 47.6 | $ 44 |
Major Customer One [Member] | ||
Receivables and Concentration of Credit Risk [Line Items] | ||
Number of major customers accounting for a significant percentage of sales volume | customer | 1 | 1 |
Major Customer One [Member] | Trade Receivable [Member] | ||
Receivables and Concentration of Credit Risk [Line Items] | ||
Concentration risk | 15.00% | 16.00% |
Inventories (Schedule Of Invent
Inventories (Schedule Of Inventories) (Details) - USD ($) $ in Millions | Apr. 03, 2016 | Sep. 30, 2015 |
Inventories [Abstract] | ||
Raw materials | $ 160 | $ 132.4 |
Work-in-process | 55.4 | 37.9 |
Finished goods | 709 | 610.5 |
Inventories | $ 924.4 | $ 780.8 |
Property, Plant And Equipment52
Property, Plant And Equipment (Schedule Of Property, Plant And Equipment) (Details) - USD ($) $ in Millions | Apr. 03, 2016 | Sep. 30, 2015 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | $ 889.6 | $ 831.9 |
Accumulated depreciation | (360.7) | (324.8) |
Property, plant and equipment, net | 528.9 | 507.1 |
Land, Buildings And Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | 194 | 190.9 |
Machinery, Equipment And Other [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | 512.9 | 491.9 |
Capitalized Leases [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | 124.1 | 97.3 |
Construction In Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | $ 58.6 | $ 51.8 |
Goodwill And Intangible Asset53
Goodwill And Intangible Assets (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Apr. 03, 2016 | Mar. 29, 2015 | Apr. 03, 2016 | Mar. 29, 2015 | Sep. 30, 2015 | |
Intangible Assets [Line Items] | |||||
Amortization expense | $ 23.4 | $ 21.2 | $ 47 | $ 41.7 | |
Trade Names [Member] | |||||
Intangible Assets [Line Items] | |||||
Indefinite-lived intangible assets | $ 1,487.7 | 1,487.7 | $ 1,490.3 | ||
Impairment of indefinite lived intangible assets | $ 0 | $ 0 |
Goodwill And Intangible Asset54
Goodwill And Intangible Assets (Changes In The Carrying Amount Of Goodwill By Reporting Segment) (Details) $ in Millions | 6 Months Ended |
Apr. 03, 2016USD ($) | |
Goodwill [Line Items] | |
Balance, as of September 30, 2015 | $ 2,476.7 |
Adjustments | 2.6 |
Foreign currency impact | 4.1 |
Balance, as of April 3, 2016 | 2,483.4 |
Global Batteries & Appliances [Member] | |
Goodwill [Line Items] | |
Balance, as of September 30, 2015 | $ 348.5 |
Adjustments | |
Foreign currency impact | |
Balance, as of April 3, 2016 | $ 348.5 |
Hardware & Home Improvement [Member] | |
Goodwill [Line Items] | |
Balance, as of September 30, 2015 | $ 699.5 |
Adjustments | |
Foreign currency impact | $ 3.4 |
Balance, as of April 3, 2016 | 702.9 |
Global Pet Supplies [Member] | |
Goodwill [Line Items] | |
Balance, as of September 30, 2015 | $ 299.6 |
Adjustments | |
Foreign currency impact | $ 1.1 |
Balance, as of April 3, 2016 | 300.7 |
Home and Garden [Member] | |
Goodwill [Line Items] | |
Balance, as of September 30, 2015 | $ 196.5 |
Adjustments | |
Foreign currency impact | |
Balance, as of April 3, 2016 | $ 196.5 |
Global Auto Care [Member] | |
Goodwill [Line Items] | |
Balance, as of September 30, 2015 | 932.6 |
Adjustments | 2.6 |
Foreign currency impact | (0.4) |
Balance, as of April 3, 2016 | $ 934.8 |
Goodwill And Intangible Asset55
Goodwill And Intangible Assets (Schedule Of Carrying Value And Accumulated Amortization For Intangible Assets) (Details) - USD ($) $ in Millions | Apr. 03, 2016 | Sep. 30, 2015 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 1,387.5 | $ 1,389.2 |
Accumulated Amortization | (442.8) | (399.2) |
Net | 944.7 | 990 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 987.8 | 985.2 |
Accumulated Amortization | (276) | (247.4) |
Net | 711.8 | 737.8 |
Technology Assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 234.3 | 238.6 |
Accumulated Amortization | (85.4) | (78.1) |
Net | 148.9 | 160.5 |
Trade Names [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 165.4 | 165.4 |
Accumulated Amortization | (81.4) | (73.7) |
Net | $ 84 | $ 91.7 |
Goodwill And Intangible Asset56
Goodwill And Intangible Assets (Schedule Of Range And Weighted Average Useful Lives For Definite-Lived Intangible Assets) (Details) | 6 Months Ended |
Apr. 03, 2016 | |
Customer Relationships [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Weighted average | 18 years 6 months |
Customer Relationships [Member] | Minimum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Range | 2 years |
Customer Relationships [Member] | Maximum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Range | 20 years |
Technology Assets [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Weighted average | 11 years 1 month 6 days |
Technology Assets [Member] | Minimum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Range | 4 years |
Technology Assets [Member] | Maximum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Range | 18 years |
Trade Names [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Weighted average | 16 years 2 months 12 days |
Trade Names [Member] | Minimum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Range | 8 years |
Trade Names [Member] | Maximum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Range | 17 years |
Goodwill And Intangible Asset57
Goodwill And Intangible Assets (Schedule Of Future Amortization Expense) (Details) $ in Millions | Apr. 03, 2016USD ($) |
Goodwill And Intangible Assets [Abstract] | |
2,016 | $ 93.9 |
2,017 | 93 |
2,018 | 86.2 |
2,019 | 85.1 |
2,020 | $ 84.9 |
Debt (Narrative) (Details)
Debt (Narrative) (Details) - USD ($) $ in Millions | 6 Months Ended | |
Apr. 03, 2016 | Sep. 30, 2015 | |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Aggregate borrowing availability | $ 300.4 | |
Outstanding letters of credit | $ 24.6 | |
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Debt Instrument [Line Items] | ||
Variable interest rate floor | 2.75% | |
Revolving Credit Facility [Member] | Base Rate [Member] | ||
Debt Instrument [Line Items] | ||
Percentage over base variable rate | 1.75% | |
USD Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Debt Instrument [Line Items] | ||
Variable interest rate floor | 0.75% | |
Percentage over base variable rate | 2.75% | |
USD Term Loan [Member] | Base Rate [Member] | ||
Debt Instrument [Line Items] | ||
Percentage over base variable rate | 1.75% | |
CAD Term Loan [Member] | Canadian Dollor Offered Rate (CDOR) [Member] | ||
Debt Instrument [Line Items] | ||
Variable interest rate floor | 0.75% | |
Percentage over base variable rate | 3.50% | |
CAD Term Loan [Member] | Base Rate [Member] | ||
Debt Instrument [Line Items] | ||
Percentage over base variable rate | 2.50% | |
Euro Term Loan [Member] | Euro Interbank Offered Rate (EURIBOR) [member] | ||
Debt Instrument [Line Items] | ||
Variable interest rate floor | 0.75% | |
Percentage over base variable rate | 2.75% | |
Euro Term Loan [Member] | Base Rate [Member] | ||
Debt Instrument [Line Items] | ||
Percentage over base variable rate | 0.00% | |
SB/RH Holdings, LLC [Member] | ||
Debt Instrument [Line Items] | ||
Debt held includes a loan with SBH | $ 13.9 | $ 34.7 |
Debt (Schedule Of Debt) (Detail
Debt (Schedule Of Debt) (Details) - USD ($) $ in Millions | 6 Months Ended | |
Apr. 03, 2016 | Sep. 30, 2015 | |
Debt Instrument [Line Items] | ||
Total debt | $ 4,172.7 | $ 3,977.8 |
Unamortized discount on debt | (6.4) | (6.8) |
Debt issuance costs | (62.5) | (65.1) |
Less current portion | (34.7) | (33.8) |
Long-term debt, net of current portion | $ 4,069.1 | 3,872.1 |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date | Jun. 23, 2020 | |
SB/RH Holdings, LLC [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | $ 4,186.6 | 4,012.5 |
Unamortized discount on debt | (6.4) | (6.8) |
Debt issuance costs | (62.5) | (65.1) |
Less current portion | (48.6) | (68.5) |
