Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Sep. 30, 2017 | Nov. 10, 2017 | Mar. 31, 2017 | |
Entity [Abstract] | |||
Entity Registrant Name | ENERGIZER HOLDINGS, INC. | ||
Entity Central Index Key | 1,632,790 | ||
Current Fiscal Year End Date | --09-30 | ||
Entity Filer Category | Large Accelerated Filer | ||
Trading Symbol | ENR | ||
Document Type | 10-K | ||
Document Period End Date | Sep. 30, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well Known Seasoned Issuer | No | ||
Entity Public Float | $ 3,447,187,408 | ||
Entity Common Stock, Shares Outstanding | 60,738,749 |
CONSOLIDATED STATEMENTS OF EARN
CONSOLIDATED STATEMENTS OF EARNINGS AND COMPREHENSIVE INCOME - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Net sales | $ 1,755.7 | $ 1,634.2 | $ 1,631.6 |
Cost of products sold | 944.4 | 921.8 | 875.4 |
Gross profit | 811.3 | 712.4 | 756.2 |
Selling, general and administrative expense | 349.6 | 352.6 | 426.3 |
Advertising and sales promotion expense | 116.1 | 102.4 | 132.3 |
Research and development expense | 22 | 26.6 | 24.9 |
Amortization of intangible assets | 11.2 | 2.8 | 0 |
Venezuela deconsolidation charge | 0 | 0 | 65.2 |
Restructuring | (2.5) | 4.9 | 13.1 |
Gain on sale of real estate | (16.9) | 0 | 0 |
Interest expense | 53.1 | 54.3 | 77.9 |
Other items, net | 6.7 | (0.3) | (18.4) |
Earnings/(loss) before income taxes | 273.3 | 165.7 | (0.7) |
Income tax provision | 71.8 | 38 | 3.3 |
Net earnings/(loss) | $ 201.5 | $ 127.7 | $ (4) |
Earnings Per Share | |||
Basic net earnings/(loss) per share (in dollars per share) | $ 3.27 | $ 2.06 | $ (0.06) |
Diluted net earnings/(loss) per share (in dollars per share) | 3.22 | 2.04 | (0.06) |
Dividend Per Common Share (in dollars per share) | $ 1.10 | $ 1 | $ 0.25 |
Statement of Comprehensive Income/(Loss) | |||
Net earnings/(loss) | $ 201.5 | $ 127.7 | $ (4) |
Other comprehensive income/(loss), net of tax expense/(benefit) | |||
Foreign currency translation adjustments | 6.3 | 10.2 | (81.7) |
Pension activity, net of tax of $9.0 in 2017, ($6.2) in 2016 and ($19.7) in 2015 | 20.5 | (20.1) | (37.2) |
Deferred gain/(loss) on hedging activity, net of tax of $1.7 in 2017, ($3.2) in 2016 and ($2.3) in 2015 | 0.5 | (6.9) | (4.8) |
Total comprehensive income/(loss) | 228.8 | 110.9 | (127.7) |
Spin-off | |||
Restructuring | (3.8) | 5.8 | 39.1 |
2013 restructuring | |||
Restructuring | $ 0 | $ 2.5 | $ 9.6 |
CONSOLIDATED STATEMENTS OF EAR3
CONSOLIDATED STATEMENTS OF EARNINGS AND COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Income Statement [Abstract] | |||
Pension activity, tax | $ 9 | $ (6.2) | $ (19.7) |
Deferred gain/(loss) on hedging activity, tax | $ 1.7 | $ (3.2) | $ (2.3) |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Sep. 30, 2017 | Sep. 30, 2016 |
Current assets | ||
Cash and cash equivalents | $ 378 | $ 287.3 |
Trade receivables, net | 230.2 | 190.9 |
Inventories | 317.1 | 289.2 |
Other current assets | 94.9 | 122.1 |
Total current assets | 1,020.2 | 889.5 |
Property, plant and equipment, net | 176.5 | 201.7 |
Goodwill | 230 | 229.7 |
Other intangible assets, net | 223.8 | 234.7 |
Deferred tax asset | 47.7 | 63.7 |
Other assets | 125.4 | 112.2 |
Total assets | 1,823.6 | 1,731.5 |
Current liabilities | ||
Current maturities of long-term debt | 4 | 4 |
Note payable | 104.1 | 57.4 |
Accounts payable | 219.3 | 217 |
Other current liabilities | 254.6 | 254.7 |
Total current liabilities | 582 | 533.1 |
Long-term debt | 978.5 | 981.7 |
Other liabilities | 178 | 246.7 |
Total liabilities | 1,738.5 | 1,761.5 |
Shareholders' equity/(deficit) | ||
Common stock | 0.6 | 0.6 |
Additional paid-in capital | 196.7 | 194.6 |
Retained earnings | 198.7 | 70.9 |
Common stock in treasury, at cost, 1,711,858 and 747,475 shares in 2017 and 2016, respectively | (72.1) | (30) |
Accumulated other comprehensive loss | (238.8) | (266.1) |
Total shareholders' equity/(deficit) | 85.1 | (30) |
Total liabilities and shareholders' equity/(deficit) | $ 1,823.6 | $ 1,731.5 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Sep. 30, 2017 | Sep. 30, 2016 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock issued (in shares) | 62,420,421 | 62,420,421 |
Treasury shares (in shares) | 1,711,858 | 747,475 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Cash Flow from Operating Activities | |||
Net earnings/(loss) | $ 201.5 | $ 127.7 | $ (4) |
Adjustments to reconcile net earnings/(loss) to net cash flow from operations: | |||
Non-cash restructuring (income)/costs | (2.5) | 4.9 | 13.1 |
Depreciation and amortization | 50.2 | 34.3 | 41.8 |
Venezuela deconsolidation charge | 0 | 0 | 65.2 |
Deferred income taxes | (4.4) | 4.2 | (7.1) |
Share based compensation expense | 24.3 | 20.4 | 13.5 |
Gain on sale of real estate | (16.9) | 0 | 0 |
Non-cash items included in income, net | 6.2 | 13.1 | (13) |
Other, net | (28.7) | (22) | (9.4) |
Changes in assets and liabilities used in operations, net of acquisitions | |||
(Increase)/Decrease in trade receivables, net | (43.7) | (4.1) | 9.7 |
(Increase)/Decrease in inventories | (30.7) | 11.9 | (0.1) |
Decrease in other current assets | 20.8 | 10.4 | 3.5 |
Increase/(Decrease) in accounts payable | 13.4 | 43.7 | (18.2) |
Increase/(Decrease) in other current liabilities | 7.7 | (50.6) | 66.8 |
Net cash flow from operating activities | 197.2 | 193.9 | 161.8 |
Cash Flow from Investing Activities | |||
Capital expenditures | (25.2) | (28.7) | (40.4) |
Proceeds from sale of assets | 27.2 | 1.5 | 13.7 |
Acquisitions, net of cash acquired | 0 | (344) | (12.1) |
Net cash from/(used by) investing activities | 2 | (371.2) | (38.8) |
Cash Flow from Financing Activities | |||
Net transfers to Edgewell | 0 | 0 | (648.8) |
Cash Proceeds from issuance of debt with original maturities greater than 90 days | 0 | 0 | 999 |
Payments on debt with maturities greater than 90 days | (4) | (3) | (1) |
Net increase/(decrease) in debt with maturities 90 days or less | 36.5 | 58.9 | (12.4) |
Dividends paid | (69.1) | (62.7) | (15.5) |
Debt issuance costs | (0.8) | (1.6) | (12.1) |
Common stock purchased | (59.5) | (31.8) | 0 |
Excess tax benefits from share-based payments | 0 | 1 | 0 |
Taxes paid for withheld share-based payments | (10) | (6.2) | 0 |
Net cash (used by)/from financing activities | (106.9) | (45.4) | 309.2 |
Effect of exchange rate changes on cash | (1.6) | 7.9 | (19.7) |
Net increase/(decrease) in cash and cash equivalents | 90.7 | (214.8) | 412.5 |
Cash and cash equivalents, beginning of period | 287.3 | 502.1 | 89.6 |
Cash and cash equivalents, end of period | $ 378 | $ 287.3 | $ 502.1 |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY/(DEFICIT) - USD ($) shares in Thousands, $ in Millions | Total | Common Stock | Additional Paid-in Capital | Retained Earnings | Net Investment of Edgewell | Accumulated Other Comprehensive (Loss)/Income | Treasury Stock |
Beginning Balance at Sep. 30, 2014 | $ 724.5 | $ 0 | $ 0 | $ 0 | $ 756.2 | $ (31.7) | $ 0 |
Beginning balance (in shares) at Sep. 30, 2014 | 0 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net earnings/(loss) | (4) | 23.1 | (27.1) | ||||
Net decrease in Edgewell investment | (946.6) | (946.6) | |||||
Separation related adjustments | 299.6 | 393.5 | (93.9) | ||||
Reclassification of net investment to additional paid-in capital | 176 | (176) | |||||
Issuance of common stock at spin-off | $ 0.6 | (0.6) | |||||
Issuance of common stock at spin-off, shares | 62,193 | ||||||
Share based payments | 6.3 | 6.3 | |||||
Activity under stock plans, shares | 2 | ||||||
Dividends to shareholders | (16.2) | (16.2) | |||||
Other comprehensive loss | (123.7) | (123.7) | |||||
Ending Balance at Sep. 30, 2015 | (60.1) | $ 0.6 | 181.7 | 6.9 | 0 | (249.3) | 0 |
Ending Balance (in shares) at Sep. 30, 2015 | 62,195 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net earnings/(loss) | 127.7 | 127.7 | |||||
Share based payments | 20.4 | 20.4 | |||||
Activity under stock plans, shares | 311 | ||||||
Dividends to shareholders | (63.7) | (63.7) | |||||
Common stock purchased | $ (32.6) | (32.6) | |||||
Common stock purchased, shares | (833) | (833) | |||||
Activity under stock plans | $ (4.9) | (7.5) | 2.6 | ||||
Other comprehensive loss | (16.8) | (16.8) | |||||
Ending Balance at Sep. 30, 2016 | (30) | $ 0.6 | 194.6 | 70.9 | 0 | (266.1) | (30) |
Ending Balance (in shares) at Sep. 30, 2016 | 61,673 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net earnings/(loss) | 201.5 | 201.5 | |||||
Share based payments | 24.3 | 24.3 | |||||
Activity under stock plans, shares | 425 | ||||||
Dividends to shareholders | (69.3) | (69.3) | |||||
Common stock purchased | $ (58.7) | (58.7) | |||||
Common stock purchased, shares | (1,389) | (1,389) | |||||
Activity under stock plans | $ (10) | (22.2) | (4.4) | 16.6 | |||
Other comprehensive loss | 27.3 | 27.3 | |||||
Ending Balance at Sep. 30, 2017 | $ 85.1 | $ 0.6 | $ 196.7 | $ 198.7 | $ 0 | $ (238.8) | $ (72.1) |
Ending Balance (in shares) at Sep. 30, 2017 | 60,709 |
Description of Business and Bas
Description of Business and Basis of Presentation | 12 Months Ended |
Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
Description of Business and Basis of Presentation | Description of Business and Basis of Presentation Description of Business – Energizer Holdings, Inc. and its subsidiaries (Energizer or the Company) is a global manufacturer, marketer and distributer of household batteries, specialty batteries and portable lights under the Energizer® and Eveready® brand names. Energizer offers batteries using lithium, alkaline, carbon zinc, nickel metal hydride, zinc air and silver oxide constructions. On July 1, 2016, Energizer expanded its portfolio of brands with an acquisition of a leading designer and marketer of automotive fragrance and appearance products (auto care acquisition). With the auto care acquisition, the Company's brands now include Refresh Your Car!®, California Scents®, Driven®, Bahama & Co.®, LEXOL® and Eagle One®. On July 1, 2015, Energizer completed its legal separation from our former parent company, Edgewell Personal Care Company (Edgewell), via a tax free spin-off (the Spin-off or Spin). Energizer operates as an independent, publicly traded company on the New York Stock Exchange trading under the symbol "ENR." Basis of Presentation – The consolidated financial statements include the accounts of Energizer and its subsidiaries. All significant intercompany transactions are eliminated. Energizer has no material equity method investments or variable interests. Prior to the Spin-off on July 1, 2015, our financial statements were prepared on a combined standalone basis derived from the financial statements and accounting records of Edgewell and included expense allocations for: (1) certain product warehousing and distribution; (2) various transaction process functions; (3) a consolidated sales force and management for certain countries; (4) certain support functions that were provided on a centralized basis within Edgewell and not recorded at the business division level, including, but not limited to, finance, audit, legal, information technology, human resources, communications, facilities, and compliance; (5) employee benefits and compensation; (6) share-based compensation; (7) financing costs; (8) the effects of restructurings and the Venezuela deconsolidation; and (9) cost of early debt retirement. These expenses were allocated to Energizer on the basis of direct usage where identifiable, with the remainder allocated on a basis of global net sales, cost of sales, operating income, headcount or other measures of Energizer and Edgewell. Management believes the assumptions regarding allocated expenses, reasonably reflect the utilization of services provided to or the benefit received by Energizer during the periods prior to the Spin-off. Nevertheless, the allocations may not include all of the actual expenses that would have been incurred by Energizer and may not reflect our results of operations, financial position and cash flows had we been an independent standalone company during the periods prior to July 1, 2015. It is not practicable to estimate actual costs that would have been incurred had Energizer been a standalone company during the periods prior to the Spin-off. Actual costs that would have been incurred if Energizer had been a standalone company would depend on multiple factors, including organizational structure and strategic decisions made in various areas, including information technology and infrastructure. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Energizer’s significant accounting policies, which conform to GAAP and are applied on a consistent basis in all years presented, except as indicated, are described below. Use of Estimates – The preparation of the Company's Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses. On an ongoing basis, Energizer evaluates its estimates, including those related to customer promotional programs and incentives, product returns, bad debts, the carrying value of inventories, intangible and other long-lived assets, income taxes, pensions and other postretirement benefits, share-based compensation, contingencies and acquisitions. Actual results could differ materially from those estimates. In regard to ongoing impairment testing of goodwill and indefinite lived intangible assets, significant deterioration in future cash flow projections, changes in discount rates used in discounted cash flow models or changes in other assumptions used in estimating fair values, versus those anticipated at the time of the initial acquisition, as well as subsequent estimated valuations, could result in impairment charges that may materially affect the financial statements in a given year. Cash and Cash Equivalents – Cash and cash equivalents consist of cash on hand and marketable securities with original maturities of three months or less. At September 30, 2017 and 2016, Energizer had $378.0 and $287.3 , respectively, in available cash, 98% and 96% of which was outside of the U.S., respectively. The Company has extensive operations, including a significant manufacturing footprint outside of the U.S. We manage our worldwide cash requirements by reviewing available funds among the many subsidiaries through which we conduct our business and the cost effectiveness with which those funds can be accessed. The repatriation of cash balances from certain of our subsidiaries could have adverse tax consequences or be subject to regulatory capital requirements; however, those balances are generally available without legal restrictions to fund ordinary business operations. U.S. income taxes have not been provided on a significant portion of undistributed earnings of international subsidiaries. Our intention is to reinvest these earnings indefinitely. Foreign Currency Translation – Financial statements of foreign operations where the local currency is the functional currency are translated using end-of-period exchange rates for assets and liabilities and average exchange rates during the period for results of operations. Related translation adjustments are reported as a component within accumulated other comprehensive income in the equity section of the Consolidated Balance Sheets, except as noted in Note 6, Venezuela. Financial Instruments and Derivative Securities – Energizer uses financial instruments, from time to time, in the management of foreign currency, interest rate risk and commodity price risks that are inherent to its business operations. Such instruments are not held or issued for trading purposes. Every derivative instrument (including certain derivative instruments embedded in other contracts) is required to be recorded on the balance sheet at fair value as either an asset or liability. Changes in fair value of recorded derivatives are required to be recognized in earnings unless specific hedge accounting criteria are met. Foreign exchange instruments, including currency forwards, are used primarily to reduce cash transaction exposures and to manage other translation exposures. Foreign exchange instruments used are selected based on their risk reduction attributes, costs and the related market conditions. The Company has designated certain foreign currency contracts as cash flow hedges for accounting purposes as of September 30, 2017 and 2016 . The Company has interest rate risk with respect to interest expense on variable rate debt. The Company is party to an interest rate swap agreement with one major financial institution that fixes the variable benchmark component (LIBOR) on $200.0 of the Company's variable rate debt at September 30, 2017 and 2016. Energizer uses raw materials that are subject to price volatility. The Company may use hedging instruments to reduce exposure to variability in cash flows associated with future purchases of commodities. There were no outstanding derivative contracts for the future purchases of commodities as of September 30, 2017 and 2016. Cash Flow Presentation – The Consolidated Statements of Cash Flows are prepared using the indirect method, which reconciles net earnings to cash flow from operating activities. The reconciliation adjustments include the removal of timing differences between the occurrence of operating receipts and payments and their recognition in net earnings. The adjustments also remove cash flows arising from investing and financing activities, which are presented separately from operating activities. Cash flows from foreign currency transactions and operations are translated at an average exchange rate for the period. Cash flows from hedging activities are included in the same category as the items being hedged, which is primarily operating activities. Cash payments related to income taxes are classified as operating activities. Trade Receivables, net – Trade receivables are stated at their net realizable value. The allowance for doubtful accounts reflects the Company's best estimate of probable losses inherent in the receivables portfolio determined on the basis of historical experience, specific allowances for known troubled accounts and other currently available information. Bad debt expense is included in Selling, general and administrative expense (SG&A) in the Consolidated Statements of Earnings and Comprehensive Income. Trade Receivables, net consists of: September 30, 2017 2016 Trade Receivables $ 236.0 $ 197.8 Allowance for returns and doubtful accounts (5.8 ) (6.9 ) Trade Receivables, net $ 230.2 $ 190.9 Inventories – Inventories are valued at the lower of cost or market, with cost generally being determined using average cost or the first-in, first-out (FIFO) method. The Company records a reserve for excess and obsolete inventory based upon the historical usage rates, sales patterns of its products and specifically-identified obsolete inventory. Capitalized Software Costs – Capitalized software costs are included in other assets. These costs are amortized using the straight-line method over periods of related benefit ranging from three to seven years. Expenditures related to capitalized software are included in the Capital expenditures caption in the Consolidated Statements of Cash Flows. For the twelve months ended September 30, 2017 , 2016 and 2015 , amortization expense was $5.3 , $3.6 and $4.7 , respectively. Property, Plant and Equipment, net – Property, plant and equipment, net is stated at historical costs. Expenditures for new facilities and expenditures that substantially increase the useful life of property, including interest during construction, are capitalized and reported in the Capital expenditures caption in the Consolidated Statements of Cash Flows. Maintenance, repairs and minor renewals are expensed as incurred. When property is retired or otherwise disposed of, the related cost and accumulated depreciation are removed from the accounts, and gains or losses on the disposition are reflected in earnings. Depreciation is generally provided on the straight-line basis by charges to pre-tax earnings at rates based on estimated useful lives. Estimated useful lives range from two to twenty-five years for machinery and equipment and three to thirty years for buildings and building improvements. Depreciation expense in 2017, 2016, and 2015 was $33.7 , $27.9 , and $37.1 , respectively, excluding accelerated depreciation charges of $2.4 and $9.1 , in 2016 and 2015, respectively, primarily related to certain manufacturing assets including properly, plant, and equipment located at the facilities that were closed or streamlined. See Note 4, Restructuring, of the Notes to the Consolidated Financial Statements. Estimated useful lives are periodically reviewed and, when appropriate, changes are made prospectively. When certain events or changes in operating conditions occur, asset lives may be adjusted and an impairment assessment may be performed on the recoverability of the carrying amounts. Impairment of Long-Lived Assets – Energizer reviews long-lived assets, other than goodwill and other intangible assets for impairment, when events or changes in business circumstances indicate that the remaining useful life may warrant revision or that the carrying amount of the long-lived asset may not be fully recoverable. Energizer performs undiscounted cash flow analysis to determine if impairment exists. If impairment is determined to exist, any related impairment loss is calculated based