Cover Page
Cover Page - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2021 | Nov. 19, 2021 | Apr. 04, 2021 | |
Entity Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Sep. 30, 2021 | ||
Current Fiscal Year End Date | --09-30 | ||
Document Transition Report | false | ||
Entity File Number | 1-4219 | ||
Entity Registrant Name | Spectrum Brands Holdings, Inc. | ||
Entity Tax Identification Number | 74-1339132 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Address, Address Line One | 3001 Deming Way | ||
Entity Address, City or Town | Middleton | ||
Entity Address, State or Province | WI | ||
Entity Address, Postal Zip Code | 53562 | ||
City Area Code | 608 | ||
Local Phone Number | 275-3340 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
ICFR Auditor Attestation Flag | false | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 3,592 | ||
Entity Common Stock, Shares Outstanding | 41,190,355 | ||
Documents Incorporated by Reference | Portions of Spectrum Brands Holdings, Inc.’s subsequent amendment to the Form 10-K to be filed within 120 days of September 30, 2021 are incorporated by reference in this Annual Report on Form 10-K in response to Part III, Items 10, 11, 12 and 13. | ||
Amendment Flag | false | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2021 | ||
Entity Central Index Key | 0000109177 | ||
SB/RH | |||
Entity Information [Line Items] | |||
Entity File Number | 333-192634-03 | ||
Entity Registrant Name | SB/RH Holdings, LLC | ||
Entity Tax Identification Number | 27-2812840 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
ICFR Auditor Attestation Flag | false | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - USD ($) $ in Millions | Sep. 30, 2021 | Sep. 30, 2020 |
Assets | ||
Cash and cash equivalents | $ 187.9 | $ 531.6 |
Trade receivables, net | 248.4 | 299.8 |
Other receivables | 63.7 | 46.4 |
Inventories | 562.8 | 318.6 |
Prepaid expenses and other current assets | 40.8 | 30.9 |
Current assets of business held for sale | 1,810 | 500.8 |
Total current assets | 2,913.6 | 1,728.1 |
Property, plant and equipment, net | 260.2 | 255.6 |
Operating lease assets | 56.5 | 58 |
Deferred charges and other | 38.8 | 98.7 |
Goodwill | 867.2 | 627.2 |
Intangible assets, net | 1,204.1 | 1,046.7 |
Noncurrent assets of business held for sale | 0 | 1,293 |
Total assets | 5,340.4 | 5,107.3 |
Liabilities and Shareholders' Equity | ||
Current portion of long-term debt | 12 | 13.9 |
Accounts payable | 388.6 | 362.5 |
Accrued wages and salaries | 67.4 | 61.7 |
Accrued interest | 29.9 | 38.5 |
Other current liabilities | 211.9 | 164.7 |
Current liabilities of business held for sale | 454.3 | 303.6 |
Total current liabilities | 1,164.1 | 944.9 |
Long-term debt, net of current portion | 2,494.3 | 2,405.6 |
Long-term operating lease liabilities | 44.5 | 49.6 |
Deferred income taxes | 59.5 | 55.2 |
Other long-term liabilities | 99 | 111.1 |
Noncurrent liabilities of business held for sale | 0 | 125.1 |
Total liabilities | 3,861.4 | 3,691.5 |
Commitments and contingencies (Note 21) | ||
Shareholders' equity | ||
Common stock | 0.5 | 0.5 |
Additional paid-in capital | 2,063.8 | 2,054.3 |
Accumulated earnings | 359.9 | 243.9 |
Accumulated other comprehensive loss, net of tax | (235.3) | (284.7) |
Treasury stock | (717) | (606.5) |
Total shareholders' equity | 1,471.9 | 1,407.5 |
Noncontrolling interest | 7.1 | 8.3 |
Total equity | 1,479 | 1,415.8 |
Total liabilities and equity | 5,340.4 | 5,107.3 |
SB/RH | ||
Assets | ||
Cash and cash equivalents | 186.2 | 527.6 |
Trade receivables, net | 248.4 | 299.8 |
Other receivables | 146.4 | 127.4 |
Inventories | 562.8 | 318.6 |
Prepaid expenses and other current assets | 40.8 | 30.9 |
Current assets of business held for sale | 1,810 | 500.8 |
Total current assets | 2,994.6 | 1,805.1 |
Property, plant and equipment, net | 260.2 | 255.6 |
Operating lease assets | 56.5 | 58 |
Deferred charges and other | 35.1 | 98.7 |
Goodwill | 867.2 | 627.2 |
Intangible assets, net | 1,204.1 | 1,046.7 |
Noncurrent assets of business held for sale | 0 | 1,293 |
Total assets | 5,417.7 | 5,184.3 |
Liabilities and Shareholders' Equity | ||
Current portion of long-term debt | 12 | 13.9 |
Accounts payable | 388.8 | 362.4 |
Accrued wages and salaries | 67.4 | 61.7 |
Accrued interest | 29.9 | 38.5 |
Other current liabilities | 214.4 | 162.2 |
Current liabilities of business held for sale | 454.3 | 303.6 |
Total current liabilities | 1,166.8 | 942.3 |
Long-term debt, net of current portion | 2,494.3 | 2,405.6 |
Long-term operating lease liabilities | 44.5 | 49.6 |
Deferred income taxes | 272.4 | 278.5 |
Other long-term liabilities | 106.3 | 118 |
Noncurrent liabilities of business held for sale | 0 | 125.1 |
Total liabilities | 4,084.3 | 3,919.1 |
Commitments and contingencies (Note 21) | ||
Shareholders' equity | ||
Other capital | 2,174.8 | 2,154.1 |
Accumulated earnings | (614.9) | (614.2) |
Accumulated other comprehensive loss, net of tax | (235.2) | (284.6) |
Total shareholders' equity | 1,324.7 | 1,255.3 |
Noncontrolling interest | 8.7 | 9.9 |
Total equity | 1,333.4 | 1,265.2 |
Total liabilities and equity | $ 5,417.7 | $ 5,184.3 |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Position (Parenthetical) - $ / shares | Sep. 30, 2021 | Sep. 30, 2020 |
Shareholders' equity | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock, shares issued (in shares) | 53,800,000 | 53,800,000 |
Treasury stock, shares (in shares) | 11,900,000 | 10,700,000 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Millions | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 | |
Net sales | $ 2,998,100,000 | $ 2,622,100,000 | $ 2,446,400,000 |
Cost of goods sold | 1,961,600,000 | 1,730,200,000 | 1,624,300,000 |
Restructuring and related charges | 1,900,000 | 13,800,000 | 2,500,000 |
Gross profit | 1,034,600,000 | 878,100,000 | 819,600,000 |
Selling | 507,100,000 | 428,800,000 | 411,700,000 |
General and administrative | 305,900,000 | 279,600,000 | 297,400,000 |
Research and development | 29,800,000 | 29,200,000 | 32,100,000 |
Restructuring and related charges | 38,400,000 | 57,800,000 | 58,500,000 |
Transaction related charges | 56,300,000 | 23,100,000 | 20,900,000 |
Loss on sale of Coevorden operations | 0 | 26,800,000 | 0 |
Write-off from impairment of goodwill | 0 | 0 | 116,000,000 |
Write-off from impairment of intangible assets | 0 | 24,200,000 | 35,400,000 |
Total operating expenses | 937,500,000 | 869,500,000 | 972,000,000 |
Operating income (loss) | 97,100,000 | 8,600,000 | (152,400,000) |
Interest expense | 116,500,000 | 93,700,000 | 158,400,000 |
Gain from extinguishment of Salus CLO debt | 0 | (76,200,000) | 0 |
Other non-operating (income) expense, net | (8,300,000) | 16,200,000 | 43,400,000 |
Loss from continuing operations before income taxes | (11,100,000) | (25,100,000) | (354,200,000) |
Income tax (benefit) expense | (26,400,000) | 27,300,000 | (52,000,000) |
Net income (loss) from continuing operations | 15,300,000 | (52,400,000) | (302,200,000) |
Income (loss) from discontinued operations, net of tax | 174,300,000 | 150,900,000 | 798,000,000 |
Net income | 189,600,000 | 98,500,000 | 495,800,000 |
Net income from continuing operations attributable to non-controlling interest | 200,000 | 300,000 | 800,000 |
Net (loss) income from discontinued operations attributable to non-controlling interest | (200,000) | 400,000 | 500,000 |
Net income attributable to controlling interest | 189,600,000 | 97,800,000 | 494,500,000 |
Amounts attributable to controlling interest | |||
Net income (loss) from continuing operations attributable to controlling interest | 15,100,000 | (52,700,000) | (303,000,000) |
Net income from discontinued operations attributable to controlling interest | 174,500,000 | 150,500,000 | 797,500,000 |
Net income attributable to controlling interest | $ 189,600,000 | $ 97,800,000 | $ 494,500,000 |
Earnings Per Share | |||
Basic earnings per share from continuing operations (in dollars per share) | $ 0.35 | $ (1.18) | $ (5.98) |
Basic earnings per share from discontinued operations (in dollars per share) | 4.09 | 3.37 | 15.74 |
Basic earnings per share (in dollars per share) | 4.44 | 2.19 | 9.76 |
Diluted earnings per share from continuing operations (in dollars per share) | 0.35 | (1.18) | (5.98) |
Diluted earnings per share from discontinued operations (in dollars per share) | 4.04 | 3.37 | 15.74 |
Diluted earnings per share (in dollars per share) | 4.39 | 2.19 | 9.76 |
Dividend per share (in dollars per share) | $ 1.68 | $ 1.68 | $ 1.68 |
Weighted Average Shares Outstanding | |||
Basic (in shares) | 42.7 | 44.7 | 50.7 |
Diluted (in shares) | 43.2 | 44.7 | 50.7 |
SB/RH | |||
Net sales | $ 2,998,100,000 | $ 2,622,100,000 | $ 2,446,400,000 |
Cost of goods sold | 1,961,600,000 | 1,730,200,000 | 1,624,300,000 |
Restructuring and related charges | 1,900,000 | 13,800,000 | 2,500,000 |
Gross profit | 1,034,600,000 | 878,100,000 | 819,600,000 |
Selling | 507,100,000 | 428,800,000 | 411,700,000 |
General and administrative | 302,200,000 | 272,600,000 | 292,700,000 |
Research and development | 29,800,000 | 29,200,000 | 32,100,000 |
Restructuring and related charges | 38,400,000 | 57,800,000 | 58,500,000 |
Transaction related charges | 56,300,000 | 23,100,000 | 20,900,000 |
Loss on sale of Coevorden operations | 0 | 26,800,000 | 0 |
Write-off from impairment of goodwill | 0 | 0 | 116,000,000 |
Write-off from impairment of intangible assets | 0 | 24,200,000 | 35,400,000 |
Total operating expenses | 933,800,000 | 862,500,000 | 967,300,000 |
Operating income (loss) | 100,800,000 | 15,600,000 | (147,700,000) |
Interest expense | 116,800,000 | 93,200,000 | 106,100,000 |
Other non-operating (income) expense, net | (8,300,000) | 16,300,000 | 43,600,000 |
Loss from continuing operations before income taxes | (7,700,000) | (93,900,000) | (297,400,000) |
Income tax (benefit) expense | (25,000,000) | 14,500,000 | (36,100,000) |
Net income (loss) from continuing operations | 17,300,000 | (108,400,000) | (261,300,000) |
Income (loss) from discontinued operations, net of tax | 174,300,000 | 150,900,000 | 803,900,000 |
Net income | 191,600,000 | 42,500,000 | 542,600,000 |
Net income from continuing operations attributable to non-controlling interest | 200,000 | 300,000 | 800,000 |
Net (loss) income from discontinued operations attributable to non-controlling interest | (200,000) | 400,000 | 500,000 |
Net income attributable to controlling interest | 191,600,000 | 41,800,000 | 541,300,000 |
Amounts attributable to controlling interest | |||
Net income (loss) from continuing operations attributable to controlling interest | 17,100,000 | (108,700,000) | (262,100,000) |
Net income from discontinued operations attributable to controlling interest | 174,500,000 | 150,500,000 | 803,400,000 |
Net income attributable to controlling interest | $ 191,600,000 | $ 41,800,000 | $ 541,300,000 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 | |
Net income | $ 189.6 | $ 98.5 | $ 495.8 |
Other comprehensive income | |||
Foreign currency translation gain (loss) | 32.2 | (18.5) | (30.8) |
Deferred tax effect | 0 | 0.1 | (4.7) |
Net unrealized gain (loss) on foreign currency translation | 32.2 | (18.4) | (35.5) |
Unrealized gain (loss) on derivative instruments | |||
Unrealized gain (loss) on derivative instruments before reclassification | 0.1 | (6.2) | 12.6 |
Net reclassification for loss (gain) to income from continuing operations | 9.2 | (4.6) | (10.4) |
Net reclassification for loss (gain) to income from discontinued operations | 0.1 | (0.4) | (0.2) |
Unrealized gain (loss) on derivative instruments after reclassification | 9.4 | (11.2) | 2 |
Deferred tax effect | (6.6) | 11.7 | (5.4) |
Net unrealized gain (loss) on derivative instruments | 2.8 | 0.5 | (3.4) |
Defined benefit pension gain (loss) | |||
Defined benefit pension gain (loss) before reclassification | 11.7 | (5.2) | (27.6) |
Net reclassification for loss to income from continuing operations | 4.8 | 4.6 | 2.1 |
Net reclassification for (gain) loss to income from discontinued operations | (0.1) | (0.3) | 0.1 |
Defined benefit pension gain (loss) after reclassification | 16.4 | (0.9) | (25.4) |
Deferred tax effect | (1.6) | (0.3) | 4.1 |
Net defined benefit pension gain (loss) | 14.8 | (1.2) | (21.3) |
Deconsolidation of discontinued operations and assets held for sale | 0 | 8.1 | 21.9 |
Net change to derive comprehensive income for the periods | 49.8 | (11) | (38.3) |
Comprehensive income | 239.4 | 87.5 | 457.5 |
Comprehensive income attributable to controlling interest | 239 | 87.1 | 458 |
Continuing Operations | |||
Defined benefit pension gain (loss) | |||
Comprehensive income (loss) from continuing operations attributable to non-controlling interest | 0 | 0.1 | (0.2) |
Discontinued Operations | |||
Defined benefit pension gain (loss) | |||
Comprehensive income (loss) from continuing operations attributable to non-controlling interest | 0.4 | 0.3 | (0.3) |
SB/RH | |||
Net income | 191.6 | 42.5 | 542.6 |
Other comprehensive income | |||
Foreign currency translation gain (loss) | 32.2 | (18.5) | (30.8) |
Deferred tax effect | 0 | 0.1 | (4.7) |
Net unrealized gain (loss) on foreign currency translation | 32.2 | (18.4) | (35.5) |
Unrealized gain (loss) on derivative instruments | |||
Unrealized gain (loss) on derivative instruments before reclassification | 0.1 | (6.2) | 12.6 |
Net reclassification for loss (gain) to income from continuing operations | 9.2 | (4.6) | (10.4) |
Net reclassification for loss (gain) to income from discontinued operations | 0.1 | (0.4) | (0.2) |
Unrealized gain (loss) on derivative instruments after reclassification | 9.4 | (11.2) | 2 |
Deferred tax effect | (6.6) | 11.7 | (5.4) |
Net unrealized gain (loss) on derivative instruments | 2.8 | 0.5 | (3.4) |
Defined benefit pension gain (loss) | |||
Defined benefit pension gain (loss) before reclassification | 11.7 | (5.2) | (27.6) |
Net reclassification for loss to income from continuing operations | 4.8 | 4.6 | 2.1 |
Net reclassification for (gain) loss to income from discontinued operations | (0.1) | (0.3) | 0.1 |
Defined benefit pension gain (loss) after reclassification | 16.4 | (0.9) | (25.4) |
Deferred tax effect | (1.6) | (0.3) | 4.1 |
Net defined benefit pension gain (loss) | 14.8 | (1.2) | (21.3) |
Deconsolidation of discontinued operations and assets held for sale | 0 | 8.1 | 21.9 |
Net change to derive comprehensive income for the periods | 49.8 | (11) | (38.3) |
Comprehensive income | 241.4 | 31.5 | 504.3 |
Comprehensive income attributable to controlling interest | 241 | 31.1 | 504.8 |
SB/RH | Continuing Operations | |||
Defined benefit pension gain (loss) | |||
Comprehensive income (loss) from continuing operations attributable to non-controlling interest | 0 | 0.1 | (0.2) |
SB/RH | Discontinued Operations | |||
Defined benefit pension gain (loss) | |||
Comprehensive income (loss) from continuing operations attributable to non-controlling interest | $ 0.4 | $ 0.3 | $ (0.3) |
Consolidated Statements of Shar
Consolidated Statements of Shareholder's Equity - USD ($) shares in Millions, $ in Millions | Total | Open Market Purchases And Private Purchases | Cumulative Effect, Period of Adoption, Adjustment | Total Shareholders' Equity | Total Shareholders' EquityOpen Market Purchases And Private Purchases | Total Shareholders' EquityCumulative Effect, Period of Adoption, Adjustment | Common Stock | Common StockOpen Market Purchases And Private Purchases | Additional Paid-in Capital | Accumulated Earnings (Deficit) | Accumulated Earnings (Deficit)Cumulative Effect, Period of Adoption, Adjustment | Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive LossCumulative Effect, Period of Adoption, Adjustment | Treasury Stock | Treasury StockOpen Market Purchases And Private Purchases | Non- controlling Interest | SB/RH | SB/RHCumulative Effect, Period of Adoption, Adjustment | SB/RHTotal Shareholders' Equity | SB/RHTotal Shareholders' EquityCumulative Effect, Period of Adoption, Adjustment | SB/RHOther Capital | SB/RHAccumulated Earnings (Deficit) | SB/RHAccumulated Earnings (Deficit)Cumulative Effect, Period of Adoption, Adjustment | SB/RHAccumulated Other Comprehensive Loss | SB/RHAccumulated Other Comprehensive LossCumulative Effect, Period of Adoption, Adjustment | SB/RHNon- controlling Interest |
Balance at beginning of period (in shares) at Sep. 30, 2018 | 53.4 | |||||||||||||||||||||||||
Balance at beginning of period at Sep. 30, 2018 | $ 1,589.6 | $ (3.1) | $ 1,581.3 | $ (3.1) | $ 0.5 | $ 1,996.7 | $ (180.1) | $ (3.1) | $ (235.8) | $ 0 | $ 8.3 | $ 1,611.7 | $ (3.1) | $ 1,601.8 | $ (3.1) | $ 2,073 | $ (235.5) | $ (3.1) | $ (235.7) | $ 9.9 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||||||||
Net (loss) income from continuing operations | (302.2) | (303) | (303) | 0.8 | (261.3) | (262.1) | (262.1) | 0.8 | ||||||||||||||||||
Income (loss) from discontinued operations, net of tax | 798 | 797.5 | 797.5 | 0.5 | 803.9 | 803.4 | 803.4 | 0.5 | ||||||||||||||||||
Other comprehensive (loss) income, net of tax | (60.2) | (59.7) | (59.7) | (0.5) | (60.2) | (59.7) | (59.7) | (0.5) | ||||||||||||||||||
Sale and deconsolidation of discontinued operations and assets held for sale | (21.9) | (21.9) | (21.9) | (21.9) | (21.9) | (21.9) | ||||||||||||||||||||
Treasury stock repurchases (in shares) | (4.9) | |||||||||||||||||||||||||
Treasury stock repurchases | $ (268.5) | $ (268.5) | $ (268.5) | |||||||||||||||||||||||
Restricted stock issued and related tax withholdings (in shares) | 0.3 | |||||||||||||||||||||||||
Restricted stock issued and related tax withholdings | 9.5 | 9.5 | 2.1 | (0.2) | 7.6 | 9.6 | 9.6 | 9.6 | ||||||||||||||||||
Share based compensation | 32.3 | 32.3 | 32.3 | 30.7 | 30.7 | 30.7 | ||||||||||||||||||||
Dividends paid | (87.3) | (87.3) | (87.3) | (717.4) | (717.4) | (717.4) | ||||||||||||||||||||
Dividend paid by subsidiary to NCI | (1.1) | (1.1) | (1.1) | (1.1) | ||||||||||||||||||||||
Balance at end of period (in shares) at Sep. 30, 2019 | 48.8 | |||||||||||||||||||||||||
Balance at end of period at Sep. 30, 2019 | 1,728.9 | $ 0 | 1,720.9 | $ 0.5 | 2,031.1 | 223.8 | $ (0.3) | (273.6) | $ 0.3 | (260.9) | 8 | 1,434.7 | $ 0 | 1,425.1 | 2,113.3 | (414.7) | $ (0.3) | (273.5) | $ 0.3 | 9.6 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||||||||
Net (loss) income from continuing operations | (52.4) | (52.7) | (52.7) | 0.3 | (108.4) | (108.7) | (108.7) | 0.3 | ||||||||||||||||||
Income (loss) from discontinued operations, net of tax | 150.9 | 150.5 | 150.5 | 0.4 | 150.9 | 150.5 | 150.5 | 0.4 | ||||||||||||||||||
Other comprehensive (loss) income, net of tax | (19.1) | (19.5) | (19.5) | 0.4 | (19.1) | (19.5) | (19.5) | 0.4 | ||||||||||||||||||
Sale and deconsolidation of discontinued operations and assets held for sale | $ (8.1) | (8.1) | (8.1) | (8.1) | (8.1) | (8.1) | ||||||||||||||||||||
Treasury stock repurchases (in shares) | (6.2) | (4.2) | ||||||||||||||||||||||||
Treasury stock repurchases | $ (239.8) | (239.8) | (239.8) | |||||||||||||||||||||||
Accelerated share repurchase final settlement (in shares) | (2) | |||||||||||||||||||||||||
Accelerated share repurchase final settlement | (125) | (125) | (0.2) | (124.8) | ||||||||||||||||||||||
Restricted stock issued and related tax withholdings (in shares) | 0.5 | |||||||||||||||||||||||||
Restricted stock issued and related tax withholdings | 4.8 | 4.8 | (14.2) | 19 | 4.5 | 4.5 | 4.5 | |||||||||||||||||||
Share based compensation | 37.6 | 37.6 | 37.6 | 36.3 | 36.3 | 36.3 | ||||||||||||||||||||
Dividends paid | (77.4) | (77.4) | (77.4) | (241) | (241) | (241) | ||||||||||||||||||||
Dividend paid by subsidiary to NCI | (0.8) | (0.8) | (0.8) | (0.8) | ||||||||||||||||||||||
Balance at end of period (in shares) at Sep. 30, 2020 | 43.1 | |||||||||||||||||||||||||
Balance at end of period at Sep. 30, 2020 | 1,415.8 | 1,407.5 | $ 0.5 | 2,054.3 | 243.9 | (284.7) | (606.5) | 8.3 | 1,265.2 | 1,255.3 | 2,154.1 | (614.2) | (284.6) | 9.9 | ||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||||||||
Net (loss) income from continuing operations | 15.3 | 15.1 | 15.1 | 0.2 | 17.3 | 17.1 | 17.1 | 0.2 | ||||||||||||||||||
Income (loss) from discontinued operations, net of tax | 174.3 | 174.5 | 174.5 | (0.2) | 174.3 | 174.5 | 174.5 | (0.2) | ||||||||||||||||||
Other comprehensive (loss) income, net of tax | 49.8 | 49.4 | 49.4 | 0.4 | 49.8 | 49.4 | 49.4 | 0.4 | ||||||||||||||||||
Sale and deconsolidation of discontinued operations and assets held for sale | $ 0 | 0 | ||||||||||||||||||||||||
Treasury stock repurchases (in shares) | (1.6) | (1.6) | ||||||||||||||||||||||||
Treasury stock repurchases | $ (125.8) | $ (125.8) | (125.8) | $ (125.8) | ||||||||||||||||||||||
Restricted stock issued and related tax withholdings (in shares) | 0.3 | |||||||||||||||||||||||||
Restricted stock issued and related tax withholdings | $ (4.9) | (4.9) | (20.2) | 15.3 | (7.3) | (7.3) | (7.3) | |||||||||||||||||||
Share based compensation | 29.7 | 29.7 | 29.7 | 28 | 28 | 28 | ||||||||||||||||||||
Dividends paid | (73.6) | (73.6) | (73.6) | (192.3) | (192.3) | (192.3) | ||||||||||||||||||||
Dividend paid by subsidiary to NCI | (1.6) | (1.6) | (1.6) | (1.6) | ||||||||||||||||||||||
Balance at end of period (in shares) at Sep. 30, 2021 | 41.8 | |||||||||||||||||||||||||
Balance at end of period at Sep. 30, 2021 | $ 1,479 | $ 1,471.9 | $ 0.5 | $ 2,063.8 | $ 359.9 | $ (235.3) | $ (717) | $ 7.1 | $ 1,333.4 | $ 1,324.7 | $ 2,174.8 | $ (614.9) | $ (235.2) | $ 8.7 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 | |
Cash flows from operating activities | |||
Net income | $ 189,600,000 | $ 98,500,000 | $ 495,800,000 |
Income from discontinued operations, net of tax | 174,300,000 | 150,900,000 | 798,000,000 |
Net income (loss) from continuing operations | 15,300,000 | (52,400,000) | (302,200,000) |
Adjustments to reconcile net income (loss) to net cash from operating activities: | |||
Depreciation and amortization | 117,000,000 | 114,700,000 | 147,300,000 |
Share based compensation | 28,900,000 | 31,800,000 | 44,200,000 |
Unrealized loss on equity investments held | 0 | 7,500,000 | 12,100,000 |
Realized (gain) loss on equity investments sold | (6,900,000) | 9,300,000 | 0 |
Loss on sale of Coevorden operations | 0 | 26,800,000 | 0 |
Write-off from impairment of goodwill | 0 | 0 | 116,000,000 |
Write-off from impairment of intangible assets | 0 | 24,200,000 | 35,400,000 |
Amortization of debt issuance costs and debt discount | 5,600,000 | 6,400,000 | 9,900,000 |
Write-off of unamortized discount and debt issuance costs | 7,900,000 | 1,100,000 | 38,300,000 |
Gain from extinguishment of Salus CLO debt | 0 | (76,200,000) | 0 |
Purchase accounting inventory adjustment | 7,300,000 | 0 | 0 |
Deferred tax (benefit) expense | (64,400,000) | 24,600,000 | (36,000,000) |
Net changes in operating assets and liabilities | |||
Receivables | 65,900,000 | (58,600,000) | (81,600,000) |
Inventories | (219,600,000) | 36,200,000 | 2,200,000 |
Prepaid expenses and other current assets | (9,700,000) | 26,000,000 | (1,600,000) |
Accounts payable and accrued liabilities | 116,000,000 | 99,800,000 | (68,600,000) |
Other | 25,900,000 | (19,400,000) | 42,000,000 |
Net cash provided (used) by operating activities from continuing operations | 89,200,000 | 201,800,000 | (42,600,000) |
Net cash provided by operating activities from discontinued operations | 199,200,000 | 88,500,000 | 43,700,000 |
Net cash provided by operating activities | 288,400,000 | 290,300,000 | 1,100,000 |
Cash flows from investing activities | |||
Purchases of property, plant and equipment | (43,600,000) | (44,100,000) | (40,400,000) |
Proceeds from disposal of property, plant and equipment | 100,000 | 4,200,000 | 2,100,000 |
Proceeds from sale of Coevorden operations | 0 | 29,000,000 | 0 |
Proceeds from sale of discontinued operations, net of cash | 0 | 3,600,000 | 2,859,500,000 |
Business acquisitions, net of cash acquired | (429,900,000) | (16,900,000) | 0 |
Proceeds from sale of equity investment | 73,100,000 | 147,100,000 | 0 |
Other investing activity | (400,000) | 2,300,000 | (300,000) |
Net cash (used) provided by investing activities from continuing operations | (400,700,000) | 125,200,000 | 2,820,900,000 |
Net cash used by investing activities from discontinued operations | (22,800,000) | (16,900,000) | (23,300,000) |
Net cash (used) provided by investing activities | (423,500,000) | 108,300,000 | 2,797,600,000 |
Cash flows from financing activities | |||
Payment of debt, including premium on extinguishment | (891,200,000) | (134,300,000) | (2,649,100,000) |
Proceeds from issuance of debt | 899,000,000 | 300,000,000 | 300,000,000 |
Payment of debt issuance costs | (12,600,000) | (11,500,000) | (4,100,000) |
Treasury stock purchases | (125,800,000) | (239,800,000) | (268,500,000) |
Accelerated share repurchase | 0 | (125,000,000) | 0 |
Dividends paid to shareholders | (71,500,000) | (75,200,000) | (85,500,000) |
Dividends paid by subsidiary to non-controlling interest | 0 | 0 | (1,100,000) |
Share based award tax withholding payments, net of proceeds upon vesting | (8,300,000) | (12,600,000) | (4,400,000) |
Payment of contingent consideration | 0 | (197,000,000) | (8,900,000) |
Other financing activities, net | 3,500,000 | 300,000 | 0 |
Net cash used by financing activities from continuing operations | (206,900,000) | (495,100,000) | (2,721,600,000) |
Net cash used by financing activities from discontinued operations | (3,000,000) | (2,000,000) | (3,000,000) |
Net cash used by financing activities | (209,900,000) | (497,100,000) | (2,724,600,000) |
Effect of exchange rate changes on cash and cash equivalents | 1,300,000 | 5,100,000 | (8,400,000) |
Net change in cash, cash equivalents and restricted cash | (343,700,000) | (93,400,000) | 65,700,000 |
Net change in cash, cash equivalents and restricted cash in discontinued operations | 0 | 0 | 0 |
Net change in cash, cash equivalents and restricted cash in continuing operations | (343,700,000) | (93,400,000) | 65,700,000 |
Cash, cash equivalents, and restricted cash, beginning of period | 533,700,000 | 627,100,000 | 561,400,000 |
Cash, cash equivalents, and restricted cash, end of period | 190,000,000 | 533,700,000 | 627,100,000 |
Non cash investing activities | |||
Acquisition of property, plant and equipment through capital leases | 9,400,000 | 3,500,000 | 3,100,000 |
Non cash financing activities | |||
Issuance of shares through stock compensation plan | 17,900,000 | 39,600,000 | 30,800,000 |
Continuing Operations | |||
Supplemental disclosure of cash flow information | |||
Cash paid for interest | 86,400,000 | 81,400,000 | 116,600,000 |
Cash paid for taxes | 23,500,000 | 20,200,000 | 41,600,000 |
Discontinued Operations | |||
Supplemental disclosure of cash flow information | |||
Cash paid for interest | 50,000,000 | 45,700,000 | 91,500,000 |
Cash paid for taxes | 11,500,000 | 21,900,000 | 12,300,000 |
SB/RH | |||
Cash flows from operating activities | |||
Net income | 191,600,000 | 42,500,000 | 542,600,000 |
Income from discontinued operations, net of tax | 174,300,000 | 150,900,000 | 803,900,000 |
Net income (loss) from continuing operations | 17,300,000 | (108,400,000) | (261,300,000) |
Adjustments to reconcile net income (loss) to net cash from operating activities: | |||
Depreciation and amortization | 117,000,000 | 114,700,000 | 147,300,000 |
Share based compensation | 27,200,000 | 30,500,000 | 42,600,000 |
Unrealized loss on equity investments held | 0 | 7,500,000 | 12,100,000 |
Realized (gain) loss on equity investments sold | (6,900,000) | 9,300,000 | 0 |
Loss on sale of Coevorden operations | 0 | 26,800,000 | 0 |
Write-off from impairment of goodwill | 0 | 0 | 116,000,000 |
Write-off from impairment of intangible assets | 0 | 24,200,000 | 35,400,000 |
Amortization of debt issuance costs and debt discount | 5,600,000 | 5,500,000 | 6,400,000 |
Write-off of unamortized discount and debt issuance costs | 7,900,000 | 1,100,000 | 14,400,000 |
Purchase accounting inventory adjustment | 7,300,000 | 0 | 0 |
Deferred tax (benefit) expense | (63,000,000) | 11,800,000 | (20,100,000) |
Net changes in operating assets and liabilities | |||
Receivables | 57,300,000 | (86,300,000) | (104,000,000) |
Inventories | (219,600,000) | 36,200,000 | 2,200,000 |
Prepaid expenses and other current assets | (9,600,000) | 26,600,000 | (2,000,000) |
Accounts payable and accrued liabilities | 115,000,000 | (95,500,000) | (62,000,000) |
Other | 26,200,000 | (12,300,000) | 38,100,000 |
Net cash provided (used) by operating activities from continuing operations | 81,700,000 | (8,300,000) | (34,900,000) |
Net cash provided by operating activities from discontinued operations | 199,200,000 | 88,500,000 | 49,700,000 |
Net cash provided by operating activities | 280,900,000 | 80,200,000 | 14,800,000 |
Cash flows from investing activities | |||
Purchases of property, plant and equipment | (43,600,000) | (44,100,000) | (40,400,000) |
Proceeds from disposal of property, plant and equipment | 100,000 | 4,200,000 | 2,100,000 |
Proceeds from sale of Coevorden operations | 0 | 29,000,000 | 0 |
Proceeds from sale of discontinued operations, net of cash | 0 | 3,600,000 | 2,859,500,000 |
Business acquisitions, net of cash acquired | (429,900,000) | (16,900,000) | 0 |
Proceeds from sale of equity investment | 73,100,000 | 147,100,000 | 0 |
Other investing activity | (400,000) | 2,300,000 | (300,000) |
Net cash (used) provided by investing activities from continuing operations | (400,700,000) | 125,200,000 | 2,820,900,000 |
Net cash used by investing activities from discontinued operations | (22,800,000) | (16,900,000) | (23,300,000) |
Net cash (used) provided by investing activities | (423,500,000) | 108,300,000 | 2,797,600,000 |
Cash flows from financing activities | |||
Payment of debt, including premium on extinguishment | (891,200,000) | (134,300,000) | (2,261,900,000) |
Proceeds from issuance of debt | 899,000,000 | 300,000,000 | 300,000,000 |
Payment of debt issuance costs | (12,600,000) | (4,100,000) | |
Payment of cash dividends to parent | (192,300,000) | (241,000,000) | (717,400,000) |
Dividends paid by subsidiary to non-controlling interest | 0 | 0 | (1,100,000) |
Payment of contingent consideration | 0 | (197,000,000) | (8,900,000) |
Net cash used by financing activities from continuing operations | (197,100,000) | (283,800,000) | (2,693,400,000) |
Net cash used by financing activities from discontinued operations | (3,000,000) | (2,000,000) | (3,000,000) |
Net cash used by financing activities | (200,100,000) | (285,800,000) | (2,696,400,000) |
Effect of exchange rate changes on cash and cash equivalents | 1,300,000 | 5,100,000 | (8,400,000) |
Net change in cash, cash equivalents and restricted cash | (341,400,000) | (92,200,000) | 107,600,000 |
Cash, cash equivalents, and restricted cash, beginning of period | 529,700,000 | 621,900,000 | 514,300,000 |
Cash, cash equivalents, and restricted cash, end of period | 188,300,000 | 529,700,000 | 621,900,000 |
Non cash investing activities | |||
Acquisition of property, plant and equipment through capital leases | 9,400,000 | 3,500,000 | 3,100,000 |
SB/RH | Continuing Operations | |||
Supplemental disclosure of cash flow information | |||
Cash paid for interest | 86,400,000 | 81,400,000 | 88,400,000 |
Cash paid for taxes | 23,500,000 | 20,200,000 | 41,600,000 |
SB/RH | Discontinued Operations | |||
Supplemental disclosure of cash flow information | |||
Cash paid for interest | 50,000,000 | 45,700,000 | 91,500,000 |
Cash paid for taxes | $ 11,500,000 | $ 21,900,000 | $ 12,300,000 |
DESCRIPTION OF BUSINESS
DESCRIPTION OF BUSINESS | 12 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
DESCRIPTION OF BUSINESS | DESCRIPTION OF BUSINESS The Company is a diversified global branded consumer products company. We manage the businesses in three vertically integrated, product-focused segments: (i) Home and Personal Care (“HPC”), (ii) Global Pet Care (“GPC”), and (iii) Home and Garden (“H&G”). The Company manufactures, markets and/or distributes its products globally 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. We enjoy strong name recognition in our regions under our various brands and patented technologies across multiple product categories. 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. The segments are supported through center-led corporate shared service operations consisting of finance and accounting, information technology, legal and human resource, supply chain and commercial operations. See Note 22 – Segment Information for more information pertaining to segments of continuing operations. The following is an overview of the consolidated business, by segment, summarizing product types and brands: Segment Products Brands HPC Home Appliances: Small kitchen appliances including toaster ovens, coffeemakers, slow cookers, blenders, hand mixers, grills, food processors, juicers, toasters, irons, kettles, and breadmakers. Personal Care: Hair dryers, flat irons and straighteners, rotary and foil electric shavers, personal groomers, mustache and beard trimmers, body groomers, nose and ear trimmers, women's shavers, haircut kits and intense pulsed light hair removal systems. Home Appliances: Black & Decker®, Russell Hobbs®, George Foreman®, Toastmaster®, Juiceman®, Farberware®, and Breadman® Personal Care: Remington®, and LumaBella® GPC Companion Animal: Rawhide chews, dog and cat clean-up, training, health and grooming products, small animal food and care products, rawhide-free dog treats, and wet and dry pet food for dogs and cats. Aquatics: Consumer and commercial aquarium kits, stand-alone tanks; aquatics equipment such as filtration systems, heaters and pumps; and aquatics consumables such as fish food, water management and care. Companion Animal: 8IN1® (8-in-1), Dingo®, Nature's Miracle®, Wild Harvest™, Littermaid®, Jungle®, Excel®, FURminator®, IAMS® (Europe only), Eukanuba® (Europe only), Healthy-Hide®, DreamBone®, SmartBones®, ProSense®, Perfect Coat®, eCOTRITION®, Birdola®, Good Boy®, Meowee!®, Wildbird®, and Wafcol®. Aquatics: Tetra®, Marineland®, Whisper®, Instant Ocean®, GloFish®, OmegaOne® and OmegaSea® H&G Household: Household pest control solutions such as spider and scorpion killers; ant and roach killers; flying insect killers; insect foggers; wasp and hornet killers; and bedbug, flea and tick control products. Controls: Outdoor insect and weed control solutions, and animal repellents such as aerosols, granules, and ready-to-use sprays or hose-end ready-to-sprays. Repellents: Personal use pesticides and insect repellent products, including aerosols, lotions, pump sprays and wipes, yard sprays and citronella candles. Cleaning: Household surface cleaning, maintenance, and restoration products, including bottled liquids, mops, wipes and markers. Household: Hot Shot®, Black Flag®, Real-Kill®, Ultra Kill®, The Ant Trap® (TAT), and Rid-A-Bug®. Controls: Spectracide®, Garden Safe®, Liquid Fence®, and EcoLogic®. Repellents: Cutter® and Repel®. Cleaning: Rejuvenate® SB/RH is a wholly owned subsidiary of SBH and represents substantially all of its assets, liabilities, revenues, expenses and operations. Spectrum Brands, Inc. (“SBI”), a wholly-owned subsidiary of SB/RH, incurred certain debt guaranteed by SB/RH and domestic subsidiaries of SBI. See Note 12 - Debt for more information pertaining to debt. SBI represents all of SB/RH assets, liabilities, revenues, expenses and operations. The reportable segments of SB/RH are consistent with the segments of SBH. On September 8, 2021, the Company entered into a definitive Asset and Stock Purchase Agreement with ASSA ABLOY AB ("ASSA") to sell its Hardware and Home Improvement ("HHI") segment for cash proceeds of $4.3 billion, subject to customary purchase price adjustments. HHI consists of residential locksets and door hardware, including knobs, levers, deadbolts, handle sets, and electronic and connected locks under the Kwikset®, Weiser®, Baldwin®, Tell Manufacturing®, and EZSET® brands; kitchen and bath faucets and accessories under the Pfister® brand; and builders' hardware consisting of hinges, metal shapes, security hardware, rack and sliding door hardware, and gate hardware under the National Hardware® and FANAL® brands. The Company's assets and liabilities associated with the HHI disposal group have been classified as held for sale and the HHI operations have been classified as discontinued operations for all periods presented and notes to the consolidated financial statements have been updated for all periods presented to exclude information pertaining to discontinued operations and reflect only the continuing operations of the Company. Refer to Note 3 – Divestitures for more information on the HHI divestiture including the assets and liabilities classified as held for sale and income from discontinued operations. |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES AND PRACTICES | 12 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
SIGNIFICANT ACCOUNTING POLICIES AND PRACTICES | SIGNIFICANT ACCOUNTING POLICIES AND PRACTICES Principles of Consolidation and Fiscal Year End The consolidated financial statements include the financial statements of the Company and its majority owned subsidiaries and have been prepared in accordance with Accounting Principles Generally Accepted in the United States (“GAAP”). All intercompany transactions have been eliminated. The Company’s fiscal year ends September 30 and reports its results using fiscal quarters whereby each three month quarterly reporting period is approximately thirteen weeks in length and ends on a Sunday. The exceptions are the first quarter, which begins on October 1, and the fourth quarter, which ends on September 30. For the year ended September 30, 2021, the fiscal quarters were comprised of the three months ended January 3, 2021, April 4, 2021, July 4, 2021, and September 30, 2021. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Cash and Cash Equivalents The Company considers all highly liquid temporary instruments purchased with original maturities of three months or less from date of purchase to be cash equivalents. Receivables Trade accounts receivable are carried at net realizable value. The Company extends credit to its customers based upon an evaluation of the customer’s financial condition and credit history, but generally does not require collateral. The Company monitors its customers’ credit and financial condition based on changing economic conditions and will make adjustments to credit policies as required. Provisions for losses on uncollectible trade receivables are determined based on ongoing evaluations of the Company’s receivables, principally on the basis of historical collection experience and evaluations of the risks of nonpayment or return for a given customer. See Note 8 - Receivables for further detail. Inventories The Company’s inventories are valued at the lower of cost or net realizable value. Cost of inventories is determined using the first-in, first-out (FIFO) method. See Note 9 - Inventory for further detail. Property, Plant and Equipment Property, plant and equipment are recorded at cost. Depreciation is calculated on the straight-line basis over the estimated useful lives of the assets. Property, plant and equipment held under finance leases are depreciated on a straight-line basis over the shorter of the lease term or estimated useful life of the asset; such amortization is included in depreciation expense. See Note 10 - Property, plant and equipment for further detail. The Company uses accelerated depreciation methods for income tax purposes. Useful lives for property, plant and equipment are as follows: Asset Type Range Buildings and improvements 20 - 40 years Machinery and equipment 2 - 15 years Expenditures which substantially increase value or extend useful lives are capitalized. Expenditures for maintenance and repairs are charged to operations as incurred. The Company records gains and losses on the disposition or retirement of property, plant and equipment based on the net book value and any proceeds received. Long-lived fixed assets held and used are reviewed for impairment when events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable. Circumstances such as the discontinuation of a product or product line, a sudden or consistent decline in the sales forecast for a product, changes in technology or in the way an asset is being used, a history of operating or cash flow losses or an adverse change in legal factors or in the business climate, among others, may trigger an impairment review. If such indicators are present, the Company performs undiscounted cash flow analyses to determine if impairment exists. The asset value would be deemed impaired if the undiscounted cash flows generated did not exceed the carrying value of the respective asset group. If impairment is determined to exist, any related impairment loss is calculated based on fair value. Assets to be disposed of are reported at the lower of the carrying amount or fair value less costs to sell. Goodwill Goodwill reflects the excess of acquisition cost over the aggregate fair value assigned to identifiable net assets acquired. Goodwill is not amortized, but instead is assessed for impairment at least annually and as triggering events or indicators of potential impairment are identified. Goodwill has been assigned to reporting units for purposes of impairment testing based upon the relative fair value of the asset to each reporting unit. Our reporting units are consistent with our segments. See Note 22 - Segment Information for further discussion. Goodwill is tested for impairment in the fourth quarter of its fiscal year by either performing a qualitative assessment or a quantitative test for some, or all reporting units. The Company evaluates qualitative factors to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying amount. In performing a qualitative assessment, the Company considers events and circumstances, including, but not limited to, macroeconomic conditions, industry and market considerations, cost factors, overall financial performance, changes in management or key personnel, changes in strategy, changes in customers, changes in market value, composition or carrying amount of a reporting unit’s net assets, and considering any changes in the market price of the Company’s common stock. If the Company determines that it is more likely than not the carrying value is greater than the fair value of a reporting unit after assessing the totality of facts and circumstances, a quantitative assessment is performed to determine the reporting unit fair value and measure the impairment. If the Company determines that it is more likely than not the fair value is greater than the carrying amount, then a quantitative assessment is not required. In estimating the fair value of our reporting units for a quantitative impairment assessment, we use a discounted cash flow methodology, which requires us to estimate future revenues, expenses, and capital expenditures and make assumptions about our weighted average cost of capital and perpetuity growth rate, among other variables. We test the aggregate estimated fair value of our reporting units by comparison to our total market capitalization, including both equity and debt capital. The fair value of each reporting unit is compared to its carrying value, including goodwill. If the fair value of a reporting unit is less than its carrying value, an impairment loss would be recognized equal to that excess; however the loss recognized cannot exceed the total amount of goodwill allocated to that reporting unit. See Note 11 - Goodwill and Intangible Assets for further detail. Intangible Assets Intangible assets are recorded at cost or at estimated fair value if acquired in a business combination. Customer lists, proprietary technology and certain trade name intangibles are amortized, using the straight-line method, over their estimated useful lives. The range and weighted average useful lives for definite-lived intangibles assets are as follows: Asset Type Range Weighted Average Customer relationships 5 - 20 years 18.9 years Technology assets 5 - 18 years 13.6 years Tradenames 5 - 13 years 11.6 years Definite-lived intangible assets held and used are reviewed for impairment when events or changes in business circumstances indicate that the carrying amount of the assets may not be recoverable. If indicators of potential impairment are identified, the Company performs an undiscounted cash flow analysis to determine if impairment exists. The asset value would be deemed impaired if the undiscounted cash flows expected to be generated by the asset did not exceed the carrying value of the respective asset group. If impairment is determined to exist, any related impairment loss is calculated based on fair value. Certain trade name intangible assets have an indefinite life and are not amortized, but instead are assessed for impairment at least annually, in the fourth quarter of its fiscal year by either performing a qualitative assessment or a quantitative test for some or all indefinite lived intangible assets. The Company evaluates qualitative factors to determine whether it is more likely than not that the fair value of the indefinite lived intangible assets is less than its carrying amount. In performing a qualitative assessment, the Company considers events and circumstances, including, but not limited to, macroeconomic conditions, industry and market conditions, cost factors, changes in strategy and overall financial performance. If the Company determines that it is more likely than not the carrying value is greater than the fair value of an indefinite lived intangible asset, a quantitative assessment is performed to determine the fair value and measure the impairment. If the Company determines that it is more likely than not the fair value is greater than the carrying amount, then a quantitative assessment is not required. The quantitative impairment analysis of indefinite lived intangible assets compares the estimated fair value of the identified trade names to their carrying value to determine if impairment exists. If the fair value is less than the carrying value, an impairment loss is recorded for the excess. The fair value of indefinite-lived intangible assets is determined using an income approach, the relief-from-royalty methodology, which requires us to make estimates and assumptions about future revenues, royalty rates, and the discount rate, among others. See Note 11 - Goodwill and Intangible Assets for further detail. Assets Held for Sale and Discontinued Operations An asset, group of assets, or qualifying business are considered held for sale when they meet all the applicable criteria; including: (i) having the authority to sell, (ii) being available to sell in their present condition, (iii) having an active program to locate buyers, (iv) being actively marketed at current fair value, and (v) considered probable of selling within one year. Assessment for held for sale are performed at least quarterly or when events or changes in business circumstances indicate that a change in classification may be necessary. Assets and liabilities of a qualifying business are excluded from the net assets of continuing operations, separated in a disposal group and classified as held for sale in the period in which the held for sale criteria was met. Corporate debt is not included as a component of the disposal group, regardless of repayment provisions, and only debt directly attributable to the divested operations may be included as held for sale. Assets and liabilities held for sale are recorded at the lower of its carrying amount or estimated fair value less expected cost to sell and any unrecognized other comprehensive loss. Assets held for sale do not experience any subsequent depreciation or amortization after being classified as held for sale. Assets held for sale are reviewed for impairment at least quarterly, and if the carrying amount of the disposal group exceeds the estimated fair value less cost to sell, a loss is recognized. 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. 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 meets the criteria for being classified as held for sale. Assets and liabilities of a disposal group classified as held for sale and related to discontinued operations are presented as held for sale for all current and prior periods presented within the statement of a financial position. The results of discontinued operations are reported in Income From Discontinued Operations, Net of Tax in the accompanying Consolidated Statements of Income for the current and prior periods commencing in the period in which the business meets the held for sale criteria, and includes any gain or loss recognized on closing, or adjustment of the carrying amount to fair value less cost to sell while being held for sale. Loss realized upon change of classification to held for sale is recognized as a loss to continuing operations. Income from discontinued operations includes only direct costs attributable to the divested business and excludes any indirect cost allocation associated with any shared or corporate led functions unless otherwise dedicated to the divested business. 