Long-term debt, net of current portion | 4,069.1 | 3,872.1 |
Capital Lease Obligations [Member] | ||
Debt Instrument [Line Items] | ||
Obligations under capital leases | $ 111.8 | $ 88.2 |
Rate | 5.50% | 5.70% |
Capital Lease Obligations [Member] | SB/RH Holdings, LLC [Member] | ||
Debt Instrument [Line Items] | ||
Obligations under capital leases | $ 111.8 | $ 88.2 |
Rate | 5.50% | 5.70% |
Expiring June 23, 2020 [Member] | Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Revolver facility | $ 175 | |
Rate | 3.20% | |
Expiring June 23, 2020 [Member] | SB/RH Holdings, LLC [Member] | Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Revolver facility | $ 175 | |
Rate | 3.20% | |
USD Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date | Jun. 23, 2022 | |
USD Term Loan [Member] | Due June 23, 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Term loan | $ 1,220.8 | $ 1,226.9 |
Rate | 3.50% | 3.90% |
USD Term Loan [Member] | Due June 23, 2022 [Member] | SB/RH Holdings, LLC [Member] | ||
Debt Instrument [Line Items] | ||
Term loan | $ 1,220.8 | $ 1,226.9 |
Rate | 3.50% | 3.90% |
CAD Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date | Jun. 23, 2022 | |
CAD Term Loan [Member] | Due June 23, 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Term loan | $ 57.2 | $ 55.7 |
Rate | 4.50% | 4.40% |
CAD Term Loan [Member] | Due June 23, 2022 [Member] | SB/RH Holdings, LLC [Member] | ||
Debt Instrument [Line Items] | ||
Term loan | $ 57.2 | $ 55.7 |
Rate | 4.50% | 4.40% |
Euro Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date | Jun. 23, 2022 | |
Euro Term Loan [Member] | Due June 23, 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Term loan | $ 257.5 | $ 255.8 |
Rate | 3.50% | 3.50% |
Euro Term Loan [Member] | Due June 23, 2022 [Member] | SB/RH Holdings, LLC [Member] | ||
Debt Instrument [Line Items] | ||
Term loan | $ 257.5 | $ 255.8 |
Rate | 3.50% | 3.50% |
5.75% Notes, Due July 15, 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Notes | $ 1,000 | $ 1,000 |
Rate | 5.80% | 5.80% |
Maturity date | Jul. 15, 2025 | |
Interest rate | 5.75% | 5.75% |
5.75% Notes, Due July 15, 2025 [Member] | SB/RH Holdings, LLC [Member] | ||
Debt Instrument [Line Items] | ||
Notes | $ 1,000 | $ 1,000 |
Rate | 5.80% | 5.80% |
6.125% Notes, Due December 15, 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Notes | $ 250 | $ 250 |
Rate | 6.10% | 6.10% |
Maturity date | Dec. 15, 2024 | |
Interest rate | 6.125% | 6.125% |
6.125% Notes, Due December 15, 2024 [Member] | SB/RH Holdings, LLC [Member] | ||
Debt Instrument [Line Items] | ||
Notes | $ 250 | $ 250 |
Rate | 6.10% | 6.10% |
6.375% Notes, Due November 15, 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Notes | $ 520 | $ 520 |
Rate | 6.40% | 6.40% |
Maturity date | Nov. 15, 2020 | |
Interest rate | 6.375% | 6.375% |
6.375% Notes, Due November 15, 2020 [Member] | SB/RH Holdings, LLC [Member] | ||
Debt Instrument [Line Items] | ||
Notes | $ 520 | $ 520 |
Rate | 6.40% | 6.40% |
6.625% Notes, Due November 15, 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Notes | $ 570 | $ 570 |
Rate | 6.60% | 6.60% |
Maturity date | Nov. 15, 2022 | |
Interest rate | 6.625% | 6.625% |
6.625% Notes, Due November 15, 2022 [Member] | SB/RH Holdings, LLC [Member] | ||
Debt Instrument [Line Items] | ||
Notes | $ 570 | $ 570 |
Rate | 6.60% | 6.60% |
Other Notes And Obligations [Member] | ||
Debt Instrument [Line Items] | ||
Other notes and obligations | $ 10.4 | $ 11.2 |
Rate | 12.40% | 10.20% |
Other Notes And Obligations [Member] | SB/RH Holdings, LLC [Member] | ||
Debt Instrument [Line Items] | ||
Other notes and obligations | $ 24.3 | $ 45.9 |
Rate | 5.30% | 4.90% |
Derivatives (Narrative) (Detail
Derivatives (Narrative) (Details) - USD ($) $ in Millions | Apr. 03, 2016 | Sep. 30, 2015 |
Cash Flow Hedging [Member] | Interest Rate Swaps [Member] | ||
Derivative [Line Items] | ||
Derivative, fixed interest rate | 1.36% | 1.36% |
Notional value | $ 300 | $ 300 |
Derivative net losses estimated to be reclassified from AOCI into earnings over the next 12 months | 1.3 | |
Cash Flow Hedging [Member] | Commodity Swaps [Member] | ||
Derivative [Line Items] | ||
Derivative net losses estimated to be reclassified from AOCI into earnings over the next 12 months | 1.4 | |
Cash Flow Hedging [Member] | Foreign Exchange Contracts [Member] | ||
Derivative [Line Items] | ||
Notional value | 252.8 | 300.6 |
Derivative net losses estimated to be reclassified from AOCI into earnings over the next 12 months | 1.1 | |
Fair Value Hedging [Member] | ||
Derivative [Line Items] | ||
Posted cash collateral | 0.5 | 3.5 |
Posted standby letters of credit | 0 | 0 |
Not Designated as Hedging [Member] | Foreign Exchange Contracts [Member] | ||
Derivative [Line Items] | ||
Notional value | 262.4 | 126.8 |
Maximum [Member] | Fair Value Hedging [Member] | ||
Derivative [Line Items] | ||
Credit reserve on derivative assets | $ 0.1 | $ 0.1 |
Derivatives (Schedule Of Intere
Derivatives (Schedule Of Interest Rate Swap Derivative Financial Instruments) (Details) - Cash Flow Hedging [Member] - Interest Rate Swaps [Member] - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Apr. 03, 2016 | Sep. 30, 2015 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Notional Amount | $ 300 | $ 300 |
Remaining Years | 1 year | 1 year 6 months |
Derivatives (Schedule Of Commod
Derivatives (Schedule Of Commodity Swap Contracts Outstanding) (Details) - Commodity Swaps [Member] $ in Millions | 6 Months Ended | 12 Months Ended |
Apr. 03, 2016USD ($)oztT | Sep. 30, 2015USD ($)oztT | |
Zinc [Member] | Cash Flow Hedging [Member] | ||
Derivative [Line Items] | ||
Notional | T | 9.4 | 10.8 |
Contract Value | $ 18 | $ 22.2 |
Brass [Member] | Cash Flow Hedging [Member] | ||
Derivative [Line Items] | ||
Notional | T | 1 | 1.8 |
Contract Value | $ 4.4 | $ 8.5 |
Silver [Member] | Not Designated as Hedging [Member] | ||
Derivative [Line Items] | ||
Notional | ozt | 10 | 25 |
Contract Value | $ 0.2 | $ 0.4 |
Derivatives (Schedule Of Fair V
Derivatives (Schedule Of Fair Value Of Outstanding Derivative Contracts) (Details) - USD ($) $ in Millions | Apr. 03, 2016 | Sep. 30, 2015 |
Derivatives, Fair Value [Line Items] | ||
Derivative assets | $ 3.7 | $ 6 |
Derivative liabilities | 9.4 | 9.8 |
Interest Rate Swaps [Member] | Other Current Liabilities [Member] | Designated as Hedging [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | 1.3 | 1.4 |
Interest Rate Swaps [Member] | Accrued Interest [Member] | Designated as Hedging [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | 0.5 | 0.4 |
Interest Rate Swaps [Member] | Other Long-term Liabilities [Member] | Designated as Hedging [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | 0.3 | 0.8 |
Commodity Swaps [Member] | Receivables - Other [Member] | Designated as Hedging [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 0.2 | |
Commodity Swaps [Member] | Deferred Charges And Other [Member] | Designated as Hedging [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 0.1 | |
Commodity Swaps [Member] | Accounts Payable [Member] | Designated as Hedging [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | 1.8 | 4.7 |
Commodity Swaps [Member] | Accounts Payable [Member] | Not Designated as Hedging [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | 0.1 | |
Commodity Swaps [Member] | Other Long-term Liabilities [Member] | Designated as Hedging [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | 0.2 | 0.8 |
Foreign Exchange Contracts [Member] | Receivables - Other [Member] | Designated as Hedging [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 2.3 | 5.2 |
Foreign Exchange Contracts [Member] | Receivables - Other [Member] | Not Designated as Hedging [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 1 | 0.4 |