on estimated fair value. Impairment losses on assets to be disposed of, if any, are based on the estimated proceeds to be received, less cost of disposal. In November 2012, Edgewell’s Board of Directors authorized an enterprise-wide restructuring plan, which included the closure of certain facilities in fiscal 2013, 2014 and 2015. As a result of the Spin-off, Energizer was allocated and recorded a portion of these expenses including accelerated depreciation charges of $9.1 for the twelve months ended September 30, 2015, related primarily to certain manufacturing assets including property, plant and equipment located at the facilities that were closed or streamlined. This restructuring plan has concluded. Goodwill and Other Intangible Assets – Goodwill and indefinite-lived intangibles are not amortized, but are evaluated annually for impairment as part of the Company's annual business planning cycle in the fourth fiscal quarter, or when indicators of a potential impairment are present. Intangible assets with finite lives are amortized on a straight-line basis over expected lives. Such intangibles are also evaluated for impairment including ongoing monitoring of potential impairment indicators. Revenue Recognition – Energizer’s revenue is from the sale of its products. Revenue is recognized when title, ownership and risk of loss pass to the customer. Discounts are offered to customers for early payment and an estimate of the discount is recorded as a reduction of net sales in the same period as the sale. Our standard sales terms are final and returns or exchanges are not permitted unless a special exception is made. Reserves are established and recorded in cases where the right of return does exist for a particular sale. Energizer offers a variety of programs, such as consumer coupons and similar consumer rebate programs, primarily to its retail customers, designed to promote sales of its products. Such programs require periodic payments and allowances based on estimated results of specific programs and are recorded as a reduction to net sales. Energizer accrues, at the time of sale, the estimated total payments and allowances associated with each transaction. Additionally, Energizer offers programs directly to consumers to promote the sale of its products. Promotions which reduce the ultimate consumer sale prices are recorded as a reduction of net sales at the time the promotional offer is made, generally using estimated redemption and participation levels. Revenue is recorded net of the taxes we collect on behalf of governmental authorities which are generally included in the price to the customer. Energizer continually assesses the adequacy of accruals for customer and consumer promotional program costs not yet paid. To the extent total program payments differ from estimates, adjustments may be necessary. Historically, these adjustments have not been material. Advertising and Sales Promotion Costs – The Company advertises and promotes its products through national and regional media and expenses such activities as incurred. Advertising costs were $86.2 , $65.0 , and $87.5 for the fiscal years ended September 30, 2017 , 2016 , 2015 , respectively. Research and Development Costs - The Company expenses research and development costs as incurred. Income Taxes – Our annual effective income tax rate is determined based on our income, statutory tax rates and the tax impacts of items treated differently for tax purposes than for financial reporting purposes. Tax law requires certain items be included in the tax return at different times than the items are reflected in the financial statements. Some of these differences are permanent, such as expenses that are not deductible in our tax return, and some differences are temporary, reversing over time, such as depreciation expense. These temporary differences create deferred tax assets and liabilities. The Company has repatriated a portion of current year earnings from select non-U.S. subsidiaries. Generally, these non-U.S. subsidiaries are in tax jurisdictions with effective tax rates that do not result in materially higher U.S. tax provisions related to the repatriated earnings. No provision is made for additional taxes on undistributed earnings of foreign affiliates that are intended and planned to be indefinitely invested in foreign affiliates. The Company intends to reinvest these earnings indefinitely in our foreign subsidiaries to fund local operations, fund strategic growth objectives, and fund capital projects. See Note 8, Income Taxes, for further discussion. The Company estimates income taxes and the effective income tax rate in each jurisdiction that it operates. This involves estimating taxable earnings, specific taxable and deductible items, the likelihood of generating sufficient future taxable income to utilize deferred tax assets, the portion of the income of foreign subsidiaries that is expected to be remitted to the U.S. and be taxable and possible exposures related to future tax audits. Deferred tax assets are evaluated on a subsidiary by subsidiary basis to ensure that the asset will be realized. Valuation allowances are established when the realization is not deemed to be more likely than not. Future performance is monitored, and when objectively measurable operating trends change, adjustments are made to the valuation allowances accordingly. To the extent the estimates described above change, adjustments to income taxes are made in the period in which the estimate is changed. The Company operates in multiple jurisdictions with complex tax and regulatory environments, which are subject to differing interpretations by the taxpayer and the taxing authorities. At times, the Company may take positions that management believes are supportable, but are potentially subject to successful challenges by the appropriate taxing authority. The Company evaluates its tax positions and establishes liabilities in accordance with guidance governing accounting for uncertainty in income taxes. The Company reviews these tax uncertainties in light of the changing facts and circumstances, such as the progress of tax audits, and adjusts them accordingly. Share-Based Payments – The Company grants restricted stock equivalents, which generally vest over two to four years. Stock compensation expense is measured at the grant date based on the estimated fair value of the award and is recognized on a straight-line basis over the full restriction period of the award, with forfeitures recognized as they occur. Estimated Fair Values of Financial Instruments – Certain financial instruments are required to be recorded at the estimated fair value. Changes in assumptions or estimation methods could affect the fair value estimates; however, we do not believe any such changes would have a material impact on our financial condition, results of operations or cash flows. Other financial instruments including cash and cash equivalents and short-term borrowings, including notes payable, are recorded at cost, which approximates estimated fair value. Reclassifications - Certain reclassifications have been made to the prior year financial statements to conform to the current presentation. Recently Adopted Accounting Pronouncements – During the year ended September 30, 2017, the Company adopted ASU 2015-07, Fair Value Measurement (Topic 820). This ASU removes the requirement to categorize investments for which fair values are measured using the net asset value per share (NAV) in the fair value hierarchy. As a result of this ASU, Energizer's pension plan assets, as disclosed in Note 12, Pension Plans, that are valued using their NAV are no longer disclosed in the fair value hierarchy disclosures of ASC 820, Fair Value Measurements. During the quarter ended December 31, 2016, the Company early adopted FASB ASU 2016-09, Compensation - Stock Compensation . ASU 2016-09 simplifies the accounting for share-based payment transactions, including the income tax consequences and classifications on the statement of cash flows. The provisions in ASU 2016-09 resulted in the following impacts upon adoption: Excess tax benefits created upon the vesting of restricted stock equivalent awards (RSEA) are now recorded within the income tax provision. These amounts were previously recorded as an adjustment to Additional paid in capital. During the twelve months ended September 30, 2017, $1.6 was recorded as a benefit in our income tax provision. This ASU provision was applied on a modified retrospective basis; however no cumulative effect adjustment was necessary to retained earnings. Excess tax benefits are now required to be classified with other income tax cash flows as a Cash Flow from Operating Activities. This was previously reported as a Cash Flow from Financing Activity. The $1.6 excess tax benefit for the twelve months ended September 30, 2017 is reflected within the Changes in current assets and liabilities used in operations line. The Company has applied this provision prospectively and the comparable prior year amount of $1.0 is reflected in Cash Flow from Financing Activities. Cash paid by an employer when directly withholding shares for tax withholding purposes are now required to be classified as a Cash Flow from Financing Activities. For the twelve months ended September 30, 2017 and September 30, 2016, the Company has reported $10.0 and $6.2 , respectively, for Taxes paid for withheld share payments as a Cash Flow used by Financing Activity. This presentation is consistent with prior year. No other provisions of this guidance had an impact on the financial statements. During the quarter ended December 31, 2016, the Company adopted ASU 2015-05, Intangibles Goodwill and other internal-use software (Subtopic 350-40), which provides criteria to review cloud computing arrangements to determine whether the arrangement contains a software license or is solely a service contract. If the arrangement is determined to be a software license, fees paid to the vendor would be within the scope of internal-use software guidance. If not, the fees paid would be expensed as incurred. The Company's historical accounting for cloud computing arrangements was consistent with this guidance and no change in accounting was required. During the quarter ended December 31, 2016, the Company adopted FASB ASU 2014-15, Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern , which requires management to assess the Company's ability to continue as a going concern and to provide related disclosures in certain circumstances. Management's assessment discovered no uncertainties about the Company's ability to continue as a going concern. Recently Issued Accounting Pronouncements – On May 28, 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers, which provides a single comprehensive revenue recognition model for all contracts with customers to improve comparability within industries, across industries and across capital markets. On August 12, 2015, the FASB issued a one-year deferral of the effective date of the ASU. The update is effective for Energizer beginning October 1, 2018. The Company is currently assessing the new standard against its current accounting policies and procedures, through activities that include analysis of standard sales transactions and terms, coordination and discussion with our commercial teams and reviewing contracts with customers. The Company plans to adopt the new standard on a modified retrospective basis at the effective date. While the Company’s assessment is not yet complete, the new guidance is not expected to have a material impact on the Company’s consolidated financial position, results of operations or cash flows. The Company is still assessing the overall impact on the Company’s disclosures. On July 22, 2015, the FASB issued ASU 2015-11, Inventory (Topic 330), which aligns the measurement of inventory under GAAP more closely with International Financial Reporting Standards. Under the new guidance, an entity that measures inventory using the first-in, first-out or average cost should measure inventory at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. The update is effective for Energizer beginning October 1, 2017 and will not have a material impact. On February 25, 2016, the FASB issued ASU 2016-02, Leases . This ASU aligns the measurement of leases under GAAP more closely with International Financial Reporting Standards by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. The amendments in this update will be effective for Energizer beginning October 1, 2019 with early adoption permitted. Energizer is in the process of evaluating the impact the revised guidance will have on its financial statements. On August 26, 2016, the FASB issued ASU 2016-15, Statement of Cash Flows- Classification of Certain Cash Receipts and Cash Payments, which is intended to reduce diversity in practice in how certain transactions are classified in the statements of cash flows. This update will be effective for Energizer beginning October 1, 2018. The Company is currently assessing the impact the revised guidance will have on our current classification on the Statement of Cash Flow. On October 24, 2016, the FASB issued ASU 2016-16, Intra-entity Transfers of Assets Other Than Inventory . This ASU requires tax expense to be recognized from the sale of intra-entity assets, other than inventory, when the transfer occurs, even though the effects of the transaction are eliminated in consolidation. Under the current guidance, the tax effects of transfers would have been deferred until the transferred asset was sold or otherwise recovered through use. Upon adoption, any deferred charge previously established upon the intra-company transfer would be recorded as a cumulative effect adjustment to retained earnings. At September 30, 2016, the Company had a deferred charge of $51.2 included in Other assets. During the quarter ended December 31, 2016, new IRS regulations were passed that resulted in the recognition of an additional deferred charge. As of September 30, 2017, the total deferred charge is $59.2 . The update will be effective for Energizer beginning October 1, 2018 with early adoption permitted in the first interim period of a fiscal year. The Company expects to adopt the new guidance during the first quarter of fiscal 2018. On January 5, 2017, the FASB issued ASU 2017-01, Clarifying the Definition of a Business . This ASU creates a more practical definition and guidelines to determine whether a set of assets and activities is a business. This simplifies the decision making process of determining whether a purchase constitutes a business combination or an acquisition of assets. This ASU is effective for the Company for any new acquisitions starting October 1, 2018. On January 26, 2017, the FASB issued ASU 2017-04, Simplifying the Test for Goodwill Impairment . This ASU eliminates the need to assign the fair value of a reporting unit to each of its assets and liabilities when quantifying an impairment charge. The impairment charge would now be determined based on the comparison of the fair value of a reporting unit to its carrying amount. The Company will adjust its goodwill testing procedures accordingly upon adoption. This ASU is effective for the Company starting with its annual goodwill impairment tests for fiscal year 2021. On March 10, 2017, the FASB issued ASU 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost . This ASU requires the service component of the net periodic pension cost to be reported in the same income statement line item as similar compensation costs, while all other pension cost components should be reported separately from the service cost component on the income statement. The update will be effective for Energizer beginning October 1, 2018 with early adoption permitted in the first interim period of a fiscal year. The Company expects to adopt the new guidance during the first quarter of fiscal 2018. The adoption will result in the service component of net periodic pension costs being accounted for in Selling, general and administrative expenses and the other components of net periodic pension costs being accounted for in Other items, net and will be applied retrospectively. On August 28, 2017, the FASB issued ASU 2017-12, Targeted Improvements to Accounting for Hedging Activities. This ASU intends to simplify hedge accounting and decrease complexity for both the preparation and understanding of hedging disclosures in the financial statements. This ASU is effective for the Company beginning October 1, 2019. The Company is currently assessing the impact the revised guidance will have on its accounting practices and financial statements. |
Spin Costs
Spin Costs | 12 Months Ended |
Sep. 30, 2017 | |
Restructuring and Related Activities [Abstract] | |
Spin Costs | Spin Costs The Company incurred costs associated with the evaluation, planning and execution of the Spin-off. During the twelve months ended September 30, 2017, the Company recorded income of $3.8 in spin restructuring which included $2.5 of income in the second quarter reflecting the true up of previously accrued contract termination costs related to the 2016 right-sizing of the corporate headquarters and the first quarter sale of a facility in North America that was previously closed as part of the spin for a gain of $1.3 . During the twelve months ended September 30, 2016, the Company incurred $16.2 in spin costs including $10.0 recorded in SG&A, $0.4 recorded in cost of products sold and $5.8 recorded in spin restructuring. Included in spin restructuring were contract termination costs related to the exit of a corporate office building as we right-sized our headquarters' footprint. The contract termination costs were $3.7 based on the estimated fair value of the future cash flows associated with this operating lease. For the twelve months ended September 30, 2015, the Company recorded spin costs of $163.9 , of which $97.6 was recorded in SG&A, $0.5 was recorded in cost of products sold, $39.1 was recorded in spin restructuring and $26.7 of cost of early debt retirement was recorded in interest expense. On a project to date basis, the total costs incurred and allocated to Energizer for the Spin-off were $197.6 , inclusive of the costs of early debt retirement recorded in fiscal 2015. We do not expect any additional costs related to spin. Energizer does not include the spin restructuring costs in the results of its reportable segments. The estimated impact of allocating such charges to segment results would have been as follows: Twelve Months Ended September 30, 2017 Americas EMEA Asia Pacific Corporate Total Contract termination costs $ — $ — $ — $ (2.5 ) $ (2.5 ) Net gain on asset sale (1.3 ) — — — (1.3 ) Total $ (1.3 ) $ — $ — $ (2.5 ) $ (3.8 ) Twelve Months Ended September 30, 2016 Americas EMEA Asia Pacific Corporate Total Severance and termination related costs $ (2.2 ) $ 1.1 $ 0.8 $ 0.5 $ 0.2 Non-cash asset write-down — 0.5 — — 0.5 Contract termination costs 3.7 — — — 3.7 Other exit costs 0.3 0.7 1.0 — 2.0 Net gain on asset sale — (0.6 ) — — (0.6 ) Total $ 1.8 $ 1.7 $ 1.8 $ 0.5 $ 5.8 Twelve Months Ended September 30, 2015 Americas EMEA Asia Pacific Corporate Total Severance and termination related costs $ 9.1 $ 6.0 $ 5.3 $ 12.0 $ 32.4 Non-cash asset write-down 3.2 0.2 0.6 — 4.0 Other exit costs 0.4 0.6 1.7 — 2.7 Total $ 12.7 $ 6.8 $ 7.6 $ 12.0 $ 39.1 The following tables represent the spin restructuring accrual activity and ending accrual balance at September 30, 2017 and September 30, 2016 on the Consolidated Balance Sheet. At September 30, 2016, $4.0 of the liability was recorded in Other current liabilities and the remaining $ 2.4 was recorded in Other liabilities. Utilized October 1, 2016 Charge to Income Cash Non-Cash September 30, 2017 Severance and termination related costs $ 2.8 $ — $ (2.8 ) $ — $ — Contract termination costs 3.6 (2.5 ) (1.1 ) — — Net gain on asset sale — (1.3 ) 1.3 — — Total $ 6.4 $ (3.8 ) $ (2.6 ) $ — $ — Utilized October 1, 2015 Charge to Income Cash Non-Cash September 30, 2016 Severance and termination related costs $ 12.0 $ 0.2 $ (9.4 ) $ — $ 2.8 Non-cash asset write down — 0.5 — (0.5 ) — Contract termination costs — 3.7 (0.1 ) — 3.6 Other exit costs 0.3 2.0 (2.3 ) — — Net gain on asset sale — (0.6 ) 0.6 — — Total $ 12.3 $ 5.8 $ (11.2 ) $ (0.5 ) $ 6.4 |
Restructuring
Restructuring | 12 Months Ended |
Sep. 30, 2017 | |
Restructuring and Related Activities [Abstract] | |