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. Interest costs from corporate debt, excluding premium payments or loss on extinguishment of debt, may be included as a component of income from discontinued operations specifically attributable to interest from corporate debt that is obligated to be repaid following the completion of a divestiture; plus the allocation of interest cost from corporate debt not directly attributable to or related to other operations based on the ratio of net assets of the disposal group held for sale to the consolidated net assets plus consolidated debt, excluding debt assumed in transaction, required to be repaid, or directly attributable to other operations of the Company. Amounts within accumulated other comprehensive income directly associated with a divested business are not realized as a component of Income from Discontinued Operations until completion of the sale or disposition. See Note 3 - Divestitures for further detail. Debt Issuance Costs Debt issuance costs are deferred and amortized to interest expense using the effective interest method over the lives of the related debt agreements. Debt issuance costs for the Company were $35.6 million and $36.5 million as of September 30, 2021 and 2020, respectively. Debt issuance costs are included as a reduction to Long Term Debt, Net of Current Portion in the Consolidated Statements of Financial Position. Amortization of debt issuance costs is recognized as a component of Interest Expense in the Consolidated Statements of Income. See Note 12 - Debt for further detail. Financial Instruments Derivative financial instruments are used by the Company principally in the management of its foreign currency exposures. The Company does not hold or issue derivative financial instruments for trading or speculative purposes. Derivative assets and liabilities are reported at fair value in the Consolidated Statements of Financial Position. When hedge accounting is elected at inception, the Company formally designates the financial instrument as a hedge of a specific underlying exposure and documents both the risk management objectives and strategies for undertaking the hedge. Depending on the nature of derivatives designated as hedging instruments, changes in fair value are either offset against the change in fair value of the hedged assets or liability through earnings, or recognized in equity through other comprehensive income until the hedged item is recognized. Derivative instruments that hedge the exposure to variability in expected future cash flows and are designated as cash flow hedges, and the entire change in the fair value of the hedging instrument is recorded as a component of Accumulated Other Comprehensive (Loss) Income (“AOCI”) in Stockholders’ Equity. Those amounts are subsequently reclassified to earnings in the same line item in the Consolidated Statement of Income as impacted by the hedge item when the hedged item affects earnings. To receive hedge accounting treatment, cash flow hedges must be highly effective in offsetting changes to expected future cash flows on hedged transactions. For derivatives that do not qualify for hedge accounting treatment, the change in the fair value is recognized in earnings. See Note 14 - Derivatives for further detail. Treasury Stock Treasury stock purchases are stated at average cost and presented as a separate reduction of equity. Noncontrolling Interest Noncontrolling interest recognized in the consolidated equity of the Company is the minority interest ownership in equity of a consolidated subsidiary that is not attributable, directly or indirectly, to the parent company, SBH; and recognized separate from shareholders’ equity in the Consolidated Statement of Financial Position. Income from a consolidated subsidiary with a minority interest ownership is allocated to the minority interest and considered attributable to the noncontrolling interest in the Consolidated Statement of Income. Business Combinations and Acquisition Accounting The Company accounts for acquisitions by applying the acquisition method of accounting when the transaction or event is considered a business combination, which requires that the assets acquired and liabilities assumed constitute a business. A defined business is generally an acquired group of assets with inputs and processes that make it capable of generating a return or economic benefit for the acquirer. The acquisition method of accounting requires, among other things, that the assets acquired and liabilities assumed in a business combination be measured at their fair values as of the closing date of the acquisition. See Note 4 – Acquisitions for further detail. Revenue Recognition Product Sales Our customers mostly consist of retailers, wholesalers and distributors, and construction companies with the intention to sell and distribute to an end consumer. The Company recognizes revenue from the sale of products upon transfer of control to the customer. For the majority of our product sales, the transfer of control is recognized when we ship the product from our facilities to the customer unless we retain title and risk of loss upon shipment and we arrange and paid for freight such that we retain physical possession and control during delivery. Licensing Revenue The Company also sells licenses of its brands to third-party sellers and manufacturers for the development, production, sales & distribution of products that are not directly managed or offered by the Company. The Company maintains all right of ownership of the intellectual property and contracts with its customer for the use of the intellectual property in their operations. Revenue derived from the right-to-access licenses is recognized using the over time revenue recognition method, applying the ‘as-invoiced’ practical expedient method at the amount we are able to bill using a time-elapsed measure of progress, taking into consideration any minimum guarantee provisions under the contract, as it appropriately depicts its performance of providing access to the Company’s brands, trade names, logos, etc. Other Revenue Other revenue consists primarily of installation or maintenance services that are provided to certain customers in the GPC segment. The services are often associated with the sale of product but are also provided separately and are considered a distinct performance obligation separate from product sales. Variable Consideration and Cash Paid to Customers The Company measures revenue as the amount of consideration for which it expects to be entitled in exchange for transferring goods or providing services. Certain retailers and/or end customers may receive cash or non-cash incentives such as rebates, volume or trade discounts, cooperative advertising, price protection, service level penalties, and other customer-related programs, which are accounted for as variable consideration. Estimated amounts are included in the transaction price to the extent it is probable that a significant reversal of revenue recognized will not occur when the uncertainty is resolved. Estimates of variable consideration and determination of whether to include estimated amounts in the transaction price are based largely on an assessment of the anticipated performance and all information (historical, current and forecasted) that is reasonably available. The estimated liability for sales discounts and other programs and allowances is calculated using the expected value method or most likely amount and recorded at the time of sale as a reduction of net sales. The Company may also enter into various arrangements, primarily with retail customers, which require the Company to make upfront cash payments to secure the right to distribute through such customers. The Company defers the cost of these payments, provided they are supported by a volume-based arrangement with the retailer with a period of 12 months or longer, and amortizes the associated payment over the appropriate time or volume-based term of the arrangement. Deferred payments are recognized as a contract asset and are reported in the Consolidated Statements of Financial Position as Deferred Charges and Other Assets with related amortization treated as a reduction in Net Sales. Product Returns In the normal course of business, the Company may allow customers to return product per the provisions in a sale agreement. Estimated product returns are recorded as a reduction in reported revenues at the time of sale based upon historical product return experience, adjusted for known trends, to arrive at the amount of consideration expected to be received. For the anticipated value of the returns, the Company will recognize a return liability in Other Current Liabilities and a separate return asset included in the Prepaid Expenses and Other Current Assets, when applicable. As of September 30, 2021 and 2020, the Company recognized an expected returns liability of $11.8 million and $12.8 million, respectively, most of which the Company does not expect or anticipate a return asset. Product returns do not include provisions for warranties provided to end-consumers of the Company's products, which are recognized as a component of the Company's cost of goods sold. See Note 21 - Commitments and Contingencies for further discussion on product warranty. Practical Expedients and Exemptions: • The Company does not adjust the promised amount of consideration for the effects of a significant financing component, as the period between the transfer of a promised good or service to a customer and the customer’s payment for the good or service is one year or less. • The Company does not assess whether promised goods or services are performance obligations if they are immaterial in the context of the contract with the customer. • The Company does not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less and (ii) contracts for which we recognize revenue at the amount to which we have the right to invoice for services performed. The estimated revenue expected to be recognized in the future related to performance obligations that are unsatisfied or partially unsatisfied at the end of the reporting period is immaterial. • The Company generally expenses sales commissions and other contract and fulfillment costs when the amortization period is less than one year. The Company records these costs within selling, general and administrative expenses. For costs amortized over a period longer than one year, such as fixtures which are much more permanent in nature, the Company defers and amortizes over the supportable period based upon historical assumptions and analysis. The costs for permanent displays are incorporated into the pricing of product sold to customer. • The Company excludes all sales taxes that are assessed by a governmental authority from the transaction price. See Note 6 – Revenue Recognition for further detail. Shipping and Handling Costs Shipping and handling costs include costs incurred with third-party carriers to transport products to customers and salaries and overhead costs related to activities to prepare the Company’s products for shipment at the Company’s distribution facilities. Shipping and handling costs were $216.3 million, $172.8 million and $162.9 million during the years ended September 30, 2021, 2020 and 2019, respectively. The Company accounts for shipping and handling activities, which occur after control of the related goods transfers, as fulfillment activities instead of assessing such activities as performance obligations. Shipping and handling costs are included in Selling Expenses in the Consolidated Statements of Income. Advertising Costs Advertising costs include agency fees and other costs to create advertisements, as well as costs paid to third parties to print or broadcast the Company’s advertisements and are expensed as incurred. The Company incurred advertising costs of $54.0 million, $40.7 million and $28.1 million during the years ended September 30, 2021, 2020 and 2019, respectively. Advertising costs are included in Selling Expenses in the Company’s Consolidated Statements of Income. Research and Development Costs Research and development costs are charged to expense in the period they are incurred. Environmental Expenditures Environmental expenditures that relate to current operations or to conditions caused by past operations are expensed or capitalized as appropriate. The Company determines its liability for environmental matters on a site-by-site basis and records a liability at the time when it is probable that a liability has been incurred and such liability can be reasonably estimated. The estimated liability is not reduced for possible recoveries from insurance carriers. Estimated environmental remediation expenditures are included in the determination of the net realizable value recorded for assets held for sale. See Note 21 - Commitments and Contingencies for further detail. Restructuring and Related Charges Restructuring charges include, but are not limited to, the costs of one-time termination benefits such as severance costs and retention bonuses, and contract termination costs consisting primarily of lease termination costs. Related charges, as defined by the Company, include, but are not limited to, other costs directly associated with exit and relocation activities, including impairment of property and other assets, departmental costs of full-time incremental employees, and any other items related to the exit or relocation activities. Costs for such activities are estimated by management after evaluating detailed analyses of the costs to be incurred. Liabilities from restructuring and related charges are recorded for estimated costs of facility closures, significant organizational adjustments and measures undertaken by management to exit certain activities. Costs for such activities are estimated by management after evaluating detailed analyses of the costs to be incurred. Such liabilities or asset reductions could include amounts for items such as severance costs and related benefits, lease termination payments and any other items directly related to the exit activities. Impairment of property and equipment and other current or long-term assets as a result of restructuring related initiatives are recognized as a reduction of the appropriate asset. Restructuring and related charges associated with manufacturing and related initiatives are recorded in Cost of Goods Sold. Restructuring and related charges reflected in Cost of Goods Sold include, but are not limited to, termination and related costs associated with manufacturing employees, asset impairments relating to manufacturing initiatives and other costs directly related to the manufacturing component of a restructuring initiative. Restructuring and related charges associated with administrative functions are recorded in operating expenses, such as initiatives impacting sales, marketing, distribution or other non-manufacturing related functions. Restructuring and related charges reflected in operating expenses include, but are not limited to, termination and related costs, any asset impairments relating to the administrative functions and other costs directly related to the administrative components of the restructuring initiatives implemented. See Note 5 - Restructuring and Related Charges for further detail. Leases The Company determines if an arrangement is a lease at inception, considering whether the contract conveys a right to control the use of the identified asset for a period of time in exchange for consideration. Leases are classified as operating or finance leases at the commencement date of the lease. Operating leases are included in Operating Lease Assets, Other Current Liabilities and Long-Term Operating Lease Liabilities on the Consolidated Statement of Financial Position. Finance leases are included in Property, Plant and Equipment, Current Portion of Long-Term Debt, and Long-Term Debt, Net of Current Portion on the Consolidated Statement of Financial Position. Right of use ("ROU") lease assets and liabilities are recognized based on the present value of future minimum lease payments over the lease term at commencement date. ROU lease liabilities are classified between current and long-term liabilities based on their payment terms. The ROU operating lease asset includes prepaid rent and reflects the unamortized balance of lease incentives. Our leases may include renewal options, and we include the renewal option in the lease term if we conclude that it is reasonably certain that we will exercise that option. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. Lease expense for operating leases is recognized on a straight-line basis over the lease term. Variable lease payments that do not depend on an index or a rate, such as the Company’s proportionate share of actual costs for utilities, common area maintenance, insurance, and property taxes, are excluded from the measurement of the lease liability, unless subject to fixed minimum requirements and are recognized as variable lease cost when the obligation for that payment is incurred. As most of the Company’s leases do not provide the lease implicit rates, the Company uses its incremental borrowing rates as the discount rate, adjusted as applicable, based on the information available at the lease commencement dates to determine the present value of lease payments. The incremental borrowing rate represents an estimate of the interest rate the Company would incur to borrow, on a collateralized basis and in a similar economic environment, over the term of a lease. The Company may use the lease implicit rate, if readily determinable, as the discount rate to determine the present value of lease payments. See Note 13 – Leases for additional information. We review the impairment of our ROU lease assets consistent with the approach applied for our other long-lived assets. ROU lease assets are reviewed for impairment when events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable. Circumstances such as the discontinuation of a product or product line, a sudden or consistent decline in the sales forecast for a product, changes in technology or in the way an asset is being used, early termination or exit of a lease agreement, a history of operating or cash flow losses or an adverse change in legal factors or in the business climate, among others, may trigger an impairment review. If such indicators are present, the Company performs an undiscounted cash flow analysis to determine if impairment exists. The asset value would be deemed impaired if the undiscounted cash flows generated did not exceed the carrying value of the respective asset group. If impairment is determined to exist, any related impairment loss is calculated based on fair value. Transaction related charges Transaction related charges consist of costs towards (1) a qualifying strategic transaction or business development opportunity, including an acquisition or divestiture, whether or not consummated, associated wit |
DIVESTITURES
DIVESTITURES | 12 Months Ended |
Sep. 30, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | |
DIVESTITURES | DIVESTITURES The following table summarizes the components of Income from Discontinued Operations, Net of Tax in the accompanying Consolidated Statement of Income for the years ended September 30, 2021, 2020, and 2019: (in millions) 2021 2020 2019 Income from discontinued operations before income taxes - HHI $ 288.2 $ 227.8 $ 220.6 (Loss) income from discontinued operations before income taxes - GBL (7.2) 4.2 997.6 Loss from discontinued operations before income taxes - GAC (0.1) (0.1) (115.7) Interest on corporate debt allocated to discontinued operations 44.5 47.3 83.0 Income from discontinued operations before income taxes 236.4 184.6 1,019.5 Income tax expense from discontinued operations 62.1 33.7 221.5 Income from discontinued operations, net of tax 174.3 150.9 798.0 (Loss) income from discontinued operations, net of tax attributable to noncontrolling interest (0.2) 0.4 0.5 Income from discontinued operations, net of tax attributable to controlling interest $ 174.5 $ 150.5 $ 797.5 Interest from corporate debt allocated to discontinued operations includes interest on Term Loans required to be paid down using proceeds received on disposal on sale of a business, and interest expense from corporate debt not directly attributable to or related to other operations based on the ratio of net assets of the disposal group held for sale to the consolidated net assets plus consolidated debt, excluding debt assumed in transaction, required to be repaid, or directly attributable to other operations of the Company. Corporate debt, including Term Loans required to be paid down, are not classified as held for sale as they are not directly attributable to the identified disposal groups. For the year ended September 30, 2019, SBH recognized interest expense associated with corporate debt directly held by the SBH parent company and not included as part of the consolidated financial statements of SB/RH. As a result, there was only $75.2 million of interest on corporate debt from SB/RH allocated to discontinued operations, excluding allocated interest attributable to debt held directly by the SBH parent company, and further impacting the intraperiod income tax expense from discontinued operations to $223.4 million as part of the SB/RH Consolidated Statement of Income for the year ended September 30, 2019 . The Company paid down the outstanding debt held by SBH parent company following the divestitures of GBL and GAC during the year ended September 30, 2019 and for the years ended September 30, 2021 and September 30, 2020, all corporate debt and applicable interest allocated to discontinued operations was attributable to debt held by SBI, a wholly owned subsidiary of both SBH and SB/RH. HHI On September 8, 2021, the Company entered into a definitive Asset and Stock Purchase Agreement (the "ASPA") with ASSA ABLOY AB ("ASSA") to sell its HHI segment for cash proceeds of $4.3 billion, subject to customary purchase price adjustments. The Company's assets and liabilities associated with the HHI disposal group has been classified as held for sale and the respective operations have been classified as discontinued operations and reported separately for all periods presented. The ASPA provides that ASSA 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 HHI business. The Company and ASSA 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 HHI business. The Company and ASSA have agreed to indemnify each other for losses arising from certain breaches of the ASPA and for certain other matters. In particular, the Company has agreed to indemnify ASSA for certain liabilities relating to the assets retained by the Company, and ASSA has agreed to indemnify the Company for certain liabilities assumed by ASSA, in each case as described in the ASPA. The Company and ASSA 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 HHI, (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 ASPA) 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 ASPA. The consummation of the transaction is not subject to any financing condition. The transaction is expected to be consummated prior to September 30, 2022. The ASPA also contains certain termination rights, including the right of either party to terminate the ASPA if the consummation of the acquisition has not occurred on or before December 8, 2022 (the “Termination Date”). Further, if the acquisition has not been consummated by the Termination Date and all conditions precedent to ASSA's obligation to consummate the acquisition have otherwise been satisfied except for one or more of the Antitrust Conditions, then ASSA would be required to pay the Company a termination fee of $350 million. The following table summarizes the assets and liabilities of the HHI disposal group classified as held for sale as of September 30, 2021 and 2020: (in millions) 2021 2020 Assets Trade receivables, net $ 130.2 $ 201.4 Other receivables 12.1 27.8 Inventories 332.2 239.0 Prepaid expenses and other current assets 39.1 32.6 Property, plant and equipment, net 143.5 140.9 Operating lease assets 55.5 45.8 Deferred charges and other 11.7 16.5 Goodwill 710.9 704.8 Intangible assets, net 374.8 385.0 Total assets of business held for sale $ 1,810.0 $ 1,793.8 Liabilities Current portion of long-term debt $ 1.5 $ 1.4 Accounts payable 206.6 195.0 Accrued wages and salaries 41.7 33.3 Other current liabilities 75.9 73.9 Long-term debt, net of current portion 54.4 55.3 Long-term operating lease liabilities 48.6 39.2 Deferred income taxes 7.8 10.2 Other long-term liabilities 17.8 20.4 Total liabilities of business held for sale $ 454.3 $ 428.7 The following table summarizes the components of income from discontinued operations before income taxes associated with the HHI divestiture in the accompanying Consolidated Statements of Operations for the years ended September 30, 2021, 2020 and 2019: (in millions) 2021 2020 2019 Net sales $ 1,615.8 $ 1,342.1 $ 1,355.7 Cost of goods sold 1,025.3 850.3 868.4 Gross profit 590.5 491.8 487.3 Operating expenses 293.1 257.1 262.8 Operating income 297.4 234.7 224.5 Interest expense 3.4 3.5 3.4 Other non-operating expense, net 5.8 3.4 0.5 Income from discontinued operations before income taxes $ 288.2 $ 227.8 $ 220.6 Beginning in September 2021, the Company ceased the recognition of depreciation and amortization of long-lived assets associated with the HHI disposal group classified as held for sale. Interest expense consists of interest from debt directly attributable to HHI operations that primarily consist of interest from finance leases. No impairment loss was recognized on the asset held for sale as the purchase price of the business less estimated cost to sell is more than its carrying value. The following table presents significant non-cash items and capital expenditures of discontinued operations from the HHI divestiture: (in millions) 2021 2020 2019 Depreciation and amortization $ 31.1 $ 33.9 $ 33.5 Share and incentive based compensation $ 0.8 $ 6.0 $ 5.0 Purchases of property, plant and equipment $ 22.8 $ 16.9 $ 18.0 GBL On January 2, 2019, the Company completed the sale of its GBL business pursuant to the GBL acquisition agreement with Energizer for cash proceeds of $1,956.2 million, resulting in a pre-tax gain on sale of $989.8 million, during the year ended September 30, 2019, including the settlement of customary purchase price adjustments for working capital and assumed indebtedness, recognition of tax and legal indemnifications under the acquisition agreement and an estimated contingent purchase price adjustment of $200 million for the settlement of the planned divestiture of the Varta® consumer batteries business by Energizer. The results of operations and gain on sale for disposal of the GBL business were recognized as a component of discontinued operations. The GBL acquisition agreement provided for a purchase price adjustment that was contingent upon the completion of the divestiture of the Varta® consumer battery, chargers, portable power and portable lighting business in the EMEA region by Energizer. The Company settled the outstanding balance with Energizer for $197 million and recognized an incremental adjustment to gain on sale of $3.0 million as a component of income from discontinued operations, net of tax, during the year ended September 30, 2020. The Company and Energizer agreed to indemnify each other for losses arising from certain breaches of the GBL acquisition agreement and for certain other matters. The Company agreed to indemnify Energizer for certain liabilities relating to the assets retained by the Company, and Energizer agreed to indemnify the Company for certain liabilities assumed by Energizer, in each case as described in the acquisition agreement. As of September 30, 2021 and 2020, the Company recognized $35.0 million and $50.2 million, respectively, related to indemnifications in accordance with the acquisition agreement, including $17.3 million and $33.0 million, respectively, within Other Current Liabilities on the Company’s Consolidated Statement of Financial Position primarily attributable to current income tax indemnifications and $17.7 million and $17.2 million, respectively, within Other Long-Term Liabilities on the Company’s Consolidated Statement of Financial Position primarily attributable to income tax indemnifications associated with previously recognized uncertain tax benefits. During the years ended September 30, 2021 and 2020, the Company recognized incremental pre-tax loss on sale for changes to tax and legal indemnifications and other agreed-upon funding under the GBL acquisition agreement with Energizer. During the year ended September 30, 2020, the Company recognized a $10.5 million tax benefit to discontinued operations from the return to provision adjustments related to the divestitures of GBL, primarily from changes to US GILTI on the non-US portions of the sold business. The Company and Energizer entered into related agreements that became effective upon the consummation of the acquisition including a customary transition services agreement (“TSA”) and reverse TSA. The TSA and reverse TSA are recognized as a component of continuing operations for periods following the completion of the GBL sale. See Note 17 – Related Party Transactions for additional discussion. The following table summarizes the components of income from discontinued operations before income taxes associated with the GBL operations in the accompanying Consolidated Statements of Operations for the years ended September 30, 2019 with the close of the GBL divestiture on January 2, 2019. (in millions) 2019 Net sales $ 249.0 Cost of goods sold 164.6 Gross profit 84.4 Operating expenses 57.0 Operating income 27.4 Interest expense 0.6 Other non-operating expense, net 0.5 Gain on sale (989.8) Reclassification of accumulated other comprehensive income 18.5 Income from discontinued operations before income taxes $ 997.6 The Company ceased the recognition of depreciation and amortization of long-lived assets associated with the GBL disposal group when classified as held for sale prior to the year ended September 30, 2019 and therefore no depreciation and amortization was recognized from the GBL disposal group during the year ended September 30, 2019 prior to close of the transaction. Interest expense consists of interest from debt directly attributable to GBL operations that primarily consist of interest from finance leases. Additionally, the Company incurred transaction costs of $12.9 million associated with the divestiture, which were recognized as a component of income from discontinued operations for the year ended September 30, 2019. Transaction costs were expensed as incurred and include fees for investment banking services, legal, accounting, due diligence, tax, valuation and various other services necessary to complete the transaction. GAC On January 28, 2019, the Company completed the sale of its GAC business pursuant to the GAC acquisition agreement with Energizer for $938.7 million in cash proceeds and $242.1 million in stock consideration of common stock of Energizer, resulting in a loss on sale of business of $111.0 million during the year ended September 30, 2019, including the estimated settlement of customary purchase price adjustments for working capital and assumed indebtedness, and recognition of tax and legal indemnifications in accordance with the GAC acquisition agreement. The results of operations and loss on the disposal of the GAC business were recognized as a component of discontinued operations. The Company and Energizer agreed to indemnify each other for losses arising from certain breaches of the GAC acquisition agreement and for certain other matters. The Company agreed to indemnify Energizer for certain liabilities relating to the assets retained by the Company, and Energizer agreed to indemnify the Company for certain liabilities assumed by Energizer, in each case as described in the acquisition agreement. As of September 30, 2021 and 2020, the Company recognized $1.5 million and $1.4 million, respectively, related to indemnifications in accordance with the acquisition agreement within Other Long-Term Liabilities on the Company’s Consolidated Statement of Financial Position primarily attributable to income tax indemnifications associated with previously recognized uncertain tax benefits. The Company and Energizer entered into related agreements ancillary to the GAC acquisition that became effective upon the consummation of the acquisition, including a TSA and reverse TSA, a supply agreement with the Company’s H&G business, as well as a shareholder agreement. The TSA and reverse TSA are recognized as a component of continuing operations for periods following the completion of the GAC sale. The supply agreement with the Company’s H&G business was recognized as a component of net sales and continuing operations. The supply agreement had a contracted term of 24 months, and expired in January 2021. Sales from the Company’s H&G segment to GAC discontinued operations prior to the divestiture have been recognized as a component of net sales and continuing operations for all comparable periods. See Note 17 – Related Party Transactions for additional discussion. The following table summarizes the components of income from discontinued operations before income taxes associated with the GAC business in the accompanying Consolidated Statements of Operations for the year ended 2019, with the close of the GAC divestiture on January 28, 2019: (in millions) 2019 Net sales $ 87.7 Cost of goods sold 52.5 Gross profit 35.2 Operating expenses 35.7 Operating loss (0.5) Interest expense 0.7 Other non-operating expense, net 0.2 Loss on sale of business 111.0 Reclassification of accumulated other comprehensive income 3.3 Loss from discontinued operations before income taxes $ (115.7) Beginning in November 2018, the Company ceased the recognition of depreciation and amortization of long-lived assets associated with the GAC disposal group classified as held for sale. During the year ended September 30, 2019, there is depreciation and amortization expense included in income from discontinued operations of $1.4 million. Interest expense consists of interest from debt directly attributable to GAC operations that primarily consists of interest from finance leases. During the year ended September 30, 2019, the Company recognized a $111.0 million loss on sale associated with the GAC divestiture attributable to the expected fair value to be realized from the sale, net of transaction costs. Additionally, the Company incurred transaction costs of $8.8 million associated with the divestiture, which were recognized as a component of income from discontinued operations for the year ended September 30, 2019. Transaction costs were expensed as incurred and include fees for investment banking services, legal, accounting, due diligence, tax, valuation and various other services necessary to complete the transaction. Coevorden Operations On March 29, 2020, the Company completed its sale of the dog and cat food (“DCF”) production facility and distribution center in Coevorden, Netherlands (“Coevorden Operations”) pursuant to an agreement with United Petfood Producers NV (“UPP”) for total cash proceeds of $29.0 million. The divestiture does not constitute a strategic shift for the Company and therefore is not considered discontinued operations. The divestiture of the Coevorden Operations was defined as a disposal of a business and a component of the GPC segment and reporting unit, resulting in the allocation of $10.6 million of GPC goodwill to the disposal group based upon a relative fair-value allocation. The Company realized a loss on assets held for sale of $26.8 million during the year ended September 30, 2020. The Company and UPP entered into related agreements ancillary to the acquisition that became effective upon the consummation of the acquisition, including a TSA. The Company will continue to operate its commercial DCF business following the divestiture of the Coevorden Operations and entered into a manufacturing agreement with UPP to supply the continuing DCF business, subject to an incremental tolling charge. Additionally, the Company leases and operates the distribution center on behalf of UPP for up to 18 months following the divestiture under a lease agreement. |
ACQUISITIONS
ACQUISITIONS | 12 Months Ended |
Sep. 30, 2021 | |
Business Combination and Asset Acquisition [Abstract] | |
ACQUISITIONS | ACQUISITIONS Rejuvenate Acquisition On May 28, 2021, the Company acquired all ownership interests in For Life Products, LLC ("FLP") for a purchase price of $301.5 million. FLP is a leading manufacturer of household cleaning, maintenance, and restoration products sold under the Rejuvenate® brand. The net assets and operating results of FLP, since the acquisition date of May 28, 2021, are included in the Company’s Consolidated Statements of Income and reported within the H&G reporting segment for the year ended September 30, 2021. The Company has recorded an allocation of the purchase price to tangible and identifiable intangible assets acquired and liabilities assumed based on their fair values as of the May 28, 2021 acquisition date. The excess of the purchase price over the fair value of the net tangible assets and identifiable intangible assets of $147.0 million was recorded as goodwill, which is deductible for tax purposes. Goodwill includes value associated with profits earned from market expansion capabilities, synergies from integration and streamlining operational activities, the going concern of the business and the value of the assembled workforce. The calculation of purchase price and purchase price allocation is as follows: (in millions) Amount Cash consideration $ 301.5 (in millions) Purchase Price Allocation Cash and cash equivalents $ 1.4 Trade receivables, net 10.2 Inventories 15.4 Prepaid expenses and other current assets 0.3 Property, plant and equipment, net 0.4 Goodwill 147.0 Intangible assets, net 128.7 Accounts payable (1.7) Accrued wages and salaries (0.1) Other current liabilities (0.1) Net assets acquired $ 301.5 The values allocated to intangible assets and the weighted average useful lives are as follows: (in millions) Carrying Amount Weighted Average Useful Life (Years) Tradenames $ 119.0 Indefinite Customer relationships 8.4 14 years Technology 1.3 11 years Total intangibles acquired $ 128.7 The Company performed a valuation of the acquired inventories, tradenames, technology, and customer relationships. The fair value measurements are based on significant inputs not observable in the market, and therefore, represent Level 3 measurements. The following is a summary of significant inputs to the valuation: Inventory – Acquired inventory consists of branded finished goods that were valued based on the comparative sales method, which estimates the expected sales price of the finished goods inventory, reduced for all costs expected to be incurred in its completion or disposition and a profit on those costs. Tradename – The Company valued the tradename, Rejuvenate®, using an income approach, the relief-from-royalty method. Under this method, the asset value was determined by estimating the hypothetical royalties that would have to be paid if the tradename was not owned. A royalty rate of 12% for valuation of Rejuvenate® was selected based on consideration of several factors, including prior transactions, related trademarks and tradenames, other similar trademark licensing, and transaction agreements and the relative profitability and perceived contribution of the tradename. The discount rate applied to the projected cash flow was 10.5% based on the a weighted-average cost of capital for the overall business. The resulting discounted cash flows were then tax-effected at the applicable statutory rate. Customer relationships – The Company valued customer relationships using the multi-period excess earnings method under a market participant distributor method of the income approach. In determining the fair value of the customer relationships, the multi-period excess earnings approach values the intangible asset at the present value of the incremental after-tax cash flows attributable only to the customer relationship after deducting contributory asset charges. Only expected sales from current customers were used, which are estimated using average annual expected growth rate of 4%. The Company assumed a customer attrition rate of 5%, which is supported by historical attrition rates. The discount rate applied to the projected cash flow was 10.5% and income taxes were estimated at the applicable statutory rate. Technology – The Company valued technology using an income approach, the relief-from-royalty method. Under this method, the asset value was determined by estimating the hypothetical royalties that would have to be paid if the technology was not owned. A royalty rate of 3% was selected based on consideration of several factors, including prior transactions, related licensing agreements and the importance of the technology and profit levels, among other considerations. The discount rate applied to the projected cash flow was 10.5% and income taxes were estimated at the applicable statutory rate. Pro forma results have not been presented as the Rejuvenate acquisition is not considered individually significant to the consolidated results of the Company. Armitage Acquisition On October 26, 2020, the Company acquired all of the stock of Armitage Pet Care Ltd ("Armitage") for approximately $187.7 million. Armitage is a premium pet treats and toys business headquartered in Nottingham, United Kingdom, including a portfolio of brands that include Armitage's dog treats brand, Good Boy®, cat treats brand, Meowee!® and Wildbird®, bird feed products, among others, that are predominantly sold within the United Kingdom. The net assets and operating results of Armitage, since the acquisition date of October 26, 2020, are included in the Company’s Consolidated Statements of Income and reported within the GPC reporting segment for the year ended September 30, 2021. The Company has recorded an allocation of the purchase price to tangible and identifiable intangible assets acquired and liabilities assumed based on their fair values as of the October 26, 2020 acquisition date. The excess of the purchase price over the fair value of the net tangible assets and identifiable intangible assets of $90.7 million was recorded as goodwill, which is not deductible for foreign tax purposes. Goodwill includes value associated with profits earned from market and expansion capabilities, synergies from integration and streamlining operational activities, the going concern of the business and the value of the assembled workforce. The calculation of purchase price and purchase price allocation is as follows: (in millions) Amount Cash paid $ 187.7 Debt assumed 51.0 Cash consideration $ 136.7 (in millions) Purchase Price Allocation Cash and cash equivalents $ 6.9 Trade receivables, net 16.7 Other receivables 1.9 Inventories 16.3 Prepaid expenses and other current assets 0.2 Property, plant and equipment, net 3.0 Operating lease assets 0.1 Deferred charges and other 0.9 Goodwill 90.7 Intangible assets, net 88.6 Accounts payable (9.2) Accrued wages and salaries (1.5) Other current liabilities (7.0) Long-term debt, net of current portion (51.0) Long-term operating lease liabilities (0.1) Deferred income taxes (18.0) Other long-term liabilities (1.8) Net assets acquired $ 136.7 The values allocated to intangible assets and the weighted average useful lives are as follows: (in millions) Carrying Amount Weighted Average Useful Life (Years) Tradenames $ 74.3 Indefinite Customer relationships 14.3 12 years Total intangibles acquired $ 88.6 The Company performed a valuation of the acquired inventories, tradenames, and customer relationships. The fair value measurements are based on significant inputs not observable in the market, and therefore, represent Level 3 measurements. The following is a summary of significant inputs to the valuation: Inventory - Acquired inventory consists of branded finished goods that were valued based on the comparative sales method, which estimates the expected sales price of the finished goods inventory, reduced for all costs expected to be incurred in its completion or disposition and a profit on those costs. Tradenames - The Company valued the tradenames, the Good Boy® brand and the Wildbird® and Other brand portfolio, using an income approach, the relief-from-royalty method. Under this method, the asset value was determined by estimating the hypothetical royalties that would have to be paid if the tradenames were not owned. Royalty rates of 8% for valuation of Good Boy® and 3% for Wildbird® and Other were selected based on consideration of several factors, including prior transactions, related trademarks and tradenames, other similar trademark licensing, and transaction agreements and the relative profitability and perceived contribution of the tradenames. The discount rate applied to the projected cash flow was 11% based on the a weighted-average cost of capital for the overall business. The resulting discounted cash flows were then tax-effected at the applicable statutory rate. Customer relationships - The Company valued customer relationships using an income and cost approach, the avoided cost and lost profits method. The underlying premise of the method is that the economic value of the asset can be estimated based on consideration of the total costs that would be avoided by having this asset in place. These costs primarily consider the costs that would be incurred to re-create the customer relationships in terms of employee salaries and the revenues and associated profits forgone due to the absence of the relationships for a period of time. Pro forma results have not been presented as the Armitage acquisition is not considered individually significant to the consolidated results of the Company. Omega Sea Acquisition On March 10, 2020, the Company entered into an asset purchase agreement with Omega Sea, LLC (“Omega”), a manufacturer and marketer of premium fish foods and consumable goods for the home and commercial aquarium markets, primarily consisting of the Omega brand, for a purchase price of approximately $16.9 million. The results of Omega’s operations since March 10, 2020 are included in the Company’s Consolidated Statements of Income and reported within the GPC reporting segment for the year ended September 30, 2021 and 2020. The Company has recorded an allocation of the purchase price to the Company’s tangible and identifiable intangible assets acquired and liabilities assumed based on their fair values as of March 10, 2020, the acquisition date. The excess of the purchase price over the fair value of the net tangible assets and identifiable intangible assets was recorded as goodwill, resulting in the recognition of $4.4 million for the indefinite lived intangible asset Omega trade name and the allocation of goodwill of $8.6 million, allocated to the GPC segment and deductible for tax purposes. Pro forma results have not been presented as the Omega acquisition is not considered individually significant to the consolidated results of the Company. |
RESTRUCTURING AND RELATED CHARG
RESTRUCTURING AND RELATED CHARGES | 12 Months Ended |
Sep. 30, 2021 | |
Restructuring and Related Activities [Abstract] | |
RESTRUCTURING AND RELATED CHARGES | RESTRUCTURING AND RELATED CHARGES Global Productivity Improvement Program – During the year ended September 30, 2019, the Company initiated a company-wide, multi-year program, which consists of various restructuring related initiatives to redirect resources and spending to drive growth, identify cost savings and pricing opportunities through standardization and optimization, develop organizational and operating optimization, and reduce overall operational complexity across the Company. Since the announcement of the project and completion of the Company’s divestitures in GBL and GAC during the year ended September 30, 2019, the project focus includes the transitioning of the Company’s continuing operations in a post-divestiture environment and separation with Energizer TSAs and reverse TSAs. Refer to Note 3 – Divestitures and Note 17 – Related Party Transactions for further discussion. The initiative includes review of global processes, opportunity spending and organization design and structures; headcount reductions and transfers; and rightsizing the Company’s shared operations and commercial business strategy in certain regions and local jurisdictions; among others. Total cumulative costs incurred associated with the project were $152.2 million as of September 30, 2021, with approximately $2.5 million forecasted in the foreseeable future. The project costs are anticipated to be incurred through the fiscal year ending September 30, 2022. GPC Edwardsville 3PL Transition - During the year ended September 30, 2021, the GPC segment entered into an initiative to transition its third party logistics (3PL) service provide at its Edwardsville, IL distribution center to optimize its operations and improve fill rates to meet customer requirements and handle projected growth. Costs incurred to facilitate the transition service providers include one-time implementation and start-up costs with the new service provider, including the integration of the provider systems and technology, incremental compensation and incentive-based compensation to maintain performance during the transition period, duplicative and redundant costs between providers, and incremental costs for various disruptions in the operations during the transition period, including supplemental transportation and storage costs as the new 3PL operations are fully integrated and transitioned. Total cumulative costs incurred associated with the project were $11.5 million as of September 30, 2021, with approximately $12.2 million forecasted in the foreseeable future. The project costs are anticipated to be incurred through the first half of the fiscal year ending September 30, 2022. SAP S4 ERP Transformation - During the year ended September 30, 2021, the Company entered into an initiative to transform its enterprise-wide operating system to SAP S4. The initiative is a multi-year project that will include various project costs, including software configuration and implementation costs that would be recognized as a capital expenditure or deferred cost in accordance with applicable accounting policies. Certain restructuring related costs associated with the initiative include project development and management costs, and professional services with business partners engaged towards planning, design and business process review that would not qualify as software implementation costs. The Company is currently in the planning and design stage of the project. Total cumulative costs incurred associated with the project were $4.3 million as of September 30, 2021 with approximately $13.0 million forecasted in the foreseeable future. The project is a multi-year implementation with various phases that will be realized throughout the project timeline, depending upon business unit and/or jurisdiction, and is anticipated to be incurred through September 30, 2024. Other Restructuring Activities – The Company may enter into small, less significant initiatives and restructuring related activities to reduce costs and improve margins throughout the organization. Individually these activities are not substantial and occur over a shorter time period (generally less than 12 months). The following summarizes restructuring and related charges for the years ended September 30, 2021, 2020, and 2019: (in millions) 2021 2020 2019 Global productivity improvement program $ 21.2 $ 71.1 $ 59.9 GPC Edwardsville 3PL transition 11.5 — — SAP S4 ERP transformation 4.3 — — Other restructuring activities 3.3 0.5 1.1 Total restructuring and related charges $ 40.3 $ 71.6 $ 61.0 Reported as: Cost of goods sold $ 1.9 $ 13.8 $ 2.5 Operating expense 38.4 57.8 58.5 The following summarizes restructuring and related charges for the years ended September 30, 2021, 2020, and 2019, and cumulative costs of restructuring initiatives as of September 30, 2021, by cost type. 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, transition of third-party providers, pervasive system implementations and redundant or incremental transitional operating costs, among others: (in millions) Termination Benefits Other Costs Total For the year ended September 30, 2021 $ 7.7 $ 32.6 $ 40.3 For the year ended September 30, 2020 12.4 59.2 71.6 For the year ended September 30, 2019 9.4 51.6 61.0 Cumulative costs through September 30, 2021 29.2 123.0 152.2 Future costs to be incurred — 27.7 27.7 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 years ended September 30, 2021, 2020, and 2019: (in millions) Termination Benefits Other Costs Total Accrual balance at September 30, 2019 $ 6.6 $ 27.0 $ 33.6 Adoption of ASU 842 — (4.2) (4.2) Provisions 4.0 41.6 45.6 Cash expenditures (7.0) (57.8) (64.8) Non-cash items 0.3 (0.3) — Accrual balance at September 30, 2020 $ 3.9 $ 6.3 $ 10.2 Provisions 5.7 4.6 10.3 Cash expenditures (4.7) (5.4) (10.1) Non-cash items (0.3) 0.1 (0.2) Accrual balance at September 30, 2021 $ 4.6 $ 5.6 $ 10.2 Effective October 1, 2019, the Company adopted ASU 842 resulting in the recognition of ROU operating lease liabilities for outstanding payments on operating leases. Amounts previously recognized as a restructuring accrual associated with lease termination costs were recognized as a reduction of the ROU operating lease asset realized upon adoption of ASU 842 for the respective lease and the outstanding lease payments are captured as ROU operating lease liabilities. The following summarizes restructuring and related charges by segment for the years ended September 30, 2021, 2020, and 2019, cumulative costs of restructuring initiatives as of September 30, 2021 and future expected costs to be incurred by segment: (in millions) HPC GPC H&G Corporate Total For the year ended September 30, 2021 $ 9.1 $ 15.2 $ 0.4 $ 15.6 $ 40.3 For the year ended September 30, 2020 4.6 20.8 0.5 45.7 71.6 For the year ended September 30, 2019 8.1 7.6 1.8 43.5 61.0 Cumulative costs through September 30, 2021 20.6 30.3 2.7 98.6 152.2 Future costs to be incurred 1.3 12.5 — 13.9 27.7 |