Foreign Exchange Contracts [Member] | Deferred Charges And Other [Member] | Designated as Hedging [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 0.1 | 0.4 |
Foreign Exchange Contracts [Member] | Accounts Payable [Member] | Designated as Hedging [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | 4.2 | 1.5 |
Foreign Exchange Contracts [Member] | Accounts Payable [Member] | Not Designated as Hedging [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | 0.8 | $ 0.1 |
Foreign Exchange Contracts [Member] | Other Long-term Liabilities [Member] | Designated as Hedging [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | $ 0.3 |
Derivatives (Summary Of Impact
Derivatives (Summary Of Impact Of Effective And Ineffective Portions Of Cash Flow Hedges And Gain (Loss) Recognized) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Apr. 03, 2016 | Mar. 29, 2015 | Apr. 03, 2016 | Mar. 29, 2015 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Effective Portion, Gain (Loss) in OCI | $ (5.5) | $ 9.3 | $ (0.8) | $ 17.1 |
Effective Portion, Gain (Loss) Reclassified to Earnings | 0.7 | 7 | 0.9 | 11.8 |
Interest Rate Swaps [Member] | Interest Expense [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Effective Portion, Gain (Loss) in OCI | (0.7) | (1.4) | (0.3) | (2) |
Effective Portion, Gain (Loss) Reclassified to Earnings | (0.5) | (0.5) | (1) | (0.9) |
Commodity Swaps [Member] | Cost of Goods Sold [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Effective Portion, Gain (Loss) in OCI | 1.8 | (0.5) | 0.8 | (1.7) |
Effective Portion, Gain (Loss) Reclassified to Earnings | (1.6) | (0.1) | (3) | 0.3 |
Foreign Exchange Contracts [Member] | Cost of Goods Sold [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Effective Portion, Gain (Loss) in OCI | (6.6) | 11.3 | (1.2) | 20.8 |
Effective Portion, Gain (Loss) Reclassified to Earnings | $ 2.8 | 7.6 | 4.9 | $ 12.4 |
Foreign Exchange Contracts [Member] | Net Sales [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Effective Portion, Gain (Loss) in OCI | $ (0.1) | $ (0.1) |
Derivatives (Summary Of Loss As
Derivatives (Summary Of Loss Associated With Derivative Contracts Not Designated As Hedges) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Apr. 03, 2016 | Mar. 29, 2015 | Apr. 03, 2016 | Mar. 29, 2015 | |
Foreign Exchange Contracts [Member] | Other Non-operating Expense [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on derivatives recognized in operations | $ 2.9 | $ (5.7) | $ 0.8 | $ (7.4) |
Fair Value Of Financial Instr66
Fair Value Of Financial Instruments (Fair Values Of Derivative Instruments) (Details) - USD ($) $ in Millions | Apr. 03, 2016 | Sep. 30, 2015 |
Carrying Amount [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative Assets | $ 3.7 | $ 6 |
Derivative Liabilities | 9.4 | 9.8 |
Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative Assets | 3.7 | 6 |
Derivative Liabilities | $ 9.4 | $ 9.8 |
Fair Value Of Financial Instr67
Fair Value Of Financial Instruments (Carrying Values And Fair Values For Debt) (Details) - USD ($) $ in Millions | Apr. 03, 2016 | Sep. 30, 2015 |
Carrying Amount [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | $ 4,103.8 | $ 3,905.9 |
Fair Value [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | 4,330.2 | 4,085.8 |
SB/RH Holdings, LLC [Member] | Carrying Amount [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | 4,117.7 | 3,940.6 |
SB/RH Holdings, LLC [Member] | Fair Value [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | $ 4,344.1 | $ 4,120.5 |
Employee Benefit Plans (Narrati
Employee Benefit Plans (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Apr. 03, 2016 | Mar. 29, 2015 | Apr. 03, 2016 | Mar. 29, 2015 | |
Employee Benefit Plans [Abstract] | ||||
Company contributions to pension and deferred compensation plans, including discretionary amounts | $ 2.3 | $ 3.3 | $ 5.9 | $ 5.5 |
Employee Benefit Plans (Compone
Employee Benefit Plans (Components Of Net Periodic Benefit Cost) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Apr. 03, 2016 | Mar. 29, 2015 | Apr. 03, 2016 | Mar. 29, 2015 | |
U.S. Plans [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Service cost | $ 0.1 | $ 0.1 | $ 0.1 | $ 0.2 |
Interest cost | 0.7 | 0.8 | 1.5 | 1.6 |
Expected return on assets | (1.1) | (1.1) | (2.2) | (2.2) |
Recognized net actuarial loss | 0.1 | 0.1 | 0.3 | 0.1 |
Net periodic benefit cost | (0.2) | (0.1) | $ (0.3) | $ (0.3) |
Weighted average assumptions | ||||
Discount rate | 4.25% | 4.15% | ||
Expected return on plan assets | 7.25% | 7.50% | ||
Non U.S. Plans [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Service cost | 0.7 | 0.7 | $ 1.3 | $ 1.4 |
Interest cost | 1.5 | 1.6 | 3.1 | 3.2 |
Expected return on assets | (1.2) | (1.4) | (2.4) | (2.8) |
Recognized net actuarial loss | 0.4 | 0.3 | 0.9 | 0.7 |
Net periodic benefit cost | $ 1.4 | $ 1.2 | $ 2.9 | $ 2.5 |
Non U.S. Plans [Member] | Minimum [Member] | ||||
Weighted average assumptions | ||||
Discount rate | 1.75% | 2.00% | ||
Expected return on plan assets | 1.75% | 2.00% | ||
Rate of compensation increase | 2.25% | 2.25% | ||
Non U.S. Plans [Member] | Maximum [Member] | ||||
Weighted average assumptions | ||||
Discount rate | 13.81% | |||
Expected return on plan assets | 4.53% | |||
Rate of compensation increase | 5.50% |
Share Based Compensation (Narra
Share Based Compensation (Narrative) (Details) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Apr. 03, 2016 | Mar. 29, 2015 | Apr. 03, 2016 | Mar. 29, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share based compensation expense | $ 21.5 | $ 13.8 | $ 31.6 | $ 19.4 |
Remaining unrecognized pre-tax compensation cost | $ 40.2 | $ 40.2 | ||
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares granted | 0.6 | |||
Shares vested | 0.5 | |||
Total market value of RSUs granted | $ 54.2 | |||
Restricted Stock Units (RSUs) [Member] | Tranche One [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares granted | 0.2 | |||
Shares vested | 0.1 | 0.2 | ||
Vesting period | 12 months | 12 months | ||
Total market value of RSUs granted | $ 12.1 | |||
Restricted Stock Units (RSUs) [Member] | Tranche Two [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares granted | 0.6 | |||
Performance And Time Based RSUs [Member] | Tranche Two [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares vested | 0.1 | 0.4 | ||
Performance And Time Based RSUs [Member] | Tranche Two [Member] | Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 1 year | 1 year | ||
Performance And Time Based RSUs [Member] | Tranche Two [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 2 years | 2 years | ||
SB/RH Holdings, LLC [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share based compensation expense | $ 20.2 | $ 12.2 | $ 28.8 | $ 17 |
Remaining unrecognized pre-tax compensation cost | $ 36.3 | $ 36.3 | ||
SB/RH Holdings, LLC [Member] | Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares granted | 0.6 | |||
Shares vested | 0.5 | |||
Total market value of RSUs granted | $ 52.3 |
Share Based Compensation (Summa
Share Based Compensation (Summary Of Non-Vested RSUs Activity) (Details) - Restricted Stock Units (RSUs) [Member] $ / shares in Units, shares in Millions, $ in Millions | 6 Months Ended |
Apr. 03, 2016USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Non-vested RSUs, Beginning balance, Shares | shares | 0.6 |
Granted, Shares | shares | 0.6 |
Forfeited, Shares | shares | (0.1) |
Vested, Shares | shares | (0.5) |
Non-vested RSUs, Ending balance, Shares | shares | 0.6 |
Non-vested RSUs, Beginning balance, Weighted Average Grant Date Fair Value | $ / shares | $ 87.50 |
Granted, Weighted Average Grant Date Fair Value | $ / shares | 94.73 |
Forfeited, Weighted Average Grant Date Fair Value | $ / shares | 91.67 |
