Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Dec. 31, 2017 | Feb. 06, 2018 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Dec. 31, 2017 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2,018 | |
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 | |
Trading Symbol | spb | |
Entity Common Stock, Shares Outstanding | 57,880,340 | |
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 | Dec. 31, 2017 | Sep. 30, 2017 |
Assets | ||
Cash and cash equivalents | $ 137.9 | $ 168.2 |
Trade receivables, net | 278.4 | 266 |
Other receivables | 18.8 | 19.4 |
Inventories | 580.7 | 496.3 |
Prepaid expenses and other current assets | 56.2 | 54.2 |
Current assets of business held for sale | 1,990.6 | 603 |
Total current assets | 3,062.6 | 1,607.1 |
Property, plant and equipment, net | 506 | 503.6 |
Deferred charges and other | 61.2 | 43.5 |
Goodwill | 2,276.4 | 2,277.1 |
Intangible assets, net | 1,598.6 | 1,612 |
Noncurrent assets of business held for sale | 1,376.4 | |
Total assets | 7,504.8 | 7,419.7 |
Liabilities and Shareholder's Equity | ||
Current portion of long-term debt | 20.1 | 19.4 |
Accounts payable | 320.7 | 371.6 |
Accrued wages and salaries | 27.9 | 50.6 |
Accrued interest | 40.7 | 48.5 |
Other current liabilities | 118.1 | 123.4 |
Current liabilities of business held for sale | 608.2 | 499.9 |
Total current liabilities | 1,135.7 | 1,113.4 |
Long-term debt, net of current portion | 3,959.2 | 3,752.6 |
Deferred income taxes | 298.2 | 493.2 |
Other long-term liabilities | 137.2 | 58 |
Noncurrent liabilities of business held for sale | 155.8 | |
Total liabilities | 5,530.3 | 5,573 |
Commitments and contingencies (Note 17) | ||
Shareholders' equity | ||
Common stock | 0.6 | 0.6 |
Additional paid-in capital | 2,122 | 2,145.3 |
Accumulated earnings (deficit) | 397.9 | 262.3 |
Accumulated other comprehensive loss, net of tax | (209.9) | (209.6) |
Treasury stock, at cost | (345.9) | (360.7) |
Total shareholder's equity | 1,964.7 | 1,837.9 |
Noncontrolling interest | 9.8 | 8.8 |
Total equity | 1,974.5 | 1,846.7 |
Total liabilities and equity | 7,504.8 | 7,419.7 |
SB/RH Holdings, LLC [Member] | ||
Assets | ||
Cash and cash equivalents | 137.9 | 168.2 |
Trade receivables, net | 278.4 | 266 |
Other receivables | 33.7 | 18.7 |
Inventories | 580.7 | 496.3 |
Prepaid expenses and other current assets | 56.2 | 54.2 |
Current assets of business held for sale | 1,990.6 | 603 |
Total current assets | 3,077.5 | 1,606.4 |
Property, plant and equipment, net | 506 | 503.6 |
Deferred charges and other | 51 | 28.4 |
Goodwill | 2,276.4 | 2,277.1 |
Intangible assets, net | 1,598.6 | 1,612 |
Noncurrent assets of business held for sale | 1,376.4 | |
Total assets | 7,509.5 | 7,403.9 |
Liabilities and Shareholder's Equity | ||
Current portion of long-term debt | 20.1 | 19.4 |
Accounts payable | 320.7 | 371.6 |
Accrued wages and salaries | 27.9 | 50.6 |
Accrued interest | 40.7 | 48.5 |
Other current liabilities | 116.6 | 118.9 |
Current liabilities of business held for sale | 608.2 | 499.9 |
Total current liabilities | 1,134.2 | 1,108.9 |
Long-term debt, net of current portion | 3,959.2 | 3,752.6 |
Deferred income taxes | 297.9 | 493.2 |
Other long-term liabilities | 137.2 | 58 |
Noncurrent liabilities of business held for sale | 155.8 | |
Total liabilities | 5,528.5 | 5,568.5 |
Commitments and contingencies (Note 17) | ||
Shareholders' equity | ||
Other capital | 2,079.6 | 2,079 |
Accumulated earnings (deficit) | 101.5 | (42.8) |
Accumulated other comprehensive loss, net of tax | (209.9) | (209.6) |
Total shareholder's equity | 1,971.2 | 1,826.6 |
Noncontrolling interest | 9.8 | 8.8 |
Total equity | 1,981 | 1,835.4 |
Total liabilities and equity | $ 7,509.5 | $ 7,403.9 |
Condensed Consolidated Stateme3
Condensed Consolidated Statements Of Income - USD ($) shares in Millions, $ in Millions | 3 Months Ended | |
Dec. 31, 2017 | Jan. 01, 2017 | |
Net sales | $ 646.5 | $ 602.3 |
Cost of goods sold | 403.8 | 362.1 |
Restructuring and related charges | 1.8 | 1.1 |
Gross profit | 240.9 | 239.1 |
Selling | 113.3 | 106.6 |
General and administrative | 62.8 | 60 |
Research and development | 7 | 6.6 |
Acquisition and integration related charges | 5.2 | 3.3 |
Restructuring and related charges | 18.6 | 1.1 |
Total operating expenses | 206.9 | 177.6 |
Operating income | 34 | 61.5 |
Interest expense | 38.6 | 43 |
Other non-operating expense (income), net | 1.3 | (1) |
(Loss) income from operations before income taxes | (5.9) | 19.5 |
Income tax (benefit) expense | (126) | 6.7 |
Net income from continuing operations | 120.1 | 12.8 |
Income from discontinued operations, net of tax | 40.9 | 52.4 |
Net income | 161 | 65.2 |
Net income attributable to non-controlling interest | 0.9 | |
Net income attributable to controlling interest | 160.1 | 65.2 |
Amounts attributable to controlling interest | ||
Net income from continuing operations attributable to controlling interest | 119.3 | 12.7 |
Net income from discontinued operations attributable to controlling interest | $ 40.8 | $ 52.5 |
Earnings Per Share | ||
Basic earnings per share from continuing operations | $ 2.07 | $ 0.21 |
Basic earnings per share from discontinued operations | 0.70 | 0.89 |
Basic earnings per share | 2.77 | 1.10 |
Diluted earnings per share from continuing operations | 2.07 | 0.21 |
Diluted earnings per share from discontinued operations | 0.70 | 0.89 |
Diluted earnings per share | 2.77 | 1.10 |
Dividends per share | $ 0.42 | $ 0.38 |
Weighted Average Shares Outstanding | ||
Basic | 57.7 | 59.3 |
Diluted | 57.7 | 59.5 |
SB/RH Holdings, LLC [Member] | ||
Net sales | $ 646.5 | $ 602.3 |
Cost of goods sold | 403.8 | 362.1 |
Restructuring and related charges | 1.8 | 1.1 |
Gross profit | 240.9 | 239.1 |
Selling | 113.3 | 106.6 |
General and administrative | 59.6 | 58.8 |
Research and development | 7 | 6.6 |
Acquisition and integration related charges | 5.2 | 3.3 |
Restructuring and related charges | 18.6 | 1.1 |
Total operating expenses | 203.7 | 176.4 |
Operating income | 37.2 | 62.7 |
Interest expense | 38.6 | 43.3 |
Other non-operating expense (income), net | 1.3 | (1) |
(Loss) income from operations before income taxes | (2.7) | 20.4 |
Income tax (benefit) expense | (131.2) | 7.9 |
Net income from continuing operations | 128.5 | 12.5 |
Income from discontinued operations, net of tax | 40.9 | 52.4 |
Net income | 169.4 | 64.9 |
Net income attributable to non-controlling interest | 0.9 | (0.1) |
Net income attributable to controlling interest | 168.5 | 65 |
Amounts attributable to controlling interest | ||
Net income from continuing operations attributable to controlling interest | 127.7 | 12.5 |
Net income from discontinued operations attributable to controlling interest | $ 40.8 | $ 52.5 |
Condensed Consolidated Stateme4
Condensed Consolidated Statements Of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2017 | Jan. 01, 2017 | |
Net income | $ 161 | $ 65.2 |
Other comprehensive income (loss), net of tax: | ||
Foreign currency translation loss, net tax of $7.3 and $3.9, respectively | (2) | (46.1) |
Unrealized gain on hedging activity, net tax of $0.0 and $(14.2), respectively | 1.8 | 24.2 |
Defined benefit pension gain, net tax of $0.0 and $(1.2), respectively | 0.1 | 3.3 |
Other comprehensive income (loss), net of tax | (0.1) | (18.6) |
Comprehensive income | 160.9 | 46.6 |
Comprehensive income (loss) attributable to non-controlling interest | 0.2 | (0.3) |
Comprehensive income attributable to controlling interest | 160.7 | 46.9 |
SB/RH Holdings, LLC [Member] | ||
Net income | 169.4 | 64.9 |
Other comprehensive income (loss), net of tax: | ||
Foreign currency translation loss, net tax of $7.3 and $3.9, respectively | (2) | (46.1) |
Unrealized gain on hedging activity, net tax of $0.0 and $(14.2), respectively | 1.8 | 24.2 |
Defined benefit pension gain, net tax of $0.0 and $(1.2), respectively | 0.1 | 3.3 |
Other comprehensive income (loss), net of tax | (0.1) | (18.6) |
Comprehensive income | 169.3 | 46.3 |
Comprehensive income (loss) attributable to non-controlling interest | 0.2 | (0.3) |
Comprehensive income attributable to controlling interest | $ 169.1 | $ 46.6 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements Of Comprehensive Income (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2017 | Jan. 01, 2017 | |
Foreign currency translation gain (loss), tax | $ 7.3 | $ 3.9 |
Unrealized (loss) gain on hedging activity, tax | 0 | (14.2) |
Defined benefit pension (loss) gain, tax | 0 | (1.2) |
SB/RH Holdings, LLC [Member] | ||
Foreign currency translation gain (loss), tax | 7.3 | 3.9 |
Unrealized (loss) gain on hedging activity, tax | 0 | (14.2) |
Defined benefit pension (loss) gain, tax | $ 0 | $ (1.2) |
Condensed Consolidated Stateme6
Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2017 | Jan. 01, 2017 | |
Cash flows from operating activities | ||
Net income | $ 161 | $ 65.2 |
Income from discontinued operations, net of tax | 40.9 | 52.4 |
Net income from continuing operations | 120.1 | 12.8 |
Adjustments to reconcile net income to net cash from operating activities: | ||
Depreciation and amortization | 33 | 30 |
Share based compensation | 3.8 | 7.2 |
Amortization of debt issuance costs | 2.1 | 1.8 |
Purchase accounting inventory adjustment | 0.8 | |
Non-cash restructuring | (1.5) | 0.7 |
Pet safety recall inventory write-off | 1.6 | |
Write-off of debt issuance costs | 1.9 | |
Non-cash debt accretion | 0.4 | 0.2 |
Deferred tax benefit | (127.1) | 19.6 |
Net changes in operating assets and liabilities | (170.9) | (134.1) |
Net cash used by operating activities from continuing operations | (137.7) | (59.9) |
Net cash (used) provided by operating activities from discontinued operations | (15.3) | 65.7 |
Net cash (used) provided by operating activities | (153) | 5.8 |
Cash flows from investing activities | ||
Purchases of property, plant and equipment | (17.9) | (21.1) |
Proceeds from sales of property, plant and equipment | 0.6 | |
Other investing activities | (0.8) | |
Net cash used by investing activities from continuing operations | (17.3) | (21.9) |
Net cash used by investing activities from discontinued operations | (6.9) | (6.8) |
Net cash used by investing activities | (24.2) | (28.7) |
Cash flows from financing activities | ||
Proceeds from issuance of debt | 226.1 | 168.5 |
Payment of debt | (29.8) | (133.9) |
Payment of debt issuance costs | (0.1) | (0.5) |
Payment of cash dividends | (24.2) | (22.6) |
Treasury stock purchases | (7.9) | (97.6) |
Share based tax withholding payments, net of proceeds upon vesting | (22.2) | (23.2) |
Net cash provided (used) by financing activities from continuing operations | 141.9 | (109.3) |
Net cash (used) provided by financing activities from discontinued operations | 5.2 | 6.6 |
Net cash provided (used) by financing activities | 147.1 | (102.7) |
Effect of exchange rate changes on cash and cash equivalents | (0.2) | (6.4) |
Net changes in cash and cash equivalents | (30.3) | (132) |
Cash and cash equivalents, beginning of period | 168.2 | 275.3 |
Cash and cash equivalents, end of period | 137.9 | 143.3 |
Supplemental disclsoure of cash flow information | ||
Cash paid for interest | 57.5 | 44.5 |
Cash paid for taxes | 10 | 10.4 |
Non cash investing activities | ||
Acquisition of property, plant and equipment through capital leases | 2.1 | 30.7 |
Non cash financing activities | ||
Issuance of shares through stock conpensation plan | 37.8 | 52.2 |
SB/RH Holdings, LLC [Member] | ||
Cash flows from operating activities | ||
Net income | 169.4 | 64.9 |
Income from discontinued operations, net of tax | 40.9 | 52.4 |
Net income from continuing operations | 128.5 | 12.5 |
Adjustments to reconcile net income to net cash from operating activities: | ||
Depreciation and amortization | 33 | 30 |
Share based compensation | 3.3 | 6.2 |
Amortization of debt issuance costs | 2.1 | 1.8 |
Purchase accounting inventory adjustment | 0.8 | |
Non-cash restructuring | (1.5) | 0.7 |
Pet safety recall inventory write-off | 1.6 | |
Write-off of debt issuance costs | 1.9 | |
Non-cash debt accretion | 0.4 | 0.2 |
Deferred tax benefit | (132.2) | 20.8 |
Net changes in operating assets and liabilities | (203.8) | (157.2) |
Net cash used by operating activities from continuing operations | (167.8) | (83.1) |
Net cash (used) provided by operating activities from discontinued operations | (15.3) | 65.7 |
Net cash (used) provided by operating activities | (183.1) | (17.4) |
Cash flows from investing activities | ||
Purchases of property, plant and equipment | (17.9) | (21.1) |
Proceeds from sales of property, plant and equipment | 0.6 | |
Other investing activities | (0.8) | |
Net cash used by investing activities from continuing operations | (17.3) | (21.9) |
Net cash used by investing activities from discontinued operations | (6.9) | (6.8) |
Net cash used by investing activities | (24.2) | (28.7) |
Cash flows from financing activities | ||
Proceeds from issuance of debt | 226.1 | 200.3 |
Payment of debt | (29.8) | (133.9) |
Payment of debt issuance costs | (0.1) | (0.5) |
Payment of cash dividends | (24.2) | (147.6) |
Net cash provided (used) by financing activities from continuing operations | 172 | (81.7) |
Net cash (used) provided by financing activities from discontinued operations | 5.2 | 6.6 |
Net cash provided (used) by financing activities | 177.2 | (75.1) |
Effect of exchange rate changes on cash and cash equivalents | (0.2) | (6.4) |
Net changes in cash and cash equivalents | (30.3) | (127.6) |
Cash and cash equivalents, beginning of period | 168.2 | 270.8 |
Cash and cash equivalents, end of period | 137.9 | 143.2 |
Supplemental disclsoure of cash flow information | ||
Cash paid for interest | 57.5 | 44.5 |
Cash paid for taxes | 10 | 10.4 |
Non cash investing activities | ||
Acquisition of property, plant and equipment through capital leases | $ 2.1 | $ 30.7 |
Basis Of Presentation And Descr
Basis Of Presentation And Description Of Business | 3 Months Ended |
Dec. 31, 2017 | |
Basis Of Presentation And Description Of Business [Abstract] | |
Basis Of Presentation And Description Of Business | NOTE 1 - B ASIS OF PRESENTATION AND DESCRIPTION OF BUSINESS We are a diversified global branded consumer products company. The Company manufactures, markets and/or distributes its products in approximately 160 countries in the North America (“NA”), Europe, Middle East & Africa (“EMEA”), Latin America (“LATAM”) and Asia-Pacific (“APAC”) regions through a variety of trade channels, including retailers, wholesalers and distributors, original equipment manufacturers (“OEMs”), construction companies and hearing aid professionals. We enjoy strong name recognition in our regions under our various brands and patented technologies. Our diversified global branded consumer products have positions in several product categories and types. We manage the businesses in five vertically integrated, product-focused segments: (i) Global Batteries & Appliances (“GBA”), (ii) Global Pet Supplies (“PET”), (iii) Home and Garden (“H&G”), (iv) Hardware & Home Improvement (“HHI”) and (v) Global Auto Care (“GAC”). Global and geographic strategic initiatives and financial objectives are determined at the corporate level. Each segment is responsible for implementing defined strategic initiatives and achieving certain financial objectives and has a president responsible for sales and marketing initiatives and the financial results for all product lines within that segment. Effective December 29, 2017, the Company’s Board of Directors approved a plan to explore strategic alternatives, including a planned sale of the Company’s GBA segment. The Company expects a sale to be realized by December 31, 2018. As a result, the Company’s assets and liabilities associated with the GBA segment have been classified as held for sale in the accompanying Condensed Consolidated Balance Sheets and the respective operations of the GBA segment have been classified as discontinued operations in the accompanying Condensed Consolidated Statements of Income and Statements of Cash Flows; and reported separately for all periods presented as the disposition represents a strategic shift that will have a major effect on the Company’s operations and financial results. See Note 3 – Divestitures for more information on the assets and liabilities classified as held for sale and discontinued operations. See Note 18 - Segment Information for more information pertaining to segments of continuing operations. The following table summarizes the respective product types, brands, and regions for each of the segments of continuing operations: Segment Products Brands Regions HHI Hardware: Hinges, security hardware, screen and storm door products, garage door hardware, window hardware and floor protection. Security : Residential locksets and door hardware including knobs, levers, deadbolts, handlesets and electronics. Commercial doors, locks, and hardware. Plumbing: Kitchen, bath and shower faucets and plumbing products. Hardware: National Hardware®, Stanley® and FANAL®. Security: Kwikset®, Weiser®, Baldwin®, EZSET® and Tell®. Plumbing: Pfister®. NA EMEA LATAM APAC PET Companion Animal: Dog, cat and small animal food and treats; clean-up and training aid products and accessories; pet health and grooming products. Aquatics: Aquariums and aquatic health supplies. Companion Animal: 8-in-1®, Dingo ® , Nature's Miracle®, Wild Harvest®, Littermaid®, Jungle®, Excel®, FURminator®, IAMS®, Eukanuba®, Healthy-Hide®, DreamBone®, SmartBones®, GloFish®, ProSense®, Perfect Coat®, eCOTRITION®, Birdola® and Digest-eeze®. Aquatics: Tetra®, Marineland®, Whisper® and Instant Ocean®. NA EMEA LATAM APAC H&G Controls: Outdoor insect and weed control solutions, animal repellents. Household: Household insecticides and pest controls. Repellents: Personal use pesticides and insect repellent products. Controls: Spectracide®, Garden Safe®, Liquid Fence®, and EcoLogic®. Household: Hot Shot®, Black Flag®, Real Kill®, Ultra Kill®, The Ant Trap® (TAT), and Rid-a-Bug®. Repellents: Cutter® and Repel®. NA LATAM GAC Appearance: Protectants, wipes, tire and wheel care products, glass cleaners, leather care products, air fresheners and washes. Performance: Automotive fuel and oil additives, and functional fluids. A/C Recharge: Do-it-yourself air conditioner recharge products, refrigerant and oil recharge kits, sealants and accessories. Appearance: Armor All®. Performance: STP®. A/C Recharge: A/C PRO®. NA EMEA LATAM APAC 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, 2017. |
Significant Accounting Policies
Significant Accounting Policies | 3 Months Ended |
Dec. 31, 2017 | |
Significant Accounting Policies [Abstract] | |
Significant Accounting Policies | NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES Assets Held for Sale and Discontinued Operations The Company reports the results of operations of a business as discontinued operations if a disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results when the business is sold and classified as held for sale, in accordance with the criteria of Accounting Standard Codification (“ASC”) Topic 205 Presentation of Financial Statements and ASC Topic 360 Property, Plant and Equipment (“ASC 360”). The results of discontinued operations are reported in Income From Discontinued Operations, Net of Tax in the accompanying Condensed Consolidated Statements of Income for the current and prior periods commencing in the period in which the business meets the criteria of a discontinued operations, and include any gain or loss recognized on closing, or adjustment of the carrying amount to fair value less cost to sell. Assets and liabilities of a business classified as held for sale are recorded at the lower of its carrying amount or estimated fair value less cost to sell. If the carrying amount of the business exceeds its estimated fair value less cost to sell, a loss is recognized. Assets and liabilities related to a business classified as held for sale are segregated in the current and prior balance sheets in the period in which the business is classified as held for sale. Transactions between the businesses held for sale and businesses held for use that are expected to continue to exist after the disposal are not eliminated to appropriately reflect the continuing operations and balances held for sale. If a business is classified as held for sale after the balance sheet date but before the financial statements are issued or are available to be issued, the business continues to be classified as held and used in those financial statements when issued or when available to be issued. Recently Issued Accounting Standards In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Topic 606) , which supersedes the revenue recognition requirements in ASC 605, Revenue Recognition. This ASU requires revenue recognition to depict the transfer of goods and services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The new revenue recognition model requires identifying the contract and performance obligations, determining the transaction price, allocating the transaction price to performance obligations and recognizing the revenue upon satisfaction of performance obligations. This ASU also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments, and assets recognized from costs incurred to obtain or fulfill a contract. This ASU can be applied either retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially applying the updates recognized at the date of the initial application along with additional disclosures. The ASU will become effective for us beginning in the first quarter of our fiscal year ending September 30, 2019. We have performed a preliminary assessment over the impact of the pronouncement to the Company and are currently performing detailed assessments over the contracts with our customers and the impact to our processes and control environment. We have not measured the impact of adoption at this point in our assessment and have not concluded on the overall materiality of the impact of adoption to the Company’s consolidated financial statements and disclosures, or the method of adoption, but have not identified any matters that are considered significant for further disclosure. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), which supersedes the lease requirements in ASC 840, Leases . This ASU requires lessees to recognize lease assets and liabilities on the balance sheet, as well as disclosing key information about leasing arrangements. Although the new ASU requires both operating and finance leases to be disclosed on the balance sheet, a distinction between the two types still exists as the economics of leases can vary. The ASU can be applied using a modified retrospective approach, with a number of optional practical expedients relating to the identification and classification of leases that commenced before the effective date, along with the ability to use hindsight in the evaluation of lease decisions, that entities may elect to apply. As a result, the ASU will become effective for us beginning in the first quarter of our fiscal year ending September 30, 2020, with early adoption applicable. We have not measured the impact of adoption at this point in our assessment and have not concluded on the overall materiality of the impact of adoption to the Company’s consolidated financial statements, or determined the method and timing of adoption. In August 2016, the FASB issued ASU No. 2016-15, Classification of Certain Cash Receipts and Cash Payments , which addresses diversity in practice with the classification and presentation of certain cash receipts and cash payments in the statement of cash flows. The amendments in this update address the classification within the statement of cash flow for debt prepayment or debt extinguishment costs, settlement of zero-coupon debt instruments, contingent payments made after a business combination, proceeds from the settlement of insurance claims and corporate-owned life insurance policies, distributions received from equity method investees, and beneficial interests in securitization transactions, among other separately identifiable cash flows when applying the predominance principle. The ASU is applied on a retrospective basis, and will become effective for us beginning in the first quarter of our fiscal year ending September 30, 2019; with early adoption available. We are currently assessing the impact this pronouncement will have on the consolidated financial statements of the Company and have not yet concluded on the materiality or timing of adoption. In November 2016, the FASB issued ASU No. 2016-18, Restricted Cash , which addresses diversity in practice with the classification and presentation of restricted cash in the statement of cash flow, classifying transfers between cash and restricted cash as operating, investing, or financing activities, or as a combination of those activities, in the statement of cash flows. The amendment requires the statement of cash flows to explain the change during the period in total cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents; and include with cash and cash equivalents when reconciling the beginning-of-period and end-of-period amounts shown on the statement of cash flows. The ASU is applied on a retrospective basis, and will become effective for us beginning in the first quarter of our fiscal year ending September 30, 2019; with early adoption available. We are currently assessing the impact this pronouncement will have on the consolidated financial statements of the Company and have not yet concluded on the materiality or timing of adoption. In March 2017, the FASB issued ASU No. 2017-07, Compensation – Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost , which requires an employer to disaggregate the service cost component from the other components of net periodic pension costs within the statement of income. The amendment provides guidance requiring the service cost component to be recognized consistent with other compensation costs arising from service rendered by employees during the period, and all other components to be recognized separately outside of the subtotal of income from operations. The ASU is applied on a retrospective basis, and will become effective for us in the first quarter of the year ending September 30, 2019; with early adoption available. We are currently assessing the impact this pronouncement will have on the consolidated financial statements of the Company and have not yet concluded on the materiality of the adoption. In August 2017, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2017-12, Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities (Topic 815) , which changes the designation and measurement guidance for qualifying hedging relationships and presentation of hedge results. The amendments in this update make certain targeted improvements to simplify the application of the hedge accounting guidance in current GAAP, better aligning the entity’s risk management activities and financial reporting for hedging relationships. The ASU can only be applied prospectively, and will become effective for us beginning in the first quarter of our fiscal year ending September 30, 2020; with early adoption available. We are currently assessing the impact this pronouncement will have on the consolidated financial statements of the Company and have not yet concluded on the materiality or timing of the adoption. During the three month period ended December 31, 2017, the Company adopted SEC Staff Accounting Bulletin No. 118 to address the application of U.S. GAAP in situations when the registrant does not have the necessary information available, prepared, or analyzed (including computations) in reasonable detail to complete the accounting for certain income tax effects of the Tax Cuts and Jobs Act. See Note 16 – Income Taxes for additional discussion. |