REVENUE RECOGNITION
REVENUE RECOGNITION | 12 Months Ended |
Sep. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
REVENUE RECOGNITION | REVENUE RECOGNITION The Company generates all of its revenue from contracts with customers. The following table disaggregates our revenue for the year ended September 30, 2021, by the Company’s key revenue streams, segments and geographic region (based upon destination): September 30, 2021 (in millions) HPC GPC H&G Total Product Sales NA $ 493.5 $ 699.9 $ 598.6 $ 1,792.0 EMEA 512.1 359.8 — 871.9 LATAM 170.6 15.8 7.0 193.4 APAC 72.7 38.9 — 111.6 Licensing 11.2 9.8 2.5 23.5 Other — 5.7 — 5.7 Total Revenue $ 1,260.1 $ 1,129.9 $ 608.1 $ 2,998.1 The following table disaggregates our revenue for the year ended September 30, 2020, by the Company’s key revenue streams, segments and geographic region (based upon destination): September 30, 2020 (in millions) HPC GPC H&G Total Product Sales NA $ 458.7 $ 667.4 $ 543.1 $ 1,669.2 EMEA 447.3 232.6 — 679.9 LATAM 126.8 14.4 6.7 147.9 APAC 65.8 35.7 — 101.5 Licensing 9.0 8.3 2.1 19.4 Other — 4.2 — 4.2 Total Revenue $ 1,107.6 $ 962.6 $ 551.9 $ 2,622.1 The following table disaggregates our revenue for the year ended September 30, 2019, by the Company’s key revenue streams, segments and geographic region (based upon destination): September 30, 2019 (in millions) HPC GPC H&G Total Product Sales NA $ 428.6 $ 586.1 $ 502.0 $ 1,516.7 EMEA 429.3 222.6 — 651.9 LATAM 139.5 13.4 4.4 157.3 APAC 61.0 36.6 — 97.6 Licensing 9.7 6.8 1.7 18.2 Other — 4.7 — 4.7 Total Revenue $ 1,068.1 $ 870.2 $ 508.1 $ 2,446.4 The Company has a broad range of customers including many large mass retail customers. During the year ended September 30, 2021, there were two large retail customers each exceeding 10% of consolidated Net Sales and representing 31.4% of consolidated Net Sales. During the year ended September 30, 2020, there were two large retail customers each exceeding 10% of consolidated Net Sales and representing 31.8% of consolidated Net Sales. During the year ended September 30, 2019, there was one large retail customer exceeding 10% of consolidated Net Sales and representing 20.9% of consolidated Net Sales. A significant portion of our product sales from our HPC segment, primarily in the NA and LATAM regions, are subject to the continued use and access of the Black and Decker® brand (B&D) through a license agreement with Stanley Black and Decker, and its continued renewal. Net sales from B&D product sales consist of $400.2 million, $337.7 million, and $324.6 million for the years ended September 30, 2021, 2020 and 2019, respectively. All other significant brands and tradenames used in the Company’s commercial operations are directly owned and not subject to further restrictions. In the normal course of business, the Company may allow customers to return product or take credit for product returns per the provisions in a sale agreement. Estimated product returns are recorded as a reduction in reported revenues at the time of sale based upon historical product return experience, adjusted for known trends, to arrive at the amount of consideration expected to receive. The following is a rollforward of the allowance for product returns for the years ended September 30, 2021, 2020 and 2019: (in millions) Beginning Charged to Deductions Other Ending September 30, 2021 $ 12.8 $ 1.5 $ (2.9) $ 0.4 $ 11.8 September 30, 2020 9.8 6.0 (3.3) 0.3 12.8 September 30, 2019 12.1 1.7 (3.6) (0.4) 9.8 |
FAIR VALUE OF FINANCIAL INSTRUM
FAIR VALUE OF FINANCIAL INSTRUMENTS | 12 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE OF FINANCIAL INSTRUMENTS | FAIR VALUE OF FINANCIAL INSTRUMENTS The fair value of the Company’s financial assets and liabilities are defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. Fair value measurements are classified using a fair value hierarchy that is based upon the observability of inputs used in measuring fair value. Observable inputs (highest level) reflect market data obtained from independent sources, while unobservable inputs (lowest level) reflect internally developed assumptions about hypothetical transactions in the absence of market data. The Company utilizes valuation techniques that attempt to maximize the use of observable inputs and minimize the use of unobservable inputs. Fair value measurements are classified under the following hierarchy: • Level 1 - Unadjusted quoted prices for identical instruments in active markets. • Level 2 - Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable. • Level 3 - Significant inputs to the valuation model are unobservable. The carrying values and estimated fair values for financial instruments as of September 30, 2021 and 2020 are as follows: September 30, 2021 September 30, 2020 (in millions) Level 1 Level 2 Level 3 Fair Value Carrying Amount Level 1 Level 2 Level 3 Fair Value Carrying Amount Investments $ — $ — $ — $ — $ — $ 66.9 $ — $ — $ 66.9 $ 66.9 Derivative Assets — 6.8 — 6.8 6.8 — 0.4 — 0.4 0.4 Derivative Liabilities — 2.5 — 2.5 2.5 — 13.5 — 13.5 13.5 Debt — 2,628.2 — 2,628.2 2,506.3 — 2,538.7 — 2,538.7 2,419.5 Investments consist of our investment in Energizer common stock and is valued at quoted market prices for identical instruments in an active market. As part of consideration received for the GAC divestiture, the Company received 5.3 million shares of Energizer common stock, valued at $242.1 million on January 28, 2019, the effective close date of the GAC divestiture. Unrealized income or loss from changes in fair value, realized income or loss from sale of equity investments, plus dividend income from equity investments, are recognized as components of Other Non-Operating (Income) Expense, Net on the Consolidated Statements of Income. During the year ended September 30, 2021, the Company sold 1.7 million shares of Energizer common stock for cash proceeds of $73.1 million. During the year ended September 30, 2020, the Company sold 3.6 million shares of Energizer common stock for cash proceeds of $147.1 million. The Company sold its remaining investment in Energizer common stock in January 2021 and as of September 30, 2021, the company holds no shares of Energizer common stock. The following is a summary of income recognized from equity investments included in Other Non-Operating (Income) Expense, Net on the Company's Consolidated Statements of Income for the years ended September 30, 2021, 2020, and 2019: (in millions) 2021 2020 2019 Unrealized loss on equity investments held $ — $ (7.5) $ (12.1) Realized gain (loss) on equity investments sold 6.9 (9.3) — Gain (loss) on equity investments 6.9 (16.8) (12.1) Dividend income from equity investments 0.2 5.0 4.8 Gain (loss) from equity investments $ 7.1 $ (11.8) $ (7.3) The Company’s derivative instruments are valued on a recurring basis using internal models, which are based on market observable inputs including interest rate curves and both forward and spot prices for currencies and commodities, which are generally based on quoted or observed market prices (Level 2). The fair value of certain derivative financial instruments is estimated using pricing models based on contracts with similar terms and risks. Modeling techniques assume market correlation and volatility, such as using prices of one delivery point to calculate the price of the contract’s different delivery point. In addition, by applying a credit reserve which is calculated based on credit default swaps or published default probabilities for the actual and potential asset value, the fair value of the Company’s derivative financial instrument assets reflects the risk that the counterparties to these contracts may default on the obligations. Likewise, by assessing the requirements of a reserve for non-performance which is calculated based on the probability of default by the Company, the Company adjusts its derivative contract liabilities to reflect the price at which a potential market participant would be willing to assume the Company’s liabilities. The Company has not changed the valuation techniques used in measuring the fair value of any financial assets and liabilities during the year. See Note 14 – Derivatives for additional detail. The fair value measurements of the Company’s debt represent non-active market exchange-traded securities which are valued at quoted input prices that are directly observable or indirectly observable through corroboration with observable market data (Level 2). See Note 12 – Debt for additional detail. The carrying values of goodwill, intangible assets and other long-lived assets are tested annually or more frequently if an event occurs that indicates an impairment loss may have been incurred, using fair value measurements with unobservable inputs (Level 3). See Note 4 – Acquisitions for additional detail. The carrying values of cash and cash equivalents, receivables, accounts payable and short term debt approximate fair value based on the short-term nature of these assets and liabilities. |
RECEIVABLES
RECEIVABLES | 12 Months Ended |
Sep. 30, 2021 | |
Receivables [Abstract] | |
RECEIVABLES | RECEIVABLES The allowance for uncollectible receivables as of September 30, 2021 and 2020 was $6.7 million and $5.3 million, respectively. The following is a rollforward of the allowance for doubtful accounts for the years ended 2021, 2020 and 2019: (in millions) Beginning Balance Charged to Profit & Loss Deductions Other Adjustments Ending Balance September 30, 2021 $ 5.3 $ 1.9 $ (0.4) $ (0.1) $ 6.7 September 30, 2020 3.5 2.3 (0.5) — 5.3 September 30, 2019 3.0 1.3 (1.6) 0.8 3.5 The Company has a broad range of customers including many large retail outlet chains, some of which exceed 10% of consolidated Net Trade Receivables. There was one customer that exceeds 10% of the Company's consolidated Net Trade Receivables representing 14.7% and two customers representing 33.2% of the Company’s Trade Receivables as of September 30, 2021 and 2020, respectively. We have entered into various factoring agreements and early pay programs with our customers to sell our trade receivables under non-recourse agreements in exchange for cash proceeds. A loss on sale is recognized for any discount and factoring fees associated with the transfer. We utilize factoring arrangements as an integral part of our financing for working capital. These transactions are treated as a sale and are accounted for as a reduction in trade receivables because the agreements transfer effective control over and risk related to the receivables to buyers. In some instances, we may continue to service the transferred receivable after the factoring has occurred, but in most cases we do not service any factored accounts. Any servicing of the trade receivable does not constitute significant continuing involvement or preclude the recognition of a sale. We do not carry any material servicing assets or liabilities. Cash proceeds from these arrangements are reflected as operating activities. The aggregate gross amount factored under these facilities was $1,328.7 million, $1,206.5 million and $1,222.3 million for the years ended September 30, 2021, 2020 and 2019, respectively. The cost of factoring such trade receivables was $3.5 million, $4.8 million, and $7.4 million for the years ended September 30, 2021, 2020, and 2019, respectively, and are reflected in the Consolidated Statements of Income as General and Administrative Expense. |
INVENTORY
INVENTORY | 12 Months Ended |
Sep. 30, 2021 | |
Inventory Disclosure [Abstract] | |
INVENTORY | INVENTORY Inventories as of September 30, 2021 and 2020 consist of the following: (in millions) 2021 2020 Raw materials $ 66.1 $ 41.8 Work-in-process 8.3 6.8 Finished goods 488.4 270.0 $ 562.8 $ 318.6 |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 12 Months Ended |
Sep. 30, 2021 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY PLANT AND EQUIPMENT | PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment as of September 30, 2021 and 2020 consist of the following: (in millions) 2021 2020 Land, buildings and improvements $ 83.5 $ 80.2 Machinery, equipment and other 383.0 344.4 Finance leases 146.1 145.4 Construction in progress 28.8 20.5 Property, plant and equipment $ 641.4 $ 590.5 Accumulated depreciation (381.2) (334.9) Property, plant and equipment, net $ 260.2 $ 255.6 |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS | 12 Months Ended |
Sep. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL AND INTANGIBLE ASSETS | GOODWILL AND INTANGIBLE ASSETS Goodwill, by segment, consists of the following: (in millions) GPC H&G Total As of September 30, 2019 $ 430.4 $ 195.6 $ 626.0 Omega Sea acquisition (Note 4) 8.6 — 8.6 Allocated to Coevorden Operations divestiture (Note 3) (10.6) — (10.6) Foreign currency impact 3.2 — 3.2 As of September 30, 2020 $ 431.6 $ 195.6 $ 627.2 Rejuvenate acquisition (Note 4) — 147.0 147.0 Armitage acquisition (Note 4) 90.7 — 90.7 Foreign currency impact 2.3 — 2.3 As of September 30, 2021 $ 524.6 $ 342.6 $ 867.2 There were no impairments recognized during the years ended September 30, 2021 and 2020. During the year ended September 30, 2019, the Company recognized an impairment loss on goodwill from the HPC reporting unit of $116.0 million as a result of HPC being previously held for sale in addition to competitive market pressures, reduced margin realization and decline in operating results during the year ended September 30, 2019. There are no reporting units that were deemed at risk of impairment as of September 30, 2021 as all reporting units have significant excess of fair value over carrying value. The carrying value of indefinite lived intangible and definite lived intangible assets subject to amortization and accumulated amortization are as follows: 2021 2020 (in millions) Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net Amortizable Intangible Assets Customer relationships $ 619.6 $ (352.3) $ 267.3 $ 596.5 $ (319.1) $ 277.4 Technology assets 75.3 (25.8) 49.5 124.7 (59.6) 65.1 Tradenames 158.4 (141.9) 16.5 156.8 (128.5) 28.3 Total Amortizable Intangible Assets 853.3 (520.0) 333.3 878.0 (507.2) 370.8 Indefinite-lived Intangible Assets - Tradenames 870.8 — 870.8 675.9 — 675.9 Total Intangible Assets $ 1,724.1 $ (520.0) $ 1,204.1 $ 1,553.9 $ (507.2) $ 1,046.7 There were no impairments recognized for intangible assets during the year ended September 30, 2021. During the year ended September 30, 2020, the Company recognized an impairment loss of $16.6 million on indefinite-lived intangible assets and an impairment of $7.6 million on definite lived intangible assets due to the incremental cash flow risk associated with the commercial DCF business following the divestiture of the Coevorden Operations. During the year ended September 30, 2019, the Company recognized an impairment loss of $18.8 million and $16.6 million on indefinite life intangible assets associated with the with the HPC and GPC segments, respectively, due to the reduction in value on certain tradenames primarily due to reduced sales volume and response to changes in management’s strategy. As of September 30, 2021, there were no material intangible assets that would be deemed at risk of future impairment due to limited excess fair value. Amortization expense from intangible assets for the years ended September 30, 2021, 2020 and 2019 was $65.1 million, $55.3 million and $70.8 million, respectively. During the year ended September 30, 2019, there was an incremental amortization expense of $15.5 million recognized attributable to cumulative amortization expense on intangible assets of HPC that were previously deferred when classified as held for sale. Excluding the impact of any future acquisitions or changes in foreign currency, the Company anticipates the annual amortization expense of intangible assets for the next five fiscal years will be as follows: (in millions) Amortization 2022 $ 49.2 2023 40.2 2024 40.2 2025 38.1 2026 36.5 |
DEBT
DEBT | 12 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
DEBT | DEBT Debt as of September 30, 2021 and 2020 consists of the following: 2021 2020 (in millions) Amount Rate Amount Rate Spectrum Brands, Inc. Revolver Facility, variable rate, expiring June 30, 2025 $ — — % $ — — % Term Loan Facility, variable rate, due March 3, 2028 398.0 2.5 % — — % 6.125% Notes, due December 15, 2024 — — % 250.0 6.1 % 5.75% Notes, due July 15, 2025 450.0 5.8 % 1,000.0 5.8 % 4.00% Notes, due October 1, 2026 492.9 4.0 % 499.1 4.0 % 5.00% Notes, due October 1, 2029 300.0 5.0 % 300.0 5.0 % 5.50% Notes, due July 15, 2030 300.0 5.5 % 300.0 5.5 % 3.875% Notes, due March 15, 2031 500.0 3.9 % — — % Other notes and obligations — — % 3.2 7.6 % Obligations under finance leases 101.9 4.9 % 103.7 5.3 % Total Spectrum Brands, Inc. debt 2,542.8 2,456.0 Unamortized discount on debt (0.9) — Debt issuance costs (35.6) (36.5) Less current portion (12.0) (13.9) Long-term debt, net of current portion $ 2,494.3 $ 2,405.6 The Company’s aggregate scheduled maturities of debt obligations are as follows, excluding obligations under capital leases. See Note 13 - Leases for scheduled maturities of obligations under capital leases: (in millions) Amount 2022 $ 4.0 2023 4.0 2024 4.0 2025 454.0 2026 4.0 Thereafter 1,970.9 Total long-term debt $ 2,440.9 Revolver Facility On June 30, 2020, SBI entered into the Amended and Restated Credit Agreement ("Credit Agreement"), dated June 30, 2020, which refinances the previously existing credit facility, and includes certain modified terms from the previously existing revolving credit facility. The maturity date was extended to June 30, 2025, and the facility was reduced from $890.0 million to $600.0 million (with a U.S. dollar tranche and a multicurrency tranche). The interest rate margins applicable to the facility were changed and a LIBOR floor of 0.75% was installed. As of September 30, 2021, the Revolver Facility is subject to either adjusted LIBOR plus margin ranging from 1.75% to 2.75% per annum, or base rate plus margin ranging from 0.75% to 1.75% per annum. The LIBOR borrowings are subject to a 0.75% LIBOR floor. Our Revolver Facility allows for the LIBOR rate to be phased out and replaced with the Secured Overnight Financing Rate and therefore we do not anticipate a material impact by the expected upcoming LIBOR transition. The Credit Agreement was otherwise provided on the same terms and conditions as the previously existing Revolver Facility. The Company incurred $3.5 million in connection with the Credit Agreement, which have been capitalized as debt issuance costs and amortized over the remaining term of the Credit Agreement. The Credit Agreement, solely with respect to the Revolver Facility, contains a financial covenant test on the last day of each fiscal quarter on the maximum total leverage ratio. This is calculated as the ratio of (i) the principal amount of third-party debt for borrowed money (including unreimbursed letter of credit drawings), capital leases and purchase money debt, at period-end, less cash and cash equivalents, to (ii) adjusted EBITDA for the trailing twelve months. The maximum total leverage ratio should be no greater than 6.0 to 1.0. As of September 30, 2021, we were in compliance with all covenants under the Credit Agreement. Pursuant to a guarantee agreement, SB/RH and the material wholly-owned domestic subsidiaries of SBI have guaranteed SBI’s obligations under the Credit Agreement and related loan documents. Pursuant to a security agreement, SBI and such subsidiary guarantors have pledged substantially all of their respective assets to secure such obligations and, in addition, SB/RH has pledged the capital stock of SBI to secure such obligations. The Credit Agreement also provides for customary events of default including payment defaults and cross-defaults to other material indebtedness. As a result of borrowings and payments under the Revolver Facility, at September 30, 2021, the Company had borrowing availability of $575.4 million, net outstanding letters of credit of $24.6 million. Term Loan Facility On March 3, 2021, SBI entered into the first amendment (the "Amended Credit Agreement") to the Credit Agreement. The Amended Credit Agreement includes certain modified terms from the existing Credit Agreement to provide for a new term loan facility (the “Term Loan Facility”). The Term Loan Facility is in an aggregate principal amount of $400.0 million and will mature on March 3, 2028. The Term Loan Facility is subject to a rate per annum equal to either (1) the LIBO Rate (as defined in the Amended Credit Agreement), subject to a 0.50% floor, adjusted for statutory reserves, plus a margin of 2.00% per annum or (2) the Alternate Base Rate (as defined in the Amended Credit Agreement), plus a margin of 1.00% per annum. The Term Loan Facility allows for the LIBO rate to be phased out and replaced with the Secured Overnight Financing Rate and therefore we do not anticipate a material impact to the expected upcoming LIBOR transition. The Term Loan Facility was issued net of a $1.0 million discount and the Company incurred $5.1 million of debt issuance costs, which is being amortized with a corresponding charge to interest expense over the remaining life of the loan. Pursuant to a guarantee agreement, SB/RH and the direct and indirect wholly-owned material domestic subsidiaries of SBI have guaranteed SBI’s obligations under the Amended Credit Agreement and related loan documents. Pursuant to the Security Agreement, dated as of June 23, 2015, SBI and such subsidiary guarantors have pledged substantially all of their respective assets to secure such obligations and, in addition, SB/RH has pledged the capital stock of SBI to secure such obligations. Subject to certain mandatory prepayment events, the Term Loan Facility is subject to repayment according to scheduled amortizations, with the final payment of amount outstanding, plus accrued and unpaid interest, due at maturity. The Amended Credit Agreement contains customary affirmative and negative covenants, including, but not limited to, restrictions on SBI and its restricted subsidiaries’ ability to incur indebtedness, create liens, make investments, pay dividends or make certain other distributions, and merge or consolidate or sell assets, in each case subject to certain exceptions set forth in the Amended Credit Agreement. 3.875% Notes On March 3, 2021, SBI issued $500.0 million aggregate principal amount of 3.875% Senior Notes due 2031 (the "3.875% Notes") and entered into the indenture governing the 3.875% Notes (the “2031 Indenture”). The 3.875% Notes mature on March 15, 2031 and are unconditionally guaranteed, on a senior unsecured basis, by SB/RH and by SBI’s existing and future domestic subsidiaries that guarantee indebtedness under the Amended Credit Agreement. SBI may redeem all or part of the 3.875% Notes at any time on or after March 15, 2026 at certain fixed redemption prices as set forth in the 2031 Indenture. In addition, prior to March 15, 2026, SBI may redeem the Notes at a redemption price equal to 100% of the principal amount plus a “make-whole” premium, plus accrued and unpaid interest. Before March 15, 2024, the Company may redeem up to 35% of the aggregate principal notes with cash equal to the net proceeds that SBI raises in equity offerings at specified redemption price as set forth in the 2031 Indenture. Further, the 2031 Indenture requires SBI to make an offer to repurchase all outstanding 3.875% Notes upon the occurrence of a change of control of SBI, as defined in the 2031 Indenture. The 2031 Indenture contains covenants limiting, among other things, the ability of the Company and its direct and indirect restricted subsidiaries to incur additional indebtedness, create liens, engage in sale-leaseback transactions, pay dividends or make distributions in respect of capital stock, purchase or redeem capital stock, make investments or certain other restricted payments, sell assets, issue or sell stock of restricted subsidiaries, enter in transactions with affiliates, or effect a merger or consolidation. In addition, the 2031 Indenture provides for customary events of default, including failure to make required payments, failure to comply with certain agreements or covenants, failure to make payments when due or an acceleration of certain other indebtedness, and certain events of bankruptcy and insolvency. The Company recorded $7.6 million of fees in connection with the offering of the 3.875% Notes, which have been capitalized as debt issuance costs and are being amortized over the remaining life of the 3.875% Notes. Spectrum 5.50% Notes On June 30, 2020, SBI issued $300.0 million aggregate principal amount of 5.50% Senior Notes due 2030 (the "5.50% Notes") and entered into the indenture governing the 5.50% Notes (the “2030 Indenture”). The 5.50% Notes mature on July 15, 2030 and are unconditionally guaranteed, on a senior unsecured basis, by SB/RH and by SBI’s existing and future domestic subsidiaries that guarantee indebtedness under the Credit Agreement . The proceeds from the 5.50% Notes were used for repayment of the Revolver Facility obligation. SBI may redeem all or part of the 5.50% Notes at any time on or after July 15, 2025 at certain fixed redemption prices as set forth in the 2030 Indenture. In addition, prior to July 15, 2025, SBI may redeem the Notes at a redemption price equal to 100% of the principal amount plus a “make-whole” premium, plus accrued and unpaid interest. Before July 15, 2023, the Company may redeem up to 35% of the aggregate principal notes with cash equal to the net proceeds that SBI raises in equity offerings at specified redemption price as set forth in the 2030 Indenture. Further, the 2030 Indenture requires SBI to make an offer to repurchase all outstanding 5.50% Notes upon the occurrence of a change of control of SBI, as defined in the 2030 Indenture. The 2030 Indenture contains covenants limiting, among other things, the incurrence of additional indebtedness, payments of dividends on or redemption or repurchase of equity interests, the making of certain investments, expansion into unrelated businesses, creation of liens on assets, merger or consolidation with another company, transfer or sale of all or substantially all assets, and transactions with affiliates. In addition, the 2030 Indenture provides for customary events of default, including failure to make required payments, failure to comply with certain agreements or covenants, failure to make payments when due or an acceleration of certain other indebtedness, and certain events of bankruptcy and insolvency. The Company recorded $6.2 million of fees in connection with the offering of the 5.50% Notes, which have been capitalized as debt issuance costs and amortized over the remaining life of the 5.50% Notes. Spectrum 5.00% Notes On September 24, 2019, SBI issued $300.0 million aggregate principal amount of 5.00% Senior Notes due October 1, 2029. The 5.00% Notes are guaranteed by SB/RH as well as by SBI’s existing and future domestic subsidiaries. On or after October 1, 2024, SBI may redeem some or all of the Notes at certain fixed redemption prices. In addition, prior to October 1, 2024, SBI may redeem the Notes at a redemption price equal to 100% of the principal amount plus a “make-whole” premium. SBI may redeem up to 35% of the Notes, including additional notes, with an amount of cash equal to the net proceeds of equity offerings at specified redemption prices. Further, the indenture governing the 5.00% Notes (the “2029 Indenture”) requires SBI to make an offer, in cash, to repurchase all or a portion of the applicable outstanding notes for a specified redemption price, including a redemption premium, upon the occurrence of a change of control of SBI, as defined in the 2029 Indenture. The 2029 Indenture contains covenants that limit, among other things, the incurrence of additional indebtedness, payment of dividends on or redemption or repurchase of equity interests, the making of certain investments, expansion into unrelated businesses, creation of liens on assets, merger or consolidation with another company, transfer or sale of all or substantially all assets, and transactions with affiliates. In addition, the 2029 Indenture proves for customary events of default, including failure to make required payments, failure to comply with certain agreements or covenants, failure to make payments when due or on acceleration of certain other indebtedness, and certain events of bankruptcy and insolvency. Events of default under the 2029 Indenture arising from certain events of bankruptcy or insolvency will automatically cause the acceleration of the amounts due under the 5.00% Notes. If any other event of default under the 2029 Indenture occurs and is continuing, the trustee for the 2029 Indenture or the registered holders of at least 25% in the then aggregate outstanding principal amount of the 5.00% Notes, may declare the acceleration of the amounts due under those notes. As of September 30, 2021, we were in compliance with all covenants under the indentures governing the 5.00% Notes. The Company recorded $4.1 million of fees in connection with the offering of the 5.00% Notes, which have been capitalized as debt issuance costs and are being amortized over the remaining life of the 5.00% Notes. Spectrum 4.00% Notes On September 20, 2016, SBI issued €425 million aggregate principal amount of 4.00% Notes at par value, due October 1, 2026. The 4.00% Notes are guaranteed by SB/RH as well as by SBI’s existing and future domestic subsidiaries. SBI may redeem all or a part of the 4.00% Notes, at any time on or after October 1, 2021 at specified redemption prices. In addition, prior to October 1, 2021, SBI may redeem the notes at a redemption price equal to 100% of the principal amounts plus a “make-whole” premium. SBI is also entitled to redeem up to 35% of the aggregate principal amount of the notes before October 1, 2019 with an amount of cash equal to the net proceeds that SBI raises in equity offerings at specified redemption prices. Further, the indenture governing the 4.00% Notes (the “2026 Indenture”) requires SBI to make an offer, in cash, to repurchase all or a portion of the applicable outstanding notes for a specified redemption price, including a redemption premium, upon the occurrence of a change of control of SBI, as defined in the 2026 Indenture. The 2026 Indenture contains customary covenants that limit, among other things, the incurrence of additional indebtedness, payment of dividends on or redemption or repurchase of equity interests, the making of certain investments, expansion into unrelated businesses, creation of liens on assets, merger or consolidation with another company, transfer or sale of all or substantially all assets, and transactions with affiliates. In addition, the 2026 Indenture provides for customary events of default, including failure to make required payments, failure to comply with certain agreements or covenants, failure to make payments when due or on acceleration of certain other indebtedness, and certain events of bankruptcy and insolvency. Events of default under the 2026 Indenture arising from certain events of bankruptcy or insolvency will automatically cause the acceleration of the amounts due under the 4.00% Notes. If any other event of default under the 2026 Indenture occurs and is continuing, the trustee for the 2026 Indenture or the registered holders of at least 25% in the then aggregate outstanding principal amount of the 4.00% Notes, may declare the acceleration of the amounts due under those notes. As of September 30, 2021, we were in compliance with all covenants under the indentures governing the 4.00% Notes. The Company recorded $7.7 million of fees in connection with the offering of the 4.00% Notes, which have been capitalized as debt issuance costs and are being amortized over the remaining life of the 4.00% Notes. Spectrum 5.75% Notes On May 20, 2015, SBI issued $1,000 million aggregate principal amount of 5.75% Notes at par value, due July 15, 2025 (the “5.75% Notes”). The 5.75% Notes are guaranteed by SB/RH as well as by SBI’s existing and future domestic subsidiaries. SBI may redeem all or a part of the 5.75% Notes, at any time on or after July 15, 2020, at specified redemption prices. In addition, prior to July 15, 2020, SBI may redeem the notes at a redemption price equal to 100% of the principal amount plus a “make-whole” premium. SBI is also entitled to redeem up to 35% of the aggregate principal amount of the notes before July 15, 2018 with an amount of cash equal to the net proceeds that SBI raises in equity offerings at specified redemption prices. Further, the indenture governing the 5.75% Notes (the “2025 Indenture”) requires SBI to make an offer, in cash, to repurchase all or a portion of the applicable outstanding notes for a specified redemption price, including a redemption premium, upon the occurrence of a change of control of SBI, as defined in the 2025 Indenture. The 2025 Indenture contains customary covenants that limit, among other things, the incurrence of additional indebtedness, payment of dividends on or redemption or repurchase of equity interests, the making of certain investments, expansion into unrelated businesses, creation of liens on assets, merger or consolidation with another company, transfer or sale of all or substantially all assets, and transactions with affiliates. In addition, the 2025 Indenture provides for customary events of default, including failure to make required payments, failure to comply with certain agreements or covenants, failure to make payments when due or on acceleration of certain other indebtedness, and certain events of bankruptcy and insolvency. Events of default under the 2025 Indenture arising from certain events of bankruptcy or insolvency will automatically cause the acceleration of the amounts due under the 5.75% Notes. If any other event of default under the 2025 Indenture occurs and is continuing, the trustee for the 2025 Indenture or the registered holders of at least 25% in the then aggregate outstanding principal amount of the 5.75% Notes, may declare the acceleration of the amounts due under those notes. As of September 30, 2021, we were in compliance with all covenants under the indentures governing the 5.75% Notes. The Company recorded $19.7 million of fees in connection with the offering of the 5.75% Notes, which have been capitalized as debt issuance costs and are being amortized over the remaining life of the 5.75% Notes. Using the proceeds received from the Term Loan Facility and 3.875% Notes, the Company redeemed $550.0 million aggregate principal amount of the 5.75% Notes in a cash tender offer, with a make whole premium of $17.7 million and a write-off of unamortized debt issuance costs of $5.7 million recognized as Interest Expense on the Company's Consolidated Statements of Income for the year ended September 30, 2021. Spectrum 6.125% Notes On December 4, 2014, SBI issued $250 million aggregate principal amount of 6.125% Notes at par value, due December 15, 2024 (the”6.125% Notes”). The 6.125% Notes are guaranteed by SB/RH, as well as by SBI’s existing and future domestic subsidiaries. SBI may redeem all or a part of the 6.125% Notes, at any time on or after December 15, 2019, at specified redemption prices. Prior to December 15, 2019, SBI may redeem the notes at a redemption price equal to 100% of the principal amount plus a “make-whole” premium. SBI is also entitled to redeem up to 35% of the aggregate principal amount of the notes before December 15, 2017 with an amount of cash equal to the net proceeds that SBI raises in equity offerings at specified redemption prices. Further, the indenture governing the 6.125% Notes (the “2024 Indenture”) requires SBI to make an offer, in cash, to repurchase all or a portion of the applicable outstanding notes for a specified redemption price, including a redemption premium, upon the occurrence of a change of control of SBI, as defined in the 2024 Indenture. The 2024 Indenture contains customary covenants that limit, among other things, the incurrence of additional indebtedness, payment of dividends on or redemption or repurchase of equity interests, the making of certain investments, expansion into unrelated businesses, creation of liens on assets, merger or consolidation with another company, transfer or sale of all or substantially all assets, and transactions with affiliates. In addition, the 2024 Indenture provides for customary events of default, including failure to make required payments, failure to comply with certain agreements or covenants, failure to make payments when due or on acceleration of certain other indebtedness, and certain events of bankruptcy and insolvency. Events of default under the 2024 Indenture arising from certain events of bankruptcy or insolvency will automatically cause the acceleration of the amounts due under the 6.125% Notes. If any other event of default under the 2024 Indenture occurs and is continuing, the trustee for the 2024 Indenture or the registered holders of at least 25% in the then aggregate outstanding principal amount of the 6.125% Notes, may declare the acceleration of the amounts due under those notes. As of September 30, 2021, we were in compliance with all covenants under the indentures governing the 6.125% Notes. The Company recorded $4.6 million of fees in connection with the offering of the 6.125% Notes, which have been capitalized as debt issuance costs and are being amortized over the remaining life of the 6.125% Notes. Using the proceeds received from the Term Loan Facility and 3.875% Notes, the Company redeemed $250.0 million aggregate principal amount of the 6.125% Notes in a cash tender offer, with a make whole premium of $5.7 million and a write-off of unamortized debt issuance costs of $2.1 million recognized as Interest Expense on the Company's Consolidated Statements of Income for the year ended September 30, 2021. Salus CLO In February 2013, September 2013 and February 2015, Salus Capital Partners completed a collateralized loan obligation (“CLO”) securitization of up to $578.5 million notional aggregate principal amount. The outstanding notional aggregate principal amount of was taken up by unaffiliated entities, including a former subsidiary of HRG Group, Inc. and consisted entirely of subordinated debt. The obligations of the Salus CLO securitization were secured by the assets of the variable interest entity (the "VIE"), which primarily consisted of asset-based loan receivables and carry residual interest subject to maintenance of certain covenants. The obligations of the CLO were non-recourse to the Company. The CLO has effectively distributed the remaining assets and as of June 3, 2020, the CLO was discharged of its obligation under the indentures as there were no assets that remained with the CLO to service the outstanding debt and no recourse to the Company. Following the discharge of the debt, there are no substantial net assets remaining with the VIE and the CLO realized a non-cash gain on extinguishment of debt of $76.2 million attributable to the discharge of the debt, consisting of $77.0 million for the carrying value of the outstanding debt upon discharge, and $0.1 million for the unamortized discount on the associated debt and $0.7 million for debt issuance costs for the year ended September 30, 2020. |
LEASES
LEASES | 12 Months Ended |
Sep. 30, 2021 | |
Leases [Abstract] | |
LEASES | LEASES The Company has leases primarily pertaining to manufacturing facilities, distribution centers, office space, warehouses, automobiles, machinery, computers, and office equipment that expire at various times through June 2035. We have identified embedded operating leases within certain third-party logistic agreements for warehouses and information technology services arrangements and recognized right of use assets identified in the arrangements as part of Operating Lease Assets on the Company’s Consolidated Statement of Financial Position. We elected to exclude certain supply chain contracts that contain embedded leases for manufacturing facilities or dedicated manufacturing lines from our ROU asset and liability calculation based on the insignificant impact to our consolidated financial statements. The following is a summary of the Company’s leases recognized on the Company’s Consolidated Statement of Financial Position as of September 30, 2021 and 2020: (in millions) Line Item 2021 2020 Assets Operating Operating lease assets $ 56.5 $ 58.0 Finance Property, plant and equipment, net 84.2 89.1 Total leased assets $ 140.7 $ 147.1 Liabilities Current Operating Other current liabilities $ 17.4 $ 15.1 Finance Current portion of long-term debt 7.9 10.8 Long-term Operating Long-term operating lease liabilities 44.5 49.6 Finance Long-term debt, net of current portion 94.0 92.9 Total lease liabilities $ 163.8 $ 168.4 As of September 30, 2021, the Company had no significant commitments related to leases executed that have not yet commenced. The Company records its operating lease and amortization of finance lease ROU assets within Cost of Goods Sold or Operating Expenses in the Consolidated Statement of Income depending on the nature and use of the underlying asset. The Company records its finance interest cost within interest expense in the Consolidated Statement of Income. The components of lease costs recognized in the Consolidated Statement of Income for the year ended September 30, 2021 and 2020 are as follows: (in millions) 2021 2020 Operating lease cost $ 19.8 $ 15.6 Finance lease cost Amortization of leased assets 11.3 11.8 Interest on lease liability 5.3 5.7 Variable lease cost 9.8 9.8 Total lease cost $ 46.2 $ 42.9 During the year ended September 30, 2021 and 2020 the Company recognized income attributable to leases and sub-leases of $2.3 million and $2.1 million, respectively. Income from leases and sub-leases is recognized as Other Non-Operating Income on the Consolidated Statement of Income. The following is a summary of the Company’s cash paid for amounts included in the measurement of lease liabilities recognized in the Consolidated Statement of Cash Flow, including supplemental non-cash activity related to operating leases, for the year ended September 30, 2021 and 2020: (in millions) 2021 2020 Operating cash flow from operating leases $ 20.7 $ 16.1 Operating cash flows from finance leases 5.4 5.7 Financing cash flows from finance leases 12.0 10.6 Supplemental non-cash flow disclosure Acquisition of operating lease asset through lease obligations 15.3 23.6 The following is a summary of weighted-average lease term and discount rate at September 30, 2021 and 2020: 2021 2020 Weighted average remaining lease term Operating leases 4.6 years 5.5 years Finance leases 10.4 years 10.4 years Weighted average discount rate Operating leases 4.3 % 4.6 % Finance leases 4.9 % 5.3 % At September 30, 2021, future lease payments under operating and finance leases were as follows: (in millions) Finance Leases Operating Leases 2022 $ 13.0 $ 19.9 2023 13.7 18.2 2024 13.4 9.8 2025 11.9 7.0 2026 14.9 12.1 Thereafter 66.5 2.0 Total lease payments 133.4 69.0 Amount representing interest (31.5) (7.1) Total minimum lease payments $ 101.9 $ 61.9 |
LEASES | LEASES The Company has leases primarily pertaining to manufacturing facilities, distribution centers, office space, warehouses, automobiles, machinery, computers, and office equipment that expire at various times through June 2035. We have identified embedded operating leases within certain third-party logistic agreements for warehouses and information technology services arrangements and recognized right of use assets identified in the arrangements as part of Operating Lease Assets on the Company’s Consolidated Statement of Financial Position. We elected to exclude certain supply chain contracts that contain embedded leases for manufacturing facilities or dedicated manufacturing lines from our ROU asset and liability calculation based on the insignificant impact to our consolidated financial statements. The following is a summary of the Company’s leases recognized on the Company’s Consolidated Statement of Financial Position as of September 30, 2021 and 2020: (in millions) Line Item 2021 2020 Assets Operating Operating lease assets $ 56.5 $ 58.0 Finance Property, plant and equipment, net 84.2 89.1 Total leased assets $ 140.7 $ 147.1 Liabilities Current Operating Other current liabilities $ 17.4 $ 15.1 Finance Current portion of long-term debt 7.9 10.8 Long-term Operating Long-term operating lease liabilities 44.5 49.6 Finance Long-term debt, net of current portion 94.0 92.9 Total lease liabilities $ 163.8 $ 168.4 As of September 30, 2021, the Company had no significant commitments related to leases executed that have not yet commenced. The Company records its operating lease and amortization of finance lease ROU assets within Cost of Goods Sold or Operating Expenses in the Consolidated Statement of Income depending on the nature and use of the underlying asset. The Company records its finance interest cost within interest expense in the Consolidated Statement of Income. The components of lease costs recognized in the Consolidated Statement of Income for the year ended September 30, 2021 and 2020 are as follows: (in millions) 2021 2020 Operating lease cost $ 19.8 $ 15.6 Finance lease cost Amortization of leased assets 11.3 11.8 Interest on lease liability 5.3 5.7 Variable lease cost 9.8 9.8 Total lease cost $ 46.2 $ 42.9 During the year ended September 30, 2021 and 2020 the Company recognized income attributable to leases and sub-leases of $2.3 million and $2.1 million, respectively. Income from leases and sub-leases is recognized as Other Non-Operating Income on the Consolidated Statement of Income. The following is a summary of the Company’s cash paid for amounts included in the measurement of lease liabilities recognized in the Consolidated Statement of Cash Flow, including supplemental non-cash activity related to operating leases, for the year ended September 30, 2021 and 2020: (in millions) 2021 2020 Operating cash flow from operating leases $ 20.7 $ 16.1 Operating cash flows from finance leases 5.4 5.7 Financing cash flows from finance leases 12.0 10.6 Supplemental non-cash flow disclosure Acquisition of operating lease asset through lease obligations 15.3 23.6 The following is a summary of weighted-average lease term and discount rate at September 30, 2021 and 2020: 2021 2020 Weighted average remaining lease term Operating leases 4.6 years 5.5 years Finance leases 10.4 years 10.4 years Weighted average discount rate Operating leases 4.3 % 4.6 % Finance leases 4.9 % 5.3 % At September 30, 2021, future lease payments under operating and finance leases were as follows: (in millions) Finance Leases Operating Leases 2022 $ 13.0 $ 19.9 2023 13.7 18.2 2024 13.4 9.8 2025 11.9 7.0 2026 14.9 12.1 Thereafter 66.5 2.0 Total lease payments 133.4 69.0 Amount representing interest (31.5) (7.1) Total minimum lease payments $ 101.9 $ 61.9 |
DERIVATIVES
DERIVATIVES | 12 Months Ended |
Sep. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVES | DERIVATIVES Derivative financial instruments are used by the Company principally in the management of its foreign currency exchange rate, raw material price and interest rate exposures. The Company does not hold or issue derivative financial instruments for trading purposes. Cash Flow Hedges 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 Australian Dollars, Canadian Dollars, Euros, Japanese Yen, Pound Sterling or U.S. Dollars. 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 Consolidated Statements of Income. At September 30, 2021, the Company had a series of foreign exchange derivative contracts outstanding through March 31, 2023. The derivative net gain estimated to be reclassified from AOCI into earnings over the next 12 months is $3.7 million, net of tax. At September 30, 2021 and 2020, the Company had foreign exchange derivative contracts designated as cash flow hedges with a notional value of $279.9 million and $231.2 million, respectively. For derivative instruments that are designated and qualify as cash flow hedges, the gain or loss on the effective portion of the derivative is reported as a component of Accumulated Other Comprehensive Income (“AOCI”) and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. The following table summarizes the impact of the effective and ineffective portions of designated hedges and the gain (loss) recognized in the Consolidated Statement of Income for the years ended September 30, 2021, 2020 and 2019: Gain (Loss) in OCI Reclassified to Continuing Operations (in millions) 2021 2020 2019 Line Item 2021 2020 2019 Foreign exchange contracts $ 0.1 $ 0.1 $ (0.4) Net sales $ 0.1 $ (0.1) $ (0.2) Foreign exchange contracts (2.0) (7.2) 14.7 Cost of goods sold (9.3) 4.7 10.6 Total $ (1.9) $ (7.1) $ 14.3 $ (9.2) $ 4.6 $ 10.4 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, among others, Australian Dollars, Canadian Dollars, Euros, Japanese Yen, Mexican Pesos, Philippine Pesos, Polish Zlotys, Pounds Sterling, Taiwanese Dollars or U.S. Dollars. These foreign exchange contracts are fair value hedges of a related liability or asset recorded in the accompanying 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 September 30, 2021, the Company had a series of forward exchange contracts outstanding through July 20, 2022. At September 30, 2021 and 2020, the Company had $198.4 million and $752.0 million, respectively, of notional value for such foreign exchange derivative contracts outstanding. The following table summarizes the gain (loss) associated with derivative contracts not designated as hedges in the Consolidated Statements of Income for the years ended September 30, 2021, 2020 and 2019. (in millions) Line Item 2021 2020 2019 Foreign exchange contracts Other non-operating (income) expense $ (3.2) $ (10.8) $ 45.5 Fair Value of Derivative Instruments The fair value of the Company’s outstanding derivative instruments in the Consolidated Statements of Financial Position are as follows: (in millions) Line Item 2021 2020 Derivative Assets Foreign exchange contracts - designated as hedge Other receivables $ 5.2 $ — Foreign exchange contracts - designated as hedge Deferred charges and other 0.9 — Foreign exchange contracts - not designated as hedge Other receivables 0.7 0.4 Total Derivative Assets $ 6.8 $ 0.4 Derivative Liabilities Foreign exchange contracts - designated as hedge Accounts payable $ 0.1 $ 3.3 Foreign exchange contracts - designated as hedge Other long term liabilities — 0.3 Foreign exchange contracts - not designated as hedge Accounts payable 2.4 9.9 Total Derivative Liabilities $ 2.5 $ 13.5 The Company is exposed to the risk of default by the counterparties with which it transacts and generally does not require collateral or other security to support financial instruments subject to credit risk. The Company monitors counterparty credit risk on an individual basis by periodically assessing each counterparty’s credit rating exposure. The maximum loss due to credit risk equals the fair value of the gross asset derivatives that are concentrated with certain domestic and foreign financial institution counterparties. The Company considers these exposures when measuring its credit reserve on its derivative assets, which were not significant for the years ended September 30, 2021 and 2020. The Company’s standard contracts do not contain credit risk related contingent features whereby the Company would be required to post additional cash collateral because 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 September 30, 2021, and 2020, there was no cash collateral outstanding. In addition, as of September 30, 2021 and 2020, the Company had no posted standby letters of credit related to such liability positions. Net Investment Hedge SBI has €425.0 million aggregate principle amount of 4.00% Notes designated as a non-derivative economic hedge, or net investment hedge, of the translation of the Company’s net investments in Euro denominated subsidiaries at the time of issuance. The hedge effectiveness is measured on the beginning balance of the net investment and re-designated every three months. Any gains and losses attributable to the translation of the Euro denominated debt designated as net investment hedge are recognized as a component of foreign currency translation within AOCI, and gains and losses attributable to the translation of the undesignated portion are recognized as foreign currency translation gains or losses within Other Non-Operating Expense (Income). As of September 30, 2021 and September 30, 2020 the full principal amount was designated as a net investment hedge and considered fully effective. The following summarizes the gain (loss) from the net investment hedge recognized in Other Comprehensive Income for the year ended September 30, 2021, 2020 and 2019, pre-tax: Gain (Loss) in OCI (in millions) 2021 2020 2019 Net investment hedge $ 6.2 $ (33.0) $ 29.8 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. During the year ended September 30, 2020, the Company recognized a pre-tax loss of $1.2 million in earnings related to the translation of the undesignated portion of debt obligation. No pre-tax gain (loss) related to the translation of the undesignated portion of debt obligation was recognized in earnings during the year ended September 30, 2021. |