Vested, Weighted Average Grant Date Fair Value | $ / shares | 86.54 |
Non-vested RSUs, Ending balance, Weighted Average Grant Date Fair Value | $ / shares | $ 94.95 |
Non-vested RSUs, Beginning balance, Fair Value at Grant Date | $ | $ 53.2 |
Granted, Fair Value at Grant Date | $ | 54.2 |
Forfeited, Fair Value at Grant Date | $ | (5.9) |
Vested, Fair Value at Grant Date | $ | (45.7) |
Non-vested RSUs, Ending balance, Fair Value at Grant Date | $ | $ 55.8 |
SB/RH Holdings, LLC [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Non-vested RSUs, Beginning balance, Shares | shares | 0.5 |
Granted, Shares | shares | 0.6 |
Forfeited, Shares | shares | (0.1) |
Vested, Shares | shares | (0.5) |
Non-vested RSUs, Ending balance, Shares | shares | 0.5 |
Non-vested RSUs, Beginning balance, Weighted Average Grant Date Fair Value | $ / shares | $ 87.71 |
Granted, Weighted Average Grant Date Fair Value | $ / shares | 94.85 |
Forfeited, Weighted Average Grant Date Fair Value | $ / shares | 91.67 |
Vested, Weighted Average Grant Date Fair Value | $ / shares | 86.31 |
Non-vested RSUs, Ending balance, Weighted Average Grant Date Fair Value | $ / shares | $ 96.85 |
Non-vested RSUs, Beginning balance, Fair Value at Grant Date | $ | $ 42.1 |
Granted, Fair Value at Grant Date | $ | 52.3 |
Forfeited, Fair Value at Grant Date | $ | (5.9) |
Vested, Fair Value at Grant Date | $ | (42.2) |
Non-vested RSUs, Ending balance, Fair Value at Grant Date | $ | $ 46.3 |
Accumulated Other Comprehensi72
Accumulated Other Comprehensive Income (Loss) (Schedule Of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Apr. 03, 2016 | Mar. 29, 2015 | Apr. 03, 2016 | Mar. 29, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated other comprehensive loss, as of September 30, 2015 | $ (200.1) | |||
Other comprehensive (loss) income before reclassification | 6.4 | |||
Amounts reclassified from accumulated other comprehensive income (loss) | 0.3 | |||
Other comprehensive (loss) income, six month period ended April 3, 2016 | 6.7 | |||
Deferred tax effect | 1.3 | |||
Deferred tax valuation allowance | 1 | |||
Other comprehensive income, net of tax | $ 24.7 | $ (39.8) | 9 | $ (71.3) |
Other comprehensive loss attributable to non-controlling interest | (0.1) | |||
Other comprehensive income attributable to controlling interest | 9.1 | |||
Accumulated other comprehensive loss, as of April 3, 2016 | (191) | (191) | ||
Foreign Currency Translation [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated other comprehensive loss, as of September 30, 2015 | (152.3) | |||
Other comprehensive (loss) income before reclassification | $ 7.7 | |||
Amounts reclassified from accumulated other comprehensive income (loss) | ||||
Other comprehensive (loss) income, six month period ended April 3, 2016 | $ 7.7 | |||
Deferred tax effect | ||||
Deferred tax valuation allowance | ||||
Other comprehensive income, net of tax | $ 7.7 | |||
Other comprehensive loss attributable to non-controlling interest | (0.1) | |||
Other comprehensive income attributable to controlling interest | 7.8 | |||
Accumulated other comprehensive loss, as of April 3, 2016 | (144.5) | (144.5) | ||
Derivative Hedging [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated other comprehensive loss, as of September 30, 2015 | (4) | |||
Other comprehensive (loss) income before reclassification | (0.8) | |||
Amounts reclassified from accumulated other comprehensive income (loss) | (0.9) | |||
Other comprehensive (loss) income, six month period ended April 3, 2016 | (1.7) | |||
Deferred tax effect | 1.5 | |||
Deferred tax valuation allowance | 1 | |||
Other comprehensive income, net of tax | $ 0.8 | |||
Other comprehensive loss attributable to non-controlling interest | ||||
Other comprehensive income attributable to controlling interest | $ 0.8 | |||
Accumulated other comprehensive loss, as of April 3, 2016 | (3.2) | (3.2) | ||
Employee Benefit Plans [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated other comprehensive loss, as of September 30, 2015 | (43.8) | |||
Other comprehensive (loss) income before reclassification | (0.5) | |||
Amounts reclassified from accumulated other comprehensive income (loss) | 1.2 | |||
Other comprehensive (loss) income, six month period ended April 3, 2016 | 0.7 | |||
Deferred tax effect | $ (0.2) | |||
Deferred tax valuation allowance | ||||
Other comprehensive income, net of tax | $ 0.5 | |||
Other comprehensive loss attributable to non-controlling interest | ||||
Other comprehensive income attributable to controlling interest | $ 0.5 | |||
Accumulated other comprehensive loss, as of April 3, 2016 | $ (43.3) | $ (43.3) |
Accumulated Other Comprehensi73
Accumulated Other Comprehensive Income (Loss) (Schedule Of Reclassified From AOCL Associated With Employee Benefit Plan Costs) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Apr. 03, 2016 | Mar. 29, 2015 | Apr. 03, 2016 | Mar. 29, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Cost of goods sold | $ 746.6 | $ 692.1 | $ 1,524.6 | $ 1,389.5 |
Selling expenses | 189.5 | 173.1 | 376.6 | 332.9 |
General and administrative expenses | 95.6 | 84.3 | 181.9 | 152.6 |
Amounts reclassified from accumulated other comprehensive loss | (0.3) | |||
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | Employee Benefit Plan [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Cost of goods sold | 0.4 | 0.1 | 0.7 | 0.3 |
Selling expenses | 0.1 | 0.1 | 0.2 | 0.2 |
General and administrative expenses | 0.1 | 0.2 | 0.3 | 0.3 |
Amounts reclassified from accumulated other comprehensive loss | $ 0.6 | $ 0.4 | $ 1.2 | $ 0.8 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||
Dec. 31, 2015 | Apr. 03, 2016 | Mar. 29, 2015 | Apr. 03, 2016 | Mar. 29, 2015 | Sep. 30, 2016 | |
Income Taxes [Line Items] | ||||||
Effective tax rate | 16.50% | 22.50% | 12.80% | 26.90% | ||
U.S. federal statutory rate | 35.00% | |||||
Reduced amount on net deferred tax liabilities relating to tax law changes | $ 5.9 | |||||
Total unused tax benefits | $ 209 | $ 209 | ||||
Forecast [Member] | ||||||
Income Taxes [Line Items] | ||||||
Valuation allowance | $ 84 | |||||
Tax Year 2014 [Member] | ||||||
Income Taxes [Line Items] | ||||||
Tax relief for U.S. net operating losses | $ 88 | |||||
SB/RH Holdings, LLC [Member] | ||||||
Income Taxes [Line Items] | ||||||
Effective tax rate | 21.20% | 21.50% | 15.10% | 26.20% |
Segment Information (Narrative)
Segment Information (Narrative) (Details) | 6 Months Ended |
Apr. 03, 2016segment | |
Segment Information [Abstract] | |
Number of reporting segments | 5 |
Segment Information (Net Sales
Segment Information (Net Sales Relating To Segments) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Apr. 03, 2016 | Mar. 29, 2015 | Apr. 03, 2016 | Mar. 29, 2015 | |
Revenue from External Customer [Line Items] | ||||
Net sales | $ 1,209.6 | $ 1,067 | $ 2,428.4 | $ 2,134.8 |
SB/RH Holdings, LLC [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Net sales | 1,209.6 | 1,067 | 2,428.4 | 2,134.8 |
Global Batteries & Appliances [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Net sales | 424.9 | 443.9 | 1,036.2 | 1,080.4 |
Global Batteries & Appliances [Member] | SB/RH Holdings, LLC [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Net sales | 424.9 | 443.9 | 1,036.2 | 1,080.4 |
Hardware & Home Improvement [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Net sales | 301.7 | 289.4 | 584.3 | 560.6 |
Hardware & Home Improvement [Member] | SB/RH Holdings, LLC [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Net sales | 301.7 | 289.4 | 584.3 | 560.6 |
Global Pet Supplies [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Net sales | 208.5 | 209.8 | 411.9 | 330.4 |
Global Pet Supplies [Member] | SB/RH Holdings, LLC [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Net sales | 208.5 | 209.8 | 411.9 | 330.4 |