Restructuring | Restructuring 2013 Restructuring In November 2012, Edgewell’s Board of Directors authorized an enterprise-wide restructuring plan and delegated authority to Edgewell’s management to determine the final actions with respect to this plan (2013 restructuring project). This initiative impacted Edgewell’s Household Products and Personal Care businesses. In January 2014, Edgewell’s Board of Directors authorized an expansion of scope of the previously announced 2013 restructuring project. No restructuring expense was incurred in the period ending September 30, 2017. The pre-tax expense for charges and credits related to the 2013 restructuring project for Energizer for the twelve months ended September 30, 2016 and 2015 are noted in the tables below: Twelve Months Ended September 30, 2016 Americas EMEA Asia Pacific Corporate Total Severance and related benefit costs $ 0.3 $ — $ — $ — $ 0.3 Consulting, program management and other exit costs — — 0.2 — 0.2 Net loss on asset sale 2.0 — — — 2.0 Total $ 2.3 $ — $ 0.2 $ — $ 2.5 Twelve Months Ended September 30, 2015 Americas EMEA Asia Pacific Corporate Total Severance and related benefit costs $ 0.1 $ 0.5 $ 6.6 $ (0.2 ) $ 7.0 Accelerated depreciation — — 9.1 — 9.1 Consulting, program management and other exit costs 2.3 0.3 1.9 — 4.5 Net gain on asset sale — — (11.0 ) — (11.0 ) Total $ 2.4 $ 0.8 $ 6.6 $ (0.2 ) $ 9.6 Total pre-tax restructuring charges since the inception of the project and through September 30, 2017 , have totaled approximately $200 . The 2013 Restructuring project concluded as of September 30, 2016. For the twelve months ended September 30, 2016, Energizer recorded $2.5 in pre-tax restructuring charges related to the 2013 restructuring project as compared to $9.6 in fiscal 2015. Restructuring charges were reflected on a separate line in the Consolidated Statements of Earnings and Comprehensive Income. In addition, pre-tax costs of $3.1 associated with certain inventory obsolescence charges were recorded within Cost of products sold and $0.3 associated with information technology enablement activities were recorded within SG&A on the Consolidated Statements of Earnings and Comprehensive Income for the twelve months ended September 30, 2015. These inventory obsolescence and information technology costs are considered part of the total project costs incurred for the 2013 restructuring project. The following tables summarize the activity related to the 2013 restructuring project for the twelve months ended September 30, 2017 and 2016. Utilized October 1, 2016 Charge to Income Cash Non-Cash September 30, 2017 Severance and termination related costs $ 1.2 $ — $ (1.2 ) $ — $ — Other related costs 0.3 — (0.3 ) — — Total $ 1.5 $ — $ (1.5 ) $ — $ — Utilized October 1, 2015 Charge to Income Cash Non-Cash September 30, 2016 Severance and termination related costs $ 4.0 $ 0.2 $ (3.0 ) $ — $ 1.2 Other related costs — 0.3 — — 0.3 Net loss on asset sales — 2.0 — (2.0 ) — Total $ 4.0 $ 2.5 $ (3.0 ) $ (2.0 ) $ 1.5 Other Activities The Company is also streamlining certain manufacturing operations. During the twelve months ended September 30, 2016 and 2015, the Company recorded $2.4 of accelerated depreciation and $0.8 of severance, respectively, in Cost of products sold on the Consolidated Statements of Earnings and Comprehensive Income related to the streamlining of a plant in North America. The streamlining of this plant was completed in fiscal 2016. |
Acquisitions
Acquisitions | 12 Months Ended |
Sep. 30, 2017 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions On July 1, 2016, the Company acquired HandStands Holdings Corporation, a leading designer and marketer of automotive fragrance and appearance products, for a total purchase price of $340.0 plus working capital adjustments of $ 4.0 , net of acquired cash. The Company financed the acquisition with $300.0 of cash on hand and $44.0 of borrowings on our senior secured revolving credit facility (Revolving Facility). The Company initially utilized a $200.0 bridge loan and $144.0 of borrowings on our Revolving Facility to complete the transaction. In the month of July 2016, the bridge loan and $ 100.0 of our Revolving Facility borrowings were paid down utilizing cash on hand. The Company incurred an additional $1.2 of interest expense in July related to this outstanding bridge loan. The Company did not incur incremental U.S. taxes in the current year from utilizing foreign cash for this transaction. With the auto care acquisition, Energizer's brands now include Refresh Your Car!®, California Scents®, Driven®, Bahama & Co.®, LEXOL® and Eagle One®. The acquisition will allow the Company to expand its portfolio, increase presence at existing customers, and utilize its scale and global supply chain to drive efficiencies. The Company incurred $8.4 of acquisition and integration costs in the year ended September 30, 2017, of which $1.1 were recorded on Cost of products sold, $4.0 were recorded in SG&A, and $3.3 were recorded in Other items, net on the Consolidated Condensed Statements of Earnings and Comprehensive Income. The Company incurred $10.0 of acquisition and integration costs in the year ended September 30, 2016, which were recorded within SG&A on the Consolidated Condensed Statements of Earnings and Comprehensive Income. We have calculated fair values of assets and liabilities acquired for the auto care acquisition based on our valuation analysis. For purposes of the allocation, the Company determined a fair value adjustment for inventory based on the estimated selling price of finished goods on hand at the closing date less the sum of (a) costs of disposal and (b) a reasonable profit allowance for the selling effort of the acquiring entity. The fair value adjustment for the inventory of $8.1 was recorded as expense to Cost of products sold in the fourth quarter 2016 as that inventory was sold. The fair value adjustment for acquired property, plant and equipment was established using a cost approach. The fair values of the auto care acquisition's identifiable intangible assets were estimated using various valuation methods including discounted cash flows utilizing an income approach and relief from royalties. Deferred income tax impacts as a result of purchase accounting adjustments are reflected using the applicable statutory income tax rates. The purchase price allocation is as follows: Accounts receivable $ 22.5 Inventory 30.9 Other current assets 6.5 Property, plant and equipment 4.7 Goodwill 193.1 Other identifiable intangible assets 159.5 Accounts payable (6.2 ) Other liabilities (6.4 ) Deferred income taxes (60.6 ) Net assets acquired $ 344.0 The break out of purchased identifiable intangible assets of $159.5 is included in the table below. Total Weighted Average Useful Lives Trademarks $ 40.1 15.0 years Customer Relationships 84.4 14.6 years Patents 34.5 14.1 years Non-Compete 0.5 5.0 years Total Other Intangible Assets $ 159.5 14.6 years The purchase price allocation was finalized in fiscal 2016. The goodwill acquired in this acquisition is attributable to the workforce of the acquired business and the synergies expected to arise with this transaction. The acquired goodwill has been allocated to the Americas' reportable segment. The goodwill is not deductible for tax purposes. In the fourth quarter of 2016, Net sales and Loss before income taxes attributable to the auto care acquisition was $32.3 and $3.5 , respectively. Included in the Loss before income taxes was $8.1 for the inventory fair value adjustment. Pro forma Net sales, Net earnings/(loss) and Earnings/(loss) per diluted share results for fiscal years 2016 and 2015 are shown in the table below. The pro forma adjustments include interest and financing costs related to the acquisition and purchase accounting adjustments including the impact of the inventory step up charge as well as depreciation and amortization expense from the fair value of the intangible assets and property, plant and equipment. The impacts of any revenue or cost synergies that may result from combining Energizer and the auto care acquisition are not included in the pro forma table below. The pro forma results are as if the auto care acquisition had occurred on October 1, 2014: 2016 2015 (Unaudited) (Unaudited) Pro forma Net sales $ 1,719.6 $ 1,759.9 Pro forma Net earnings/(loss) (a) 140.0 (8.2 ) Pro forma Earnings/(loss) per diluted share (a) $ 2.24 $ (0.13 ) (a) The fiscal year 2015 pro forma net loss and loss per diluted share includes the charges for the $8.1 inventory fair value adjustment, $10.0 of acquisition and integration costs, and $1.2 of interest expense discussed above that were incurred in fiscal 2016. These charges were excluded from the fiscal year 2016 pro forma net earnings and earnings per diluted share. On December 12, 2014, Edgewell, on behalf of Energizer, completed an acquisition of a battery manufacturing facility in China related to the Household Products business for $ 12.1 , primarily related to the purchase of fixed assets. As of September 30, 2015, the purchase price allocation was complete. We have determined the fair values of assets acquired and liabilities assumed for purposes of allocating the purchase price in accordance with accounting guidance for business combinations. Based on the allocation of the purchase price, this transaction resulted in $2.3 of goodwill. |
Venezuela
Venezuela | 12 Months Ended |
Sep. 30, 2017 | |
Foreign Currency [Abstract] | |
Venezuela | Venezuela Effective January 1, 2010, the financial statements for our Venezuela subsidiary were consolidated under the rules governing the translation of financial information in a highly inflationary economy based on the use of the blended National Consumer Price Index in Venezuela. Under generally accepted accounting principles, an economy is considered highly inflationary if the cumulative inflation rate for a three-year period meets or exceeds 100% . If a subsidiary is considered to be in a highly inflationary economy, the financial statements of the subsidiary must be remeasured into our reporting currency (U.S. dollar) and future exchange gains and losses from the re-measurement of monetary assets and liabilities are reflected in current earnings, rather than exclusively in the equity section of the balance sheet, until such times as the economy is no longer considered highly inflationary. Prior to March 31, 2015, Edgewell included the results of its Venezuelan operations in its consolidated financial statements using the consolidation method of accounting. Edgewell’s Venezuelan earnings and cash flows were reflected in their consolidated financial statements at the official exchange rate of 6.30 bolivars per U.S. dollar for the sixth months ended March 31, 2015. At March 31, 2015, Edgewell had $ 33.8 of USD intercompany receivables due from its Venezuela subsidiaries, for household and personal care products previously imported, the majority of which have been outstanding since Fiscal 2010. As of March 31, 2015, Edgewell’s Venezuela subsidiary held bolivar denominated cash deposits of $ 93.8 (at the 6.30 per U.S. dollar rate). Venezuelan exchange control regulations have resulted in an other-than-temporary lack of exchangeability between the Venezuelan bolivar and U.S. dollar, and have restricted Edgewell’s Venezuelan operations’ ability to pay dividends and settle intercompany obligations. The severe currency controls imposed by the Venezuelan government have significantly limited Energizer’s ability to realize the benefits from earnings of Edgewell’s Venezuelan operations and access the resulting liquidity provided by those earnings. We expect that this condition will continue for the foreseeable future. This lack of exchangeability has resulted in a lack of control over Edgewell’s Venezuelan subsidiaries for accounting purposes. Edgewell deconsolidated its Venezuelan subsidiaries on March 31, 2015 and began accounting for its investment in its Venezuelan operations using the cost method of accounting. As a result of deconsolidating its Venezuelan subsidiaries, Edgewell recorded a one-time charge of $144.5 in the second quarter of 2015, of which $65.2 was allocated to Energizer based on the Venezuelan operations being distributed as part of Energizer. This charge included: • foreign currency translation losses previously recorded in accumulated other comprehensive income, of which $16.2 was allocated to Energizer • the write-off of Edgewell’s Venezuelan operations’ cash balance, of which $44.6 was allocated to Energizer, (at the 6.30 per U.S. dollar rate) • the write-off of Edgewell’s Venezuelan operations’ other net assets, of which $4.4 was allocated to Energizer Since the deconsolidation as of March 31, 2015, Energizer's financial results do not include the operating results of the Venezuelan operations. Instead, Energizer records revenue for sales of inventory to our Venezuelan operations in our consolidated financial statements to the extent cash is received. Further, dividends from Energizer’s Venezuelan subsidiaries are recorded as other income upon receipt of the cash. Included within the results for the twelve months ended September 30, 2015, for Venezuela are net sales of $ 8.5 and segment profit of $ 2.5 recorded in the first six months of the year. The Venezuela activity recorded since the deconsolidation has been immaterial. The Company has begun the process of liquidating the Venezuela operations and does not expect any material future costs associated with these operations. |
Goodwill and intangible assets
Goodwill and intangible assets | 12 Months Ended |
Sep. 30, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and intangible assets | Goodwill and intangible assets Goodwill and intangible assets deemed to have an indefinite life are not amortized, but are reviewed annually for impairment of value or when indicators of a potential impairment are present. As part of our business planning cycle, we performed our annual goodwill impairment testing for our North America, Latin America, EMEA and Asia Pacific reporting units in the fourth quarter of fiscal 2017. There were no indications of impairment of goodwill noted during this testing or throughout fiscal 2017. The following table represents the change in the carrying amount of goodwill at September 30, 2017 : Americas EMEA Asia Pacific Total Balance at October 1, 2016 $ 213.7 $ 5.3 $ 10.7 $ 229.7 Cumulative translation adjustment 0.1 0.2 — 0.3 Balance at September 30, 2017 $ 213.8 $ 5.5 $ 10.7 $ 230.0 The Company had indefinite-lived intangible assets of $78.3 at September 30, 2017 and $78.0 at September 30, 2016 . Changes in indefinite-lived intangible assets are due to changes in foreign currency translation. We completed impairment testing on indefinite-lived intangible assets other than goodwill, which are trademarks/brand names used in our various battery and lighting product categories. No impairment was indicated as a result of this testing. Future changes in the judgments, assumptions and estimates that are used in our impairment testing including discount rates or future operating results and related cash flow projections, could result in significantly different estimates of the fair values in the future. Total amortizable intangible assets at September 30, 2017 and 2016, respectively, are as follows: Gross Carrying Amount Accumulated Amortization Net Carrying Amount Trademarks $ 40.1 $ 3.4 $ 36.7 Customer Relationships 84.4 7.3 77.1 Patents 34.5 3.2 31.3 Non-Compete 0.5 0.1 0.4 Total Intangible Assets at September 30, 2017 $ 159.5 $ 14.0 $ 145.5 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Trademarks $ 40.1 $ 0.7 $ 39.4 Customer Relationships 84.4 1.5 82.9 Patents 34.5 0.6 33.9 Non-Compete 0.5 — 0.5 Total Intangible Assets at September 30, 2016 $ 159.5 $ 2.8 $ 156.7 Amortizable intangible assets, with a weighted average remaining life of 13.3 years, are amortized on a straight-line basis over expected lives of 5 to 17 years. Amortization expense for intangible assets totaled $ 11.2 and $2.8 for the twelve months ended September 30, 2017 and 2016, respectively. Estimated amortization expense for amortizable intangible assets at September 30, 2017 is: $11.2 in 2018, $11.2 in 2019, $11.2 in 2020, $11.1 in 2021, and $11.1 in 2022, and $89.7 thereafter. |
Income Taxes
Income Taxes | 12 Months Ended |
Sep. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The provisions for income taxes consisted of the following: For the Years Ended September 30, 2017 2016 2015 Currently payable: United States - Federal $ 39.4 $ 9.5 $ (20.6 ) State 4.2 3.0 (1.4 ) Foreign 32.6 21.3 32.4 Total current 76.2 33.8 10.4 Deferred: United States - Federal (7.4 ) 5.5 (3.5 ) State (0.2 ) (2.4 ) (0.2 ) Foreign 3.2 1.1 (3.4 ) Total deferred (4.4 ) 4.2 (7.1 ) Provision for income taxes $ 71.8 $ 38.0 $ 3.3 The source of pre-tax earnings/(loss) was: For the Years Ended September 30, 2017 2016 2015 United States $ 96.4 $ 40.2 $ (144.5 ) Foreign 176.9 125.5 143.8 Pre-tax earnings/(loss) $ 273.3 $ 165.7 $ (0.7 ) A reconciliation of income taxes with the amounts computed at the statutory federal income tax rate follows: For the Years Ended September 30, 2017 2016 2015 Computed tax at federal statutory rate $ 95.7 35.0 % $ 58.0 35.0 % $ (0.3 ) 35.0 % State income taxes, net of federal tax benefit 2.8 1.0 1.7 1.0 (1.6 ) N/M Foreign tax less than the federal rate (26.5 ) (9.7 ) (21.7 ) (13.1 ) (20.8 ) N/M Other taxes including repatriation of foreign earnings 2.2 0.8 5.7 3.4 2.2 N/M Nondeductible spin costs — — — — 2.0 N/M Deconsolidation of Venezuela operations — — — — 22.8 N/M Other, net (2.4 ) (0.8 ) (5.7 ) (3.4 ) (1.0 ) N/M Total $ 71.8 26.3 % $ 38.0 22.9 % $ 3.3 455.1 % N/M - The percentage rate reconciliation of income taxes is not meaningful. The deferred tax assets and deferred tax liabilities at the end of each year are as follows: September 30, 2017 2016 Deferred tax assets: Accrued liabilities $ 57.3 $ 45.6 Deferred and stock-related compensation 25.0 26.8 Tax loss carryforwards and tax credits 18.3 19.9 Intangible assets 0.8 1.6 Pension plans 24.3 41.9 Inventory differences and other tax assets 10.2 13.0 Gross deferred tax assets 135.9 148.8 Deferred tax liabilities: Depreciation and property differences (16.2 ) (16.2 ) Intangible assets (65.6 ) (62.3 ) Other tax liabilities (3.6 ) (3.0 ) Gross deferred tax liabilities (85.4 ) (81.5 ) Valuation allowance (19.3 ) (19.7 ) Net deferred tax assets $ 31.2 $ 47.6 There were no material tax loss carryforwards that expired in fiscal 2017 . Future expirations of tax loss carryforwards and tax credits, if not utilized, are $11.1 between 2018 and 2021 at September 30, 2017 . In addition, there are $4.6 of tax loss carryforwards and credits with no expiration at September 30, 2017 . The valuation allowance is attributed to tax loss carryforwards and tax credits outside the U.S. The Company has repatriated a portion of current year earnings from select non-U.S. subsidiaries. Generally, these non-U.S. subsidiaries are in tax jurisdictions with effective tax rates that do not result in materially higher U.S. tax provisions related to the repatriated earnings. No provision has been made for additional taxes on undistributed earnings of foreign affiliates that the Company intended and planned to be indefinitely invested in the affiliate. At September 30, 2017 , approximately $800 of foreign subsidiary earnings related to Energizer was considered indefinitely invested in those businesses. We estimate that the U.S. federal income tax liability that could potentially arise if indefinitely invested earnings of foreign subsidiaries were repatriated in full to the U.S. would be significant. While it is not practicable to calculate a specific potential U.S. tax exposure due to changing statutory rates in foreign jurisdictions over time, as well as other factors, we estimate the range of potential U.S. tax may be in excess of $110 , if all undistributed earnings were repatriated assuming foreign cash was available to do so. Applicable U.S. income and foreign withholding taxes would be provided on these earnings in the periods in which they are no longer considered indefinitely reinvested. The unrecognized tax benefits activity is summarized below: For the Years Ended September 30, 2017 2016 2015 Unrecognized tax benefits, beginning of year $ 9.4 $ 8.5 $ 12.7 Additions based on current year tax positions and acquisitions 1.3 0.9 6.1 Reductions for prior year tax positions — — (10.3 ) Settlements with taxing authorities/statute expirations (1.2 ) — — Unrecognized tax benefits, end of year $ 9.5 $ 9.4 $ 8.5 Included in the unrecognized tax benefits noted above are $9.5 of uncertain tax positions that would affect Energizer’s effective tax rate, if recognized. Energizer does not expect any significant increases or decreases to their unrecognized tax benefits within twelve months of this reporting date. In the Consolidated Balance Sheets, unrecognized tax benefits are classified as Other liabilities (non-current) to the extent that payments are not anticipated within one year. The fiscal 2015 reduction to prior year tax positions was related to transfers of the unrecognized tax benefits to Edgewell as of the date of the Spin-off. Energizer classifies accrued interest and penalties related to unrecognized tax benefits in the income tax provision. The accrued interest and penalties are not included in the table above. Energizer has accrued $1.8 of interest (net of the deferred tax asset of $0.3 ) and penalties of $2.3 at September 30, 2017 , $1.4 of interest (net of the deferred tax asset of $0.3 ) and penalties of $1.5 at September 30, 2016 , and $0.7 of interest (net of the deferred tax asset of $0.2 ) and penalties of $1.3 at September 30, 2015. Interest was computed on the difference between the tax position recognized in accordance with GAAP and the amount expected to be taken in the Company's tax return. The Company has a Tax Matters Agreement with Edgewell which provides that Edgewell shall be liable for and shall indemnify Energizer against all U.S. federal income taxes as well as various foreign legal entities, where Edgewell has retained the legal entity past separation, resulting from tax obligations arising from operations prior to July 1, 2015. In addition, Energizer is liable for and shall indemnify Edgewell against tax obligations arising from operations prior to July 1, 2015 for certain foreign legal entities where the Company has retained the legal entity past separation. The Company files income tax returns in the U.S. federal jurisdiction, various cities and states, and more than 50 foreign jurisdictions where Energizer has operations. U.S. federal, state and local income tax returns for tax years ended September 30, 2015 and after remain subject to examination by the Internal Revenue Service. There are open examinations at some of the foreign entities and the status of international income tax examinations varies by jurisdiction. At this time, Energizer does not anticipate any material adjustments to its financial statements resulting from tax examinations currently in progress. |