Divestitures
Divestitures | 3 Months Ended |
Dec. 31, 2017 | |
Divestitures [Abstract] | |
Divestitures | NOTE 3 – DIVESTITURES As previously discussed in Note 1 - Basis of Presentation and Nature of Operations, the GBA segment was classified as held for sale in the accompanying Condensed Consolidated Balance Sheets and as discontinued operations in the accompanying Condensed Consolidated Statements of Income. The following table summarizes the assets and liabilities of the GBA segment classified as held for sale as of December 31, 2017 and September 30, 2017. (in millions) December 31, 2017 September 30, 2017 Assets Trade receivables, net $ 282.5 $ 260.1 Other receivables 29.1 24.1 Inventories 273.3 279.1 Prepaid expenses and other current assets 40.7 39.7 Property, plant and equipment, net 194.8 196.4 Deferred charges and other 17.3 19.2 Goodwill 348.6 348.9 Intangible assets, net 804.3 811.9 Total assets of business held for sale $ 1,990.6 $ 1,979.4 Liabilities Current portion of long-term debt 23.5 17.3 Accounts payable 302.3 355.9 Accrued wages and salaries 29.8 36.9 Other current liabilities 98.8 89.8 Long-term debt, net of current portion 51.1 51.4 Deferred income taxes 36.8 38.2 Other long-term liabilities 65.9 66.2 Total liabilities of business held for sale $ 608.2 $ 655.7 The following table summarizes the components of Income From Discontinued Operations in the accompanying Condensed Consolidated Statements of Operations for the three month periods ended December 31, 2017 and January 1, 2017. (in millions) December 31, 2017 January 1, 2017 Net sales $ 603.3 $ 609.5 Cost of goods sold 403.4 398.6 Gross profit 199.9 210.9 Operating expenses 131.7 121.3 Operating income 68.2 89.6 Interest expense 13.7 12.8 Other non-operating expense, net 0.3 — Income from discontinued operations before income taxes 54.2 76.8 Income tax expense 13.3 24.4 Net income from discontinued operations 40.9 52.4 Net income from discontinued operations attributable to non-controlling interest 0.1 (0.1) Net income from discontinued operations attributable to controlling interest $ 40.8 $ 52.5 Interest expense consists of interest from debt directly held by subsidiaries of the business held for sale, including interest from capital leases, and interest on Term Loans required to be paid down using proceeds received on disposal on sale of a business within 365 days with the exception for funds used for capital expenditures and acquisitions . There has been no impairment loss recognized as the fair value or expected proceeds from the disposal of the businesses is anticipated to be in excess of the asset carrying values. Energizer Holdings, Inc. On January 15, 2018, subsequent to the end of the three month period ended December 31, 2017, the Company entered into a definitive Acquisition Agreement (“Agreement”) with Energizer Holdings, Inc. (“Energizer”) where Energizer will acquire from the Company its Global Battery and Lighting (“GBL”) business for an aggregate purchase price of $2.0 billion in cash, subject to custo mary purchase price adjustments. The Agreement provides that Energizer will purchase the equity of certain subsidiaries of the Company, and acquire certain assets and assume certain liabilities of other subsidiaries used or held for the purpose of the GBL business. In the Agreement, the Company and Energizer have made customary representations and warranties and have agreed to customary covenants relating to the acquisition. Among other things, prior to the consummation of the acquisition, the Company will be subject to certain business conduct restrictions with respect to its operation of the GBL business. The Company and Energizer have agreed to indemnify each other for losses arising from certain breaches of the Agreement and for certain other matters. In particular, the Company has agreed to indemnify Energizer for certain liabilities relating to the assets retained by the Company, and Energizer has agreed to indemnify the Company for certain liabilities assumed by Energizer, in each case as described in the Agreement. The Company and Energizer have agreed to enter into related agreements ancillary to the acquisition that will become effective upon the consummation of the acquisition, including a customary transition services agreement and reverse transition services agreement. The consummation of the acquisition is subject to certain customary conditions, including, among other things, (i) the absence of a material adverse effect on GBL, (ii) the expiration or termination of required waiting periods under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, (iii) the receipt of certain other antitrust approvals in certain specified foreign jurisdictions (the conditions contained in (ii) and (iii) together, the “Antitrust Conditions”), (iv) the accuracy of the representations and warranties of the parties generally subject to a customary material adverse effect standard (as described in the Agreement) or other customary materiality qualifications), (v) the absence of governmental restrictions on the consummation of the acquisition in certain jurisdictions, and (vi) material compliance by the parties with their respective covenants and agreements under the Agreement. The consummation of the transaction is not subject to any financing condition. The transaction is expected to be consummated prior to December 31, 2018 . The Agreement also contains certain termination rights, including the right of either party to terminate the Agreement if the consummation of the acquisition has not occurred on or before July 15, 2019 (the “Termination Date”). Further, if the acquisition has not been consummated by the Termination Date and all conditions precedent to Energizer’s obligation to consummate the acquisition have otherwise been satisfied except for one or more of the Antitrust Conditions, then Energizer would be required to pay the Company a termination fee of $100 million. The GBL business is a component of the GBA segment, which also includes shared operations and assets of the remaining components of the segment consisting of the Home and Personal Care (“HPC”) business. The Company is actively marketing the HPC business with interested parties for a separate transaction(s) expected to be entered into and consummated prior to December 31, 2018. |
Acquisition And Integration Cos
Acquisition And Integration Costs | 3 Months Ended |
Dec. 31, 2017 | |
Acquisition And Integration Costs [Abstract] | |
Acquisition And Integration Costs | NOTE 4 – ACQUISITION AND INTEGRATION COSTS The following summarizes acquisition and integration related charges for the three month periods ended December 31, 2017 and January 1, 2017: (in millions) December 31, 2017 January 1, 2017 HHI Business $ 2.7 $ 1.9 PetMatrix 1.6 — Glofish 0.4 — Armored AutoGroup 0.2 1.3 Other 0.3 0.1 Total acquisition and integration related charges $ 5.2 $ 3.3 Acquisition and integration costs include costs directly associated with the completion of the purchase of net assets or equity interest of a business such as a business combination, equity investment, joint venture or purchase of non-controlling interest. Included costs include transactions costs; advisory, legal, accounting, valuation, and other professional fees; and integration of acquired operations onto the Company’s shared service platform and termination of redundant positions and locations. |
Restructuring And Related Charg
Restructuring And Related Charges | 3 Months Ended |
Dec. 31, 2017 | |
Restructuring And Related Charges [Abstract] | |
Restructuring And Related Charges | NOTE 5 - RESTRUCTURING AND RELATED CHARGES PET Rightsizing Initiative – During the s econd quarter of the year ended September 30, 2017, the Company implemented a rightsizing initiative within the PET segment to streamline certain operations and reduce operating costs. The initiative includes headcount reductions and the rightsizing of certain facilities. Total costs associated with this initiative are expected to be approximately $9 million, of which $8.8 million has been incurred to date. The balance is anticipated to be incurred through September 30, 2018. HHI Distribution Center Consolidation – During the s econd quarter of the year ended September 30, 2017, the Company implemented an initiative within the HHI segment to consolidate certain operations and reduce operating costs. The initiative includes headcount reductions and the exit of certain facilities. Total costs associated with the initiative are expected to be approximately $55 million, of which $42.6 million has been incurred to date. The balance is anticipated to be incurred through September 30, 2018. GAC Business Rationalization Initiatives – During the third quarter of the year ended September 30, 2016, the Company implemented a series of initiatives in the GAC segment to consolidate certain operations and reduce operating costs. These initiatives included headcount reductions and the exit of certain facilities. Total costs associated with these initiatives are expected to be approximately $ 35 million, of which $ 33.6 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 throughout the organization. Individually these activities are not substantial, and occur over a shorter time period (less than 12 months). The following summarizes restructuring and related charges for the three month periods ended December 31, 2017 and January 1, 2017: (in millions) December 31, 2017 January 1, 2017 HHI distribution center consolidation $ 15.2 $ — GAC business rationalization initiative 4.0 1.5 PET rightsizing initiative 0.6 — Other restructuring activities 0.6 0.7 Total restructuring and related charges $ 20.4 $ 2.2 Reported as: Cost of goods sold $ 1.8 $ 1.1 Operating expense 18.6 1.1 The following is a summary of restructuring and related charges for the three month periods ended December 31, 2017 and January 1, 2017 and cumulative costs for current restructuring initiatives as of December 31, 2017, by cost type: Termination Other (in millions) Benefits Costs Total For the three month period ended December 31, 2017 $ 1.1 $ 19.3 $ 20.4 For the three month period ended January 1, 2017 0.8 1.4 2.2 Cumulative costs through December 31, 2017 12.1 73.9 86.0 Future costs to be incurred 0.2 16.0 16.2 Termination costs consist of involuntary employee termination benefits and severance pursuant to a one-time benefit arrangement recognized as part of a restructuring initiative. Other costs consist of non-termination type costs related to restructuring initiatives such as incremental costs to consolidate or close facilities, relocate employees, cost to retrain employees to use newly deployed assets or systems, lease termination costs, and redundant or incremental transitional operating costs and customer fines and penalties during transition, among others. 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 three month period ended December 31, 2017. Termination Other (in millions) Benefits Costs Total Accrual balance at September 30, 2017 $ 7.2 $ 9.8 $ 17.0 Provisions 0.4 (1.9) (1.5) Cash expenditures (1.6) (0.8) (2.4) Non-cash items 0.1 — 0.1 Accrual balance at December 31, 2017 $ 6.1 $ 7.1 $ 13.2 The following summarizes restructuring and related charges by segment for the three month periods ended December 31, 2017 and January 1, 2017, cumulative costs incurred through December 31, 2017, and future expected costs to be incurred by segment: (in millions) PET HHI GAC Corporate Total For the three month period ended December 31, 2017 $ 0.6 $ 15.2 $ 4.0 $ 0.6 $ 20.4 For the three month period ended January 1, 2017 0.6 0.1 1.5 — 2.2 Cumulative costs through December 31, 2017 8.8 42.6 33.6 1.0 86.0 Future costs to be incurred 0.2 12.3 1.2 2.5 16.2 |
Receivables And Concentration O
Receivables And Concentration Of Credit Risk | 3 Months Ended |
Dec. 31, 2017 | |
Receivables And Concentration Of Credit Risk [Abstract] | |
Receivables And Concentration Of Credit Risk | NOTE 6 - RECEIVABLES AND CONCENTRATION OF CREDIT RISK The allowance for uncollectible receivables as of December 31, 2017 and September 30, 2017 was $29.0 million and $23.5 million, respectively. The Company has a broad range of customers including many large retail outlet chains, three of which exceed 10% of consolidated Net Sales and/or Trade Receivables. These three customers represented 35% and 36% of Net Sales for the three month periods ended December 31, 2017 and January 1, 2017, respectively; and 30% and 36 % of Trade Receivables at December 31, 2017 and September 30, 2017, respectively. |
Inventories
Inventories | 3 Months Ended |
Dec. 31, 2017 | |
Inventories [Abstract] | |
Inventories | NOTE 7 - INVENTORIES Inventories consist of the following: (in millions) December 31, 2017 September 30, 2017 Raw materials $ 103.2 $ 95.7 Work-in-process 51.1 35.5 Finished goods 426.4 365.1 $ 580.7 $ 496.3 |
Property, Plant And Equipment
Property, Plant And Equipment | 3 Months Ended |
Dec. 31, 2017 | |
Property, Plant And Equipment [Abstract] | |
Property, Plant And Equipment | NOTE 8 – PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment consist of the following: (in millions) December 31, 2017 September 30, 2017 Land, buildings and improvements $ 148.4 $ 145.7 Machinery, equipment and other 386.0 379.3 Capital leases 212.2 210.7 Construction in progress 45.7 40.4 Property, plant and equipment $ 792.3 $ 776.1 Accumulated depreciation (286.3) (272.5) Property, plant and equipment, net $ 506.0 $ 503.6 Depreciation expense from property, plant and equipment for the three month periods ended December 31, 2017 and January 1, 2017 was $18.0 million and $14.6 million, respectively. |
Goodwill And Intangible Assets
Goodwill And Intangible Assets | 3 Months Ended |
Dec. 31, 2017 | |
Goodwill And Intangible Assets [Abstract] | |
Goodwill And Intangible Assets | NOTE 9 - GOODWILL AND INTANGIBLE ASSETS Goodwill, by segment, consists of the following: (in millions) HHI PET H&G GAC Total As of September 30, 2017 708.7 437.1 196.5 934.8 2,277.1 Foreign currency impact 0.1 (0.4) — (0.4) (0.7) As of December 31, 2017 $ 708.8 $ 436.7 $ 196.5 $ 934.4 $ 2,276.4 The carrying value and accumulated amortization for intangible assets subject to amortization are as follows: December 31, 2017 September 30, 2017 (in millions) Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net Customer relationships $ 672.6 $ (232.4) $ 440.2 $ 671.7 $ (222.3) $ 449.4 Technology assets 231.6 (101.2) 130.4 194.6 (59.7) 134.9 Tradenames 5.5 (2.8) 2.7 18.5 (15.1) 3.4 Total $ 909.7 $ (336.4) $ 573.3 $ 884.8 $ (297.1) $ 587.7 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 17.9 years Technology assets 6 - 18 years 11.4 years Tradenames 5 - 13 years 6.2 years Certain tradename intangible assets have an indefinite life and are not amortized. The balance of tradenames not subject to amortization was $1,025.3 million and $1,024.3 million as of December 31, 2017 and September 30, 2017, respectively. There was no impairment loss on indefinite-lived trade names for the three month periods ended December 31, 2017 and January 1, 2017. Amortization expense from intangible assets for the three month periods ended December 31, 2017 and January 1, 2017 was $15.0 million and $15.4 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 2018 $ 57.5 2019 57.4 2020 55.0 2021 49.7 2022 48.0 |
Debt
Debt | 3 Months Ended |
Dec. 31, 2017 | |
Debt [Abstract] | |
Debt | NOTE 10 - DEBT Debt for SBH and SB/RH consists of the following: December 31, 2017 September 30, 2017 (in millions) Amount Rate Amount Rate Term Loan, variable rate, due June 23, 2022 $ 1,241.1 3.5 % $ 1,244.2 3.4 % CAD Term Loan, variable rate, due June 23, 2022 34.3 5.0 % 59.0 4.9 % 4.00% Notes, due October 1, 2026 507.6 4.0 % 500.9 4.0 % 5.75% Notes, due July 15, 2025 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 % 6.625% Notes, due November 15, 2022 570.0 6.6 % 570.0 6.6 % Revolver Facility, variable rate, expiring March 6, 2022 226.0 4.1 % — — % Other notes and obligations 4.0 8.0 % 4.7 8.0 % Obligations under capital leases 200.7 5.7 % 200.0 5.7 % Total debt 4,033.7 3,828.8 Unamortized discount on debt (3.3) (3.7) Debt issuance costs (51.1) (53.1) Less current portion (20.1) (19.4) Long-term debt, net of current portion $ 3,959.2 $ 3,752.6 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), plus margin of 2.00% per annum, or base rate plus margin of 1.00% per annum, (ii) the CAD Term Loan is subject to either CDOR (Canadian Dollar Offered Rate), subject to a 0.75% floor plus 3.50% per annum, or base rate with a 1.75% floor plus 2.50% per annum, (iii) the Revolver Facility is subject to either adjusted LIBOR plus margin ranging from 1.75% to 2.25% per annum, or base rate plus margin ranging from 0.75% to 1.25% per annum. As a result of borrowings and payments under the Revolver Facility, at December 31, 2017, the Company had borrowing availability of $454.4 million, net outstanding letters of credit of $18.0 million and a $1.5 million amount allocated to a foreign subsidiary. |
Derivatives
Derivatives | 3 Months Ended |
Dec. 31, 2017 | |
Derivatives [Abstract] | |
Derivatives | NOTE 11 - 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 Accumulated Other Comprehensive Income (“AOCI”) and as a derivative hedge asset or liability, as applicable. The swaps settle periodically in arrears with the related amounts for the current settlement period payable to, or receivable from, the counterparties included in accrued liabilities or receivables, respectively, and recognized in earnings as an adjustment to interest from the underlying debt to which the swap is designated. At December 31, 2017 and September 30, 2017, 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 1.76% for a notional principal amount of $300.0 million through M ay 2020. The derivative net gain estimated to be reclassified from AOCI into earnings over the next 12 months is $0.1 million, net of tax. The Company’s interest rate swap derivative financial instruments at December 31, 2017 and September 30, 2017 are as follows: December 31, 2017 September 30, 2017 (in millions) Notional Amount Remaining Years Notional Amount Remaining Years Interest rate swaps - fixed $ 300.0 2.3 $ 300.0 2.6 Commodity Swaps. The Company is exposed to risk from fluctuating prices for raw materials, specifically brass used in its manufacturing processes. The Company hedges a portion of the risk associated with the purchase of these materials through the use of commodity swaps. The hedge contracts are designated as cash flow hedges with the fair value changes recorded in AOCI and as a hedge asset or liability, as applicable. The unrecognized changes in fair value of the hedge contracts are reclassified from AOCI into earnings when the hedged purchase of raw materials also affects earnings. The swaps effectively fix the floating price on a specified quantity of raw materials through a specified date. At December 31, 2017, the Company had a series of brass swap contracts outstanding through June 2019. The derivative net gains estimated to be reclassified from AOCI into earnings over the next 12 months is $0.6 million, net of tax. The Company had the following commodity swap contracts outstanding as of December 31, 2017 and September 30, 2017. December 31, 2017 September 30, 2017 (in millions, except notional) Notional Contract Value Notional Contract Value Brass swap contracts 1.2 Tons $ 6.4 1.3 Tons $ 6.6 Foreign exchange contracts. The Company periodically enters into forward foreign exchange contracts to hedge a portion of the risk from forecasted foreign currency denominated third party and intercompany sales or payments. These obligations generally require the Company to exchange foreign currencies for U.S. Dollars, Euros, 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 Income. At December 31, 2017, the Company had a series of foreign exchange derivative contracts outstanding through August 2019. The derivative net gains estimated to be reclassified from AOCI into earnings over the next 12 months is $0.8 million, net of tax. At December 31, 2017 and September 30, 2017, the Company had foreign exchange derivative contracts designated as cash flow hedges with a notional value of $53.2 million and $67.5 million, respectively. Net Investment Hedge On September 20, 2016, SBI issued €425 million aggregate principle amount of 4.00% Notes. See Note 10 - Debt for further detail. The 4.00% Notes are denominated in Euros and have been designated as a net investment hedge of the translation of the Company’s net investments in Euro denominated subsidiaries at the time of issuance. As a result, the translation of the Euro denominated debt is recognized as AOCI with any ineffective portion recognized as foreign currency translation gains or losses on the statement of income when the aggregate principal exceeds the net investment in its Euro denominated subsidiaries. Net gains or losses from the net investment hedge are reclassified from AOCI into earnings upon a liquidation event or deconsolidation of Euro denominated subsidiaries. As of December 31, 2017, the hedge was fully effective and no ineffective portion was recognized in earnings. Derivative Contracts Not Designated as Hedges for Accounting Purposes Foreign exchange contracts. The Company periodically enters into forward and swap foreign exchange contracts to economically hedge a portion of the risk from third party and intercompany payments resulting from existing obligations. These obligations generally require the Company to exchange foreign currencies for U.S. Dollars, Canadian Dollars, Euros, Pounds Sterling, Taiwanese Dollars, Hong Kong Dollars 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 December 31, 2017, the Company had a series of forward exchange contracts outstanding through January 2018. At December 31, 2017 and September 30, 2017, the Company had $90.5 million and $ 62.9 million , respectively, of notional value of such foreign exchange derivative contracts outstanding. Fair Value of Derivative Instruments The fair value of the Company’s outstanding derivative contracts recorded in the Condensed Consolidated Statements of Financial Position is as follows: (in millions) Line Item December 31, 2017 September 30, 2017 Derivative Assets Commodity swaps - designated as hedge Receivables—Other $ 0.9 $ 0.6 Commodity swaps - designated as hedge Deferred charges and other 0.1 — Interest rate swaps - designated as hedge Receivables—Other 0.1 — Interest rate swaps - designated as hedge Deferred charges and other 2.1 0.4 Foreign exchange contracts - designated as hedge Receivables—Other 0.2 0.2 Foreign exchange contracts - not designated as hedge Receivables—Other 0.4 0.3 Total Derivative Assets $ 3.8 $ 1.5 Derivative Liabilities Interest rate swaps - designated as hedge Other current liabilities $ — $ 0.5 Interest rate swaps - designated as hedge Accrued interest 0.2 0.2 Foreign exchange contracts - designated as hedge Accounts payable 1.3 2.3 Foreign exchange contracts - designated as hedge Other long-term liabilities — 0.3 Total Derivative Liabilities $ 1.5 $ 3.3 The Company is exposed to the risk of default by the counterparties with which it transacts and generally does not require collateral or other security to support financial instruments subject to credit risk. The Company monitors counterparty credit risk on an individual basis by periodically assessing each counterparty’s credit rating exposure. The maximum loss due to credit risk equals the fair value of the gross asset derivatives that are concentrated with certain domestic and foreign financial institution counterparties. The Company considers these exposures when measuring its credit reserve on its derivative assets, which was less than $0 .1 million as of December 31, 2017 and September 30, 2017. 