EMPLOYEE BENEFIT PLANS
EMPLOYEE BENEFIT PLANS | 12 Months Ended |
Sep. 30, 2021 | |
Retirement Benefits [Abstract] | |
EMPLOYEE BENEFIT PLANS | EMPLOYEE BENEFIT PLANS Defined Benefit Plans The Company has various defined benefit pension plans covering some of its employees. Plans generally provide benefits of stated amounts for each year of service. The Company funds its pension plans in accordance with the requirements of the defined benefit pension plans and, where applicable, in amounts sufficient to satisfy the minimum funding requirements of applicable laws. Additionally, in compliance with the Company’s funding policy, annual contributions to defined benefit plans are equal to the actuarial recommendations or statutory requirements in the respective countries. The Company sponsors or participates in a number of other non-U.S. pension arrangements, including various retirement and termination benefit plans, some of which are covered by local law or coordinated with government-sponsored plans, which are not significant in the aggregate. The following tables provide additional information on the pension plans U.S. Plans Non U.S. Plans (in millions) 2021 2020 2021 2020 Changes in benefit obligation: Benefit obligation, beginning of year $ 76.0 $ 80.2 $ 158.7 $ 153.4 Obligations assumed from acquisition — — 19.0 — Service cost 0.5 0.7 1.5 1.7 Interest cost 1.8 2.2 2.1 1.9 Actuarial (gain) loss (2.6) 2.3 (3.4) (2.5) Settlements and curtailments — (4.6) — (1.6) Plan Amendments — — 0.1 — Benefits paid (4.3) (4.8) (5.0) (3.5) Foreign currency exchange rate changes — — 3.1 9.3 Benefit obligation, end of year 71.4 76.0 176.1 158.7 Changes in plan assets: Fair value of plan assets, beginning of year 64.6 68.6 120.5 112.1 Assets assumed from acquisition — — 17.2 — Actual return on plan assets 9.0 5.1 4.6 0.8 Employer contributions 0.3 0.3 6.6 4.7 Settlements and curtailments — (4.6) — — Benefits paid (4.3) (4.8) (5.0) (3.5) Foreign currency exchange rate changes — — 3.5 6.4 Fair value of plan assets, end of year 69.6 64.6 147.4 120.5 Funded Status $ (1.8) $ (11.4) $ (28.7) $ (38.2) Amounts recognized in statement of financial position Deferred charges and other $ — $ — $ 12.4 $ 3.0 Other accrued expenses 0.1 0.3 — — Other long-term liabilities 1.7 11.1 41.1 41.3 Accumulated other comprehensive loss 9.4 18.8 43.2 50.1 Weighted average assumptions Discount rate 2.70% 2.46% 1.00 - 2.00% 0.85 - 1.75% Rate of compensation increase N/A N/A 2.50% 2.25% The following table summarizes the projected benefit obligation, accumulated benefit obligation and fair value of plan assets for defined benefit plans with projected benefit obligations in excess of plan assets: U.S. Plans Non U.S. Plan (in millions) 2021 2020 2021 2020 Projected benefit obligation $ 71.4 $ 76.1 $ 106.2 $ 86.8 Accumulated benefit obligation 71.4 76.1 100.6 81.3 Fair value of plan assets 69.6 64.6 65.1 45.5 The following table contains the components of net periodic benefit cost from defined benefit plans for the years ended September 30, 2021, 2020 and 2019: U.S. Plans Non U.S. Plans (in millions) 2021 2020 2019 2021 2020 2019 Service cost $ 0.5 $ 0.7 $ 0.4 $ 1.5 $ 1.7 $ 1.4 Interest cost 1.8 2.2 2.8 2.1 1.9 2.9 Expected return on assets (3.7) (4.1) (4.4) (4.0) (3.8) (3.8) Settlements and curtailments — 0.9 — — — — Recognized net actuarial loss 1.4 0.9 0.2 3.4 3.7 1.9 Net periodic benefit cost $ — $ 0.6 $ (1.0) $ 3.0 $ 3.5 $ 2.4 Weighted average assumptions Discount rate 2.46% 3.04% 4.10% 0.70 - 1.75% 0.75 - 1.80% 1.85 - 4.07% Expected return on plan assets 6.00% 6.50% 6.50% 0.70 - 3.40% 3.07 - 3.40% 3.40 - 4.01% Rate of compensation increase N/A N/A N/A 2.25% 2.25% 2.25 - 2.50% The discount rate is used to calculate the projected benefit obligation. The discount rate used is based on the rate of return on government bonds as well as current market conditions of the respective countries where the plans are established. The expected return on plan assets is based on the Company’s expectation of the long-term average rate of return of the capital market in which the plans invest. The expected return reflects the target asset allocations and considers the historical returns earned for each asset category. The components of net periodic benefit cost other than the service cost component are recognized as Other Non-Operating (Income) Expense, Net on the Statement of Income. The Company established formal investment policies for the assets associated with these plans. Policy objectives include maximizing long-term return at acceptable risk levels, diversifying among asset classes, if appropriate, and among investment managers, as well as establishing relevant risk parameters within each asset class. Specific asset class targets are based on the results of periodic asset/liability studies. The investment policies permit variances from the targets within certain parameters. The plan assets currently do not include holdings of the Company’s common stock. Below is a summary allocation of defined benefit plan assets as of September 30, 2021 and 2020: U.S. Plans Non U.S. Plans Asset Type 2021 2020 2021 2020 Equity Securities 30 % 46 % — % — % Fixed Income Securities 70 % 51 % 16 % 21 % Other — % 3 % 84 % 79 % Total 100 % 100 % 100 % 100 % The fair value of defined benefit plan assets by asset category as of September 30, 2021 and 2020 are as follows: September 30, 2021 September 30, 2020 (in millions) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Cash & cash equivalents $ 0.6 $ — $ — $ 0.6 $ 0.6 $ — $ — $ 0.6 Equity 8.1 8.3 — 16.4 11.9 10.7 — 22.6 Fixed income securities 29.6 9.9 — 39.5 22.3 6.4 — 28.7 Foreign equity 4.8 — — 4.8 7.2 — — 7.2 Foreign fixed income securities — 23.6 — 23.6 1.3 24.7 — 26.0 Life insurance contracts — 42.6 — 42.6 — 42.1 — 42.1 Annuity policy — — 18.8 18.8 — — — — Other — 70.7 — 70.7 1.7 56.2 — 57.9 Total plan assets $ 43.1 $ 155.1 $ 18.8 $ 217.0 $ 45.0 $ 140.1 $ — $ 185.1 Subsequent to the Armitage acquisition and in accordance with the purchase agreement, the Company purchased a group annuity contract using plan assets and escrow funds withheld as part of the acquisition to cover the projected benefit obligation assumed in the purchase. The transaction represents an annuity buy-in, in accordance with U.K. pension regulations, where the assets of the plan were invested in a bulk-purchase annuity policy with an insurance company, under which the Company retains both the fair value of the annuity contract and the pension benefit obligations related to this plan. Following the buy-in, individual policies will replace the bulk annuity policy in a buy-out transaction, which is expected to be completed during the year ending September 30, 2022 where the Company would de-recognize the assets and liabilities of the pension plan and realize a settlement gain or loss as a component of the net periodic pension cost. As of September 30, 2021, the fair value of the annuity contract is based on the calculated pension benefit obligation covered (Level 3). The following benefit payments are expected to be paid: (in millions) U.S. Plans Non U.S. Plans 2022 $ 4.5 $ 3.9 2023 4.1 4.3 2024 4.1 4.8 2025 4.1 4.9 2026 4.2 5.3 2027-2031 20.5 31.5 Defined Contribution Plans |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES Income tax expense was calculated based upon the following components of income (loss) from operations before income taxes for the years ended September 30, 2021, 2020 and 2019: SBH SB/RH (in millions) 2021 2020 2019 2021 2020 2019 United States $ (147.2) $ (42.0) $ (369.7) $ (143.8) $ (110.8) $ (312.9) Outside the United States 136.1 16.9 15.5 136.1 16.9 15.5 Loss from continuing operations before income taxes $ (11.1) $ (25.1) $ (354.2) $ (7.7) $ (93.9) $ (297.4) The components of income tax expense for the years ended September 30, 2021, 2020 and 2019 are as follows: SBH SB/RH (in millions) 2021 2020 2019 2021 2020 2019 Current tax expense (benefit): U.S. Federal $ 3.0 $ 0.3 $ (47.6) $ 3.0 $ 0.3 $ (47.6) Foreign 32.6 2.2 29.2 32.6 2.2 29.2 State and local 2.4 0.2 2.4 2.4 0.2 2.4 Total current tax expense (benefit) 38.0 2.7 (16.0) 38.0 2.7 (16.0) Deferred tax (benefit) expense: U.S. Federal (64.8) 9.1 (19.6) (63.4) (5.1) (7.1) Foreign 5.9 1.1 (3.2) 5.9 1.1 (3.2) State and local (5.5) 14.4 (13.2) (5.5) 15.8 (9.8) Total deferred tax (benefit) expense (64.4) 24.6 (36.0) (63.0) 11.8 (20.1) Income tax (benefit) expense $ (26.4) $ 27.3 $ (52.0) $ (25.0) $ 14.5 $ (36.1) The following reconciles the total income tax expense, based on the U.S. Federal statutory income tax rate of 21% with the Company’s recognized income tax expense: SBH SB/RH (in millions) 2021 2020 2019 2021 2020 2019 U.S. Statutory federal income tax benefit $ (2.3) $ (5.3) $ (74.4) $ (1.6) $ (19.7) $ (62.4) Permanent items 13.9 13.6 2.6 13.9 13.6 2.7 Goodwill impairment — 2.8 12.2 — 2.8 12.2 Foreign statutory rate vs. U.S. statutory rate (6.2) (13.8) (9.2) (6.2) (13.8) (9.2) State income taxes, net of federal effect (8.7) (0.6) (17.6) (8.7) (3.1) (14.7) State effective rate change 2.6 7.2 4.6 2.6 7.8 4.6 UK effective rate change 8.2 — — 8.2 — — GILTI 4.9 3.7 2.6 4.9 3.7 2.6 GILTI impact of retroactive law changes (18.1) — — (18.1) — — Foreign dividend received deduction tax law change — — 95.9 — — 95.9 Tax reform act - mandatory repatriation — — (48.0) — — (48.0) Residual tax on foreign earnings 2.6 6.0 0.2 2.6 6.0 0.2 Change in valuation allowance (27.1) 9.9 (29.9) (27.1) 9.8 (30.0) Unrecognized tax expense (benefit) 0.2 (8.5) 7.5 0.2 (8.5) 7.5 Share based compensation adjustments (0.7) 0.1 4.3 0.1 0.5 4.3 Research and development tax credits (2.4) (1.6) (3.1) (2.4) (1.6) (3.1) Foreign rate differential on intercompany transfer of intangibles — 4.6 — — 4.6 — Partnership outside basis adjustment 5.5 5.9 2.1 5.5 5.9 2.4 Return to provision adjustments and other, net 1.2 3.3 (1.8) 1.1 6.5 (1.1) Income tax (benefit) expense $ (26.4) $ 27.3 $ (52.0) $ (25.0) $ 14.5 $ (36.1) The tax effects of temporary differences that give rise to deferred tax assets and deferred tax liabilities as of September 30, 2021 and 2020 are as follows: SBH SB/RH (in millions) 2021 2020 2021 2020 Deferred tax assets Employee benefits $ 36.7 $ 34.8 $ 36.6 $ 33.2 Inventories and receivables 25.1 18.3 25.1 18.3 Marketing and promotional accruals 17.0 14.9 17.0 14.9 Property, plant and equipment 0.6 2.3 0.6 2.3 Unrealized losses 19.1 19.1 19.1 19.1 Intangibles 10.0 13.6 10.0 13.6 Operating lease liabilities 25.9 23.1 25.9 23.1 Net operating loss and other carry forwards 563.5 511.7 245.5 186.5 Other 36.1 39.1 32.9 38.1 Total deferred tax assets 734.0 676.9 412.7 349.1 Deferred tax liabilities Property, plant and equipment 9.4 8.2 9.4 8.2 Unrealized gains 10.5 13.6 10.5 13.6 Intangibles 287.9 287.1 287.9 287.2 Operating lease assets 23.5 20.5 23.5 20.5 Investment in partnership 69.6 63.3 69.3 63.0 Taxes on unremitted foreign earnings 1.8 1.4 1.8 1.4 Other 24.1 16.6 24.0 16.6 Total deferred tax liabilities 426.8 410.7 426.4 410.5 Net deferred tax liabilities 307.2 266.2 (13.7) (61.4) Valuation allowance (349.4) (302.5) (245.1) (198.2) Net deferred tax liabilities, net valuation allowance $ (42.2) $ (36.3) $ (258.8) $ (259.6) Reported as: Deferred charges and other $ 17.3 $ 18.9 $ 13.6 $ 18.9 Deferred taxes (noncurrent liability) 59.5 55.2 272.4 278.5 On November 20, 2020, the U.S. Treasury and the Internal Revenue Service issued Final Regulations (“November 2020 Regulations”) under Internal Revenue Code Sections 245A and 951A related to the treatment of previously disqualified basis under the GILTI regime. The November 2020 Regulations are effective for Fiscal 2022, but the Company can elect to apply them to Fiscal 2018 through Fiscal 2021. The Company expects that the sale of the HHI segment will allow use of tax benefits for years prior to Fiscal 2020 that would have been subject to federal and state tax limitations on the use of carryforwards absent the HHI sale. The Company expects to satisfy the requirements necessary to apply the Regulations retroactively and has therefore estimated and recorded a benefit of $11.4 million for the impact on years prior to Fiscal 2021 in the year ended September 30, 2021, with a benefit of $5.8 million recorded in the fourth quarter ended September 30, 2021 due to the HHI sale. The Company also expects to apply the Regulations to Fiscal 2021 and has included the impact in Fiscal 2021 income tax expense. On July 20, 2020, Final Regulations were issued under Internal Revenue Code Section 951A relating to the treatment of income that is subject to a high rate of tax under the global intangible low taxed income (“GILTI“) regime (“July 2020 Regulations“). The July 2020 Regulations are effective for Fiscal 2021, but the Company can elect to apply them to Fiscal 2019 and Fiscal 2020. The Company has applied the July 2020 Regulations to Fiscal 2020 and recorded a Fiscal 2020 benefit of $4.4 million. The Company expects that the sale of the HHI segment will allow use of tax benefits for years prior to Fiscal 2020 that would have been subject to federal and state tax limitations on the use of carryforwards absent the HHI sale. The Company expects to apply the July 2020 Regulations to Fiscal 2019 by filing an amended return. Therefore a benefit of $6.7 million has been recorded for the year ended September 30, 2021. On June 14, 2019, the U.S. Department of the Treasury and the Internal Revenue Service issued Regulations (“June 2019 Regulations”) related to the foreign dividends received deduction and GILTI. The June 2019 Regulations contained language that modified certain provisions of the Tax Cuts and Jobs Act (the “Tax Reform Act“) and previously issued guidance. The June 2019 Regulations were retroactive to January 1, 2018 and caused certain distributions made by the Company’s non-U.S. subsidiaries during Fiscal 2018 to be taxable as Subpart F income on its Fiscal 2018 federal income tax return. The impacts of the Regulations were recorded in the year ended September 30, 2019. The Company used an additional $454.6 million in net operating losses and recognized $95.9 million in federal and state tax expense due to the impact on prior distributions among subsidiaries. The Company also recognized a $48.0 million tax benefit from recalculating its liability for one-time deemed mandatory repatriation of post-1986 undistributed foreign subsidiary earnings and profits after application of the June 2019 Regulations and the final calculations for its Fiscal 2018 federal income tax returns, including the ability for the Company to offset the liability in part by foreign tax credits. The Company also recorded $70.7 million of foreign tax credits, but concluded it is more likely than not these credits will expire unused and therefore recorded a $70.7 million valuation allowance against the deferred tax assets. The Tax Reform Act of December 22, 2017 included a tax on deemed repatriated accumulated earnings of foreign subsidiaries. The Company’s $25.1 million mandatory repatriation tax is payable over 8 years. The first payment was due January 2019. As of September 30, 2021, $18.9 million of the mandatory repatriation liability is still outstanding and $2.0 million is due and payable in the next 12 months but will be offset by previous payments and credits. During the year ended September 30, 2019, the Company recorded an increase of $12.2 million to tax expense from impairment of $116.0 million of book goodwill. A portion of the impairment resulted in a tax benefit since the goodwill had previously been amortized for income tax purposes and the Company therefore reversed a deferred tax liability. To the extent necessary, the Company intends to utilize free cash flow from foreign subsidiaries in order to support management's plans to voluntarily accelerate pay down of U.S. debt, fund distributions to shareholders, fund U.S. acquisitions and satisfy ongoing U.S. operational cash flow requirements. The Company annually estimates the available earnings, permanent reinvestment classification and the availability of and management’s intent to use alternative mechanisms for repatriation for each jurisdiction in which the Company does business. Accordingly, the Company is providing residual U.S. and foreign deferred taxes on these earnings to the extent they cannot be repatriated in a tax-free manner. As of September 30, 2021, and 2020, the Company provided $1.8 million and $1.4 million, respectively, of residual foreign taxes on undistributed foreign earnings. As a result of the June 2019 Regulations and the deemed mandatory repatriation, the Company does not have significant prior year untaxed, undistributed earnings from its foreign operations at September 30, 2021. There were $500.6 million of the Company’s undistributed earnings taxed in the U.S. as a result of the mandatory deemed repatriation that was part of the Tax Reform Act, and the remaining earnings were taxed as a result of the June 2019 Regulations. The Company recorded GILTI inclusions for the tax year ended September 30, 2021 of $23.4 million. The Company estimates it generated untaxed, undistributed foreign earnings due to high-tax exceptions to GILTI inclusions under the Tax Reform Act for the year ended September 30, 2021 of $23.2 million and has cumulative untaxed, undistributed foreign earnings due to high-tax exceptions as of September 30, 2021 of $62.1 million. As of September 30, 2021, the Company has U.S. federal net operating and capital loss carryforwards (“NOLs”) of $1,389.3 million with a federal tax benefit of $291.7 million and tax benefits related to state NOLs of $69.6 million. These NOLs expire through years ending in 2041. As of September 30, 2021, the Company has $27.4 million of federal research and development credit carryforwards. $0.4 million of the credits expire Fiscal 2023 and the remainder begin expiring in the Company’s fiscal year ending September 30, 2031. As of September 30, 2021, the Company has foreign NOLs of $398.0 million and tax benefits of $97.7 million, which will expire beginning in the Company's fiscal year ending September 30, 2022. During the fiscal year ending September 30, 2021, the Company recorded $324.2 million of additional foreign net operating losses due to a tax-deductible impairment in Luxembourg of subsidiary stock but recorded a full valuation allowance on the tax benefits of those losses since they are expected to expire unused. Certain of the foreign NOLs have indefinite carryforward periods. A valuation allowance is recorded when it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of the deferred tax assets depends on the ability of the Company to generate sufficient taxable income of the appropriate character in the future and in the appropriate taxing jurisdictions. The Company has had multiple changes of ownership, as defined under Section 382 of the Internal Revenue Code of 1986, as amended, that subject the Company’s U.S. federal and state NOLs and other tax attributes to certain limitations. The annual limitation is based on a number of factors including the value of the Company’s stock (as defined for tax purposes) on the date of the ownership change, its net unrealized gain position on that date, the occurrence of realized gains in years subsequent to the ownership change and the effects of subsequent ownership changes (as defined for tax purposes), if any. Due to these limitations, the Company estimates, as of September 30, 2021, that $660.5 million of the total U.S. federal NOLs with a federal tax benefit of $138.7 million and $10.0 million of the tax benefit related to state NOLs will expire unused even if the Company generates sufficient income to otherwise use all of its NOLs. The Company also projects, as of September 30, 2021, that $96.1 million of tax benefits related to foreign NOLs will not be used. The Company has provided a full valuation allowance against these deferred tax assets. The expected gain from the sale of the HHI segment increases the likelihood that the Company can use certain deferred tax assets including federal net operating losses subject to certain limits, state net operating losses previously expected to expire unused, and state research and development credits also previously expected to expire unused; therefore, the Company released $29.2 million of valuation allowance on these deferred tax assets in Fiscal 2021. The income recognized for the year ended September 30, 2019 as a result of the June 2019 Regulations, the U.S. gain on the sale of the battery business, and the Fiscal 2019 U.S. operating results increased the likelihood that the Company can use federal net operating losses subject to certain limits; therefore, the Company released the $36.7 million of valuation allowance on these losses in Fiscal 2019. As of September 30, 2021, the valuation allowance is $349.4 million, of which $253.0 million is related to U.S. net deferred tax assets and $96.4 million is related to foreign net deferred tax assets. As of September 30, 2020, the valuation allowance was $302.5 million, of which $283.6 million was related to U.S. net deferred tax assets and $18.9 million is related to foreign net deferred tax assets. As of September 30, 2019, the valuation allowance was $302.7 million, of which $273.5 million is related to U.S. net deferred tax assets and $29.2 million is related to foreign net deferred tax assets. During the year ended September 30, 2021, the Company increased its valuation allowance for deferred tax assets by $46.9 million of which $30.6 million is related to a decrease in valuation allowance against U.S. net deferred tax assets and $77.5 million related to an increase in the valuation allowance against foreign net deferred tax assets. During the year ended September 30, 2020, the Company decreased its valuation allowance for deferred tax assets by $0.2 million, of which $10.1 million was related to an increase in valuation allowance against U.S. net deferred tax assets and $10.3 million related to a decrease in the valuation allowance against foreign net deferred tax assets. As of September 30, 2021, the Company has recorded $39.2 million of valuation allowance against its U.S. state net operating losses. The total amount of unrecognized tax benefits at September 30, 2021 and 2020 are $18.0 million and $13.8 million, respectively. If recognized in the future, $18.0 million of the unrecognized tax benefits as of September 30, 2021 will impact the effective tax rate. The Company recognizes interest and penalties related to uncertain tax positions in income tax expense. As of September 30, 2021, and 2020 the Company had $1.5 million, of accrued interest and penalties related to uncertain tax positions. There was no impact on income tax expense related to interest and penalties for the years ended September 30, 2021. The impact during the years ended September 30, 2020 and 2019 was a net decrease of $1.0 million and a net increase of $0.2 million, respectively. The following table summarizes the changes to the amount of unrecognized tax benefits for the years ended September 30, 2021, 2020 and 2019: (in millions) 2021 2020 2019 Unrecognized tax benefits, beginning of year $ 13.8 $ 20.7 $ 13.8 Gross increase – tax positions in prior period 4.1 1.0 5.2 Gross decrease – tax positions in prior period (0.2) (4.4) (0.4) Gross increase – tax positions in current period 1.2 2.4 3.5 Settlements (0.2) (1.6) — Lapse of statutes of limitations (0.7) (4.3) (1.4) Unrecognized tax benefits, end of year $ 18.0 $ 13.8 $ 20.7 The September 30, 2021 Consolidated Statement of Financial Position for SB/RH Holdings, LLC contains $8.0 million of income taxes payable to its parent company, calculated as if SB/RH Holdings, LLC were a separate taxpayer. |
RELATED PARTIES
RELATED PARTIES | 12 Months Ended |
Sep. 30, 2021 | |
Related Party Transactions [Abstract] | |
RELATED PARTIES | RELATED PARTIES Effective the close of the GBL divestiture on January 2, 2019, and GAC divestiture on January 28, 2019, the Company and Energizer entered into a series of TSAs and reverse TSAs that support various shared administrative functions including finance, sales and marketing, information technology, human resources, real estate and supply chain, customer service and procurement; to support both the divested business operations and the continuing operations of the Company, within the various regions in which they operate. Charges associated with TSAs and reverse TSAs are recognized as bundled service costs under a fixed fee structure by the respective service or function and geographic location and one-time pass-through charges, including warehousing, freight, among others, to and from Energizer that settle on a net basis between the two parties. Charges to Energizer for TSA services are recognized as a reduction of the respective operating costs incurred by the Company and recognized as a component of operating expense or cost of goods sold depending upon the functions being supported by the Company. Charges from Energizer for reverse TSA services are recognized as operating expenses or cost of goods sold depending upon the functions supported by Energizer. Effective January 2, 2020, Energizer closed its divestiture of the European based Varta® consumer battery business to Varta AG, which also transferred TSAs and reverse TSAs associated with the divested entities to be assumed by Varta AG. As a result, a portion of the TSA and reverse TSA charges with Energizer were transferred to Varta AG. The TSAs and reverse TSAs have an overall expected time period of 12 months following the close of the transaction with some variability in expiration dependent upon the completed transition of the respective service or function and its geographic location and provide up to 12 additional months for a total duration of up to 24 months. The Company had exited all outstanding TSAs with Energizer and Varta by January 2021. The following table summarizes the TSA income and expenses during the years ended September 30, 2021, 2020 and 2019: (in millions) 2021 2020 2019 TSA income $ 0.9 $ 9.6 $ 19.1 TSA expense 2.6 13.5 13.9 Net TSA (loss) income $ (1.7) $ (3.9) $ 5.2 Additionally, the Company, Energizer, and Varta AG receive cash and/or make payments on behalf of the respective counterparty’s operations as part of the shared operating activity, resulting in cash flow being commingled with the operating cash flow of the Company. The Company recognizes a net payable or receivable with Energizer and Varta AG for any outstanding TSA charges and net working capital attributable to the commingled operations and cash flow. As of September 30, 2021 and 2020, the Company had net payable of $2.9 million with Energizer included in Other Current Liabilities and net receivable of $5.4 million included in Other Receivables on the Company’s Statement of Financial Position, respectively. As of September 30, 2021 and 2020, the Company had net receivable of $1.7 million with Varta AG included in Other Receivables and net payable $1.0 million included in Other Current Liabilities on the Company’s Statement of Financial Position. The Company’s H&G segment continued to manufacture certain GAC related products at its facilities and sell the products to Energizer as a third-party supplier on an ongoing basis, at inventory cost plus contracted markup, as agreed upon in the supply agreement. The supply agreement had a contracted term of 24 months and expired in January 2021 with no renewal. Material and inventory on hand to support the supply agreement was recognized as inventory of the Company. During the years ended September 30, 2021, 2020 and 2019, the Company recognized $6.0 million, $18.9 million, and $12.5 million, respectively, of revenue attributable to the Energizer supply agreement as a component of H&G revenue after completion of the GAC divestiture. As of September 30, 2021 the Company had no outstanding receivables from Energizer associated with the H&G supply agreement. As of September 30, 2020, the Company had outstanding receivable of $4.4 million from Energizer in Trade Receivables, Net on the Company’s Statement of Financial Position associated with the H&G supply agreement. |
SHAREHOLDER_S EQUITY
SHAREHOLDER’S EQUITY | 12 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
SHAREHOLDER’S EQUITY | SHAREHOLDER’S EQUITY Share Repurchases SBH has a share repurchase program that is executed through purchases made from time to time either in the open market or otherwise. On May 4, 2021, the Board of Directors approved a $1.0 billion common stock repurchase program. The authorization is effective for 36 months. As part of the share repurchase program, SBH purchased treasury shares in open market purchases at market fair value, in private purchases from employees or significant shareholders at fair value, and through an accelerated share repurchase (“ASR”) agreement with a third-party financial institution. The following summarizes the activity of common stock repurchases under the program for the year ended September 30, 2021 and 2020: 2021 2020 (in millions except per share data) Number of Shares Repurchased Average Price Per Share Amount Number of Shares Repurchased Average Price Per Share Amount Open Market Purchases 0.9 $ 93.13 $ 80.3 4.1 $ 56.97 $ 230.6 Private Purchases 0.7 66.63 45.5 0.1 62.30 9.2 ASR — — — 2.0 61.47 124.8 Total Purchases 1.6 $ 81.43 $ 125.8 6.2 $ 58.57 $ 364.6 On November 18, 2019, SBH entered into an ASR to repurchase $125.0 million of the Company’s common stock. At inception, pursuant to the agreement, the Company paid $125.0 million to the financial institution using cash on hand and took delivery of 1.7 million shares, which represented approximately 85% of the total shares the Company expected to receive based on the market price at the time of the initial delivery. The transaction was accounted for as an equity transaction. The fair value of shares received initially of $106.3 million was recorded as a treasury stock transaction, with the remainder of $18.7 million recorded as a reduction to additional paid-in capital. Upon initial receipt of the shares, there was an immediate reduction in the weighted average common shares calculation for basic and diluted earnings per share. On February 24, 2020, the Company closed and settled the ASR resulting in an additional delivery of 0.3 million shares, with a fair value of $18.5 million. The total number of shares repurchased under the ASR program was 2.0 million at an average cost per share of $61.59, based on the volume-weighted average share price of the Company’s common stock during the calculation period of the ASR program, less the applicable contractual discount. |
SHARE BASED COMPENSATION
SHARE BASED COMPENSATION | 12 Months Ended |
Sep. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
SHARE BASED COMPENSATION | SHARE BASED COMPENSATION Equity based incentive and performance compensation awards provided to employees, directors, officers and consultants were issued pursuant to the Spectrum Brands Holdings, Inc. 2011 Omnibus Equity Awards Plan as approved and amended by the Spectrum Legacy stockholders, (the "Spectrum Equity Plan") and the Spectrum Brands Holdings, Inc. 2020 Omnibus Equity Plan, as approved by the Spectrum stockholders (the "New 2020 Equity Plan"). The following is a summary of the authorized and available shares per the respective plans: (number of shares, in millions) Authorized Available Spectrum Brands Holdings, Inc. 2011 Omnibus Equity Awards Plan 7.1 0.3 Spectrum Brands Holdings, Inc. 2020 Omnibus Equity Plan 1.2 1.2 Share based compensation expense is recognized as General and Administrative Expenses on the Consolidated Statements of Income. The following is a summary of the share based compensation expense for the years ended September 30, 2021, 2020 and 2019: (in millions) 2021 2020 2019 SBH $ 28.9 $ 31.8 $ 44.2 SB/RH $ 27.2 $ 30.5 $ 42.6 Restricted Stock Units ("RSUs") The Company recognizes share based compensation expense from the issuance of its RSUs, primarily under its Long-Term Incentive Plan ("LTIP"), based on the fair value of the awards, as determined by the market price of the Company’s shares of common stock on the designated grant date and recognized on a straight-line basis over the requisite service period of the awards. Certain RSUs are time-based grants that provide for either 3-year cliff vesting or graded vesting depending upon the vesting conditions and forfeitures provided by the grant. Certain RSUs are performance-based awards that are dependent upon achieving specified financial metrics (adjusted EBITDA, return on adjusted equity, and adjusted free cash flow) over a designated period of time. Additionally, the Company regularly issues individual RSU awards under its equity plan to its Board members and individual employees for recognition, incentive, or retention purposes, when needed, which are primarily conditional upon time-based service conditions and included as a component of share-based compensation. During the year ended September 30, 2019, the Company also provided for bridge awards, that are special awards to certain employees, for transitioning to the LTIP from previous equity incentive compensation plans. Bridge awards have both performance conditions dependent upon achieving specified financial targets (adjusted EBITDA and adjusted free cash flow) in fiscal years ended September 30, 2019 and 2020, and time-based service conditions. All Bridge awards were fully vested during the year ended September 30, 2021 and paid in either RSUs or cash, or both, based upon an employee election when granted. Bridge awards elected to be payable in RSU were recognized as equity awards and included as a component of share-based compensation expense. Bridge awards elected to be payable in cash were not recognized as equity awards and excluded from share-based compensation expense. Additionally, in prior years, the Company provided for a portion of its annual management incentive compensation plan ("MIP") to be paid in restricted stock units with immediate vesting, in lieu of cash payment. During the year ended September 30, 2020, the Company changed its MIP payout policy that previously provided for the issuance of stock for a designated pool of recipients to be fully funded through cash distribution with no stock issuance. As a result, there was no portion of annual MIP paid in common stock for the years ended September 30, 2021 and 2020. Share based compensation expense associated with the annual MIP was $15.2 million for the year ended September 30, 2019. The Company measures share based 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 recognized these costs on a straight-line basis over the requisite period of the awards. Certain RSUs are performance-based awards that are dependent upon achieving specified financial metrics over a designated period of time. As of September 30, 2021, the remaining unrecognized pre-tax compensation cost for SBH and SB/RH is $34.6 million. The following is a summary of the RSU activity for the years ended September 30, 2021, 2020 and 2019: SBH SB/RH (in millions, except per share data) Shares Weighted Fair Shares Weighted Fair At September 30, 2018 0.6 $ 107.71 $ 69.0 0.6 $ 108.75 $ 67.2 Granted 1.5 53.11 81.4 1.5 52.82 79.8 Forfeited (0.7) 92.76 (63.7) (0.7) 93.05 (63.5) Vested (0.2) 83.47 (19.7) (0.2) 82.37 (18.5) At September 30, 2019 1.2 53.58 67.0 1.2 53.22 65.0 Granted 0.9 61.72 55.6 0.9 61.68 54.3 Forfeited (0.1) 60.79 (4.0) (0.1) 60.79 (3.9) Vested (0.6) 57.80 (39.3) (0.6) 57.29 (37.7) At September 30, 2020 1.4 56.41 79.3 1.4 56.33 77.7 Granted 0.6 76.78 44.9 0.6 76.83 43.3 Forfeited (0.2) 65.52 (13.2) (0.2) 65.52 (13.2) Vested (0.3) 53.53 (17.8) (0.3) 52.82 (16.2) At September 30, 2021 1.5 $ 64.00 $ 93.2 1.5 $ 63.85 $ 91.6 SBH SB/RH (in millions, except per share data) Units Weighted Fair Units Weighted Fair Time-based grants Vesting in less than 24 months 0.1 $ 77.25 $ 9.6 0.1 $ 77.65 $ 8.0 Vesting in more than 24 months 0.1 74.57 7.8 0.1 74.57 7.8 Total time-based grants 0.2 76.04 17.4 0.2 76.11 15.8 Performance-based grants Vesting in less than 24 months 0.1 93.08 4.9 0.1 93.08 4.9 Vesting in more than 24 months 0.3 74.54 22.6 0.3 74.54 22.6 Total performance-based grants 0.4 $ 77.26 $ 27.5 0.4 $ 77.26 $ 27.5 Total grants 0.6 $ 76.78 $ 44.9 0.6 $ 76.83 $ 43.3 Stock Options All stock options awards are fully vested and exercisable, with no new awards being granted during the years ended September 30, 2021, 2020 and 2019, and no remaining unrecognized pre-tax compensation as of September 30, 2021. The following is a summary of outstanding stock option awards during the years ended September 30, 2021, 2020, and 2019: Stock Options (in millions, except per share data) Options Weighted Weighted Average Vested and exercisable at September 30, 2018 $ 0.24 $ 73.29 $ 4.78 Forfeited (0.01) 67.83 4.94 Vested and exercisable at September 30, 2019 0.23 73.51 4.79 Exercised (0.01) 52.83 3.55 Vested and exercisable at September 30, 2020 0.22 73.96 4.82 Exercised (0.06) 52.83 3.55 Vested and exercisable at September 30, 2021 $ 0.16 $ 82.36 $ 5.32 |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE INCOME | 12 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ACCUMULATED OTHER COMPREHENSIVE INCOME | ACCUMULATED OTHER COMPREHENSIVE INCOME The changes in the components of accumulated other comprehensive income (loss), net of taxes, was as follows: (in millions) Foreign Currency Translation Derivative Instruments Defined Benefit Pension Total Balance at September 30, 2018 $ (192.5) $ 7.4 $ (50.7) $ (235.8) Other comprehensive (loss) income before reclassification (30.8) 12.6 (27.6) (45.8) Net reclassification for (gain) loss to income from continuing operations — (10.4) 2.1 (8.3) Net reclassification for (gain) loss to income from discontinued operations — (0.2) 0.1 (0.1) Other comprehensive (loss) income before tax (30.8) 2.0 (25.4) (54.2) Deferred tax effect (4.7) (5.4) 4.1 (6.0) Other comprehensive loss, net of tax (35.5) (3.4) (21.3) (60.2) Sale and deconsolidation of GBL and GAC discontinued operations (Note 3) 11.6 0.9 9.4 21.9 Less: other comprehensive loss from continuing operations attributable to non-controlling interest (0.2) — — (0.2) Less: other comprehensive loss from discontinued operations attributable to non-controlling interest (0.3) — — (0.3) Other comprehensive loss attributable to controlling interest (23.4) (2.5) (11.9) (37.8) Balance as of September 30, 2019 (215.9) 4.9 (62.6) (273.6) Other comprehensive loss before reclassification (18.5) (6.2) (5.2) (29.9) Net reclassification for (gain) loss to income from continuing operations — (4.6) 4.6 — Net reclassification for gain to income from discontinued operations — (0.4) (0.3) (0.7) Other comprehensive loss before tax (18.5) (11.2) (0.9) (30.6) Deferred tax effect 0.1 11.7 (0.3) 11.5 Other comprehensive (loss) income, net of tax (18.4) 0.5 (1.2) (19.1) Adoption of ASU 2018-02 (Note 2) — (1.8) 2.1 0.3 Sale and deconsolidation of Coevorden operations (Note 3) 8.1 — — 8.1 Less: other comprehensive income from continuing operations attributable to non-controlling interest 0.1 — — 0.1 Less: other comprehensive income from discontinued operations attributable to non-controlling interest 0.3 — — 0.3 Other comprehensive (loss) income attributable to controlling interest (10.7) (1.3) 0.9 (11.1) Balance as of September 30, 2020 (226.6) 3.6 (61.7) (284.7) Other comprehensive income before reclassification 32.2 0.1 11.7 44.0 Net reclassification for loss to income from continuing operations — 9.2 4.8 14.0 Net reclassification for loss (gain) to income from discontinued operations — 0.1 (0.1) — Other comprehensive income before tax 32.2 9.4 16.4 58.0 Deferred tax effect — (6.6) (1.6) (8.2) Other comprehensive income, net of tax 32.2 2.8 14.8 49.8 Less: other comprehensive income from discontinued operations attributable to non-controlling interest 0.4 — — 0.4 Other comprehensive income attributable to controlling interest 31.8 2.8 14.8 49.4 Balance as of September 30, 2021 $ (194.8) $ 6.4 $ (46.9) $ (235.3) See Note 14 - Derivatives for further detail on the Company’s hedging activity. See Note 15 - Employee Benefit Plans for further detail over the Company’s defined benefit plans. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES The Company is a defendant in various litigation matters generally arising out of the ordinary course of business. Based on information currently available, the Company does not believe that any of the matters or proceedings presently pending will have a material adverse effect on its results of operations, financial condition, liquidity or cash flows. Shareholder Litigation. On July 12, 2019, an amended consolidated class action complaint filed earlier in 2018 was filed in the United States District Court for the Western District of Wisconsin (the “Court”) by the Public School Teachers’ Pension & Retirement Fund of Chicago and the Cambridge Retirement against Spectrum Brands’ Legacy, Inc. (“Spectrum Legacy”). The complaint alleges that the defendants violated the Securities Exchange Act of 1934. The amended complaint added HRG Group, Inc. (“HRG”), the predecessor to the Company, as a defendant and asserted additional claims against the Company on behalf of a purported class of HRG shareholders. The class period of the consolidated amended complaint is from January 26, 2017 to November 19, 2018, and the plaintiffs seek an unspecified amount of compensatory damages, interest, attorneys’ and expert fees and costs. During the year ended September 30, 2020, the Company reached a proposed settlement resulting in an insignificant loss, net of third-party insurance coverage and payment, pending final approval by the Court. In February 2021, the Court declined to approve the proposed settlement without prejudice because the Court determined that as a procedural matter the plaintiff’s counsel had not taken the appropriate actions to be appointed to represent the purported class of HRG shareholders. The court subsequently appointed separate counsel to represent the HRG shareholder class. In August 2021, the Company reached an agreement in principle, subject to final documentation and approval of the Court, to settle the claims of the Spectrum Legacy class, the cost of which will be defrayed by third-party insurance. In October 2021, the Company reached an agreement in principle, subject to final documentation and approval of the Court, to settle the claims of the HRG class, the cost of which will be defrayed by third-party insurance. Environmental. The Company has provided for an estimated cost of $11.3 million and $11.6 million, as of September 30, 2021 and 2020, respectively, associated with environmental remediation activities primarily with some of its former manufacturing sites, included in Other Long-Term Liabilities on the Consolidated Statement of Financial Position. The Company believes that any additional liability in excess of the amounts provided that may result from resolution of these matters, will not have a material adverse effect on the consolidated financial condition, results of operations or cash flows of the Company. Product Liability. The Company may be named as a defendant in lawsuits involving product liability claims. The Company has recorded and maintains an estimated liability in the amount of management’s estimate for aggregate exposure for such liabilities based upon probable loss from loss reports, individual cases, and losses incurred but not reported. As of September 30, 2021, and 2020, the Company recognized $3.0 million and $3.9 million in product liability, respectively, included in Other Current Liabilities on the 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 $0.4 million of warranty accruals as of September 30, 2021 and 2020, included in Other Current Liabilities on the Consolidated Statement of Financial Statement. |
SEGMENT INFORMATION
SEGMENT INFORMATION | 12 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