Home and Garden [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Net sales | 155 | 123.9 | 202.7 | 163.4 |
Home and Garden [Member] | SB/RH Holdings, LLC [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Net sales | 155 | 123.9 | 202.7 | 163.4 |
Global Auto Care [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Net sales | 119.5 | 193.3 | ||
Global Auto Care [Member] | SB/RH Holdings, LLC [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Net sales | 119.5 | 193.3 | ||
Consumer Batteries [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Net sales | 178.2 | 181.8 | 430.8 | 422 |
Consumer Batteries [Member] | SB/RH Holdings, LLC [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Net sales | 178.2 | 181.8 | 430.8 | 422 |
Small Appliances [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Net sales | 138.3 | 151.6 | 328.2 | 375.4 |
Small Appliances [Member] | SB/RH Holdings, LLC [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Net sales | 138.3 | 151.6 | 328.2 | 375.4 |
Personal Care [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Net sales | 108.4 | 110.5 | 277.2 | 283 |
Personal Care [Member] | SB/RH Holdings, LLC [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Net sales | $ 108.4 | $ 110.5 | $ 277.2 | $ 283 |
Segment Information (Segment Pr
Segment Information (Segment Profit Relating To Segments) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Apr. 03, 2016 | Mar. 29, 2015 | Apr. 03, 2016 | Mar. 29, 2015 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Total segment profit | $ 148.5 | $ 88.4 | $ 291 | $ 204 |
Acquisition and integration related charges | 13.3 | 11.9 | 23.2 | 20 |
Restructuring and related charges | 1.6 | 4.4 | 2.8 | 11.8 |
Interest expense | 57.5 | 49.2 | 115.9 | 93.6 |
Other non-operating expense, net | 0.8 | 3.2 | 4.3 | 3.9 |
Income from operations before income taxes | 90.2 | 36 | 170.8 | 106.5 |
Operating Segments [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Total segment profit | 191.4 | 126.1 | 362.5 | 270 |
SB/RH Holdings, LLC [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Total segment profit | 149.9 | 90.1 | 294.2 | 206.7 |
Acquisition and integration related charges | 13.3 | 11.9 | 23.2 | 20 |
Restructuring and related charges | 1.6 | 4.4 | 2.8 | 11.8 |
Interest expense | 57.5 | 49.2 | 115.9 | 93.6 |
Other non-operating expense, net | 0.8 | 3.2 | 4.3 | 3.9 |
Income from operations before income taxes | 91.6 | 37.7 | 174 | 109.2 |
SB/RH Holdings, LLC [Member] | Operating Segments [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Total segment profit | 191.4 | 126.1 | 362.5 | 270 |
Global Batteries & Appliances [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Total segment profit | 40 | 41.8 | 130.4 | 138.4 |
Restructuring and related charges | 0.1 | 0.7 | 0.4 | 5.4 |
Global Batteries & Appliances [Member] | SB/RH Holdings, LLC [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Total segment profit | 40 | 41.8 | 130.4 | 138.4 |
Hardware & Home Improvement [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Total segment profit | 45.6 | 37.3 | 89.7 | 76.1 |
Restructuring and related charges | 0.4 | 1.4 | 0.5 | 1.5 |
Hardware & Home Improvement [Member] | SB/RH Holdings, LLC [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Total segment profit | 45.6 | 37.3 | 89.7 | 76.1 |
Global Pet Supplies [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Total segment profit | 20.9 | 18.7 | 39.8 | 24.4 |
Restructuring and related charges | 1.1 | 2.3 | 1.9 | 4.6 |
Global Pet Supplies [Member] | SB/RH Holdings, LLC [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Total segment profit | 20.9 | 18.7 | 39.8 | 24.4 |
Home and Garden [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Total segment profit | 40.4 | 28.3 | 44 | 31.1 |
Home and Garden [Member] | SB/RH Holdings, LLC [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Total segment profit | 40.4 | 28.3 | 44 | 31.1 |
Global Auto Care [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Total segment profit | 44.5 | 58.6 | ||
Global Auto Care [Member] | SB/RH Holdings, LLC [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Total segment profit | 44.5 | 58.6 | ||
Corporate Segment [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Corporate expense | 28 | 21.4 | 45.5 | 34.2 |
Corporate Segment [Member] | SB/RH Holdings, LLC [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Corporate expense | $ 26.6 | $ 19.7 | $ 42.3 | $ 31.5 |
Earnings Per Share - SBH (Sched
Earnings Per Share - SBH (Schedule Of Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Apr. 03, 2016 | Mar. 29, 2015 | Apr. 03, 2016 | Mar. 29, 2015 | |
Numerator | ||||
Net income attributable to controlling interest | $ 75.2 | $ 27.8 | $ 148.8 | $ 77.6 |
Denominator | ||||
Weighted average common shares outstanding - basic | 59.4 | 53.3 | 59.3 | 53 |
Dilutive shares | 0.1 | 0.1 | 0.1 | |
Weighted average common shares outstanding - diluted | 59.5 | 53.3 | 59.4 | 53.1 |
Earnings per share | ||||
Basic earnings per share | $ 1.27 | $ 0.52 | $ 2.51 | $ 1.46 |
Diluted earnings per share | $ 1.26 | $ 0.52 | $ 2.50 | $ 1.46 |
Weighted average number of anti-dilutive shares excluded from denominator | ||||
Restricted stock units | 0.4 | 0.3 | 0.4 | 0.3 |
Guarantor Statements - SB_RH (N
Guarantor Statements - SB/RH (Narrative) (Details) | Apr. 03, 2016 | Sep. 30, 2015 |
6.375% Notes, Due November 15, 2020 [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Interest rate | 6.375% | 6.375% |
6.625% Notes, Due November 15, 2022 [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Interest rate | 6.625% | 6.625% |
6.125% Notes, Due December 15, 2024 [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Interest rate | 6.125% | 6.125% |
5.75% Notes, Due July 15, 2025 [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Interest rate | 5.75% | 5.75% |
Guarantor Statements - SB_RH (S
Guarantor Statements - SB/RH (Statement Of Financial Position) (Details) - USD ($) $ in Millions | Apr. 03, 2016 | Sep. 30, 2015 | Mar. 29, 2015 | Sep. 30, 2014 |
Current assets: | ||||
Cash and cash equivalents | $ 133.3 | $ 247.9 | $ 87.8 | $ 194.6 |
Trade receivables, net | 557.2 | 498.8 | ||
Other receivables | 78.7 | 87.9 | ||
Inventories | 924.4 | 780.8 | ||
Prepaid expenses and other | 85.7 | 72.1 | ||
Total current assets | 1,779.3 | 1,687.5 | ||
Property, plant and equipment, net | 528.9 | 507.1 | ||
Deferred charges and other | 39 | 42.2 | ||
Goodwill | 2,483.4 | 2,476.7 | ||
Intangible assets, net | 2,432.4 | 2,480.3 | ||
Total assets | 7,263 | 7,193.8 | ||
Current liabilities: | ||||
Current portion of long-term debt | 34.7 | 33.8 | ||
Accounts payable | 472.2 | 620.6 | ||
Accrued wages and salaries | 79 | 96.5 | ||
Accrued interest | 54.1 | 63.3 | ||
Other current liabilities | 180.8 | 212.7 | ||
Total current liabilities | 820.8 | 1,026.9 | ||
Long-term debt, net current portion | 4,069.1 | 3,872.1 | ||
Deferred income taxes | 563.8 | 572.5 | ||
Other long-term liabilities | 105.8 | 115.5 | ||
Total liabilities | 5,559.5 | 5,587 | ||
Shareholders' equity: | ||||
Accumulated (deficit) earnings | (99.1) | (205.5) | ||
Accumulated other comprehensive (loss) income | (191) | (200.1) | ||
Total shareholder's equity | 1,659.6 | 1,563.1 | ||
Noncontrolling interest | 43.9 | 43.7 | ||
Total equity | 1,703.5 | 1,606.8 | ||
Total liabilities and equity | 7,263 | 7,193.8 | ||
Eliminations [Member] | ||||
Current assets: | ||||
Intercompany receivables | (875.4) | (1,090.8) | ||
Other receivables | (1.9) | |||
Inventories | (19.9) | (17) | ||
Prepaid expenses and other | (0.1) | 0.8 | ||
Total current assets | (897.3) | (1,107) | ||
Long-term intercompany receivables | (807.3) | (375.9) | ||
Deferred charges and other | (183.7) | (162.1) | ||