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 December 31, 2017 and September 30, 2017, there was no cash collateral outstanding. In addition, as of December 31, 2017 and September 30, 2017, the Company had no posted standby letters of credit related to such liability positions. The following summarizes the impact of derivative instruments on the accompanying Condensed Consolidated Statements of Income for the three month periods ended December 31, 2017 and January 1, 2017, pretax: Effective Portion For the three month period ended Gain (Loss) Reclassified to Continuing Operations Ineffective portion December 31, 2017 (in millions) in OCI Line Item Gain (Loss) Line Item Gain (Loss) Interest rate swaps $ 2.0 Interest expense $ (0.3) Interest expense $ — Commodity swaps 1.8 Cost of goods sold 0.3 Cost of goods sold — Net investment hedge (6.6) Other non-operating expense — Other non-operating expense — Foreign exchange contracts — Net sales 0.1 Net sales — Foreign exchange contracts 2.0 Cost of goods sold 0.2 Cost of goods sold — Total $ (0.8) $ 0.3 $ — Effective Portion For the three month period ended Gain (Loss) Reclassified to Continuing Operations Ineffective portion January 1, 2017 (in millions) in OCI Line Item Gain (Loss) Line Item Gain (Loss) Interest rate swaps $ 0.1 Interest expense $ (0.3) Interest expense $ — Commodity swaps 0.1 Cost of goods sold — Cost of goods sold — Net investment hedge 32.5 Other non-operating expense — Other non-operating expense — Foreign exchange contracts 0.2 Net sales — Net sales — Foreign exchange contracts 10.3 Cost of goods sold 0.1 Cost of goods sold — Total $ 43.2 $ (0.2) $ — For the three month period ended December 31, 2017, there was $1.2 million of gains from commodity swaps and $4.1 million of losses from foreign exchange contracts reclassified from AOCI to income from discontinued operations. For the three month period ended January 1, 2017, there was $0.8 million of gains from commodity swaps and $4.2 million of gains from foreign exchange contracts reclassified from AOCI to income from discontinued operations. The following summarizes the loss associated with derivative contracts not designated as hedges in the Condensed Consolidated Statements of Income for the three month periods ended December 31, 2017 and January 1, 2017: (in millions) Line Item December 31, 2017 January 1, 2017 Foreign exchange contracts Other non-operating expenses, net 0.3 (2.1) |
Fair Value Of Financial Instrum
Fair Value Of Financial Instruments | 3 Months Ended |
Dec. 31, 2017 | |
Fair Value Of Financial Instruments [Abstract] | |
Fair Value Of Financial Instruments | NOTE 12 - FAIR VALUE OF FINANCIAL INSTRUMENTS The Company has not changed the valuation techniques used in measuring the fair value of any financial assets and liabilities during the year. The Company’s derivative portfolio contains Level 2 instruments. See Note 11 - Derivatives for additional detail. The fair value of derivative instruments as of December 31, 2017 and September 30, 2017 are as follows: December 31, 2017 September 30, 2017 Carrying Carrying (in millions) Amount Fair Value Amount Fair Value Derivative Assets $ 3.8 $ 3.8 $ 1.5 $ 1.5 Derivative Liabilities $ 1.5 $ 1.5 $ 3.3 $ 3.3 The carrying value of cash and cash equivalents, receivables, accounts payable and short term debt approximate fair value based on the short-term nature of these assets and liabilities. The fair value measurements of the Company’s debt are valued at quoted input prices that are directly observable or indirectly observable through corroboration with observable market data (Level 2). The carrying value and fair value for debt as of December 31, 2017 and September 30, 2017 are as follows: December 31, 2017 September 30, 2017 Carrying Carrying (in millions) Amount Fair Value Amount Fair Value Total debt - SBH $ 3,979.3 $ 4,175.0 $ 3,772.0 $ 3,973.1 Total debt - SB/RH $ 3,979.3 $ 4,175.0 $ 3,772.0 $ 3,973.1 |
Employee Benefit Plans
Employee Benefit Plans | 3 Months Ended |
Dec. 31, 2017 | |
Employee Benefit Plans [Abstract] | |
Employee Benefit Plans | NOTE 13 - EMPLOYEE BENEFIT PLANS The net periodic benefit cost for the Company’s pension and deferred compensation plans for the three month periods ended December 31, 2017, and January 1, 2017 are as follows: Non U.S. Plans (in millions) December 31, 2017 January 1, 2017 Service cost $ 0.5 $ 0.7 Interest cost 0.5 0.4 Expected return on assets (0.4) (0.3) Recognized net actuarial loss 0.3 0.5 Net periodic benefit cost $ 0.9 $ 1.3 Weighted average assumptions Discount rate 1.13 - 7.50% 1.00 - 8.68% Expected return on plan assets 1.13 - 3.50% 1.00 - 3.50% Rate of compensation increase 1.37 - 7.00% 2.25 - 7.00% Company contributions to its pension and deferred compensation plans, including discretionary amounts, for the three months ended December 31, 2017 and January 1, 2017, are $0.4 million and $0.3 million, respectively. |
Share Based Compensation
Share Based Compensation | 3 Months Ended |
Dec. 31, 2017 | |
Share Based Compensation [Abstract] | |
Share Based Compensation | NOTE 14 - SHARE BASED COMPENSATION The Company measures the compensation expense of its Restricted Stock Units (“RSUs”) based on the fair value of the awards, as determined based on the market price of the Company’s shares of common stock on the grant date and recognizes these costs on a straight-line basis over the requisite service period of the awards. Certain RSUs are performance-based awards that are dependent upon achieving specified financial metrics over a designated period of time. In addition to RSUs, the Company also provides for a portion of its annual management incentive compensation plan to be paid in common stock of the Company, in lieu of cash payment, and is considered a liability plan. Share based compensation expense is recognized as General and Administrative Expenses on the Condensed Consolidated Statements of Income. The following is a summary of share based compensation expense for the three month periods ended December 31, 2017 and January 1, 2017. (in millions) December 31, 2017 January 1, 2017 SBH $ 3.8 $ 7.2 SB/RH 3.3 6.2 Share based compensation expense associated with the annual management incentive plan was $2.4 million for the three month period ended January 1, 2017. The remaining unrecognized pre-tax compensation cost for SBH and SB/RH at December 31, 2017 was $43.4 million and $42.4 million, respectively. SBH SB/RH Weighted Fair Weighted Fair Average Value Average Value Grant Date at Grant Grant Date at Grant (in millions, except per share data) Shares Fair Value Date Shares Fair Value Date Time-based grants 0.1 $ 113.29 $ 10.4 0.1 $ 114.74 $ 8.9 Performance-based grants Vesting in 12 to 24 months 0.1 110.17 12.8 0.1 110.17 12.8 Vesting in more than 24 months 0.1 110.17 12.8 0.1 110.17 $ 12.8 Total performance-based grants 0.2 $ 110.17 $ 25.6 0.2 $ 110.17 $ 25.6 Total grants 0.3 $ 111.06 $ 36.0 0.3 $ 111.33 $ 34.5 A summary of the activity in the Company’s RSUs during the three month period ended December 31, 2017 is as follows: SBH SB/RH Weighted Fair Weighted Fair Average Value Average Value Grant Date at Grant Grant Date at Grant (in millions, except per share data) Shares Fair Value Date Shares Fair Value Date At September 30, 2017 0.8 $ 114.67 $ 87.2 0.7 $ 116.32 $ 82.4 Granted 0.3 111.06 36.0 0.3 111.33 34.5 Forfeited — 123.78 (0.2) — 123.78 (0.2) Vested (0.5) 113.24 (51.7) (0.4) 114.30 (47.4) At December 31, 2017 0.6 $ 113.82 $ 71.3 0.6 $ 115.12 $ 69.3 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 3 Months Ended |
Dec. 31, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | NOTE 15 - ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) The changes in the components of AOCI, net of tax, for the three month period ended December 31, 2017 was as follows: Foreign Employee Currency Hedging Benefit (in millions) Translation Activity Plans Total Accumulated other comprehensive loss, as of September 30, 2017 $ (131.2) $ (26.0) $ (52.4) $ (209.6) Other comprehensive loss before reclassification (9.3) (0.8) (0.7) (10.8) Amounts reclassified from accumulated other comprehensive loss — 2.6 0.8 3.4 Other comprehensive (loss) income (9.3) 1.8 0.1 (7.4) Deferred tax effect 7.2 — — 7.2 Deferred tax valuation allowance 0.1 — — 0.1 Other comprehensive (loss) income, net of tax (2.0) 1.8 0.1 (0.1) Other comprehensive income attributable to non-controlling interest 0.2 — — 0.2 Other comprehensive (loss) income attributable to controlling interest (2.2) 1.8 0.1 (0.3) Accumulated other comprehensive loss, as of December 31, 2017 $ (133.4) $ (24.2) $ (52.3) $ (209.9) Amounts reclassified from AOCI associated with employee benefit plan costs and recognized on the Company’s Condensed Consolidated Statements of Income for the three month periods ended December 31, 2017 and January 1, 2017 were as follows: (in millions) December 31, 2017 January 1, 2017 Cost of goods sold $ 0.1 $ 0.3 Selling expenses 0.1 0.2 General and administrative expenses 0.1 — Amounts reclassified from accumulated other comprehensive loss $ 0.3 $ 0.5 For the three month period ended December 31, 2017, there was $0.5 million of expense reclassified from AOCI associated with employee benefit plan costs recognized in income from discontinued operations. For the three month period ended January 1, 2017 there was $0.8 million of gains reclassified from AOCI associated with employee benefit plan costs recognized in discontinued operations. See Note 11 - Derivatives for amounts reclassified from AOCI from the Company’s derivative hedging activity. |
Income Taxes
Income Taxes | 3 Months Ended |
Dec. 31, 2017 | |
Income Taxes [Abstract] | |
Income Taxes | NOTE 16 - INCOME TAXES The effective tax rate for the three month periods ended December 31, 2017 and January 1, 2017 was as follows: Effective tax rate December 31, 2017 January 1, 2017 SBH 2,176.4 % 34.6 % SB/RH 5,138.1 % 39.2 % On December 22, 2017, the Tax Cuts and Jobs Act (the "Tax Reform Act") was signed into law. The legislation significantly changes U.S. tax law by, among other things, lowering corporate income tax rates, implementing a dividends received deduction for dividends from foreign subsidiaries and imposing a tax on deemed repatriated accumulated earnings of foreign subsidiaries. The Tax Reform Act reduces the U.S. corporate income tax rate from a maximum of 35% to a flat 21% rate, effective January 1, 2018. Since the Company files its U.S. tax returns on a September fiscal year basis, its US tax rate for Fiscal 2018 will be a blended rate of 24.53% . Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to reverse. As a result of the reduction in the U.S. corporate income tax rate from 35% to 21% under the Tax Reform Act, the Company revalued its ending net deferred tax liabilities at December 31, 2017 and recognized a provisional $206.7 million tax benefit in the Company’s net income from continuing operations for the three month period ended December 31, 2017. The Company determined the impact of the U.S. federal corporate income tax rate change on the U.S. deferred tax assets and liabilities is provisional because certain of the timing differences reversing at the Company’s Fiscal 2018 blended rate must be estimated until the Fiscal 2018 reversing timing differences are known. As of December 31, 2017, the Company has recorded $41.4 million of valuation allowance against its U.S. state net operating losses. It is currently unclear which of the Tax Reform Act provisions will be adopted by U.S. states. State conformity to the provisions of the Tax Reform Act could have a material impact on the valuation allowance recorded on U.S. state net operating losses. The Tax Reform Act provided for a one-time deemed mandatory repatriation of post-1986 undistributed foreign subsidiary earnings and profits (“E&P”). The Company had an estimated $623.1 million of undistributed foreign E&P subject to the deemed mandatory repatriation and recognized a provisional $78.8 million of income tax expense in the Company’s net income from continuing operations for the three month period ended December 31, 2017. The mandatory repatriation tax is payable over 8 years. The repatriation tax liability is classified as Other Long-Term Liabilities on the Condensed Consolidated Statement of Financial Po sition as of December 31, 2017. The provisional tax expense for the mandatory repatriation is based on currently available information and additional information needs to be prepared, obtained and analyzed in order to determine the final amount, including further analysis of certain foreign exchange gains or losses, earnings and profits, foreign tax credits, and estimated cash and cash equivalents as of the measurement dates in the Tax Reform Act. Tax effects for changes to these items will be recorded in a subsequent quarter, as discrete adjustments to our income tax provision, once complete. The Tax Reform Act provides for additional limitations on the deduction of business interest expense, effective with the Company’s Fiscal 2019 tax year. Unused interest deductions can be carried forward and may be used in future years to the extent the interest limitation is not exceeded in those periods. It is possible that a portion of the Company’s future U.S. interest expense could be nondeductible and impact the Company’s effective tax rate. The Tax Reform Act also contains additional limits on deducting compensation, including performance-based compensation, in excess of $1 million paid to certain executive officers for any fiscal year, effective with the Company’s Fiscal 2019 tax year. The Company’s future compensation payments will be subject to these limits, which could impact the Company’s effective tax rate. The Company continues to review the anticipated impacts of the global intangible low taxed income (“GILTI”) and base erosion anti-abuse tax (“BEAT”) on the Company, which are not effective until fiscal year 2019. The Company has not recorded any impact associated with either GILTI or BEAT in the tax rate for the three month period ended December 31, 2018. The FASB allows an accounting policy election of either recognizing deferred taxes for temporary differences expected to reverse as GILTI in future years or treating such taxes as a current-period expense when incurred. Due to the complexity of calculating GILTI under the new law, we have not determined which method we will apply. In response to the enactment of the Tax Reform Act, the SEC staff issued Staff Accounting Bulletin No. 118 (“SAB 118”) to address the application of U.S. GAAP in situations when a registrant does not have the necessary information available, prepared, or analyzed (including computations) in reasonable detail to complete the accounting for certain income tax effects of the Tax Reform Act. SAB 118 allows registrants to record provisional amounts during a one year measurement period in a manner similar to accounting for business combinations. The Company has recognized the provisional tax impacts related to deemed repatriated earnings and the revaluation of deferred tax assets and liabilities and included these amounts in its consolidated fina ncial statements for the three month period ended December 31, 2017. The ultimate impact may differ from these provisional amounts, possibly materially, due to, among other things, additional analysis, changes in interpretations and assumptions the Company has made, additional regulatory guidance that may be issued, and actions the Company may take as a result of the Tax Reform Act. |
Commitments And Contingencies
Commitments And Contingencies | 3 Months Ended |
Dec. 31, 2017 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | NOTE 17 - COMMITMENTS AND CONTINGENCIES The Company is a defendant in various litigation matters generally arising out of the ordinary course of business. The Company does not believe that any of the matters or proceedings presently pending will have a material adverse effect on its results of operations, financial condition, liquidity or cash flows. Environmental. The Company has provided for an estimated cost of $4.3 million and $4.4 million, as of December 31, 2017 and September 30, 2017, respectively, associated with environmental remediation activities at some of its current and former manufacturing sites. The Company believes that any additional liability in excess of the amounts provided that may result from resolution of these matters, will not have a material adverse effect on the consolidated financial condition, results of operations or cash flows of the Company. Product Liability. The Company may be named as a defendant in lawsuits involving product liability claims. The Company has recorded and maintains an estimated liability in the amount of management’s estimate for aggregate exposure for such liabilities based upon probable loss from loss reports, individual cases, and losses incurred but not reported. As of December 31, 2017 and September 30, 2017, the Company recognized $4.0 million and $5.3 million in product liability accruals, respectively, included in Other Current Liabilities on the Condensed Consolidated Statement of Financial Position. The Company believes that any additional liability in excess of the amounts provided that may result from resolution of these matters will not have a material adverse effect on the consolidated financial condition, results of operations or cash flows of the Company. Product Warranty . The Company recognizes an estimated liability for standard warranty on certain products when we recognize revenue on the sale of the warranted products. Estimated warranty costs incorporate replacement parts, products and delivery, and are recorded as a cost of goods sold at the time of product shipment based on historical and projected warranty claim rates, claims experience and any additional anticipated future costs on previously sold products. The Company recognized $5.7 million and $5.4 million of warranty accruals as of December 31, 2017 and September 30, 2017, respectively, included in Other Current Liabilities on the Condensed Consolidated Statement of Financial Statement. Product Safety Recall. On June 10, 2017, the Company initiated a voluntary safety recall of various rawhide chew products for dogs sold by the Company’s PET segment due to possible chemical contamination. As a result, the Company recognized a loss related to the recall of $7.3 million for the three month period ended December 31, 2017, which comprised of inventory write-offs of $1.6 million for inventory at our distribution centers and production facilities that were considered obsolete and disposed, customer losses of $0.4 million for returned or disposed product held by our customers, and $5.3 million of incremental costs for disposal and operating costs during a temporary shutdown and subsequent start-up of production facilities impacted by the recall. The Company suspended production at facilities impacted by the product safety recall, completed a comprehensive manufacturing review and subsequently recommenced production during the fourth quarter ended September 30, 2017. The impacted production facilities are subject to incremental costs during start-up requiring alternative treatment on affected product SKUs until appropriate regulatory approvals have been received. The amounts for customer losses reflect the cost of the affected products returned to or replaced by the Company and the expected cost to reimburse customers for costs incurred by them related to the recall. The incremental costs incurred directly by the company do not include lost earnings associated with interruption of production at the Company’s facilities, or the costs to put into place corrective and preventative actions at those facilities. The Company’s estimates for losses related to the recall are provisional and were determined based on an assessment of information currently available and may be revised in subsequent periods as the Company continues to work with its customers to substantiate claims received to date and any additional claims that may be received. There have been no lawsuits or claims filed against the Company related to the recalled product. |
Segment Information
Segment Information | 3 Months Ended |
Dec. 31, 2017 | |
Segment Information [Abstract] | |