SEGMENT INFORMATION | 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 its reportable segments. The Company manages its continuing operations in three vertically integrated, product-focused reporting segments: (i) GPC, which consists of the Company’s worldwide pet care business; (ii) H&G, which consists of the Company’s home and garden and insect control business and (iii) HPC, which consists of the Company’s worldwide small kitchen and personal care appliances businesses. 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 president responsible for the sales and marketing initiatives and financial results for product lines within the segment. The segments are supported through center-led corporate shared service operations consisting of finance and accounting, information technology, legal and human resource, supply chain and commercial operations. Net sales relating to the segments for the years ended September 30, 2021, 2020 and 2019 are as follows: (in millions) 2021 2020 2019 HPC $ 1,260.1 $ 1,107.6 $ 1,068.1 GPC 1,129.9 962.6 870.2 H&G 608.1 551.9 508.1 Net sales $ 2,998.1 $ 2,622.1 $ 2,446.4 The Chief Operating Decision Maker of the Company uses Adjusted EBITDA as the primary operating metric in evaluating the business and making operating decisions. EBITDA is calculated by excluding the Company’s income tax expense, interest expense, depreciation expense and amortization expense (from intangible assets) from net income. Adjusted EBITDA further excludes: • Stock based and other incentive compensation costs that consist of costs associated with long-term compensation arrangements and other equity based compensation based upon achievement of long-term performance metrics under the Company's Long-Term Incentive Plan ("LTIP"); and generally consist of non-cash, stock-based compensation. During the years ended September 30, 2021, 2020, and 2019, other incentive compensation also includes incentive bridge awards issued due to changes in the Company’s LTIP that allowed for cash based payment upon employee election but does not qualify for share-based compensation. All bridge awards fully vested in November 2020. See Note 19 - Share Based Compensation for further details. • Restructuring and related charges, which consist of project costs associated with the restructuring initiatives across the Company's segments. See Note 5 - Restructuring and Related Charges for further details; • Transaction related charges that consist of (1) transaction costs from acquisitions or subsequent project costs directly associated with integration of an acquired business with the consolidated group; and (2) transaction costs from divestitures and subsequent project costs to facilitate separation of shared operations, including development of transferred shared service operations, platforms and personnel transferred and exiting of transition service arrangements (TSAs) and reverse TSAs. See Note 2 – Significant Accounting Policies and Practices for further details; • Unallocated shared costs associated with discontinued operations from certain shared and center-led administrative functions supporting the Company's business units excluded from income from discontinued operations as they are not a direct cost of the discontinued business but a result of indirect allocations, including but not limited to, information technology, human resources, finance and accounting, supply chain, and commercial operations. Amounts attributable to unallocated shared costs would be mitigated through subsequent strategic or restructuring initiatives, TSAs, elimination of extraneous costs or re-allocation or absorption by existing continuing operations following the completed sale of the discontinued operations. See Note 3 - Divestitures for further details; • Gains and losses attributable to the Company’s investment in Energizer common stock. During the year ended September 30, 2021, the Company sold its remaining shares in Energizer common stock. See Note 7 – Fair Value of Financial Instruments for further details; • Non-cash asset impairments or write-offs realized and recognized in earnings from continuing operations; • Non-cash purchase accounting inventory adjustments recognized in earnings from continuing operations after an acquisition; • Incremental reserves for non-recurring litigation or environmental remediation activity including (1) proposed settlement on outstanding litigation matters at our H&G division attributable to significant and unusual nonrecurring claims with no previous history or precedent recognized during the year ended September 30, 2021, (2) environmental remediation reserves realized during the year ended September 30, 2019 on legacy properties and former manufacturing sites assumed by the organization which had previously been exited by the Company, and (3) legal settlement costs associated with retained litigation from the Company's divested GAC operations realized during the year ended September 30, 2019. See Note 21 – Commitments and Contingencies for further details; • Incremental costs realized under a three-year tolling agreement entered into with the buyer in consideration with the divestiture of the Coevorden Operations on March 29, 2020, for the continued production of dog and cat food products purchased to support GPC commercial operations and distribution in Europe. See Note 3 - Divestitures for further details; • Gain on extinguishment of the Salus CLO debt due to the discharge of the obligation during the year ended September 30, 2020. See Note 12 - Debt for further details; • Foreign currency gains and losses attributable to multicurrency loans for the years ended September 30, 2020 and 2019, that were entered into with foreign subsidiaries in exchange for the receipt of divestiture proceeds by the parent company and the distribution of the respective foreign subsidiaries’ net assets as part of the GBL and GAC divestitures; and • Other adjustments primarily consisting of costs attributable to (1) incremental fines and penalties realized for delayed shipments following the transition of a third-party logistics service provider in GPC during the year ended September 30, 2021; (2) costs associated with Salus operations during the years ended September 30, 2021, 2020 and 2019 as they are not considered a component of continuing commercial products company; (3) expenses and cost recovery for flood damage at the Company's facilities in Middleton, Wisconsin recognized during the years ended September 30, 2020 and 2019; (4) incremental costs for separation of a key executives during the years ended September 30, 2020 and 2019; (5) costs associated with a safety recall in GPC during the year ended September 30, 2019; (6) operating margin on H&G sales to GAC discontinued operations during the year ended September 30, 2019; and (7) certain fines and penalties for delayed shipments following the completion of a GPC distribution center consolidation in EMEA during the year ended September 30, 2019. Segment Adjusted EBITDA in relation to the Company’s reportable segments for SBH and SB/RH for the years ended September 30, 2021, 2020, and 2019, is as follows: SBH (in millions) 2021 2020 2019 HPC $ 102.6 $ 92.2 $ 87.2 GPC 212.1 172.0 142.6 H&G 124.0 112.1 105.5 Total Segment Adjusted EBITDA 438.7 376.3 335.3 Corporate 46.9 52.4 22.0 Interest expense 116.5 93.7 158.4 Depreciation and amortization 117.0 114.7 147.3 Share and incentive based compensation 29.4 36.1 47.6 Restructuring and related charges 40.3 71.6 61.0 Transaction related charges 56.3 23.1 20.9 Unallocated shared costs 26.9 17.4 15.7 (Gain) loss on Energizer investment (6.9) 16.8 12.1 Inventory acquisition step-up 7.3 — — Loss on sale of Coevorden operations — 26.8 — Write-off from impairment of goodwill — — 116.0 Write-off from impairment of intangible assets — 24.2 35.4 Legal and environmental remediation reserves 6.0 — 10.0 Foreign currency loss on multicurrency divestiture loans — 3.8 36.2 Salus CLO debt extinguishment — (76.2) — Coevorden tolling related charges 6.2 — — Other 3.9 (3.0) 6.9 Loss from operations before income taxes $ (11.1) $ (25.1) $ (354.2) SB/RH (in millions) 2021 2020 2019 HPC $ 102.6 $ 92.2 $ 87.2 GPC 212.1 172.0 142.6 H&G 124.0 112.1 105.5 Total Segment Adjusted EBITDA 438.7 376.3 335.3 Corporate 44.9 47.5 20.7 Interest expense 116.8 93.2 106.1 Depreciation and amortization 117.0 114.7 147.3 Share and incentive based compensation 27.7 34.8 47.2 Restructuring and related charges 40.3 71.6 61.0 Transaction related charges 56.3 23.1 20.9 Unallocated shared costs 26.9 17.4 15.7 (Gain) loss on Energizer investment (6.9) 16.8 12.1 Inventory acquisition step-up 7.3 — — Loss on sale of Coevorden operations — 26.8 — Write-off from impairment of goodwill — — 116.0 Write-off from impairment of intangible assets — 24.2 35.4 Legal and environmental remediation reserves 6.0 — 10.0 Foreign currency loss on multicurrency divestiture loans — 3.8 36.2 Coevorden tolling related charges 6.2 — — Other 3.9 (3.7) 4.1 Loss from operations before income taxes $ (7.7) $ (93.9) $ (297.4) Other financial information relating to the segments of SBH and SB/RH are as follows for the years ended September 30, 2021, 2020 and 2019 and as of September 30, 2021 and 2020: Depreciation and amortization (in millions) 2021 2020 2019 HPC $ 44.0 $ 35.2 $ 64.6 GPC 39.3 44.4 48.8 H&G 19.2 20.4 19.3 Total segments 102.5 100.0 132.7 Corporate and shared operations 14.5 14.7 14.6 Total depreciation and amortization $ 117.0 $ 114.7 $ 147.3 Capital expenditures (in millions) 2021 2020 2019 HPC $ 9.3 $ 10.7 $ 11.0 GPC 18.6 14.5 16.0 H&G 3.6 3.5 5.9 Total segment capital expenditures 31.5 28.7 32.9 Corporate and shared operations 12.1 15.4 7.5 Total capital expenditures $ 43.6 $ 44.1 $ 40.4 SBH SB/RH Segment total assets (in millions) 2021 2020 2021 2020 HPC $ 879.4 $ 824.6 $ 879.4 $ 824.6 GPC 1,456.9 1,200.3 1,456.9 1,200.3 H&G 853.1 546.5 853.1 546.5 Total segment assets 3,189.4 2,571.4 3,189.4 2,571.4 Corporate and shared operations 341.0 742.1 418.3 819.1 Total assets $ 3,530.4 $ 3,313.5 $ 3,607.7 $ 3,390.5 Net sales SBH and SB/RH for the years ended September 30, 2021, 2020 and 2019 and long-lived asset information as of September 30, 2021 and 2020 by geographic area are as follows: Net sales to external parties - Geographic Disclosure (in millions) 2021 2020 2019 United States $ 1,750.8 $ 1,627.4 $ 1,478.8 Europe/MEA 877.8 683.9 655.8 Latin America 193.4 147.9 157.2 Asia-Pacific 112.0 101.8 97.9 North America - Other 64.1 61.1 56.7 Net sales $ 2,998.1 $ 2,622.1 $ 2,446.4 Long-lived assets - Geographic Disclosure (in millions) 2021 2020 United States $ 234.3 $ 236.4 Europe/MEA 64.4 58.3 Latin America 3.8 3.1 Asia-Pacific 14.2 15.8 Total long-lived assets $ 316.7 $ 313.6 |
EARNINGS PER SHARE _ SBH
EARNINGS PER SHARE – SBH | 12 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE – SBH | EARNINGS PER SHARE – SBH Basic earnings per share is computed by dividing net income attributable to controlling interest by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflects the dilution that would occur if share-based awards were converted into common shares that then shared in the net income of the entity available to common shareholders, as long as their effect is not antidilutive. In computing diluted earnings per share, basic earnings per share is adjusted for the assumed issuance of potentially diluted share-based awards. The Company uses the treasury stock method to reflect dilution of restricted stock units. Performance based restricted stock units are excluded if the performance targets upon which the issuance of the shares is contingent have not been achieved and the respective performance period has not been completed as of the end of the current period. The reconciliation of the numerator and denominator of the basic and diluted earnings per share calculation and the anti-dilutive shares for the years ended September 30, 2021, 2020 and 2019, are as follows: (in millions, except per share amounts) 2021 2020 2019 Numerator Net income (loss) from continuing operations attributable to controlling interest $ 15.1 $ (52.7) $ (303.0) Income from discontinued operations attributable to controlling interest 174.5 150.5 797.5 Net income attributable to controlling interest $ 189.6 $ 97.8 $ 494.5 Denominator Weighted average shares outstanding - basic 42.7 44.7 50.7 Dilutive shares 0.5 — — Weighted average shares outstanding - diluted 43.2 44.7 50.7 Earnings per share Basic earnings per share from continuing operations $ 0.35 $ (1.18) $ (5.98) Basic earnings per share from discontinued operations 4.09 3.37 15.74 Basic earnings per share $ 4.44 $ 2.19 $ 9.76 Diluted earnings per share from continuing operations $ 0.35 $ (1.18) $ (5.98) Diluted earnings per share from discontinued operations 4.04 3.37 15.74 Diluted earnings per share $ 4.39 $ 2.19 $ 9.76 Weighted average number of anti-dilutive shares excluded from denominator — 0.2 0.2 |
QUARTERLY RESULTS (UNAUDITED)
QUARTERLY RESULTS (UNAUDITED) | 12 Months Ended |
Sep. 30, 2021 | |
Quarterly Financial Information Disclosure [Abstract] | |
QUARTERLY RESULTS (UNAUDITED) | QUARTERLY RESULTS (UNAUDITED) Spectrum Brands Holdings, Inc. Quarter Ended SBH 2021 (in millions, except per share) September 30, 2021 July 4, 2021 April 4, 2021 January 3, 2021 Revenue $ 757.8 $ 743.8 $ 760.3 $ 736.2 Gross profit 258.2 262.6 261.0 252.8 Net income (loss) from continuing operations attributable to controlling interest 6.0 (1.8) (3.7) 14.7 Net income from discontinued operations attributable to controlling interest 44.2 32.5 40.4 57.4 Net income attributable to controlling interest $ 50.2 $ 30.7 $ 36.7 $ 72.1 Basic earnings per share from continuing operations $ 0.14 $ (0.04) $ (0.09) $ 0.34 Basic earnings per share from discontinued operations 1.04 0.76 0.95 1.34 Basic earnings per share $ 1.18 $ 0.72 $ 0.86 $ 1.68 Diluted earnings per share from continuing operations $ 0.14 $ (0.04) $ (0.09) $ 0.34 Diluted earnings per share from discontinued operations 1.02 0.76 0.95 1.34 Diluted earnings per share $ 1.16 $ 0.72 $ 0.86 $ 1.68 Quarter Ended SBH 2020 (in millions, except per share) September 30, 2020 June 28, 2020 March 29, 2020 December 29, 2019 Revenue $ 736.9 $ 702.7 $ 608.7 $ 573.8 Gross profit 254.2 252.4 200.2 171.4 Net (loss) income from continuing operations attributable to controlling interest (9.6) 126.1 (107.6) (61.6) Net income from discontinued operations attributable to controlling interest 55.0 19.0 50.7 25.8 Net income (loss) attributable to controlling interest $ 45.4 $ 145.1 $ (56.9) $ (35.8) Basic earnings per share from continuing operations $ (0.22) $ 2.93 $ (2.39) $ (1.29) Basic earnings per share from discontinued operations 1.27 0.44 1.13 0.54 Basic earnings per share $ 1.05 $ 3.37 $ (1.26) $ (0.75) Diluted earnings per share from continuing operations $ (0.22) $ 2.92 $ (2.39) $ (1.29) Diluted earnings per share from discontinued operations 1.27 0.44 1.13 0.54 Diluted earnings per share $ 1.05 $ 3.36 $ (1.26) $ (0.75) SB/RH Holdings, LLC Quarter Ended SB/RH 2021 (in millions) September 30, 2021 July 4, 2021 April 4, 2021 January 3, 2021 Revenue $ 757.8 $ 743.8 $ 760.3 $ 736.2 Gross profit 258.2 262.6 261.0 252.8 Net loss attributable to controlling interest from continuing operations 6.2 (0.9) (3.2) 15.1 Net income attributable to controlling interest from discontinued operations 44.0 32.6 40.4 57.4 Net income attributable to controlling interest $ 50.2 $ 31.7 $ 37.2 $ 72.5 Quarter Ended SB/RH 2020 (in millions) September 30, 2020 June 28, 2020 March 29, 2020 December 29, 2019 Revenue $ 736.9 $ 702.7 $ 608.7 $ 573.8 Gross profit 254.2 252.4 200.2 171.4 Net (loss) income attributable to controlling interest from continuing operations (13.5) 70.1 (106.0) (59.3) Net income attributable to controlling interest from discontinued operations 55.9 18.7 51.6 24.4 Net income (loss) income attributable to controlling interest $ 42.4 $ 88.8 $ (54.4) $ (34.9) |
SIGNIFICANT ACCOUNTING POLICI_2
SIGNIFICANT ACCOUNTING POLICIES AND PRACTICES (Policies) | 12 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Principles of Consolidation and Fiscal Year End | Principles of Consolidation and Fiscal Year End The consolidated financial statements include the financial statements of the Company and its majority owned subsidiaries and have been prepared in accordance with Accounting Principles Generally Accepted in the United States (“GAAP”). All intercompany transactions have been eliminated. The Company’s fiscal year ends September 30 and reports its results using fiscal quarters whereby each three month quarterly reporting period is approximately thirteen weeks in length and ends on a Sunday. The exceptions are the first quarter, which begins on October 1, and the fourth quarter, which ends on September 30. For the year ended September 30, 2021, the fiscal quarters were comprised of the three months ended January 3, 2021, April 4, 2021, July 4, 2021, and September 30, 2021. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid temporary instruments purchased with original maturities of three months or less from date of purchase to be cash equivalents. |
Receivables | ReceivablesTrade accounts receivable are carried at net realizable value. The Company extends credit to its customers based upon an evaluation of the customer’s financial condition and credit history, but generally does not require collateral. The Company monitors its customers’ credit and financial condition based on changing economic conditions and will make adjustments to credit policies as required. Provisions for losses on uncollectible trade receivables are determined based on ongoing evaluations of the Company’s receivables, principally on the basis of historical collection experience and evaluations of the risks of nonpayment or return for a given customer. |
Inventories | InventoriesThe Company’s inventories are valued at the lower of cost or net realizable value. Cost of inventories is determined using the first-in, first-out (FIFO) method. |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment are recorded at cost. Depreciation is calculated on the straight-line basis over the estimated useful lives of the assets. Property, plant and equipment held under finance leases are depreciated on a straight-line basis over the shorter of the lease term or estimated useful life of the asset; such amortization is included in depreciation expense. See Note 10 - Property, plant and equipment for further detail. The Company uses accelerated depreciation methods for income tax purposes. Useful lives for property, plant and equipment are as follows: Asset Type Range Buildings and improvements 20 - 40 years Machinery and equipment 2 - 15 years Expenditures which substantially increase value or extend useful lives are capitalized. Expenditures for maintenance and repairs are charged to operations as incurred. The Company records gains and losses on the disposition or retirement of property, plant and equipment based on the net book value and any proceeds received. |
Goodwill | Goodwill Goodwill reflects the excess of acquisition cost over the aggregate fair value assigned to identifiable net assets acquired. Goodwill is not amortized, but instead is assessed for impairment at least annually and as triggering events or indicators of potential impairment are identified. Goodwill has been assigned to reporting units for purposes of impairment testing based upon the relative fair value of the asset to each reporting unit. Our reporting units are consistent with our segments. See Note 22 - Segment Information for further discussion. Goodwill is tested for impairment in the fourth quarter of its fiscal year by either performing a qualitative assessment or a quantitative test for some, or all reporting units. The Company evaluates qualitative factors to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying amount. In performing a qualitative assessment, the Company considers events and circumstances, including, but not limited to, macroeconomic conditions, industry and market considerations, cost factors, overall financial performance, changes in management or key personnel, changes in strategy, changes in customers, changes in market value, composition or carrying amount of a reporting unit’s net assets, and considering any changes in the market price of the Company’s common stock. If the Company determines that it is more likely than not the carrying value is greater than the fair value of a reporting unit after assessing the totality of facts and circumstances, a quantitative assessment is performed to determine the reporting unit fair value and measure the impairment. If the Company determines that it is more likely than not the fair value is greater than the carrying amount, then a quantitative assessment is not required. |
Intangible Assets | Intangible Assets Intangible assets are recorded at cost or at estimated fair value if acquired in a business combination. Customer lists, proprietary technology and certain trade name intangibles are amortized, using the straight-line method, over their estimated useful lives. The range and weighted average useful lives for definite-lived intangibles assets are as follows: Asset Type Range Weighted Average Customer relationships 5 - 20 years 18.9 years Technology assets 5 - 18 years 13.6 years Tradenames 5 - 13 years 11.6 years Definite-lived intangible assets held and used are reviewed for impairment when events or changes in business circumstances indicate that the carrying amount of the assets may not be recoverable. If indicators of potential impairment are identified, the Company performs an undiscounted cash flow analysis to determine if impairment exists. The asset value would be deemed impaired if the undiscounted cash flows expected to be generated by the asset did not exceed the carrying value of the respective asset group. If impairment is determined to exist, any related impairment loss is calculated based on fair value. Certain trade name intangible assets have an indefinite life and are not amortized, but instead are assessed for impairment at least annually, in the fourth quarter of its fiscal year by either performing a qualitative assessment or a quantitative test for some or all indefinite lived intangible assets. The Company evaluates qualitative factors to determine whether it is more likely than not that the fair value of the indefinite lived intangible assets is less than its carrying amount. In performing a qualitative assessment, the Company considers events and circumstances, including, but not limited to, macroeconomic conditions, industry and market conditions, cost factors, changes in strategy and overall financial performance. If the Company determines that it is more likely than not the carrying value is greater than the fair value of an indefinite lived intangible asset, a quantitative assessment is performed to determine the fair value and measure the impairment. If the Company determines that it is more likely than not the fair value is greater than the carrying amount, then a quantitative assessment is not required. |
Assets Held for Sale and Discontinued Operations | Assets Held for Sale and Discontinued Operations An asset, group of assets, or qualifying business are considered held for sale when they meet all the applicable criteria; including: (i) having the authority to sell, (ii) being available to sell in their present condition, (iii) having an active program to locate buyers, (iv) being actively marketed at current fair value, and (v) considered probable of selling within one year. Assessment for held for sale are performed at least quarterly or when events or changes in business circumstances indicate that a change in classification may be necessary. Assets and liabilities of a qualifying business are excluded from the net assets of continuing operations, separated in a disposal group and classified as held for sale in the period in which the held for sale criteria was met. Corporate debt is not included as a component of the disposal group, regardless of repayment provisions, and only debt directly attributable to the divested operations may be included as held for sale. Assets and liabilities held for sale are recorded at the lower of its carrying amount or estimated fair value less expected cost to sell and any unrecognized other comprehensive loss. Assets held for sale do not experience any subsequent depreciation or amortization after being classified as held for sale. Assets held for sale are reviewed for impairment at least quarterly, and if the carrying amount of the disposal group exceeds the estimated fair value less cost to sell, a loss is recognized. 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. |
Debt Issuance Costs | Debt Issuance CostsDebt issuance costs are deferred and amortized to interest expense using the effective interest method over the lives of the related debt agreements. Debt issuance costs for the Company were $35.6 million and $36.5 million as of September 30, 2021 and 2020, respectively. Debt issuance costs are included as a reduction to Long Term Debt, Net of Current Portion in the Consolidated Statements of Financial Position. Amortization of debt issuance costs is recognized as a component of Interest Expense in the Consolidated Statements of Income. |
Financial Instruments | Financial InstrumentsDerivative financial instruments are used by the Company principally in the management of its foreign currency exposures. The Company does not hold or issue derivative financial instruments for trading or speculative purposes. Derivative assets and liabilities are reported at fair value in the Consolidated Statements of Financial Position. When hedge accounting is elected at inception, the Company formally designates the financial instrument as a hedge of a specific underlying exposure and documents both the risk management objectives and strategies for undertaking the hedge. Depending on the nature of derivatives designated as hedging instruments, changes in fair value are either offset against the change in fair value of the hedged assets or liability through earnings, or recognized in equity through other comprehensive income until the hedged item is recognized. Derivative instruments that hedge the exposure to variability in expected future cash flows and are designated as cash flow hedges, and the entire change in the fair value of the hedging instrument is recorded as a component of Accumulated Other Comprehensive (Loss) Income (“AOCI”) in Stockholders’ Equity. Those amounts are subsequently reclassified to earnings in the same line item in the Consolidated Statement of Income as impacted by the hedge item when the hedged item affects earnings. To receive hedge accounting treatment, cash flow hedges must be highly effective in offsetting changes to expected future cash flows on hedged transactions. For derivatives that do not qualify for hedge accounting treatment, the change in the fair value is recognized in earnings. |
Treasury Stock | Treasury Stock Treasury stock purchases are stated at average cost and presented as a separate reduction of equity. |
Noncontrolling Interest | Noncontrolling Interest Noncontrolling interest recognized in the consolidated equity of the Company is the minority interest ownership in equity of a consolidated subsidiary that is not attributable, directly or indirectly, to the parent company, SBH; and recognized separate from shareholders’ equity in the Consolidated Statement of Financial Position. Income from a consolidated subsidiary with a minority interest ownership is allocated to the minority interest and considered attributable to the noncontrolling interest in the Consolidated Statement of Income. |
Business Combinations and Acquisition Accounting | Business Combinations and Acquisition AccountingThe Company accounts for acquisitions by applying the acquisition method of accounting when the transaction or event is considered a business combination, which requires that the assets acquired and liabilities assumed constitute a business. A defined business is generally an acquired group of assets with inputs and processes that make it capable of generating a return or economic benefit for the acquirer. The acquisition method of accounting requires, among other things, that the assets acquired and liabilities assumed in a business combination be measured at their fair values as of the closing date of the acquisition. |
Revenue Recognition | Revenue Recognition Product Sales Our customers mostly consist of retailers, wholesalers and distributors, and construction companies with the intention to sell and distribute to an end consumer. The Company recognizes revenue from the sale of products upon transfer of control to the customer. For the majority of our product sales, the transfer of control is recognized when we ship the product from our facilities to the customer unless we retain title and risk of loss upon shipment and we arrange and paid for freight such that we retain physical possession and control during delivery. Licensing Revenue The Company also sells licenses of its brands to third-party sellers and manufacturers for the development, production, sales & distribution of products that are not directly managed or offered by the Company. The Company maintains all right of ownership of the intellectual property and contracts with its customer for the use of the intellectual property in their operations. Revenue derived from the right-to-access licenses is recognized using the over time revenue recognition method, applying the ‘as-invoiced’ practical expedient method at the amount we are able to bill using a time-elapsed measure of progress, taking into consideration any minimum guarantee provisions under the contract, as it appropriately depicts its performance of providing access to the Company’s brands, trade names, logos, etc. Other Revenue Other revenue consists primarily of installation or maintenance services that are provided to certain customers in the GPC segment. The services are often associated with the sale of product but are also provided separately and are considered a distinct performance obligation separate from product sales. Variable Consideration and Cash Paid to Customers The Company measures revenue as the amount of consideration for which it expects to be entitled in exchange for transferring goods or providing services. Certain retailers and/or end customers may receive cash or non-cash incentives such as rebates, volume or trade discounts, cooperative advertising, price protection, service level penalties, and other customer-related programs, which are accounted for as variable consideration. Estimated amounts are included in the transaction price to the extent it is probable that a significant reversal of revenue recognized will not occur when the uncertainty is resolved. Estimates of variable consideration and determination of whether to include estimated amounts in the transaction price are based largely on an assessment of the anticipated performance and all information (historical, current and forecasted) that is reasonably available. The estimated liability for sales discounts and other programs and allowances is calculated using the expected value method or most likely amount and recorded at the time of sale as a reduction of net sales. The Company may also enter into various arrangements, primarily with retail customers, which require the Company to make upfront cash payments to secure the right to distribute through such customers. The Company defers the cost of these payments, provided they are supported by a volume-based arrangement with the retailer with a period of 12 months or longer, and amortizes the associated payment over the appropriate time or volume-based term of the arrangement. Deferred payments are recognized as a contract asset and are reported in the Consolidated Statements of Financial Position as Deferred Charges and Other Assets with related amortization treated as a reduction in Net Sales. Product Returns In the normal course of business, the Company may allow customers to return product per the provisions in a sale agreement. Estimated product returns are recorded as a reduction in reported revenues at the time of sale based upon historical product return experience, adjusted for known trends, to arrive at the amount of consideration expected to be received. For the anticipated value of the returns, the Company will recognize a return liability in Other Current Liabilities and a separate return asset included in the Prepaid Expenses and Other Current Assets, when applicable. As of September 30, 2021 and 2020, the Company recognized an expected returns liability of $11.8 million and $12.8 million, respectively, most of which the Company does not expect or anticipate a return asset. Product returns do not include provisions for warranties provided to end-consumers of the Company's products, which are recognized as a component of the Company's cost of goods sold. See Note 21 - Commitments and Contingencies for further discussion on product warranty. Practical Expedients and Exemptions: • The Company does not adjust the promised amount of consideration for the effects of a significant financing component, as the period between the transfer of a promised good or service to a customer and the customer’s payment for the good or service is one year or less. • The Company does not assess whether promised goods or services are performance obligations if they are immaterial in the context of the contract with the customer. • The Company does not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less and (ii) contracts for which we recognize revenue at the amount to which we have the right to invoice for services performed. The estimated revenue expected to be recognized in the future related to performance obligations that are unsatisfied or partially unsatisfied at the end of the reporting period is immaterial. • The Company generally expenses sales commissions and other contract and fulfillment costs when the amortization period is less than one year. The Company records these costs within selling, general and administrative expenses. For costs amortized over a period longer than one year, such as fixtures which are much more permanent in nature, the Company defers and amortizes over the supportable period based upon historical assumptions and analysis. The costs for permanent displays are incorporated into the pricing of product sold to customer. |
Shipping and Handling Costs | Shipping and Handling Costs Shipping and handling costs include costs incurred with third-party carriers to transport products to customers and salaries and overhead costs related to activities to prepare the Company’s products for shipment at the Company’s distribution facilities. Shipping and handling costs were $216.3 million, $172.8 million and $162.9 million during the years ended September 30, 2021, 2020 and 2019, respectively. The Company accounts for shipping and handling activities, which occur after control of the related goods transfers, as fulfillment activities instead of assessing such activities as performance obligations. Shipping and handling costs are included in Selling Expenses in the Consolidated Statements of Income. |
Advertising Costs | Advertising Costs Advertising costs include agency fees and other costs to create advertisements, as well as costs paid to third parties to print or broadcast the Company’s advertisements and are expensed as incurred. The Company incurred advertising costs of $54.0 million, $40.7 million and $28.1 million during the years ended September 30, 2021, 2020 and 2019, respectively. Advertising costs are included in Selling Expenses in the Company’s Consolidated Statements of Income. |
Research and Development Costs | Research and Development Costs Research and development costs are charged to expense in the period they are incurred. |
Environmental Expenditures | Environmental ExpendituresEnvironmental expenditures that relate to current operations or to conditions caused by past operations are expensed or capitalized as appropriate. The Company determines its liability for environmental matters on a site-by-site basis and records a liability at the time when it is probable that a liability has been incurred and such liability can be reasonably estimated. The estimated liability is not reduced for possible recoveries from insurance carriers. Estimated environmental remediation expenditures are included in the determination of the net realizable value recorded for assets held for sale. |
Restructuring and Related Charges | Restructuring and Related Charges Restructuring charges include, but are not limited to, the costs of one-time termination benefits such as severance costs and retention bonuses, and contract termination costs consisting primarily of lease termination costs. Related charges, as defined by the Company, include, but are not limited to, other costs directly associated with exit and relocation activities, including impairment of property and other assets, departmental costs of full-time incremental employees, and any other items related to the exit or relocation activities. Costs for such activities are estimated by management after evaluating detailed analyses of the costs to be incurred. Liabilities from restructuring and related charges are recorded for estimated costs of facility closures, significant organizational adjustments and measures undertaken by management to exit certain activities. Costs for such activities are estimated by management after evaluating detailed analyses of the costs to be incurred. Such liabilities or asset reductions could include amounts for items such as severance costs and related benefits, lease termination payments and any other items directly related to the exit activities. Impairment of property and equipment and other current or long-term assets as a result of restructuring related initiatives are recognized as a reduction of the appropriate asset. |
Leases | Leases The Company determines if an arrangement is a lease at inception, considering whether the contract conveys a right to control the use of the identified asset for a period of time in exchange for consideration. Leases are classified as operating or finance leases at the commencement date of the lease. Operating leases are included in Operating Lease Assets, Other Current Liabilities and Long-Term Operating Lease Liabilities on the Consolidated Statement of Financial Position. Finance leases are included in Property, Plant and Equipment, Current Portion of Long-Term Debt, and Long-Term Debt, Net of Current Portion on the Consolidated Statement of Financial Position. Right of use ("ROU") lease assets and liabilities are recognized based on the present value of future minimum lease payments over the lease term at commencement date. ROU lease liabilities are classified between current and long-term liabilities based on their payment terms. The ROU operating lease asset includes prepaid rent and reflects the unamortized balance of lease incentives. Our leases may include renewal options, and we include the renewal option in the lease term if we conclude that it is reasonably certain that we will exercise that option. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. Lease expense for operating leases is recognized on a straight-line basis over the lease term. Variable lease payments that do not depend on an index or a rate, such as the Company’s proportionate share of actual costs for utilities, common area maintenance, insurance, and property taxes, are excluded from the measurement of the lease liability, unless subject to fixed minimum requirements and are recognized as variable lease cost when the obligation for that payment is incurred. As most of the Company’s leases do not provide the lease implicit rates, the Company uses its incremental borrowing rates as the discount rate, adjusted as applicable, based on the information available at the lease commencement dates to determine the present value of lease payments. The incremental borrowing rate represents an estimate of the interest rate the Company would incur to borrow, on a collateralized basis and in a similar economic environment, over the term of a lease. The Company may use the lease implicit rate, if readily determinable, as the discount rate to determine the present value of lease payments. See Note 13 – Leases for additional information. We review the impairment of our ROU lease assets consistent with the approach applied for our other long-lived assets. ROU lease assets are reviewed for impairment when events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable. Circumstances such as the discontinuation of a product or product line, a sudden or consistent decline in the sales forecast for a product, changes in technology or in the way an asset is being used, early termination or exit of a lease agreement, a history of operating or cash flow losses or an adverse change in legal factors or in the business climate, among others, may trigger an impairment review. If such indicators are present, the Company performs an undiscounted cash flow analysis to determine if impairment exists. The asset value would be deemed impaired if the undiscounted cash flows generated did not exceed the carrying value of the respective asset group. If impairment is determined to exist, any related impairment loss is calculated based on fair value. |
Transaction Related Charges | Transaction related charges Transaction related charges consist of costs towards (1) a qualifying strategic transaction or business development opportunity, including an acquisition or divestiture, whether or not consummated, associated with the purchase or sale of net assets or equity interest of a business such as a business combination, equity investment, joint venture or purchase or sale of non-controlling interest; (2) subsequent integration related project costs directly associated with an acquisition including realized costs for the integration of acquired operations into the Company’s shared service platforms, termination of redundant or duplicative positions and locations, operations and/or products, employee transition costs, professional fees, and other post business combination expenses; and (3) divestiture support and separation costs consisting of incremental costs incurred to facilitate separation of a divested business or operation, including the development of shared service operations impacted by a separation, including impacts to shared platforms and personnel impacted by the transaction. Qualifying cost types include, but are not limited to, banking, advisory, legal, accounting, valuation, or other professional fees; and including impairment loss on existing assets considered duplicative or redundant and directly attributable to the respective transactions. See Note 3 - Divestitures and Note 4 – Acquisitions for further discussion. |
Income Taxes | Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. 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 be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. |
Foreign Currency Translation | Foreign Currency Translation Local currencies are considered the functional currencies for most of the Company’s operations outside the United States. Assets and liabilities of the Company’s foreign subsidiaries are translated at the rate of exchange existing at year-end, with revenues, expenses and cash flows translated at the average of the monthly exchange rates. Adjustments resulting from translation of the financial statements are recorded as a component of equity in Accumulated Other Comprehensive Income (“AOCI”), including the effects of exchange rate changes on intercompany balances of a long-term investment nature. |
Newly Adopted Accounting Standards and Recently Issued Accounting Standards | Newly Adopted Accounting Standards In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments , which was further updated and clarified by the FASB through the issuance of additional related ASUs. The ASU introduces a forward-looking approach, based on expected losses, to estimate credit losses on certain types of financial instruments, including trade receivables. The estimate of expected credit losses will require entities to incorporate considerations of historical information, current information, and reasonable and supportable forecasts. This ASU also expands the disclosure requirements to enable users of financial statements to understand the entity’s assumptions, models, and methods for estimating expected credit losses. The guidance is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2019. The Company adopted ASU 2016-13 on a modified retrospective basis effective October 1, 2020. The adoption of ASU 2016-13 did not have a material impact on the Company’s consolidated financial statements. Refer to Note 8 - Receivables and Concentration of Credit Risk for further discussion on the Company's receivables and allowance for uncollectible receivables. In August 2018, the FASB issued ASU 2018-15, Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract . This standard provides guidance on accounting for costs of implementation activities performed in a cloud computing arrangement that is a service contract. ASU 2018-15 aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software and hosting arrangements that include an internal-use software license. ASU 2018-15 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2019. The Company adopted ASU 2018-15 prospectively to all implementation costs incurred after October 1, 2020, the date of adoption. Before the adoption of the standard, the implementation costs in cloud computing arrangements were expensed as incurred. Effective October 1, 2020, implementation costs attributable to cloud computer arrangements are recognized as Deferred Charges and Other on the Consolidated Statements of Financial Position and subsequently amortized over the respective term of the cloud computing arrangement. The adoption of ASU 2018-15 did not have a material impact on the Company’s consolidated financial statements. In August 2018, the FASB issued ASU 2018-14, Compensation-Retirement Benefits-Defined Benefit Plans-General (Subtopic 715-20): Disclosure Framework-Changes to the Disclosure Requirements for Defined Benefit Plans . ASU 2018-14 requires entities to disclose the weighted-average interest crediting rates used, reasons for significant gains and losses affecting benefit obligations, and an explanation of any other significant changes in the benefit obligation or plan assets. The amendment also removed certain previously required disclosures. The Company adopted this guidance as of September 30, 2021. The provisions of the new standard have been recognized in Note 15 - Employee Benefit Plans for all periods. Recently Issued Accounting Standards In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. This ASU provides optional expedient and exceptions for applying generally accepted accounting principles to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. In response to the concerns about structural risks of interbank offered rates (“IBORs”) and, particularly, the risk of cessation of the London Interbank Offered Rate (“LIBOR”), regulators in several jurisdictions around the world have undertaken reference rate reform initiatives to identify alternative reference rates that are more observable or transaction based and less susceptible to manipulation. The ASU provides companies with optional guidance to ease the potential accounting burden associated with transitioning away from reference rates that are expected to be discontinued. In January 2021, the FASB issued ASU 2021-01, which adds implementation guidance to clarify certain optional expedients in Topic 848. The ASUs can be adopted no later than December 31, 2022 with early adoption permitted. The Company is currently evaluating the impacts of adoption of the new guidance to its consolidated financial statements. In December 2019, the FASB issued ASU No. 2019-12 “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes" . The new standard simplifies the accounting for income taxes by removing certain exceptions for recognizing deferred taxes for investments, performing intra-period allocation and calculating income taxes in interim periods. The new standard also adds guidance to reduce complexity in certain areas, including recognizing deferred taxes for tax goodwill and allocating taxes to members of a consolidated group. The ASU is effective for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. Depending on the amendment, adoption may be applied on a retrospective, modified retrospective or prospective basis. The Company is currently evaluating the impacts of adoption of the new guidance to its consolidated financial statements. |
DESCRIPTION OF BUSINESS (Tables
DESCRIPTION OF BUSINESS (Tables) | 12 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Consolidated Business, by Segment | The following is an overview of the consolidated business, by segment, summarizing product types and brands: Segment Products Brands HPC Home Appliances: Small kitchen appliances including toaster ovens, coffeemakers, slow cookers, blenders, hand mixers, grills, food processors, juicers, toasters, irons, kettles, and breadmakers. Personal Care: Hair dryers, flat irons and straighteners, rotary and foil electric shavers, personal groomers, mustache and beard trimmers, body groomers, nose and ear trimmers, women's shavers, haircut kits and intense pulsed light hair removal systems. Home Appliances: Black & Decker®, Russell Hobbs®, George Foreman®, Toastmaster®, Juiceman®, Farberware®, and Breadman® Personal Care: Remington®, and LumaBella® GPC Companion Animal: Rawhide chews, dog and cat clean-up, training, health and grooming products, small animal food and care products, rawhide-free dog treats, and wet and dry pet food for dogs and cats. Aquatics: Consumer and commercial aquarium kits, stand-alone tanks; aquatics equipment such as filtration systems, heaters and pumps; and aquatics consumables such as fish food, water management and care. Companion Animal: 8IN1® (8-in-1), Dingo®, Nature's Miracle®, Wild Harvest™, Littermaid®, Jungle®, Excel®, FURminator®, IAMS® (Europe only), Eukanuba® (Europe only), Healthy-Hide®, DreamBone®, SmartBones®, ProSense®, Perfect Coat®, eCOTRITION®, Birdola®, Good Boy®, Meowee!®, Wildbird®, and Wafcol®. Aquatics: Tetra®, Marineland®, Whisper®, Instant Ocean®, GloFish®, OmegaOne® and OmegaSea® H&G Household: Household pest control solutions such as spider and scorpion killers; ant and roach killers; flying insect killers; insect foggers; wasp and hornet killers; and bedbug, flea and tick control products. Controls: Outdoor insect and weed control solutions, and animal repellents such as aerosols, granules, and ready-to-use sprays or hose-end ready-to-sprays. Repellents: Personal use pesticides and insect repellent products, including aerosols, lotions, pump sprays and wipes, yard sprays and citronella candles. Cleaning: Household surface cleaning, maintenance, and restoration products, including bottled liquids, mops, wipes and markers. Household: Hot Shot®, Black Flag®, Real-Kill®, Ultra Kill®, The Ant Trap® (TAT), and Rid-A-Bug®. Controls: Spectracide®, Garden Safe®, Liquid Fence®, and EcoLogic®. Repellents: Cutter® and Repel®. Cleaning: Rejuvenate® |
SIGNIFICANT ACCOUNTING POLICI_3
SIGNIFICANT ACCOUNTING POLICIES AND PRACTICES (Tables) | 12 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Schedule of Useful Lives for Property, Plant and Equipment | Useful lives for property, plant and equipment are as follows: Asset Type Range Buildings and improvements 20 - 40 years Machinery and equipment 2 - 15 years |
Schedule of Range and Weighted Average Useful Lives for Definite-Lived Intangible Assets | The range and weighted average useful lives for definite-lived intangibles assets are as follows: Asset Type Range Weighted Average Customer relationships 5 - 20 years 18.9 years Technology assets 5 - 18 years 13.6 years Tradenames 5 - 13 years 11.6 years |
Schedule of Transaction Related Charges | The following table summarizes transaction related charges incurred by the Company during the years ended September 30, 2021, 2020 and 2019: (in millions) 2021 2020 2019 HHI divestiture and separation $ 9.6 $ — $ — Rejuvenate acquisition and integration 10.8 — — Armitage acquisition and integration 10.9 — — Coevorden operations divestiture and separation 5.4 5.5 — GBL divestiture and separation 3.2 10.2 9.5 PetMatrix integration — — — Omega Sea acquisition and integration 0.2 1.6 — Other 16.2 5.8 11.4 Total transaction-related charges $ 56.3 $ 23.1 $ 20.9 |
DIVESTITURES (Tables)
DIVESTITURES (Tables) | 12 Months Ended |
Sep. 30, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Summary of Components of Income from Discontinued Operations, Net of Tax | The following table summarizes the components of Income from Discontinued Operations, Net of Tax in the accompanying Consolidated Statement of Income for the years ended September 30, 2021, 2020, and 2019: (in millions) 2021 2020 2019 Income from discontinued operations before income taxes - HHI $ 288.2 $ 227.8 $ 220.6 (Loss) income from discontinued operations before income taxes - GBL (7.2) 4.2 997.6 Loss from discontinued operations before income taxes - GAC (0.1) (0.1) (115.7) Interest on corporate debt allocated to discontinued operations 44.5 47.3 83.0 Income from discontinued operations before income taxes 236.4 184.6 1,019.5 Income tax expense from discontinued operations 62.1 33.7 221.5 Income from discontinued operations, net of tax 174.3 150.9 798.0 (Loss) income from discontinued operations, net of tax attributable to noncontrolling interest (0.2) 0.4 0.5 Income from discontinued operations, net of tax attributable to controlling interest $ 174.5 $ 150.5 $ 797.5 |
Summary of Assets and Liabilities Held for Sale | The following table summarizes the assets and liabilities of the HHI disposal group classified as held for sale as of September 30, 2021 and 2020: (in millions) 2021 2020 Assets Trade receivables, net $ 130.2 $ 201.4 Other receivables 12.1 27.8 Inventories 332.2 239.0 Prepaid expenses and other current assets 39.1 32.6 Property, plant and equipment, net 143.5 140.9 Operating lease assets 55.5 45.8 Deferred charges and other 11.7 16.5 Goodwill 710.9 704.8 Intangible assets, net 374.8 385.0 Total assets of business held for sale $ 1,810.0 $ 1,793.8 Liabilities Current portion of long-term debt $ 1.5 $ 1.4 Accounts payable 206.6 195.0 Accrued wages and salaries 41.7 33.3 Other current liabilities 75.9 73.9 Long-term debt, net of current portion 54.4 55.3 Long-term operating lease liabilities 48.6 39.2 Deferred income taxes 7.8 10.2 Other long-term liabilities 17.8 20.4 Total liabilities of business held for sale $ 454.3 $ 428.7 |
Summary of Components of Income from Discontinued Operations Before Income Taxes | The following table summarizes the components of income from discontinued operations before income taxes associated with the HHI divestiture in the accompanying Consolidated Statements of Operations for the years ended September 30, 2021, 2020 and 2019: (in millions) 2021 2020 2019 Net sales $ 1,615.8 $ 1,342.1 $ 1,355.7 Cost of goods sold 1,025.3 850.3 868.4 Gross profit 590.5 491.8 487.3 Operating expenses 293.1 257.1 262.8 Operating income 297.4 234.7 224.5 Interest expense 3.4 3.5 3.4 Other non-operating expense, net 5.8 3.4 0.5 Income from discontinued operations before income taxes $ 288.2 $ 227.8 $ 220.6 The following table summarizes the components of income from discontinued operations before income taxes associated with the GBL operations in the accompanying Consolidated Statements of Operations for the years ended September 30, 2019 with the close of the GBL divestiture on January 2, 2019. (in millions) 2019 Net sales $ 249.0 Cost of goods sold 164.6 Gross profit 84.4 Operating expenses 57.0 Operating income 27.4 Interest expense 0.6 Other non-operating expense, net 0.5 Gain on sale (989.8) Reclassification of accumulated other comprehensive income 18.5 Income from discontinued operations before income taxes $ 997.6 The following table summarizes the components of income from discontinued operations before income taxes associated with the GAC business in the accompanying Consolidated Statements of Operations for the year ended 2019, with the close of the GAC divestiture on January 28, 2019: (in millions) 2019 Net sales $ 87.7 Cost of goods sold 52.5 Gross profit 35.2 Operating expenses 35.7 Operating loss (0.5) Interest expense 0.7 Other non-operating expense, net 0.2 Loss on sale of business 111.0 Reclassification of accumulated other comprehensive income 3.3 Loss from discontinued operations before income taxes $ (115.7) |