Investments in subsidiaries | (4,491.6) | (4,243.1) | ||
Total assets | (6,379.9) | (5,888.1) | ||
Current liabilities: | ||||
Intercompany accounts payable | (842.4) | (477.9) | ||
Other current liabilities | (2.8) | (0.1) | ||
Total current liabilities | (845.2) | (478) | ||
Long-term intercompany debt | (839.5) | (988.1) | ||
Deferred income taxes | (190.1) | (164.3) | ||
Total liabilities | (1,874.8) | (1,630.4) | ||
Shareholders' equity: | ||||
Other equity | 800.1 | (1,175.7) | ||
Accumulated (deficit) earnings | (5,640.6) | (3,315.9) | ||
Accumulated other comprehensive (loss) income | 335.4 | 346.2 | ||
Total shareholder's equity | (4,505.1) | (4,145.4) | ||
Noncontrolling interest | (112.3) | |||
Total equity | (4,505.1) | (4,257.7) | ||
Total liabilities and equity | (6,379.9) | (5,888.1) | ||
Parent [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 4.3 | 13 | 1.6 | 4.8 |
Trade receivables, net | 170 | 175.8 | ||
Intercompany receivables | 152 | |||
Other receivables | 10.3 | 14.3 | ||
Inventories | 423.2 | 410.3 | ||
Prepaid expenses and other | 41.3 | 36.1 | ||
Total current assets | 649.1 | 801.5 | ||
Property, plant and equipment, net | 233.6 | 235.2 | ||
Long-term intercompany receivables | 505.4 | 2.8 | ||
Deferred charges and other | 170.9 | 154.8 | ||
Goodwill | 912.1 | 910.7 | ||
Intangible assets, net | 1,373.1 | 1,402.4 | ||
Investments in subsidiaries | 3,309.7 | 3,150.1 | ||
Total assets | 7,153.9 | 6,657.5 | ||
Current liabilities: | ||||
Current portion of long-term debt | 31.9 | 53.4 | ||
Accounts payable | 191 | 281.1 | ||
Intercompany accounts payable | 801.6 | 449.4 | ||
Accrued wages and salaries | 39 | 40.3 | ||
Accrued interest | 54 | 63.2 | ||
Other current liabilities | 68.8 | 84.5 | ||
Total current liabilities | 1,186.3 | 971.9 | ||
Long-term debt, net current portion | 4,022.5 | 3,848.8 | ||
Long-term intercompany debt | 15.4 | 16.8 | ||
Deferred income taxes | 200.8 | 202.1 | ||
Other long-term liabilities | 31.8 | 33.3 | ||
Total liabilities | 5,456.8 | 5,072.9 | ||
Shareholders' equity: | ||||
Other equity | 2,039.6 | 1,981.7 | ||
Accumulated (deficit) earnings | (151.2) | (246.7) | ||
Accumulated other comprehensive (loss) income | (191.3) | (200.2) | ||
Total shareholder's equity | 1,697.1 | 1,534.8 | ||
Noncontrolling interest | 49.8 | |||
Total equity | 1,697.1 | 1,584.6 | ||
Total liabilities and equity | 7,153.9 | 6,657.5 | ||
Guarantor Subsidiaries [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 0.9 | 8.6 | 4.4 | 11.2 |
Trade receivables, net | 168 | 94.9 | ||
Intercompany receivables | 664.6 | 713.8 | ||
Other receivables | 14.8 | 11.2 | ||
Inventories | 186.6 | 95.7 | ||
Prepaid expenses and other | 6.4 | 2.2 | ||
Total current assets | 1,041.3 | 926.4 | ||
Property, plant and equipment, net | 77.4 | 60.7 | ||
Long-term intercompany receivables | 287.4 | 357.7 | ||
Deferred charges and other | 0.9 | 14.1 | ||
Goodwill | 1,153.9 | 1,154 | ||
Intangible assets, net | 636.5 | 646.6 | ||
Investments in subsidiaries | 1,184.8 | 1,095.9 | ||
Total assets | 4,382.2 | 4,255.4 | ||
Current liabilities: | ||||
Current portion of long-term debt | 0.5 | |||
Accounts payable | 80.9 | 45.9 | ||
Accrued wages and salaries | 2.6 | 10 | ||
Other current liabilities | 15.7 | 21.5 | ||
Total current liabilities | 99.7 | 77.4 | ||
Long-term debt, net current portion | 16.5 | |||
Long-term intercompany debt | 501.4 | 578.7 | ||
Deferred income taxes | 453.4 | 440.5 | ||
Other long-term liabilities | 1.4 | 8.8 | ||
Total liabilities | 1,072.4 | 1,105.4 | ||
Shareholders' equity: | ||||
Other equity | 122.9 | 1,129.2 | ||
Accumulated (deficit) earnings | 3,356.6 | 2,139.8 | ||
Accumulated other comprehensive (loss) income | (169.7) | (175.1) | ||
Total shareholder's equity | 3,309.8 | 3,093.9 | ||
Noncontrolling interest | 56.1 | |||
Total equity | 3,309.8 | 3,150 | ||
Total liabilities and equity | 4,382.2 | 4,255.4 | ||
Nonguarantor Subsidiaries [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 128 | 226.3 | 81.8 | 176.9 |
Trade receivables, net | 219.2 | 228.1 | ||
Intercompany receivables | 210.8 | 225 | ||
Other receivables | 56.5 | 62.4 | ||
Inventories | 334.5 | 291.8 | ||
Prepaid expenses and other | 38.1 | 33 | ||
Total current assets | 987.1 | 1,066.6 | ||
Property, plant and equipment, net | 217.9 | 211.2 | ||
Long-term intercompany receivables | 14.5 | 15.4 | ||
Deferred charges and other | 41.1 | 35.3 | ||
Goodwill | 417.4 | 412 | ||
Intangible assets, net | 422.8 | 431.3 | ||
Investments in subsidiaries | (2.9) | (2.9) | ||
Total assets | 2,097.9 | 2,168.9 | ||
Current liabilities: | ||||
Current portion of long-term debt | 16.2 | 15.1 | ||
Accounts payable | 200.3 | 293.6 | ||
Intercompany accounts payable | 40.8 | 28.5 | ||
Accrued wages and salaries | 37.4 | 46.2 | ||
Accrued interest | 0.1 | 0.1 | ||
Other current liabilities | 98.6 | 106 | ||
Total current liabilities | 393.4 | 489.5 | ||
Long-term debt, net current portion | 30.1 | 23.3 | ||
Long-term intercompany debt | 322.7 | 392.6 | ||
Deferred income taxes | 94.4 | 94.2 | ||
Other long-term liabilities | 72.6 | 73.4 | ||
Total liabilities | 913.2 | 1,073 | ||
Shareholders' equity: | ||||
Other equity | (983.7) | 34.7 | ||
Accumulated (deficit) earnings | 2,284 | 1,176.1 | ||
Accumulated other comprehensive (loss) income | (165.4) | (171) | ||
Total shareholder's equity | 1,134.9 | 1,039.8 | ||
Noncontrolling interest | 49.8 | 56.1 | ||
Total equity | 1,184.7 | 1,095.9 | ||
Total liabilities and equity | 2,097.9 | 2,168.9 | ||
SB/RH Holdings, LLC [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 133.2 | 247.9 | $ 87.8 | $ 192.9 |
Trade receivables, net | 557.2 | 498.8 | ||
Other receivables | 79.7 | 87.9 | ||
Inventories | 924.4 | 780.8 | ||
Prepaid expenses and other | 85.7 | 72.1 | ||
Total current assets | 1,780.2 | 1,687.5 | ||
Property, plant and equipment, net | 528.9 | 507.1 | ||
Deferred charges and other | 29.2 | 42.1 | ||
Goodwill | 2,483.4 | 2,476.7 | ||
Intangible assets, net | 2,432.4 | 2,480.3 | ||
Total assets | 7,254.1 | 7,193.7 | ||
Current liabilities: | ||||
Current portion of long-term debt | 48.6 | 68.5 | ||
Accounts payable | 472.2 | 620.6 | ||
Accrued wages and salaries | 79 | 96.5 | ||
Accrued interest | 54.1 | 63.3 | ||
Other current liabilities | 180.3 | 211.9 | ||
Total current liabilities | 834.2 | 1,060.8 | ||
Long-term debt, net current portion | 4,069.1 | 3,872.1 | ||
Deferred income taxes | 558.5 | 572.5 | ||
Other long-term liabilities | 105.8 | 115.5 | ||
Total liabilities | 5,567.6 | 5,620.9 | ||
Shareholders' equity: | ||||
Other equity | 1,978.9 | 1,969.9 | ||
Accumulated (deficit) earnings | (151.2) | (246.7) | ||
Accumulated other comprehensive (loss) income | (191) | (200.1) | ||
Total shareholder's equity | 1,636.7 | 1,523.1 | ||
Noncontrolling interest | 49.8 | 49.7 | ||
Total equity | 1,686.5 | 1,572.8 | ||
Total liabilities and equity | $ 7,254.1 | $ 7,193.7 |
Guarantor Statements - SB_RH 81
Guarantor Statements - SB/RH (Statement Of Operations) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Apr. 03, 2016 | Mar. 29, 2015 | Apr. 03, 2016 | Mar. 29, 2015 | |
Condensed Income Statements, Captions [Line Items] | ||||
Net sales | $ 1,209.6 | $ 1,067 | $ 2,428.4 | $ 2,134.8 |
Cost of goods sold | 746.6 | 692.1 | 1,524.6 | 1,389.5 |
Restructuring and related charges | 0.2 | 0.2 | 0.3 | 0.4 |
Gross profit | 462.8 | 374.7 | 903.5 | 744.9 |
Selling | 189.5 | 173.1 | 376.6 | 332.9 |
General and administrative | 95.6 | 84.3 | 181.9 | 152.6 |
Research and development | 14.5 | 12.8 | 28.3 | 24 |
Acquisition and integration related charges | 13.3 | 11.9 | 23.2 | 20 |
Restructuring and related charges | 1.4 | 4.2 | 2.5 | 11.4 |
Total operating expenses | 314.3 | 286.3 | 612.5 | 540.9 |
Operating income (loss) | 148.5 | 88.4 | 291 | 204 |