Segment Information | NOTE 18 - 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. Effective December 29, 2017, the Company approved a plan to sell its GBA segment. As a result, the Company’s assets and liabilities associated with the GBA segment have been classified as discontinued operations; and reported separately for all periods presented. See Note 3 – Divestitures for more information on the assets and liabilities classified as held for sale and discontinued operations. The Company manages its continuing operations in vertically integrated, product-focused reporting segments: (i) Hardware & Home Improvement, which consists of the Company’s worldwide hardware, security and plumbing business; (ii) Global Pet Supplies, which consists of the Company’s worldwide pet supplies business; (iii) Home and Garden, which consists of the Company’s home and garden and insect control business and (iv) Global Auto Care, which 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 relating to the segments of the Company for the three month periods ended December 31, 2017 and January 1, 2017 are as follows: Net sales to external customers (in millions) December 31, 2017 January 1, 2017 Hardware & Home Improvement 325.9 288.8 Global Pet Supplies 202.4 194.2 Home and Garden 49.3 49.8 Global Auto Care 68.9 69.5 Net sales $ 646.5 $ 602.3 The Chief Operating Decision Maker uses Adjusted EBITDA as the primary operating metric in evaluating the business and making operating decisions. EBITDA is calculated by excluding the Company’s income tax expense, interest expense, depreciation expense and amortization expense (from intangible assets) from net income. Adjusted EBITDA further excludes (1) share based compensation expense as it is a non-cash based compensation cost; (2) acquisition and integration costs that consist of transaction costs from acquisition transactions during the period, or subsequent integration related project costs directly associated with the acquired business; (3) restructuring and related costs, which consist of project costs associated with restructuring initiatives across the segments; (4) non-cash purchase accounting inventory adjustments recognized in earnings subsequent to an acquisition; (5) non-cash asset impairments or write-offs realized; (6) and other. During the three month period ended December 31, 2017, other adjustments consisted of costs for a non-recurring voluntary recall of rawhide product by the PET segment (See Note 17 – Commitments and Contingencies for further details) and professional fees associated with non-acquisition based strategic initiatives of SBH. Segment Adjusted EBITDA in relation to the Company’s reportable segments for the three month periods ended December 31, 2017 and January 1, 2017, is as follows: SBH SB/RH Segment Adjusted EBITDA (in millions) December 31, 2017 January 1, 2017 December 31, 2017 January 1, 2017 Hardware & Home Improvement 60.0 59.2 60.0 59.2 Global Pet Supplies 34.1 30.7 34.1 30.7 Home and Garden 5.4 5.7 5.4 5.7 Global Auto Care 14.8 19.8 14.8 19.8 Total Segment Adjusted EBITDA 114.3 115.4 114.3 115.4 Corporate expenses 8.6 10.2 8.4 10.0 Depreciation and amortization 33.0 30.0 33.0 30.0 Share-based compensation 3.8 7.2 3.3 6.2 Acquisition and integration related charges 5.2 3.3 5.2 3.3 Restructuring and related charges 20.4 2.2 20.4 2.2 Interest expense 38.6 43.0 38.6 43.3 Inventory acquisition step-up 0.8 — 0.8 — Pet safety recall 7.3 — 7.3 — Other 2.5 — — — (Loss) income from operations before income taxes $ (5.9) $ 19.5 $ (2.7) $ 20.4 |
Earnings Per Share - SBH
Earnings Per Share - SBH | 3 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share - SBH [Abstract] | |
Earnings Per Share - SBH | NOTE 19 - 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 month periods ended December 31, 2017 and January 1, 2017 are as follows: (in millions, except per share amounts) December 31, 2017 January 1, 2017 Numerator Net income from continuing operations attributable to controlling interest $ 119.3 $ 12.7 Income from discontinued operations attributable to controlling interest 40.8 52.5 Net income attributable to controlling interest 160.1 65.2 Denominator Weighted average shares outstanding - basic 57.7 59.3 Dilutive shares — 0.2 Weighted average shares outstanding - diluted 57.7 59.5 Earnings per share Basic earnings per share from continuing operations $ 2.07 $ 0.21 Basic earnings per share from discontinued operations 0.70 0.89 Basic earnings per share $ 2.77 $ 1.10 Diluted earnings per share from continuing operations $ 2.07 $ 0.21 Diluted earnings per share from discontinued operations 0.70 0.89 Diluted earnings per share $ 2.77 $ 1.10 Weighted average number of anti-dilutive shares excluded from denominator Restricted stock units 0.4 0.4 |
Guarantor Statements - SB_RH
Guarantor Statements - SB/RH | 3 Months Ended |
Dec. 31, 2017 | |
Guarantor Statements - SB/RH [Abstract] | |
Guarantor Statements - SB/RH | NOTE 20 - 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 6.625% Notes under the 2020/22 Indenture, 6.125% Notes under the 2024 Indenture, the 5.75% Notes under the 2025 Indenture and the 4.00% Notes under the 2026 Indenture. The following consolidating financial statements illustrate the components of the consolidated financial statements of SB/RH. The ‘Parent’ consists of the financial statements of SBI as the debt issuer, with SB/ RH as a parent guarantor, without consolidated entities. SB/RH financial information is not presented separately as there are no independent assets or operations and is therefore determined not to be material. Investments in subsidiaries are accounted for using the equity method for purposes of illustrating the consolidating presentation. The elimination entries presented herein eliminate investments in subsidiaries and intercompany balances and transactions. Statement of Financial Position Guarantor Nonguarantor As of December 31, 2017 (in millions) Parent Subsidiaries Subsidiaries Eliminations Consolidated Assets Cash and cash equivalents $ 3.6 $ 0.7 $ 133.6 $ — $ 137.9 Trade receivables, net 92.0 108.6 77.8 — 278.4 Intercompany receivables — 1,249.4 325.2 (1,574.6) — Other receivables 18.4 6.2 10.2 (1.1) 33.7 Inventories 198.8 257.8 140.4 (16.3) 580.7 Prepaid expenses and other 30.9 10.3 15.0 — 56.2 Current assets of business held for sale 1,004.2 123.8 867.4 (4.8) 1,990.6 Total current assets 1,347.9 1,756.8 1,569.6 (1,596.8) 3,077.5 Property, plant and equipment, net 179.0 178.1 148.9 — 506.0 Long-term intercompany receivables 296.6 80.9 12.5 (390.0) — Deferred charges and other 246.9 2.9 38.1 (236.9) 51.0 Goodwill 568.6 1,463.4 244.4 — 2,276.4 Intangible assets, net 398.1 1,017.6 182.9 — 1,598.6 Investments in subsidiaries 4,839.3 1,352.3 — (6,191.6) — Total assets $ 7,876.4 $ 5,852.0 $ 2,196.4 $ (8,415.3) $ 7,509.5 Liabilities and Shareholder's Equity Current portion of long-term debt $ 14.5 $ 4.4 $ 4.6 $ (3.4) $ 20.1 Accounts payable 87.5 115.0 118.2 — 320.7 Intercompany accounts payable 1,576.0 — — (1,576.0) — Accrued wages and salaries 8.4 2.3 17.2 — 27.9 Accrued interest 40.7 — — — 40.7 Other current liabilities 43.1 18.8 55.8 (1.1) 116.6 Current liabilities of business held for sale 147.9 1.8 458.5 — 608.2 Total current liabilities 1,918.1 142.3 654.3 (1,580.5) 1,134.2 Long-term debt, net of current portion 3,858.5 91.7 9.0 — 3,959.2 Long-term intercompany debt 12.5 282.7 90.0 (385.2) — Deferred income taxes — 489.9 49.9 (241.9) 297.9 Other long-term liabilities 90.2 6.1 40.9 — 137.2 Total liabilities 5,879.3 1,012.7 844.1 (2,207.6) 5,528.5 Shareholder's equity: Other capital 2,088.1 1,041.5 (1,124.3) 74.3 2,079.6 Accumulated earnings 119.3 3,969.4 2,630.0 (6,617.2) 101.5 Accumulated other comprehensive loss (210.3) (171.6) (163.2) 335.2 (209.9) Total shareholder's equity 1,997.1 4,839.3 1,342.5 (6,207.7) 1,971.2 Non-controlling interest — — 9.8 — 9.8 Total equity 1,997.1 4,839.3 1,352.3 (6,207.7) 1,981.0 Total liabilities and equity $ 7,876.4 $ 5,852.0 $ 2,196.4 $ (8,415.3) $ 7,509.5 Statement of Financial Position Guarantor Nonguarantor As of September 30, 2017 (in millions) Parent Subsidiaries Subsidiaries Eliminations Consolidated Assets Cash and cash equivalents $ 6.0 $ 4.8 $ 157.4 $ — $ 168.2 Trade receivables, net 85.4 102.4 78.2 — 266.0 Intercompany receivables 0.7 1,288.1 335.4 (1,624.2) — Other receivables 4.4 4.7 10.6 (1.0) 18.7 Inventories 184.7 205.6 126.4 (20.4) 496.3 Prepaid expenses and other 30.9 8.6 14.6 0.1 54.2 Current assets of business held for sale 228.7 0.2 378.4 (4.3) 603.0 Total current assets 540.8 1,614.4 1,101.0 (1,649.8) 1,606.4 Property, plant and equipment, net 182.2 178.9 142.5 — 503.6 Long-term intercompany receivables 317.2 96.6 12.5 (426.3) — Deferred charges and other 244.2 3.0 35.6 (254.4) 28.4 Goodwill 568.6 1,463.4 245.1 — 2,277.1 Intangible assets, net 401.4 1,027.7 182.9 — 1,612.0 Investments in subsidiaries 4,730.1 1,290.3 — (6,020.4) — Noncurrent assets of business held for sale 814.3 124.4 437.7 — 1,376.4 Total assets $ 7,798.8 $ 5,798.7 $ 2,157.3 $ (8,350.9) $ 7,403.9 Liabilities and Shareholder's Equity Current portion of long-term debt $ 13.8 $ 4.3 $ 5.2 $ (3.9) $ 19.4 Accounts payable 122.2 108.3 141.1 — 371.6 Intercompany accounts payable 1,629.6 — — (1,629.6) — Accrued wages and salaries 28.2 2.3 20.1 — 50.6 Accrued interest 48.5 — — — 48.5 Other current liabilities 50.1 25.6 44.2 (1.0) 118.9 Current liabilities of business held for sale 176.6 0.9 322.4 — 499.9 Total current liabilities 2,069.0 141.4 533.0 (1,634.5) 1,108.9 Long-term debt, net of current portion 3,650.8 92.1 9.7 — 3,752.6 Long-term intercompany debt 12.6 302.1 102.4 (417.1) — Deferred income taxes 177.9 523.5 52.0 (260.2) 493.2 Other long-term liabilities 11.5 6.1 40.4 — 58.0 Noncurrent liabilities of business held for sale 22.8 3.4 129.6 — 155.8 Total liabilities 5,944.6 1,068.6 867.1 (2,311.8) 5,568.5 Shareholder's equity: Other capital 2,107.1 1,089.9 (1,075.0) (43.0) 2,079.0 Accumulated (deficit) earnings (42.8) 3,814.1 2,521.6 (6,335.7) (42.8) Accumulated other comprehensive loss (210.1) (173.9) (165.2) 339.6 (209.6) Total shareholder's equity 1,854.2 4,730.1 1,281.4 (6,039.1) 1,826.6 Non-controlling interest — — 8.8 — 8.8 Total equity 1,854.2 4,730.1 1,290.2 (6,039.1) 1,835.4 Total liabilities and equity $ 7,798.8 $ 5,798.7 $ 2,157.3 $ (8,350.9) $ 7,403.9 Statement of Income Guarantor Nonguarantor Three month period ended December 31, 2017 (in millions) Parent Subsidiaries Subsidiaries Eliminations Consolidated Net sales $ 334.1 $ 386.3 $ 290.7 $ (364.6) $ 646.5 Cost of goods sold 254.6 297.3 220.5 (368.6) 403.8 Restructuring and related charges — 1.7 0.1 — 1.8 Gross profit 79.5 87.3 70.1 4.0 240.9 Selling 43.9 36.5 32.9 — 113.3 General and administrative 24.0 24.7 10.9 — 59.6 Research and development 1.7 3.0 2.3 — 7.0 Acquisition and integration related charges 2.7 1.3 1.2 — 5.2 Restructuring and related charges 15.4 2.4 0.8 — 18.6 Total operating expense 87.7 67.9 48.1 — 203.7 Operating (loss) income (8.2) 19.4 22.0 4.0 37.2 Interest expense 33.5 4.9 0.2 — 38.6 Other non-operating (income) expense, net (68.5) (19.1) (0.1) 89.0 1.3 Income from operations before income taxes 26.8 33.6 21.9 (85.0) (2.7) Income tax (benefit) expense (98.6) (34.8) 1.4 0.8 (131.2) Net income from continuing operations 125.4 68.4 20.5 (85.8) 128.5 Income from discontinued operations, net of tax 41.2 38.3 39.2 (77.8) 40.9 Net income 166.6 106.7 59.7 (163.6) 169.4 Net income attributable to non-controlling interest — — 0.9 — 0.9 Net income attributable to controlling interest $ 166.6 $ 106.7 $ 58.8 $ (163.6) $ 168.5 Statement of Income Guarantor Nonguarantor Three month period ended January 1, 2017 (in millions) Parent Subsidiaries Subsidiaries Eliminations Consolidated Net sales $ 379.3 $ 192.7 $ 247.3 $ (217.0) $ 602.3 Cost of goods sold 247.8 137.4 193.8 (216.9) 362.1 Restructuring and related charges — 1.1 — — 1.1 Gross profit 131.5 54.2 53.5 (0.1) 239.1 Selling 53.9 20.9 32.1 (0.3) 106.6 General and administrative 33.9 13.7 11.3 (0.1) 58.8 Research and development 2.8 0.7 3.1 — 6.6 Acquisition and integration related charges 2.8 0.1 0.4 — 3.3 Restructuring and related charges 0.5 0.3 0.3 — 1.1 Total operating expense 93.9 35.7 47.2 (0.4) 176.4 Operating income 37.6 18.5 6.3 0.3 62.7 Interest expense 37.7 4.1 1.5 — 43.3 Other non-operating (income) expense, net (41.7) (8.2) (0.9) 49.8 (1.0) Income from operations before income taxes 41.6 22.6 5.7 (49.5) 20.4 Income tax (benefit) expense (4.8) (15.0) (6.5) 34.2 7.9 Net income from continuing operations 46.4 37.6 12.2 (83.7) 12.5 Income from discontinued operations, net of tax 18.1 18.8 37.3 (21.8) 52.4 Net income 64.5 56.4 49.5 (105.5) 64.9 Net income attributable to non-controlling interest — — (0.1) — (0.1) Net income attributable to controlling interest $ 64.5 $ 56.4 $ 49.6 $ (105.5) $ 65.0 Statement of Comprehensive Income Guarantor Nonguarantor Three month period ended December 31, 2017 (in millions) Parent Subsidiaries Subsidiaries Eliminations Consolidated Net income $ 166.6 $ 106.7 $ 59.7 $ (163.6) $ 169.4 Other comprehensive income (loss), net of tax: Foreign currency translation loss (2.0) (2.0) (2.2) 4.2 (2.0) Unrealized gain on derivative instruments 1.8 4.3 4.3 (8.6) 1.8 Defined benefit pension gain 0.1 0.1 0.1 (0.2) 0.1 Other comprehensive (loss) income (0.1) 2.4 2.2 (4.6) (0.1) Comprehensive income 166.5 109.1 61.9 (168.2) 169.3 Comprehensive income attributable to non-controlling interest — — 0.2 — 0.2 Comprehensive income attributable to controlling interest $ 166.5 $ 109.1 $ 61.7 $ (168.2) $ 169.1 Statement of Comprehensive Income Guarantor Nonguarantor Three month period ended January 1, 2017 (in millions) Parent Subsidiaries Subsidiaries Eliminations Consolidated Net income $ 64.5 $ 56.4 $ 49.5 $ (105.5) $ 64.9 Other comprehensive income (loss), net of tax: Foreign currency translation loss (46.1) (49.9) (49.9) 99.8 (46.1) Unrealized gain on derivative instruments 24.2 4.2 4.3 (8.5) 24.2 Defined benefit pension gain 3.3 3.3 3.4 (6.7) 3.3 Other comprehensive loss (18.6) (42.4) (42.2) 84.6 (18.6) Comprehensive income 45.9 14.0 7.3 (20.9) 46.3 Comprehensive loss attributable to non-controlling interest — — (0.3) — (0.3) Comprehensive income attributable to controlling interest $ 45.9 $ 14.0 $ 7.6 $ (20.9) $ 46.6 Statement of Cash Flows Guarantor Nonguarantor Three month period ended December 31, 2017 (in millions) Parent Subsidiaries Subsidiaries Eliminations Consolidated Net cash (used) provided by operating activities from continuing operations $ (192.2) $ (35.4) $ 66.2 $ (6.4) $ (167.8) Net cash provided (used) by operating activities from discontinued operations 5.5 0.1 (3.9) (17.0) (15.3) Net cash (used) provided by operating activities (186.7) (35.3) 62.3 (23.4) (183.1) Cash flows from investing activities . Purchases of property, plant and equipment (3.9) (3.8) (10.2) — (17.9) Proceeds from sales of property, plant and equipment 0.5 0.1 — — 0.6 Net cash used by investing activities from continuing operations (3.4) (3.7) (10.2) — (17.3) Net cash used by investing activities from discontinued operations (4.7) — (2.2) — (6.9) Net cash used by investing activities (8.1) (3.7) (12.4) — (24.2) Cash flows from financing activities Proceeds from issuance of debt 226.0 — 0.1 — 226.1 Payment of debt (28.9) — (0.9) — (29.8) Payment of debt issuance costs (0.1) — — — (0.1) Payment of cash dividends to parent (24.2) — — — (24.2) Advances related to intercompany transactions 20.9 34.9 (79.2) 23.4 — Net cash provided (used) by financing activities from continuing operations 193.7 34.9 (80.0) 23.4 172.0 Net cash (used) provided by financing activities from discontinued operations (1.3) — 6.5 — 5.2 Net cash provided (used) by financing activities 192.4 34.9 (73.5) 23.4 177.2 Effect of exchange rate changes on cash and cash equivalents — — (0.2) — (0.2) Net decrease in cash and cash equivalents (2.4) (4.1) (23.8) — (30.3) Cash and cash equivalents, beginning of period 6.0 4.8 157.4 — 168.2 Cash and cash equivalents, end of period $ 3.6 $ 0.7 $ 133.6 $ — $ 137.9 Statement of Cash Flows Guarantor Nonguarantor Three month period ended January 1, 2017 (in millions) Parent Subsidiaries Subsidiaries Eliminations Consolidated Net cash (used) provided by operating activities from continuing operations $ (21.9) $ 67.4 $ 251.2 $ (379.8) $ (83.1) Net cash provided (used) by operating activities from discontinued operations 4.6 — (4.4) 65.5 65.7 Net cash (used) provided by operating activities (17.3) 67.4 246.8 (314.3) (17.4) Cash flows from investing activities — Purchases of property, plant and equipment (6.0) (7.3) (7.8) — (21.1) Other investing activities — (0.8) — — (0.8) Net cash used by investing activities from continuing operations (6.0) (8.1) (7.8) — (21.9) Net cash used by investing activities from discontinued operations (4.8) — (2.0) — (6.8) Net cash used by investing activities (10.8) (8.1) (9.8) — (28.7) Cash flows from financing activities Proceeds from issuance of debt 197.2 — 3.1 — 200.3 Payment of debt (133.9) — — — (133.9) Payment of debt issuance costs (0.5) — — — (0.5) Payment of cash dividends to parent (147.6) — — — (147.6) Advances related to intercompany transactions 20.5 (62.2) (272.6) 314.3 — Net cash used by financing activities from continuing operations (64.3) (62.2) (269.5) 314.3 (81.7) Net cash (used) provided by financing activities from discontinued operations (0.2) — 6.8 — 6.6 Net cash used by financing activities (64.5) (62.2) (262.7) 314.3 (75.1) Effect of exchange rate changes on cash and cash equivalents — — (6.4) — (6.4) Net decrease in cash and cash equivalents (92.6) (2.9) (32.1) — (127.6) Cash and cash equivalents, beginning of period 98.6 3.1 169.1 — 270.8 Cash and cash equivalents, end of period $ 6.0 $ 0.2 $ 137.0 $ — $ 143.2 |
Significant Accounting Polici27
Significant Accounting Policies (Policy) | 3 Months Ended |
Dec. 31, 2017 | |
Significant Accounting Policies [Abstract] | |
Assets Held For Sale And Discontinued Operations | Assets Held for Sale and Discontinued Operations The Company reports the results of operations of a business as discontinued operations if a disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results when the business is sold and classified as held for sale, in accordance with the criteria of Accounting Standard Codification (“ASC”) Topic 205 Presentation of Financial Statements and ASC Topic 360 Property, Plant and Equipment (“ASC 360”). The results of discontinued operations are reported in Income From Discontinued Operations, Net of Tax in the accompanying Condensed Consolidated Statements of Income for the current and prior periods commencing in the period in which the business meets the criteria of a discontinued operations, and include any gain or loss recognized on closing, or adjustment of the carrying amount to fair value less cost to sell. Assets and liabilities of a business classified as held for sale are recorded at the lower of its carrying amount or estimated fair value less cost to sell. If the carrying amount of the business exceeds its estimated fair value less cost to sell, a loss is recognized. Assets and liabilities related to a business classified as held for sale are segregated in the current and prior balance sheets in the period in which the business is classified as held for sale. Transactions between the businesses held for sale and businesses held for use that are expected to continue to exist after the disposal are not eliminated to appropriately reflect the continuing operations and balances held for sale. If a business is classified as held for sale after the balance sheet date but before the financial statements are issued or are available to be issued, the business continues to be classified as held and used in those financial statements when issued or when available to be issued. |
Recently Issued Accounting Standards | Recently Issued Accounting Standards In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Topic 606) , which supersedes the revenue recognition requirements in ASC 605, Revenue Recognition. This ASU requires revenue recognition to depict the transfer of goods and services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The new revenue recognition model requires identifying the contract and performance obligations, determining the transaction price, allocating the transaction price to performance obligations and recognizing the revenue upon satisfaction of performance obligations. This ASU also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments, and assets recognized from costs incurred to obtain or fulfill a contract. This ASU can be applied either retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially applying the updates recognized at the date of the initial application along with additional disclosures. The ASU will become effective for us beginning in the first quarter of our fiscal year ending September 30, 2019. We have performed a preliminary assessment over the impact of the pronouncement to the Company and are currently performing detailed assessments over the contracts with our customers and the impact to our processes and control environment. We have not measured the impact of adoption at this point in our assessment and have not concluded on the overall materiality of the impact of adoption to the Company’s consolidated financial statements and disclosures, or the method of adoption, but have not identified any matters that are considered significant for further disclosure. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), which supersedes the lease requirements in ASC 840, Leases . This ASU requires lessees to recognize lease assets and liabilities on the balance sheet, as well as disclosing key information about leasing arrangements. Although the new ASU requires both operating and finance leases to be disclosed on the balance sheet, a distinction between the two types still exists as the economics of leases can vary. The ASU can be applied using a modified retrospective approach, with a number of optional practical expedients relating to the identification and classification of leases that commenced before the effective date, along with the ability to use hindsight in the evaluation of lease decisions, that entities may elect to apply. As a result, the ASU will become effective for us beginning in the first quarter of our fiscal year ending September 30, 2020, with early adoption applicable. We have not measured the impact of adoption at this point in our assessment and have not concluded on the overall materiality of the impact of adoption to the Company’s consolidated financial statements, or determined the method and timing of adoption. In August 2016, the FASB issued ASU No. 2016-15, Classification of Certain Cash Receipts and Cash Payments , which addresses diversity in practice with the classification and presentation of certain cash receipts and cash payments in the statement of cash flows. The amendments in this update address the classification within the statement of cash flow for debt prepayment or debt extinguishment costs, settlement of zero-coupon debt instruments, contingent payments made after a business combination, proceeds from the settlement of insurance claims and corporate-owned life insurance policies, distributions received from equity method investees, and beneficial interests in securitization transactions, among other separately identifiable cash flows when applying the predominance principle. The ASU is applied on a retrospective basis, and will become effective for us beginning in the first quarter of our fiscal year ending September 30, 2019; with early adoption available. We are currently assessing the impact this pronouncement will have on the consolidated financial statements of the Company and have not yet concluded on the materiality or timing of adoption. In November 2016, the FASB issued ASU No. 2016-18, Restricted Cash , which addresses diversity in practice with the classification and presentation of restricted cash in the statement of cash flow, classifying transfers between cash and restricted cash as operating, investing, or financing activities, or as a combination of those activities, in the statement of cash flows. The amendment requires the statement of cash flows to explain the change during the period in total cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents; and include with cash and cash equivalents when reconciling the beginning-of-period and end-of-period amounts shown on the statement of cash flows. The ASU is applied on a retrospective basis, and will become effective for us beginning in the first quarter of our fiscal year ending September 30, 2019; with early adoption available. We are currently assessing the impact this pronouncement will have on the consolidated financial statements of the Company and have not yet concluded on the materiality or timing of adoption. In March 2017, the FASB issued ASU No. 2017-07, Compensation – Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost , which requires an employer to disaggregate the service cost component from the other components of net periodic pension costs within the statement of income. The amendment provides guidance requiring the service cost component to be recognized consistent with other compensation costs arising from service rendered by employees during the period, and all other components to be recognized separately outside of the subtotal of income from operations. The ASU is applied on a retrospective basis, and will become effective for us in the first quarter of the year ending September 30, 2019; with early adoption available. We are currently assessing the impact this pronouncement will have on the consolidated financial statements of the Company and have not yet concluded on the materiality of the adoption. In August 2017, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2017-12, Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities (Topic 815) , which changes the designation and measurement guidance for qualifying hedging relationships and presentation of hedge results. The amendments in this update make certain targeted improvements to simplify the application of the hedge accounting guidance in current GAAP, better aligning the entity’s risk management activities and financial reporting for hedging relationships. The ASU can only be applied prospectively, and will become effective for us beginning in the first quarter of our fiscal year ending September 30, 2020; with early adoption available. We are currently assessing the impact this pronouncement will have on the consolidated financial statements of the Company and have not yet concluded on the materiality or timing of the adoption. |