Earnings per share
Earnings per share | 12 Months Ended |
Sep. 30, 2017 | |
Earnings Per Share [Abstract] | |
Earnings per share | Earnings per share Basic earnings per share is based on the average number of common shares outstanding during the period. Diluted earnings per share is based on the average number of shares used for the basic earnings per share calculation, adjusted for the dilutive effect of restricted stock equivalents and performance shares. 2017 , 2016 and 2015 : For the Years Ended September 30, (in millions, except per share data) 2017 2016 2015 Net earnings/(loss) $ 201.5 $ 127.7 $ (4.0 ) Basic average shares outstanding 61.7 61.9 62.2 Effect of dilutive restricted stock equivalents 0.5 0.5 — Effect of dilutive performance shares 0.4 0.1 — Diluted average shares outstanding 62.6 62.5 62.2 Basic earnings/(loss) per common share $ 3.27 $ 2.06 $ (0.06 ) Diluted earnings/(loss) per common share $ 3.22 $ 2.04 $ (0.06 ) For the years ended September 30, 2017 and 2016, all restricted stock equivalents were dilutive and included in the diluted net earnings per share calculations. Performance based restricted stock equivalents of 0.5 and 0.5 were excluded for the years ended September 30, 2017 and 2016, respectively, as the performance targets for those shares had not been achieved as of the end of the current period. Due to the loss incurred for the year ended September 30, 2015, all restricted shares outstanding were excluded from the earnings per share calculation as their inclusion would have been anti-dilutive. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Sep. 30, 2017 | |
Equity [Abstract] | |
Shareholders' Equity | Shareholders' Equity The Company's articles of incorporation authorized 300 million shares of common stock and 10 million shares of preferred stock, each with a par value of $0.01 per share. On July 1, 2015, Edgewell distributed 62,193,281 shares of Energizer Holdings, Inc. common stock to its shareholders. Each Edgewell common stockholder of record as of the close of business on June 16, 2015, the record date for the distribution, received one share in Energizer for each share of Edgewell common stock they held. As of September 30, 2017 , approximately 1.8 million shares were reserved for issuance under the Equity Incentive Plan. There were no preferred stock issued or outstanding as of September 30, 2017 . On July 1, 2015, the Company's Board of Directors approved an authorization for Energizer to acquire up to 7.5 million shares of its common stock. During the twelve months ended September 30, 2017, the Company repurchased 1,389,027 shares for $58.7 , at an average price of $42.23 per share, under this authorization. During the twelve months ended September 30, 2016, the Company repurchased 832,971 shares for $32.6 , at an average price of $39.06 per share, under this authorization. At September 30, 2016, the Company had a current liability of $0.8 for a portion of these repurchases with the cash payment occurring in the first three days of fiscal 2017. Future share repurchases, if any, would be made on the open market and the timing and the amount of any purchases will be determined by the Company based on its evaluation of the market conditions, capital allocation objectives, legal and regulatory requirements and other factors. Subsequent to fiscal year end and through the date of this report, the Company repurchased 215,267 shares at an average price of $43.93 per share. For the twelve months ended September 30, 2017, total dividends declared to shareholders were $69.3 , of which $69.1 was paid. For the twelve months ended September 30, 2016, total dividends declared to shareholders were $63.7 of which $62.7 was paid. For the twelve months ended September 30, 2015, total dividends declared to shareholders were $16.2 of which $15.5 was paid. The unpaid dividends were associated with unvested restricted shares and were recorded in other liabilities. Subsequent to the fiscal year end, on November 13, 2017, the Board of Directors declared a dividend for the first quarter of fiscal 2018 of $0.29 per share of common stock, payable on December 14, 2017, to all shareholders of record as of the close of business on November 30, 2017. |
Share-Based Payments
Share-Based Payments | 12 Months Ended |
Sep. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-Based Payments | Share-Based Payments The Board of Directors adopted the Energizer Holdings, Inc. Equity Incentive Plan (the Plan) on July 1, 2015, upon completion of the Spin-off. Under the terms of the Plan, stock options, restricted stock awards, restricted stock equivalents, stock appreciation rights and performance-based stock awards may be granted to directors, officers and employees of the Company. The Plan authorizes a maximum number of 10 million common shares to be awarded, and will remain in effect until June 30, 2025. For purposes of determining the number of shares available for future issuance under the Plan, awards other than stock options and stock appreciation rights, will reduce the shares available for future issuance by two for every one share awarded. Stock options and stock appreciation rights reduce the shares available for future issuance on a one -for-one basis. The Plan also allowed for the conversion of Edgewell restricted stock equivalents held by Energizer employees and Board of Directors outstanding immediately prior to Spin-off, to be converted to Energizer restricted stock equivalents (RSE) upon completion of the Spin-Off. At September 30, 2017 , there were 4.1 million shares available for future awards under the Plan. Total compensation cost charged against income for Energizer’s share-based compensation arrangements was $24.3 , $20.4 and $13.5 for the years ended September 30, 2017 , 2016 and 2015 , respectively, and was recorded in SG&A expense. The fiscal year 2015 expense included $2.4 of additional expense recorded as a result of the modification of certain Edgewell RSE from performance based to time based awards upon consummation of the Spin-off. The expense prior to the Spin-off was based on an allocation from Edgewell which included $7.2 allocated to Energizer in fiscal 2015 prior to the Spin-off. The total income tax benefit recognized in the Consolidated Statements of Earnings and Comprehensive Income for share-based compensation arrangements was $10.2 , $6.9 and $5.0 for the years ended September 30, 2017 , 2016 and 2015 , respectively. Restricted Stock Equivalents (RSE) The remaining RSE converted in connection with the Spin-off are time based and vest ratably over four years from their initial date of grant. The fair value of the restricted stock at the date of grant is amortized to earnings over the remaining restriction period. On July 8, 2015, the Company granted RSE awards to a group of key executives which included approximately 573,700 shares that vest ratably over five years as well as 50,300 shares to the Board of Directors that vest on the three year anniversary from date of grant. The closing stock price on the date of the grant used to determine the award fair value was $34.92 . In November 2015, the Company granted RSE awards to a group of key employees which included approximately 106,000 shares that vest ratably over four years and granted RSE awards to a group of key executives of approximately 87,000 shares that vest on the third anniversary of the date of the grant. In addition, the Company granted approximately 290,000 performance shares to a group of key employees and key exe cutives that will vest subject to meeting target amounts for both cumulative adjusted earnings per share and cumulative free cash flow as a percentage of sales over the three year performance period. These performance measures are equally weighted in determining the final share award with the maximum award payout of approximately 580,000 shares. The closing stock price on the date of the grant used to determine the award fair value wa s $37.34 . In November 2016, the Company granted RSE awards to a group of key employees which included approximately 92,000 shares that vest ratably over four years and granted RSE awards to a group of key executives of approximately 73,000 shares that vest on the third anniversary of the date of the grant. In addition, the Company granted approximately 249,000 performance shares to a group of key employees and key executives that will vest subject to meeting target amounts for both cumulative adjusted earnings per share and cumulative free cash flow as a percentage of sales over the three year performance period. These performance measures are equally weighted in determining the final share award with the maximum award payout of approximately 498,000 shares. The closing stock price on the date of the grant used to determine the award fair value was $43.84 . The following table summarizes the Company's RSE activity during the current fiscal year (shares in millions): Shares Weighted-Average Grant Date Estimated Fair Value per Share Nonvested RSE at October 1, 2016 1.9 $ 35.39 Granted 0.7 $ 43.93 Vested (0.6 ) $ 34.33 Canceled (0.2 ) $ 38.24 Nonvested RSE at September 30, 2017 1.8 $ 38.72 As of September 30, 2017 , there was an estimated $38.0 of total unrecognized compensation costs related to the outstanding RSE awards, which will be recognized over a weighted-average period of 1.5 years . The weighted average estimated fair value for RSE awards granted in fiscal 2017 was $30.5 . The estimated fair value of RSE awards that vested in fiscal 2017 was $29.3 . Subsequent to year-end, in November 2017, the Company granted RSE awards to a group of key employees of approximately 100,000 shares that vest ratably over four years and granted RSE awards to a group of key executives of approximately 68,000 shares that vest on the third anniversary of the date of grant. In addition, the Company granted approximately 238,000 performance shares to a group of key employees and key executives that will vest subject to meeting target amounts for both cumulative adjusted earnings per share and cumulative free cash flow as a percentage of sales over the three year performance period. These performance measures are equally weighted in determining the final share award with the maximum award payout of approximately 476,000 shares. The closing stock price on the date of the grant used to determine the award fair value was $44.20 . |
Pension Plans
Pension Plans | 12 Months Ended |
Sep. 30, 2017 | |
Retirement Benefits [Abstract] | |
Pension Plans | Pension Plans The Company has several defined benefit pension plans covering many of its employees in the U.S. and certain employees in other countries. The plans provide retirement benefits based on various factors including years of service and in certain circumstances, earnings. All plans are now frozen to new entrants and most of the plans are frozen for additional service. During fiscal 2016, we completed the legal separation of a non-U.S. pension plan related to Energizer retirees in Germany that was previously included in the Edgewell pension plan. As a result of this legal separation, this $11.6 obligation transferred from Edgewell in fiscal 2016. The Company also sponsors or participates in a number of other non-U.S. pension arrangements, including various retirement and termination benefit plans, some of which are required by local law or coordinated with government-sponsored plans, which are not significant in the aggregate and, therefore, are not included in the information presented in the following tables. The following tables present the benefit obligation, plan assets and funded status of the plans: September 30, U.S. International 2017 2016 2017 2016 Change in Projected Benefit Obligation Benefit obligation at beginning of year $ 556.8 $ 550.1 $ 210.2 $ 175.9 Service cost — — 1.4 1.2 Interest cost 18.3 22.1 3.4 4.6 Plan participants' contributions — — 0.1 0.1 Actuarial (gain)/loss (7.8 ) 26.1 (6.0 ) 38.6 Benefits paid (39.7 ) (39.5 ) (8.9 ) (7.0 ) Expenses paid — — (0.2 ) (0.5 ) Plan curtailments — — (1.8 ) — Plan settlements (1.7 ) (2.0 ) (0.5 ) (2.1 ) Obligations transferred from Edgewell — — — 11.6 Foreign currency exchange rate changes — — 5.8 (12.2 ) Projected Benefit Obligation at end of year $ 525.9 $ 556.8 $ 203.5 $ 210.2 Change in Plan Assets Estimated fair value of plan assets at beginning of year $ 474.7 $ 457.9 $ 159.5 $ 158.8 Actual return on plan assets 39.8 52.9 8.2 18.1 Company contributions 4.1 5.4 10.3 4.3 Plan participants' contributions — — 0.1 0.1 Plan settlements (1.7 ) (2.0 ) (0.5 ) (2.1 ) Benefits paid (39.7 ) (39.5 ) (8.9 ) (7.0 ) Expenses paid — — (0.2 ) (0.5 ) Foreign currency exchange rate changes — — 5.3 (12.2 ) Estimated fair value of plan assets at end of year $ 477.2 $ 474.7 $ 173.8 $ 159.5 Funded status at end of year $ (48.7 ) $ (82.1 ) $ (29.7 ) $ (50.7 ) The following table presents the amounts recognized in the Consolidated Balance Sheets and Consolidated Statements of Shareholders’ Equity: September 30, U.S. International 2017 2016 2017 2016 Amounts Recognized in the Consolidated Balance Sheets Noncurrent assets $ — $ — $ 4.1 $ 0.2 Current liabilities (3.0 ) (2.7 ) (0.6 ) (0.6 ) Noncurrent liabilities (45.7 ) (79.4 ) (33.2 ) (50.3 ) Net amount recognized $ (48.7 ) $ (82.1 ) $ (29.7 ) $ (50.7 ) Amounts Recognized in Accumulated Other Comprehensive Loss Net loss, pre tax $ (149.7 ) $ (168.4 ) $ (57.1 ) $ (67.2 ) Pre-tax changes recognized in other comprehensive income for the year ended September 30, 2017 are as follows: U.S. International Changes in plan assets and benefit obligations recognized in other comprehensive income/(loss) Net gain arising during the year $ 13.4 $ 7.9 Effect of exchange rates — (1.3 ) Amounts recognized as a component of net periodic benefit cost Amortization or settlement recognition of net gain 5.3 3.5 Total income recognized in other comprehensive income/(loss) $ 18.7 $ 10.1 Energizer expects to contribute $3.0 to its U.S. plans and $5.9 to its International plans in fiscal 2018. Energizer’s expected future benefit payments for the plans are as follows: For The Years Ending September 30, U.S. International 2018 $ 38.3 $ 7.8 2019 37.7 7.8 2020 36.8 7.8 2021 36.3 8.2 2022 35.6 8.4 2023 to 2027 170.6 42.4 The accumulated benefit obligation for the US plans was $525.9 and $556.8 and for the foreign plans was $202.0 and $206.8 at September 30, 2017 and 2016 , respectively. The following table shows the plans with an accumulated benefit obligation in excess of plan assets at the dates indicated. September 30, U.S. International 2017 2016 2017 2016 Projected benefit obligation $ 525.9 $ 556.8 $ 121.0 $ 176.3 Accumulated benefit obligation $ 525.9 $ 556.8 $ 119.5 $ 172.9 Estimated fair value of plan assets $ 477.2 $ 474.7 $ 87.3 $ 125.4 Pension plan assets in the U.S. plan represent approximately 75% of assets in all of the Company's defined benefit pension plans. Investment policy for the U.S. plan includes a mandate to diversify assets and invest in a variety of assets classes to achieve that goal. The U.S. plan's assets are currently invested in several funds representing most standard equity and debt security classes. The broad target allocations are approximately: (a) equities, including U.S. and foreign: 50% , and (b) debt securities, including U.S. bonds: 50% . Actual allocations at September 30, 2017 approximated these targets. The U.S. plan held no shares of Company common stock at September 30, 2017 . Investment objectives are similar for non-U.S. pension arrangements, subject to local requirements. The following table presents plan pension expense: For the Years Ended September 30, U.S. International 2017 2016 2015 2017 2016 2015 Service cost $ — $ — $ — $ 1.4 $ 1.2 $ 0.8 Interest cost 18.3 22.1 5.7 3.4 4.6 1.9 Expected return on plan assets (34.3 ) (34.6 ) (9.1 ) (8.0 ) (7.8 ) (3.1 ) Recognized net actuarial loss 4.8 4.3 0.9 3.4 2.1 0.5 Settlement loss recognized 0.5 0.5 — 0.2 0.8 0.1 Net periodic (benefit)/expense $ (10.7 ) $ (7.7 ) $ (2.5 ) $ 0.4 $ 0.9 $ 0.2 Total Edgewell benefit plan costs allocated to us prior to the Spin-off were $5.9 in the first nine months of 2015 are not included in the table above. The expense allocations for these benefits were determined based on a review of personnel by business unit and based on allocations of corporate or other shared functional personnel. These allocated costs are reflected in our cost of products sold and SG&A expenses on the Consolidated Statements of Earnings and Comprehensive Income. These costs were funded through intercompany transactions with Edgewell and were reflected within the parent company investment equity balance. Amounts expected to be amortized from accumulated other comprehensive loss into net period benefit cost during the year ending September 30, 2018 are net actuarial losses of $4.4 for the US Plan and $2.2 for the foreign plans. The following table presents assumptions, which reflect weighted averages for the component plans, used in determining the above information: September 30, U.S. International 2017 2016 2015 2017 2016 2015 Plan obligations: Discount rate 3.7 % 3.4 % 4.2 % 2.1 % 1.7 % 2.8 % Compensation increase rate — % — % — % 2.4 % 3.2 % 3.3 % Net periodic benefit cost: Discount rate 3.4 % 4.2 % 4.3 % 1.7 % 2.8 % 3.0 % Expected long-term rate of return on plan assets 7.5 % 7.8 % 7.8 % 5.1 % 5.2 % 5.1 % Compensation increase rate — % — % — % 3.2 % 3.3 % 3.3 % The following tables set forth the estimated fair value of Energizer’s plan assets as of September 30, 2017 and 2016 segregated by level within the estimated fair value hierarchy. Refer to Note 15, Financial Instruments and Risk Management, to the Consolidated Financial Statements for further discussion on the estimated fair value hierarchy and estimated fair value principles. ASSETS AT ESTIMATED FAIR VALUE At September 30, 2017 U.S. Pension Plan Assets International Pension Plan Assets Level 1 Level 2 Total Level 1 Level 2 Total EQUITY U.S. Equity $ 87.3 $ — $ 87.3 $ — $ 1.4 $ 1.4 International Equity 3.7 — 3.7 — 5.7 $ 5.7 DEBT U.S. Government — 216.4 216.4 — — $ — Other Government — — — — 16.2 16.2 Corporate — — — — 12.9 12.9 CASH & CASH EQUIVALENTS — — — — 10.0 10.0 OTHER — — — — 41.0 41.0 Assets Measured at Net Asset Value U.S. Equity 70.9 — International Equity 98.9 45.0 Other Government — 29.6 Corporate — 12.0 TOTAL $ 91.0 $ 216.4 $ 477.2 $ — $ 87.2 $ 173.8 At September 30, 2016 U.S. Pension Plan Assets International Pension Plan Assets Level 1 Level 2 Total Level 1 Level 2 Total EQUITY U.S. Equity $ 147.9 $ — $ 147.9 $ — $ 1.6 $ 1.6 International Equity 5.9 — 5.9 — 5.8 5.8 DEBT U.S. Government — 164.0 164.0 — — — Other Government — — — — 13.3 13.3 Corporate — — — — 13.5 13.5 CASH & CASH EQUIVALENTS — — — 1.4 1.4 OTHER — — — — 6.2 6.2 Assets measured at Net Asset Value U.S. Equity 50.3 2.7 International Equity 106.6 46.6 Other Government — 33.1 Corporate — 12.9 Other — 22.4 TOTAL $ 153.8 $ 164.0 $ 474.7 $ — $ 41.8 $ 159.5 There were no Level 3 pension assets at September 30, 2017 and 2016 . The investment objective for plan assets is to satisfy the current and future pension benefit obligations. The investment philosophy is to achieve this objective through diversification of the retirement plan assets. The goal is to earn a suitable return with an appropriate level of risk while maintaining adequate liquidity to distribute benefit payments. The diversified asset allocation includes equity positions, as well as fixed income investments. The increased volatility associated with equities is offset with higher expected returns, while the long duration fixed income investments help dampen the volatility of the overall portfolio. Risk exposure is controlled by re-balancing the retirement plan assets back to target allocations, as needed. Investment firms managing retirement plan assets carry out investment policy within their stated guidelines. Investment performance is monitored against benchmark indices, which reflect the policy and target allocation of the retirement plan assets. Defined Contribution Plan The Company sponsors a defined contribution plan, which extends participation eligibility to the vast majority of U.S. employees. As of January 1, 2014, the Company matches 100% of participant’s before tax or Roth contributions up to 6% of eligible compensation. Amounts charged to expense during fiscal 2017 , 2016 and 2015 were $7.1 , $9.1 , and $7.7 , respectively, and are reflected in SG&A and Cost of products sold in the Consolidated Statements of Earnings and Comprehensive Income. |