Interest expense | 57.5 | 49.2 | 115.9 | 93.6 |
Other non-operating (income) expense, net | 0.8 | 3.2 | 4.3 | 3.9 |
Income from operations before income taxes | 90.2 | 36 | 170.8 | 106.5 |
Income tax (benefit) expense | 14.9 | 8.1 | 21.8 | 28.6 |
Net income (loss) | 75.3 | 27.9 | 149 | 77.9 |
Net income (loss) attributable to non-controlling interest | 0.1 | 0.1 | 0.2 | 0.3 |
Net income (loss) attributable to controlling interest | 75.2 | 27.8 | 148.8 | 77.6 |
Parent [Member] | ||||
Condensed Income Statements, Captions [Line Items] | ||||
Net sales | 574.3 | 529.8 | 1,206.3 | 1,095 |
Cost of goods sold | 393.6 | 369.6 | 829.7 | 766.3 |
Gross profit | 180.7 | 160.2 | 376.6 | 328.7 |
Selling | 80.6 | 70.5 | 156.6 | 136.5 |
General and administrative | 55.2 | 51.7 | 107.2 | 101.8 |
Research and development | 9.5 | 8.7 | 18.1 | 16 |
Acquisition and integration related charges | 7.1 | 7.1 | 13.5 | 12 |
Restructuring and related charges | 0.5 | 2.7 | 1.3 | 8.1 |
Total operating expenses | 152.9 | 140.7 | 296.7 | 274.4 |
Operating income (loss) | 27.8 | 19.5 | 79.9 | 54.3 |
Interest expense | 48 | 42.9 | 96.3 | 81.4 |
Other non-operating (income) expense, net | (80.8) | (32.1) | (152.8) | (85.9) |
Income from operations before income taxes | 60.6 | 8.7 | 136.4 | 58.8 |
Income tax (benefit) expense | (11.6) | (20.9) | (11.3) | (21.8) |
Net income (loss) | 72.2 | 29.6 | 147.7 | 80.6 |
Net income (loss) attributable to non-controlling interest | 0.2 | |||
Net income (loss) attributable to controlling interest | 72.2 | 29.6 | 147.7 | 80.4 |
Guarantor Subsidiaries [Member] | ||||
Condensed Income Statements, Captions [Line Items] | ||||
Net sales | 409.3 | 152.5 | 600.2 | 205.5 |
Cost of goods sold | 276.9 | 93.7 | 412.8 | 126.1 |
Gross profit | 132.4 | 58.8 | 187.4 | 79.4 |
Selling | 29.8 | 19.2 | 50.8 | 31.7 |
General and administrative | 18.1 | 10.2 | 32.7 | 15.4 |
Research and development | 1.4 | 0.5 | 2.8 | 1 |
Acquisition and integration related charges | 2.5 | 0.7 | 3.3 | 2.6 |
Restructuring and related charges | 0.3 | 0.1 | 0.4 | 0.1 |
Total operating expenses | 52.1 | 30.7 | 90 | 50.8 |
Operating income (loss) | 80.3 | 28.1 | 97.4 | 28.6 |
Interest expense | 5.1 | (1.4) | 10.5 | (1.6) |
Other non-operating (income) expense, net | (44.9) | (11.6) | (92.1) | (71.1) |
Income from operations before income taxes | 120.1 | 41.1 | 179 | 101.3 |
Income tax (benefit) expense | 28.5 | 17.7 | 24.7 | 22.1 |
Net income (loss) | 91.6 | 23.4 | 154.3 | 79.2 |
Net income (loss) attributable to non-controlling interest | 0.1 | 0.2 | ||
Net income (loss) attributable to controlling interest | 91.6 | 23.3 | 154.3 | 79 |
Nonguarantor Subsidiaries [Member] | ||||
Condensed Income Statements, Captions [Line Items] | ||||
Net sales | 606.9 | 597.2 | 1,341.1 | 1,270.5 |
Cost of goods sold | 454.6 | 438.7 | 997.6 | 929.9 |
Restructuring and related charges | 0.2 | 0.2 | 0.3 | 0.4 |
Gross profit | 152.1 | 158.3 | 343.2 | 340.2 |
Selling | 79.6 | 83.7 | 170.1 | 165 |
General and administrative | 20.9 | 20.6 | 38.8 | 32.8 |
Research and development | 3.6 | 3.6 | 7.4 | 7 |
Acquisition and integration related charges | 3.7 | 4.1 | 6.4 | 5.4 |
Restructuring and related charges | 0.6 | 1.4 | 0.8 | 3.2 |
Total operating expenses | 108.4 | 113.4 | 223.5 | 213.4 |
Operating income (loss) | 43.7 | 44.9 | 119.7 | 126.8 |
Interest expense | 4.4 | 7.7 | 9 | 13.8 |
Other non-operating (income) expense, net | 0.5 | 2.5 | 4.1 | 2.9 |
Income from operations before income taxes | 38.8 | 34.7 | 106.6 | 110.1 |
Income tax (benefit) expense | 6.7 | 11.8 | 17 | 29 |
Net income (loss) | 32.1 | 22.9 | 89.6 | 81.1 |
Net income (loss) attributable to non-controlling interest | 0.1 | 0.1 | 0.2 | 0.2 |
Net income (loss) attributable to controlling interest | 32 | 22.8 | 89.4 | 80.9 |
SB/RH Holdings, LLC [Member] | ||||
Condensed Income Statements, Captions [Line Items] | ||||
Net sales | 1,209.6 | 1,067 | 2,428.4 | 2,134.8 |
Cost of goods sold | 746.6 | 692.1 | 1,524.6 | 1,389.5 |
Restructuring and related charges | 0.2 | 0.2 | 0.3 | 0.4 |
Gross profit | 462.8 | 374.7 | 903.5 | 744.9 |
Selling | 189.5 | 173.1 | 376.6 | 332.9 |
General and administrative | 94.2 | 82.6 | 178.7 | 149.9 |
Research and development | 14.5 | 12.8 | 28.3 | 24 |
Acquisition and integration related charges | 13.3 | 11.9 | 23.2 | 20 |
Restructuring and related charges | 1.4 | 4.2 | 2.5 | 11.4 |
Total operating expenses | 312.9 | 284.6 | 609.3 | 538.2 |
Operating income (loss) | 149.9 | 90.1 | 294.2 | 206.7 |
Interest expense | 57.5 | 49.2 | 115.9 | 93.6 |
Other non-operating (income) expense, net | 0.8 | 3.2 | 4.3 | 3.9 |
Income from operations before income taxes | 91.6 | 37.7 | 174 | 109.2 |
Income tax (benefit) expense | 19.4 | 8.1 | 26.3 | 28.6 |
Net income (loss) | 72.2 | 29.6 | 147.7 | 80.6 |
Net income (loss) attributable to non-controlling interest | 0.1 | 0.2 | 0.2 | |
Net income (loss) attributable to controlling interest | 72.1 | 29.6 | 147.5 | 80.4 |
Eliminations [Member] | ||||
Condensed Income Statements, Captions [Line Items] | ||||
Net sales | (380.9) | (212.5) | (719.2) | (436.2) |
Cost of goods sold | (378.5) | (209.9) | (715.5) | (432.8) |
Gross profit | (2.4) | (2.6) | (3.7) | (3.4) |
Selling | (0.5) | (0.3) | (0.9) | (0.3) |
General and administrative | 0.1 | (0.1) | ||
Total operating expenses | (0.5) | (0.2) | (0.9) | (0.4) |
Operating income (loss) | (1.9) | (2.4) | (2.8) | (3) |
Interest expense | 0.1 | |||
Other non-operating (income) expense, net | 126 | 44.4 | 245.1 | 158 |
Income from operations before income taxes | (127.9) | (46.8) | (248) | (161) |
Income tax (benefit) expense | (4.2) | (0.5) | (4.1) | (0.7) |
Net income (loss) | (123.7) | (46.3) | (243.9) | (160.3) |
Net income (loss) attributable to non-controlling interest | (0.2) | (0.4) | ||
Net income (loss) attributable to controlling interest | $ (123.7) | $ (46.1) | $ (243.9) | $ (159.9) |
Guarantor Statements - SB_RH 82
Guarantor Statements - SB/RH (Statement Of Comprehensive Income) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Apr. 03, 2016 | Mar. 29, 2015 | Apr. 03, 2016 | Mar. 29, 2015 | |
Condensed Statement of Income Captions [Line Items] | ||||
Net income (loss) | $ 75.3 | $ 27.9 | $ 149 | $ 77.9 |
Foreign currency translation gain (loss) | 28.2 | (43.6) | 7.7 | (78.1) |
Unrealized (loss) gain on derivative instruments | (2.9) | 1.4 | 0.8 | 3.4 |
Defined benefit pension (loss) gain | (0.6) | 2.4 | 0.5 | 3.4 |
Other comprehensive income (loss), net of tax | 24.7 | (39.8) | 9 | (71.3) |
Comprehensive income (loss) | 100 | (11.9) | 158 | 6.6 |
Comprehensive income (loss) attributable to non-controlling interest | 0.1 | (0.1) | 0.3 | |
Comprehensive income (loss) attributable to controlling interest | 100 | (12) | 158.1 | 6.3 |
Parent [Member] | ||||
Condensed Statement of Income Captions [Line Items] | ||||
Net income (loss) | 72.2 | 29.6 | 147.7 | 80.6 |
Foreign currency translation gain (loss) | 28.2 | (43.6) | 7.8 | (78.1) |
Unrealized (loss) gain on derivative instruments | (2.9) | 1.4 | 0.7 | 3.4 |
Defined benefit pension (loss) gain | (0.6) | 2.4 | 0.5 | 3.4 |
Other comprehensive income (loss), net of tax | 24.7 | (39.8) | 9 | (71.3) |
Comprehensive income (loss) | 96.9 | (10.2) | 156.7 | 9.3 |
Comprehensive income (loss) attributable to non-controlling interest | 0.2 | |||
Comprehensive income (loss) attributable to controlling interest | 96.9 | (10.2) | 156.7 | 9.1 |
Guarantor Subsidiaries [Member] | ||||
Condensed Statement of Income Captions [Line Items] | ||||
Net income (loss) | 91.6 | 23.4 | 154.3 | 79.2 |
Foreign currency translation gain (loss) | 28.3 | (44) | 7.8 | (78.7) |
Unrealized (loss) gain on derivative instruments | (5.5) | 2.5 | (2.8) | 5.6 |
Defined benefit pension (loss) gain | (0.6) | 2.4 | 0.5 | 3.4 |