Divestitures (Tables)
Divestitures (Tables) | 3 Months Ended |
Dec. 31, 2017 | |
Divestitures [Abstract] | |
Summary Of Assets And Liabilities As Held For Sale | (in millions) December 31, 2017 September 30, 2017 Assets Trade receivables, net $ 282.5 $ 260.1 Other receivables 29.1 24.1 Inventories 273.3 279.1 Prepaid expenses and other current assets 40.7 39.7 Property, plant and equipment, net 194.8 196.4 Deferred charges and other 17.3 19.2 Goodwill 348.6 348.9 Intangible assets, net 804.3 811.9 Total assets of business held for sale $ 1,990.6 $ 1,979.4 Liabilities Current portion of long-term debt 23.5 17.3 Accounts payable 302.3 355.9 Accrued wages and salaries 29.8 36.9 Other current liabilities 98.8 89.8 Long-term debt, net of current portion 51.1 51.4 Deferred income taxes 36.8 38.2 Other long-term liabilities 65.9 66.2 Total liabilities of business held for sale $ 608.2 $ 655.7 |
Summary Of Components Of Income From Discontinued Operations | (in millions) December 31, 2017 January 1, 2017 Net sales $ 603.3 $ 609.5 Cost of goods sold 403.4 398.6 Gross profit 199.9 210.9 Operating expenses 131.7 121.3 Operating income 68.2 89.6 Interest expense 13.7 12.8 Other non-operating expense, net 0.3 — Income from discontinued operations before income taxes 54.2 76.8 Income tax expense 13.3 24.4 Net income from discontinued operations 40.9 52.4 Net income from discontinued operations attributable to non-controlling interest 0.1 (0.1) Net income from discontinued operations attributable to controlling interest $ 40.8 $ 52.5 |
Acquisition And Integration C29
Acquisition And Integration Costs (Tables) | 3 Months Ended |
Dec. 31, 2017 | |
Acquisition And Integration Costs [Abstract] | |
Summary Of Acquisition And Integration Related Charges | (in millions) December 31, 2017 January 1, 2017 HHI Business $ 2.7 $ 1.9 PetMatrix 1.6 — Glofish 0.4 — Armored AutoGroup 0.2 1.3 Other 0.3 0.1 Total acquisition and integration related charges $ 5.2 $ 3.3 |
Restructuring And Related Cha30
Restructuring And Related Charges (Tables) | 3 Months Ended |
Dec. 31, 2017 | |
Restructuring And Related Charges [Abstract] | |
Summary Of Restructuring And Related Charges | (in millions) December 31, 2017 January 1, 2017 HHI distribution center consolidation $ 15.2 $ — GAC business rationalization initiative 4.0 1.5 PET rightsizing initiative 0.6 — Other restructuring activities 0.6 0.7 Total restructuring and related charges $ 20.4 $ 2.2 Reported as: Cost of goods sold $ 1.8 $ 1.1 Operating expense 18.6 1.1 |
Summary Of Costs Incurred And Cumulative Costs By Cost Type | Termination Other (in millions) Benefits Costs Total For the three month period ended December 31, 2017 $ 1.1 $ 19.3 $ 20.4 For the three month period ended January 1, 2017 0.8 1.4 2.2 Cumulative costs through December 31, 2017 12.1 73.9 86.0 Future costs to be incurred 0.2 16.0 16.2 |
Rollforward Of Restructuring Accrual | Termination Other (in millions) Benefits Costs Total Accrual balance at September 30, 2017 $ 7.2 $ 9.8 $ 17.0 Provisions 0.4 (1.9) (1.5) Cash expenditures (1.6) (0.8) (2.4) Non-cash items 0.1 — 0.1 Accrual balance at December 31, 2017 $ 6.1 $ 7.1 $ 13.2 |
Summary Of Costs Incurred By Reporting Segment | (in millions) PET HHI GAC Corporate Total For the three month period ended December 31, 2017 $ 0.6 $ 15.2 $ 4.0 $ 0.6 $ 20.4 For the three month period ended January 1, 2017 0.6 0.1 1.5 — 2.2 Cumulative costs through December 31, 2017 8.8 42.6 33.6 1.0 86.0 Future costs to be incurred 0.2 12.3 1.2 2.5 16.2 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Dec. 31, 2017 | |
Inventories [Abstract] | |
Schedule Of Inventories | (in millions) December 31, 2017 September 30, 2017 Raw materials $ 103.2 $ 95.7 Work-in-process 51.1 35.5 Finished goods 426.4 365.1 $ 580.7 $ 496.3 |
Property, Plant And Equipment (
Property, Plant And Equipment (Tables) | 3 Months Ended |
Dec. 31, 2017 | |
Property, Plant And Equipment [Abstract] | |
Schedule Of Property, Plant And Equipment | (in millions) December 31, 2017 September 30, 2017 Land, buildings and improvements $ 148.4 $ 145.7 Machinery, equipment and other 386.0 379.3 Capital leases 212.2 210.7 Construction in progress 45.7 40.4 Property, plant and equipment $ 792.3 $ 776.1 Accumulated depreciation (286.3) (272.5) Property, plant and equipment, net $ 506.0 $ 503.6 |
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Tables) | 3 Months Ended |
Dec. 31, 2017 | |
Goodwill And Intangible Assets [Abstract] | |
Changes In The Carrying Amount Of Goodwill By Reporting Segment | (in millions) HHI PET H&G GAC Total As of September 30, 2017 708.7 437.1 196.5 934.8 2,277.1 Foreign currency impact 0.1 (0.4) — (0.4) (0.7) As of December 31, 2017 $ 708.8 $ 436.7 $ 196.5 $ 934.4 $ 2,276.4 |
Schedule Of Carrying Value And Accumulated Amortization For Intangible Assets | December 31, 2017 September 30, 2017 (in millions) Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net Customer relationships $ 672.6 $ (232.4) $ 440.2 $ 671.7 $ (222.3) $ 449.4 Technology assets 231.6 (101.2) 130.4 194.6 (59.7) 134.9 Tradenames 5.5 (2.8) 2.7 18.5 (15.1) 3.4 Total $ 909.7 $ (336.4) $ 573.3 $ 884.8 $ (297.1) $ 587.7 |
Schedule Of Range And Weighted Average Useful Lives For Definite-Lived Intangible Assets | Asset Type Range Weighted Average Customer relationships 2 - 20 years 17.9 years Technology assets 6 - 18 years 11.4 years Tradenames 5 - 13 years 6.2 years |
Schedule Of Future Amortization Expense | (in millions) Amortization 2018 $ 57.5 2019 57.4 2020 55.0 2021 49.7 2022 48.0 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Dec. 31, 2017 | |
Debt [Abstract] | |
Schedule Of Debt | December 31, 2017 September 30, 2017 (in millions) Amount Rate Amount Rate Term Loan, variable rate, due June 23, 2022 $ 1,241.1 3.5 % $ 1,244.2 3.4 % CAD Term Loan, variable rate, due June 23, 2022 34.3 5.0 % 59.0 4.9 % 4.00% Notes, due October 1, 2026 507.6 4.0 % 500.9 4.0 % 5.75% Notes, due July 15, 2025 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 % 6.625% Notes, due November 15, 2022 570.0 6.6 % 570.0 6.6 % Revolver Facility, variable rate, expiring March 6, 2022 226.0 4.1 % — — % Other notes and obligations 4.0 8.0 % 4.7 8.0 % Obligations under capital leases 200.7 5.7 % 200.0 5.7 % Total debt 4,033.7 3,828.8 Unamortized discount on debt (3.3) (3.7) Debt issuance costs (51.1) (53.1) Less current portion (20.1) (19.4) Long-term debt, net of current portion $ 3,959.2 $ 3,752.6 |
Derivatives (Tables)
Derivatives (Tables) | 3 Months Ended |
Dec. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Schedule Of Interest Rate Swap Derivative Financial Instruments | December 31, 2017 September 30, 2017 (in millions) Notional Amount Remaining Years Notional Amount Remaining Years Interest rate swaps - fixed $ 300.0 2.3 $ 300.0 2.6 |
Schedule Of Fair Value Of Outstanding Derivative Instruments | (in millions) Line Item December 31, 2017 September 30, 2017 Derivative Assets Commodity swaps - designated as hedge Receivables—Other $ 0.9 $ 0.6 Commodity swaps - designated as hedge Deferred charges and other 0.1 — Interest rate swaps - designated as hedge Receivables—Other 0.1 — Interest rate swaps - designated as hedge Deferred charges and other 2.1 0.4 Foreign exchange contracts - designated as hedge Receivables—Other 0.2 0.2 Foreign exchange contracts - not designated as hedge Receivables—Other 0.4 0.3 Total Derivative Assets $ 3.8 $ 1.5 Derivative Liabilities Interest rate swaps - designated as hedge Other current liabilities $ — $ 0.5 Interest rate swaps - designated as hedge Accrued interest 0.2 0.2 Foreign exchange contracts - designated as hedge Accounts payable 1.3 2.3 Foreign exchange contracts - designated as hedge Other long-term liabilities — 0.3 Total Derivative Liabilities $ 1.5 $ 3.3 |
Summary Of Impact Of Effective And Ineffective Portions Of Cash Flow Hedges And Gain (Loss) Realized | Effective Portion For the three month period ended Gain (Loss) Reclassified to Continuing Operations Ineffective portion December 31, 2017 (in millions) in OCI Line Item Gain (Loss) Line Item Gain (Loss) Interest rate swaps $ 2.0 Interest expense $ (0.3) Interest expense $ — Commodity swaps 1.8 Cost of goods sold 0.3 Cost of goods sold — Net investment hedge (6.6) Other non-operating expense — Other non-operating expense — Foreign exchange contracts — Net sales 0.1 Net sales — Foreign exchange contracts 2.0 Cost of goods sold 0.2 Cost of goods sold — Total $ (0.8) $ 0.3 $ — Effective Portion For the three month period ended Gain (Loss) Reclassified to Continuing Operations Ineffective portion January 1, 2017 (in millions) in OCI Line Item Gain (Loss) Line Item Gain (Loss) Interest rate swaps $ 0.1 Interest expense $ (0.3) Interest expense $ — Commodity swaps 0.1 Cost of goods sold — Cost of goods sold — Net investment hedge 32.5 Other non-operating expense — Other non-operating expense — Foreign exchange contracts 0.2 Net sales — Net sales — Foreign exchange contracts 10.3 Cost of goods sold 0.1 Cost of goods sold — Total $ 43.2 $ (0.2) $ — |
Summary Of Gain (Loss) Associated With Derivative Contracts Not Designated As Hedges | (in millions) Line Item December 31, 2017 January 1, 2017 Foreign exchange contracts Other non-operating expenses, net 0.3 (2.1) |
Cash Flow Hedging [Member] | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Schedule Of Commodity Swap Contracts Outstanding | December 31, 2017 September 30, 2017 (in millions, except notional) Notional Contract Value Notional Contract Value Brass swap contracts 1.2 Tons $ 6.4 1.3 Tons $ 6.6 |
Fair Value Of Financial Instr36
Fair Value Of Financial Instruments (Tables) | 3 Months Ended |
Dec. 31, 2017 | |
Fair Value Of Financial Instruments [Abstract] | |
Fair Values Of Derivative Instruments | December 31, 2017 September 30, 2017 Carrying Carrying (in millions) Amount Fair Value Amount Fair Value Derivative Assets $ 3.8 $ 3.8 $ 1.5 $ 1.5 Derivative Liabilities $ 1.5 $ 1.5 $ 3.3 $ 3.3 |
Carrying Values And Fair Values For Debt | December 31, 2017 September 30, 2017 Carrying Carrying (in millions) Amount Fair Value Amount Fair Value Total debt - SBH $ 3,979.3 $ 4,175.0 $ 3,772.0 $ 3,973.1 Total debt - SB/RH $ 3,979.3 $ 4,175.0 $ 3,772.0 $ 3,973.1 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 3 Months Ended |
Dec. 31, 2017 | |
Employee Benefit Plans [Abstract] | |
Components Of Net Periodic Benefit Cost | Non U.S. Plans (in millions) December 31, 2017 January 1, 2017 Service cost $ 0.5 $ 0.7 Interest cost 0.5 0.4 Expected return on assets (0.4) (0.3) Recognized net actuarial loss 0.3 0.5 Net periodic benefit cost $ 0.9 $ 1.3 Weighted average assumptions Discount rate 1.13 - 7.50% 1.00 - 8.68% Expected return on plan assets 1.13 - 3.50% 1.00 - 3.50% Rate of compensation increase 1.37 - 7.00% 2.25 - 7.00% |
Share Based Compensation (Table
Share Based Compensation (Tables) | 3 Months Ended |
Dec. 31, 2017 | |
Share Based Compensation [Abstract] | |
Summary Of Share Based Compensation Expense | (in millions) December 31, 2017 January 1, 2017 SBH $ 3.8 $ 7.2 SB/RH 3.3 6.2 |
Summary Of Activity Of The RSUs Granted | SBH SB/RH Weighted Fair Weighted Fair Average Value Average Value Grant Date at Grant Grant Date at Grant (in millions, except per share data) Shares Fair Value Date Shares Fair Value Date Time-based grants 0.1 $ 113.29 $ 10.4 0.1 $ 114.74 $ 8.9 Performance-based grants Vesting in 12 to 24 months 0.1 110.17 12.8 0.1 110.17 12.8 Vesting in more than 24 months 0.1 110.17 12.8 0.1 110.17 $ 12.8 Total performance-based grants 0.2 $ 110.17 $ 25.6 0.2 $ 110.17 $ 25.6 Total grants 0.3 $ 111.06 $ 36.0 0.3 $ 111.33 $ 34.5 |
Summary Of Non-Vested RSUs Activity | SBH SB/RH Weighted Fair Weighted Fair Average Value Average Value Grant Date at Grant Grant Date at Grant (in millions, except per share data) Shares Fair Value Date Shares Fair Value Date At September 30, 2017 0.8 $ 114.67 $ 87.2 0.7 $ 116.32 $ 82.4 Granted 0.3 111.06 36.0 0.3 111.33 34.5 Forfeited — 123.78 (0.2) — 123.78 (0.2) Vested (0.5) 113.24 (51.7) (0.4) 114.30 (47.4) At December 31, 2017 0.6 $ 113.82 $ 71.3 0.6 $ 115.12 $ 69.3 |
Accumulated Other Comprehensi39
Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Dec. 31, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Abstract] | |
Schedule Of Accumulated Other Comprehensive Income (Loss) | Foreign Employee Currency Hedging Benefit (in millions) Translation Activity Plans Total Accumulated other comprehensive loss, as of September 30, 2017 $ (131.2) $ (26.0) $ (52.4) $ (209.6) Other comprehensive loss before reclassification (9.3) (0.8) (0.7) (10.8) Amounts reclassified from accumulated other comprehensive loss — 2.6 0.8 3.4 Other comprehensive (loss) income (9.3) 1.8 0.1 (7.4) Deferred tax effect 7.2 — — 7.2 Deferred tax valuation allowance 0.1 — — 0.1 Other comprehensive (loss) income, net of tax (2.0) 1.8 0.1 (0.1) Other comprehensive income attributable to non-controlling interest 0.2 — — 0.2 Other comprehensive (loss) income attributable to controlling interest (2.2) 1.8 0.1 (0.3) Accumulated other comprehensive loss, as of December 31, 2017 $ (133.4) $ (24.2) $ (52.3) $ (209.9) |
Schedule Of Reclassified From AOCL Associated With Employee Benefit Plan Costs | (in millions) December 31, 2017 January 1, 2017 Cost of goods sold $ 0.1 $ 0.3 Selling expenses 0.1 0.2 General and administrative expenses 0.1 — Amounts reclassified from accumulated other comprehensive loss $ 0.3 $ 0.5 |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Dec. 31, 2017 | |
Income Taxes [Abstract] | |
Schedule Of Effective Tax Rate | Effective tax rate December 31, 2017 January 1, 2017 SBH 2,176.4 % 34.6 % SB/RH 5,138.1 % 39.2 % |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Dec. 31, 2017 | |
Segment Information [Abstract] | |
Net Sales Relating To Segments | Net sales to external customers (in millions) December 31, 2017 January 1, 2017 Hardware & Home Improvement 325.9 288.8 Global Pet Supplies 202.4 194.2 Home and Garden 49.3 49.8 Global Auto Care 68.9 69.5 Net sales $ 646.5 $ 602.3 |
Segment Profit Relating To Segments | SBH SB/RH Segment Adjusted EBITDA (in millions) December 31, 2017 January 1, 2017 December 31, 2017 January 1, 2017 Hardware & Home Improvement 60.0 59.2 60.0 59.2 Global Pet Supplies 34.1 30.7 34.1 30.7 Home and Garden 5.4 5.7 5.4 5.7 Global Auto Care 14.8 19.8 14.8 19.8 Total Segment Adjusted EBITDA 114.3 115.4 114.3 115.4 Corporate expenses 8.6 10.2 8.4 10.0 Depreciation and amortization 33.0 30.0 33.0 30.0 Share-based compensation 3.8 7.2 3.3 6.2 Acquisition and integration related charges 5.2 3.3 5.2 3.3 Restructuring and related charges 20.4 2.2 20.4 2.2 Interest expense 38.6 43.0 38.6 43.3 Inventory acquisition step-up 0.8 — 0.8 — Pet safety recall 7.3 — 7.3 — Other 2.5 — — — (Loss) income from operations before income taxes $ (5.9) $ 19.5 $ (2.7) $ 20.4 |
Earnings Per Share - SBH (Table
Earnings Per Share - SBH (Tables) | 3 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share - SBH [Abstract] | |
Schedule Of Earnings Per Share | (in millions, except per share amounts) December 31, 2017 January 1, 2017 Numerator Net income from continuing operations attributable to controlling interest $ 119.3 $ 12.7 Income from discontinued operations attributable to controlling interest 40.8 52.5 Net income attributable to controlling interest 160.1 65.2 Denominator Weighted average shares outstanding - basic 57.7 59.3 Dilutive shares — 0.2 Weighted average shares outstanding - diluted 57.7 59.5 Earnings per share Basic earnings per share from continuing operations $ 2.07 $ 0.21 Basic earnings per share from discontinued operations 0.70 0.89 Basic earnings per share $ 2.77 $ 1.10 Diluted earnings per share from continuing operations $ 2.07 $ 0.21 Diluted earnings per share from discontinued operations 0.70 0.89 Diluted earnings per share $ 2.77 $ 1.10 Weighted average number of anti-dilutive shares excluded from denominator Restricted stock units 0.4 0.4 |
Guarantor Statements - SB_RH (T
Guarantor Statements - SB/RH (Tables) | 3 Months Ended |
Dec. 31, 2017 | |
Guarantor Statements - SB/RH [Abstract] | |
Statement Of Financial Position | Statement of Financial Position Guarantor Nonguarantor As of December 31, 2017 (in millions) Parent Subsidiaries Subsidiaries Eliminations Consolidated Assets Cash and cash equivalents $ 3.6 $ 0.7 $ 133.6 $ — $ 137.9 Trade receivables, net 92.0 108.6 77.8 — 278.4 Intercompany receivables — 1,249.4 325.2 (1,574.6) — Other receivables 18.4 6.2 10.2 (1.1) 33.7 Inventories 198.8 257.8 140.4 (16.3) 580.7 Prepaid expenses and other 30.9 10.3 15.0 — 56.2 Current assets of business held for sale 1,004.2 123.8 867.4 (4.8) 1,990.6 Total current assets 1,347.9 1,756.8 1,569.6 (1,596.8) 3,077.5 Property, plant and equipment, net 179.0 178.1 148.9 — 506.0 Long-term intercompany receivables 296.6 80.9 12.5 (390.0) — Deferred charges and other 246.9 2.9 38.1 (236.9) 51.0 Goodwill 568.6 1,463.4 244.4 — 2,276.4 Intangible assets, net 398.1 1,017.6 182.9 — 1,598.6 Investments in subsidiaries 4,839.3 1,352.3 — (6,191.6) — Total assets $ 7,876.4 $ 5,852.0 $ 2,196.4 $ (8,415.3) $ 7,509.5 Liabilities and Shareholder's Equity Current portion of long-term debt $ 14.5 $ 4.4 $ 4.6 $ (3.4) $ 20.1 Accounts payable 87.5 115.0 118.2 — 320.7 Intercompany accounts payable 1,576.0 — — (1,576.0) — Accrued wages and salaries 8.4 2.3 17.2 — 27.9 Accrued interest 40.7 — — — 40.7 Other current liabilities 43.1 18.8 55.8 (1.1) 116.6 Current liabilities of business held for sale 147.9 1.8 458.5 — 608.2 Total current liabilities 1,918.1 142.3 654.3 (1,580.5) 1,134.2 Long-term debt, net of current portion 3,858.5 91.7 9.0 — 3,959.2 Long-term intercompany debt 12.5 282.7 90.0 (385.2) — Deferred income taxes — 489.9 49.9 (241.9) 297.9 Other long-term liabilities 90.2 6.1 40.9 — 137.2 Total liabilities 5,879.3 1,012.7 844.1 (2,207.6) 5,528.5 Shareholder's equity: Other capital 2,088.1 1,041.5 (1,124.3) 74.3 2,079.6 Accumulated earnings 119.3 3,969.4 2,630.0 (6,617.2) 101.5 Accumulated other comprehensive loss (210.3) (171.6) (163.2) 335.2 (209.9) Total shareholder's equity 1,997.1 4,839.3 1,342.5 (6,207.7) 1,971.2 Non-controlling interest — — 9.8 — 9.8 Total equity 1,997.1 4,839.3 1,352.3 (6,207.7) 1,981.0 Total liabilities and equity $ 7,876.4 $ 5,852.0 $ 2,196.4 $ (8,415.3) $ 7,509.5 Statement of Financial Position Guarantor Nonguarantor As of September 30, 2017 (in millions) Parent Subsidiaries Subsidiaries Eliminations Consolidated Assets Cash and cash equivalents $ 6.0 $ 4.8 $ 157.4 $ — $ 168.2 Trade receivables, net 85.4 102.4 78.2 — 266.0 Intercompany receivables 0.7 1,288.1 335.4 (1,624.2) — Other receivables 4.4 4.7 10.6 (1.0) 18.7 Inventories 184.7 205.6 126.4 (20.4) 496.3 Prepaid expenses and other 30.9 8.6 14.6 0.1 54.2 Current assets of business held for sale 228.7 0.2 378.4 (4.3) 603.0 Total current assets 540.8 1,614.4 1,101.0 (1,649.8) 1,606.4 Property, plant and equipment, net 182.2 178.9 142.5 — 503.6 Long-term intercompany receivables 317.2 96.6 12.5 (426.3) — Deferred charges and other 244.2 3.0 35.6 (254.4) 28.4 Goodwill 568.6 1,463.4 245.1 — 2,277.1 Intangible assets, net 401.4 1,027.7 182.9 — 1,612.0 Investments in subsidiaries 4,730.1 1,290.3 — (6,020.4) — Noncurrent assets of business held for sale 814.3 124.4 437.7 — 1,376.4 Total assets $ 7,798.8 $ 5,798.7 $ 2,157.3 $ (8,350.9) $ 7,403.9 Liabilities and Shareholder's Equity Current portion of long-term debt $ 13.8 $ 4.3 $ 5.2 $ (3.9) $ 19.4 Accounts payable 122.2 108.3 141.1 — 371.6 Intercompany accounts payable 1,629.6 — — (1,629.6) — Accrued wages and salaries 28.2 2.3 20.1 — 50.6 Accrued interest 48.5 — — — 48.5 Other current liabilities 50.1 25.6 44.2 (1.0) 118.9 Current liabilities of business held for sale 176.6 0.9 322.4 — 499.9 Total current liabilities 2,069.0 141.4 533.0 (1,634.5) 1,108.9 Long-term debt, net of current portion 3,650.8 92.1 9.7 — 3,752.6 Long-term intercompany debt 12.6 302.1 102.4 (417.1) — Deferred income taxes 177.9 523.5 52.0 (260.2) 493.2 Other long-term liabilities 11.5 6.1 40.4 — 58.0 Noncurrent liabilities of business held for sale 22.8 3.4 129.6 — 155.8 Total liabilities 5,944.6 1,068.6 867.1 (2,311.8) 5,568.5 Shareholder's equity: Other capital 2,107.1 1,089.9 (1,075.0) (43.0) 2,079.0 Accumulated (deficit) earnings (42.8) 3,814.1 2,521.6 (6,335.7) (42.8) Accumulated other comprehensive loss (210.1) (173.9) (165.2) 339.6 (209.6) Total shareholder's equity 1,854.2 4,730.1 1,281.4 (6,039.1) 1,826.6 Non-controlling interest — — 8.8 — 8.8 Total equity 1,854.2 4,730.1 1,290.2 (6,039.1) 1,835.4 Total liabilities and equity $ 7,798.8 $ 5,798.7 $ 2,157.3 $ (8,350.9) $ 7,403.9 |
Statement Of Income | Statement of Income Guarantor Nonguarantor Three month period ended December 31, 2017 (in millions) Parent Subsidiaries Subsidiaries Eliminations Consolidated Net sales $ 334.1 $ 386.3 $ 290.7 $ (364.6) $ 646.5 Cost of goods sold 254.6 297.3 220.5 (368.6) 403.8 Restructuring and related charges — 1.7 0.1 — 1.8 Gross profit 79.5 87.3 70.1 4.0 240.9 Selling 43.9 36.5 32.9 — 113.3 General and administrative 24.0 24.7 10.9 — 59.6 Research and development 1.7 3.0 2.3 — 7.0 Acquisition and integration related charges 2.7 1.3 1.2 — 5.2 Restructuring and related charges 15.4 2.4 0.8 — 18.6 Total operating expense 87.7 67.9 48.1 — 203.7 Operating (loss) income (8.2) 19.4 22.0 4.0 37.2 Interest expense 33.5 4.9 0.2 — 38.6 Other non-operating (income) expense, net (68.5) (19.1) (0.1) 89.0 1.3 Income from operations before income taxes 26.8 33.6 21.9 (85.0) (2.7) Income tax (benefit) expense (98.6) (34.8) 1.4 0.8 (131.2) Net income from continuing operations 125.4 68.4 20.5 (85.8) 128.5 Income from discontinued operations, net of tax 41.2 38.3 39.2 (77.8) 40.9 Net income 166.6 106.7 59.7 (163.6) 169.4 Net income attributable to non-controlling interest — — 0.9 — 0.9 Net income attributable to controlling interest $ 166.6 $ 106.7 $ 58.8 $ (163.6) $ 168.5 Statement of Income Guarantor Nonguarantor Three month period ended January 1, 2017 (in millions) Parent Subsidiaries Subsidiaries Eliminations Consolidated Net sales $ 379.3 $ 192.7 $ 247.3 $ (217.0) $ 602.3 Cost of goods sold 247.8 137.4 193.8 (216.9) 362.1 Restructuring and related charges — 1.1 — — 1.1 Gross profit 131.5 54.2 53.5 (0.1) 239.1 Selling 53.9 20.9 32.1 (0.3) 106.6 General and administrative 33.9 13.7 11.3 (0.1) 58.8 Research and development 2.8 0.7 3.1 — 6.6 Acquisition and integration related charges 2.8 0.1 0.4 — 3.3 Restructuring and related charges 0.5 0.3 0.3 — 1.1 Total operating expense 93.9 35.7 47.2 (0.4) 176.4 Operating income 37.6 18.5 6.3 0.3 62.7 Interest expense 37.7 4.1 1.5 — 43.3 Other non-operating (income) expense, net (41.7) (8.2) (0.9) 49.8 (1.0) Income from operations before income taxes 41.6 22.6 5.7 (49.5) 20.4 Income tax (benefit) expense (4.8) (15.0) (6.5) 34.2 7.9 Net income from continuing operations 46.4 37.6 12.2 (83.7) 12.5 Income from discontinued operations, net of tax 18.1 18.8 37.3 (21.8) 52.4 Net income 64.5 56.4 49.5 (105.5) 64.9 Net income attributable to non-controlling interest — — (0.1) — (0.1) Net income attributable to controlling interest $ 64.5 $ 56.4 $ 49.6 $ (105.5) $ 65.0 |
Statement Of Comprehensive Income | Statement of Comprehensive Income Guarantor Nonguarantor Three month period ended December 31, 2017 (in millions) Parent Subsidiaries Subsidiaries Eliminations Consolidated Net income $ 166.6 $ 106.7 $ 59.7 $ (163.6) $ 169.4 Other comprehensive income (loss), net of tax: Foreign currency translation loss (2.0) (2.0) (2.2) 4.2 (2.0) Unrealized gain on derivative instruments 1.8 4.3 4.3 (8.6) 1.8 Defined benefit pension gain 0.1 0.1 0.1 (0.2) 0.1 Other comprehensive (loss) income (0.1) 2.4 2.2 (4.6) (0.1) Comprehensive income 166.5 109.1 61.9 (168.2) 169.3 Comprehensive income attributable to non-controlling interest — — 0.2 — 0.2 Comprehensive income attributable to controlling interest $ 166.5 $ 109.1 $ 61.7 $ (168.2) $ 169.1 Statement of Comprehensive Income Guarantor Nonguarantor Three month period ended January 1, 2017 (in millions) Parent Subsidiaries Subsidiaries Eliminations Consolidated Net income $ 64.5 $ 56.4 $ 49.5 $ (105.5) $ 64.9 Other comprehensive income (loss), net of tax: Foreign currency translation loss (46.1) (49.9) (49.9) 99.8 (46.1) Unrealized gain on derivative instruments 24.2 4.2 4.3 (8.5) 24.2 Defined benefit pension gain 3.3 3.3 3.4 (6.7) 3.3 Other comprehensive loss (18.6) (42.4) (42.2) 84.6 (18.6) Comprehensive income 45.9 14.0 7.3 (20.9) 46.3 Comprehensive loss attributable to non-controlling interest — — (0.3) — (0.3) Comprehensive income attributable to controlling interest $ 45.9 $ 14.0 $ 7.6 $ (20.9) $ 46.6 |