Summary of Significant Non-cash Items and Capital Expenditures of Discontinued Operations | The following table presents significant non-cash items and capital expenditures of discontinued operations from the HHI divestiture: (in millions) 2021 2020 2019 Depreciation and amortization $ 31.1 $ 33.9 $ 33.5 Share and incentive based compensation $ 0.8 $ 6.0 $ 5.0 Purchases of property, plant and equipment $ 22.8 $ 16.9 $ 18.0 |
ACQUISITIONS (Tables)
ACQUISITIONS (Tables) | 12 Months Ended |
Sep. 30, 2021 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule of Purchase Price Allocation | The calculation of purchase price and purchase price allocation is as follows: (in millions) Amount Cash consideration $ 301.5 The calculation of purchase price and purchase price allocation is as follows: (in millions) Amount Cash paid $ 187.7 Debt assumed 51.0 Cash consideration $ 136.7 |
Schedule of Assets Acquired and Liabilities Assumed | (in millions) Purchase Price Allocation Cash and cash equivalents $ 1.4 Trade receivables, net 10.2 Inventories 15.4 Prepaid expenses and other current assets 0.3 Property, plant and equipment, net 0.4 Goodwill 147.0 Intangible assets, net 128.7 Accounts payable (1.7) Accrued wages and salaries (0.1) Other current liabilities (0.1) Net assets acquired $ 301.5 (in millions) Purchase Price Allocation Cash and cash equivalents $ 6.9 Trade receivables, net 16.7 Other receivables 1.9 Inventories 16.3 Prepaid expenses and other current assets 0.2 Property, plant and equipment, net 3.0 Operating lease assets 0.1 Deferred charges and other 0.9 Goodwill 90.7 Intangible assets, net 88.6 Accounts payable (9.2) Accrued wages and salaries (1.5) Other current liabilities (7.0) Long-term debt, net of current portion (51.0) Long-term operating lease liabilities (0.1) Deferred income taxes (18.0) Other long-term liabilities (1.8) Net assets acquired $ 136.7 |
Schedule of Intangible Assets and Weighted Average Useful Lives | The values allocated to intangible assets and the weighted average useful lives are as follows: (in millions) Carrying Amount Weighted Average Useful Life (Years) Tradenames $ 119.0 Indefinite Customer relationships 8.4 14 years Technology 1.3 11 years Total intangibles acquired $ 128.7 The values allocated to intangible assets and the weighted average useful lives are as follows: (in millions) Carrying Amount Weighted Average Useful Life (Years) Tradenames $ 74.3 Indefinite Customer relationships 14.3 12 years Total intangibles acquired $ 88.6 |
RESTRUCTURING AND RELATED CHA_2
RESTRUCTURING AND RELATED CHARGES (Tables) | 12 Months Ended |
Sep. 30, 2021 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring and Related Charges | The following summarizes restructuring and related charges for the years ended September 30, 2021, 2020, and 2019: (in millions) 2021 2020 2019 Global productivity improvement program $ 21.2 $ 71.1 $ 59.9 GPC Edwardsville 3PL transition 11.5 — — SAP S4 ERP transformation 4.3 — — Other restructuring activities 3.3 0.5 1.1 Total restructuring and related charges $ 40.3 $ 71.6 $ 61.0 Reported as: Cost of goods sold $ 1.9 $ 13.8 $ 2.5 Operating expense 38.4 57.8 58.5 |
Schedule of Costs Incurred and Cumulative Costs by Cost Type | The following summarizes restructuring and related charges for the years ended September 30, 2021, 2020, and 2019, and cumulative costs of restructuring initiatives as of September 30, 2021, by cost type. 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, transition of third-party providers, pervasive system implementations and redundant or incremental transitional operating costs, among others: (in millions) Termination Benefits Other Costs Total For the year ended September 30, 2021 $ 7.7 $ 32.6 $ 40.3 For the year ended September 30, 2020 12.4 59.2 71.6 For the year ended September 30, 2019 9.4 51.6 61.0 Cumulative costs through September 30, 2021 29.2 123.0 152.2 Future costs to be incurred — 27.7 27.7 |
Schedule of Rollforward of Restructuring Accrual | 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 years ended September 30, 2021, 2020, and 2019: (in millions) Termination Benefits Other Costs Total Accrual balance at September 30, 2019 $ 6.6 $ 27.0 $ 33.6 Adoption of ASU 842 — (4.2) (4.2) Provisions 4.0 41.6 45.6 Cash expenditures (7.0) (57.8) (64.8) Non-cash items 0.3 (0.3) — Accrual balance at September 30, 2020 $ 3.9 $ 6.3 $ 10.2 Provisions 5.7 4.6 10.3 Cash expenditures (4.7) (5.4) (10.1) Non-cash items (0.3) 0.1 (0.2) Accrual balance at September 30, 2021 $ 4.6 $ 5.6 $ 10.2 |
Schedule of Costs Incurred by Reporting Segment | The following summarizes restructuring and related charges by segment for the years ended September 30, 2021, 2020, and 2019, cumulative costs of restructuring initiatives as of September 30, 2021 and future expected costs to be incurred by segment: (in millions) HPC GPC H&G Corporate Total For the year ended September 30, 2021 $ 9.1 $ 15.2 $ 0.4 $ 15.6 $ 40.3 For the year ended September 30, 2020 4.6 20.8 0.5 45.7 71.6 For the year ended September 30, 2019 8.1 7.6 1.8 43.5 61.0 Cumulative costs through September 30, 2021 20.6 30.3 2.7 98.6 152.2 Future costs to be incurred 1.3 12.5 — 13.9 27.7 |
REVENUE RECOGNITION (Tables)
REVENUE RECOGNITION (Tables) | 12 Months Ended |
Sep. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Disaggregation of Revenue | The following table disaggregates our revenue for the year ended September 30, 2021, by the Company’s key revenue streams, segments and geographic region (based upon destination): September 30, 2021 (in millions) HPC GPC H&G Total Product Sales NA $ 493.5 $ 699.9 $ 598.6 $ 1,792.0 EMEA 512.1 359.8 — 871.9 LATAM 170.6 15.8 7.0 193.4 APAC 72.7 38.9 — 111.6 Licensing 11.2 9.8 2.5 23.5 Other — 5.7 — 5.7 Total Revenue $ 1,260.1 $ 1,129.9 $ 608.1 $ 2,998.1 The following table disaggregates our revenue for the year ended September 30, 2020, by the Company’s key revenue streams, segments and geographic region (based upon destination): September 30, 2020 (in millions) HPC GPC H&G Total Product Sales NA $ 458.7 $ 667.4 $ 543.1 $ 1,669.2 EMEA 447.3 232.6 — 679.9 LATAM 126.8 14.4 6.7 147.9 APAC 65.8 35.7 — 101.5 Licensing 9.0 8.3 2.1 19.4 Other — 4.2 — 4.2 Total Revenue $ 1,107.6 $ 962.6 $ 551.9 $ 2,622.1 The following table disaggregates our revenue for the year ended September 30, 2019, by the Company’s key revenue streams, segments and geographic region (based upon destination): September 30, 2019 (in millions) HPC GPC H&G Total Product Sales NA $ 428.6 $ 586.1 $ 502.0 $ 1,516.7 EMEA 429.3 222.6 — 651.9 LATAM 139.5 13.4 4.4 157.3 APAC 61.0 36.6 — 97.6 Licensing 9.7 6.8 1.7 18.2 Other — 4.7 — 4.7 Total Revenue $ 1,068.1 $ 870.2 $ 508.1 $ 2,446.4 |
Schedule of Rollforward of the Allowance for Product Returns | The following is a rollforward of the allowance for product returns for the years ended September 30, 2021, 2020 and 2019: (in millions) Beginning Charged to Deductions Other Ending September 30, 2021 $ 12.8 $ 1.5 $ (2.9) $ 0.4 $ 11.8 September 30, 2020 9.8 6.0 (3.3) 0.3 12.8 September 30, 2019 12.1 1.7 (3.6) (0.4) 9.8 |
FAIR VALUE OF FINANCIAL INSTR_2
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of Carrying Values and Fair Values for Financial Instruments | The carrying values and estimated fair values for financial instruments as of September 30, 2021 and 2020 are as follows: September 30, 2021 September 30, 2020 (in millions) Level 1 Level 2 Level 3 Fair Value Carrying Amount Level 1 Level 2 Level 3 Fair Value Carrying Amount Investments $ — $ — $ — $ — $ — $ 66.9 $ — $ — $ 66.9 $ 66.9 Derivative Assets — 6.8 — 6.8 6.8 — 0.4 — 0.4 0.4 Derivative Liabilities — 2.5 — 2.5 2.5 — 13.5 — 13.5 13.5 Debt — 2,628.2 — 2,628.2 2,506.3 — 2,538.7 — 2,538.7 2,419.5 |
Schedule of Income Loss from Equity Investments | The following is a summary of income recognized from equity investments included in Other Non-Operating (Income) Expense, Net on the Company's Consolidated Statements of Income for the years ended September 30, 2021, 2020, and 2019: (in millions) 2021 2020 2019 Unrealized loss on equity investments held $ — $ (7.5) $ (12.1) Realized gain (loss) on equity investments sold 6.9 (9.3) — Gain (loss) on equity investments 6.9 (16.8) (12.1) Dividend income from equity investments 0.2 5.0 4.8 Gain (loss) from equity investments $ 7.1 $ (11.8) $ (7.3) |
RECEIVABLES (Tables)
RECEIVABLES (Tables) | 12 Months Ended |
Sep. 30, 2021 | |
Receivables [Abstract] | |
Schedule of Allowance for Doubtful Accounts | The following is a rollforward of the allowance for doubtful accounts for the years ended 2021, 2020 and 2019: (in millions) Beginning Balance Charged to Profit & Loss Deductions Other Adjustments Ending Balance September 30, 2021 $ 5.3 $ 1.9 $ (0.4) $ (0.1) $ 6.7 September 30, 2020 3.5 2.3 (0.5) — 5.3 September 30, 2019 3.0 1.3 (1.6) 0.8 3.5 |
INVENTORY (Tables)
INVENTORY (Tables) | 12 Months Ended |
Sep. 30, 2021 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | Inventories as of September 30, 2021 and 2020 consist of the following: (in millions) 2021 2020 Raw materials $ 66.1 $ 41.8 Work-in-process 8.3 6.8 Finished goods 488.4 270.0 $ 562.8 $ 318.6 |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 12 Months Ended |
Sep. 30, 2021 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | Property, plant and equipment as of September 30, 2021 and 2020 consist of the following: (in millions) 2021 2020 Land, buildings and improvements $ 83.5 $ 80.2 Machinery, equipment and other 383.0 344.4 Finance leases 146.1 145.4 Construction in progress 28.8 20.5 Property, plant and equipment $ 641.4 $ 590.5 Accumulated depreciation (381.2) (334.9) Property, plant and equipment, net $ 260.2 $ 255.6 |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS (Tables) | 12 Months Ended |
Sep. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Changes in the Carrying Amount of Goodwill by Reporting Segment | Goodwill, by segment, consists of the following: (in millions) GPC H&G Total As of September 30, 2019 $ 430.4 $ 195.6 $ 626.0 Omega Sea acquisition (Note 4) 8.6 — 8.6 Allocated to Coevorden Operations divestiture (Note 3) (10.6) — (10.6) Foreign currency impact 3.2 — 3.2 As of September 30, 2020 $ 431.6 $ 195.6 $ 627.2 Rejuvenate acquisition (Note 4) — 147.0 147.0 Armitage acquisition (Note 4) 90.7 — 90.7 Foreign currency impact 2.3 — 2.3 As of September 30, 2021 $ 524.6 $ 342.6 $ 867.2 |
Schedule of Carrying Value and Accumulated Amortization for Intangible Assets | The carrying value of indefinite lived intangible and definite lived intangible assets subject to amortization and accumulated amortization are as follows: 2021 2020 (in millions) Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net Amortizable Intangible Assets Customer relationships $ 619.6 $ (352.3) $ 267.3 $ 596.5 $ (319.1) $ 277.4 Technology assets 75.3 (25.8) 49.5 124.7 (59.6) 65.1 Tradenames 158.4 (141.9) 16.5 156.8 (128.5) 28.3 Total Amortizable Intangible Assets 853.3 (520.0) 333.3 878.0 (507.2) 370.8 Indefinite-lived Intangible Assets - Tradenames 870.8 — 870.8 675.9 — 675.9 Total Intangible Assets $ 1,724.1 $ (520.0) $ 1,204.1 $ 1,553.9 $ (507.2) $ 1,046.7 |
Schedule of Future Amortization Expense | Excluding the impact of any future acquisitions or changes in foreign currency, the Company anticipates the annual amortization expense of intangible assets for the next five fiscal years will be as follows: (in millions) Amortization 2022 $ 49.2 2023 40.2 2024 40.2 2025 38.1 2026 36.5 |
DEBT (Tables)
DEBT (Tables) | 12 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | Debt as of September 30, 2021 and 2020 consists of the following: 2021 2020 (in millions) Amount Rate Amount Rate Spectrum Brands, Inc. Revolver Facility, variable rate, expiring June 30, 2025 $ — — % $ — — % Term Loan Facility, variable rate, due March 3, 2028 398.0 2.5 % — — % 6.125% Notes, due December 15, 2024 — — % 250.0 6.1 % 5.75% Notes, due July 15, 2025 450.0 5.8 % 1,000.0 5.8 % 4.00% Notes, due October 1, 2026 492.9 4.0 % 499.1 4.0 % 5.00% Notes, due October 1, 2029 300.0 5.0 % 300.0 5.0 % 5.50% Notes, due July 15, 2030 300.0 5.5 % 300.0 5.5 % 3.875% Notes, due March 15, 2031 500.0 3.9 % — — % Other notes and obligations — — % 3.2 7.6 % Obligations under finance leases 101.9 4.9 % 103.7 5.3 % Total Spectrum Brands, Inc. debt 2,542.8 2,456.0 Unamortized discount on debt (0.9) — Debt issuance costs (35.6) (36.5) Less current portion (12.0) (13.9) Long-term debt, net of current portion $ 2,494.3 $ 2,405.6 |
Schedule of Maturities of Debt Obligations | The Company’s aggregate scheduled maturities of debt obligations are as follows, excluding obligations under capital leases. See Note 13 - Leases for scheduled maturities of obligations under capital leases: (in millions) Amount 2022 $ 4.0 2023 4.0 2024 4.0 2025 454.0 2026 4.0 Thereafter 1,970.9 Total long-term debt $ 2,440.9 |
LEASES (Tables)
LEASES (Tables) | 12 Months Ended |
Sep. 30, 2021 | |
Leases [Abstract] | |
Schedule of Leases Recognized in Statement of Financial Position | The following is a summary of the Company’s leases recognized on the Company’s Consolidated Statement of Financial Position as of September 30, 2021 and 2020: (in millions) Line Item 2021 2020 Assets Operating Operating lease assets $ 56.5 $ 58.0 Finance Property, plant and equipment, net 84.2 89.1 Total leased assets $ 140.7 $ 147.1 Liabilities Current Operating Other current liabilities $ 17.4 $ 15.1 Finance Current portion of long-term debt 7.9 10.8 Long-term Operating Long-term operating lease liabilities 44.5 49.6 Finance Long-term debt, net of current portion 94.0 92.9 Total lease liabilities $ 163.8 $ 168.4 |
Schedule of Components of Lease Costs, Cash Flow Disclosures, Lease Terms and Discount Rate | The components of lease costs recognized in the Consolidated Statement of Income for the year ended September 30, 2021 and 2020 are as follows: (in millions) 2021 2020 Operating lease cost $ 19.8 $ 15.6 Finance lease cost Amortization of leased assets 11.3 11.8 Interest on lease liability 5.3 5.7 Variable lease cost 9.8 9.8 Total lease cost $ 46.2 $ 42.9 The following is a summary of the Company’s cash paid for amounts included in the measurement of lease liabilities recognized in the Consolidated Statement of Cash Flow, including supplemental non-cash activity related to operating leases, for the year ended September 30, 2021 and 2020: (in millions) 2021 2020 Operating cash flow from operating leases $ 20.7 $ 16.1 Operating cash flows from finance leases 5.4 5.7 Financing cash flows from finance leases 12.0 10.6 Supplemental non-cash flow disclosure Acquisition of operating lease asset through lease obligations 15.3 23.6 The following is a summary of weighted-average lease term and discount rate at September 30, 2021 and 2020: 2021 2020 Weighted average remaining lease term Operating leases 4.6 years 5.5 years Finance leases 10.4 years 10.4 years Weighted average discount rate Operating leases 4.3 % 4.6 % Finance leases 4.9 % 5.3 % |
Schedule of Future Lease Payments Under Finance Leases | At September 30, 2021, future lease payments under operating and finance leases were as follows: (in millions) Finance Leases Operating Leases 2022 $ 13.0 $ 19.9 2023 13.7 18.2 2024 13.4 9.8 2025 11.9 7.0 2026 14.9 12.1 Thereafter 66.5 2.0 Total lease payments 133.4 69.0 Amount representing interest (31.5) (7.1) Total minimum lease payments $ 101.9 $ 61.9 |
Schedule of Future Lease Payments Under Operating Leases | At September 30, 2021, future lease payments under operating and finance leases were as follows: (in millions) Finance Leases Operating Leases 2022 $ 13.0 $ 19.9 2023 13.7 18.2 2024 13.4 9.8 2025 11.9 7.0 2026 14.9 12.1 Thereafter 66.5 2.0 Total lease payments 133.4 69.0 Amount representing interest (31.5) (7.1) Total minimum lease payments $ 101.9 $ 61.9 |
DERIVATIVES (Tables)
DERIVATIVES (Tables) | 12 Months Ended |
Sep. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Summary of Impact of Effective and Ineffective Portions of Designated Hedges and Gain (Loss) | The following table summarizes the impact of the effective and ineffective portions of designated hedges and the gain (loss) recognized in the Consolidated Statement of Income for the years ended September 30, 2021, 2020 and 2019: Gain (Loss) in OCI Reclassified to Continuing Operations (in millions) 2021 2020 2019 Line Item 2021 2020 2019 Foreign exchange contracts $ 0.1 $ 0.1 $ (0.4) Net sales $ 0.1 $ (0.1) $ (0.2) Foreign exchange contracts (2.0) (7.2) 14.7 Cost of goods sold (9.3) 4.7 10.6 Total $ (1.9) $ (7.1) $ 14.3 $ (9.2) $ 4.6 $ 10.4 |
Summary of Gain (Loss) on Derivatives Not Designated as Hedges | The following table summarizes the gain (loss) associated with derivative contracts not designated as hedges in the Consolidated Statements of Income for the years ended September 30, 2021, 2020 and 2019. (in millions) Line Item 2021 2020 2019 Foreign exchange contracts Other non-operating (income) expense $ (3.2) $ (10.8) $ 45.5 |
Schedule of Fair Value of Outstanding Derivative Instruments | The fair value of the Company’s outstanding derivative instruments in the Consolidated Statements of Financial Position are as follows: (in millions) Line Item 2021 2020 Derivative Assets Foreign exchange contracts - designated as hedge Other receivables $ 5.2 $ — Foreign exchange contracts - designated as hedge Deferred charges and other 0.9 — Foreign exchange contracts - not designated as hedge Other receivables 0.7 0.4 Total Derivative Assets $ 6.8 $ 0.4 Derivative Liabilities Foreign exchange contracts - designated as hedge Accounts payable $ 0.1 $ 3.3 Foreign exchange contracts - designated as hedge Other long term liabilities — 0.3 Foreign exchange contracts - not designated as hedge Accounts payable 2.4 9.9 Total Derivative Liabilities $ 2.5 $ 13.5 |
Schedule of Net Investment Hedge Recognized in Other Comprehensive Income | The following summarizes the gain (loss) from the net investment hedge recognized in Other Comprehensive Income for the year ended September 30, 2021, 2020 and 2019, pre-tax: Gain (Loss) in OCI (in millions) 2021 2020 2019 Net investment hedge $ 6.2 $ (33.0) $ 29.8 |
EMPLOYEE BENEFIT PLANS (Tables)
EMPLOYEE BENEFIT PLANS (Tables) | 12 Months Ended |
Sep. 30, 2021 | |
Retirement Benefits [Abstract] | |
Schedule of Additional Information on Pension Plans | The following tables provide additional information on the pension plans U.S. Plans Non U.S. Plans (in millions) 2021 2020 2021 2020 Changes in benefit obligation: Benefit obligation, beginning of year $ 76.0 $ 80.2 $ 158.7 $ 153.4 Obligations assumed from acquisition — — 19.0 — Service cost 0.5 0.7 1.5 1.7 Interest cost 1.8 2.2 2.1 1.9 Actuarial (gain) loss (2.6) 2.3 (3.4) (2.5) Settlements and curtailments — (4.6) — (1.6) Plan Amendments — — 0.1 — Benefits paid (4.3) (4.8) (5.0) (3.5) Foreign currency exchange rate changes — — 3.1 9.3 Benefit obligation, end of year 71.4 76.0 176.1 158.7 Changes in plan assets: Fair value of plan assets, beginning of year 64.6 68.6 120.5 112.1 Assets assumed from acquisition — — 17.2 — Actual return on plan assets 9.0 5.1 4.6 0.8 Employer contributions 0.3 0.3 6.6 4.7 Settlements and curtailments — (4.6) — — Benefits paid (4.3) (4.8) (5.0) (3.5) Foreign currency exchange rate changes — — 3.5 6.4 Fair value of plan assets, end of year 69.6 64.6 147.4 120.5 Funded Status $ (1.8) $ (11.4) $ (28.7) $ (38.2) Amounts recognized in statement of financial position Deferred charges and other $ — $ — $ 12.4 $ 3.0 Other accrued expenses 0.1 0.3 — — Other long-term liabilities 1.7 11.1 41.1 41.3 Accumulated other comprehensive loss 9.4 18.8 43.2 50.1 Weighted average assumptions Discount rate 2.70% 2.46% 1.00 - 2.00% 0.85 - 1.75% Rate of compensation increase N/A N/A 2.50% 2.25% |
Summary of Projected Benefit Obligations, Accumulated Benefit Obligations, and Fair Value of Plan Assets | The following table summarizes the projected benefit obligation, accumulated benefit obligation and fair value of plan assets for defined benefit plans with projected benefit obligations in excess of plan assets: U.S. Plans Non U.S. Plan (in millions) 2021 2020 2021 2020 Projected benefit obligation $ 71.4 $ 76.1 $ 106.2 $ 86.8 Accumulated benefit obligation 71.4 76.1 100.6 81.3 Fair value of plan assets 69.6 64.6 65.1 45.5 |
Schedule of Components of Net Periodic Benefit Cost | The following table contains the components of net periodic benefit cost from defined benefit plans for the years ended September 30, 2021, 2020 and 2019: U.S. Plans Non U.S. Plans (in millions) 2021 2020 2019 2021 2020 2019 Service cost $ 0.5 $ 0.7 $ 0.4 $ 1.5 $ 1.7 $ 1.4 Interest cost 1.8 2.2 2.8 2.1 1.9 2.9 Expected return on assets (3.7) (4.1) (4.4) (4.0) (3.8) (3.8) Settlements and curtailments — 0.9 — — — — Recognized net actuarial loss 1.4 0.9 0.2 3.4 3.7 1.9 Net periodic benefit cost $ — $ 0.6 $ (1.0) $ 3.0 $ 3.5 $ 2.4 Weighted average assumptions Discount rate 2.46% 3.04% 4.10% 0.70 - 1.75% 0.75 - 1.80% 1.85 - 4.07% Expected return on plan assets 6.00% 6.50% 6.50% 0.70 - 3.40% 3.07 - 3.40% 3.40 - 4.01% Rate of compensation increase N/A N/A N/A 2.25% 2.25% 2.25 - 2.50% |
Schedule of Allocation of Pension Plan Assets | Below is a summary allocation of defined benefit plan assets as of September 30, 2021 and 2020: U.S. Plans Non U.S. Plans Asset Type 2021 2020 2021 2020 Equity Securities 30 % 46 % — % — % Fixed Income Securities 70 % 51 % 16 % 21 % Other — % 3 % 84 % 79 % Total 100 % 100 % 100 % 100 % |
Schedule of Fair Value of Pension Plan Assets by Asset Category | The fair value of defined benefit plan assets by asset category as of September 30, 2021 and 2020 are as follows: September 30, 2021 September 30, 2020 (in millions) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Cash & cash equivalents $ 0.6 $ — $ — $ 0.6 $ 0.6 $ — $ — $ 0.6 Equity 8.1 8.3 — 16.4 11.9 10.7 — 22.6 Fixed income securities 29.6 9.9 — 39.5 22.3 6.4 — 28.7 Foreign equity 4.8 — — 4.8 7.2 — — 7.2 Foreign fixed income securities — 23.6 — 23.6 1.3 24.7 — 26.0 Life insurance contracts — 42.6 — 42.6 — 42.1 — 42.1 Annuity policy — — 18.8 18.8 — — — — Other — 70.7 — 70.7 1.7 56.2 — 57.9 Total plan assets $ 43.1 $ 155.1 $ 18.8 $ 217.0 $ 45.0 $ 140.1 $ — $ 185.1 |
Schedule of Benefit Payments Expected To Be Paid | The following benefit payments are expected to be paid: (in millions) U.S. Plans Non U.S. Plans 2022 $ 4.5 $ 3.9 2023 4.1 4.3 2024 4.1 4.8 2025 4.1 4.9 2026 4.2 5.3 2027-2031 20.5 31.5 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income Tax Expense | Income tax expense was calculated based upon the following components of income (loss) from operations before income taxes for the years ended September 30, 2021, 2020 and 2019: SBH SB/RH (in millions) 2021 2020 2019 2021 2020 2019 United States $ (147.2) $ (42.0) $ (369.7) $ (143.8) $ (110.8) $ (312.9) Outside the United States 136.1 16.9 15.5 136.1 16.9 15.5 Loss from continuing operations before income taxes $ (11.1) $ (25.1) $ (354.2) $ (7.7) $ (93.9) $ (297.4) |
Schedule of Components of Income Tax Expense | The components of income tax expense for the years ended September 30, 2021, 2020 and 2019 are as follows: SBH SB/RH (in millions) 2021 2020 2019 2021 2020 2019 Current tax expense (benefit): U.S. Federal $ 3.0 $ 0.3 $ (47.6) $ 3.0 $ 0.3 $ (47.6) Foreign 32.6 2.2 29.2 32.6 2.2 29.2 State and local 2.4 0.2 2.4 2.4 0.2 2.4 Total current tax expense (benefit) 38.0 2.7 (16.0) 38.0 2.7 (16.0) Deferred tax (benefit) expense: U.S. Federal (64.8) 9.1 (19.6) (63.4) (5.1) (7.1) Foreign 5.9 1.1 (3.2) 5.9 1.1 (3.2) State and local (5.5) 14.4 (13.2) (5.5) 15.8 (9.8) Total deferred tax (benefit) expense (64.4) 24.6 (36.0) (63.0) 11.8 (20.1) Income tax (benefit) expense $ (26.4) $ 27.3 $ (52.0) $ (25.0) $ 14.5 $ (36.1) |
Schedule of Reconciliation of Income Tax Expense | The following reconciles the total income tax expense, based on the U.S. Federal statutory income tax rate of 21% with the Company’s recognized income tax expense: SBH SB/RH (in millions) 2021 2020 2019 2021 2020 2019 U.S. Statutory federal income tax benefit $ (2.3) $ (5.3) $ (74.4) $ (1.6) $ (19.7) $ (62.4) Permanent items 13.9 13.6 2.6 13.9 13.6 2.7 Goodwill impairment — 2.8 12.2 — 2.8 12.2 Foreign statutory rate vs. U.S. statutory rate (6.2) (13.8) (9.2) (6.2) (13.8) (9.2) State income taxes, net of federal effect (8.7) (0.6) (17.6) (8.7) (3.1) (14.7) State effective rate change 2.6 7.2 4.6 2.6 7.8 4.6 UK effective rate change 8.2 — — 8.2 — — GILTI 4.9 3.7 2.6 4.9 3.7 2.6 GILTI impact of retroactive law changes (18.1) — — (18.1) — — Foreign dividend received deduction tax law change — — 95.9 — — 95.9 Tax reform act - mandatory repatriation — — (48.0) — — (48.0) Residual tax on foreign earnings 2.6 6.0 0.2 2.6 6.0 0.2 Change in valuation allowance (27.1) 9.9 (29.9) (27.1) 9.8 (30.0) Unrecognized tax expense (benefit) 0.2 (8.5) 7.5 0.2 (8.5) 7.5 Share based compensation adjustments (0.7) 0.1 4.3 0.1 0.5 4.3 Research and development tax credits (2.4) (1.6) (3.1) (2.4) (1.6) (3.1) Foreign rate differential on intercompany transfer of intangibles — 4.6 — — 4.6 — Partnership outside basis adjustment 5.5 5.9 2.1 5.5 5.9 2.4 Return to provision adjustments and other, net 1.2 3.3 (1.8) 1.1 6.5 (1.1) Income tax (benefit) expense $ (26.4) $ 27.3 $ (52.0) $ (25.0) $ 14.5 $ (36.1) |
Schedule of Deferred Tax Assets and Deferred Tax Liabilities | The tax effects of temporary differences that give rise to deferred tax assets and deferred tax liabilities as of September 30, 2021 and 2020 are as follows: SBH SB/RH (in millions) 2021 2020 2021 2020 Deferred tax assets Employee benefits $ 36.7 $ 34.8 $ 36.6 $ 33.2 Inventories and receivables 25.1 18.3 25.1 18.3 Marketing and promotional accruals 17.0 14.9 17.0 14.9 Property, plant and equipment 0.6 2.3 0.6 2.3 Unrealized losses 19.1 19.1 19.1 19.1 Intangibles 10.0 13.6 10.0 13.6 Operating lease liabilities 25.9 23.1 25.9 23.1 Net operating loss and other carry forwards 563.5 511.7 245.5 186.5 Other 36.1 39.1 32.9 38.1 Total deferred tax assets 734.0 676.9 412.7 349.1 Deferred tax liabilities Property, plant and equipment 9.4 8.2 9.4 8.2 Unrealized gains 10.5 13.6 10.5 13.6 Intangibles 287.9 287.1 287.9 287.2 Operating lease assets 23.5 20.5 23.5 20.5 Investment in partnership 69.6 63.3 69.3 63.0 Taxes on unremitted foreign earnings 1.8 1.4 1.8 1.4 Other 24.1 16.6 24.0 16.6 Total deferred tax liabilities 426.8 410.7 426.4 410.5 Net deferred tax liabilities 307.2 266.2 (13.7) (61.4) Valuation allowance (349.4) (302.5) (245.1) (198.2) Net deferred tax liabilities, net valuation allowance $ (42.2) $ (36.3) $ (258.8) $ (259.6) Reported as: Deferred charges and other $ 17.3 $ 18.9 $ 13.6 $ 18.9 Deferred taxes (noncurrent liability) 59.5 55.2 272.4 278.5 |
Schedule of Unrecognized Tax Benefits | The following table summarizes the changes to the amount of unrecognized tax benefits for the years ended September 30, 2021, 2020 and 2019: (in millions) 2021 2020 2019 Unrecognized tax benefits, beginning of year $ 13.8 $ 20.7 $ 13.8 Gross increase – tax positions in prior period 4.1 1.0 5.2 Gross decrease – tax positions in prior period (0.2) (4.4) (0.4) Gross increase – tax positions in current period 1.2 2.4 3.5 Settlements (0.2) (1.6) — Lapse of statutes of limitations (0.7) (4.3) (1.4) Unrecognized tax benefits, end of year $ 18.0 $ 13.8 $ 20.7 |
Related Party Disclosures (Tabl
Related Party Disclosures (Tables) | 12 Months Ended |
Sep. 30, 2021 | |
Related Party Transactions [Abstract] | |
Summary of Transaction Service Agreements | The following table summarizes the TSA income and expenses during the years ended September 30, 2021, 2020 and 2019: (in millions) 2021 2020 2019 TSA income $ 0.9 $ 9.6 $ 19.1 TSA expense 2.6 13.5 13.9 Net TSA (loss) income $ (1.7) $ (3.9) $ 5.2 |
SHAREHOLDER_S EQUITY (Tables)
SHAREHOLDER’S EQUITY (Tables) | 12 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
Schedule of Activity of Common Stock Repurchase Program | The following summarizes the activity of common stock repurchases under the program for the year ended September 30, 2021 and 2020: 2021 2020 (in millions except per share data) Number of Shares Repurchased Average Price Per Share Amount Number of Shares Repurchased Average Price Per Share Amount Open Market Purchases 0.9 $ 93.13 $ 80.3 4.1 $ 56.97 $ 230.6 Private Purchases 0.7 66.63 45.5 0.1 62.30 9.2 ASR — — — 2.0 61.47 124.8 Total Purchases 1.6 $ 81.43 $ 125.8 6.2 $ 58.57 $ 364.6 |
SHARE BASED COMPENSATION (Table
SHARE BASED COMPENSATION (Tables) | 12 Months Ended |
Sep. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Share-Based Payment Awards | The following is a summary of the authorized and available shares per the respective plans: (number of shares, in millions) Authorized Available Spectrum Brands Holdings, Inc. 2011 Omnibus Equity Awards Plan 7.1 0.3 Spectrum Brands Holdings, Inc. 2020 Omnibus Equity Plan 1.2 1.2 Stock Options (in millions, except per share data) Options Weighted Weighted Average Vested and exercisable at September 30, 2018 $ 0.24 $ 73.29 $ 4.78 Forfeited (0.01) 67.83 4.94 Vested and exercisable at September 30, 2019 0.23 73.51 4.79 Exercised (0.01) 52.83 3.55 Vested and exercisable at September 30, 2020 0.22 73.96 4.82 Exercised (0.06) 52.83 3.55 Vested and exercisable at September 30, 2021 $ 0.16 $ 82.36 $ 5.32 |
Schedule of Share Based Compensation Expense | The following is a summary of the share based compensation expense for the years ended September 30, 2021, 2020 and 2019: (in millions) 2021 2020 2019 SBH $ 28.9 $ 31.8 $ 44.2 SB/RH $ 27.2 $ 30.5 $ 42.6 |
Schedule of RSU Activity | The following is a summary of the RSU activity for the years ended September 30, 2021, 2020 and 2019: SBH SB/RH (in millions, except per share data) Shares Weighted Fair Shares Weighted Fair At September 30, 2018 0.6 $ 107.71 $ 69.0 0.6 $ 108.75 $ 67.2 Granted 1.5 53.11 81.4 1.5 52.82 79.8 Forfeited (0.7) 92.76 (63.7) (0.7) 93.05 (63.5) Vested (0.2) 83.47 (19.7) (0.2) 82.37 (18.5) At September 30, 2019 1.2 53.58 67.0 1.2 53.22 65.0 Granted 0.9 61.72 55.6 0.9 61.68 54.3 Forfeited (0.1) 60.79 (4.0) (0.1) 60.79 (3.9) Vested (0.6) 57.80 (39.3) (0.6) 57.29 (37.7) At September 30, 2020 1.4 56.41 79.3 1.4 56.33 77.7 Granted 0.6 76.78 44.9 0.6 76.83 43.3 Forfeited (0.2) 65.52 (13.2) (0.2) 65.52 (13.2) Vested (0.3) 53.53 (17.8) (0.3) 52.82 (16.2) At September 30, 2021 1.5 $ 64.00 $ 93.2 1.5 $ 63.85 $ 91.6 |
Schedule of Activity of RSUs Granted | SBH SB/RH (in millions, except per share data) Units Weighted Fair Units Weighted Fair Time-based grants Vesting in less than 24 months 0.1 $ 77.25 $ 9.6 0.1 $ 77.65 $ 8.0 Vesting in more than 24 months 0.1 74.57 7.8 0.1 74.57 7.8 Total time-based grants 0.2 76.04 17.4 0.2 76.11 15.8 Performance-based grants Vesting in less than 24 months 0.1 93.08 4.9 0.1 93.08 4.9 Vesting in more than 24 months 0.3 74.54 22.6 0.3 74.54 22.6 Total performance-based grants 0.4 $ 77.26 $ 27.5 0.4 $ 77.26 $ 27.5 Total grants 0.6 $ 76.78 $ 44.9 0.6 $ 76.83 $ 43.3 |
ACCUMULATED OTHER COMPREHENSI_2
ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables) | 12 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Accumulated Other Comprehensive Income | The changes in the components of accumulated other comprehensive income (loss), net of taxes, was as follows: (in millions) Foreign Currency Translation Derivative Instruments Defined Benefit Pension Total Balance at September 30, 2018 $ (192.5) $ 7.4 $ (50.7) $ (235.8) Other comprehensive (loss) income before reclassification (30.8) 12.6 (27.6) (45.8) Net reclassification for (gain) loss to income from continuing operations — (10.4) 2.1 (8.3) Net reclassification for (gain) loss to income from discontinued operations — (0.2) 0.1 (0.1) Other comprehensive (loss) income before tax (30.8) 2.0 (25.4) (54.2) Deferred tax effect (4.7) (5.4) 4.1 (6.0) Other comprehensive loss, net of tax (35.5) (3.4) (21.3) (60.2) Sale and deconsolidation of GBL and GAC discontinued operations (Note 3) 11.6 0.9 9.4 21.9 Less: other comprehensive loss from continuing operations attributable to non-controlling interest (0.2) — — (0.2) Less: other comprehensive loss from discontinued operations attributable to non-controlling interest (0.3) — — (0.3) Other comprehensive loss attributable to controlling interest (23.4) (2.5) (11.9) (37.8) Balance as of September 30, 2019 (215.9) 4.9 (62.6) (273.6) Other comprehensive loss before reclassification (18.5) (6.2) (5.2) (29.9) Net reclassification for (gain) loss to income from continuing operations — (4.6) 4.6 — Net reclassification for gain to income from discontinued operations — (0.4) (0.3) (0.7) Other comprehensive loss before tax (18.5) (11.2) (0.9) (30.6) Deferred tax effect 0.1 11.7 (0.3) 11.5 Other comprehensive (loss) income, net of tax (18.4) 0.5 (1.2) (19.1) Adoption of ASU 2018-02 (Note 2) — (1.8) 2.1 0.3 Sale and deconsolidation of Coevorden operations (Note 3) 8.1 — — 8.1 Less: other comprehensive income from continuing operations attributable to non-controlling interest 0.1 — — 0.1 Less: other comprehensive income from discontinued operations attributable to non-controlling interest 0.3 — — 0.3 Other comprehensive (loss) income attributable to controlling interest (10.7) (1.3) 0.9 (11.1) Balance as of September 30, 2020 (226.6) 3.6 (61.7) (284.7) Other comprehensive income before reclassification 32.2 0.1 11.7 44.0 Net reclassification for loss to income from continuing operations — 9.2 4.8 14.0 Net reclassification for loss (gain) to income from discontinued operations — 0.1 (0.1) — Other comprehensive income before tax 32.2 9.4 16.4 58.0 Deferred tax effect — (6.6) (1.6) (8.2) Other comprehensive income, net of tax 32.2 2.8 14.8 49.8 Less: other comprehensive income from discontinued operations attributable to non-controlling interest 0.4 — — 0.4 Other comprehensive income attributable to controlling interest 31.8 2.8 14.8 49.4 Balance as of September 30, 2021 $ (194.8) $ 6.4 $ (46.9) $ (235.3) |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 12 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Net Sales Relating to Segments | Net sales relating to the segments for the years ended September 30, 2021, 2020 and 2019 are as follows: (in millions) 2021 2020 2019 HPC $ 1,260.1 $ 1,107.6 $ 1,068.1 GPC 1,129.9 962.6 870.2 H&G 608.1 551.9 508.1 Net sales $ 2,998.1 $ 2,622.1 $ 2,446.4 |
Schedule of Segment Information | Segment Adjusted EBITDA in relation to the Company’s reportable segments for SBH and SB/RH for the years ended September 30, 2021, 2020, and 2019, is as follows: SBH (in millions) 2021 2020 2019 HPC $ 102.6 $ 92.2 $ 87.2 GPC 212.1 172.0 142.6 H&G 124.0 112.1 105.5 Total Segment Adjusted EBITDA 438.7 376.3 335.3 Corporate 46.9 52.4 22.0 Interest expense 116.5 93.7 158.4 Depreciation and amortization 117.0 114.7 147.3 Share and incentive based compensation 29.4 36.1 47.6 Restructuring and related charges 40.3 71.6 61.0 Transaction related charges 56.3 23.1 20.9 Unallocated shared costs 26.9 17.4 15.7 (Gain) loss on Energizer investment (6.9) 16.8 12.1 Inventory acquisition step-up 7.3 — — Loss on sale of Coevorden operations — 26.8 — Write-off from impairment of goodwill — — 116.0 Write-off from impairment of intangible assets — 24.2 35.4 Legal and environmental remediation reserves 6.0 — 10.0 Foreign currency loss on multicurrency divestiture loans — 3.8 36.2 Salus CLO debt extinguishment — (76.2) — Coevorden tolling related charges 6.2 — — Other 3.9 (3.0) 6.9 Loss from operations before income taxes $ (11.1) $ (25.1) $ (354.2) SB/RH (in millions) 2021 2020 2019 HPC $ 102.6 $ 92.2 $ 87.2 GPC 212.1 172.0 142.6 H&G 124.0 112.1 105.5 Total Segment Adjusted EBITDA 438.7 376.3 335.3 Corporate 44.9 47.5 20.7 Interest expense 116.8 93.2 106.1 Depreciation and amortization 117.0 114.7 147.3 Share and incentive based compensation 27.7 34.8 47.2 Restructuring and related charges 40.3 71.6 61.0 Transaction related charges 56.3 23.1 20.9 Unallocated shared costs 26.9 17.4 15.7 (Gain) loss on Energizer investment (6.9) 16.8 12.1 Inventory acquisition step-up 7.3 — — Loss on sale of Coevorden operations — 26.8 — Write-off from impairment of goodwill — — 116.0 Write-off from impairment of intangible assets — 24.2 35.4 Legal and environmental remediation reserves 6.0 — 10.0 Foreign currency loss on multicurrency divestiture loans — 3.8 36.2 Coevorden tolling related charges 6.2 — — Other 3.9 (3.7) 4.1 Loss from operations before income taxes $ (7.7) $ (93.9) $ (297.4) |
Schedule of Depreciation and Amortization Relating to Segments | Other financial information relating to the segments of SBH and SB/RH are as follows for the years ended September 30, 2021, 2020 and 2019 and as of September 30, 2021 and 2020: Depreciation and amortization (in millions) 2021 2020 2019 HPC $ 44.0 $ 35.2 $ 64.6 GPC 39.3 44.4 48.8 H&G 19.2 20.4 19.3 Total segments 102.5 100.0 132.7 Corporate and shared operations 14.5 14.7 14.6 Total depreciation and amortization $ 117.0 $ 114.7 $ 147.3 |
Schedule of Capital Expenditures Relating to Segments | Capital expenditures (in millions) 2021 2020 2019 HPC $ 9.3 $ 10.7 $ 11.0 GPC 18.6 14.5 16.0 H&G 3.6 3.5 5.9 Total segment capital expenditures 31.5 28.7 32.9 Corporate and shared operations 12.1 15.4 7.5 Total capital expenditures $ 43.6 $ 44.1 $ 40.4 |
Segment Total Assets Relating to Segments | SBH SB/RH Segment total assets (in millions) 2021 2020 2021 2020 HPC $ 879.4 $ 824.6 $ 879.4 $ 824.6 GPC 1,456.9 1,200.3 1,456.9 1,200.3 H&G 853.1 546.5 853.1 546.5 Total segment assets 3,189.4 2,571.4 3,189.4 2,571.4 Corporate and shared operations 341.0 742.1 418.3 819.1 Total assets $ 3,530.4 $ 3,313.5 $ 3,607.7 $ 3,390.5 |
Net Sales by Geographic Area | Net sales SBH and SB/RH for the years ended September 30, 2021, 2020 and 2019 and long-lived asset information as of September 30, 2021 and 2020 by geographic area are as follows: Net sales to external parties - Geographic Disclosure (in millions) 2021 2020 2019 United States $ 1,750.8 $ 1,627.4 $ 1,478.8 Europe/MEA 877.8 683.9 655.8 Latin America 193.4 147.9 157.2 Asia-Pacific 112.0 101.8 97.9 North America - Other 64.1 61.1 56.7 Net sales $ 2,998.1 $ 2,622.1 $ 2,446.4 |
Long-Lived Assets by Geographic Area | Long-lived assets - Geographic Disclosure (in millions) 2021 2020 United States $ 234.3 $ 236.4 Europe/MEA 64.4 58.3 Latin America 3.8 3.1 Asia-Pacific 14.2 15.8 Total long-lived assets $ 316.7 $ 313.6 |
EARNINGS PER SHARE _ SBH (Table
EARNINGS PER SHARE – SBH (Tables) | 12 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share | The reconciliation of the numerator and denominator of the basic and diluted earnings per share calculation and the anti-dilutive shares for the years ended September 30, 2021, 2020 and 2019, are as follows: (in millions, except per share amounts) 2021 2020 2019 Numerator Net income (loss) from continuing operations attributable to controlling interest $ 15.1 $ (52.7) $ (303.0) Income from discontinued operations attributable to controlling interest 174.5 150.5 797.5 Net income attributable to controlling interest $ 189.6 $ 97.8 $ 494.5 Denominator Weighted average shares outstanding - basic 42.7 44.7 50.7 Dilutive shares 0.5 — — Weighted average shares outstanding - diluted 43.2 44.7 50.7 Earnings per share Basic earnings per share from continuing operations $ 0.35 $ (1.18) $ (5.98) Basic earnings per share from discontinued operations 4.09 3.37 15.74 Basic earnings per share $ 4.44 $ 2.19 $ 9.76 Diluted earnings per share from continuing operations $ 0.35 $ (1.18) $ (5.98) Diluted earnings per share from discontinued operations 4.04 3.37 15.74 Diluted earnings per share $ 4.39 $ 2.19 $ 9.76 Weighted average number of anti-dilutive shares excluded from denominator — 0.2 0.2 |
QUARTERLY RESULTS (UNAUDITED) (
QUARTERLY RESULTS (UNAUDITED) (Tables) | 12 Months Ended |
Sep. 30, 2021 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Results | Quarter Ended SBH 2021 (in millions, except per share) September 30, 2021 July 4, 2021 April 4, 2021 January 3, 2021 Revenue $ 757.8 $ 743.8 $ 760.3 $ 736.2 Gross profit 258.2 262.6 261.0 252.8 Net income (loss) from continuing operations attributable to controlling interest 6.0 (1.8) (3.7) 14.7 Net income from discontinued operations attributable to controlling interest 44.2 32.5 40.4 57.4 Net income attributable to controlling interest $ 50.2 $ 30.7 $ 36.7 $ 72.1 Basic earnings per share from continuing operations $ 0.14 $ (0.04) $ (0.09) $ 0.34 Basic earnings per share from discontinued operations 1.04 0.76 0.95 1.34 Basic earnings per share $ 1.18 $ 0.72 $ 0.86 $ 1.68 Diluted earnings per share from continuing operations $ 0.14 $ (0.04) $ (0.09) $ 0.34 Diluted earnings per share from discontinued operations 1.02 0.76 0.95 1.34 Diluted earnings per share $ 1.16 $ 0.72 $ 0.86 $ 1.68 Quarter Ended SBH 2020 (in millions, except per share) September 30, 2020 June 28, 2020 March 29, 2020 December 29, 2019 Revenue $ 736.9 $ 702.7 $ 608.7 $ 573.8 Gross profit 254.2 252.4 200.2 171.4 Net (loss) income from continuing operations attributable to controlling interest (9.6) 126.1 (107.6) (61.6) Net income from discontinued operations attributable to controlling interest 55.0 19.0 50.7 25.8 Net income (loss) attributable to controlling interest $ 45.4 $ 145.1 $ (56.9) $ (35.8) Basic earnings per share from continuing operations $ (0.22) $ 2.93 $ (2.39) $ (1.29) Basic earnings per share from discontinued operations 1.27 0.44 1.13 0.54 Basic earnings per share $ 1.05 $ 3.37 $ (1.26) $ (0.75) Diluted earnings per share from continuing operations $ (0.22) $ 2.92 $ (2.39) $ (1.29) Diluted earnings per share from discontinued operations 1.27 0.44 1.13 0.54 Diluted earnings per share $ 1.05 $ 3.36 $ (1.26) $ (0.75) SB/RH Holdings, LLC Quarter Ended SB/RH 2021 (in millions) September 30, 2021 July 4, 2021 April 4, 2021 January 3, 2021 Revenue $ 757.8 $ 743.8 $ 760.3 $ 736.2 Gross profit 258.2 262.6 261.0 252.8 Net loss attributable to controlling interest from continuing operations 6.2 (0.9) (3.2) 15.1 Net income attributable to controlling interest from discontinued operations 44.0 32.6 40.4 57.4 Net income attributable to controlling interest $ 50.2 $ 31.7 $ 37.2 $ 72.5 Quarter Ended SB/RH 2020 (in millions) September 30, 2020 June 28, 2020 March 29, 2020 December 29, 2019 Revenue $ 736.9 $ 702.7 $ 608.7 $ 573.8 Gross profit 254.2 252.4 200.2 171.4 Net (loss) income attributable to controlling interest from continuing operations (13.5) 70.1 (106.0) (59.3) Net income attributable to controlling interest from discontinued operations 55.9 18.7 51.6 24.4 Net income (loss) income attributable to controlling interest $ 42.4 $ 88.8 $ (54.4) $ (34.9) |
DESCRIPTION OF BUSINESS (Detail
DESCRIPTION OF BUSINESS (Details) $ in Millions | Sep. 08, 2021USD ($) | Sep. 30, 2021USD ($)segment | Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Number of segments | segment | 3 | |||
Proceeds from sale of discontinued operations, net of cash | $ 0 | $ 3.6 | $ 2,859.5 | |
HHI Segment | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Proceeds from sale of discontinued operations, net of cash | $ 4,300 |
SIGNIFICANT ACCOUNTING POLICI_4
SIGNIFICANT ACCOUNTING POLICIES AND PRACTICES - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 | |
Accounting Policies [Abstract] | |||
Debt issuance costs | $ 35.6 | $ 36.5 | |
Expected returns liability | 11.8 | 12.8 | |
Shipping and handling costs | 216.3 | 172.8 | $ 162.9 |
Advertising costs | $ 54 | 40.7 | 28.1 |
Percentage greater than the largest amount of recognized income tax positions which likely of being realized | 50.00% | ||
Exchange losses on foreign currency transactions | $ 1.5 | $ 7.1 | $ 40.5 |
SIGNIFICANT ACCOUNTING POLICI_5
SIGNIFICANT ACCOUNTING POLICIES AND PRACTICES - Useful Lives for Property, Plant and Equipment (Details) | 12 Months Ended |
Sep. 30, 2021 | |
Minimum | Buildings and improvements | |
Property, Plant and Equipment [Line Items] | |
Useful lives | 20 years |
Minimum | Machinery and equipment | |
Property, Plant and Equipment [Line Items] | |
Useful lives | 2 years |
Maximum | Buildings and improvements | |
Property, Plant and Equipment [Line Items] | |
Useful lives | 40 years |
Maximum | Machinery and equipment | |
Property, Plant and Equipment [Line Items] | |
Useful lives | 15 years |
SIGNIFICANT ACCOUNTING POLICI_6
SIGNIFICANT ACCOUNTING POLICIES AND PRACTICES - Schedule of Range and Weighted Average Useful Lives for Definite-Lived Intangible Assets (Details) | 12 Months Ended |
Sep. 30, 2021 | |
Customer relationships | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Weighted Average | 18 years 10 months 24 days |
Technology assets | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Weighted Average | 13 years 7 months 6 days |
Tradenames | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Weighted Average | 11 years 7 months 6 days |
Minimum | Customer relationships | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Range | 5 years |
Minimum | Technology assets | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Range | 5 years |
Minimum | Tradenames | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Range | 5 years |
Maximum | Customer relationships | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Range | 20 years |
Maximum | Technology assets | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Range | 18 years |
Maximum | Tradenames | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Range | 13 years |
SIGNIFICANT ACCOUNTING POLICI_7
SIGNIFICANT ACCOUNTING POLICIES AND PRACTICES - Summary of Transactions Related Charges (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 | |
Business Acquisition [Line Items] | |||
Total transaction-related charges | $ 56.3 | $ 23.1 | $ 20.9 |
HHI divestiture and separation | |||
Business Acquisition [Line Items] | |||
Total transaction-related charges | 9.6 | 0 | 0 |
Rejuvenate acquisition | |||
Business Acquisition [Line Items] | |||
Total transaction-related charges | 10.8 | 0 | 0 |
Armitage acquisition | |||
Business Acquisition [Line Items] | |||
Total transaction-related charges | 10.9 | 0 | 0 |
Coevorden operations divestiture and separation | |||
Business Acquisition [Line Items] | |||
Total transaction-related charges | 5.4 | 5.5 | 0 |
GBL divestiture and separation | |||
Business Acquisition [Line Items] | |||
Total transaction-related charges | 3.2 | 10.2 | 9.5 |
PetMatrix integration | |||
Business Acquisition [Line Items] | |||
Total transaction-related charges | 0 | 0 | 0 |
Omega Sea acquisition | |||
Business Acquisition [Line Items] | |||
Total transaction-related charges | 0.2 | 1.6 | 0 |
Other | |||
Business Acquisition [Line Items] | |||
Total transaction-related charges | $ 16.2 | $ 5.8 | $ 11.4 |
DIVESTITURES - Summary of Compo
DIVESTITURES - Summary of Components of Income from Discontinued Operations, Net of Tax (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2021 | Jul. 04, 2021 | Apr. 04, 2021 | Jan. 03, 2021 | Sep. 30, 2020 | Jun. 28, 2020 | Mar. 29, 2020 | Dec. 29, 2019 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Income from discontinued operations, net of tax | $ 174.3 | $ 150.9 | $ 798 | ||||||||
(Loss) income from discontinued operations, net of tax attributable to noncontrolling interest | (0.2) | 0.4 | 0.5 | ||||||||
Income from discontinued operations, net of tax attributable to controlling interest | $ 44.2 | $ 32.5 | $ 40.4 | $ 57.4 | $ 55 | $ 19 | $ 50.7 | $ 25.8 | 174.5 | 150.5 | 797.5 |
Discontinued Operations, Held-for-sale or Disposed of by Sale | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Income from discontinued operations before income taxes | 236.4 | 184.6 | 1,019.5 | ||||||||
Income tax expense from discontinued operations | 62.1 | 33.7 | 221.5 | ||||||||
Income from discontinued operations, net of tax | 174.3 | 150.9 | 798 | ||||||||
(Loss) income from discontinued operations, net of tax attributable to noncontrolling interest | (0.2) | 0.4 | 0.5 | ||||||||
Income from discontinued operations, net of tax attributable to controlling interest | 174.5 | 150.5 | 797.5 | ||||||||
Discontinued Operations, Held-for-sale or Disposed of by Sale | HHI Segment | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Income from discontinued operations before income taxes | 288.2 | 227.8 | 220.6 | ||||||||
Discontinued Operations, Held-for-sale or Disposed of by Sale | Global Battery And Lighting | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Income from discontinued operations before income taxes | (7.2) | 4.2 | 997.6 | ||||||||
Discontinued Operations, Held-for-sale or Disposed of by Sale | Global Auto Care | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Income from discontinued operations before income taxes | (0.1) | (0.1) | (115.7) | ||||||||
Discontinued Operations, Held-for-sale or Disposed of by Sale | Corporate Debt | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Income from discontinued operations before income taxes | $ 44.5 | $ 47.3 | $ 83 |
DIVESTITURES - Narrative (Detai
DIVESTITURES - Narrative (Details) - USD ($) | Sep. 08, 2021 | Jan. 28, 2019 | Jan. 02, 2019 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 | Mar. 29, 2020 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Proceeds from sale of discontinued operations, net of cash | $ 0 | $ 3,600,000 | $ 2,859,500,000 | ||||
Loss on sale of Coevorden operations | $ 0 | 26,800,000 | 0 | ||||
H&G Supply Agreement | Energizer | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Supply agreement contract term | 24 months | ||||||
SB/RH | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Proceeds from sale of discontinued operations, net of cash | $ 0 | 3,600,000 | 2,859,500,000 | ||||
Loss on sale of Coevorden operations | 0 | 26,800,000 | 0 | ||||
Discontinued Operations | SB/RH | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Interest expense, debt | 75,200,000 | ||||||
Tax benefit to discontinued operations | (223,400,000) | ||||||
HHI Segment | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Proceeds from sale of discontinued operations, net of cash | $ 4,300,000,000 | ||||||
Termination fee | $ 350,000,000 | ||||||
Depreciation and amortization expense | 31,100,000 | 33,900,000 | 33,500,000 | ||||
Global Battery And Lighting | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Cash consideration | $ 1,956,200,000 | ||||||
Pretax gain on sale | 989,800,000 | 3,000,000 | |||||
Contingent purchase price adjustment | $ 200,000,000 | ||||||
Contingent obligation | 197,000,000 | ||||||
Indemnification of assets | 35,000,000 | 50,200,000 | |||||
Transaction costs associated with the divestiture | 12,900,000 | ||||||
Global Battery And Lighting | Other Current Liabilities | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Net settlement payable | 17,300,000 | 33,000,000 | |||||
Global Battery And Lighting | Other long term liabilities | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Net settlement payable | 17,700,000 | 17,200,000 | |||||
Global Battery And Lighting | Discontinued Operations, Disposed of by Sale | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Pretax gain on sale | 989,800,000 | ||||||