Other comprehensive income (loss), net of tax | 22.2 | (39.1) | 5.5 | (69.7) |
Comprehensive income (loss) | 113.8 | (15.7) | 159.8 | 9.5 |
Comprehensive income (loss) attributable to non-controlling interest | 0.2 | |||
Comprehensive income (loss) attributable to controlling interest | 113.8 | (15.7) | 159.8 | 9.3 |
Nonguarantor Subsidiaries [Member] | ||||
Condensed Statement of Income Captions [Line Items] | ||||
Net income (loss) | 32.1 | 22.9 | 89.6 | 81.1 |
Foreign currency translation gain (loss) | 28.3 | (44) | 7.8 | (78.7) |
Unrealized (loss) gain on derivative instruments | (5.6) | 2.5 | (2.8) | 5.6 |
Defined benefit pension (loss) gain | (0.6) | 2.4 | 0.5 | 3.4 |
Other comprehensive income (loss), net of tax | 22.1 | (39.1) | 5.5 | (69.7) |
Comprehensive income (loss) | 54.2 | (16.2) | 95.1 | 11.4 |
Comprehensive income (loss) attributable to non-controlling interest | (0.1) | 0.2 | ||
Comprehensive income (loss) attributable to controlling interest | 54.2 | (16.2) | 95.2 | 11.2 |
SB/RH Holdings, LLC [Member] | ||||
Condensed Statement of Income Captions [Line Items] | ||||
Net income (loss) | 72.2 | 29.6 | 147.7 | 80.6 |
Foreign currency translation gain (loss) | 28.2 | (43.6) | 7.7 | (78.1) |
Unrealized (loss) gain on derivative instruments | (2.9) | 1.4 | 0.8 | 3.4 |
Defined benefit pension (loss) gain | (0.6) | 2.4 | 0.5 | 3.4 |
Other comprehensive income (loss), net of tax | 24.7 | (39.8) | 9 | (71.3) |
Comprehensive income (loss) | 96.9 | (10.2) | 156.7 | 9.3 |
Comprehensive income (loss) attributable to non-controlling interest | (0.1) | 0.2 | ||
Comprehensive income (loss) attributable to controlling interest | 96.9 | (10.2) | 156.8 | 9.1 |
Eliminations [Member] | ||||
Condensed Statement of Income Captions [Line Items] | ||||
Net income (loss) | (123.7) | (46.3) | (243.9) | (160.3) |
Foreign currency translation gain (loss) | (56.6) | 88 | (15.7) | 157.4 |
Unrealized (loss) gain on derivative instruments | 11.1 | (5) | 5.7 | (11.2) |
Defined benefit pension (loss) gain | 1.2 | (4.8) | (1) | (6.8) |
Other comprehensive income (loss), net of tax | (44.3) | 78.2 | (11) | 139.4 |
Comprehensive income (loss) | (168) | 31.9 | (254.9) | (20.9) |
Comprehensive income (loss) attributable to non-controlling interest | (0.4) | |||
Comprehensive income (loss) attributable to controlling interest | $ (168) | $ 31.9 | $ (254.9) | $ (20.5) |
Guarantor Statements - SB_RH 83
Guarantor Statements - SB/RH (Statement Of Cash Flows) (Details) - USD ($) $ in Millions | 6 Months Ended | |
Apr. 03, 2016 | Mar. 29, 2015 | |
Condensed Cash Flow Statements, Captions [Line Items] | ||
Net cash (used) provided by operating activities | $ (144.5) | $ (180.3) |
Cash flows from investing activities | ||
Purchases of property, plant and equipment | (38.7) | (29.9) |
Business acquisitions, net of cash acquired | (292.7) | |
Proceeds from sales of property, plant and equipment | 0.8 | 1.2 |
Other investing activities | (0.9) | |
Net cash used by investing activities | (37.9) | (322.3) |
Cash flows from financing activities | ||
Proceeds from issuance of debt | 175 | 477.4 |
Payment of debt | (13.3) | (18.9) |
Payment of debt issuance costs | (1.6) | (6.9) |
Payment of cash dividends to parent | (42) | (33.5) |
Share based award tax withholding payments, net of proceeds | (9.8) | (1.9) |
Net cash provided (used) by financing activities | 68.1 | 407.7 |
Effect of exchange rate changes on cash and cash equivalents | (0.3) | (11.9) |
Net increase (decrease) in cash and cash equivalents | (114.6) | (106.8) |
Cash and cash equivalents, beginning of period | 247.9 | 194.6 |
Cash and cash equivalents, end of period | 133.3 | 87.8 |
Parent [Member] | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
Net cash (used) provided by operating activities | (557.4) | (204.2) |
Cash flows from investing activities | ||
Purchases of property, plant and equipment | (20.1) | (16.4) |
Business acquisitions, net of cash acquired | (176.7) | |
Proceeds from sales of property, plant and equipment | 0.1 | 1.2 |
Net cash used by investing activities | (20) | (191.9) |
Cash flows from financing activities | ||
Proceeds from issuance of debt | 188.9 | 481.3 |
Payment of debt | (47) | (25.5) |
Payment of debt issuance costs | (1.6) | (6.9) |
Payment of cash dividends to parent | (52) | (33.5) |
Share based award tax withholding payments, net of proceeds | (5.9) | |
Advances related to intercompany transactions | 480.4 | (16.6) |
Net cash provided (used) by financing activities | 568.7 | 392.9 |
Net increase (decrease) in cash and cash equivalents | (8.7) | (3.2) |
Cash and cash equivalents, beginning of period | 13 | 4.8 |
Cash and cash equivalents, end of period | 4.3 | 1.6 |
Guarantor Subsidiaries [Member] | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
Net cash (used) provided by operating activities | 146.2 | (132.3) |
Cash flows from investing activities | ||
Purchases of property, plant and equipment | (6.4) | (3.9) |
Net cash used by investing activities | (6.4) | (3.9) |
Cash flows from financing activities | ||
Advances related to intercompany transactions | (147.5) | 129.4 |
Net cash provided (used) by financing activities | (147.5) | 129.4 |
Net increase (decrease) in cash and cash equivalents | (7.7) | (6.8) |
Cash and cash equivalents, beginning of period | 8.6 | 11.2 |
Cash and cash equivalents, end of period | 0.9 | 4.4 |
Nonguarantor Subsidiaries [Member] | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
Net cash (used) provided by operating activities | (346.4) | (376.5) |
Cash flows from investing activities | ||
Purchases of property, plant and equipment | (12.2) | (9.6) |
Business acquisitions, net of cash acquired | (116) | |
Proceeds from sales of property, plant and equipment | 0.7 | |
Other investing activities | (0.9) | |
Net cash used by investing activities | (11.5) | (126.5) |
Cash flows from financing activities | ||
Proceeds from issuance of debt | (0.1) | |
Payment of debt | (1.1) | |
Advances related to intercompany transactions | 261 | 419.9 |
Net cash provided (used) by financing activities | 259.9 | 419.8 |
Effect of exchange rate changes on cash and cash equivalents | (0.3) | (11.9) |
Net increase (decrease) in cash and cash equivalents | (98.3) | (95.1) |
Cash and cash equivalents, beginning of period | 226.3 | 176.9 |
Cash and cash equivalents, end of period | 128 | 81.8 |
SB/RH Holdings, LLC [Member] | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
Net cash (used) provided by operating activities | (163.7) | (180.3) |
Cash flows from investing activities | ||
Purchases of property, plant and equipment | (38.7) | (29.9) |
Business acquisitions, net of cash acquired | (292.7) | |
Proceeds from sales of property, plant and equipment | 0.8 | 1.2 |
Other investing activities | (0.9) | |
Net cash used by investing activities | (37.9) | (322.3) |
Cash flows from financing activities | ||
Proceeds from issuance of debt | 188.9 | 481.2 |
Payment of debt | (48.1) | (25.5) |
Payment of debt issuance costs | (1.6) | (6.9) |
Payment of cash dividends to parent | (52) | (33.5) |
Share based award tax withholding payments, net of proceeds | (5.9) | |
Net cash provided (used) by financing activities | 87.2 | 409.4 |
Effect of exchange rate changes on cash and cash equivalents | (0.3) | (11.9) |
Net increase (decrease) in cash and cash equivalents | (114.7) | (105.1) |
Cash and cash equivalents, beginning of period | 247.9 | 192.9 |
Cash and cash equivalents, end of period | 133.2 | 87.8 |
Eliminations [Member] | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
Net cash (used) provided by operating activities | 593.9 | 532.7 |
Cash flows from financing activities | ||
Advances related to intercompany transactions | (593.9) | (532.7) |
Net cash provided (used) by financing activities | $ (593.9) | $ (532.7) |