Defined Contribution Plan
Defined Contribution Plan | 12 Months Ended |
Sep. 30, 2017 | |
Retirement Benefits [Abstract] | |
Defined Contribution Plan | Pension Plans The Company has several defined benefit pension plans covering many of its employees in the U.S. and certain employees in other countries. The plans provide retirement benefits based on various factors including years of service and in certain circumstances, earnings. All plans are now frozen to new entrants and most of the plans are frozen for additional service. During fiscal 2016, we completed the legal separation of a non-U.S. pension plan related to Energizer retirees in Germany that was previously included in the Edgewell pension plan. As a result of this legal separation, this $11.6 obligation transferred from Edgewell in fiscal 2016. The Company also sponsors or participates in a number of other non-U.S. pension arrangements, including various retirement and termination benefit plans, some of which are required by local law or coordinated with government-sponsored plans, which are not significant in the aggregate and, therefore, are not included in the information presented in the following tables. The following tables present the benefit obligation, plan assets and funded status of the plans: September 30, U.S. International 2017 2016 2017 2016 Change in Projected Benefit Obligation Benefit obligation at beginning of year $ 556.8 $ 550.1 $ 210.2 $ 175.9 Service cost — — 1.4 1.2 Interest cost 18.3 22.1 3.4 4.6 Plan participants' contributions — — 0.1 0.1 Actuarial (gain)/loss (7.8 ) 26.1 (6.0 ) 38.6 Benefits paid (39.7 ) (39.5 ) (8.9 ) (7.0 ) Expenses paid — — (0.2 ) (0.5 ) Plan curtailments — — (1.8 ) — Plan settlements (1.7 ) (2.0 ) (0.5 ) (2.1 ) Obligations transferred from Edgewell — — — 11.6 Foreign currency exchange rate changes — — 5.8 (12.2 ) Projected Benefit Obligation at end of year $ 525.9 $ 556.8 $ 203.5 $ 210.2 Change in Plan Assets Estimated fair value of plan assets at beginning of year $ 474.7 $ 457.9 $ 159.5 $ 158.8 Actual return on plan assets 39.8 52.9 8.2 18.1 Company contributions 4.1 5.4 10.3 4.3 Plan participants' contributions — — 0.1 0.1 Plan settlements (1.7 ) (2.0 ) (0.5 ) (2.1 ) Benefits paid (39.7 ) (39.5 ) (8.9 ) (7.0 ) Expenses paid — — (0.2 ) (0.5 ) Foreign currency exchange rate changes — — 5.3 (12.2 ) Estimated fair value of plan assets at end of year $ 477.2 $ 474.7 $ 173.8 $ 159.5 Funded status at end of year $ (48.7 ) $ (82.1 ) $ (29.7 ) $ (50.7 ) The following table presents the amounts recognized in the Consolidated Balance Sheets and Consolidated Statements of Shareholders’ Equity: September 30, U.S. International 2017 2016 2017 2016 Amounts Recognized in the Consolidated Balance Sheets Noncurrent assets $ — $ — $ 4.1 $ 0.2 Current liabilities (3.0 ) (2.7 ) (0.6 ) (0.6 ) Noncurrent liabilities (45.7 ) (79.4 ) (33.2 ) (50.3 ) Net amount recognized $ (48.7 ) $ (82.1 ) $ (29.7 ) $ (50.7 ) Amounts Recognized in Accumulated Other Comprehensive Loss Net loss, pre tax $ (149.7 ) $ (168.4 ) $ (57.1 ) $ (67.2 ) Pre-tax changes recognized in other comprehensive income for the year ended September 30, 2017 are as follows: U.S. International Changes in plan assets and benefit obligations recognized in other comprehensive income/(loss) Net gain arising during the year $ 13.4 $ 7.9 Effect of exchange rates — (1.3 ) Amounts recognized as a component of net periodic benefit cost Amortization or settlement recognition of net gain 5.3 3.5 Total income recognized in other comprehensive income/(loss) $ 18.7 $ 10.1 Energizer expects to contribute $3.0 to its U.S. plans and $5.9 to its International plans in fiscal 2018. Energizer’s expected future benefit payments for the plans are as follows: For The Years Ending September 30, U.S. International 2018 $ 38.3 $ 7.8 2019 37.7 7.8 2020 36.8 7.8 2021 36.3 8.2 2022 35.6 8.4 2023 to 2027 170.6 42.4 The accumulated benefit obligation for the US plans was $525.9 and $556.8 and for the foreign plans was $202.0 and $206.8 at September 30, 2017 and 2016 , respectively. The following table shows the plans with an accumulated benefit obligation in excess of plan assets at the dates indicated. September 30, U.S. International 2017 2016 2017 2016 Projected benefit obligation $ 525.9 $ 556.8 $ 121.0 $ 176.3 Accumulated benefit obligation $ 525.9 $ 556.8 $ 119.5 $ 172.9 Estimated fair value of plan assets $ 477.2 $ 474.7 $ 87.3 $ 125.4 Pension plan assets in the U.S. plan represent approximately 75% of assets in all of the Company's defined benefit pension plans. Investment policy for the U.S. plan includes a mandate to diversify assets and invest in a variety of assets classes to achieve that goal. The U.S. plan's assets are currently invested in several funds representing most standard equity and debt security classes. The broad target allocations are approximately: (a) equities, including U.S. and foreign: 50% , and (b) debt securities, including U.S. bonds: 50% . Actual allocations at September 30, 2017 approximated these targets. The U.S. plan held no shares of Company common stock at September 30, 2017 . Investment objectives are similar for non-U.S. pension arrangements, subject to local requirements. The following table presents plan pension expense: For the Years Ended September 30, U.S. International 2017 2016 2015 2017 2016 2015 Service cost $ — $ — $ — $ 1.4 $ 1.2 $ 0.8 Interest cost 18.3 22.1 5.7 3.4 4.6 1.9 Expected return on plan assets (34.3 ) (34.6 ) (9.1 ) (8.0 ) (7.8 ) (3.1 ) Recognized net actuarial loss 4.8 4.3 0.9 3.4 2.1 0.5 Settlement loss recognized 0.5 0.5 — 0.2 0.8 0.1 Net periodic (benefit)/expense $ (10.7 ) $ (7.7 ) $ (2.5 ) $ 0.4 $ 0.9 $ 0.2 Total Edgewell benefit plan costs allocated to us prior to the Spin-off were $5.9 in the first nine months of 2015 are not included in the table above. The expense allocations for these benefits were determined based on a review of personnel by business unit and based on allocations of corporate or other shared functional personnel. These allocated costs are reflected in our cost of products sold and SG&A expenses on the Consolidated Statements of Earnings and Comprehensive Income. These costs were funded through intercompany transactions with Edgewell and were reflected within the parent company investment equity balance. Amounts expected to be amortized from accumulated other comprehensive loss into net period benefit cost during the year ending September 30, 2018 are net actuarial losses of $4.4 for the US Plan and $2.2 for the foreign plans. The following table presents assumptions, which reflect weighted averages for the component plans, used in determining the above information: September 30, U.S. International 2017 2016 2015 2017 2016 2015 Plan obligations: Discount rate 3.7 % 3.4 % 4.2 % 2.1 % 1.7 % 2.8 % Compensation increase rate — % — % — % 2.4 % 3.2 % 3.3 % Net periodic benefit cost: Discount rate 3.4 % 4.2 % 4.3 % 1.7 % 2.8 % 3.0 % Expected long-term rate of return on plan assets 7.5 % 7.8 % 7.8 % 5.1 % 5.2 % 5.1 % Compensation increase rate — % — % — % 3.2 % 3.3 % 3.3 % The following tables set forth the estimated fair value of Energizer’s plan assets as of September 30, 2017 and 2016 segregated by level within the estimated fair value hierarchy. Refer to Note 15, Financial Instruments and Risk Management, to the Consolidated Financial Statements for further discussion on the estimated fair value hierarchy and estimated fair value principles. ASSETS AT ESTIMATED FAIR VALUE At September 30, 2017 U.S. Pension Plan Assets International Pension Plan Assets Level 1 Level 2 Total Level 1 Level 2 Total EQUITY U.S. Equity $ 87.3 $ — $ 87.3 $ — $ 1.4 $ 1.4 International Equity 3.7 — 3.7 — 5.7 $ 5.7 DEBT U.S. Government — 216.4 216.4 — — $ — Other Government — — — — 16.2 16.2 Corporate — — — — 12.9 12.9 CASH & CASH EQUIVALENTS — — — — 10.0 10.0 OTHER — — — — 41.0 41.0 Assets Measured at Net Asset Value U.S. Equity 70.9 — International Equity 98.9 45.0 Other Government — 29.6 Corporate — 12.0 TOTAL $ 91.0 $ 216.4 $ 477.2 $ — $ 87.2 $ 173.8 At September 30, 2016 U.S. Pension Plan Assets International Pension Plan Assets Level 1 Level 2 Total Level 1 Level 2 Total EQUITY U.S. Equity $ 147.9 $ — $ 147.9 $ — $ 1.6 $ 1.6 International Equity 5.9 — 5.9 — 5.8 5.8 DEBT U.S. Government — 164.0 164.0 — — — Other Government — — — — 13.3 13.3 Corporate — — — — 13.5 13.5 CASH & CASH EQUIVALENTS — — — 1.4 1.4 OTHER — — — — 6.2 6.2 Assets measured at Net Asset Value U.S. Equity 50.3 2.7 International Equity 106.6 46.6 Other Government — 33.1 Corporate — 12.9 Other — 22.4 TOTAL $ 153.8 $ 164.0 $ 474.7 $ — $ 41.8 $ 159.5 There were no Level 3 pension assets at September 30, 2017 and 2016 . The investment objective for plan assets is to satisfy the current and future pension benefit obligations. The investment philosophy is to achieve this objective through diversification of the retirement plan assets. The goal is to earn a suitable return with an appropriate level of risk while maintaining adequate liquidity to distribute benefit payments. The diversified asset allocation includes equity positions, as well as fixed income investments. The increased volatility associated with equities is offset with higher expected returns, while the long duration fixed income investments help dampen the volatility of the overall portfolio. Risk exposure is controlled by re-balancing the retirement plan assets back to target allocations, as needed. Investment firms managing retirement plan assets carry out investment policy within their stated guidelines. Investment performance is monitored against benchmark indices, which reflect the policy and target allocation of the retirement plan assets. Defined Contribution Plan The Company sponsors a defined contribution plan, which extends participation eligibility to the vast majority of U.S. employees. As of January 1, 2014, the Company matches 100% of participant’s before tax or Roth contributions up to 6% of eligible compensation. Amounts charged to expense during fiscal 2017 , 2016 and 2015 were $7.1 , $9.1 , and $7.7 , respectively, and are reflected in SG&A and Cost of products sold in the Consolidated Statements of Earnings and Comprehensive Income. |
Debt
Debt | 12 Months Ended |
Sep. 30, 2017 | |
Debt Disclosure [Abstract] | |
Debt | Debt The detail of long-term debt was as follows: September 30, 2017 2016 5.50% Senior Notes due 2025 600.0 600.0 Senior Secured Term Loan B Facility, net of discount, due 2022 $ 392.0 $ 396.0 Total long-term debt, including current maturities 992.0 996.0 Less current portion (4.0 ) (4.0 ) Less unamortized debt discount and debt issuance fees (9.5 ) (10.3 ) Total long-term debt $ 978.5 $ 981.7 The Company's $600.0 of 5.50% Senior Notes due 2025 (Senior Notes) were sold to qualified institutional buyers and are not registered under the Securities Act or applicable state securities laws. Interest is payable semi-annually on the Senior Notes in December and June. The Senior Notes are fully and unconditionally guaranteed, jointly and severally, on an unsecured basis by each of Energizer's domestic restricted subsidiaries that is a borrower or guarantor under the Revolving Facility and Term Loan. The Company has a credit agreement which provides for a five -year $350.0 senior secured revolving credit facility (Revolving Facility) which matures in June of 2020 and a seven -year $400.0 senior secured term loan B facility (Term Loan) which is due in June 2022. Borrowings under the Revolving Facility will bear interest at LIBOR or the Base Rate (as defined) plus the applicable margin based on total Company leverage. As of September 30, 2017 , the Company had $95.0 of outstanding borrowings under the Revolving Facility and had $6.7 of outstanding letters of credit. Taking into account outstanding letters of credit, $248.3 remains available as of September 30, 2017 . As of September 30, 2017, our weighted average interest rate on short-term borrowings was 2.98% . The $400.0 Term Loan was issued at a $1.0 discount which is amortized with a corresponding charge to interest expense over the remaining life of the loan. The original interest rate was LIBOR subject to a 75 basis point floor, plus 250 basis points. On March 13, 2017, the Company completed the repricing of its Term Loan reducing the interest to LIBOR plus 200 basis points and eliminating the 75 basis point floor. The loans and commitments under the Term Loan require quarterly principal payments at a rate of 0.25% , or $1.0 million , of the original principal balance. Obligations under the Revolving Facility and Term Loan are jointly and severally guaranteed by certain of its existing and future direct and indirectly wholly-owned U.S. subsidiaries. There is a first priority perfected lien on substantially all of the assets and property of the Company and guarantors and proceeds therefrom excluding certain excluded assets. No other terms were changed as a result of the Term Loan repricing. In August 2015, the Company entered into an interest rate swap agreement with one major financial institution that fixed the variable benchmark component ( LIBOR ) on $200.0 of Energizer's variable rate debt through June 2022 at an interest rate of 2.22% . This swap agreement was terminated in March 2017, in conjunction with the Term Loan repricing, and the Company entered into a new interest rate swap agreement with one major financial institution that continued to fix the variable benchmark component (LIBOR) on $200.0 of Energizer's variable rate debt through June 2022 at an interest rate of 2.03% . For the year ended September 30, 2017, our weighted average interest rate on variable rate debt, inclusive of the swap, was 3.40% . The notes payable balance was $104.1 at September 30, 2017 and $57.4 at September 30, 2016. The 2017 balance is comprised of $95.0 outstanding borrowings on the Revolving Facility as well as $9.1 of other borrowings, including those from foreign affiliates. The 2016 balance consists of $52.5 outstanding borrowings on the Revolving Facility as well as $4.9 of other borrowings, including those from foreign affiliates. Debt Covenants The credit agreements governing the Company's debt contain certain customary representations and warranties, affirmative, negative and financial covenants, and provisions relating to events of default. If the Company fails to comply with these covenants or with other requirements of these credit agreements, the lenders may have the right to accelerate the maturity of the debt. Acceleration under one of these facilities would trigger cross defaults to other borrowings. As of September 30, 2017, the Company was, and expects to remain, in compliance with the provisions and covenants associated with its debt agreements. Aggregate maturities of long-term debt, including current maturities, at September 30, 2017 were as follows: $4.0 in one year, $4.0 in two years, $4.0 in three years, $4.0 in four years, $376.0 in five years and $600.0 thereafter. The counterparties to long-term committed borrowings consist of a number of major financial institutions. The Company consistently monitors positions with, and credit ratings of, counterparties both internally and by using outside ratings agencies. |
Financial Instruments and Risk
Financial Instruments and Risk Management | 12 Months Ended |
Sep. 30, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Financial Instruments and Risk Management | Financial Instruments and Risk Management The market risk inherent in the Company's operations creates potential earnings volatility arising from changes in currency rates, interest rates and commodity prices. The Company's policy allows derivatives to be used only for identifiable exposures and, therefore, the Company does not enter into hedges for trading or speculative purposes where the sole objective is to generate profits. Concentration of Credit Risk – The counterparties to derivative contracts consist of a number of major financial institutions and are generally institutions with which the Company maintains lines of credit. The Company does not enter into derivative contracts through brokers nor does it trade derivative contracts on any other exchange or over-the-counter markets. Risk of currency positions and mark-to-market valuation of positions are strictly monitored at all times. The Company continually monitors positions with, and credit ratings of, counterparties both internally and by using outside rating agencies. While nonperformance by these counterparties exposes Energizer to potential credit losses, such losses are not anticipated. The Company sells to a large number of customers primarily in the retail trade, including those in mass merchandising, drugstore, supermarket and other channels of distribution throughout the world. Wal-Mart Stores, Inc. accounted for 12.1% , 10.4% , and 10.0% of total net sales in fiscal 2017 , 2016 and 2015 , respectively, primarily in North America. The Company performs ongoing evaluations of its customers’ financial condition and creditworthiness, but does not generally require collateral. While the competitiveness of the retail industry presents an inherent uncertainty, the Company does not believe a significant risk of loss from a concentration of credit risk exists with respect to accounts receivable. In the ordinary course of business, the Company enters into contractual arrangements (derivatives) to reduce its exposure to commodity price and foreign currency risks. The section below outlines the types of derivatives that existed at September 30, 2017 and 2016 , as well as the Company's objectives and strategies for holding these derivative instruments. Commodity Price Risk – Energizer uses raw materials that are subject to price volatility. At times, the Company has used, and may in the future use, hedging instruments to reduce exposure to variability in cash flows associated with future purchases of certain materials and commodities. At September 30, 2017 and 2016, there were no open derivative or hedging instruments for future purchases of raw materials or commodities. Foreign Currency Risk – A significant portion of Energizer’s product cost is more closely tied to the U.S. dollar than to the local currencies in which the product is sold. As such, a weakening of currencies relative to the U.S. dollar results in margin declines unless mitigated through pricing actions, which are not always available due to the economic or competitive environment. Conversely, a strengthening in currencies relative to the U.S. dollar can improve margins. The primary currencies to which Energizer is exposed include the Euro, the British pound, the Canadian dollar and the Australian dollar. However, the Company also has significant exposures in many other currencies which, in the aggregate, may have a material impact on the Company's operations. Additionally, Energizer’s foreign subsidiaries enter into internal and external transactions that create nonfunctional currency balance sheet positions at the foreign subsidiary level. These exposures are generally the result of intercompany purchases, intercompany loans and, to a lesser extent, external purchases, and are revalued in the foreign subsidiary’s local currency at the end of each period. Changes in the value of the non-functional currency balance sheet positions in relation to the foreign subsidiary’s local currency results in a transaction gain or loss recorded in Other items, net on the Consolidated Statements of Earnings and Comprehensive Income. The primary currency to which Energizer’s foreign subsidiaries are exposed is the U.S. dollar. Interest Rate Risk – Energizer has interest rate risk with respect to interest expense on variable rate debt. At September 30, 2017 , Energizer had variable rate debt outstanding with an original principal balance of $400.0 under the Term Loan and $95.0 of outstanding borrowings on the Revolving Facility. During fiscal year 2015, the Company entered into an interest rate swap agreement with one major financial institution that fixed the variable benchmark component ( LIBOR ) on $200.0 of the Company's variable rate debt through June 2022 at an interest rate of 2.22% (2015 Swap). The 2015 Swap was terminated in March 2017, in conjunction with the Term Loan repricing, and was settled resulting in a $1.7 loss. In March 2017, the Company also entered into a new interest rate swap agreement with one major financial institution that continued to fix the variable benchmark component (LIBOR) on $200.0 of Energizer's variable rate debt through June 2022 at an interest rate of 2.03% (2017 Swap). Both hedging instruments were considered a cash flow hedge for accounting purposes. At the time of the termination of the 2015 Swap, the $1.7 loss was recorded in accumulated other comprehensive loss on the Consolidated Balance Sheet and will be amortized into interest expense over the remainder of the interest payments associated with the Term Loan through June 2022. At September 30, 2017, the 2017 Swap had an unrecognized pre-tax loss of $ 1.3 and at September 30, 2016, the 2015 Swap, which was terminated in March of 2017, had an unrecognized pre-tax loss of $9.7 , both of which were included in Accumulated other comprehensive loss on the Consolidated Balance Sheets. Cash Flow Hedges – The Company has entered into a series of forward currency contracts to hedge the cash flow uncertainty of forecasted inventory purchases due to currency fluctuations. Energizer’s primary foreign affiliates, which are exposed to U.S. dollar purchases, have the Euro, the British pound, the Canadian dollar and the Australian dollar as their local currencies. These foreign currencies represent a significant portion of Energizer's foreign currency exposure. At September 30, 2017 and 2016 , Energizer had an unrealized pre-tax loss of $5.8 and $1.1 , respectively, included in Accumulated other comprehensive loss on the Consolidated Balance Sheets. Assuming foreign exchange rates versus the U.S. dollar remain at September 30, 2017 levels, over the next twelve months, $5.7 of the pre-tax loss included in Accumulated other comprehensive loss is expected to be recognized in earnings. Contract maturities for these hedges extend into fiscal year 2019. There were 64 open foreign currency contracts at September 30, 2017 , with a total notional value of $142 . Derivatives not Designated in Hedging Relationships In addition, Energizer enters into foreign currency derivative contracts which are not designated as cash flow hedges for accounting purposes to hedge existing balance sheet exposures. Any gains or losses on these contracts would be offset by corresponding exchange losses or gains on the underlying exposures; thus are not subject to significant market risk. There were 10 open foreign currency derivative contracts which are not designated as cash flow hedges at September 30, 2017 , with a total notional value of approximately $85 . The following table provides the Company's estimated fair values as of September 30, 2017 and 2016 , and the amounts of gains and losses on derivative instruments classified as cash flow hedges as of and for the twelve months ended September 30, 2017 and 2016 , respectively: At September 30, 2017 For the Year Ended September 30, 2017 Derivatives designated as Cash Flow Hedging Relationships Estimated Fair Value Liability (1) (Loss)/Gain Recognized in OCI(2) Gain/(Loss) Foreign currency contracts $ (5.8 ) $ (4.3 ) $ 0.4 Interest rate contracts (1.3 ) 4.5 (2.4 ) Total $ (7.1 ) $ 0.2 $ (2.0 ) At September 30, 2016 For the Year Ended September 30, 2016 Derivatives designated as Cash Flow Hedging Relationships Estimated Fair Value Liability (1) Loss Recognized in OCI(2) Gain/(Loss) Foreign currency contracts $ (1.1 ) $ (1.5 ) $ 4.1 Interest rate contracts (9.7 ) (7.4 ) (2.9 ) Total $ (10.8 ) $ (8.9 ) $ 1.2 1. All derivative liabilities are presented in Other current liabilities or Other liabilities. 