Global Battery And Lighting | Discontinued Operations | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Tax benefit to discontinued operations | 10,500,000 | ||||||
Global Auto Care | Discontinued Operations, Disposed of by Sale | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Transaction costs associated with the divestiture | 8,800,000 | ||||||
Loss on sale of business | 111,000,000 | ||||||
Depreciation and amortization expense | 1,400,000 | ||||||
Global Auto Care | Discontinued Operations, Disposed of by Sale | Other long term liabilities | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Indemnification of assets | $ 1,500,000 | 1,400,000 | |||||
Global Auto Care | Discontinued Operations, Disposed of by Sale | Energizer | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Purchase price, cash | $ 938,700,000 | ||||||
Loss on sale of business | $ 111,000,000 | ||||||
Global Auto Care | Discontinued Operations, Disposed of by Sale | Energizer | Common Stock | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Stock consideration, value | $ 242,100,000 | ||||||
Coevorden Operations | Discontinued Operations, Disposed of by Sale | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Purchase price, cash | $ 29,000,000 | ||||||
Goodwill | $ 10,600,000 | ||||||
Loss on sale of Coevorden operations | $ 26,800,000 | ||||||
Operations of distribution center term | 18 months |
DIVESTITURES - Summary of Asset
DIVESTITURES - Summary of Assets and Liabilities Held for Sale (Details) - HHI Segment - Discontinued Operations, Held-For-Sale - USD ($) $ in Millions | Sep. 30, 2021 | Sep. 30, 2020 |
Assets | ||
Trade receivables, net | $ 130.2 | $ 201.4 |
Other receivables | 12.1 | 27.8 |
Inventories | 332.2 | 239 |
Prepaid expenses and other current assets | 39.1 | 32.6 |
Property, plant and equipment, net | 143.5 | 140.9 |
Operating lease assets | 55.5 | 45.8 |
Deferred charges and other | 11.7 | 16.5 |
Goodwill | 710.9 | 704.8 |
Intangible assets, net | 374.8 | 385 |
Total assets of business held for sale | 1,810 | 1,793.8 |
Liabilities | ||
Current portion of long-term debt | 1.5 | 1.4 |
Accounts payable | 206.6 | 195 |
Accrued wages and salaries | 41.7 | 33.3 |
Other current liabilities | 75.9 | 73.9 |
Long-term debt, net of current portion | 54.4 | 55.3 |
Long-term operating lease liabilities | 48.6 | 39.2 |
Deferred income taxes | 7.8 | 10.2 |
Other long-term liabilities | 17.8 | 20.4 |
Total liabilities of business held for sale | $ 454.3 | $ 428.7 |
DIVESTITURES - Summary of Com_2
DIVESTITURES - Summary of Components of Income from Discontinued Operations before Income Taxes (Details) - USD ($) $ in Millions | Jan. 02, 2019 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 |
Global Battery And Lighting | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Gain on sale | $ (989.8) | $ (3) | ||
Discontinued Operations, Disposed of by Sale | HHI Segment | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Net sales | $ 1,615.8 | 1,342.1 | $ 1,355.7 | |
Cost of goods sold | 1,025.3 | 850.3 | 868.4 | |
Gross profit | 590.5 | 491.8 | 487.3 | |
Operating expenses | 293.1 | 257.1 | 262.8 | |
Operating income (loss) | 297.4 | 234.7 | 224.5 | |
Interest expense | 3.4 | 3.5 | 3.4 | |
Other non-operating expense, net | 5.8 | 3.4 | 0.5 | |
Income (loss) from discontinued operations before income taxes | $ 288.2 | $ 227.8 | 220.6 | |
Discontinued Operations, Disposed of by Sale | Global Battery And Lighting | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Net sales | 249 | |||
Cost of goods sold | 164.6 | |||
Gross profit | 84.4 | |||
Operating expenses | 57 | |||
Operating income (loss) | 27.4 | |||
Interest expense | 0.6 | |||
Other non-operating expense, net | 0.5 | |||
Gain on sale | (989.8) | |||
Reclassification of accumulated other comprehensive income | 18.5 | |||
Income (loss) from discontinued operations before income taxes | 997.6 | |||
Discontinued Operations, Disposed of by Sale | Global Auto Care | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Net sales | 87.7 | |||
Cost of goods sold | 52.5 | |||
Gross profit | 35.2 | |||
Operating expenses | 35.7 | |||
Operating income (loss) | (0.5) | |||
Interest expense | 0.7 | |||
Other non-operating expense, net | 0.2 | |||
Loss on sale of business | 111 | |||
Reclassification of accumulated other comprehensive income | 3.3 | |||
Income (loss) from discontinued operations before income taxes | $ (115.7) |
DIVESTITURES - Significant Non-
DIVESTITURES - Significant Non-cash Items and Capital Expenditures of Discontinued Operations (Details) - HHI Segment - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Depreciation and amortization | $ 31.1 | $ 33.9 | $ 33.5 |
Share and incentive based compensation | 0.8 | 6 | 5 |
Purchases of property, plant and equipment | $ 22.8 | $ 16.9 | $ 18 |
ACQUISITIONS - Narrative (Detai
ACQUISITIONS - Narrative (Details) $ in Millions | May 28, 2021USD ($) | Oct. 26, 2020USD ($) | Mar. 10, 2020USD ($) | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) |
Business Acquisition [Line Items] | ||||||
Goodwill | $ 867.2 | $ 627.2 | $ 626 | |||
GPC | ||||||
Business Acquisition [Line Items] | ||||||
Goodwill | $ 524.6 | $ 431.6 | $ 430.4 | |||
For Life Products, LLC | ||||||
Business Acquisition [Line Items] | ||||||
Cash consideration | $ 301.5 | |||||
Goodwill | 147 | |||||
Tradenames | $ 119 | |||||
For Life Products, LLC | Tradenames | Measurement Input, Royalty Rate | Valuation, Income Approach | ||||||
Business Acquisition [Line Items] | ||||||
Intangible asset, measurement input | 0.12 | |||||
For Life Products, LLC | Tradenames | Measurement Input, Discount Rate | Valuation Technique, Discounted Cash Flow | ||||||
Business Acquisition [Line Items] | ||||||
Intangible asset, measurement input | 0.105 | |||||
For Life Products, LLC | Customer relationships | ||||||
Business Acquisition [Line Items] | ||||||
Annual expected growth rate | 0.04 | |||||
For Life Products, LLC | Customer relationships | Measurement Input, Discount Rate | Valuation Technique, Discounted Cash Flow | ||||||
Business Acquisition [Line Items] | ||||||
Intangible asset, measurement input | 0.105 | |||||
For Life Products, LLC | Customer relationships | Measurement Input, Attrition Rate | Valuation Technique, Discounted Cash Flow | ||||||
Business Acquisition [Line Items] | ||||||
Intangible asset, measurement input | 0.05 | |||||
For Life Products, LLC | Technology assets | Measurement Input, Royalty Rate | Valuation, Income Approach | ||||||
Business Acquisition [Line Items] | ||||||
Intangible asset, measurement input | 0.03 | |||||
For Life Products, LLC | Technology assets | Measurement Input, Discount Rate | Valuation Technique, Discounted Cash Flow | ||||||
Business Acquisition [Line Items] | ||||||
Intangible asset, measurement input | 0.105 | |||||
Armitage | ||||||
Business Acquisition [Line Items] | ||||||
Cash consideration | $ 136.7 | |||||
Goodwill | 90.7 | |||||
Cash paid | 187.7 | |||||
Tradenames | $ 74.3 | |||||
Armitage | Measurement Input, Discount Rate | Valuation Technique, Discounted Cash Flow | ||||||
Business Acquisition [Line Items] | ||||||
Intangible asset, measurement input | 0.11 | |||||
Armitage | Good Boy | Measurement Input, Royalty Rate | Valuation, Income Approach | ||||||
Business Acquisition [Line Items] | ||||||
Intangible asset, measurement input | 0.08 | |||||
Armitage | Wildbird | Measurement Input, Royalty Rate | Valuation, Income Approach | ||||||
Business Acquisition [Line Items] | ||||||
Intangible asset, measurement input | 0.03 | |||||
Omega Sea acquisition | ||||||
Business Acquisition [Line Items] | ||||||
Cash paid | $ 16.9 | |||||
Omega Sea acquisition | GPC | ||||||
Business Acquisition [Line Items] | ||||||
Goodwill | 8.6 | |||||
Tradenames | $ 4.4 |
ACQUISITIONS - Schedule of Purc
ACQUISITIONS - Schedule of Purchase Price Allocation (Details) - USD ($) $ in Millions | May 28, 2021 | Oct. 26, 2020 |
For Life Products, LLC | ||
Business Acquisition [Line Items] | ||
Cash consideration | $ 301.5 | |
Armitage | ||
Business Acquisition [Line Items] | ||
Cash paid | $ 187.7 | |
Debt assumed | 51 | |
Cash consideration | $ 136.7 |
ACQUISITIONS - Schedule of Asse
ACQUISITIONS - Schedule of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions | Sep. 30, 2021 | May 28, 2021 | Oct. 26, 2020 | Sep. 30, 2020 | Sep. 30, 2019 |
Business Acquisition [Line Items] | |||||
Goodwill | $ 867.2 | $ 627.2 | $ 626 | ||
For Life Products, LLC | |||||
Business Acquisition [Line Items] | |||||
Cash and cash equivalents | $ 1.4 | ||||
Trade receivables, net | 10.2 | ||||
Inventories | 15.4 | ||||
Prepaid expenses and other current assets | 0.3 | ||||
Property, plant and equipment, net | 0.4 | ||||
Goodwill | 147 | ||||
Intangible assets, net | 128.7 | ||||
Accounts payable | (1.7) | ||||
Accrued wages and salaries | (0.1) | ||||
Other current liabilities | (0.1) | ||||
Net assets acquired | $ 301.5 | ||||
Armitage | |||||
Business Acquisition [Line Items] | |||||
Cash and cash equivalents | $ 6.9 | ||||
Trade receivables, net | 16.7 | ||||
Other receivables | 1.9 | ||||
Inventories | 16.3 | ||||
Prepaid expenses and other current assets | 0.2 | ||||
Property, plant and equipment, net | 3 | ||||
Operating lease assets | 0.1 | ||||
Deferred charges and other | 0.9 | ||||
Goodwill | 90.7 | ||||
Intangible assets, net | 88.6 | ||||
Accounts payable | (9.2) | ||||
Accrued wages and salaries | (1.5) | ||||
Other current liabilities | (7) | ||||
Long-term debt, net of current portion | (51) | ||||
Long-term operating lease liabilities | (0.1) | ||||
Deferred income taxes | (18) | ||||
Other long-term liabilities | (1.8) | ||||
Net assets acquired | $ 136.7 |
ACQUISITIONS - Schedule of Inta
ACQUISITIONS - Schedule of Intangible Assets and Weighted Average Useful Lives (Details) - USD ($) $ in Millions | May 28, 2021 | Oct. 26, 2020 | Sep. 30, 2021 |
Customer relationships | |||
Business Acquisition [Line Items] | |||
Weighted average useful life | 18 years 10 months 24 days | ||
Technology assets | |||
Business Acquisition [Line Items] | |||
Weighted average useful life | 13 years 7 months 6 days | ||
For Life Products, LLC | |||
Business Acquisition [Line Items] | |||
Tradenames | $ 119 | ||
Total intangibles acquired | 128.7 | ||
For Life Products, LLC | Customer relationships | |||
Business Acquisition [Line Items] | |||
Finite-lived intangibles | $ 8.4 | ||
Weighted average useful life | 14 years | ||
For Life Products, LLC | Technology assets | |||
Business Acquisition [Line Items] | |||
Finite-lived intangibles | $ 1.3 | ||
Weighted average useful life | 11 years | ||
Armitage | |||
Business Acquisition [Line Items] | |||
Tradenames | $ 74.3 | ||
Total intangibles acquired | 88.6 | ||
Armitage | Customer relationships | |||
Business Acquisition [Line Items] | |||
Finite-lived intangibles | $ 14.3 | ||
Weighted average useful life | 12 years |
RESTRUCTURING AND RELATED CHA_3
RESTRUCTURING AND RELATED CHARGES - Narrative (Details) $ in Millions | Sep. 30, 2021USD ($) |
Restructuring Cost and Reserve [Line Items] | |
Future costs to be incurred | $ 27.7 |
Cumulative costs | 152.2 |
Global Productivity Improvement Plan | |
Restructuring Cost and Reserve [Line Items] | |
Expected restructuring and related charges | 152.2 |
Future costs to be incurred | 2.5 |
GPC Edwardsville 3PL transition | |
Restructuring Cost and Reserve [Line Items] | |
Future costs to be incurred | 12.2 |
Cumulative costs | 11.5 |
SAP S4 ERP transformation | |
Restructuring Cost and Reserve [Line Items] | |
Future costs to be incurred | 13 |
Cumulative costs | $ 4.3 |
RESTRUCTURING AND RELATED CHA_4
RESTRUCTURING AND RELATED CHARGES - Summary of Restructuring and Related Charges (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and related charges | $ 40.3 | $ 71.6 | $ 61 |
Cost of goods sold | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and related charges | 1.9 | 13.8 | 2.5 |
Operating expense | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and related charges | 38.4 | 57.8 | 58.5 |
Global productivity improvement program | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and related charges | 21.2 | 71.1 | 59.9 |
GPC Edwardsville 3PL transition | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and related charges | 11.5 | 0 | 0 |
SAP S4 ERP transformation | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and related charges | 4.3 | 0 | 0 |
Other restructuring activities | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and related charges | $ 3.3 | $ 0.5 | $ 1.1 |
RESTRUCTURING AND RELATED CHA_5
RESTRUCTURING AND RELATED CHARGES - Summary of Costs Incurred and Cumulative Costs by Cost Type (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and related charges | $ 40.3 | $ 71.6 | $ 61 |
Cumulative costs | 152.2 | ||
Future costs to be incurred | 27.7 | ||
Termination Benefits | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and related charges | 7.7 | 12.4 | 9.4 |
Cumulative costs | 29.2 | ||
Future costs to be incurred | 0 | ||
Other Costs | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and related charges | 32.6 | $ 59.2 | $ 51.6 |
Cumulative costs | 123 | ||
Future costs to be incurred | $ 27.7 |
RESTRUCTURING AND RELATED CHA_6
RESTRUCTURING AND RELATED CHARGES - Rollforward of Restructuring Accrual (Details) - USD ($) $ in Millions | 12 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Restructuring Reserve [Roll Forward] | ||
Accrual balance at beginning | $ 10.2 | $ 33.6 |
Provisions | 10.3 | 45.6 |
Cash expenditures | (10.1) | (64.8) |
Non-cash items | 0.2 | 0 |
Accrual balance at ending | 10.2 | 10.2 |
Adoption of ASU 842 | ||
Restructuring Reserve [Roll Forward] | ||
Accrual balance at beginning | (4.2) | |
Termination Benefits | ||
Restructuring Reserve [Roll Forward] | ||
Accrual balance at beginning | 3.9 | 6.6 |
Provisions | 5.7 | 4 |
Cash expenditures | (4.7) | (7) |
Non-cash items | 0.3 | (0.3) |
Accrual balance at ending | 4.6 | 3.9 |
Termination Benefits | Adoption of ASU 842 | ||
Restructuring Reserve [Roll Forward] | ||
Accrual balance at beginning | 0 | |
Other Costs | ||
Restructuring Reserve [Roll Forward] | ||
Accrual balance at beginning | 6.3 | 27 |
Provisions | 4.6 | 41.6 |
Cash expenditures | (5.4) | (57.8) |
Non-cash items | (0.1) | 0.3 |
Accrual balance at ending | $ 5.6 | 6.3 |
Other Costs | Adoption of ASU 842 | ||
Restructuring Reserve [Roll Forward] | ||
Accrual balance at beginning | $ (4.2) |
RESTRUCTURING AND RELATED CHA_7
RESTRUCTURING AND RELATED CHARGES - Summary of Costs Incurred by Reporting Segment (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and related charges | $ 40.3 | $ 71.6 | $ 61 |
Cumulative costs | 152.2 | ||
Future costs to be incurred | 27.7 | ||
Corporate | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and related charges | 15.6 | 45.7 | 43.5 |
Cumulative costs | 98.6 | ||
Future costs to be incurred | 13.9 | ||
HPC | Operating Segments | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and related charges | 9.1 | 4.6 | 8.1 |
Cumulative costs | 20.6 | ||
Future costs to be incurred | 1.3 | ||
GPC | Operating Segments | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and related charges | 15.2 | 20.8 | 7.6 |
Cumulative costs | 30.3 | ||
Future costs to be incurred | 12.5 | ||
H&G | Operating Segments | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and related charges | 0.4 | $ 0.5 | $ 1.8 |
Cumulative costs | 2.7 | ||
Future costs to be incurred | $ 0 |
REVENUE RECOGNITION - Disaggreg
REVENUE RECOGNITION - Disaggregation of Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2021 | Jul. 04, 2021 | Apr. 04, 2021 | Jan. 03, 2021 | Sep. 30, 2020 | Jun. 28, 2020 | Mar. 29, 2020 | Dec. 29, 2019 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 | |
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | $ 757.8 | $ 743.8 | $ 760.3 | $ 736.2 | $ 736.9 | $ 702.7 | $ 608.7 | $ 573.8 | $ 2,998.1 | $ 2,622.1 | $ 2,446.4 |
Two Customers | Customer Concentration Risk | Revenue from Contract with Customer Benchmark | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Concentration risk | 31.40% | 31.80% | |||||||||
One Customer | Customer Concentration Risk | Revenue from Contract with Customer Benchmark | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Concentration risk | 20.90% | ||||||||||
Licensing | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | $ 23.5 | $ 19.4 | $ 18.2 | ||||||||
Other | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 5.7 | 4.2 | 4.7 | ||||||||
NA | Product Sales | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 1,792 | 1,669.2 | 1,516.7 | ||||||||
EMEA | Product Sales | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 871.9 | 679.9 | 651.9 | ||||||||
LATAM | Product Sales | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 193.4 | 147.9 | 157.3 | ||||||||
APAC | Product Sales | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 111.6 | 101.5 | 97.6 | ||||||||
HPC | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 1,260.1 | 1,107.6 | 1,068.1 | ||||||||
HPC | Black and Decker | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 400.2 | 337.7 | 324.6 | ||||||||
HPC | Licensing | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 11.2 | 9 | 9.7 | ||||||||
HPC | Other | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 0 | 0 | 0 | ||||||||
HPC | NA | Product Sales | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 493.5 | 458.7 | 428.6 | ||||||||
HPC | EMEA | Product Sales | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 512.1 | 447.3 | 429.3 | ||||||||
HPC | LATAM | Product Sales | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 170.6 | 126.8 | 139.5 | ||||||||
HPC | APAC | Product Sales | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 72.7 | 65.8 | 61 | ||||||||
GPC | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 1,129.9 | 962.6 | 870.2 | ||||||||
GPC | Licensing | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 9.8 | 8.3 | 6.8 | ||||||||
GPC | Other | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 5.7 | 4.2 | 4.7 | ||||||||
GPC | NA | Product Sales | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 699.9 | 667.4 | 586.1 | ||||||||
GPC | EMEA | Product Sales | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 359.8 | 232.6 | 222.6 | ||||||||
GPC | LATAM | Product Sales | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 15.8 | 14.4 | 13.4 | ||||||||
GPC | APAC | Product Sales | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 38.9 | 35.7 | 36.6 | ||||||||
H&G | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 608.1 | 551.9 | 508.1 | ||||||||
H&G | Licensing | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 2.5 | 2.1 | 1.7 | ||||||||
H&G | Other | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 0 | 0 | 0 | ||||||||
H&G | NA | Product Sales | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 598.6 | 543.1 | 502 | ||||||||
H&G | EMEA | Product Sales | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 0 | 0 | 0 | ||||||||
H&G | LATAM | Product Sales | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 7 | 6.7 | 4.4 | ||||||||
H&G | APAC | Product Sales | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | $ 0 | $ 0 | $ 0 |
REVENUE RECOGNITION - Rollforwa
REVENUE RECOGNITION - Rollforward of Allowance for Product Returns (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 | |
Allowance For Product Returns [Roll Forward] | |||
Beginning Balance | $ 12.8 | $ 9.8 | $ 12.1 |
Charged to Profit & Loss | 1.5 | 6 | 1.7 |
Deductions | (2.9) | (3.3) | (3.6) |
Other Adjustments | 0.4 | 0.3 | (0.4) |
Ending Balance | $ 11.8 | $ 12.8 | $ 9.8 |
FAIR VALUE OF FINANCIAL INSTR_3
FAIR VALUE OF FINANCIAL INSTRUMENTS - Schedule of Carrying Values and Fair Values for Financial Instruments (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Sep. 30, 2020 |
Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments | $ 0 | $ 66.9 |
Derivative Assets | 6.8 | 0.4 |
Derivative Liabilities | 2.5 | 13.5 |
Debt | 2,628.2 | 2,538.7 |
Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments | 0 | 66.9 |
Derivative Assets | 6.8 | 0.4 |
Derivative Liabilities | 2.5 | 13.5 |
Debt | 2,506.3 | 2,419.5 |
Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments | 0 | 66.9 |
Derivative Assets | 0 | 0 |
Derivative Liabilities | 0 | 0 |
Debt | 0 | 0 |
Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments | 0 | 0 |
Derivative Assets | 6.8 | 0.4 |
Derivative Liabilities | 2.5 | 13.5 |
Debt | 2,628.2 | 2,538.7 |
Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments | 0 | 0 |
Derivative Assets | 0 | 0 |
Derivative Liabilities | 0 | 0 |
Debt | $ 0 | $ 0 |
FAIR VALUE OF FINANCIAL INSTR_4
FAIR VALUE OF FINANCIAL INSTRUMENTS - Narrative (Details) - Common Stock - USD ($) shares in Millions, $ in Millions | Jan. 28, 2019 | Sep. 30, 2021 | Sep. 30, 2020 |
Global Auto Care | |||
Fair Value Of Financial Instruments [Line Items] | |||
Stock consideration (in shares) | 5.3 | ||
Stock consideration, value | $ 242.1 | ||
Energizer | |||
Fair Value Of Financial Instruments [Line Items] | |||
Stock consideration (in shares) | 3.6 | ||
Stock consideration, including discontinued operations (in shares) | 1.7 | ||
Cash proceeds, stock consideration | $ 73.1 | $ 147.1 | |
Shares of common stock held (in shares) | 0 |
FAIR VALUE OF FINANCIAL INSTR_5
FAIR VALUE OF FINANCIAL INSTRUMENTS - Summary of Income Recognized from Equity Investments (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||
Unrealized loss on equity investments held | $ 0 | $ (7.5) | $ (12.1) |
Realized gain (loss) on equity investments sold | 6.9 | (9.3) | 0 |
Gain (loss) on equity investments | 6.9 | (16.8) | (12.1) |
Dividend income from equity investments | 0.2 | 5 | 4.8 |
Gain (loss) from equity investments | $ 7.1 | $ (11.8) | $ (7.3) |
RECEIVABLES - Narrative (Detail
RECEIVABLES - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2018 | |
Receivables [Line Items] | ||||
Allowance for uncollectible receivables | $ 6.7 | $ 5.3 | $ 3.5 | $ 3 |
Aggregate gross amount factored, trade receivable | 1,328.7 | 1,206.5 | 1,222.3 | |
Factoring costs | $ 3.5 | $ 4.8 | $ 7.4 | |
One Customer | Trade Receivable | Customer Concentration Risk | ||||
Receivables [Line Items] | ||||
Concentration risk | 14.70% | |||
Two Customers | Trade Receivable | Customer Concentration Risk | ||||
Receivables [Line Items] | ||||
Concentration risk | 33.20% |
RECEIVABLES - Schedule of Allow
RECEIVABLES - Schedule of Allowance for Doubtful Accounts (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning Balance | $ 5.3 | $ 3.5 | $ 3 |
Charged to Profit & Loss | 1.9 | 2.3 | 1.3 |
Deductions | (0.4) | (0.5) | (1.6) |
Other Adjustments | (0.1) | 0 | 0.8 |
Ending Balance | $ 6.7 | $ 5.3 | $ 3.5 |
INVENTORY (Details)
INVENTORY (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Sep. 30, 2020 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 66.1 | $ 41.8 |
Work-in-process | 8.3 | 6.8 |
Finished goods | 488.4 | 270 |
Inventories | $ 562.8 | $ 318.6 |
PROPERTY, PLANT AND EQUIPMENT -
PROPERTY, PLANT AND EQUIPMENT - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Sep. 30, 2020 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | $ 641.4 | $ 590.5 |
Accumulated depreciation | (381.2) | (334.9) |
Property, plant and equipment, net | 260.2 | 255.6 |
Land, buildings and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | 83.5 | 80.2 |
Machinery, equipment and other | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | 383 | 344.4 |
Finance leases | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | 146.1 | 145.4 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | $ 28.8 | $ 20.5 |
PROPERTY, PLANT AND EQUIPMENT_2
PROPERTY, PLANT AND EQUIPMENT - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation expense | $ 51.9 | $ 59.3 | $ 76.4 |
HPC | |||
Property, Plant and Equipment [Line Items] | |||
Depreciation expense | $ 13.5 |
GOODWILL AND INTANGIBLE ASSET_2
GOODWILL AND INTANGIBLE ASSETS - Changes in the Carrying Amount of Goodwill by Reporting Segment (Details) - USD ($) $ in Millions | 12 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Goodwill [Roll Forward] | ||
Balance at beginning of period | $ 627.2 | $ 626 |
Allocated to Coevorden Operations divestiture | (10.6) | |
Foreign currency impact | 2.3 | 3.2 |
Balance at end of period | 867.2 | 627.2 |
Omega Sea acquisition | ||
Goodwill [Roll Forward] | ||
Acquisitions | 8.6 | |
Rejuvenate acquisition | ||
Goodwill [Roll Forward] | ||
Acquisitions | 147 | |
Armitage acquisition | ||
Goodwill [Roll Forward] | ||
Acquisitions | 90.7 | |
GPC | ||
Goodwill [Roll Forward] | ||
Balance at beginning of period | 431.6 | 430.4 |
Allocated to Coevorden Operations divestiture | (10.6) | |
Foreign currency impact | 2.3 | 3.2 |
Balance at end of period | 524.6 | 431.6 |
GPC | Omega Sea acquisition | ||
Goodwill [Roll Forward] | ||
Acquisitions | 8.6 | |
GPC | Rejuvenate acquisition | ||
Goodwill [Roll Forward] | ||
Acquisitions | 0 | |
GPC | Armitage acquisition | ||
Goodwill [Roll Forward] | ||
Acquisitions | 90.7 | |
H&G | ||
Goodwill [Roll Forward] | ||
Balance at beginning of period | 195.6 | 195.6 |
Allocated to Coevorden Operations divestiture | 0 | |
Foreign currency impact | 0 | 0 |
Balance at end of period | 342.6 | 195.6 |
H&G | Omega Sea acquisition | ||
Goodwill [Roll Forward] | ||
Acquisitions | $ 0 | |
H&G | Rejuvenate acquisition | ||
Goodwill [Roll Forward] | ||
Acquisitions | 147 | |
H&G | Armitage acquisition | ||
Goodwill [Roll Forward] | ||
Acquisitions | $ 0 |
GOODWILL AND INTANGIBLE ASSET_3
GOODWILL AND INTANGIBLE ASSETS - Narrative (Details) - USD ($) | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 | |
Intangible Assets [Line Items] | |||
Write-off from impairment of goodwill | $ 0 | $ 0 | $ 116,000,000 |
Write-off from impairment of intangible assets | 0 | 24,200,000 | 35,400,000 |
Amortization of intangible assets | $ 65,100,000 | 55,300,000 | 70,800,000 |
Coevorden Operations | |||
Intangible Assets [Line Items] | |||
Impairment loss recognized on definite-lived tangible assets | 7,600,000 | ||
Coevorden Operations | Tradenames | |||
Intangible Assets [Line Items] | |||
Write-off from impairment of intangible assets | $ 16,600,000 | ||
HPC | |||
Intangible Assets [Line Items] | |||
Write-off from impairment of goodwill | 116,000,000 | ||
Amortization of intangible assets | 15,500,000 | ||
HPC | Tradenames | |||
Intangible Assets [Line Items] | |||
Write-off from impairment of intangible assets | 18,800,000 | ||
GPC | Tradenames | |||
Intangible Assets [Line Items] | |||
Write-off from impairment of intangible assets | $ 16,600,000 |
GOODWILL AND INTANGIBLE ASSET_4
GOODWILL AND INTANGIBLE ASSETS - Schedule of Carrying Value and Accumulated Amortization for Intangible Assets (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Sep. 30, 2020 |
Amortizable Intangible Assets | ||
Gross Carrying Amount | $ 853.3 | $ 878 |
Accumulated Amortization | (520) | (507.2) |
Net | 333.3 | 370.8 |
Total Intangible Assets, Gross Carrying Amount | 1,724.1 | 1,553.9 |
Total Intangible Assets, Net | 1,204.1 | 1,046.7 |
Tradenames | ||
Amortizable Intangible Assets | ||
Indefinite-lived Intangible Assets | 870.8 | 675.9 |
Customer relationships | ||
Amortizable Intangible Assets | ||
Gross Carrying Amount | 619.6 | 596.5 |
Accumulated Amortization | (352.3) | (319.1) |
Net | 267.3 | 277.4 |
Technology assets | ||
Amortizable Intangible Assets | ||
Gross Carrying Amount | 75.3 | 124.7 |
Accumulated Amortization | (25.8) | (59.6) |
Net | 49.5 | 65.1 |
Tradenames | ||
Amortizable Intangible Assets | ||
Gross Carrying Amount | 158.4 | 156.8 |
Accumulated Amortization | (141.9) | (128.5) |
Net | $ 16.5 | $ 28.3 |
GOODWILL AND INTANGIBLE ASSET_5
GOODWILL AND INTANGIBLE ASSETS - Schedule of Future Amortization Expense (Details) $ in Millions | Sep. 30, 2021USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2022 | $ 49.2 |
2023 | 40.2 |
2024 | 40.2 |
2025 | 38.1 |
2026 | $ 36.5 |
DEBT - Schedule of Debt (Detail
DEBT - Schedule of Debt (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 24, 2019 | Sep. 20, 2016 | May 20, 2015 | Dec. 04, 2014 |
Debt Instrument [Line Items] | ||||||
Obligations under finance leases | $ 101.9 | |||||
Total debt | 2,542.8 | $ 2,456 | ||||
Unamortized discount on debt | (0.9) | 0 | ||||
Debt issuance costs | (35.6) | (36.5) | ||||
Less current portion | (12) | (13.9) | ||||
Long-term debt, net of current portion | $ 2,494.3 | 2,405.6 | ||||
Term Loan Facility, variable rate, due March 3, 2028 | ||||||
Debt Instrument [Line Items] | ||||||
Stated interest rate | 2.50% | |||||
Secured debt | $ 398 | $ 0 | ||||
6.125% Notes, due December 15, 2024 | ||||||
Debt Instrument [Line Items] | ||||||
Stated interest rate | 6.125% | 6.10% | 6.125% | |||
Secured debt | $ 0 | $ 250 | ||||
5.75% Notes, due July 15, 2025 | ||||||
Debt Instrument [Line Items] | ||||||
Stated interest rate | 5.75% | 5.80% | 5.75% | |||
Secured debt | $ 450 | $ 1,000 | ||||
4.00% Notes, due October 1, 2026 | ||||||
Debt Instrument [Line Items] | ||||||
Stated interest rate | 4.00% | 4.00% | 4.00% | |||
Secured debt | $ 492.9 | $ 499.1 | ||||
5.00% Notes, due October 1, 2029 | ||||||
Debt Instrument [Line Items] | ||||||
Stated interest rate | 5.00% | 5.00% | 5.00% | |||
Secured debt | $ 300 | $ 300 | ||||
5.50% Notes, due July 15, 2030 | ||||||
Debt Instrument [Line Items] | ||||||
Stated interest rate | 5.50% | 5.50% | ||||
Secured debt | $ 300 | $ 300 | ||||
3.875% Notes, due March 15, 2031 | ||||||
Debt Instrument [Line Items] | ||||||
Stated interest rate | 3.875% | |||||
Secured debt | $ 500 | $ 0 | ||||
Other notes and obligations | ||||||
Debt Instrument [Line Items] | ||||||
Stated interest rate | 7.60% | |||||
Other notes and obligations | $ 0 | $ 3.2 | ||||
Obligations under finance leases | ||||||
Debt Instrument [Line Items] | ||||||
Stated interest rate | 4.90% | 5.30% | ||||
Obligations under finance leases | $ 101.9 | $ 103.7 | ||||
Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Revolver Facility, variable rate, expiring June 30, 2025 | $ 0 | $ 0 |
DEBT - Aggregate Scheduled Matu
DEBT - Aggregate Scheduled Maturities of Debt and Capital Lease Obligations (Details) $ in Millions | Sep. 30, 2021USD ($) |
Debt Instrument [Line Items] | |
2022 | $ 4 |
2023 | 4 |
2024 | 4 |
2025 | 454 |
2026 | 4 |
Thereafter | 1,970.9 |
Total long-term debt | $ 2,440.9 |
DEBT - Narrative (Details)
DEBT - Narrative (Details) | Mar. 03, 2021USD ($) | Jun. 30, 2020USD ($) | Sep. 24, 2019USD ($) | Sep. 20, 2016USD ($) | May 20, 2015USD ($) | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Jun. 29, 2020USD ($) | Sep. 20, 2016EUR (€) | Feb. 28, 2015USD ($) | Dec. 04, 2014USD ($) |
Debt Instrument [Line Items] | ||||||||||||
Debt issuance costs | $ 35,600,000 | $ 36,500,000 | ||||||||||
Gain from extinguishment of Salus CLO debt | 0 | 76,200,000 | $ 0 | |||||||||
Long-term debt | 2,440,900,000 | |||||||||||
Salus | Collateralized Loan Obligations | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Aggregate notional principle amount | $ 578,500,000 | |||||||||||
Variable Interest Entity, Not Primary Beneficiary | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Unamortized discount | 100,000 | |||||||||||
Debt issuance costs, gross | 700,000 | |||||||||||
Gain from extinguishment of Salus CLO debt | $ 76,200,000 | |||||||||||
Long-term debt | $ 77,000,000 | |||||||||||
Term Loan Facility, variable rate, due March 3, 2028 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Stated interest rate | 2.50% | |||||||||||
5.50% Notes, due July 15, 2030 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Stated interest rate | 5.50% | 5.50% | ||||||||||
5.00% Notes, due October 1, 2029 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Stated interest rate | 5.00% | 5.00% | 5.00% | |||||||||
Aggregate borrowing amount | $ 300,000,000 | |||||||||||
Minimum percentage of aggregate outstanding principal amount to declare acceleration of debt in case of default | 25.00% | |||||||||||
Capitalized debt issuance costs | $ 4,100,000 | |||||||||||
4.00% Notes, due October 1, 2026 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Stated interest rate | 4.00% | 4.00% | 4.00% | |||||||||
Aggregate borrowing amount | € | € 425,000,000 | |||||||||||
Minimum percentage of aggregate outstanding principal amount to declare acceleration of debt in case of default | 25.00% | |||||||||||
Capitalized debt issuance costs | $ 7,700,000 | |||||||||||
5.75% Notes, due July 15, 2025 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Stated interest rate | 5.75% | 5.75% | 5.80% | |||||||||
Aggregate borrowing amount | $ 1,000,000,000 | |||||||||||
Capitalized debt issuance costs | $ 19,700,000 | |||||||||||
Repurchase amount | $ 550,000,000 | |||||||||||
Gain (loss) on extinguishment of debt, before write off of debt issuance costs | 17,700,000 | |||||||||||
Write off of deferred debt issuance costs | $ 5,700,000 | |||||||||||
6.125% Notes, due December 15, 2024 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Stated interest rate | 6.125% | 6.10% | 6.125% | |||||||||
Aggregate borrowing amount | $ 250,000,000 | |||||||||||
Debt issuance costs, gross | $ 4,600,000 | |||||||||||
Repurchase amount | $ 250,000,000 | |||||||||||
Gain (loss) on extinguishment of debt, before write off of debt issuance costs | 5,700,000 | |||||||||||
Write off of deferred debt issuance costs | $ 2,100,000 | |||||||||||
Senior Notes | Notes 3.875% Due July March 15, 2031 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Stated interest rate | 3.875% | |||||||||||
Aggregate borrowing amount | $ 500,000,000 | |||||||||||
Debt issuance costs, gross | $ 7,600,000 | |||||||||||
Senior Notes | Notes 3.875% Due July March 15, 2031 | Prior to July 15, 2025 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Redemption price percentage | 100.00% | |||||||||||
Senior Notes | Notes 3.875% Due July March 15, 2031 | Before July, 2023 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Redemption price percentage | 35.00% | |||||||||||
Senior Notes | 5.50% Notes, due July 15, 2030 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Stated interest rate | 5.50% | |||||||||||
Aggregate borrowing amount | $ 300,000,000 | |||||||||||
Debt issuance costs, gross | $ 6,200,000 | |||||||||||
Senior Notes | 5.50% Notes, due July 15, 2030 | Prior to July 15, 2025 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Redemption price percentage | 100.00% | |||||||||||
Senior Notes | 5.50% Notes, due July 15, 2030 | Before July, 2023 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Redemption price, percentage of principal amount redeemed | 35.00% | |||||||||||
Minimum | 5.75% Notes, due July 15, 2025 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Percentage of aggregate principal amount of debt that issuer may redeem with cash equal to net proceeds issuer raises in equity offerings at specified redemption prices | 35.00% | |||||||||||
Percentage of holders of aggregate outstanding principal amount to declare acceleration of amounts due in any event of default | 25.00% | |||||||||||
Minimum | 6.125% Notes, due December 15, 2024 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Percentage of holders of aggregate outstanding principal amount to declare acceleration of amounts due in any event of default | 25.00% | |||||||||||
Maximum | 5.00% Notes, due October 1, 2029 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt price as percentage of par value | 100.00% | |||||||||||
Percentage of aggregate principal amount of debt that issuer may redeem with cash equal to net proceeds issuer raises in equity offerings at specified redemption prices | 35.00% | |||||||||||
Maximum | 4.00% Notes, due October 1, 2026 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt price as percentage of par value | 100.00% | |||||||||||
Percentage of aggregate principal amount of debt that issuer may redeem with cash equal to net proceeds issuer raises in equity offerings at specified redemption prices | 35.00% | |||||||||||
Maximum | 5.75% Notes, due July 15, 2025 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt price as percentage of par value | 100.00% | |||||||||||
Maximum | 6.125% Notes, due December 15, 2024 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt price as percentage of par value | 100.00% | |||||||||||
Percentage of aggregate principal amount of debt that issuer may redeem with cash equal to net proceeds issuer raises in equity offerings at specified redemption prices | 35.00% | |||||||||||
Revolving Credit Facility | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Revolving credit facility | $ 600,000,000 | $ 890,000,000 | ||||||||||
Debt issuance costs | $ 3,500,000 | |||||||||||
Maximum total leverage ratio | 0.060 | |||||||||||
Aggregate borrowing availability | $ 575,400,000 | |||||||||||
Outstanding letters of credit | $ 24,600,000 | |||||||||||
Revolving Credit Facility | London Interbank Offered Rate (LIBOR) | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Percentage over base variable rate | 0.75% | 0.75% | ||||||||||
Revolving Credit Facility | Minimum | London Interbank Offered Rate (LIBOR) | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Percentage over base variable rate | 1.75% | |||||||||||
Revolving Credit Facility | Minimum | Base Rate | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Percentage over base variable rate | 0.75% | |||||||||||
Revolving Credit Facility | Maximum | London Interbank Offered Rate (LIBOR) | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Percentage over base variable rate | 2.75% | |||||||||||
Revolving Credit Facility | Maximum | Base Rate | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Percentage over base variable rate | 1.75% | |||||||||||
Line of Credit | Term Loan Facility, variable rate, due March 3, 2028 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Revolving credit facility | $ 400,000,000 | |||||||||||
Unamortized discount | 1,000,000 | |||||||||||
Debt issuance costs | $ 5,100,000 | |||||||||||
Line of Credit | London Interbank Offered Rate (LIBOR) | Term Loan Facility, variable rate, due March 3, 2028 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Percentage over base variable rate | 2.00% | |||||||||||
Line of Credit | Base Rate | Term Loan Facility, variable rate, due March 3, 2028 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Percentage over base variable rate | 1.00% | |||||||||||
Line of Credit | Minimum | London Interbank Offered Rate (LIBOR) | Term Loan Facility, variable rate, due March 3, 2028 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Percentage over base variable rate | 0.50% |
LEASES - Leases Recognized in B
LEASES - Leases Recognized in Balance Sheet (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Sep. 30, 2020 |
Assets | ||
Operating | $ 56.5 | $ 58 |
Finance | 84.2 | 89.1 |
Total leased assets | 140.7 | 147.1 |
Current | ||
Operating | 17.4 | 15.1 |
Finance | 7.9 | 10.8 |
Long-term | ||
Operating | 44.5 | 49.6 |
Finance | 94 | 92.9 |
Total lease liabilities | $ 163.8 | $ 168.4 |
Finance Lease, Right-of-Use Asset, Statement of Financial Position | Property, Plant and Equipment, Net | Property, Plant and Equipment, Net |
Operating Lease, Liability, Current, Statement of Financial Position | Other current liabilities | Other current liabilities |
Finance Lease, Liability, Current, Statement of Financial Position | Current portion of long-term debt | Current portion of long-term debt |
Finance Lease, Liability, Noncurrent, Statement of Financial Position | Long-term debt, net of current portion | Long-term debt, net of current portion |
LEASES - Components of Lease Co
LEASES - Components of Lease Cost (Details) - USD ($) $ in Millions | 12 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Leases [Abstract] | ||
Operating lease cost | $ 19.8 | $ 15.6 |
Finance lease cost | ||
Amortization of leased assets | 11.3 | 11.8 |
Interest on lease liability | 5.3 | 5.7 |
Variable lease cost | 9.8 | 9.8 |
Total lease cost | $ 46.2 | $ 42.9 |
LEASES - Narrative (Details)
LEASES - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Leases [Abstract] | ||
Lease and sublease income | $ 2.3 | $ 2.1 |
LEASES - Cash Flow Activity for
LEASES - Cash Flow Activity for Leases (Details) - USD ($) $ in Millions | 12 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Leases [Abstract] | ||
Operating cash flow from operating leases | $ 20.7 | $ 16.1 |
Operating cash flows from finance leases | 5.4 | 5.7 |
Financing cash flows from finance leases | 12 | 10.6 |
Supplemental non-cash flow disclosure | ||
Acquisition of operating lease asset through lease obligations | $ 15.3 | $ 23.6 |
LEASES - Lease Term and Discoun
LEASES - Lease Term and Discount Rate (Details) | Sep. 30, 2021 | Sep. 30, 2020 |
Weighted average remaining lease term | ||
Operating leases | 4 years 7 months 6 days | 5 years 6 months |
Finance leases | 10 years 4 months 24 days | 10 years 4 months 24 days |
Weighted average discount rate | ||
Operating leases | 4.30% | 4.60% |
Finance leases | 4.90% | 5.30% |
LEASES - Schedule of Future Lea
LEASES - Schedule of Future Lease Payments (Details) $ in Millions | Sep. 30, 2021USD ($) |
Finance Leases | |
2022 | $ 13 |
2023 | 13.7 |
2024 | 13.4 |
2025 | 11.9 |
2026 | 14.9 |
Thereafter | 66.5 |
Total lease payments | 133.4 |
Amount representing interest | (31.5) |
Total minimum lease payments | 101.9 |
Operating Leases | |
2022 | 19.9 |
2023 | 18.2 |
2024 | 9.8 |
2025 | 7 |
2026 | 12.1 |
Thereafter | 2 |
Total lease payments | 69 |
Amount representing interest | (7.1) |
Total minimum lease payments | $ 61.9 |
DERIVATIVES - Narrative (Detail
DERIVATIVES - Narrative (Details) € in Millions | 12 Months Ended | |||
Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2021EUR (€) | Sep. 20, 2016 | |
4.00% Notes, due October 1, 2026 | ||||
Derivative [Line Items] | ||||
Long-term secured debt | $ 492,900,000 | $ 499,100,000 | ||
Stated interest rate | 4.00% | 4.00% | 4.00% | 4.00% |
Cash Flow Hedging | Foreign Exchange Contract | ||||
Derivative [Line Items] | ||||
Derivative net (loss) gain estimated to be reclassified from AOCI into earnings over the next 12 months | $ 3,700,000 | |||
Derivative, notional amount | 279,900,000 | $ 231,200,000 | ||
Fair Value Hedging | ||||
Derivative [Line Items] | ||||
Posted cash collateral | 0 | 0 | ||
Posted standby letters of credit | 0 | 0 | ||
Net Investment Hedge | ||||
Derivative [Line Items] | ||||
Pre-tax loss in earnings | $ 0 | 1,200,000 | ||
Net Investment Hedge | 4.00% Notes, due October 1, 2026 | Spectrum Brands, Inc. | ||||
Derivative [Line Items] | ||||
Long-term secured debt | € | € 425 | |||
Stated interest rate | 4.00% | 4.00% | ||
Not Designated as Hedging Instrument | Foreign Exchange Contract | ||||
Derivative [Line Items] | ||||
Derivative, notional amount | $ 198,400,000 | $ 752,000,000 |
DERIVATIVES - Summary of Impact
DERIVATIVES - Summary of Impact of Designated Hedges and Gain (Loss) (Details) - Cash Flow Hedge - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Effective Portion, Gain (Loss) in OCI | $ (1.9) | $ (7.1) | $ 14.3 |
Effective Portion, Reclassified to Continuing Operations | (9.2) | 4.6 | 10.4 |
Foreign exchange contracts | Net sales | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Effective Portion, Gain (Loss) in OCI | 0.1 | 0.1 | (0.4) |
Effective Portion, Reclassified to Continuing Operations | 0.1 | (0.1) | (0.2) |
Foreign exchange contracts | Cost of goods sold | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Effective Portion, Gain (Loss) in OCI | (2) | (7.2) | 14.7 |
Effective Portion, Reclassified to Continuing Operations | $ (9.3) | $ 4.7 | $ 10.6 |
DERIVATIVES - Summary of Gain (
DERIVATIVES - Summary of Gain (Loss) on Derivatives Not Designated as Hedges (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 | |
Foreign exchange contracts | Other non-operating (income) expense | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivatives not designated as hedges | $ (3.2) | $ (10.8) | $ 45.5 |
DERIVATIVES - Schedule of Fair
DERIVATIVES - Schedule of Fair Value of Outstanding Derivative Instruments (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Sep. 30, 2020 |
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | $ 6.8 | $ 0.4 |
Derivative Liabilities | 2.5 | 13.5 |
Foreign exchange contracts | Designated as Hedge | Other receivables | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 5.2 | 0 |
Foreign exchange contracts | Designated as Hedge | Deferred charges and other | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 0.9 | 0 |
Foreign exchange contracts | Designated as Hedge | Accounts payable | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liabilities | 0.1 | 3.3 |
Foreign exchange contracts | Designated as Hedge | Other long term liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liabilities | 0 | 0.3 |
Foreign exchange contracts | Not Designated as Hedge | Other receivables | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 0.7 | 0.4 |
Foreign exchange contracts | Not Designated as Hedge | Accounts payable | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liabilities | $ 2.4 | $ 9.9 |
DERIVATIVES - Schedule of Net I
DERIVATIVES - Schedule of Net Investment Hedge (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 | |
Net Investment Hedge | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Gain (loss) recognized in other comprehensive income (loss) | $ 6.2 | $ (33) | $ 29.8 |
EMPLOYEE BENEFIT PLANS - Additi
EMPLOYEE BENEFIT PLANS - Additional Information on Pension Plans (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 | |
Changes in plan assets: | |||
Fair value of plan assets, beginning of year | $ 185.1 | ||
Fair value of plan assets, end of year | 217 | $ 185.1 | |
Amounts recognized in statement of financial position | |||
Deferred charges and other | 38.8 | 98.7 | |
Other long-term liabilities | 99 | 111.1 | |
Accumulated other comprehensive loss | $ (235.3) | (284.7) | |
Weighted average assumptions | |||
Defined Benefit Plan, Type [Extensible Enumeration] | Pension Plan [Member] | ||
U.S. Plans | |||
Changes in benefit obligation: | |||
Benefit obligation, beginning of year | $ 76 | 80.2 | |
Obligations assumed from acquisition | 0 | 0 | |
Service cost | 0.5 | 0.7 | $ 0.4 |
Interest cost | 1.8 | 2.2 | 2.8 |
Actuarial (gain) loss | (2.6) | 2.3 | |
Settlements and curtailments | 0 | (4.6) | |
Plan Amendments | 0 | 0 | |
Benefits paid | (4.3) | (4.8) | |
Foreign currency exchange rate changes | 0 | 0 | |
Benefit obligation, end of year | 71.4 | 76 | 80.2 |
Changes in plan assets: | |||
Fair value of plan assets, beginning of year | 64.6 | 68.6 | |
Assets assumed from acquisition | 0 | 0 | |
Actual return on plan assets | 9 | 5.1 | |
Employer contributions | 0.3 | 0.3 | |
Settlements and curtailments | 0 | (4.6) | |
Benefits paid | (4.3) | (4.8) | |
Foreign currency exchange rate changes | 0 | 0 | |
Fair value of plan assets, end of year | 69.6 | 64.6 | 68.6 |
Funded Status | (1.8) | (11.4) | |
Amounts recognized in statement of financial position | |||
Deferred charges and other | 0 | 0 | |
Other accrued expenses | 0.1 | 0.3 | |
Other long-term liabilities | 1.7 | 11.1 | |
Accumulated other comprehensive loss | $ 9.4 | $ 18.8 | |
Weighted average assumptions | |||
Discount rate | 2.70% | 2.46% | |
Non U.S. Plans | |||
Changes in benefit obligation: | |||
Benefit obligation, beginning of year | $ 158.7 | $ 153.4 | |
Obligations assumed from acquisition | 19 | 0 | |
Service cost | 1.5 | 1.7 | 1.4 |
Interest cost | 2.1 | 1.9 | 2.9 |
Actuarial (gain) loss | (3.4) | (2.5) | |
Settlements and curtailments | 0 | (1.6) | |
Plan Amendments | 0.1 | 0 | |
Benefits paid | (5) | (3.5) | |
Foreign currency exchange rate changes | 3.1 | 9.3 | |
Benefit obligation, end of year | 176.1 | 158.7 | 153.4 |
Changes in plan assets: | |||
Fair value of plan assets, beginning of year | 120.5 | 112.1 | |
Assets assumed from acquisition | 17.2 | 0 | |
Actual return on plan assets | 4.6 | 0.8 | |
Employer contributions | 6.6 | 4.7 | |
Settlements and curtailments | 0 | 0 | |
Benefits paid | (5) | (3.5) | |
Foreign currency exchange rate changes | 3.5 | 6.4 | |
Fair value of plan assets, end of year | 147.4 | 120.5 | $ 112.1 |
Funded Status | (28.7) | (38.2) | |
Amounts recognized in statement of financial position | |||
Deferred charges and other | 12.4 | 3 | |
Other accrued expenses | 0 | 0 | |
Other long-term liabilities | 41.1 | 41.3 | |
Accumulated other comprehensive loss | $ 43.2 | $ 50.1 | |
Weighted average assumptions | |||
Rate of compensation increase | 2.50% | 2.25% | |
Minimum | Non U.S. Plans | |||
Weighted average assumptions | |||
Discount rate | 1.00% | 0.85% | |
Maximum | Non U.S. Plans | |||
Weighted average assumptions | |||
Discount rate | 2.00% | 1.75% |
EMPLOYEE BENEFIT PLANS - Summar
EMPLOYEE BENEFIT PLANS - Summary of Projected Benefit Obligations, Accumulated Benefit Obligations, and Fair Value of Plan Assets (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Sep. 30, 2020 |
U.S. Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | $ 71.4 | $ 76.1 |
Accumulated benefit obligation | 71.4 | 76.1 |
Fair value of plan assets | 69.6 | 64.6 |
Non U.S. Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | 106.2 | 86.8 |
Accumulated benefit obligation | 100.6 | 81.3 |
Fair value of plan assets | $ 65.1 | $ 45.5 |
EMPLOYEE BENEFIT PLANS - Compon
EMPLOYEE BENEFIT PLANS - Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 | |
U.S. Plans | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Service cost | $ 0.5 | $ 0.7 | $ 0.4 |
Interest cost | 1.8 | 2.2 | 2.8 |
Expected return on assets | (3.7) | (4.1) | (4.4) |
Settlements and curtailments | 0 | 0.9 | 0 |
Recognized net actuarial loss | 1.4 | 0.9 | 0.2 |
Net periodic benefit cost | $ 0 | $ 0.6 | $ (1) |
Weighted average assumptions | |||
Discount rate | 2.46% | 3.04% | 4.10% |
Expected return on plan assets | 6.00% | 6.50% | 6.50% |
Non U.S. Plans | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Service cost | $ 1.5 | $ 1.7 | $ 1.4 |
Interest cost | 2.1 | 1.9 | 2.9 |
Expected return on assets | (4) | (3.8) | (3.8) |
Settlements and curtailments | 0 | 0 | 0 |
Recognized net actuarial loss | 3.4 | 3.7 | 1.9 |
Net periodic benefit cost | $ 3 | $ 3.5 | $ 2.4 |
Weighted average assumptions | |||
Rate of compensation increase | 2.25% | 2.25% | |
Non U.S. Plans | Minimum | |||
Weighted average assumptions | |||
Discount rate | 0.70% | 0.75% | 1.85% |
Expected return on plan assets | 0.70% | 3.07% | 3.40% |
Rate of compensation increase | 2.25% | ||
Non U.S. Plans | Maximum | |||
Weighted average assumptions | |||
Discount rate | 1.75% | 1.80% | 4.07% |
Expected return on plan assets | 3.40% | 3.40% | 4.01% |
Rate of compensation increase | 2.50% |
EMPLOYEE BENEFIT PLANS - Summ_2
EMPLOYEE BENEFIT PLANS - Summary of Allocation of Pension Plan Assets (Details) | Sep. 30, 2021 | Sep. 30, 2020 |
U.S. Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets, target allocation percentage | 100.00% | 100.00% |
Non U.S. Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets, target allocation percentage | 100.00% | 100.00% |
Equity Securities | U.S. Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets, target allocation percentage | 30.00% | 46.00% |
Equity Securities | Non U.S. Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets, target allocation percentage | 0.00% | 0.00% |