Statement Of Cash Flows | Statement of Cash Flows Guarantor Nonguarantor Three month period ended December 31, 2017 (in millions) Parent Subsidiaries Subsidiaries Eliminations Consolidated Net cash (used) provided by operating activities from continuing operations $ (192.2) $ (35.4) $ 66.2 $ (6.4) $ (167.8) Net cash provided (used) by operating activities from discontinued operations 5.5 0.1 (3.9) (17.0) (15.3) Net cash (used) provided by operating activities (186.7) (35.3) 62.3 (23.4) (183.1) Cash flows from investing activities . Purchases of property, plant and equipment (3.9) (3.8) (10.2) — (17.9) Proceeds from sales of property, plant and equipment 0.5 0.1 — — 0.6 Net cash used by investing activities from continuing operations (3.4) (3.7) (10.2) — (17.3) Net cash used by investing activities from discontinued operations (4.7) — (2.2) — (6.9) Net cash used by investing activities (8.1) (3.7) (12.4) — (24.2) Cash flows from financing activities Proceeds from issuance of debt 226.0 — 0.1 — 226.1 Payment of debt (28.9) — (0.9) — (29.8) Payment of debt issuance costs (0.1) — — — (0.1) Payment of cash dividends to parent (24.2) — — — (24.2) Advances related to intercompany transactions 20.9 34.9 (79.2) 23.4 — Net cash provided (used) by financing activities from continuing operations 193.7 34.9 (80.0) 23.4 172.0 Net cash (used) provided by financing activities from discontinued operations (1.3) — 6.5 — 5.2 Net cash provided (used) by financing activities 192.4 34.9 (73.5) 23.4 177.2 Effect of exchange rate changes on cash and cash equivalents — — (0.2) — (0.2) Net decrease in cash and cash equivalents (2.4) (4.1) (23.8) — (30.3) Cash and cash equivalents, beginning of period 6.0 4.8 157.4 — 168.2 Cash and cash equivalents, end of period $ 3.6 $ 0.7 $ 133.6 $ — $ 137.9 Statement of Cash Flows Guarantor Nonguarantor Three month period ended January 1, 2017 (in millions) Parent Subsidiaries Subsidiaries Eliminations Consolidated Net cash (used) provided by operating activities from continuing operations $ (21.9) $ 67.4 $ 251.2 $ (379.8) $ (83.1) Net cash provided (used) by operating activities from discontinued operations 4.6 — (4.4) 65.5 65.7 Net cash (used) provided by operating activities (17.3) 67.4 246.8 (314.3) (17.4) Cash flows from investing activities — Purchases of property, plant and equipment (6.0) (7.3) (7.8) — (21.1) Other investing activities — (0.8) — — (0.8) Net cash used by investing activities from continuing operations (6.0) (8.1) (7.8) — (21.9) Net cash used by investing activities from discontinued operations (4.8) — (2.0) — (6.8) Net cash used by investing activities (10.8) (8.1) (9.8) — (28.7) Cash flows from financing activities Proceeds from issuance of debt 197.2 — 3.1 — 200.3 Payment of debt (133.9) — — — (133.9) Payment of debt issuance costs (0.5) — — — (0.5) Payment of cash dividends to parent (147.6) — — — (147.6) Advances related to intercompany transactions 20.5 (62.2) (272.6) 314.3 — Net cash used by financing activities from continuing operations (64.3) (62.2) (269.5) 314.3 (81.7) Net cash (used) provided by financing activities from discontinued operations (0.2) — 6.8 — 6.6 Net cash used by financing activities (64.5) (62.2) (262.7) 314.3 (75.1) Effect of exchange rate changes on cash and cash equivalents — — (6.4) — (6.4) Net decrease in cash and cash equivalents (92.6) (2.9) (32.1) — (127.6) Cash and cash equivalents, beginning of period 98.6 3.1 169.1 — 270.8 Cash and cash equivalents, end of period $ 6.0 $ 0.2 $ 137.0 $ — $ 143.2 |
Basis Of Presentation And Des44
Basis Of Presentation And Description Of Business (Narrative) (Details) | 3 Months Ended |
Dec. 31, 2017segmentcountry | |
Basis Of Presentation And Description Of Business [Abstract] | |
Number of countries in which Company sells its products | country | 160 |
Number of reporting segments | segment | 5 |
Divestitures (Narrative) (Detai
Divestitures (Narrative) (Details) - Global Battery And Lighting [Member] - Subsequent Event [Member] $ in Millions | Jan. 15, 2018USD ($) |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Aggregate purchase price paid by Energizer in cash | $ 2,000 |
Consummation date | Dec. 31, 2018 |
Termination date | Jul. 15, 2019 |
Termination fee to by paid by Energizer | $ 100 |
Divestitures (Summary Of Assets
Divestitures (Summary Of Assets And Liabilities As Held For Sale) (Details) - Global Batteries & Appliances [Member] - Discontinued Operations, Held-For-Sale [Member] - USD ($) $ in Millions | Dec. 31, 2017 | Sep. 30, 2017 |
Assets | ||
Trade receivables, net | $ 282.5 | $ 260.1 |
Other receivables | 29.1 | 24.1 |
Inventories | 273.3 | 279.1 |
Prepaid expenses and other current assets | 40.7 | 39.7 |
Property, plant and equipment, net | 194.8 | 196.4 |
Deferred charges and other | 17.3 | 19.2 |
Goodwill | 348.6 | 348.9 |
Intangible assets, net | 804.3 | 811.9 |
Total assets of business held for sale | 1,990.6 | 1,979.4 |
Liabilities | ||
Current portion of long-term debt | 23.5 | 17.3 |
Accounts payable | 302.3 | 355.9 |
Accrued wages and salaries | 29.8 | 36.9 |
Other current liabilities | 98.8 | 89.8 |
Long-term debt, net of current portion | 51.1 | 51.4 |
Deferred income taxes | 36.8 | 38.2 |
Other long-term liabilities | 65.9 | 66.2 |
Total liabilities of business held for sale | $ 608.2 | $ 655.7 |
Divestitures (Summary Of Compon
Divestitures (Summary Of Components Of Income From Discontinued Operations) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2017 | Jan. 01, 2017 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Net income from discontinued operations | $ 40.9 | $ 52.4 |
Net income from discontinued operations attributable to controlling interest | 40.8 | 52.5 |
Discontinued Operations, Held-For-Sale [Member] | Global Batteries & Appliances [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Net sales | 603.3 | 609.5 |
Cost of goods sold | 403.4 | 398.6 |
Gross profit | 199.9 | 210.9 |
Operating expenses | 131.7 | 121.3 |
Operating income | 68.2 | 89.6 |
Interest expense | 13.7 | 12.8 |
Other non-operating expense, net | 0.3 | |
Income from discontinued operations before income taxes | 54.2 | 76.8 |
Income tax expense | 13.3 | 24.4 |
Net income from discontinued operations | 40.9 | 52.4 |
Net income from discontinued operations attributable to non-controlling interest | 0.1 | (0.1) |
Net income from discontinued operations attributable to controlling interest | $ 40.8 | $ 52.5 |
Acquisition And Integration C48
Acquisition And Integration Costs (Summary Of Acquisition And Integration Related Charges) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2017 | Jan. 01, 2017 | |
Business Acquisition [Line Items] | ||
Acquisition and integration related charges | $ 5.2 | $ 3.3 |
HHI Business Rationalization Initiative [Member] | ||
Business Acquisition [Line Items] | ||
Acquisition and integration related charges | 2.7 | 1.9 |
PetMatrix [Member] | ||
Business Acquisition [Line Items] | ||
Acquisition and integration related charges | 1.6 | |
GloFish [Member] | ||
Business Acquisition [Line Items] | ||
Acquisition and integration related charges | 0.4 | |
Armored AutoGroup [Member] | ||
Business Acquisition [Line Items] | ||
Acquisition and integration related charges | 0.2 | 1.3 |
Other [Member] | ||
Business Acquisition [Line Items] | ||
Acquisition and integration related charges | $ 0.3 | $ 0.1 |
Restructuring And Related Cha49
Restructuring And Related Charges (Narrative) (Details) $ in Millions | Dec. 31, 2017USD ($) |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and related charges since initiative inception | $ 86 |
PET Rightsizing Initiative [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Expected restructuring and related charges | 9 |
PET Rightsizing Initiative [Member] | Anticipated To Be Incurred Through September 30 2018 [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and related charges since initiative inception | 8.8 |
HHI Distribution Center Consolidation [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Expected restructuring and related charges | 55 |
HHI Distribution Center Consolidation [Member] | Anticipated To Be Incurred Through September 30 2018 [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and related charges since initiative inception | 42.6 |
GAC Business Rationalization Initiative [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Expected restructuring and related charges | 35 |
GAC Business Rationalization Initiative [Member] | Anticipated To Be Incurred Through September 30 2018 [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and related charges since initiative inception | $ 33.6 |
Restructuring And Related Cha50
Restructuring And Related Charges (Summary Of Restructuring And Related Charges) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2017 | Jan. 01, 2017 | |
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and related charges | $ 20.4 | $ 2.2 |
GAC Business Rationalization Initiative [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and related charges | 4 | 1.5 |
PET Rightsizing Initiative [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and related charges | 0.6 | |
HHI Business Rationalization Initiative [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and related charges | 15.2 | |
Other Restructuring Activities [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and related charges | 0.6 | 0.7 |
Cost of Goods Sold [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and related charges | 1.8 | 1.1 |
Operating Expense [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and related charges | $ 18.6 | $ 1.1 |
Restructuring And Related Cha51
Restructuring And Related Charges (Summary Of Costs Incurred And Cumulative Costs By Cost Type) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2017 | Jan. 01, 2017 | |
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and related charges | $ 20.4 | $ 2.2 |
Cumulative costs | 86 | |
Future costs to be incurred | 16.2 | |
Termination Benefits [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and related charges | 1.1 | 0.8 |
Cumulative costs | 12.1 | |
Future costs to be incurred | 0.2 | |
Other Costs [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and related charges | 19.3 | $ 1.4 |
Cumulative costs | 73.9 | |
Future costs to be incurred | $ 16 |
Restructuring And Related Cha52
Restructuring And Related Charges (Rollforward Of Restructuring Accrual) (Details) $ in Millions | 3 Months Ended |
Dec. 31, 2017USD ($) | |
Restructuring Cost and Reserve [Line Items] | |
Accrual balance at beginning | $ 17 |
Provisions | (1.5) |
Cash expenditures | (2.4) |
Non-cash items | 0.1 |
Accrual balance at ending | 13.2 |
Termination Benefits [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Accrual balance at beginning | 7.2 |
Provisions | 0.4 |
Cash expenditures | (1.6) |
Non-cash items | 0.1 |
Accrual balance at ending | 6.1 |
Other Costs [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Accrual balance at beginning | 9.8 |
Provisions | (1.9) |
Cash expenditures | (0.8) |
Non-cash items | |
Accrual balance at ending | $ 7.1 |
Restructuring And Related Cha53
Restructuring And Related Charges (Summary Of Costs Incurred By Reporting Segment) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2017 | Jan. 01, 2017 | |
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and related charges | $ 20.4 | $ 2.2 |
Cumulative costs | 86 | |
Future costs to be incurred | 16.2 | |
Corporate [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and related charges | 0.6 | |
Cumulative costs | 1 | |
Future costs to be incurred | 2.5 | |
Global Pet Supplies [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and related charges | 0.6 | 0.6 |
Cumulative costs | 8.8 | |
Future costs to be incurred | 0.2 | |
Hardware & Home Improvement [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and related charges | 15.2 | 0.1 |
Cumulative costs | 42.6 | |
Future costs to be incurred | 12.3 | |
Global Auto Care [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and related charges | 4 | $ 1.5 |
Cumulative costs | 33.6 | |
Future costs to be incurred | $ 1.2 |
Receivables And Concentration54
Receivables And Concentration Of Credit Risk (Narrative) (Details) $ in Millions | Dec. 31, 2017USD ($)customer | Sep. 30, 2017USD ($) | Jan. 01, 2017customer |
Receivables and Concentration of Credit Risk [Line Items] | |||
Allowance for uncollectible receivables | $ | $ 29 | $ 23.5 | |
Major Customer Three [Member] | Sales Revenue Net And/Or Trade Accounts Receivable [Member] | |||
Receivables and Concentration of Credit Risk [Line Items] | |||
Number of major customers accounting for a significant percentage of sales and/or receivables volume | customer | 3 | 3 | |
Major Customer Three [Member] | Sales Revenue Net And/Or Trade Accounts Receivable [Member] | Minimum [Member] | |||
Receivables and Concentration of Credit Risk [Line Items] | |||
Concentration risk | 10.00% | ||
Major Customer Three [Member] | Net Sales [Member] | |||
Receivables and Concentration of Credit Risk [Line Items] | |||
Concentration risk | 35.00% | 36.00% | |
Major Customer Three [Member] | Trade Receivable [Member] | |||
Receivables and Concentration of Credit Risk [Line Items] | |||
Concentration risk | 30.00% | 36.00% |
Inventories (Schedule Of Invent
Inventories (Schedule Of Inventories) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Sep. 30, 2017 |
Inventories [Abstract] | ||
Raw materials | $ 103.2 | $ 95.7 |
Work-in-process | 51.1 | 35.5 |
Finished goods | 426.4 | 365.1 |
Inventories | $ 580.7 | $ 496.3 |
Property, Plant And Equipment56
Property, Plant And Equipment (Schedule Of Property, Plant And Equipment) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Dec. 31, 2017 | Jan. 01, 2017 | Sep. 30, 2017 | |
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment | $ 792.3 | $ 776.1 | |
Accumulated depreciation | (286.3) | (272.5) | |
Property, plant and equipment, net | 506 | 503.6 | |
Depreciation expense | 18 | $ 14.6 | |
Land, Buildings And Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment | 148.4 | 145.7 | |
Machinery, Equipment And Other [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment | 386 | 379.3 | |
Capital Leases [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment | 212.2 | 210.7 | |
Construction In Progress [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment | $ 45.7 | $ 40.4 |
Goodwill And Intangible Asset57
Goodwill And Intangible Assets (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Dec. 31, 2017 | Jan. 01, 2017 | Sep. 30, 2017 | |
Intangible Assets [Line Items] | |||
Amortization expense | $ 15 | $ 15.4 | |
Tradenames [Member] | |||
Intangible Assets [Line Items] | |||
Indefinite-lived intangible assets | 1,025.3 | $ 1,024.3 | |
Impairment of indefinite lived intangible assets | $ 0 | $ 0 |
Goodwill And Intangible Asset58
Goodwill And Intangible Assets (Changes In The Carrying Amount Of Goodwill By Reporting Segment) (Details) $ in Millions | 3 Months Ended |
Dec. 31, 2017USD ($) | |
Goodwill [Line Items] | |
As of September 30, beginning | $ 2,277.1 |
Foreign currency impact | (0.7) |
As of December 31, ending | 2,276.4 |
Hardware & Home Improvement [Member] | |
Goodwill [Line Items] | |
As of September 30, beginning | 708.7 |
Foreign currency impact | 0.1 |
As of December 31, ending | 708.8 |
Global Pet Supplies [Member] | |
Goodwill [Line Items] | |
As of September 30, beginning | 437.1 |
Foreign currency impact | (0.4) |
As of December 31, ending | 436.7 |
Home and Garden [Member] | |
Goodwill [Line Items] | |
As of September 30, beginning | 196.5 |
Foreign currency impact | |
As of December 31, ending | 196.5 |
Global Auto Care [Member] | |
Goodwill [Line Items] | |
As of September 30, beginning | 934.8 |
Foreign currency impact | (0.4) |
As of December 31, ending | $ 934.4 |
Goodwill And Intangible Asset59
Goodwill And Intangible Assets (Schedule Of Carrying Value And Accumulated Amortization For Intangible Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Sep. 30, 2017 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 909.7 | $ 884.8 |
Accumulated Amortization | (336.4) | (297.1) |
Net | 573.3 | 587.7 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 672.6 | 671.7 |
Accumulated Amortization | (232.4) | (222.3) |
Net | 440.2 | 449.4 |
Technology Assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 231.6 | 194.6 |
Accumulated Amortization | (101.2) | (59.7) |
Net | 130.4 | 134.9 |
Tradenames [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 5.5 | 18.5 |
Accumulated Amortization | (2.8) | (15.1) |
Net | $ 2.7 | $ 3.4 |
Goodwill And Intangible Asset60
Goodwill And Intangible Assets (Schedule Of Range And Weighted Average Useful Lives For Definite-Lived Intangible Assets) (Details) | 3 Months Ended |
Dec. 31, 2017 | |
Customer Relationships [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Weighted average | 17 years 10 months 24 days |
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 4 months 24 days |
Technology Assets [Member] | Minimum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Range | 6 years |
Technology Assets [Member] | Maximum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Range | 18 years |
Tradenames [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Weighted average | 6 years 2 months 12 days |
Tradenames [Member] | Minimum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Range | 5 years |
Tradenames [Member] | Maximum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Range | 13 years |
Goodwill And Intangible Asset61
Goodwill And Intangible Assets (Schedule Of Future Amortization Expense) (Details) $ in Millions | Dec. 31, 2017USD ($) |
Goodwill And Intangible Assets [Abstract] | |
2,018 | $ 57.5 |
2,019 | 57.4 |
2,020 | 55 |
2,021 | 49.7 |
2,022 | $ 48 |
Debt (Narrative) (Details)
Debt (Narrative) (Details) $ in Millions | 3 Months Ended |
Dec. 31, 2017USD ($) | |
Revolving Credit Facility [Member] | |
Debt Instrument [Line Items] | |
Aggregate borrowing availability | $ 454.4 |
Outstanding letters of credit | $ 18 |
USD Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | |
Debt Instrument [Line Items] | |
Percentage over base variable rate | 2.00% |
USD Term Loan [Member] | Base Rate [Member] | |
Debt Instrument [Line Items] | |
Percentage over base variable rate | 1.00% |
CAD Term Loan [Member] | Canadian Dollor Offered Rate (CDOR) [Member] | |
Debt Instrument [Line Items] | |
Interest rate | 0.75% |
Percentage over base variable rate | 3.50% |
CAD Term Loan [Member] | Base Rate [Member] | |
Debt Instrument [Line Items] | |
Interest rate | 1.75% |
Percentage over base variable rate | 2.50% |
Minimum [Member] | Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | |
Debt Instrument [Line Items] | |
Interest rate | 1.75% |
Minimum [Member] | Revolving Credit Facility [Member] | Base Rate [Member] | |
Debt Instrument [Line Items] | |
Percentage over base variable rate | 0.75% |
Maximum [Member] | Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | |
Debt Instrument [Line Items] | |
Interest rate | 2.25% |
Maximum [Member] | Revolving Credit Facility [Member] | Base Rate [Member] | |
Debt Instrument [Line Items] | |
Percentage over base variable rate | 1.25% |
Foreign Subsidiary [Member] | |
Debt Instrument [Line Items] | |
Outstanding letters of credit | $ 1.5 |
Debt (Schedule Of Debt) (Detail
Debt (Schedule Of Debt) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2017 | Sep. 30, 2017 | |
Debt Instrument [Line Items] | ||
Less current portion | $ (20.1) | $ (19.4) |
SB/RH Holdings, LLC [Member] | ||
Debt Instrument [Line Items] | ||
Less current portion | (20.1) | (19.4) |
SBH and SB/RH [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | 4,033.7 | 3,828.8 |
Unamortized discount on debt | (3.3) | (3.7) |
Debt issuance costs | (51.1) | (53.1) |
Less current portion | (20.1) | (19.4) |
Long-term debt, net of current portion | 3,959.2 | 3,752.6 |
Expiring March 6, 2022 [Member] | SBH and SB/RH [Member] | Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Revolver facility | $ 226 | |
Rate | 4.10% | |
Maturity date | Mar. 6, 2022 | |
USD Term Loan [Member] | Due June 23, 2022 [Member] | SBH and SB/RH [Member] | ||
Debt Instrument [Line Items] | ||
Term loan | $ 1,241.1 | $ 1,244.2 |
Rate | 3.50% | 3.40% |
Maturity date | Jun. 23, 2022 | |
CAD Term Loan [Member] | Due June 23, 2022 [Member] | SBH and SB/RH [Member] | ||
Debt Instrument [Line Items] | ||
Term loan | $ 34.3 | $ 59 |
Rate | 5.00% | 4.90% |
Maturity date | Jun. 23, 2022 | |
4.00% Notes, Due October 1, 2026 [Member] | SBH and SB/RH [Member] | ||
Debt Instrument [Line Items] | ||
Notes | $ 507.6 | $ 500.9 |
Rate | 4.00% | 4.00% |
Interest rate | 4.00% | |
Maturity date | Oct. 1, 2026 | |
5.75% Notes, Due July 15, 2025 [Member] | SBH and SB/RH [Member] | ||
Debt Instrument [Line Items] | ||
Notes | $ 1,000 | $ 1,000 |
Rate | 5.80% | 5.80% |
Interest rate | 5.75% | |
Maturity date | Jul. 15, 2025 | |
6.125% Notes, Due December 15, 2024 [Member] | SBH and SB/RH [Member] | ||
Debt Instrument [Line Items] | ||
Notes | $ 250 | $ 250 |
Rate | 6.10% | 6.10% |
Interest rate | 6.125% | |
Maturity date | Dec. 15, 2024 | |
6.625% Notes, Due November 15, 2022 [Member] | SBH and SB/RH [Member] | ||
Debt Instrument [Line Items] | ||
Notes | $ 570 | $ 570 |
Rate | 6.60% | 6.60% |
Interest rate | 6.625% | |
Maturity date | Nov. 15, 2022 | |
Other Notes And Obligations [Member] | SBH and SB/RH [Member] | ||
Debt Instrument [Line Items] | ||
Other notes and obligations | $ 4 | $ 4.7 |
Rate | 8.00% | 8.00% |
Obligations Under Capital Leases [Member] | SBH and SB/RH [Member] | ||
Debt Instrument [Line Items] | ||
Obligations under capital leases | $ 200.7 | $ 200 |
Rate | 5.70% | 5.70% |
Derivatives (Narrative) (Detail
Derivatives (Narrative) (Details) € in Millions, $ in Millions | 3 Months Ended | |||
Dec. 31, 2017USD ($) | Jan. 01, 2017USD ($) | Sep. 30, 2017USD ($) | Sep. 20, 2016EUR (€) | |
Commodity Swaps [Member] | ||||
Derivative [Line Items] | ||||
Gain reclassified from AOCI into income from discontinued operations | $ 1.2 | $ 0.8 | ||
Foreign Exchange Contracts [Member] | ||||
Derivative [Line Items] | ||||
Gain reclassified from AOCI into income from discontinued operations | $ 4.2 | |||
Loss reclassified from AOCI into income from discontinued operations | $ 4.1 | |||
Cash Flow Hedging [Member] | Interest Rate Swaps [Member] | ||||
Derivative [Line Items] | ||||
Derivative, fixed interest rate | 1.76% | 1.76% | ||
Notional value | $ 300 | $ 300 | ||
Derivative net (loss) gain estimated to be reclassified from AOCI into earnings over the next 12 months | 0.1 | |||
Cash Flow Hedging [Member] | Commodity Swaps [Member] | ||||
Derivative [Line Items] | ||||
Derivative net (loss) gain estimated to be reclassified from AOCI into earnings over the next 12 months | 0.6 | |||
Cash Flow Hedging [Member] | Foreign Exchange Contracts [Member] | ||||
Derivative [Line Items] | ||||
Notional value | 53.2 | 67.5 | ||
Derivative net (loss) gain estimated to be reclassified from AOCI into earnings over the next 12 months | 0.8 | |||
Fair Value Hedging [Member] | ||||
Derivative [Line Items] | ||||
Posted cash collateral | 0 | 0 | ||
Posted standby letters of credit | 0 | 0 | ||
Net Investment Hedge [Member] | 4.00% Notes, Due October 1, 2026 [Member] | ||||
Derivative [Line Items] | ||||
Notes | € | € 425 | |||
Interest rate | 4.00% | |||
Not Designated as Hedging [Member] | Foreign Exchange Contracts [Member] | ||||
Derivative [Line Items] | ||||
Notional value | 90.5 | 62.9 | ||
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 | 3 Months Ended | 12 Months Ended |
Dec. 31, 2017 | Sep. 30, 2017 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Notional Amount | $ 300 | $ 300 |
Remaining Years | 2 years 3 months 18 days | 2 years 7 months 6 days |
Derivatives (Schedule Of Commod
Derivatives (Schedule Of Commodity Swap Contracts Outstanding) (Details) - Brass [Member] - Cash Flow Hedging [Member] $ in Millions | 3 Months Ended | 12 Months Ended |
Dec. 31, 2017USD ($)T | Sep. 30, 2017USD ($)T | |
Derivative [Line Items] | ||