2. OCI is defined as other comprehensive income. 3. Gain/(loss) reclassified to Income was recorded as follows: Foreign currency contracts in other items, net and interest rate contracts in interest expense. 4. Each of these hedging relationships has derivative instruments with a high correlation to the underlying exposure being hedged and has been deemed highly effective in offsetting the underlying risk. The following table provides estimated fair values as of September 30, 2017 and 2016 , and the gains and losses on derivative instruments not classified as cash flow hedges as of and for the twelve months ended September 30, 2017 and 2016 , respectively. At September 30, 2017 For the Year Ended September 30, 2017 Derivatives not designated as Cash Flow Hedging Relationships Estimated Fair Value Asset (1) Loss Recognized in Income (3) Foreign currency contracts 0.9 (1.4 ) At September 30, 2016 For the Year Ended September 30, 2016 Derivatives not designated as Cash Flow Hedging Relationships Estimated Fair Value Liability (2) Loss Recognized in Income (3) Foreign currency contracts (1.0 ) (0.4 ) 1. All derivative assets are presented in Other current assets or Other assets. 2. All derivative liabilities are presented in Other current liabilities or Other liabilities. 3. Loss recognized in Income was recorded in Other items, net. Energizer has the following recognized financial assets and financial liabilities resulting from those transactions that meet the scope of the disclosure requirements as necessitated by applicable accounting guidance for balance sheet offsetting: Offsetting of derivative assets At September 30, 2017 At September 30, 2016 Description Balance Sheet location Gross amounts of recognized assets Gross amounts offset in the Balance Sheet Net amounts of assets presented in the Balance Sheet Gross amounts of recognized assets Gross amounts offset in the Balance Sheet Net amounts of assets presented in the Balance Sheet Foreign Currency Contracts Other Current Assets, Other Assets $ 1.1 $ — $ 1.1 $ 0.8 $ — $ 0.8 Offsetting of derivative liabilities At September 30, 2017 At September 30, 2016 Description Balance Sheet location Gross amounts of recognized liabilities Gross amounts offset in the Balance Sheet Net amounts of liabilities presented in the Balance Sheet Gross amounts of recognized liabilities Gross amounts offset in the Balance Sheet Net amounts of liabilities presented in the Balance Sheet Foreign Currency Contracts Other Current Liabilities, Other Liabilities $ (6.4 ) $ 0.4 $ (6.0 ) $ (3.2 ) $ 0.3 $ (2.9 ) Fair Value Hierarchy – Accounting guidance on fair value measurements for certain financial assets and liabilities requires that assets and liabilities carried at fair value be classified in one of the following three categories: Level 1: Quoted market prices in active markets for identical assets or liabilities. Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data. Level 3: Unobservable inputs reflecting the reporting entity’s own assumptions or external inputs from inactive markets. Under the fair value accounting guidance hierarchy, an entity is required to maximize the use of quoted market prices and minimize the use of unobservable inputs. The following table sets forth the Company's financial assets and liabilities, which are carried at fair value, as of September 30, 2017 and 2016 that are measured on a recurring basis during the period, segregated by level within the fair value hierarchy: Level 2 September 30, 2017 2016 Liabilities at estimated fair value: Deferred Compensation $ (41.0 ) $ (47.6 ) Exit lease liability (0.3 ) (3.7 ) Derivatives - Foreign Currency contracts (4.9 ) (2.1 ) Derivatives - Interest Rate Swap (1.3 ) (9.7 ) Total Liabilities at estimated fair value $ (47.5 ) $ (63.1 ) Energizer had no level 1 financial assets or liabilities, other than pension plan assets, and no level 3 financial assets or liabilities at September 30, 2017 and 2016 . Due to the nature of cash and cash equivalents, carrying amounts on the balance sheets approximate estimated fair value. The estimated fair value of cash and cash equivalents has been determined based on level 1 and level 2 inputs, respectively. At September 30, 2017 , the estimated fair value of the Company's unfunded deferred compensation liability is determined based upon the quoted market prices of the investment options that are offered under the plan. The estimated fair value of the exit lease liability is determined based on the discounted cash flows of the remaining lease rentals reduced by estimated sublease rentals that could be reasonably obtained for the property. The estimated fair value of foreign currency contracts and interest rate swap as described above is the amount that the Company would receive or pay to terminate the contracts, considering first, quoted market prices of comparable agreements, or in the absence of quoted market prices, such factors as interest rates, currency exchange rates and remaining maturities. At September 30, 2017 and 2016, the fair market value of fixed rate long-term debt was $615.7 and $600.1 , respectively, compared to its carrying value of $600.0 . The estimated fair value of the long-term debt is estimated using yields obtained from independent pricing sources for similar types of borrowing arrangements. The estimated fair value of fixed rate long-term debt has been determined based on level 2 inputs. |
Environmental and Regulatory
Environmental and Regulatory | 12 Months Ended |
Sep. 30, 2017 | |
Environmental Remediation Obligations [Abstract] | |
Environmental and Regulatory | Environmental and Regulatory Government Regulation and Environmental Matters – The operations of Energizer are subject to various federal, state, foreign and local laws and regulations intended to protect the public health and the environment. These regulations relate primarily to worker safety, air and water quality, underground fuel storage tanks and waste handling and disposal. In connection with some sites, Energizer has been identified as a “potentially responsible party” (PRP) under the Comprehensive Environmental Response, Compensation and Liability Act and may be required to share in the cost of cleanup with respect to certain federal “Superfund” sites. Energizer may also be required to share in the cost of cleanup with respect to state-designated sites or other sites outside of the U.S. Accrued environmental costs at September 30, 2017 were $5.5 , of which $1.9 is expected to be spent during fiscal 2018 . It is difficult to quantify with certainty the cost of environmental matters, particularly remediation and future capital expenditures for environmental control equipment. Environmental spending estimates could be modified as a result of changes in legal requirements or the enforcement or interpretation of existing requirements. Legal Proceedings – The Company and its affiliates are subject to a number of legal proceedings in various jurisdictions arising out of its operations. Many of these legal matters are in preliminary stages and involve complex issues of law and fact, and may proceed for protracted periods of time. The amount of liability, if any, from these proceedings cannot be determined with certainty. We are a party to legal proceedings and claims that arise during the ordinary course of business. We review our legal proceedings and claims, regulatory reviews and inspections on an ongoing basis and follow appropriate accounting guidance when making accrual and disclosure decisions. We establish accruals for those contingencies where the incurrence of a loss is probable and can be reasonably estimated, and we disclose the amount accrued and the amount of a reasonably possible loss in excess of the amount accrued, if such disclosure is necessary for our financial statements to not be misleading. We do not record liabilities when the likelihood that the liability has been incurred is probable, but the amount cannot be reasonably estimated. Based upon present information, the Company believes that its liability, if any, arising from such pending legal proceedings, asserted legal claims and known potential legal claims which are likely to be asserted, is not reasonably likely to be material to the Company's financial position, results of operations, or cash flows, taking into account established accruals for estimated liabilities. |
Other Commitments and Contingen
Other Commitments and Contingencies | 12 Months Ended |
Sep. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Other Commitments and Contingencies | Other Commitments and Contingencies Total rental expense less sublease rental income for all operating leases was $13.8 , $13.0 and $15.9 in fiscal 2017 , 2016 and 2015 , respectively. Future minimum rental commitments under non-cancellable operating leases directly held by Energizer and in effect as of September 30, 2017 , were $13.4 in fiscal 2018, $11.8 in fiscal 2019, $10.2 in fiscal 2020, $6.2 in fiscal 2021, $2.2 in fiscal 2022 and $15.9 thereafter. In the ordinary course of business, the Company also enters into supply and service contracts. These contracts can include either volume commitments or fixed expiration dates, termination provisions and other standard contractual considerations. At September 30, 2017 , the Company had approximately $112 of purchase obligations. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive (Loss)/Income | 12 Months Ended |
Sep. 30, 2017 | |
Equity [Abstract] | |
Accumulated Other Comprehensive (Loss)/Income | Accumulated Other Comprehensive (Loss)/Income The following table presents the changes in accumulated other comprehensive (loss)/income (AOCI), net of tax by component: Foreign Currency Translation Adjustments Pension Activity Hedging Activity Interest Rate Swap Total Balance at September 30, 2014 $ (28.7 ) $ (7.3 ) $ 4.3 $ — $ (31.7 ) OCI before reclassifications (97.9 ) (38.3 ) 6.7 (3.3 ) (132.8 ) Separation related adjustments 0.8 (95.3 ) 0.6 — (93.9 ) Venezuela deconsolidation charge 16.2 — — — 16.2 Reclassifications to earnings — 1.1 (8.2 ) — (7.1 ) Balance at September 30, 2015 $ (109.6 ) $ (139.8 ) $ 3.4 $ (3.3 ) $ (249.3 ) OCI before reclassifications 10.2 (25.3 ) (1.0 ) (4.6 ) (20.7 ) Reclassifications to earnings — 5.2 (3.1 ) 1.8 3.9 Balance at September 30, 2016 $ (99.4 ) $ (159.9 ) $ (0.7 ) $ (6.1 ) $ (266.1 ) OCI before reclassifications 6.3 14.3 (3.4 ) 2.8 20.0 Reclassifications to earnings — 6.2 (0.4 ) 1.5 7.3 Balance at September 30, 2017 $ (93.1 ) $ (139.4 ) $ (4.5 ) $ (1.8 ) $ (238.8 ) The following table presents the reclassifications out of AOCI : For the Twelve Months Ended September 30, Amount Reclassified from AOCI (1) 2017 2016 2015 Affected Line Item in the Consolidated Statements of Earnings Gains and losses on cash flow hedges Foreign exchange contracts $ 0.4 $ 4.1 $ 11.0 Other items, net Interest rate swap (2.4 ) (2.9 ) — Interest expense (2.0 ) 1.2 11.0 Total before tax 0.9 0.1 (2.8 ) Tax benefit/(expense) $ (1.1 ) $ 1.3 $ 8.2 Net of tax Amortization of defined benefit pension items Actuarial losses $ (8.2 ) $ (6.4 ) $ (1.4 ) (2) Settlement losses (0.7 ) (1.3 ) (0.1 ) (2) (8.9 ) (7.7 ) (1.5 ) Total before tax 2.7 2.5 0.4 Tax benefit $ (6.2 ) $ (5.2 ) $ (1.1 ) Net of tax Foreign Currency Translation Adjustments Venezuela deconsolidation charge $ — $ — $ (16.2 ) Venezuela deconsolidation charge Total reclassifications for the period $ (7.3 ) $ (3.9 ) $ (9.1 ) Net of tax 1. Amounts in parentheses indicate debits to Consolidated Statements of Earnings. 2. These AOCI components are included in the computation of net periodic benefit cost (see Note 12, Pension Plans, for further details). |
Supplemental Financial Statemen
Supplemental Financial Statement Information | 12 Months Ended |
Sep. 30, 2017 | |
Financial Statement Related Disclosures [Abstract] | |
Supplemental Financial Statement Information | Supplemental Financial Statement Information The components of certain balance sheet accounts are as follows: September 30, 2017 2016 Inventories Raw materials and supplies $ 36.6 $ 46.1 Work in process 84.8 72.0 Finished products 195.7 171.1 Total inventories $ 317.1 $ 289.2 Other Current Assets Miscellaneous receivables $ 13.7 $ 27.7 Prepaid expenses 52.7 70.0 Value added tax collectible from customers 23.4 22.9 Other 5.1 1.5 Total other current assets $ 94.9 $ 122.1 Property, plant and equipment Land $ 4.6 $ 9.8 Buildings 122.4 138.2 Machinery and equipment 697.9 771.9 Construction in progress 19.4 16.6 Total gross property 844.3 936.5 Accumulated depreciation (667.8 ) (734.8 ) Total property, plant and equipment, net $ 176.5 $ 201.7 Other Current Liabilities Accrued advertising, sales promotion and allowances $ 21.8 $ 16.9 Accrued trade allowances 51.1 54.0 Accrued salaries, vacations and incentive compensation 54.4 59.3 Spin restructuring reserve — 4.0 Income taxes payable 21.6 15.0 Other 105.7 105.5 Total other current liabilities $ 254.6 $ 254.7 Other Liabilities Pensions and other retirement benefits $ 87.7 $ 139.4 Deferred compensation 41.0 47.6 Other non-current liabilities 49.3 59.7 Total other liabilities $ 178.0 $ 246.7 For the Years Ended September 30, Allowance for Doubtful Accounts 2017 2016 2015 Balance at beginning of year $ 6.9 $ 7.0 $ 7.4 Provision charged to expense, net of reversals (0.7 ) 1.2 1.9 Write-offs, less recoveries, translation, other (0.4 ) (1.3 ) (2.3 ) Balance at end of year $ 5.8 $ 6.9 $ 7.0 For the Years Ended September 30, Income Tax Valuation Allowance 2017 2016 2015 Balance at beginning of year $ 19.7 $ 13.6 $ 14.5 Provision charged to expense 1.6 5.8 0.3 Reversal of provision charged to expense (0.3 ) — (0.8 ) Translation, other (1.7 ) 0.3 (0.4 ) Balance at end of year $ 19.3 $ 19.7 $ 13.6 For the Years Ended September 30, Supplemental Disclosure of Cash Flow Information 2017 2016 2015 Interest paid $ 51.0 $ 51.4 $ 73.1 Income taxes paid, net $ 40.2 $ 63.6 $ 37.6 |
Segments
Segments | 12 Months Ended |
Sep. 30, 2017 | |
Segment Reporting [Abstract] | |
Segments | Segments As of October 1, 2016, the Company changed its internal reporting structure and is managing operations via three major geographic reportable segments: Americas (North America and Latin America), Europe, Middle East and Africa (EMEA), and Asia Pacific. Prior to this year, the Americas segment was reported as two separate geographic reportable segments. The Company changed its reporting structure to better reflect how the Company is managing the operations as well as what the chief operating decision maker is reviewing to make organizational decisions about resource allocation. The prior period segment information has been recast to reflect the current reportable segment structure of the Company. Segment performance is evaluated based on segment operating profit, exclusive of general corporate expenses, share-based compensation costs, costs associated with restructuring initiatives, acquisition and integration activities, amortization costs, business realignment activities, research & development costs, gains on sale of real estate and other items determined to be corporate in nature. Financial items, such as interest income and expense, are managed on a global basis at the corporate level. The exclusion of substantially all acquisition, integration, restructuring and realignment costs from segment results reflects management’s view on how it evaluates segment performance. Energizer’s operating model includes a combination of standalone and shared business functions between the geographic segments, varying by country and region of the world. Shared functions include IT and finance shared service costs. Energizer applies a fully allocated cost basis, in which shared business functions are allocated between segments. Such allocations are estimates, and do not represent the costs of such services if performed on a standalone basis. For the year ended September 30, 2015, Edgewell recorded a one-time charge of $144.5 as a result of deconsolidating its Venezuelan subsidiaries, which had no accompanying tax benefit. Energizer was allocated $65.2 of this one-time charge. See Note 6, Venezuela, to the Consolidated Financial Statements. Corporate assets shown in the following table include all financial instruments, deferred tax assets and deferred charges that are managed outside of operating segments. For the Years Ended September 30, Net Sales 2017 2016 2015 Americas $ 1,111.8 $ 1,002.0 $ 956.4 EMEA 357.8 353.8 370.4 Asia Pacific 286.1 278.4 304.8 Total net sales $ 1,755.7 $ 1,634.2 $ 1,631.6 Segment Profit Americas 310.0 266.5 255.3 EMEA 64.4 51.6 58.3 Asia Pacific 78.6 70.1 77.9 Total segment profit $ 453.0 $ 388.2 $ 391.5 General corporate and other expenses (80.8 ) (80.8 ) (66.0 ) Global marketing expenses (21.5 ) (19.1 ) (24.8 ) Research and development expense (22.0 ) (26.6 ) (24.9 ) Amortization of intangible assets (11.2 ) (2.8 ) — Venezuela deconsolidation charge — — (65.2 ) Restructuring (1) — (4.9 ) (13.0 ) Acquisition and integration costs (2) (8.4 ) (10.0 ) (1.6 ) Inventory step up (3) — (8.1 ) — Spin costs (4) — (10.4 ) (98.1 ) Spin restructuring 3.8 (5.8 ) (39.1 ) Acquisition and bridge loan fees (5) — (1.2 ) — Cost of early debt retirement (5) — — (26.7 ) Gain on sale of real estate 16.9 — — Interest expense (53.1 ) (53.1 ) (51.2 ) Other financing items, net (6) (3.4 ) 0.3 18.4 Total earnings/(loss) before income taxes $ 273.3 $ 165.7 $ (0.7 ) Depreciation and Amortization Americas 23.1 18.8 23.3 EMEA 1.4 1.2 1.1 Asia Pacific 14.5 11.5 12.8 Total segment depreciation and amortization 39.0 31.5 37.2 Corporate 11.2 2.8 4.6 Total depreciation and amortization $ 50.2 $ 34.3 $ 41.8 (1) Includes $0.3 for the twelve months ended September 30, 2015 which is included in SG&A and $2.4 and $3.1 for the twelve months ended September 30, 2016 and 2015, respectively, which were included in Cost of products sold on the Consolidated Statements of Earnings and Comprehensive Income. (2) Includes $4.0 , $10.0 and $1.3 for the twelve months ended September 30, 2017 , 2016 and 2015, respectively, recorded in SG&A, $1.1 and $0.3 for the twelve months ended September 30, 2017 and 2015, respectively, recorded in cost of products sold and $3.3 recorded in Other items, net for the twelve months ended September 30, 2017 on the Consolidated Statement of Earnings and Comprehensive Income. (3) Included in COGS in the Consolidated Statements of Earnings and Comprehensive Income. (4) Includes $10.0 and $97.6 for the twelve months ended September 30, 2016 and 2015, respectively, which were included in SG&A and $0.4 and $0.5 for the twelve months ended September 30, 2016 and 2015, respectively, included in COGS in the Consolidated Statements of Earnings and Comprehensive Income. (5) Included in Interest Expense in the Consolidated Statements of Earnings and Comprehensive Income. (6) The amount for the twelve months ended September 30, 2017 on the Consolidated Statements of Earnings and Comprehensive Income included $3.3 of expense which has been reclassified to Acquisition and integration costs from Other items, net for purposes of the reconciliation above. September 30, Total Assets 2017 2016 Americas $ 533.9 $ 475.2 EMEA 240.3 242.0 Asia Pacific 457.9 390.8 Total segment assets $ 1,232.1 $ 1,108.0 Corporate 137.7 159.1 Goodwill and other intangible assets, net 453.8 464.4 Total assets $ 1,823.6 $ 1,731.5 September 30, Long-Lived Assets 2017 2016 United States $ 186.4 $ 201.5 Singapore 64.9 67.0 Other International 98.3 109.1 Total long-lived assets excluding goodwill and intangibles $ 349.6 $ 377.6 For the Years Ended September 30, Capital Expenditures 2017 2016 2015 Americas $ 17.4 $ 18.3 $ 29.6 EMEA 1.5 5.7 2.3 Asia Pacific 6.3 4.7 8.5 Total segment capital expenditures $ 25.2 $ 28.7 $ 40.4 Geographic segment information for the years ended September 30 was as follows: For the Years Ended September 30, 2017 2016 2015 Net Sales to Customers United States $ 923.0 $ 824.1 $ 767.6 International 832.7 810.1 864.0 Total net sales $ 1,755.7 $ 1,634.2 $ 1,631.6 Supplemental product information is presented below for net sales for the years ended September 30: For the Years Ended September 30, 2017 2016 2015 Net Sales Batteries $ 1,548.2 $ 1,498.0 $ 1,516.7 Other 207.5 136.2 114.9 Total net sales $ 1,755.7 $ 1,634.2 $ 1,631.6 |