Fixed Income Securities | U.S. Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets, target allocation percentage | 70.00% | 51.00% |
Fixed Income Securities | Non U.S. Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets, target allocation percentage | 16.00% | 21.00% |
Other | U.S. Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets, target allocation percentage | 0.00% | 3.00% |
Other | Non U.S. Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets, target allocation percentage | 84.00% | 79.00% |
EMPLOYEE BENEFIT PLANS - Fair V
EMPLOYEE BENEFIT PLANS - Fair Value of Pension Plan Assets by Asset Category (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Sep. 30, 2020 |
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | $ 217 | $ 185.1 |
Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 43.1 | 45 |
Level 2 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 155.1 | 140.1 |
Level 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 18.8 | 0 |
Cash & cash equivalents | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0.6 | 0.6 |
Cash & cash equivalents | Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0.6 | 0.6 |
Cash & cash equivalents | Level 2 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Cash & cash equivalents | Level 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Equity | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 16.4 | 22.6 |
Equity | Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 8.1 | 11.9 |
Equity | Level 2 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 8.3 | 10.7 |
Equity | Level 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Fixed Income Securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 39.5 | 28.7 |
Fixed Income Securities | Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 29.6 | 22.3 |
Fixed Income Securities | Level 2 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 9.9 | 6.4 |
Fixed Income Securities | Level 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Foreign equity | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 4.8 | 7.2 |
Foreign equity | Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 4.8 | 7.2 |
Foreign equity | Level 2 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Foreign equity | Level 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Foreign fixed income securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 23.6 | 26 |
Foreign fixed income securities | Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 1.3 |
Foreign fixed income securities | Level 2 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 23.6 | 24.7 |
Foreign fixed income securities | Level 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Life insurance contracts | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 42.6 | 42.1 |
Life insurance contracts | Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Life insurance contracts | Level 2 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 42.6 | 42.1 |
Life insurance contracts | Level 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Annuity policy | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 18.8 | 0 |
Annuity policy | Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Annuity policy | Level 2 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Annuity policy | Level 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 18.8 | 0 |
Other | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 70.7 | 57.9 |
Other | Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 1.7 |
Other | Level 2 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 70.7 | 56.2 |
Other | Level 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | $ 0 | $ 0 |
EMPLOYEE BENEFIT PLANS - Schedu
EMPLOYEE BENEFIT PLANS - Schedule of Benefit Payments Expected to be Paid (Details) $ in Millions | Sep. 30, 2021USD ($) |
U.S. Plans | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2022 | $ 4.5 |
2023 | 4.1 |
2024 | 4.1 |
2025 | 4.1 |
2026 | 4.2 |
2027-2031 | 20.5 |
Non U.S. Plan | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2022 | 3.9 |
2023 | 4.3 |
2024 | 4.8 |
2025 | 4.9 |
2026 | 5.3 |
2027-2031 | $ 31.5 |
EMPLOYEE BENEFIT PLANS - Narrat
EMPLOYEE BENEFIT PLANS - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 | |
Retirement Benefits [Abstract] | |||
Aggregate contributions charged to operations | $ 6 | $ 7.1 | $ 7.5 |
INCOME TAXES - Schedule of Inco
INCOME TAXES - Schedule of Income Tax Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 | |
Income Taxes [Line Items] | |||
United States | $ (147.2) | $ (42) | $ (369.7) |
Outside the United States | 136.1 | 16.9 | 15.5 |
Loss from continuing operations before income taxes | (11.1) | (25.1) | (354.2) |
SB/RH | |||
Income Taxes [Line Items] | |||
United States | (143.8) | (110.8) | (312.9) |
Outside the United States | 136.1 | 16.9 | 15.5 |
Loss from continuing operations before income taxes | $ (7.7) | $ (93.9) | $ (297.4) |
INCOME TAXES - Schedule of Comp
INCOME TAXES - Schedule of Components of Income Tax Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 | |
Current tax expense (benefit): | |||
U.S. Federal | $ 3 | $ 0.3 | $ (47.6) |
Foreign | 32.6 | 2.2 | 29.2 |
State and local | 2.4 | 0.2 | 2.4 |
Total current tax expense (benefit) | 38 | 2.7 | (16) |
Deferred tax (benefit) expense: | 95.9 | ||
U.S. Federal | (64.8) | 9.1 | (19.6) |
Foreign | 5.9 | 1.1 | (3.2) |
State and local | (5.5) | 14.4 | (13.2) |
Total deferred tax (benefit) expense | (64.4) | 24.6 | (36) |
Income tax (benefit) expense | (26.4) | 27.3 | (52) |
SB/RH | |||
Current tax expense (benefit): | |||
U.S. Federal | 3 | 0.3 | (47.6) |
Foreign | 32.6 | 2.2 | 29.2 |
State and local | 2.4 | 0.2 | 2.4 |
Total current tax expense (benefit) | 38 | 2.7 | (16) |
U.S. Federal | (63.4) | (5.1) | (7.1) |
Foreign | 5.9 | 1.1 | (3.2) |
State and local | (5.5) | 15.8 | (9.8) |
Total deferred tax (benefit) expense | (63) | 11.8 | (20.1) |
Income tax (benefit) expense | $ (25) | $ 14.5 | $ (36.1) |
INCOME TAXES - Schedule of Reco
INCOME TAXES - Schedule of Reconciliation of Income Tax Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 | |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
U.S. Statutory federal income tax benefit | $ (2.3) | $ (5.3) | $ (74.4) |
Permanent items | 13.9 | 13.6 | 2.6 |
Goodwill impairment | 0 | 2.8 | 12.2 |
Foreign statutory rate vs. U.S. statutory rate | (6.2) | (13.8) | (9.2) |
State income taxes, net of federal effect | (8.7) | (0.6) | (17.6) |
State effective rate change | 2.6 | 7.2 | 4.6 |
UK effective rate change | 8.2 | 0 | 0 |
GILTI | 4.9 | 3.7 | 2.6 |
GILTI impact of retroactive law changes | (18.1) | 0 | 0 |
Foreign dividend received deduction tax law change | 0 | 0 | 95.9 |
Tax reform act - mandatory repatriation | 0 | 0 | (48) |
Residual tax on foreign earnings | 2.6 | 6 | 0.2 |
Change in valuation allowance | (27.1) | 9.9 | (29.9) |
Unrecognized tax expense (benefit) | 0.2 | (8.5) | 7.5 |
Share based compensation adjustments | (0.7) | 0.1 | 4.3 |
Research and development tax credits | (2.4) | (1.6) | (3.1) |
Foreign rate differential on intercompany transfer of intangibles | 0 | 4.6 | 0 |
Partnership outside basis adjustment | 5.5 | 5.9 | 2.1 |
Return to provision adjustments and other, net | 1.2 | 3.3 | (1.8) |
Income tax (benefit) expense | (26.4) | 27.3 | (52) |
SB/RH | |||
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
U.S. Statutory federal income tax benefit | (1.6) | (19.7) | (62.4) |
Permanent items | 13.9 | 13.6 | 2.7 |
Goodwill impairment | 0 | 2.8 | 12.2 |
Foreign statutory rate vs. U.S. statutory rate | (6.2) | (13.8) | (9.2) |
State income taxes, net of federal effect | (8.7) | (3.1) | (14.7) |
State effective rate change | 2.6 | 7.8 | 4.6 |
UK effective rate change | 8.2 | 0 | 0 |
GILTI | 4.9 | 3.7 | 2.6 |
GILTI impact of retroactive law changes | (18.1) | 0 | 0 |
Foreign dividend received deduction tax law change | 0 | 0 | 95.9 |
Tax reform act - mandatory repatriation | 0 | 0 | (48) |
Residual tax on foreign earnings | 2.6 | 6 | 0.2 |
Change in valuation allowance | (27.1) | 9.8 | (30) |
Unrecognized tax expense (benefit) | 0.2 | (8.5) | 7.5 |
Share based compensation adjustments | 0.1 | 0.5 | 4.3 |
Research and development tax credits | (2.4) | (1.6) | (3.1) |
Foreign rate differential on intercompany transfer of intangibles | 0 | 4.6 | 0 |
Partnership outside basis adjustment | 5.5 | 5.9 | 2.4 |
Return to provision adjustments and other, net | 1.1 | 6.5 | (1.1) |
Income tax (benefit) expense | $ (25) | $ 14.5 | $ (36.1) |
INCOME TAXES - Schedule of Defe
INCOME TAXES - Schedule of Deferred Tax Assets and Deferred Tax Liabilities (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 |
Deferred tax assets | |||
Employee benefits | $ 36.7 | $ 34.8 | |
Inventories and receivables | 25.1 | 18.3 | |
Marketing and promotional accruals | 17 | 14.9 | |
Property, plant and equipment | 0.6 | 2.3 | |
Unrealized losses | 19.1 | 19.1 | |
Intangibles | 10 | 13.6 | |
Operating lease liabilities | 25.9 | 23.1 | |
Net operating loss and other carry forwards | 563.5 | 511.7 | |
Other | 36.1 | 39.1 | |
Total deferred tax assets | 734 | 676.9 | |
Deferred tax liabilities | |||
Property, plant and equipment | 9.4 | 8.2 | |
Unrealized gains | 10.5 | 13.6 | |
Intangibles | 287.9 | 287.1 | |
Operating lease assets | 23.5 | 20.5 | |
Investment in partnership | 69.6 | 63.3 | |
Taxes on unremitted foreign earnings | 1.8 | 1.4 | |
Other | 24.1 | 16.6 | |
Total deferred tax liabilities | 426.8 | 410.7 | |
Net deferred tax liabilities | 307.2 | 266.2 | |
Valuation allowance | (349.4) | (302.5) | $ (302.7) |
Net deferred tax liabilities, net valuation allowance | (42.2) | (36.3) | |
Reported as: | |||
Deferred charges and other | 17.3 | 18.9 | |
Deferred taxes (noncurrent liability) | 59.5 | 55.2 | |
SB/RH | |||
Deferred tax assets | |||
Employee benefits | 36.6 | 33.2 | |
Inventories and receivables | 25.1 | 18.3 | |
Marketing and promotional accruals | 17 | 14.9 | |
Property, plant and equipment | 0.6 | 2.3 | |
Unrealized losses | 19.1 | 19.1 | |
Intangibles | 10 | 13.6 | |
Operating lease liabilities | 25.9 | 23.1 | |
Net operating loss and other carry forwards | 245.5 | 186.5 | |
Other | 32.9 | 38.1 | |
Total deferred tax assets | 412.7 | 349.1 | |
Deferred tax liabilities | |||
Property, plant and equipment | 9.4 | 8.2 | |
Unrealized gains | 10.5 | 13.6 | |
Intangibles | 287.9 | 287.2 | |
Operating lease assets | 23.5 | 20.5 | |
Investment in partnership | 69.3 | 63 | |
Taxes on unremitted foreign earnings | 1.8 | 1.4 | |
Other | 24 | 16.6 | |
Total deferred tax liabilities | 426.4 | 410.5 | |
Net deferred tax liabilities | (13.7) | (61.4) | |
Valuation allowance | (245.1) | (198.2) | |
Net deferred tax liabilities, net valuation allowance | (258.8) | (259.6) | |
Reported as: | |||
Deferred charges and other | 13.6 | 18.9 | |
Deferred taxes (noncurrent liability) | $ 272.4 | $ 278.5 |
INCOME TAXES - Narrative (Detai
INCOME TAXES - Narrative (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2017 | |
Income Taxes [Line Items] | |||||
Federal statutory rate | 21.00% | ||||
Income tax benefit, GILTI | $ 11,400,000 | $ 4,400,000 | |||
Income tax benefit | 26,400,000 | (27,300,000) | $ 52,000,000 | ||
U.S. net operating losses | 454,600,000 | ||||
Federal and state tax expense | 95,900,000 | ||||
Income tax expense for one-time deemed mandatory repatriation | (48,000,000) | ||||
Foreign tax credits | 70,700,000 | ||||
Repatriation tax liability | $ 18,900,000 | $ 18,900,000 | $ 25,100,000 | ||
Mandatory repatriation tax payable period | 8 years | ||||
Repatriation tax liability due and payable in the next 12 months, will be offset | 2,000,000 | $ 2,000,000 | |||
Goodwill impairment related to tax expense | 0 | 2,800,000 | 12,200,000 | ||
Impairment of goodwill | 0 | 0 | 116,000,000 | ||
Residual foreign taxes on undistributed foreign earnings | 1,800,000 | 1,800,000 | 1,400,000 | ||
Undistributed foreign earnings were taxed in the U.S. | 500,600,000 | ||||
Tax reform act, income tax expense (benefit) | 23,400,000 | ||||
Undistributed foreign earnings, high-tax exceptions | 23,200,000 | ||||
Undistributed foreign earnings, taxed | 62,100,000 | ||||
U.S. federal net operating loss carryforwards | 1,389,300,000 | 1,389,300,000 | |||
Federal tax benefit | (3,000,000) | (300,000) | 47,600,000 | ||
U.S. state net operating loss carryforwards | 69,600,000 | 69,600,000 | |||
Foreign operating loss carryforwards | 398,000,000 | 398,000,000 | |||
Current income tax benefit | (32,600,000) | (2,200,000) | (29,200,000) | ||
Foreign operating loss carryforwards, additional loss | 324,200,000 | 324,200,000 | |||
Deferred tax assets, valuation allowance | 349,400,000 | 349,400,000 | 302,500,000 | 302,700,000 | |
(Decrease) increase in valuation allowance, deferred tax asset | 46,900,000 | (200,000) | |||
Unrecognized tax benefits that would impact effective tax rate | 18,000,000 | 18,000,000 | 13,800,000 | ||
Unrecognized tax benefits, income tax penalties and interest accrued | 1,500,000 | 1,500,000 | 1,500,000 | ||
Change in unrecognized tax benefits, income tax penalties and interest expense | (1,000,000) | 200,000 | |||
HHI Segment | |||||
Income Taxes [Line Items] | |||||
Income tax benefit, GILTI | 5,800,000 | ||||
Income tax benefit | 6,700,000 | ||||
(Decrease) increase in valuation allowance, deferred tax asset | 29,200,000 | ||||
Research Tax Credit Carryforward | |||||
Income Taxes [Line Items] | |||||
Tax credit carryforward | 27,400,000 | ||||
Research Tax Credit Carryforward, Expiring In Fiscal Years 2023-2030 | |||||
Income Taxes [Line Items] | |||||
Tax credit carryforward | 400,000 | 400,000 | |||
Federal Net Operating Losses | |||||
Income Taxes [Line Items] | |||||
Federal tax benefit | 291,700,000 | ||||
U.S. federal operating loss carryforwards expected to expire unused | 660,500,000 | 660,500,000 | |||
Tax benefit related to NOLs expire unused | 138,700,000 | 138,700,000 | |||
Release of valuation allowance | 36,700,000 | ||||
Foreign Net Operating Losses | |||||
Income Taxes [Line Items] | |||||
Current income tax benefit | 97,700,000 | ||||
Tax benefit related to NOLs expire unused | 96,100,000 | 96,100,000 | |||
U.S. State Net Operating Losses | |||||
Income Taxes [Line Items] | |||||
Tax benefit related to NOLs expire unused | 10,000,000 | 10,000,000 | |||
Deferred tax assets, valuation allowance | 39,200,000 | 39,200,000 | |||
U.S. Net Deferred Tax Assets | |||||
Income Taxes [Line Items] | |||||
Deferred tax assets, valuation allowance | 253,000,000 | 253,000,000 | 283,600,000 | 273,500,000 | |
(Decrease) increase in valuation allowance, deferred tax asset | (30,600,000) | 10,100,000 | |||
Foreign Net Deferred Tax Assets | |||||
Income Taxes [Line Items] | |||||
Deferred tax assets, valuation allowance | 96,400,000 | 96,400,000 | 18,900,000 | 29,200,000 | |
(Decrease) increase in valuation allowance, deferred tax asset | 77,500,000 | (10,300,000) | |||
SB/RH | |||||
Income Taxes [Line Items] | |||||
Income tax benefit | 25,000,000 | (14,500,000) | 36,100,000 | ||
Goodwill impairment related to tax expense | 0 | 2,800,000 | 12,200,000 | ||
Impairment of goodwill | 0 | 0 | 116,000,000 | ||
Residual foreign taxes on undistributed foreign earnings | 1,800,000 | 1,800,000 | 1,400,000 | ||
Federal tax benefit | (3,000,000) | (300,000) | 47,600,000 | ||
Current income tax benefit | (32,600,000) | (2,200,000) | $ (29,200,000) | ||
Deferred tax assets, valuation allowance | 245,100,000 | 245,100,000 | $ 198,200,000 | ||
Income taxes payable | $ 8,000,000 | $ 8,000,000 |
INCOME TAXES - Schedule of Unre
INCOME TAXES - Schedule of Unrecognized Tax Benefits (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Unrecognized tax benefits, beginning of year | $ 13.8 | $ 20.7 | $ 13.8 |
Gross increase – tax positions in prior period | 4.1 | 1 | 5.2 |
Gross decrease – tax positions in prior period | (0.2) | (4.4) | (0.4) |
Gross increase – tax positions in current period | 1.2 | 2.4 | 3.5 |
Settlements | (0.2) | (1.6) | 0 |
Lapse of statutes of limitations | (0.7) | (4.3) | (1.4) |
Unrecognized tax benefits, end of year | $ 18 | $ 13.8 | $ 20.7 |
RELATED PARTIES - Narrative (De
RELATED PARTIES - Narrative (Details) - USD ($) | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 | |
TSAs And Reverse TSAs | |||
Related Party Transaction [Line Items] | |||
Overall expected time period of transition | 12 months | ||
Net TSA (loss) income | $ (1,700,000) | $ (3,900,000) | $ 5,200,000 |
TSAs And Reverse TSAs | Energizer | |||
Related Party Transaction [Line Items] | |||
Related party, net receivable (payable) | (2,900,000) | 5,400,000 | |
TSAs And Reverse TSAs | Varta | |||
Related Party Transaction [Line Items] | |||
Related party, net receivable (payable) | $ 1,700,000 | (1,000,000) | |
H&G Supply Agreement | Energizer | |||
Related Party Transaction [Line Items] | |||
Supply agreement contract term | 24 months | ||
Net TSA (loss) income | $ 6,000,000 | 18,900,000 | $ 12,500,000 |
Net receivable from related party | $ 0 | $ 4,400,000 | |
Minimum | TSAs And Reverse TSAs | |||
Related Party Transaction [Line Items] | |||
Overall expected time period of transition | 12 months | ||
Maximum | TSAs And Reverse TSAs | |||
Related Party Transaction [Line Items] | |||
Overall expected time period of transition | 24 months |
RELATED PARTIES - Summary of Tr
RELATED PARTIES - Summary of Transaction Service Agreements (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 | |
TSA income | |||
Related Party Transaction [Line Items] | |||
Related party costs | $ 0.9 | $ 9.6 | $ 19.1 |
TSA expense | |||
Related Party Transaction [Line Items] | |||
Related party costs | 2.6 | 13.5 | 13.9 |
Net TSA (loss) income | |||
Related Party Transaction [Line Items] | |||
Net TSA (loss) income | $ (1.7) | $ (3.9) | $ 5.2 |
SHAREHOLDER_S EQUITY - Narrativ
SHAREHOLDER’S EQUITY - Narrative (Details) - USD ($) $ / shares in Units, shares in Thousands | May 04, 2021 | Feb. 24, 2020 | Nov. 18, 2019 | Sep. 30, 2021 | Sep. 30, 2020 | Feb. 24, 2020 |
Accelerated Share Repurchases [Line Items] | ||||||
Authorized share repurchase amount | $ 1,000,000,000 | |||||
Share repurchase program, authorization period | 36 months | |||||
Number of shares repurchased (in shares) | 1,600 | 6,200 | ||||
Total repurchase amount | $ 239,800,000 | |||||
Average price per share (in dollars per share) | $ 81.43 | $ 58.57 | ||||
ASR | ||||||
Accelerated Share Repurchases [Line Items] | ||||||
Accelerated share repurchase amount | $ 125,000,000 | |||||
Number of shares repurchased (in shares) | 300 | 1,700 | 0 | 2,000 | 2,000 | |
Percentage of company total shares | 85.00% | |||||
Total repurchase amount | $ 18,500,000 | $ 106,300,000 | ||||
Adjustment to additional paid-in capital | $ 18,700,000 | |||||
Average price per share (in dollars per share) | $ 0 | $ 61.47 | $ 61.59 |
SHAREHOLDER_S EQUITY - Summary
SHAREHOLDER’S EQUITY - Summary of Activity of Common Stock Repurchase Program (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | Feb. 24, 2020 | Nov. 18, 2019 | Sep. 30, 2021 | Sep. 30, 2020 | Feb. 24, 2020 |
Accelerated Share Repurchases [Line Items] | |||||
Number of shares repurchased (in shares) | 1,600 | 6,200 | |||
Average price per share (in dollars per share) | $ 81.43 | $ 58.57 | |||
Total repurchase amount | $ 239.8 | ||||
Accelerated share repurchase final settlement | 125 | ||||
Treasury Stock | |||||
Accelerated Share Repurchases [Line Items] | |||||
Total repurchase amount | $ 125.8 | 239.8 | |||
Accelerated share repurchase final settlement | 124.8 | ||||
Treasury stock and accelerated share repurchase amount | $ 364.6 | ||||
Open Market Purchases | |||||
Accelerated Share Repurchases [Line Items] | |||||
Number of shares repurchased (in shares) | 900 | 4,100 | |||
Average price per share (in dollars per share) | $ 93.13 | $ 56.97 | |||
Open Market Purchases | Treasury Stock | |||||
Accelerated Share Repurchases [Line Items] | |||||
Total repurchase amount | $ 80.3 | $ 230.6 | |||
Private Purchases | |||||
Accelerated Share Repurchases [Line Items] | |||||
Number of shares repurchased (in shares) | 700 | 100 | |||
Average price per share (in dollars per share) | $ 66.63 | $ 62.30 | |||
Private Purchases | Treasury Stock | |||||
Accelerated Share Repurchases [Line Items] | |||||
Total repurchase amount | $ 45.5 | $ 9.2 | |||
ASR | |||||
Accelerated Share Repurchases [Line Items] | |||||
Number of shares repurchased (in shares) | 300 | 1,700 | 0 | 2,000 | 2,000 |
Average price per share (in dollars per share) | $ 0 | $ 61.47 | $ 61.59 | ||
Total repurchase amount | $ 18.5 | $ 106.3 | |||
ASR | Treasury Stock | |||||
Accelerated Share Repurchases [Line Items] | |||||
Total repurchase amount | $ 0 | ||||
Accelerated share repurchase final settlement | $ 124.8 |
SHARE BASED COMPENSATION - Summ
SHARE BASED COMPENSATION - Summary of Award Plans (Details) | Sep. 30, 2021shares |
Spectrum Brands Holdings, Inc. 2011 Omnibus Equity Awards Plan | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share authorized (in shares) | 7,100,000 |
Shares available (in shares) | 300,000 |
Spectrum Brands Holdings, Inc. 2020 Omnibus Equity Plan | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share authorized (in shares) | 1,200,000 |
Shares available (in shares) | 1,200,000 |
SHARE BASED COMPENSATION - Su_2
SHARE BASED COMPENSATION - Summary of Share Based Compensation Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 | |
Share based compensation | $ 28.9 | $ 31.8 | $ 44.2 |
SB/RH | |||
Share based compensation | $ 27.2 | $ 30.5 | $ 42.6 |
SHARE BASED COMPENSATION - Su_3
SHARE BASED COMPENSATION - Summary of RSU Activity (Details) - Restricted Stock Units - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 | |
Shares | |||
Beginning balance (in shares) | 1.4 | 1.2 | 0.6 |
Granted (in shares) | 0.6 | 0.9 | 1.5 |
Forfeited (in shares) | (0.2) | (0.1) | (0.7) |
Vested (in shares) | (0.3) | (0.6) | (0.2) |
Ending balance (in shares) | 1.5 | 1.4 | 1.2 |
Weighted Average Grant Date Fair Value | |||
Beginning balance (in dollars per share) | $ 56.41 | $ 53.58 | $ 107.71 |
Granted (in dollars per share) | 76.78 | 61.72 | 53.11 |
Forfeited (in dollars per share) | 65.52 | 60.79 | 92.76 |
Vested (in dollars per share) | 53.53 | 57.80 | 83.47 |
Ending balance (in dollars per share) | $ 64 | $ 56.41 | $ 53.58 |
Fair Value at Grant Date | |||
Beginning balance | $ 79.3 | $ 67 | $ 69 |
Granted | 44.9 | 55.6 | 81.4 |
Forfeited | (13.2) | (4) | (63.7) |
Vested | (17.8) | (39.3) | (19.7) |
Ending balance | $ 93.2 | $ 79.3 | $ 67 |
SB/RH | |||
Shares | |||
Beginning balance (in shares) | 1.4 | 1.2 | 0.6 |
Granted (in shares) | 0.6 | 0.9 | 1.5 |
Forfeited (in shares) | (0.2) | (0.1) | (0.7) |
Vested (in shares) | (0.3) | (0.6) | (0.2) |
Ending balance (in shares) | 1.5 | 1.4 | 1.2 |
Weighted Average Grant Date Fair Value | |||
Beginning balance (in dollars per share) | $ 56.33 | $ 53.22 | $ 108.75 |
Granted (in dollars per share) | 76.83 | 61.68 | 52.82 |
Forfeited (in dollars per share) | 65.52 | 60.79 | 93.05 |
Vested (in dollars per share) | 52.82 | 57.29 | 82.37 |
Ending balance (in dollars per share) | $ 63.85 | $ 56.33 | $ 53.22 |
Fair Value at Grant Date | |||
Beginning balance | $ 77.7 | $ 65 | $ 67.2 |
Granted | 43.3 | 54.3 | 79.8 |
Forfeited | (13.2) | (3.9) | (63.5) |
Vested | (16.2) | (37.7) | (18.5) |
Ending balance | $ 91.6 | $ 77.7 | $ 65 |
SHARE BASED COMPENSATION - Su_4
SHARE BASED COMPENSATION - Summary of Activity of the RSUs Granted (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 | |
Time-Based Grants | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Units granted (in shares) | 0.2 | ||
Units granted, weighted average grant date fair value (in dollars per share) | $ 76.04 | ||
Units granted, fair value at grant date | $ 17.4 | ||
Time-Based Grants | Vesting in less than 24 months | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Units granted (in shares) | 0.1 | ||
Units granted, weighted average grant date fair value (in dollars per share) | $ 77.25 | ||
Units granted, fair value at grant date | $ 9.6 | ||
Time-Based Grants | Vesting in more than 24 months | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Units granted (in shares) | 0.1 | ||
Units granted, weighted average grant date fair value (in dollars per share) | $ 74.57 | ||
Units granted, fair value at grant date | $ 7.8 | ||
Performance-Based Grants | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Units granted (in shares) | 0.4 | ||
Units granted, weighted average grant date fair value (in dollars per share) | $ 77.26 | ||
Units granted, fair value at grant date | $ 27.5 | ||
Performance-Based Grants | Vesting in less than 24 months | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Units granted (in shares) | 0.1 | ||
Units granted, weighted average grant date fair value (in dollars per share) | $ 93.08 | ||
Units granted, fair value at grant date | $ 4.9 | ||
Performance-Based Grants | Vesting in more than 24 months | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Units granted (in shares) | 0.3 | ||
Units granted, weighted average grant date fair value (in dollars per share) | $ 74.54 | ||
Units granted, fair value at grant date | $ 22.6 | ||
Restricted Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Units granted (in shares) | 0.6 | 0.9 | 1.5 |
Units granted, weighted average grant date fair value (in dollars per share) | $ 76.78 | $ 61.72 | $ 53.11 |
Units granted, fair value at grant date | $ 44.9 | $ 55.6 | $ 81.4 |
SB/RH | Time-Based Grants | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Units granted (in shares) | 0.2 | ||
Units granted, weighted average grant date fair value (in dollars per share) | $ 76.11 | ||
Units granted, fair value at grant date | $ 15.8 | ||
SB/RH | Time-Based Grants | Vesting in less than 24 months | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Units granted (in shares) | 0.1 | ||
Units granted, weighted average grant date fair value (in dollars per share) | $ 77.65 | ||
Units granted, fair value at grant date | $ 8 | ||
SB/RH | Time-Based Grants | Vesting in more than 24 months | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Units granted (in shares) | 0.1 | ||
Units granted, weighted average grant date fair value (in dollars per share) | $ 74.57 | ||
Units granted, fair value at grant date | $ 7.8 | ||
SB/RH | Performance-Based Grants | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Units granted (in shares) | 0.4 | ||
Units granted, weighted average grant date fair value (in dollars per share) | $ 77.26 | ||
Units granted, fair value at grant date | $ 27.5 | ||
SB/RH | Performance-Based Grants | Vesting in less than 24 months | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Units granted (in shares) | 0.1 | ||
Units granted, weighted average grant date fair value (in dollars per share) | $ 93.08 | ||
Units granted, fair value at grant date | $ 4.9 | ||
SB/RH | Performance-Based Grants | Vesting in more than 24 months | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Units granted (in shares) | 0.3 | ||
Units granted, weighted average grant date fair value (in dollars per share) | $ 74.54 | ||
Units granted, fair value at grant date | $ 22.6 | ||
SB/RH | Restricted Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Units granted (in shares) | 0.6 | 0.9 | 1.5 |
Units granted, weighted average grant date fair value (in dollars per share) | $ 76.83 | $ 61.68 | $ 52.82 |
Units granted, fair value at grant date | $ 43.3 | $ 54.3 | $ 79.8 |
SHARE BASED COMPENSATION - Narr
SHARE BASED COMPENSATION - Narrative (Details) - USD ($) | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Intrinsic value of options exercised | $ 2,500,000 | $ 100,000 | |
Cash settlement | $ 3,400,000 | 300,000 | |
Restricted Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 3 years | ||
Restricted Stock Units | Specturm And SB/RH | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Remaining unrecognized pre-tax compensation cost | $ 34,600,000 | ||
Restricted Stock Units | Annual Management Incentive Compensation Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total share based compensation expense | $ 0 | $ 0 | $ 15,200,000 |
SHARE BASED COMPENSATION - Su_5
SHARE BASED COMPENSATION - Summary of Stock Options (Details) - $ / shares shares in Thousands | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 | |
Options | |||
Beginning balance (in shares) | 220 | 230 | 240 |
Forfeited (in shares) | (10) | ||
Exercised (in shares) | (60) | (10) | |
Ending balance (in shares) | 160 | 220 | 230 |
Weighted Average Exercise Price | |||
Beginning balance (in dollars per share) | $ 73.96 | $ 73.51 | $ 73.29 |
Forfeited (in dollars per share) | 67.83 | ||
Exercised (in dollars per share) | 52.83 | 52.83 | |
Ending balance (in dollars per share) | 82.36 | 73.96 | 73.51 |
Weighted Average Grant Date Fair Value | |||
Beginning balance (in dollars per share) | 4.82 | 4.79 | 4.78 |
Forfeited (in dollars per share) | 4.94 | ||
Exercised (in dollars per share) | 3.55 | 3.55 | |
Ending balance (in dollars per share) | $ 5.32 | $ 4.82 | $ 4.79 |
ACCUMULATED OTHER COMPREHENSI_3
ACCUMULATED OTHER COMPREHENSIVE INCOME (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance at beginning of period | $ 1,415.8 | $ 1,728.9 | $ 1,589.6 |
Other comprehensive (loss) income before reclassification | 44 | (29.9) | (45.8) |
Other comprehensive (loss) income before tax | 58 | (30.6) | (54.2) |
Deferred tax effect | (8.2) | 11.5 | (6) |
Other comprehensive (loss) income, net of tax | 49.8 | (19.1) | (60.2) |
Other comprehensive (loss) income attributable to controlling interest | 49.4 | (11.1) | (37.8) |
Balance at end of period | 1,479 | 1,415.8 | 1,728.9 |
Cumulative Effect, Period of Adoption, Adjustment | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance at beginning of period | 0 | (3.1) | |
Balance at end of period | 0 | ||
GBL and GAC Operations | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Sale and deconsolidation of discontinued operation | 21.9 | ||
Coevorden Operations | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Sale and deconsolidation of discontinued operation | 8.1 | ||
Continuing Operations | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Net reclassification for (gain) loss to income | 14 | 0 | (8.3) |
Less: other comprehensive income (loss) attributable to non-controlling interest | 0.1 | (0.2) | |
Discontinued Operations | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Net reclassification for (gain) loss to income | 0 | (0.7) | (0.1) |
Less: other comprehensive income (loss) attributable to non-controlling interest | 0.4 | 0.3 | (0.3) |
Total | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance at beginning of period | (284.7) | (273.6) | (235.8) |
Balance at end of period | (235.3) | (284.7) | (273.6) |
Total | Cumulative Effect, Period of Adoption, Adjustment | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance at beginning of period | 0.3 | ||
Balance at end of period | 0.3 | ||
Foreign Currency Translation | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance at beginning of period | (226.6) | (215.9) | (192.5) |
Other comprehensive (loss) income before reclassification | 32.2 | (18.5) | (30.8) |
Other comprehensive (loss) income before tax | 32.2 | (18.5) | (30.8) |
Deferred tax effect | 0 | 0.1 | (4.7) |
Other comprehensive (loss) income, net of tax | 32.2 | (18.4) | (35.5) |
Other comprehensive (loss) income attributable to controlling interest | 31.8 | (10.7) | (23.4) |
Balance at end of period | (194.8) | (226.6) | (215.9) |
Foreign Currency Translation | Cumulative Effect, Period of Adoption, Adjustment | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance at beginning of period | 0 | ||
Balance at end of period | 0 | ||
Foreign Currency Translation | GBL and GAC Operations | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Sale and deconsolidation of discontinued operation | 11.6 | ||
Foreign Currency Translation | Coevorden Operations | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Sale and deconsolidation of discontinued operation | 8.1 | ||
Foreign Currency Translation | Continuing Operations | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Net reclassification for (gain) loss to income | 0 | 0 | 0 |
Less: other comprehensive income (loss) attributable to non-controlling interest | 0.1 | (0.2) | |
Foreign Currency Translation | Discontinued Operations | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Net reclassification for (gain) loss to income | 0 | 0 | 0 |
Less: other comprehensive income (loss) attributable to non-controlling interest | 0.4 | 0.3 | (0.3) |
Derivative Instruments | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance at beginning of period | 3.6 | 4.9 | 7.4 |
Other comprehensive (loss) income before reclassification | 0.1 | (6.2) | 12.6 |
Other comprehensive (loss) income before tax | 9.4 | (11.2) | 2 |
Deferred tax effect | (6.6) | 11.7 | (5.4) |
Other comprehensive (loss) income, net of tax | 2.8 | 0.5 | (3.4) |
Other comprehensive (loss) income attributable to controlling interest | 2.8 | (1.3) | (2.5) |
Balance at end of period | 6.4 | 3.6 | 4.9 |
Derivative Instruments | Cumulative Effect, Period of Adoption, Adjustment | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance at beginning of period | (1.8) | ||
Balance at end of period | (1.8) | ||
Derivative Instruments | GBL and GAC Operations | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Sale and deconsolidation of discontinued operation | 0.9 | ||
Derivative Instruments | Coevorden Operations | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Sale and deconsolidation of discontinued operation | 0 | ||
Derivative Instruments | Continuing Operations | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Net reclassification for (gain) loss to income | 9.2 | (4.6) | (10.4) |
Less: other comprehensive income (loss) attributable to non-controlling interest | 0 | 0 | |
Derivative Instruments | Discontinued Operations | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Net reclassification for (gain) loss to income | 0.1 | (0.4) | (0.2) |
Less: other comprehensive income (loss) attributable to non-controlling interest | 0 | 0 | 0 |
Defined Benefit Pension | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance at beginning of period | (61.7) | (62.6) | (50.7) |
Other comprehensive (loss) income before reclassification | 11.7 | (5.2) | (27.6) |
Other comprehensive (loss) income before tax | 16.4 | (0.9) | (25.4) |
Deferred tax effect | (1.6) | (0.3) | 4.1 |
Other comprehensive (loss) income, net of tax | 14.8 | (1.2) | (21.3) |
Other comprehensive (loss) income attributable to controlling interest | 14.8 | 0.9 | (11.9) |
Balance at end of period | (46.9) | (61.7) | (62.6) |
Defined Benefit Pension | Cumulative Effect, Period of Adoption, Adjustment | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance at beginning of period | 2.1 | ||
Balance at end of period | 2.1 | ||
Defined Benefit Pension | GBL and GAC Operations | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Sale and deconsolidation of discontinued operation | 9.4 | ||
Defined Benefit Pension | Coevorden Operations | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Sale and deconsolidation of discontinued operation | 0 | ||
Defined Benefit Pension | Continuing Operations | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Net reclassification for (gain) loss to income | 4.8 | 4.6 | 2.1 |
Less: other comprehensive income (loss) attributable to non-controlling interest | 0 | 0 | |
Defined Benefit Pension | Discontinued Operations | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Net reclassification for (gain) loss to income | (0.1) | (0.3) | 0.1 |
Less: other comprehensive income (loss) attributable to non-controlling interest | $ 0 | $ 0 | $ 0 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Sep. 30, 2020 |
Commitments and Contingencies Disclosure [Abstract] | ||
Estimated costs associated with environmental remediation activities | $ 11.3 | $ 11.6 |
Product liability accruals | 3 | 3.9 |
Product warranty accruals | 0.4 | $ 0.4 |
Accrual of probable loss | $ 3.2 |
SEGMENT INFORMATION - Narrative
SEGMENT INFORMATION - Narrative (Details) | 12 Months Ended |
Sep. 30, 2021segment | |
Segment Reporting [Abstract] | |
Number of reporting segments | 3 |
SEGMENT INFORMATION - Net Sales
SEGMENT INFORMATION - Net Sales Relating to Segments (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2021 | Jul. 04, 2021 | Apr. 04, 2021 | Jan. 03, 2021 | Sep. 30, 2020 | Jun. 28, 2020 | Mar. 29, 2020 | Dec. 29, 2019 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 | |
Revenue from External Customer [Line Items] | |||||||||||
Net sales | $ 757.8 | $ 743.8 | $ 760.3 | $ 736.2 | $ 736.9 | $ 702.7 | $ 608.7 | $ 573.8 | $ 2,998.1 | $ 2,622.1 | $ 2,446.4 |
HPC | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Net sales | 1,260.1 | 1,107.6 | 1,068.1 | ||||||||
GPC | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Net sales | 1,129.9 | 962.6 | 870.2 | ||||||||
H&G | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Net sales | $ 608.1 | $ 551.9 | $ 508.1 |
SEGMENT INFORMATION - Schedule
SEGMENT INFORMATION - Schedule of Segment Information (Details) - USD ($) | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Total Segment Adjusted EBITDA | $ 97,100,000 | $ 8,600,000 | $ (152,400,000) |
Corporate | 46,900,000 | 52,400,000 | 22,000,000 |
Interest expense | 116,500,000 | 93,700,000 | 158,400,000 |
Depreciation and amortization | 117,000,000 | 114,700,000 | 147,300,000 |
Share and incentive based compensation | 29,400,000 | 36,100,000 | 47,600,000 |
Restructuring and related charges | 40,300,000 | 71,600,000 | 61,000,000 |
Transaction related charges | 56,300,000 | 23,100,000 | 20,900,000 |
Unallocated shared costs | 26,900,000 | 17,400,000 | 15,700,000 |
(Gain) loss on Energizer investment | (6,900,000) | 16,800,000 | 12,100,000 |
Inventory acquisition step-up | 7,300,000 | 0 | 0 |
Loss on sale of Coevorden operations | 0 | 26,800,000 | 0 |
Write-off from impairment of goodwill | 0 | 0 | 116,000,000 |
Write-off from impairment of intangible assets | 0 | 24,200,000 | 35,400,000 |
Legal and environmental remediation reserves | 6,000,000 | 0 | 10,000,000 |
Foreign currency loss on multicurrency divestiture loans | 0 | 3,800,000 | 36,200,000 |
Salus CLO debt extinguishment | 0 | (76,200,000) | 0 |
Coevorden tolling related charges | 6,200,000 | 0 | 0 |
Other | 3,900,000 | (3,000,000) | 6,900,000 |
Loss from operations before income taxes | (11,100,000) | (25,100,000) | (354,200,000) |
Operating Segments | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Total Segment Adjusted EBITDA | 438,700,000 | 376,300,000 | 335,300,000 |
Depreciation and amortization | 102,500,000 | 100,000,000 | 132,700,000 |
SB/RH | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Total Segment Adjusted EBITDA | 100,800,000 | 15,600,000 | (147,700,000) |
Corporate | 44,900,000 | 47,500,000 | 20,700,000 |
Interest expense | 116,800,000 | 93,200,000 | 106,100,000 |
Depreciation and amortization | 117,000,000 | 114,700,000 | 147,300,000 |
Share and incentive based compensation | 27,700,000 | 34,800,000 | 47,200,000 |
Restructuring and related charges | 40,300,000 | 71,600,000 | 61,000,000 |
Transaction related charges | 56,300,000 | 23,100,000 | 20,900,000 |
Unallocated shared costs | 26,900,000 | 17,400,000 | 15,700,000 |
(Gain) loss on Energizer investment | (6,900,000) | 16,800,000 | 12,100,000 |
Inventory acquisition step-up | 7,300,000 | 0 | 0 |
Loss on sale of Coevorden operations | 0 | 26,800,000 | 0 |
Write-off from impairment of goodwill | 0 | 0 | 116,000,000 |
Write-off from impairment of intangible assets | 0 | 24,200,000 | 35,400,000 |
Legal and environmental remediation reserves | 6,000,000 | 0 | 10,000,000 |
Foreign currency loss on multicurrency divestiture loans | 0 | 3,800,000 | 36,200,000 |
Coevorden tolling related charges | 6,200,000 | 0 | 0 |
Other | 3,900,000 | (3,700,000) | 4,100,000 |
Loss from operations before income taxes | (7,700,000) | (93,900,000) | (297,400,000) |
SB/RH | Operating Segments | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Total Segment Adjusted EBITDA | 438,700,000 | 376,300,000 | 335,300,000 |
HPC | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Write-off from impairment of goodwill | 116,000,000 | ||
HPC | Operating Segments | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Total Segment Adjusted EBITDA | 102,600,000 | 92,200,000 | 87,200,000 |
Depreciation and amortization | 44,000,000 | 35,200,000 | 64,600,000 |
Restructuring and related charges | 9,100,000 | 4,600,000 | 8,100,000 |
HPC | SB/RH | Operating Segments | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Total Segment Adjusted EBITDA | 102,600,000 | 92,200,000 | 87,200,000 |
GPC | Operating Segments | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Total Segment Adjusted EBITDA | 212,100,000 | 172,000,000 | 142,600,000 |
Depreciation and amortization | 39,300,000 | 44,400,000 | 48,800,000 |
Restructuring and related charges | 15,200,000 | 20,800,000 | 7,600,000 |
GPC | SB/RH | Operating Segments | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Total Segment Adjusted EBITDA | 212,100,000 | 172,000,000 | 142,600,000 |
H&G | Operating Segments | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Total Segment Adjusted EBITDA | 124,000,000 | 112,100,000 | 105,500,000 |
Depreciation and amortization | 19,200,000 | 20,400,000 | 19,300,000 |
Restructuring and related charges | 400,000 | 500,000 | 1,800,000 |
H&G | SB/RH | Operating Segments | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Total Segment Adjusted EBITDA | $ 124,000,000 | $ 112,100,000 | $ 105,500,000 |
SEGMENT INFORMATION - Depreciat
SEGMENT INFORMATION - Depreciation and Amortization Relating to Segments (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 | |
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Total depreciation and amortization | $ 117 | $ 114.7 | $ 147.3 |
SB/RH | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Total depreciation and amortization | 117 | 114.7 | 147.3 |
Operating Segments | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Total depreciation and amortization | 102.5 | 100 | 132.7 |
Operating Segments | HPC | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Total depreciation and amortization | 44 | 35.2 | 64.6 |
Operating Segments | GPC | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Total depreciation and amortization | 39.3 | 44.4 | 48.8 |
Operating Segments | H&G | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Total depreciation and amortization | 19.2 | 20.4 | 19.3 |
Corporate and shared operations | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Total depreciation and amortization | $ 14.5 | $ 14.7 | $ 14.6 |
SEGMENT INFORMATION - Capital E
SEGMENT INFORMATION - Capital Expenditures Relating to Segments (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 | |
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Total capital expenditures | $ 43.6 | $ 44.1 | $ 40.4 |
SB/RH | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Total capital expenditures | 43.6 | 44.1 | 40.4 |
Operating Segments | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Total capital expenditures | 31.5 | 28.7 | 32.9 |
Operating Segments | HPC | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Total capital expenditures | 9.3 | 10.7 | 11 |
Operating Segments | GPC | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Total capital expenditures | 18.6 | 14.5 | 16 |
Operating Segments | H&G | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Total capital expenditures | 3.6 | 3.5 | 5.9 |
Corporate and shared operations | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Total capital expenditures | $ 12.1 | $ 15.4 | $ 7.5 |
SEGMENT INFORMATION - Segment T
SEGMENT INFORMATION - Segment Total Assets Relating to Segments (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Sep. 30, 2020 |
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | $ 3,530.4 | $ 3,313.5 |
SB/RH | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | 3,607.7 | 3,390.5 |
Operating Segments | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | 3,189.4 | 2,571.4 |
Operating Segments | SB/RH | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | 3,189.4 | 2,571.4 |
Operating Segments | HPC | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | 879.4 | 824.6 |
Operating Segments | HPC | SB/RH | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | 879.4 | 824.6 |
Operating Segments | GPC | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | 1,456.9 | 1,200.3 |
Operating Segments | GPC | SB/RH | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | 1,456.9 | 1,200.3 |
Operating Segments | H&G | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | 853.1 | 546.5 |
Operating Segments | H&G | SB/RH | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | 853.1 | 546.5 |
Corporate and shared operations | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | 341 | 742.1 |
Corporate and shared operations | SB/RH | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | $ 418.3 | $ 819.1 |
SEGMENT INFORMATION - Net Sal_2
SEGMENT INFORMATION - Net Sales by Geographic Area (Details) - SBH and SBRH - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net sales | $ 2,998.1 | $ 2,622.1 | $ 2,446.4 |
United States | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net sales | 1,750.8 | 1,627.4 | 1,478.8 |
Europe/MEA | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net sales | 877.8 | 683.9 | 655.8 |
Latin America | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net sales | 193.4 | 147.9 | 157.2 |
Asia-Pacific | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net sales | 112 | 101.8 | 97.9 |
North America - Other | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net sales | $ 64.1 | $ 61.1 | $ 56.7 |
SEGMENT INFORMATION - Long-Live
SEGMENT INFORMATION - Long-Lived Assets by Geographic Area (Details) - SBH and SBRH - USD ($) $ in Millions | Sep. 30, 2021 | Sep. 30, 2020 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total long-lived assets | $ 316.7 | $ 313.6 |
United States | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total long-lived assets | 234.3 | 236.4 |
Europe/MEA | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total long-lived assets | 64.4 | 58.3 |
Latin America | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total long-lived assets | 3.8 | 3.1 |
Asia-Pacific | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total long-lived assets | $ 14.2 | $ 15.8 |
EARNINGS PER SHARE _ SBH (Detai
EARNINGS PER SHARE – SBH (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2021 | Jul. 04, 2021 | Apr. 04, 2021 | Jan. 03, 2021 | Sep. 30, 2020 | Jun. 28, 2020 | Mar. 29, 2020 | Dec. 29, 2019 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 | |
Numerator | |||||||||||
Net income (loss) from continuing operations attributable to controlling interest | $ 6 | $ (1.8) | $ (3.7) | $ 14.7 | $ (9.6) | $ 126.1 | $ (107.6) | $ (61.6) | $ 15.1 | $ (52.7) | $ (303) |
Net income from discontinued operations attributable to controlling interest | 44.2 | 32.5 | 40.4 | 57.4 | 55 | 19 | 50.7 | 25.8 | 174.5 | 150.5 | 797.5 |
Net income attributable to controlling interest | $ 50.2 | $ 30.7 | $ 36.7 | $ 72.1 | $ 45.4 | $ 145.1 | $ (56.9) | $ (35.8) | $ 189.6 | $ 97.8 | $ 494.5 |
Denominator | |||||||||||
Weighted average shares outstanding - basic (in shares) | 42.7 | 44.7 | 50.7 | ||||||||
Dilutive shares (in shares) | 0.5 | 0 | 0 | ||||||||
Weighted average shares outstanding - diluted (in shares) | 43.2 | 44.7 | 50.7 | ||||||||
Earnings per share | |||||||||||
Basic earnings per share from continuing operations (in dollars per share) | $ 0.14 | $ (0.04) | $ (0.09) | $ 0.34 | $ (0.22) | $ 2.93 | $ (2.39) | $ (1.29) | $ 0.35 | $ (1.18) | $ (5.98) |
Basic earnings per share from discontinued operations (in dollars per share) | 1.04 | 0.76 | 0.95 | 1.34 | 1.27 | 0.44 | 1.13 | 0.54 | 4.09 | 3.37 | 15.74 |
Basic earnings per share (in dollars per share) | 1.18 | 0.72 | 0.86 | 1.68 | 1.05 | 3.37 | (1.26) | (0.75) | 4.44 | 2.19 | 9.76 |
Diluted earnings per share from continuing operations (in dollars per share) | 0.14 | (0.04) | (0.09) | 0.34 | (0.22) | 2.92 | (2.39) | (1.29) | 0.35 | (1.18) | (5.98) |
Diluted earnings per share from discontinued operations (in dollars per share) | 1.02 | 0.76 | 0.95 | 1.34 | 1.27 | 0.44 | 1.13 | 0.54 | 4.04 | 3.37 | 15.74 |
Diluted earnings per share (in dollars per share) | $ 1.16 | $ 0.72 | $ 0.86 | $ 1.68 | $ 1.05 | $ 3.36 | $ (1.26) | $ (0.75) | $ 4.39 | $ 2.19 | $ 9.76 |
Weighted average number of anti-dilutive shares excluded from denominator (in shares) | 0 | 0.2 | 0.2 |
QUARTERLY RESULTS (UNAUDITED)_2
QUARTERLY RESULTS (UNAUDITED) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2021 | Jul. 04, 2021 | Apr. 04, 2021 | Jan. 03, 2021 | Sep. 30, 2020 | Jun. 28, 2020 | Mar. 29, 2020 | Dec. 29, 2019 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 | |
Schedule of Investments [Line Items] | |||||||||||
Revenue | $ 757.8 | $ 743.8 | $ 760.3 | $ 736.2 | $ 736.9 | $ 702.7 | $ 608.7 | $ 573.8 | $ 2,998.1 | $ 2,622.1 | $ 2,446.4 |
Gross profit | 258.2 | 262.6 | 261 | 252.8 | 254.2 | 252.4 | 200.2 | 171.4 | 1,034.6 | 878.1 | 819.6 |
Net income (loss) from continuing operations attributable to controlling interest | 6 | (1.8) | (3.7) | 14.7 | (9.6) | 126.1 | (107.6) | (61.6) | 15.1 | (52.7) | (303) |
Net income from discontinued operations attributable to controlling interest | 44.2 | 32.5 | 40.4 | 57.4 | 55 | 19 | 50.7 | 25.8 | 174.5 | 150.5 | 797.5 |
Net income attributable to controlling interest | $ 50.2 | $ 30.7 | $ 36.7 | $ 72.1 | $ 45.4 | $ 145.1 | $ (56.9) | $ (35.8) | $ 189.6 | $ 97.8 | $ 494.5 |
Earnings Per Share | |||||||||||
Basic earnings per share from continuing operations (in dollars per share) | $ 0.14 | $ (0.04) | $ (0.09) | $ 0.34 | $ (0.22) | $ 2.93 | $ (2.39) | $ (1.29) | $ 0.35 | $ (1.18) | $ (5.98) |
Basic earnings per share from discontinued operations (in dollars per share) | 1.04 | 0.76 | 0.95 | 1.34 | 1.27 | 0.44 | 1.13 | 0.54 | 4.09 | 3.37 | 15.74 |
Basic earnings per share (in dollars per share) | 1.18 | 0.72 | 0.86 | 1.68 | 1.05 | 3.37 | (1.26) | (0.75) | 4.44 | 2.19 | 9.76 |
Diluted earnings per share from continuing operations (in dollars per share) | 0.14 | (0.04) | (0.09) | 0.34 | (0.22) | 2.92 | (2.39) | (1.29) | 0.35 | (1.18) | (5.98) |
Diluted earnings per share from discontinued operations (in dollars per share) | 1.02 | 0.76 | 0.95 | 1.34 | 1.27 | 0.44 | 1.13 | 0.54 | 4.04 | 3.37 | 15.74 |
Diluted earnings per share (in dollars per share) | $ 1.16 | $ 0.72 | $ 0.86 | $ 1.68 | $ 1.05 | $ 3.36 | $ (1.26) | $ (0.75) | $ 4.39 | $ 2.19 | $ 9.76 |
SB/RH | |||||||||||
Schedule of Investments [Line Items] | |||||||||||
Revenue | $ 757.8 | $ 743.8 | $ 760.3 | $ 736.2 | $ 736.9 | $ 702.7 | $ 608.7 | $ 573.8 | $ 2,998.1 | $ 2,622.1 | $ 2,446.4 |
Gross profit | 258.2 | 262.6 | 261 | 252.8 | 254.2 | 252.4 | 200.2 | 171.4 | 1,034.6 | 878.1 | 819.6 |
Net income (loss) from continuing operations attributable to controlling interest | 6.2 | (0.9) | (3.2) | 15.1 | (13.5) | 70.1 | (106) | (59.3) | 17.1 | (108.7) | (262.1) |
Net income from discontinued operations attributable to controlling interest | 44 | 32.6 | 40.4 | 57.4 | 55.9 | 18.7 | 51.6 | 24.4 | 174.5 | 150.5 | 803.4 |
Net income attributable to controlling interest | $ 50.2 | $ 31.7 | $ 37.2 | $ 72.5 | $ 42.4 | $ 88.8 | $ (54.4) | $ (34.9) | $ 191.6 | $ 41.8 | $ 541.3 |