Notional | T | 1.2 | 1.3 |
Contract Value | $ | $ 6.4 | $ 6.6 |
Derivatives (Schedule Of Fair V
Derivatives (Schedule Of Fair Value Of Outstanding Derivative Instruments) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Sep. 30, 2017 |
Derivatives, Fair Value [Line Items] | ||
Derivative assets | $ 3.8 | $ 1.5 |
Derivative liabilities | 1.5 | 3.3 |
Commodity Swaps [Member] | Receivables - Other [Member] | Designated as Hedging [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 0.9 | 0.6 |
Commodity Swaps [Member] | Deferred Charges And Other [Member] | Designated as Hedging [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 0.1 | |
Interest Rate Swaps [Member] | Receivables - Other [Member] | Designated as Hedging [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 0.1 | |
Interest Rate Swaps [Member] | Deferred Charges And Other [Member] | Designated as Hedging [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 2.1 | 0.4 |
Interest Rate Swaps [Member] | Other Current Liabilities [Member] | Designated as Hedging [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | 0.5 | |
Interest Rate Swaps [Member] | Accrued Interest [Member] | Designated as Hedging [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | 0.2 | 0.2 |
Foreign Exchange Contracts [Member] | Receivables - Other [Member] | Designated as Hedging [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 0.2 | 0.2 |
Foreign Exchange Contracts [Member] | Receivables - Other [Member] | Not Designated as Hedging [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 0.4 | 0.3 |
Foreign Exchange Contracts [Member] | Accounts Payable [Member] | Designated as Hedging [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | $ 1.3 | 2.3 |
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 | |
Dec. 31, 2017 | Jan. 01, 2017 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Effective Portion, Gain (Loss) in OCI | $ (0.8) | $ 43.2 |
Effective Portion, Gain (Loss) Reclassified to Earnings | 0.3 | (0.2) |
Other Non-Operating [Member] | Net Investment Hedge [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Effective Portion, Gain (Loss) in OCI | (6.6) | 32.5 |
Interest Rate Swaps [Member] | Interest Expense [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Effective Portion, Gain (Loss) in OCI | 2 | 0.1 |
Effective Portion, Gain (Loss) Reclassified to Earnings | (0.3) | (0.3) |
Commodity Swaps [Member] | Cost of Goods Sold [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Effective Portion, Gain (Loss) in OCI | 1.8 | 0.1 |
Effective Portion, Gain (Loss) Reclassified to Earnings | 0.3 | |
Foreign Exchange Contracts [Member] | Net Sales [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Effective Portion, Gain (Loss) in OCI | 0.2 | |
Effective Portion, Gain (Loss) Reclassified to Earnings | 0.1 | |
Foreign Exchange Contracts [Member] | Cost of Goods Sold [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Effective Portion, Gain (Loss) in OCI | 2 | 10.3 |
Effective Portion, Gain (Loss) Reclassified to Earnings | $ 0.2 | $ 0.1 |
Derivatives (Summary Of Gain (L
Derivatives (Summary Of Gain (Loss) Associated With Derivative Contracts Not Designated As Hedges) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2017 | Jan. 01, 2017 | |
Foreign Exchange Contracts [Member] | Other Non-Operating [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) on derivatives recognized in operations | $ 0.3 | $ (2.1) |
Fair Value Of Financial Instr70
Fair Value Of Financial Instruments (Fair Values Of Derivative Instruments) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Sep. 30, 2017 |
Carrying Amount [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative Assets | $ 3.8 | $ 1.5 |
Derivative Liabilities | 1.5 | 3.3 |
Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative Assets | 3.8 | 1.5 |
Derivative Liabilities | $ 1.5 | $ 3.3 |
Fair Value Of Financial Instr71
Fair Value Of Financial Instruments (Carrying Values And Fair Values For Debt) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Sep. 30, 2017 |
Carrying Amount [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | $ 3,979.3 | $ 3,772 |
Fair Value [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | 4,175 | 3,973.1 |
SB/RH Holdings, LLC [Member] | Carrying Amount [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | 3,979.3 | 3,772 |
SB/RH Holdings, LLC [Member] | Fair Value [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | $ 4,175 | $ 3,973.1 |
Employee Benefit Plans (Narrati
Employee Benefit Plans (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2017 | Jan. 01, 2017 | |
Employee Benefit Plans [Abstract] | ||
Company contributions to pension and deferred compensation plans, including discretionary amounts | $ 0.4 | $ 0.3 |
Employee Benefit Plans (Compone
Employee Benefit Plans (Components Of Net Periodic Benefit Cost) (Details) - Non U.S. [Member] - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2017 | Jan. 01, 2017 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Service cost | $ 0.5 | $ 0.7 |
Interest cost | 0.5 | 0.4 |
Expected return on assets | (0.4) | (0.3) |
Recognized net actuarial loss | 0.3 | 0.5 |
Net periodic benefit cost | $ 0.9 | $ 1.3 |
Minimum [Member] | ||
Weighted average assumptions | ||
Discount rate | 1.13% | 1.00% |
Expected return on plan assets | 1.13% | 1.00% |
Rate of compensation increase | 1.37% | 2.25% |
Maximum [Member] | ||
Weighted average assumptions | ||
Discount rate | 7.50% | 8.68% |
Expected return on plan assets | 3.50% | 3.50% |
Rate of compensation increase | 7.00% | 7.00% |
Share Based Compensation (Narra
Share Based Compensation (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Jan. 01, 2017 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Remaining unrecognized pre-tax compensation cost | $ 43.4 | |
SB/RH Holdings, LLC [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Remaining unrecognized pre-tax compensation cost | $ 42.4 | |
Annual Management Incentive Compensation Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total share based compensation | $ 2.4 |
Share Based Compensation (Summa
Share Based Compensation (Summary Of Share Based Compensation Expense) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2017 | Jan. 01, 2017 | |
Share based compensation expense | $ 3.8 | $ 7.2 |
SB/RH Holdings, LLC [Member] | ||
Share based compensation expense | $ 3.3 | $ 6.2 |
Share Based Compensation (Sum76
Share Based Compensation (Summary Of Activity Of The RSUs Granted) (Details) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended |
Dec. 31, 2017USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Granted, Shares | shares | 0.3 |
Granted, Weighted Average Grant Date Fair Value | $ / shares | $ 111.06 |
Granted, Fair Value at Grant Date | $ | $ 36 |
Time-Based RSUs [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Granted, Shares | shares | 0.1 |
Granted, Weighted Average Grant Date Fair Value | $ / shares | $ 113.29 |
Granted, Fair Value at Grant Date | $ | $ 10.4 |
Performance-Based RSUs [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Granted, Shares | shares | 0.2 |
Granted, Weighted Average Grant Date Fair Value | $ / shares | $ 110.17 |
Granted, Fair Value at Grant Date | $ | $ 25.6 |
Performance-Based RSUs [Member] | Vesting In 12 To 24 Months [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Granted, Shares | shares | 0.1 |
Granted, Weighted Average Grant Date Fair Value | $ / shares | $ 110.17 |
Granted, Fair Value at Grant Date | $ | $ 12.8 |
Performance-Based RSUs [Member] | Vesting In More Than 24 Months [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Granted, Shares | shares | 0.1 |
Granted, Weighted Average Grant Date Fair Value | $ / shares | $ 110.17 |
Granted, Fair Value at Grant Date | $ | $ 12.8 |
Restricted Stock Units (RSUs) [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Granted, Shares | shares | 0.3 |
Granted, Weighted Average Grant Date Fair Value | $ / shares | $ 111.06 |
Granted, Fair Value at Grant Date | $ | $ 36 |
SB/RH Holdings, LLC [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Granted, Shares | shares | 0.3 |
Granted, Weighted Average Grant Date Fair Value | $ / shares | $ 111.33 |
Granted, Fair Value at Grant Date | $ | $ 34.5 |
SB/RH Holdings, LLC [Member] | Time-Based RSUs [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Granted, Shares | shares | 0.1 |
Granted, Weighted Average Grant Date Fair Value | $ / shares | $ 114.74 |
Granted, Fair Value at Grant Date | $ | $ 8.9 |
SB/RH Holdings, LLC [Member] | Performance-Based RSUs [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Granted, Shares | shares | 0.2 |
Granted, Weighted Average Grant Date Fair Value | $ / shares | $ 110.17 |
Granted, Fair Value at Grant Date | $ | $ 25.6 |
SB/RH Holdings, LLC [Member] | Performance-Based RSUs [Member] | Vesting In 12 To 24 Months [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Granted, Shares | shares | 0.1 |
Granted, Weighted Average Grant Date Fair Value | $ / shares | $ 110.17 |
Granted, Fair Value at Grant Date | $ | $ 12.8 |
SB/RH Holdings, LLC [Member] | Performance-Based RSUs [Member] | Vesting In More Than 24 Months [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Granted, Shares | shares | 0.1 |
Granted, Weighted Average Grant Date Fair Value | $ / shares | $ 110.17 |
Granted, Fair Value at Grant Date | $ | $ 12.8 |
SB/RH Holdings, LLC [Member] | Restricted Stock Units (RSUs) [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Granted, Shares | shares | 0.3 |
Granted, Weighted Average Grant Date Fair Value | $ / shares | $ 111.33 |
Granted, Fair Value at Grant Date | $ | $ 34.5 |
Share Based Compensation (Sum77
Share Based Compensation (Summary Of Non-Vested RSUs Activity) (Details) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended |
Dec. 31, 2017USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Granted, Shares | shares | 0.3 |
Granted, Weighted Average Grant Date Fair Value | $ / shares | $ 111.06 |
Granted, Fair Value at Grant Date | $ | $ 36 |
Restricted Stock Units (RSUs) [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Beginning balance, Shares | shares | 0.8 |
Granted, Shares | shares | 0.3 |
Forfeited, Shares | shares | |
Vested, Shares | shares | (0.5) |
Ending balance, Shares | shares | 0.6 |
Beginning balance, Weighted Average Grant Date Fair Value | $ / shares | $ 114.67 |
Granted, Weighted Average Grant Date Fair Value | $ / shares | 111.06 |
Forfeited, Weighted Average Grant Date Fair Value | $ / shares | 123.78 |
Vested, Weighted Average Grant Date Fair Value | $ / shares | 113.24 |
Ending balance, Weighted Average Grant Date Fair Value | $ / shares | $ 113.82 |
Beginning balance, Fair Value at Grant Date | $ | $ 87.2 |
Granted, Fair Value at Grant Date | $ | 36 |
Forfeited, Fair Value at Grant Date | $ | (0.2) |
Vested, Fair Value at Grant Date | $ | (51.7) |
Ending balance, Fair Value at Grant Date | $ | $ 71.3 |
SB/RH Holdings, LLC [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Granted, Shares | shares | 0.3 |
Granted, Weighted Average Grant Date Fair Value | $ / shares | $ 111.33 |
Granted, Fair Value at Grant Date | $ | $ 34.5 |
SB/RH Holdings, LLC [Member] | Restricted Stock Units (RSUs) [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Beginning balance, Shares | shares | 0.7 |
Granted, Shares | shares | 0.3 |
Forfeited, Shares | shares | |
Vested, Shares | shares | (0.4) |
Ending balance, Shares | shares | 0.6 |
Beginning balance, Weighted Average Grant Date Fair Value | $ / shares | $ 116.32 |
Granted, Weighted Average Grant Date Fair Value | $ / shares | 111.33 |
Forfeited, Weighted Average Grant Date Fair Value | $ / shares | 123.78 |
Vested, Weighted Average Grant Date Fair Value | $ / shares | 114.30 |
Ending balance, Weighted Average Grant Date Fair Value | $ / shares | $ 115.12 |
Beginning balance, Fair Value at Grant Date | $ | $ 82.4 |
Granted, Fair Value at Grant Date | $ | 34.5 |
Forfeited, Fair Value at Grant Date | $ | (0.2) |
Vested, Fair Value at Grant Date | $ | (47.4) |
Ending balance, Fair Value at Grant Date | $ | $ 69.3 |
Accumulated Comprehensive Incom
Accumulated Comprehensive Income (Loss) (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2017 | Jan. 01, 2017 | |
Employee Benefit Plan [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
(Expense) gain reclassified from AOCI from discontinued operations | $ (0.5) | $ 0.8 |
Accumulated Other Comprehensi79
Accumulated Other Comprehensive Income (Loss) (Schedule Of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2017 | Jan. 01, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive loss, as of September 30 | $ (209.6) | |
Other comprehensive loss before reclassification | (10.8) | |
Amounts reclassified from accumulated other comprehensive loss | 3.4 | |
Other comprehensive (loss) income | (7.4) | |
Deferred tax effect | 7.2 | |
Deferred tax valuation allowance | 0.1 | |
Other comprehensive (loss) income, net of tax | (0.1) | $ (18.6) |
Other comprehensive income attributable to non-controlling interest | 0.2 | |
Other comprehensive (loss) income attributable to controlling interest | (0.3) | |
Accumulated other comprehensive loss, as of December 31 | (209.9) | |
Foreign Currency Translation [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive loss, as of September 30 | (131.2) | |
Other comprehensive loss before reclassification | (9.3) | |
Amounts reclassified from accumulated other comprehensive loss | ||
Other comprehensive (loss) income | (9.3) | |
Deferred tax effect | 7.2 | |
Deferred tax valuation allowance | 0.1 | |
Other comprehensive (loss) income, net of tax | (2) | |
Other comprehensive income attributable to non-controlling interest | 0.2 | |
Other comprehensive (loss) income attributable to controlling interest | (2.2) | |
Accumulated other comprehensive loss, as of December 31 | (133.4) | |
Hedging Activity [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive loss, as of September 30 | (26) | |
Other comprehensive loss before reclassification | (0.8) | |
Amounts reclassified from accumulated other comprehensive loss | 2.6 | |
Other comprehensive (loss) income | 1.8 | |
Deferred tax effect | ||
Deferred tax valuation allowance | ||
Other comprehensive (loss) income, net of tax | 1.8 | |
Other comprehensive income attributable to non-controlling interest | ||
Other comprehensive (loss) income attributable to controlling interest | 1.8 | |
Accumulated other comprehensive loss, as of December 31 | (24.2) | |
Employee Benefit Plans [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive loss, as of September 30 | (52.4) | |
Other comprehensive loss before reclassification | (0.7) | |
Amounts reclassified from accumulated other comprehensive loss | 0.8 | |
Other comprehensive (loss) income | 0.1 | |
Deferred tax effect | ||
Deferred tax valuation allowance | ||
Other comprehensive (loss) income, net of tax | 0.1 | |
Other comprehensive income attributable to non-controlling interest | ||
Other comprehensive (loss) income attributable to controlling interest | 0.1 | |
Accumulated other comprehensive loss, as of December 31 | $ (52.3) |
Accumulated Other Comprehensi80
Accumulated Other Comprehensive Income (Loss) (Schedule Of Reclassified From AOCL Associated With Employee Benefit Plan Costs) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2017 | Jan. 01, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Selling expenses | $ 113.3 | $ 106.6 |
General and administrative expenses | 62.8 | 60 |
Amounts reclassified from accumulated other comprehensive loss | (3.4) | |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | Employee Benefit Plan [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Cost of goods sold | 0.1 | 0.3 |
Selling expenses | 0.1 | 0.2 |
General and administrative expenses | 0.1 | |
Amounts reclassified from accumulated other comprehensive loss | $ 0.3 | $ 0.5 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Millions | Jan. 01, 2018 | Dec. 31, 2017 | Sep. 30, 2018 |
Income Taxes [Line Items] | |||
U.S. federal statutory rate | 35.00% | ||
Mandatory repatriation tax payable period | 8 years | ||
Subsequent Event [Member] | |||
Income Taxes [Line Items] | |||
U.S. federal statutory rate | 21.00% | ||
Foreign Subsidiary [Member] | |||
Income Taxes [Line Items] | |||
Undistributed earnings of foreign subsidiaries | $ 623.1 | ||
Provisional [Member] | |||
Income Taxes [Line Items] | |||
Income tax benefit (expense) | 206.7 | ||
Provisional [Member] | Foreign Subsidiary [Member] | |||
Income Taxes [Line Items] | |||
Income tax benefit (expense) | (78.8) | ||
U.S. State Net Operating Losses [Member] | |||
Income Taxes [Line Items] | |||
Valuation allowance | 41.4 | ||
Tax Year 2018 [Member] | Forecast [Member] | |||
Income Taxes [Line Items] | |||
U.S. federal statutory rate | 24.53% | ||
Tax Year 2019 [Member] | |||
Income Taxes [Line Items] | |||
Limits on deducting compensation, including performance-base compensation | $ 1 |
Income Taxes (Schedule Of Effec
Income Taxes (Schedule Of Effective Tax Rate) (Details) | 3 Months Ended | |
Dec. 31, 2017 | Jan. 01, 2017 | |
Income Taxes [Line Items] | ||
Effective tax rate | 2176.40% | 34.60% |
SB/RH Holdings, LLC [Member] | ||
Income Taxes [Line Items] | ||
Effective tax rate | 5138.10% | 39.20% |
Commitments And Contingencies (
Commitments And Contingencies (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2017 | Sep. 30, 2017 | |
Commitments And Contingencies [Abstract] | ||
Estimated costs associated with environmental remediation activities | $ 4.3 | $ 4.4 |
Product liability accruals | 4 | 5.3 |
Product warranty accruals | 5.7 | $ 5.4 |
Pet safety recall | 7.3 | |
Inventory write-offs associated with product safety recall | 1.6 | |
Customer losses, returned or disposed product | 0.4 | |
Incremental costs to dispose of product and operational expenses | $ 5.3 |
Segment Information (Narrative)
Segment Information (Narrative) (Details) | 3 Months Ended |
Dec. 31, 2017segment | |
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 | |
Dec. 31, 2017 | Jan. 01, 2017 | |
Revenue from External Customer [Line Items] | ||
Net sales | $ 646.5 | $ 602.3 |
SB/RH Holdings, LLC [Member] | ||
Revenue from External Customer [Line Items] | ||
Net sales | 646.5 | 602.3 |
Hardware & Home Improvement [Member] | ||
Revenue from External Customer [Line Items] | ||
Net sales | 325.9 | 288.8 |
Global Pet Supplies [Member] | ||
Revenue from External Customer [Line Items] | ||
Net sales | 202.4 | 194.2 |
Home and Garden [Member] | ||
Revenue from External Customer [Line Items] | ||
Net sales | 49.3 | 49.8 |
Global Auto Care [Member] | ||
Revenue from External Customer [Line Items] | ||
Net sales | $ 68.9 | $ 69.5 |
Segment Information (Segment Pr
Segment Information (Segment Profit Relating To Segments) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2017 | Jan. 01, 2017 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Total Segment Adjusted EBITDA | $ 34 | $ 61.5 |
Corporate expenses | 8.6 | 10.2 |
Depreciation and amortization | 33 | 30 |
Share based compensation | 3.8 | 7.2 |
Acquisition and integration related charges | 5.2 | 3.3 |
Restructuring and related charges | 20.4 | 2.2 |
Interest expense | 38.6 | 43 |
Inventory acquisition step-up | 0.8 | |
Pet safety recall | 7.3 | |
Other | 2.5 | |
(Loss) income from operations before income taxes | (5.9) | 19.5 |
Operating Segments [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Total Segment Adjusted EBITDA | 114.3 | 115.4 |
SB/RH Holdings, LLC [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Total Segment Adjusted EBITDA | 37.2 | 62.7 |
Corporate expenses | 8.4 | 10 |
Depreciation and amortization | 33 | 30 |
Share based compensation | 3.3 | 6.2 |
Acquisition and integration related charges | 5.2 | 3.3 |
Restructuring and related charges | 20.4 | 2.2 |
Interest expense | 38.6 | 43.3 |
Inventory acquisition step-up | 0.8 | |
Pet safety recall | 7.3 | |
(Loss) income from operations before income taxes | (2.7) | 20.4 |
SB/RH Holdings, LLC [Member] | Operating Segments [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Total Segment Adjusted EBITDA | 114.3 | 115.4 |
Hardware & Home Improvement [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Total Segment Adjusted EBITDA | 60 | 59.2 |
Restructuring and related charges | 15.2 | 0.1 |
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 Adjusted EBITDA | 60 | 59.2 |
Global Pet Supplies [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Total Segment Adjusted EBITDA | 34.1 | 30.7 |
Restructuring and related charges | 0.6 | 0.6 |
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 Adjusted EBITDA | 34.1 | 30.7 |
Home and Garden [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Total Segment Adjusted EBITDA | 5.4 | 5.7 |
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 Adjusted EBITDA | 5.4 | 5.7 |
Global Auto Care [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Total Segment Adjusted EBITDA | 14.8 | 19.8 |
Restructuring and related charges | 4 | 1.5 |
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 Adjusted EBITDA | $ 14.8 | $ 19.8 |
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 | |
Dec. 31, 2017 | Jan. 01, 2017 | |
Numerator | ||
Net income from continuing operations attributable to controlling interest | $ 119.3 | $ 12.7 |
Income from discontinued operations attributable to controlling interest | 40.8 | 52.5 |
Net income attributable to controlling interest | $ 160.1 | $ 65.2 |
Denominator | ||
Weighted average shares outstanding - basic | 57.7 | 59.3 |
Dilutive shares | 0.2 | |
Weighted average shares outstanding - diluted | 57.7 | 59.5 |
Earnings per share | ||
Basic earnings per share from continuing operations | $ 2.07 | $ 0.21 |
Basic earnings per share from discontinued operations | 0.70 | 0.89 |
Basic earnings per share | 2.77 | 1.10 |
Diluted earnings per share from continuing operations | 2.07 | 0.21 |
Diluted earnings per share from discontinued operations | 0.70 | 0.89 |
Diluted earnings per share | $ 2.77 | $ 1.10 |
Weighted average number of anti-dilutive shares excluded from denominator | ||
Restricted stock units | 0.4 | 0.4 |
Guarantor Statements - SB_RH (N
Guarantor Statements - SB/RH (Narrative) (Details) - SBH and SB/RH [Member] | Dec. 31, 2017 |
6.625% Notes, Due November 15, 2022 [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Interest rate | 6.625% |
6.125% Notes, Due December 15, 2024 [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Interest rate | 6.125% |
5.75% Notes, Due July 15, 2025 [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Interest rate | 5.75% |
4.00% Notes, Due October 1, 2026 [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Interest rate | 4.00% |
Guarantor Statements - SB_RH (S
Guarantor Statements - SB/RH (Statement Of Financial Position) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Sep. 30, 2017 | Jan. 01, 2017 | Sep. 30, 2016 |
Current assets: | ||||
Cash and cash equivalents | $ 137.9 | $ 168.2 | $ 143.3 | $ 275.3 |
Trade receivables, net | 278.4 | 266 | ||
Other receivables | 18.8 | 19.4 | ||
Inventories | 580.7 | 496.3 | ||
Prepaid expenses and other | 56.2 | 54.2 | ||
Current assets of business held for sale | 1,990.6 | 603 | ||
Total current assets | 3,062.6 | 1,607.1 | ||
Property, plant and equipment, net | 506 | 503.6 | ||
Deferred charges and other | 61.2 | 43.5 | ||
Goodwill | 2,276.4 | 2,277.1 | ||
Intangible assets, net | 1,598.6 | 1,612 | ||
Noncurrent assets of business held for sale | 1,376.4 | |||
Total assets | 7,504.8 | 7,419.7 | ||
Current liabilities: | ||||
Current portion of long-term debt | 20.1 | 19.4 | ||
Accounts payable | 320.7 | 371.6 | ||
Accrued wages and salaries | 27.9 | 50.6 | ||
Accrued interest | 40.7 | 48.5 | ||
Other current liabilities | 118.1 | 123.4 | ||
Current liabilities of business held for sale | 608.2 | 499.9 | ||
Total current liabilities | 1,135.7 | 1,113.4 | ||
Long-term debt, net of current portion | 3,959.2 | 3,752.6 | ||
Deferred income taxes | 298.2 | 493.2 | ||
Other long-term liabilities | 137.2 | 58 | ||
Noncurrent liabilities of business held for sale | 155.8 | |||
Total liabilities | 5,530.3 | 5,573 | ||
Shareholders' equity | ||||
Accumulated earnings (deficit) | 397.9 | 262.3 | ||
Accumulated other comprehensive (loss) income | (209.9) | (209.6) | ||
Total shareholder's equity | 1,964.7 | 1,837.9 | ||
Non-controlling interest | 9.8 | 8.8 | ||
Total equity | 1,974.5 | 1,846.7 | ||
Total liabilities and equity | 7,504.8 | 7,419.7 | ||
Eliminations [Member] | ||||
Current assets: | ||||
Intercompany receivables | (1,574.6) | (1,624.2) | ||