Quarterly Financial Information
Quarterly Financial Information - (Unaudited) | 12 Months Ended |
Sep. 30, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information - (Unaudited) | Quarterly Financial Information - (Unaudited) The results of any single quarter are not necessarily indicative of the Company’s results for the full year. Net earnings of the Company are impacted in the first quarter by the additional battery product sales volume associated with the December holiday season. Per share data is computed independently for each of the periods presented. As a result, the sum of the amounts for the quarter may not equal the total for the year. Fiscal 2017 First Second Third Fourth Net sales $ 559.6 $ 359.0 $ 372.0 $ 465.1 Gross profit 271.6 167.9 158.0 213.8 Net earnings 95.6 46.9 24.9 34.1 Earnings per share: Basic $ 1.55 $ 0.76 $ 0.40 $ 0.56 Diluted $ 1.52 $ 0.75 $ 0.40 $ 0.55 Items (increasing)/decreasing net earnings: Spin restructuring (1.0 ) (1.4 ) — — Acquisition and integration costs 0.5 1.1 3.1 (0.5 ) Gain on sale of real estate — (15.2 ) (1.3 ) — Fiscal 2016 First Second Third Fourth Net sales $ 506.8 $ 334.0 $ 361.0 $ 432.4 Gross profit 229.8 141.6 153.7 187.3 Net earnings 65.5 16.4 24.2 21.6 Earnings per share: Basic $ 1.06 $ 0.27 $ 0.39 $ 0.35 Diluted $ 1.05 $ 0.26 $ 0.39 $ 0.34 Items decreasing/(increasing) net earnings: Spin costs 3.9 1.8 1.3 — Spin restructuring 0.8 (0.6 ) 0.7 3.3 Restructuring 2.1 0.9 0.1 — Acquisition and integration costs — — 2.6 6.4 Inventory step up — — — 5.0 Adjustments to prior year tax accruals — — (8.8 ) (2.6 ) |
Summary of Significant Accoun29
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation – The consolidated financial statements include the accounts of Energizer and its subsidiaries. All significant intercompany transactions are eliminated. Energizer has no material equity method investments or variable interests. Prior to the Spin-off on July 1, 2015, our financial statements were prepared on a combined standalone basis derived from the financial statements and accounting records of Edgewell and included expense allocations for: (1) certain product warehousing and distribution; (2) various transaction process functions; (3) a consolidated sales force and management for certain countries; (4) certain support functions that were provided on a centralized basis within Edgewell and not recorded at the business division level, including, but not limited to, finance, audit, legal, information technology, human resources, communications, facilities, and compliance; (5) employee benefits and compensation; (6) share-based compensation; (7) financing costs; (8) the effects of restructurings and the Venezuela deconsolidation; and (9) cost of early debt retirement. These expenses were allocated to Energizer on the basis of direct usage where identifiable, with the remainder allocated on a basis of global net sales, cost of sales, operating income, headcount or other measures of Energizer and Edgewell. Management believes the assumptions regarding allocated expenses, reasonably reflect the utilization of services provided to or the benefit received by Energizer during the periods prior to the Spin-off. Nevertheless, the allocations may not include all of the actual expenses that would have been incurred by Energizer and may not reflect our results of operations, financial position and cash flows had we been an independent standalone company during the periods prior to July 1, 2015. It is not practicable to estimate actual costs that would have been incurred had Energizer been a standalone company during the periods prior to the Spin-off. Actual costs that would have been incurred if Energizer had been a standalone company would depend on multiple factors, including organizational structure and strategic decisions made in various areas, including information technology and infrastructure |
Use of Estimates | Use of Estimates – The preparation of the Company's Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses. On an ongoing basis, Energizer evaluates its estimates, including those related to customer promotional programs and incentives, product returns, bad debts, the carrying value of inventories, intangible and other long-lived assets, income taxes, pensions and other postretirement benefits, share-based compensation, contingencies and acquisitions. Actual results could differ materially from those estimates. In regard to ongoing impairment testing of goodwill and indefinite lived intangible assets, significant deterioration in future cash flow projections, changes in discount rates used in discounted cash flow models or changes in other assumptions used in estimating fair values, versus those anticipated at the time of the initial acquisition, as well as subsequent estimated valuations, could result in impairment charges that may materially affect the financial statements in a given year. |
Cash and Cash Equivalents | Cash and Cash Equivalents – Cash and cash equivalents consist of cash on hand and marketable securities with original maturities of three months or less. At September 30, 2017 and 2016, Energizer had $378.0 and $287.3 , respectively, in available cash, 98% and 96% of which was outside of the U.S., respectively. The Company has extensive operations, including a significant manufacturing footprint outside of the U.S. We manage our worldwide cash requirements by reviewing available funds among the many subsidiaries through which we conduct our business and the cost effectiveness with which those funds can be accessed. The repatriation of cash balances from certain of our subsidiaries could have adverse tax consequences or be subject to regulatory capital requirements; however, those balances are generally available without legal restrictions to fund ordinary business operations. U.S. income taxes have not been provided on a significant portion of undistributed earnings of international subsidiaries. Our intention is to reinvest these earnings indefinitely. |
Foreign Currency Translations | Foreign Currency Translation – Financial statements of foreign operations where the local currency is the functional currency are translated using end-of-period exchange rates for assets and liabilities and average exchange rates during the period for results of operations. Related translation adjustments are reported as a component within accumulated other comprehensive income in the equity section of the Consolidated Balance Sheets, except as noted in Note 6, Venezuela. |
Financial Instruments and Derivative Securities | Financial Instruments and Derivative Securities – Energizer uses financial instruments, from time to time, in the management of foreign currency, interest rate risk and commodity price risks that are inherent to its business operations. Such instruments are not held or issued for trading purposes. Every derivative instrument (including certain derivative instruments embedded in other contracts) is required to be recorded on the balance sheet at fair value as either an asset or liability. Changes in fair value of recorded derivatives are required to be recognized in earnings unless specific hedge accounting criteria are met. Foreign exchange instruments, including currency forwards, are used primarily to reduce cash transaction exposures and to manage other translation exposures. Foreign exchange instruments used are selected based on their risk reduction attributes, costs and the related market conditions. The Company has designated certain foreign currency contracts as cash flow hedges for accounting purposes as of September 30, 2017 and 2016 . The Company has interest rate risk with respect to interest expense on variable rate debt. The Company is party to an interest rate swap agreement with one major financial institution that fixes the variable benchmark component (LIBOR) on $200.0 of the Company's variable rate debt at September 30, 2017 and 2016. Energizer uses raw materials that are subject to price volatility. The Company may use hedging instruments to reduce exposure to variability in cash flows associated with future purchases of commodities. There were no outstanding derivative contracts for the future purchases of commodities as of September 30, 2017 and 2016. |
Cash Flow Presentation | Cash Flow Presentation – The Consolidated Statements of Cash Flows are prepared using the indirect method, which reconciles net earnings to cash flow from operating activities. The reconciliation adjustments include the removal of timing differences between the occurrence of operating receipts and payments and their recognition in net earnings. The adjustments also remove cash flows arising from investing and financing activities, which are presented separately from operating activities. Cash flows from foreign currency transactions and operations are translated at an average exchange rate for the period. Cash flows from hedging activities are included in the same category as the items being hedged, which is primarily operating activities. Cash payments related to income taxes are classified as operating activities. |
Trade Receivables, net | Trade Receivables, net – Trade receivables are stated at their net realizable value. The allowance for doubtful accounts reflects the Company's best estimate of probable losses inherent in the receivables portfolio determined on the basis of historical experience, specific allowances for known troubled accounts and other currently available information. Bad debt expense is included in Selling, general and administrative expense (SG&A) in the Consolidated Statements of Earnings and Comprehensive Income. |
Inventories | Inventories – Inventories are valued at the lower of cost or market, with cost generally being determined using average cost or the first-in, first-out (FIFO) method. The Company records a reserve for excess and obsolete inventory based upon the historical usage rates, sales patterns of its products and specifically-identified obsolete inventory. |
Capitalized Software Costs | Capitalized Software Costs – Capitalized software costs are included in other assets. These costs are amortized using the straight-line method over periods of related benefit ranging from three to seven years. Expenditures related to capitalized software are included in the Capital expenditures caption in the Consolidated Statements of Cash Flows. |
Property, Plant and Equipment, net | Property, Plant and Equipment, net – Property, plant and equipment, net is stated at historical costs. Expenditures for new facilities and expenditures that substantially increase the useful life of property, including interest during construction, are capitalized and reported in the Capital expenditures caption in the Consolidated Statements of Cash Flows. Maintenance, repairs and minor renewals are expensed as incurred. When property is retired or otherwise disposed of, the related cost and accumulated depreciation are removed from the accounts, and gains or losses on the disposition are reflected in earnings. Depreciation is generally provided on the straight-line basis by charges to pre-tax earnings at rates based on estimated useful lives. Estimated useful lives range from two to twenty-five years for machinery and equipment and three to thirty years for buildings and building improvements. Depreciation expense in 2017, 2016, and 2015 was $33.7 , $27.9 , and $37.1 , respectively, excluding accelerated depreciation charges of $2.4 and $9.1 , in 2016 and 2015, respectively, primarily related to certain manufacturing assets including properly, plant, and equipment located at the facilities that were closed or streamlined. See Note 4, Restructuring, of the Notes to the Consolidated Financial Statements. Estimated useful lives are periodically reviewed and, when appropriate, changes are made prospectively. When certain events or changes in operating conditions occur, asset lives may be adjusted and an impairment assessment may be performed on the recoverability of the carrying amounts. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets – Energizer reviews long-lived assets, other than goodwill and other intangible assets for impairment, when events or changes in business circumstances indicate that the remaining useful life may warrant revision or that the carrying amount of the long-lived asset may not be fully recoverable. Energizer performs undiscounted cash flow analysis to determine if impairment exists. If impairment is determined to exist, any related impairment loss is calculated based on estimated fair value. Impairment losses on assets to be disposed of, if any, are based on the estimated proceeds to be received, less cost of disposal. |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets – Goodwill and indefinite-lived intangibles are not amortized, but are evaluated annually for impairment as part of the Company's annual business planning cycle in the fourth fiscal quarter, or when indicators of a potential impairment are present. Intangible assets with finite lives are amortized on a straight-line basis over expected lives. Such intangibles are also evaluated for impairment including ongoing monitoring of potential impairment indicators. |
Revenue Recognition | Revenue Recognition – Energizer’s revenue is from the sale of its products. Revenue is recognized when title, ownership and risk of loss pass to the customer. Discounts are offered to customers for early payment and an estimate of the discount is recorded as a reduction of net sales in the same period as the sale. Our standard sales terms are final and returns or exchanges are not permitted unless a special exception is made. Reserves are established and recorded in cases where the right of return does exist for a particular sale. Energizer offers a variety of programs, such as consumer coupons and similar consumer rebate programs, primarily to its retail customers, designed to promote sales of its products. Such programs require periodic payments and allowances based on estimated results of specific programs and are recorded as a reduction to net sales. Energizer accrues, at the time of sale, the estimated total payments and allowances associated with each transaction. Additionally, Energizer offers programs directly to consumers to promote the sale of its products. Promotions which reduce the ultimate consumer sale prices are recorded as a reduction of net sales at the time the promotional offer is made, generally using estimated redemption and participation levels. Revenue is recorded net of the taxes we collect on behalf of governmental authorities which are generally included in the price to the customer. Energizer continually assesses the adequacy of accruals for customer and consumer promotional program costs not yet paid. To the extent total program payments differ from estimates, adjustments may be necessary. Historically, these adjustments have not been material. |
Advertising and Sales Promotion Costs | Advertising and Sales Promotion Costs – The Company advertises and promotes its products through national and regional media and expenses such activities as incurred. |
Research and Development Costs | Research and Development Costs - The Company expenses research and development costs as incurred. |
Income Taxes | Income Taxes – Our annual effective income tax rate is determined based on our income, statutory tax rates and the tax impacts of items treated differently for tax purposes than for financial reporting purposes. Tax law requires certain items be included in the tax return at different times than the items are reflected in the financial statements. Some of these differences are permanent, such as expenses that are not deductible in our tax return, and some differences are temporary, reversing over time, such as depreciation expense. These temporary differences create deferred tax assets and liabilities. The Company has repatriated a portion of current year earnings from select non-U.S. subsidiaries. Generally, these non-U.S. subsidiaries are in tax jurisdictions with effective tax rates that do not result in materially higher U.S. tax provisions related to the repatriated earnings. No provision is made for additional taxes on undistributed earnings of foreign affiliates that are intended and planned to be indefinitely invested in foreign affiliates. The Company intends to reinvest these earnings indefinitely in our foreign subsidiaries to fund local operations, fund strategic growth objectives, and fund capital projects. See Note 8, Income Taxes, for further discussion. The Company estimates income taxes and the effective income tax rate in each jurisdiction that it operates. This involves estimating taxable earnings, specific taxable and deductible items, the likelihood of generating sufficient future taxable income to utilize deferred tax assets, the portion of the income of foreign subsidiaries that is expected to be remitted to the U.S. and be taxable and possible exposures related to future tax audits. Deferred tax assets are evaluated on a subsidiary by subsidiary basis to ensure that the asset will be realized. Valuation allowances are established when the realization is not deemed to be more likely than not. Future performance is monitored, and when objectively measurable operating trends change, adjustments are made to the valuation allowances accordingly. To the extent the estimates described above change, adjustments to income taxes are made in the period in which the estimate is changed. The Company operates in multiple jurisdictions with complex tax and regulatory environments, which are subject to differing interpretations by the taxpayer and the taxing authorities. At times, the Company may take positions that management believes are supportable, but are potentially subject to successful challenges by the appropriate taxing authority. The Company evaluates its tax positions and establishes liabilities in accordance with guidance governing accounting for uncertainty in income taxes. The Company reviews these tax uncertainties in light of the changing facts and circumstances, such as the progress of tax audits, and adjusts them accordingly. |
Share-Based Payments | Share-Based Payments – The Company grants restricted stock equivalents, which generally vest over two to four years. Stock compensation expense is measured at the grant date based on the estimated fair value of the award and is recognized on a straight-line basis over the full restriction period of the award, with forfeitures recognized as they occur. |
Estimated Fair Value of Financial Instruments | Estimated Fair Values of Financial Instruments – Certain financial instruments are required to be recorded at the estimated fair value. Changes in assumptions or estimation methods could affect the fair value estimates; however, we do not believe any such changes would have a material impact on our financial condition, results of operations or cash flows. Other financial instruments including cash and cash equivalents and short-term borrowings, including notes payable, are recorded at cost, which approximates estimated fair value. |
Reclassifications | Reclassifications - Certain reclassifications have been made to the prior year financial statements to conform to the current presentation. |