Other receivables | (1.1) | (1) | ||
Inventories | (16.3) | (20.4) | ||
Prepaid expenses and other | 0.1 | |||
Current assets of business held for sale | (4.8) | (4.3) | ||
Total current assets | (1,596.8) | (1,649.8) | ||
Long-term intercompany receivables | (390) | (426.3) | ||
Deferred charges and other | (236.9) | (254.4) | ||
Investments in subsidiaries | (6,191.6) | (6,020.4) | ||
Total assets | (8,415.3) | (8,350.9) | ||
Current liabilities: | ||||
Current portion of long-term debt | (3.4) | (3.9) | ||
Intercompany accounts payable | (1,576) | (1,629.6) | ||
Other current liabilities | (1.1) | (1) | ||
Total current liabilities | (1,580.5) | (1,634.5) | ||
Long-term intercompany debt | (385.2) | (417.1) | ||
Deferred income taxes | (241.9) | (260.2) | ||
Total liabilities | (2,207.6) | (2,311.8) | ||
Shareholders' equity | ||||
Other capital | 74.3 | (43) | ||
Accumulated earnings (deficit) | (6,617.2) | (6,335.7) | ||
Accumulated other comprehensive (loss) income | 335.2 | 339.6 | ||
Total shareholder's equity | (6,207.7) | (6,039.1) | ||
Total equity | (6,207.7) | (6,039.1) | ||
Total liabilities and equity | (8,415.3) | (8,350.9) | ||
Guarantor Subsidiaries [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 0.7 | 4.8 | 0.2 | 3.1 |
Trade receivables, net | 108.6 | 102.4 | ||
Intercompany receivables | 1,249.4 | 1,288.1 | ||
Other receivables | 6.2 | 4.7 | ||
Inventories | 257.8 | 205.6 | ||
Prepaid expenses and other | 10.3 | 8.6 | ||
Current assets of business held for sale | 123.8 | 0.2 | ||
Total current assets | 1,756.8 | 1,614.4 | ||
Property, plant and equipment, net | 178.1 | 178.9 | ||
Long-term intercompany receivables | 80.9 | 96.6 | ||
Deferred charges and other | 2.9 | 3 | ||
Goodwill | 1,463.4 | 1,463.4 | ||
Intangible assets, net | 1,017.6 | 1,027.7 | ||
Investments in subsidiaries | 1,352.3 | 1,290.3 | ||
Noncurrent assets of business held for sale | 124.4 | |||
Total assets | 5,852 | 5,798.7 | ||
Current liabilities: | ||||
Current portion of long-term debt | 4.4 | 4.3 | ||
Accounts payable | 115 | 108.3 | ||
Accrued wages and salaries | 2.3 | 2.3 | ||
Other current liabilities | 18.8 | 25.6 | ||
Current liabilities of business held for sale | 1.8 | 0.9 | ||
Total current liabilities | 142.3 | 141.4 | ||
Long-term debt, net of current portion | 91.7 | 92.1 | ||
Long-term intercompany debt | 282.7 | 302.1 | ||
Deferred income taxes | 489.9 | 523.5 | ||
Other long-term liabilities | 6.1 | 6.1 | ||
Noncurrent liabilities of business held for sale | 3.4 | |||
Total liabilities | 1,012.7 | 1,068.6 | ||
Shareholders' equity | ||||
Other capital | 1,041.5 | 1,089.9 | ||
Accumulated earnings (deficit) | 3,969.4 | 3,814.1 | ||
Accumulated other comprehensive (loss) income | (171.6) | (173.9) | ||
Total shareholder's equity | 4,839.3 | 4,730.1 | ||
Total equity | 4,839.3 | 4,730.1 | ||
Total liabilities and equity | 5,852 | 5,798.7 | ||
Nonguarantor Subsidiaries [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 133.6 | 157.4 | 137 | 169.1 |
Trade receivables, net | 77.8 | 78.2 | ||
Intercompany receivables | 325.2 | 335.4 | ||
Other receivables | 10.2 | 10.6 | ||
Inventories | 140.4 | 126.4 | ||
Prepaid expenses and other | 15 | 14.6 | ||
Current assets of business held for sale | 867.4 | 378.4 | ||
Total current assets | 1,569.6 | 1,101 | ||
Property, plant and equipment, net | 148.9 | 142.5 | ||
Long-term intercompany receivables | 12.5 | 12.5 | ||
Deferred charges and other | 38.1 | 35.6 | ||
Goodwill | 244.4 | 245.1 | ||
Intangible assets, net | 182.9 | 182.9 | ||
Noncurrent assets of business held for sale | 437.7 | |||
Total assets | 2,196.4 | 2,157.3 | ||
Current liabilities: | ||||
Current portion of long-term debt | 4.6 | 5.2 | ||
Accounts payable | 118.2 | 141.1 | ||
Accrued wages and salaries | 17.2 | 20.1 | ||
Other current liabilities | 55.8 | 44.2 | ||
Current liabilities of business held for sale | 458.5 | 322.4 | ||
Total current liabilities | 654.3 | 533 | ||
Long-term debt, net of current portion | 9 | 9.7 | ||
Long-term intercompany debt | 90 | 102.4 | ||
Deferred income taxes | 49.9 | 52 | ||
Other long-term liabilities | 40.9 | 40.4 | ||
Noncurrent liabilities of business held for sale | 129.6 | |||
Total liabilities | 844.1 | 867.1 | ||
Shareholders' equity | ||||
Other capital | (1,124.3) | (1,075) | ||
Accumulated earnings (deficit) | 2,630 | 2,521.6 | ||
Accumulated other comprehensive (loss) income | (163.2) | (165.2) | ||
Total shareholder's equity | 1,342.5 | 1,281.4 | ||
Non-controlling interest | 9.8 | 8.8 | ||
Total equity | 1,352.3 | 1,290.2 | ||
Total liabilities and equity | 2,196.4 | 2,157.3 | ||
Parent [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 3.6 | 6 | 6 | 98.6 |
Trade receivables, net | 92 | 85.4 | ||
Intercompany receivables | 0.7 | |||
Other receivables | 18.4 | 4.4 | ||
Inventories | 198.8 | 184.7 | ||
Prepaid expenses and other | 30.9 | 30.9 | ||
Current assets of business held for sale | 1,004.2 | 228.7 | ||
Total current assets | 1,347.9 | 540.8 | ||
Property, plant and equipment, net | 179 | 182.2 | ||
Long-term intercompany receivables | 296.6 | 317.2 | ||
Deferred charges and other | 246.9 | 244.2 | ||
Goodwill | 568.6 | 568.6 | ||
Intangible assets, net | 398.1 | 401.4 | ||
Investments in subsidiaries | 4,839.3 | 4,730.1 | ||
Noncurrent assets of business held for sale | 814.3 | |||
Total assets | 7,876.4 | 7,798.8 | ||
Current liabilities: | ||||
Current portion of long-term debt | 14.5 | 13.8 | ||
Accounts payable | 87.5 | 122.2 | ||
Intercompany accounts payable | 1,576 | 1,629.6 | ||
Accrued wages and salaries | 8.4 | 28.2 | ||
Accrued interest | 40.7 | 48.5 | ||
Other current liabilities | 43.1 | 50.1 | ||
Current liabilities of business held for sale | 147.9 | 176.6 | ||
Total current liabilities | 1,918.1 | 2,069 | ||
Long-term debt, net of current portion | 3,858.5 | 3,650.8 | ||
Long-term intercompany debt | 12.5 | 12.6 | ||
Deferred income taxes | 177.9 | |||
Other long-term liabilities | 90.2 | 11.5 | ||
Noncurrent liabilities of business held for sale | 22.8 | |||
Total liabilities | 5,879.3 | 5,944.6 | ||
Shareholders' equity | ||||
Other capital | 2,088.1 | 2,107.1 | ||
Accumulated earnings (deficit) | 119.3 | (42.8) | ||
Accumulated other comprehensive (loss) income | (210.3) | (210.1) | ||
Total shareholder's equity | 1,997.1 | 1,854.2 | ||
Total equity | 1,997.1 | 1,854.2 | ||
Total liabilities and equity | 7,876.4 | 7,798.8 | ||
SB/RH Holdings, LLC [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 137.9 | 168.2 | $ 143.2 | $ 270.8 |
Trade receivables, net | 278.4 | 266 | ||
Other receivables | 33.7 | 18.7 | ||
Inventories | 580.7 | 496.3 | ||
Prepaid expenses and other | 56.2 | 54.2 | ||
Current assets of business held for sale | 1,990.6 | 603 | ||
Total current assets | 3,077.5 | 1,606.4 | ||
Property, plant and equipment, net | 506 | 503.6 | ||
Deferred charges and other | 51 | 28.4 | ||
Goodwill | 2,276.4 | 2,277.1 | ||
Intangible assets, net | 1,598.6 | 1,612 | ||
Noncurrent assets of business held for sale | 1,376.4 | |||
Total assets | 7,509.5 | 7,403.9 | ||
Current liabilities: | ||||
Current portion of long-term debt | 20.1 | 19.4 | ||
Accounts payable | 320.7 | 371.6 | ||
Accrued wages and salaries | 27.9 | 50.6 | ||
Accrued interest | 40.7 | 48.5 | ||
Other current liabilities | 116.6 | 118.9 | ||
Current liabilities of business held for sale | 608.2 | 499.9 | ||
Total current liabilities | 1,134.2 | 1,108.9 | ||
Long-term debt, net of current portion | 3,959.2 | 3,752.6 | ||
Deferred income taxes | 297.9 | 493.2 | ||
Other long-term liabilities | 137.2 | 58 | ||
Noncurrent liabilities of business held for sale | 155.8 | |||
Total liabilities | 5,528.5 | 5,568.5 | ||
Shareholders' equity | ||||
Other capital | 2,079.6 | 2,079 | ||
Accumulated earnings (deficit) | 101.5 | (42.8) | ||
Accumulated other comprehensive (loss) income | (209.9) | (209.6) | ||
Total shareholder's equity | 1,971.2 | 1,826.6 | ||
Non-controlling interest | 9.8 | 8.8 | ||
Total equity | 1,981 | 1,835.4 | ||
Total liabilities and equity | $ 7,509.5 | $ 7,403.9 |
Guarantor Statements - SB_RH 90
Guarantor Statements - SB/RH (Statement Of Income) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2017 | Jan. 01, 2017 | |
Condensed Income Statements, Captions [Line Items] | ||
Net sales | $ 646.5 | $ 602.3 |
Cost of goods sold | 403.8 | 362.1 |
Restructuring and related charges | 1.8 | 1.1 |
Gross profit | 240.9 | 239.1 |
Selling | 113.3 | 106.6 |
General and administrative | 62.8 | 60 |
Research and development | 7 | 6.6 |
Acquisition and integration related charges | 5.2 | 3.3 |
Restructuring and related charges | 18.6 | 1.1 |
Total operating expenses | 206.9 | 177.6 |
Operating income (loss) | 34 | 61.5 |
Interest expense | 38.6 | 43 |
Other non-operating (income) expense, net | 1.3 | (1) |
(Loss) income from operations before income taxes | (5.9) | 19.5 |
Income tax expense (benefit) | (126) | 6.7 |
Net income from continuing operations | 120.1 | 12.8 |
Income from discontinued operations, net of tax | 40.9 | 52.4 |
Net income | 161 | 65.2 |
Net income (loss) attributable to non-controlling interest | 0.9 | |
Net income attributable to controlling interest | 160.1 | 65.2 |
Parent [Member] | ||
Condensed Income Statements, Captions [Line Items] | ||
Net sales | 334.1 | 379.3 |
Cost of goods sold | 254.6 | 247.8 |
Gross profit | 79.5 | 131.5 |
Selling | 43.9 | 53.9 |
General and administrative | 24 | 33.9 |
Research and development | 1.7 | 2.8 |
Acquisition and integration related charges | 2.7 | 2.8 |
Restructuring and related charges | 15.4 | 0.5 |
Total operating expenses | 87.7 | 93.9 |
Operating income (loss) | (8.2) | 37.6 |
Interest expense | 33.5 | 37.7 |
Other non-operating (income) expense, net | (68.5) | (41.7) |
(Loss) income from operations before income taxes | 26.8 | 41.6 |
Income tax expense (benefit) | (98.6) | (4.8) |
Net income from continuing operations | 125.4 | 46.4 |
Income from discontinued operations, net of tax | 41.2 | 18.1 |
Net income | 166.6 | 64.5 |
Net income attributable to controlling interest | 166.6 | 64.5 |
SB/RH Holdings, LLC [Member] | ||
Condensed Income Statements, Captions [Line Items] | ||
Net sales | 646.5 | 602.3 |
Cost of goods sold | 403.8 | 362.1 |
Restructuring and related charges | 1.8 | 1.1 |
Gross profit | 240.9 | 239.1 |
Selling | 113.3 | 106.6 |
General and administrative | 59.6 | 58.8 |
Research and development | 7 | 6.6 |
Acquisition and integration related charges | 5.2 | 3.3 |
Restructuring and related charges | 18.6 | 1.1 |
Total operating expenses | 203.7 | 176.4 |
Operating income (loss) | 37.2 | 62.7 |
Interest expense | 38.6 | 43.3 |
Other non-operating (income) expense, net | 1.3 | (1) |
(Loss) income from operations before income taxes | (2.7) | 20.4 |
Income tax expense (benefit) | (131.2) | 7.9 |
Net income from continuing operations | 128.5 | 12.5 |
Income from discontinued operations, net of tax | 40.9 | 52.4 |
Net income | 169.4 | 64.9 |
Net income (loss) attributable to non-controlling interest | 0.9 | (0.1) |
Net income attributable to controlling interest | 168.5 | 65 |
Eliminations [Member] | ||
Condensed Income Statements, Captions [Line Items] | ||
Net sales | (364.6) | (217) |
Cost of goods sold | (368.6) | (216.9) |
Gross profit | 4 | (0.1) |
Selling | (0.3) | |
General and administrative | (0.1) | |
Total operating expenses | (0.4) | |
Operating income (loss) | 4 | 0.3 |
Other non-operating (income) expense, net | 89 | 49.8 |
(Loss) income from operations before income taxes | (85) | (49.5) |
Income tax expense (benefit) | 0.8 | 34.2 |
Net income from continuing operations | (85.8) | (83.7) |
Income from discontinued operations, net of tax | (77.8) | (21.8) |
Net income | (163.6) | (105.5) |
Net income attributable to controlling interest | (163.6) | (105.5) |
Guarantor Subsidiaries [Member] | ||
Condensed Income Statements, Captions [Line Items] | ||
Net sales | 386.3 | 192.7 |
Cost of goods sold | 297.3 | 137.4 |
Restructuring and related charges | 1.7 | 1.1 |
Gross profit | 87.3 | 54.2 |
Selling | 36.5 | 20.9 |
General and administrative | 24.7 | 13.7 |
Research and development | 3 | 0.7 |
Acquisition and integration related charges | 1.3 | 0.1 |
Restructuring and related charges | 2.4 | 0.3 |
Total operating expenses | 67.9 | 35.7 |
Operating income (loss) | 19.4 | 18.5 |
Interest expense | 4.9 | 4.1 |
Other non-operating (income) expense, net | (19.1) | (8.2) |
(Loss) income from operations before income taxes | 33.6 | 22.6 |
Income tax expense (benefit) | (34.8) | (15) |
Net income from continuing operations | 68.4 | 37.6 |
Income from discontinued operations, net of tax | 38.3 | 18.8 |
Net income | 106.7 | 56.4 |
Net income attributable to controlling interest | 106.7 | 56.4 |
Nonguarantor Subsidiaries [Member] | ||
Condensed Income Statements, Captions [Line Items] | ||
Net sales | 290.7 | 247.3 |
Cost of goods sold | 220.5 | 193.8 |
Restructuring and related charges | 0.1 | |
Gross profit | 70.1 | 53.5 |
Selling | 32.9 | 32.1 |
General and administrative | 10.9 | 11.3 |
Research and development | 2.3 | 3.1 |
Acquisition and integration related charges | 1.2 | 0.4 |
Restructuring and related charges | 0.8 | 0.3 |
Total operating expenses | 48.1 | 47.2 |
Operating income (loss) | 22 | 6.3 |
Interest expense | 0.2 | 1.5 |
Other non-operating (income) expense, net | (0.1) | (0.9) |
(Loss) income from operations before income taxes | 21.9 | 5.7 |
Income tax expense (benefit) | 1.4 | (6.5) |
Net income from continuing operations | 20.5 | 12.2 |
Income from discontinued operations, net of tax | 39.2 | 37.3 |
Net income | 59.7 | 49.5 |
Net income (loss) attributable to non-controlling interest | 0.9 | (0.1) |
Net income attributable to controlling interest | $ 58.8 | $ 49.6 |
Guarantor Statements - SB_RH 91
Guarantor Statements - SB/RH (Statement Of Comprehensive Income) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2017 | Jan. 01, 2017 | |
Condensed Statement of Income Captions [Line Items] | ||
Net income | $ 161 | $ 65.2 |
Foreign currency translation loss | (2) | (46.1) |
Unrealized gain on derivative instruments | 1.8 | 24.2 |
Defined benefit pension gain | 0.1 | 3.3 |
Other comprehensive income (loss), net of tax | (0.1) | (18.6) |
Comprehensive income | 160.9 | 46.6 |
Comprehensive income (loss) attributable to non-controlling interest | 0.2 | (0.3) |
Comprehensive income attributable to controlling interest | 160.7 | 46.9 |
Parent [Member] | ||
Condensed Statement of Income Captions [Line Items] | ||
Net income | 166.6 | 64.5 |
Foreign currency translation loss | (2) | (46.1) |
Unrealized gain on derivative instruments | 1.8 | 24.2 |
Defined benefit pension gain | 0.1 | 3.3 |
Other comprehensive income (loss), net of tax | (0.1) | (18.6) |
Comprehensive income | 166.5 | 45.9 |
Comprehensive income attributable to controlling interest | 166.5 | 45.9 |
SB/RH Holdings, LLC [Member] | ||
Condensed Statement of Income Captions [Line Items] | ||
Net income | 169.4 | 64.9 |
Foreign currency translation loss | (2) | (46.1) |
Unrealized gain on derivative instruments | 1.8 | 24.2 |
Defined benefit pension gain | 0.1 | 3.3 |
Other comprehensive income (loss), net of tax | (0.1) | (18.6) |
Comprehensive income | 169.3 | 46.3 |
Comprehensive income (loss) attributable to non-controlling interest | 0.2 | (0.3) |
Comprehensive income attributable to controlling interest | 169.1 | 46.6 |
Eliminations [Member] | ||
Condensed Statement of Income Captions [Line Items] | ||
Net income | (163.6) | (105.5) |
Foreign currency translation loss | 4.2 | 99.8 |
Unrealized gain on derivative instruments | (8.6) | (8.5) |
Defined benefit pension gain | (0.2) | (6.7) |
Other comprehensive income (loss), net of tax | (4.6) | 84.6 |
Comprehensive income | (168.2) | (20.9) |
Comprehensive income attributable to controlling interest | (168.2) | (20.9) |
Guarantor Subsidiaries [Member] | ||
Condensed Statement of Income Captions [Line Items] | ||
Net income | 106.7 | 56.4 |
Foreign currency translation loss | (2) | (49.9) |
Unrealized gain on derivative instruments | 4.3 | 4.2 |
Defined benefit pension gain | 0.1 | 3.3 |
Other comprehensive income (loss), net of tax | 2.4 | (42.4) |
Comprehensive income | 109.1 | 14 |
Comprehensive income attributable to controlling interest | 109.1 | 14 |
Nonguarantor Subsidiaries [Member] | ||
Condensed Statement of Income Captions [Line Items] | ||
Net income | 59.7 | 49.5 |
Foreign currency translation loss | (2.2) | (49.9) |
Unrealized gain on derivative instruments | 4.3 | 4.3 |
Defined benefit pension gain | 0.1 | 3.4 |
Other comprehensive income (loss), net of tax | 2.2 | (42.2) |
Comprehensive income | 61.9 | 7.3 |
Comprehensive income (loss) attributable to non-controlling interest | 0.2 | (0.3) |
Comprehensive income attributable to controlling interest | $ 61.7 | $ 7.6 |
Guarantor Statements - SB_RH 92
Guarantor Statements - SB/RH (Statement Of Cash Flows) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2017 | Jan. 01, 2017 | |
Condensed Cash Flow Statements, Captions [Line Items] | ||
Net cash (used) provided by operating activities from continuing operations | $ (137.7) | $ (59.9) |
Net cash provided (used) by operating activities from discontinued operations | (15.3) | 65.7 |
Net cash (used) provided by operating activities | (153) | 5.8 |
Cash flows from investing activities | ||
Purchases of property, plant and equipment | (17.9) | (21.1) |
Proceeds from sales of property, plant and equipment | 0.6 | |
Other investing activities | (0.8) | |
Net cash used by investing activities from continuing operations | (17.3) | (21.9) |
Net cash used by investing activities from discontinued operations | (6.9) | (6.8) |
Net cash used by investing activities | (24.2) | (28.7) |
Cash flows from financing activities | ||
Proceeds from issuance of debt | 226.1 | 168.5 |
Payment of debt | (29.8) | (133.9) |
Payment of debt issuance costs | (0.1) | (0.5) |
Payment of cash dividends to parent | (24.2) | (22.6) |
Share based award tax withholding payments, net of proceeds | (22.2) | (23.2) |
Net cash provided (used) by financing activities from continuing operations | 141.9 | (109.3) |
Net cash (used) provided by financing activities from discontinued operations | 5.2 | 6.6 |
Net cash provided (used) by financing activities | 147.1 | (102.7) |
Effect of exchange rate changes on cash and cash equivalents | (0.2) | (6.4) |
Net changes in cash and cash equivalents | (30.3) | (132) |
Cash and cash equivalents, beginning of period | 168.2 | 275.3 |
Cash and cash equivalents, end of period | 137.9 | 143.3 |
Parent [Member] | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
Net cash (used) provided by operating activities from continuing operations | (192.2) | (21.9) |
Net cash provided (used) by operating activities from discontinued operations | 5.5 | 4.6 |
Net cash (used) provided by operating activities | (186.7) | (17.3) |
Cash flows from investing activities | ||
Purchases of property, plant and equipment | (3.9) | (6) |
Proceeds from sales of property, plant and equipment | 0.5 | |
Net cash used by investing activities from continuing operations | (3.4) | (6) |
Net cash used by investing activities from discontinued operations | (4.7) | (4.8) |
Net cash used by investing activities | (8.1) | (10.8) |
Cash flows from financing activities | ||
Proceeds from issuance of debt | 226 | 197.2 |
Payment of debt | (28.9) | (133.9) |
Payment of debt issuance costs | (0.1) | (0.5) |
Payment of cash dividends to parent | (24.2) | (147.6) |
Advances related to intercompany transactions | 20.9 | 20.5 |
Net cash provided (used) by financing activities from continuing operations | 193.7 | (64.3) |
Net cash (used) provided by financing activities from discontinued operations | (1.3) | (0.2) |
Net cash provided (used) by financing activities | 192.4 | (64.5) |
Net changes in cash and cash equivalents | (2.4) | (92.6) |
Cash and cash equivalents, beginning of period | 6 | 98.6 |
Cash and cash equivalents, end of period | 3.6 | 6 |
SB/RH Holdings, LLC [Member] | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
Net cash (used) provided by operating activities from continuing operations | (167.8) | (83.1) |
Net cash provided (used) by operating activities from discontinued operations | (15.3) | 65.7 |
Net cash (used) provided by operating activities | (183.1) | (17.4) |
Cash flows from investing activities | ||
Purchases of property, plant and equipment | (17.9) | (21.1) |
Proceeds from sales of property, plant and equipment | 0.6 | |
Other investing activities | (0.8) | |
Net cash used by investing activities from continuing operations | (17.3) | (21.9) |
Net cash used by investing activities from discontinued operations | (6.9) | (6.8) |
Net cash used by investing activities | (24.2) | (28.7) |
Cash flows from financing activities | ||
Proceeds from issuance of debt | 226.1 | 200.3 |
Payment of debt | (29.8) | (133.9) |
Payment of debt issuance costs | (0.1) | (0.5) |
Payment of cash dividends to parent | (24.2) | (147.6) |
Net cash provided (used) by financing activities from continuing operations | 172 | (81.7) |
Net cash (used) provided by financing activities from discontinued operations | 5.2 | 6.6 |
Net cash provided (used) by financing activities | 177.2 | (75.1) |
Effect of exchange rate changes on cash and cash equivalents | (0.2) | (6.4) |
Net changes in cash and cash equivalents | (30.3) | (127.6) |
Cash and cash equivalents, beginning of period | 168.2 | 270.8 |
Cash and cash equivalents, end of period | 137.9 | 143.2 |
Guarantor Subsidiaries [Member] | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
Net cash (used) provided by operating activities from continuing operations | (35.4) | 67.4 |
Net cash provided (used) by operating activities from discontinued operations | 0.1 | |
Net cash (used) provided by operating activities | (35.3) | 67.4 |
Cash flows from investing activities | ||
Purchases of property, plant and equipment | (3.8) | (7.3) |
Proceeds from sales of property, plant and equipment | 0.1 | |
Other investing activities | (0.8) | |
Net cash used by investing activities from continuing operations | (3.7) | (8.1) |
Net cash used by investing activities | (3.7) | (8.1) |
Cash flows from financing activities | ||
Advances related to intercompany transactions | 34.9 | (62.2) |
Net cash provided (used) by financing activities from continuing operations | 34.9 | (62.2) |
Net cash provided (used) by financing activities | 34.9 | (62.2) |
Net changes in cash and cash equivalents | (4.1) | (2.9) |
Cash and cash equivalents, beginning of period | 4.8 | 3.1 |
Cash and cash equivalents, end of period | 0.7 | 0.2 |
Nonguarantor Subsidiaries [Member] | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
Net cash (used) provided by operating activities from continuing operations | 66.2 | 251.2 |
Net cash provided (used) by operating activities from discontinued operations | (3.9) | (4.4) |
Net cash (used) provided by operating activities | 62.3 | 246.8 |
Cash flows from investing activities | ||
Purchases of property, plant and equipment | (10.2) | (7.8) |
Net cash used by investing activities from continuing operations | (10.2) | (7.8) |
Net cash used by investing activities from discontinued operations | (2.2) | (2) |
Net cash used by investing activities | (12.4) | (9.8) |
Cash flows from financing activities | ||
Proceeds from issuance of debt | 0.1 | 3.1 |
Payment of debt | (0.9) | |
Advances related to intercompany transactions | (79.2) | (272.6) |
Net cash provided (used) by financing activities from continuing operations | (80) | (269.5) |
Net cash (used) provided by financing activities from discontinued operations | 6.5 | 6.8 |
Net cash provided (used) by financing activities | (73.5) | (262.7) |
Effect of exchange rate changes on cash and cash equivalents | (0.2) | (6.4) |
Net changes in cash and cash equivalents | (23.8) | (32.1) |
Cash and cash equivalents, beginning of period | 157.4 | 169.1 |
Cash and cash equivalents, end of period | 133.6 | 137 |
Eliminations [Member] | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
Net cash (used) provided by operating activities from continuing operations | (6.4) | (379.8) |
Net cash provided (used) by operating activities from discontinued operations | (17) | 65.5 |
Net cash (used) provided by operating activities | (23.4) | (314.3) |
Cash flows from financing activities | ||
Advances related to intercompany transactions | 23.4 | 314.3 |
Net cash provided (used) by financing activities from continuing operations | 23.4 | 314.3 |
Net cash provided (used) by financing activities | $ 23.4 | $ 314.3 |