Recently Accounting Pronouncements | Recently Adopted Accounting Pronouncements – During the year ended September 30, 2017, the Company adopted ASU 2015-07, Fair Value Measurement (Topic 820). This ASU removes the requirement to categorize investments for which fair values are measured using the net asset value per share (NAV) in the fair value hierarchy. As a result of this ASU, Energizer's pension plan assets, as disclosed in Note 12, Pension Plans, that are valued using their NAV are no longer disclosed in the fair value hierarchy disclosures of ASC 820, Fair Value Measurements. During the quarter ended December 31, 2016, the Company early adopted FASB ASU 2016-09, Compensation - Stock Compensation . ASU 2016-09 simplifies the accounting for share-based payment transactions, including the income tax consequences and classifications on the statement of cash flows. The provisions in ASU 2016-09 resulted in the following impacts upon adoption: Excess tax benefits created upon the vesting of restricted stock equivalent awards (RSEA) are now recorded within the income tax provision. These amounts were previously recorded as an adjustment to Additional paid in capital. During the twelve months ended September 30, 2017, $1.6 was recorded as a benefit in our income tax provision. This ASU provision was applied on a modified retrospective basis; however no cumulative effect adjustment was necessary to retained earnings. Excess tax benefits are now required to be classified with other income tax cash flows as a Cash Flow from Operating Activities. This was previously reported as a Cash Flow from Financing Activity. The $1.6 excess tax benefit for the twelve months ended September 30, 2017 is reflected within the Changes in current assets and liabilities used in operations line. The Company has applied this provision prospectively and the comparable prior year amount of $1.0 is reflected in Cash Flow from Financing Activities. Cash paid by an employer when directly withholding shares for tax withholding purposes are now required to be classified as a Cash Flow from Financing Activities. For the twelve months ended September 30, 2017 and September 30, 2016, the Company has reported $10.0 and $6.2 , respectively, for Taxes paid for withheld share payments as a Cash Flow used by Financing Activity. This presentation is consistent with prior year. No other provisions of this guidance had an impact on the financial statements. During the quarter ended December 31, 2016, the Company adopted ASU 2015-05, Intangibles Goodwill and other internal-use software (Subtopic 350-40), which provides criteria to review cloud computing arrangements to determine whether the arrangement contains a software license or is solely a service contract. If the arrangement is determined to be a software license, fees paid to the vendor would be within the scope of internal-use software guidance. If not, the fees paid would be expensed as incurred. The Company's historical accounting for cloud computing arrangements was consistent with this guidance and no change in accounting was required. During the quarter ended December 31, 2016, the Company adopted FASB ASU 2014-15, Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern , which requires management to assess the Company's ability to continue as a going concern and to provide related disclosures in certain circumstances. Management's assessment discovered no uncertainties about the Company's ability to continue as a going concern. Recently Issued Accounting Pronouncements – On May 28, 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers, which provides a single comprehensive revenue recognition model for all contracts with customers to improve comparability within industries, across industries and across capital markets. On August 12, 2015, the FASB issued a one-year deferral of the effective date of the ASU. The update is effective for Energizer beginning October 1, 2018. The Company is currently assessing the new standard against its current accounting policies and procedures, through activities that include analysis of standard sales transactions and terms, coordination and discussion with our commercial teams and reviewing contracts with customers. The Company plans to adopt the new standard on a modified retrospective basis at the effective date. While the Company’s assessment is not yet complete, the new guidance is not expected to have a material impact on the Company’s consolidated financial position, results of operations or cash flows. The Company is still assessing the overall impact on the Company’s disclosures. On July 22, 2015, the FASB issued ASU 2015-11, Inventory (Topic 330), which aligns the measurement of inventory under GAAP more closely with International Financial Reporting Standards. Under the new guidance, an entity that measures inventory using the first-in, first-out or average cost should measure inventory at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. The update is effective for Energizer beginning October 1, 2017 and will not have a material impact. On February 25, 2016, the FASB issued ASU 2016-02, Leases . This ASU aligns the measurement of leases under GAAP more closely with International Financial Reporting Standards by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. The amendments in this update will be effective for Energizer beginning October 1, 2019 with early adoption permitted. Energizer is in the process of evaluating the impact the revised guidance will have on its financial statements. On August 26, 2016, the FASB issued ASU 2016-15, Statement of Cash Flows- Classification of Certain Cash Receipts and Cash Payments, which is intended to reduce diversity in practice in how certain transactions are classified in the statements of cash flows. This update will be effective for Energizer beginning October 1, 2018. The Company is currently assessing the impact the revised guidance will have on our current classification on the Statement of Cash Flow. On October 24, 2016, the FASB issued ASU 2016-16, Intra-entity Transfers of Assets Other Than Inventory . This ASU requires tax expense to be recognized from the sale of intra-entity assets, other than inventory, when the transfer occurs, even though the effects of the transaction are eliminated in consolidation. Under the current guidance, the tax effects of transfers would have been deferred until the transferred asset was sold or otherwise recovered through use. Upon adoption, any deferred charge previously established upon the intra-company transfer would be recorded as a cumulative effect adjustment to retained earnings. At September 30, 2016, the Company had a deferred charge of $51.2 included in Other assets. During the quarter ended December 31, 2016, new IRS regulations were passed that resulted in the recognition of an additional deferred charge. As of September 30, 2017, the total deferred charge is $59.2 . The update will be effective for Energizer beginning October 1, 2018 with early adoption permitted in the first interim period of a fiscal year. The Company expects to adopt the new guidance during the first quarter of fiscal 2018. On January 5, 2017, the FASB issued ASU 2017-01, Clarifying the Definition of a Business . This ASU creates a more practical definition and guidelines to determine whether a set of assets and activities is a business. This simplifies the decision making process of determining whether a purchase constitutes a business combination or an acquisition of assets. This ASU is effective for the Company for any new acquisitions starting October 1, 2018. On January 26, 2017, the FASB issued ASU 2017-04, Simplifying the Test for Goodwill Impairment . This ASU eliminates the need to assign the fair value of a reporting unit to each of its assets and liabilities when quantifying an impairment charge. The impairment charge would now be determined based on the comparison of the fair value of a reporting unit to its carrying amount. The Company will adjust its goodwill testing procedures accordingly upon adoption. This ASU is effective for the Company starting with its annual goodwill impairment tests for fiscal year 2021. On March 10, 2017, the FASB issued ASU 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost . This ASU requires the service component of the net periodic pension cost to be reported in the same income statement line item as similar compensation costs, while all other pension cost components should be reported separately from the service cost component on the income statement. The update will be effective for Energizer beginning October 1, 2018 with early adoption permitted in the first interim period of a fiscal year. The Company expects to adopt the new guidance during the first quarter of fiscal 2018. The adoption will result in the service component of net periodic pension costs being accounted for in Selling, general and administrative expenses and the other components of net periodic pension costs being accounted for in Other items, net and will be applied retrospectively. On August 28, 2017, the FASB issued ASU 2017-12, Targeted Improvements to Accounting for Hedging Activities. This ASU intends to simplify hedge accounting and decrease complexity for both the preparation and understanding of hedging disclosures in the financial statements. This ASU is effective for the Company beginning October 1, 2019. The Company is currently assessing the impact the revised guidance will have on its accounting practices and financial statements. |
Summary of Significant Accoun30
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable | Trade Receivables, net consists of: September 30, 2017 2016 Trade Receivables $ 236.0 $ 197.8 Allowance for returns and doubtful accounts (5.8 ) (6.9 ) Trade Receivables, net $ 230.2 $ 190.9 |
Spin Costs (Tables)
Spin Costs (Tables) - Spin-off | 12 Months Ended |
Sep. 30, 2017 | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Costs | The estimated impact of allocating such charges to segment results would have been as follows: Twelve Months Ended September 30, 2017 Americas EMEA Asia Pacific Corporate Total Contract termination costs $ — $ — $ — $ (2.5 ) $ (2.5 ) Net gain on asset sale (1.3 ) — — — (1.3 ) Total $ (1.3 ) $ — $ — $ (2.5 ) $ (3.8 ) Twelve Months Ended September 30, 2016 Americas EMEA Asia Pacific Corporate Total Severance and termination related costs $ (2.2 ) $ 1.1 $ 0.8 $ 0.5 $ 0.2 Non-cash asset write-down — 0.5 — — 0.5 Contract termination costs 3.7 — — — 3.7 Other exit costs 0.3 0.7 1.0 — 2.0 Net gain on asset sale — (0.6 ) — — (0.6 ) Total $ 1.8 $ 1.7 $ 1.8 $ 0.5 $ 5.8 Twelve Months Ended September 30, 2015 Americas EMEA Asia Pacific Corporate Total Severance and termination related costs $ 9.1 $ 6.0 $ 5.3 $ 12.0 $ 32.4 Non-cash asset write-down 3.2 0.2 0.6 — 4.0 Other exit costs 0.4 0.6 1.7 — 2.7 Total $ 12.7 $ 6.8 $ 7.6 $ 12.0 $ 39.1 |
Schedule of Restructuring Reserve by Type of Cost | The following tables represent the spin restructuring accrual activity and ending accrual balance at September 30, 2017 and September 30, 2016 on the Consolidated Balance Sheet. At September 30, 2016, $4.0 of the liability was recorded in Other current liabilities and the remaining $ 2.4 was recorded in Other liabilities. Utilized October 1, 2016 Charge to Income Cash Non-Cash September 30, 2017 Severance and termination related costs $ 2.8 $ — $ (2.8 ) $ — $ — Contract termination costs 3.6 (2.5 ) (1.1 ) — — Net gain on asset sale — (1.3 ) 1.3 — — Total $ 6.4 $ (3.8 ) $ (2.6 ) $ — $ — Utilized October 1, 2015 Charge to Income Cash Non-Cash September 30, 2016 Severance and termination related costs $ 12.0 $ 0.2 $ (9.4 ) $ — $ 2.8 Non-cash asset write down — 0.5 — (0.5 ) — Contract termination costs — 3.7 (0.1 ) — 3.6 Other exit costs 0.3 2.0 (2.3 ) — — Net gain on asset sale — (0.6 ) 0.6 — — Total $ 12.3 $ 5.8 $ (11.2 ) $ (0.5 ) $ 6.4 |
Restructuring (Tables)
Restructuring (Tables) - 2013 restructuring | 12 Months Ended |
Sep. 30, 2017 | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Costs | The pre-tax expense for charges and credits related to the 2013 restructuring project for Energizer for the twelve months ended September 30, 2016 and 2015 are noted in the tables below: Twelve Months Ended September 30, 2016 Americas EMEA Asia Pacific Corporate Total Severance and related benefit costs $ 0.3 $ — $ — $ — $ 0.3 Consulting, program management and other exit costs — — 0.2 — 0.2 Net loss on asset sale 2.0 — — — 2.0 Total $ 2.3 $ — $ 0.2 $ — $ 2.5 Twelve Months Ended September 30, 2015 Americas EMEA Asia Pacific Corporate Total Severance and related benefit costs $ 0.1 $ 0.5 $ 6.6 $ (0.2 ) $ 7.0 Accelerated depreciation — — 9.1 — 9.1 Consulting, program management and other exit costs 2.3 0.3 1.9 — 4.5 Net gain on asset sale — — (11.0 ) — (11.0 ) Total $ 2.4 $ 0.8 $ 6.6 $ (0.2 ) $ 9.6 |
Schedule of Restructuring Reserve by Type of Cost | The following tables summarize the activity related to the 2013 restructuring project for the twelve months ended September 30, 2017 and 2016. Utilized October 1, 2016 Charge to Income Cash Non-Cash September 30, 2017 Severance and termination related costs $ 1.2 $ — $ (1.2 ) $ — $ — Other related costs 0.3 — (0.3 ) — — Total $ 1.5 $ — $ (1.5 ) $ — $ — Utilized October 1, 2015 Charge to Income Cash Non-Cash September 30, 2016 Severance and termination related costs $ 4.0 $ 0.2 $ (3.0 ) $ — $ 1.2 Other related costs — 0.3 — — 0.3 Net loss on asset sales — 2.0 — (2.0 ) — Total $ 4.0 $ 2.5 $ (3.0 ) $ (2.0 ) $ 1.5 |
Acquisitions Acquisitions (Tabl
Acquisitions Acquisitions (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Business Combinations [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The purchase price allocation is as follows: Accounts receivable $ 22.5 Inventory 30.9 Other current assets 6.5 Property, plant and equipment 4.7 Goodwill 193.1 Other identifiable intangible assets 159.5 Accounts payable (6.2 ) Other liabilities (6.4 ) Deferred income taxes (60.6 ) Net assets acquired $ 344.0 |
Schedule of Acquired Finite-Lived Intangible Assets by Major Class | The break out of purchased identifiable intangible assets of $159.5 is included in the table below. Total Weighted Average Useful Lives Trademarks $ 40.1 15.0 years Customer Relationships 84.4 14.6 years Patents 34.5 14.1 years Non-Compete 0.5 5.0 years Total Other Intangible Assets $ 159.5 14.6 years |
Business Acquisition, Pro Forma Information | The pro forma results are as if the auto care acquisition had occurred on October 1, 2014: 2016 2015 (Unaudited) (Unaudited) Pro forma Net sales $ 1,719.6 $ 1,759.9 Pro forma Net earnings/(loss) (a) 140.0 (8.2 ) Pro forma Earnings/(loss) per diluted share (a) $ 2.24 $ (0.13 ) (a) The fiscal year 2015 pro forma net loss and loss per diluted share includes the charges for the $8.1 inventory fair value adjustment, $10.0 of acquisition and integration costs, and $1.2 of interest expense discussed above that were incurred in fiscal 2016. These charges were excluded from the fiscal year 2016 pro forma net earnings and earnings per diluted share. |
Goodwill and intangible assets
Goodwill and intangible assets (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The following table represents the change in the carrying amount of goodwill at September 30, 2017 : Americas EMEA Asia Pacific Total Balance at October 1, 2016 $ 213.7 $ 5.3 $ 10.7 $ 229.7 Cumulative translation adjustment 0.1 0.2 — 0.3 Balance at September 30, 2017 $ 213.8 $ 5.5 $ 10.7 $ 230.0 |
Schedule of Finite-Lived Intangible Assets | Total amortizable intangible assets at September 30, 2017 and 2016, respectively, are as follows: Gross Carrying Amount Accumulated Amortization Net Carrying Amount Trademarks $ 40.1 $ 3.4 $ 36.7 Customer Relationships 84.4 7.3 77.1 Patents 34.5 3.2 31.3 Non-Compete 0.5 0.1 0.4 Total Intangible Assets at September 30, 2017 $ 159.5 $ 14.0 $ 145.5 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Trademarks $ 40.1 $ 0.7 $ 39.4 Customer Relationships 84.4 1.5 82.9 Patents 34.5 0.6 33.9 Non-Compete 0.5 — 0.5 Total Intangible Assets at September 30, 2016 $ 159.5 $ 2.8 $ 156.7 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | The provisions for income taxes consisted of the following: For the Years Ended September 30, 2017 2016 2015 Currently payable: United States - Federal $ 39.4 $ 9.5 $ (20.6 ) State 4.2 3.0 (1.4 ) Foreign 32.6 21.3 32.4 Total current 76.2 33.8 10.4 Deferred: United States - Federal (7.4 ) 5.5 (3.5 ) State (0.2 ) (2.4 ) (0.2 ) Foreign 3.2 1.1 (3.4 ) Total deferred (4.4 ) 4.2 (7.1 ) Provision for income taxes $ 71.8 $ 38.0 $ 3.3 |
Schedule of Income before Income Tax, Domestic and Foreign | The source of pre-tax earnings/(loss) was: For the Years Ended September 30, 2017 2016 2015 United States $ 96.4 $ 40.2 $ (144.5 ) Foreign 176.9 125.5 143.8 Pre-tax earnings/(loss) $ 273.3 $ 165.7 $ (0.7 ) |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of income taxes with the amounts computed at the statutory federal income tax rate follows: For the Years Ended September 30, 2017 2016 2015 Computed tax at federal statutory rate $ 95.7 35.0 % $ 58.0 35.0 % $ (0.3 ) 35.0 % State income taxes, net of federal tax benefit 2.8 1.0 1.7 1.0 (1.6 ) N/M Foreign tax less than the federal rate (26.5 ) (9.7 ) (21.7 ) (13.1 ) (20.8 ) N/M Other taxes including repatriation of foreign earnings 2.2 0.8 5.7 3.4 2.2 N/M Nondeductible spin costs — — — — 2.0 N/M Deconsolidation of Venezuela operations — — — — 22.8 N/M Other, net (2.4 ) (0.8 ) (5.7 ) (3.4 ) (1.0 ) N/M Total $ 71.8 26.3 % $ 38.0 22.9 % $ 3.3 455.1 % N/M - The percentage rate reconciliation of income taxes is not meaningful. |
Schedule of Deferred Tax Assets and Liabilities | The deferred tax assets and deferred tax liabilities at the end of each year are as follows: September 30, 2017 2016 Deferred tax assets: Accrued liabilities $ 57.3 $ 45.6 Deferred and stock-related compensation 25.0 26.8 Tax loss carryforwards and tax credits 18.3 19.9 Intangible assets 0.8 1.6 Pension plans 24.3 41.9 Inventory differences and other tax assets 10.2 13.0 Gross deferred tax assets 135.9 148.8 Deferred tax liabilities: Depreciation and property differences (16.2 ) (16.2 ) Intangible assets (65.6 ) (62.3 ) Other tax liabilities (3.6 ) (3.0 ) Gross deferred tax liabilities (85.4 ) (81.5 ) Valuation allowance (19.3 ) (19.7 ) Net deferred tax assets $ 31.2 $ 47.6 |
Summary of Income Tax Contingencies | The unrecognized tax benefits activity is summarized below: For the Years Ended September 30, 2017 2016 2015 Unrecognized tax benefits, beginning of year $ 9.4 $ 8.5 $ 12.7 Additions based on current year tax positions and acquisitions 1.3 0.9 6.1 Reductions for prior year tax positions — — (10.3 ) Settlements with taxing authorities/statute expirations (1.2 ) — — Unrecognized tax benefits, end of year $ 9.5 $ 9.4 $ 8.5 |
Earnings per share (Tables)
Earnings per share (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following table sets forth the computation of basic and diluted earnings/(loss) per share for the years ended September 30, 2017 , 2016 and 2015 : For the Years Ended September 30, (in millions, except per share data) 2017 2016 2015 Net earnings/(loss) $ 201.5 $ 127.7 $ (4.0 ) Basic average shares outstanding 61.7 61.9 62.2 Effect of dilutive restricted stock equivalents 0.5 0.5 — Effect of dilutive performance shares 0.4 0.1 — Diluted average shares outstanding 62.6 62.5 62.2 Basic earnings/(loss) per common share $ 3.27 $ 2.06 $ (0.06 ) Diluted earnings/(loss) per common share $ 3.22 $ 2.04 $ (0.06 ) |
Share-Based Payments (Tables)
Share-Based Payments (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of RSE Activity | The following table summarizes the Company's RSE activity during the current fiscal year (shares in millions): Shares Weighted-Average Grant Date Estimated Fair Value per Share Nonvested RSE at October 1, 2016 1.9 $ 35.39 Granted 0.7 $ 43.93 Vested (0.6 ) $ 34.33 Canceled (0.2 ) $ 38.24 Nonvested RSE at September 30, 2017 1.8 $ 38.72 |
Pension Plans (Tables)
Pension Plans (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Retirement Benefits [Abstract] | |
Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan | The following tables present the benefit obligation, plan assets and funded status of the plans: September 30, U.S. International 2017 2016 2017 2016 Change in Projected Benefit Obligation Benefit obligation at beginning of year $ 556.8 $ 550.1 $ 210.2 $ 175.9 Service cost — — 1.4 1.2 Interest cost 18.3 22.1 3.4 4.6 Plan participants' contributions — — 0.1 0.1 Actuarial (gain)/loss (7.8 ) 26.1 (6.0 ) 38.6 Benefits paid (39.7 ) (39.5 ) (8.9 ) (7.0 ) Expenses paid — — (0.2 ) (0.5 ) Plan curtailments — — (1.8 ) — Plan settlements (1.7 ) (2.0 ) (0.5 ) (2.1 ) Obligations transferred from Edgewell — — — 11.6 Foreign currency exchange rate changes — — 5.8 (12.2 ) Projected Benefit Obligation at end of year $ 525.9 $ 556.8 $ 203.5 $ 210.2 Change in Plan Assets Estimated fair value of plan assets at beginning of year $ 474.7 $ 457.9 $ 159.5 $ 158.8 Actual return on plan assets 39.8 52.9 8.2 18.1 Company contributions 4.1 5.4 10.3 4.3 Plan participants' contributions — — 0.1 0.1 Plan settlements (1.7 ) (2.0 ) (0.5 ) (2.1 ) Benefits paid (39.7 ) (39.5 ) (8.9 ) (7.0 ) Expenses paid — — (0.2 ) (0.5 ) Foreign currency exchange rate changes — — 5.3 (12.2 ) Estimated fair value of plan assets at end of year $ 477.2 $ 474.7 $ 173.8 $ 159.5 Funded status at end of year $ (48.7 ) $ (82.1 ) $ (29.7 ) $ (50.7 ) |
Schedule of Defined Benefit Plans Disclosures | The following table presents the amounts recognized in the Consolidated Balance Sheets and Consolidated Statements of Shareholders’ Equity: September 30, U.S. International 2017 2016 2017 2016 Amounts Recognized in the Consolidated Balance Sheets Noncurrent assets $ — $ — $ 4.1 $ 0.2 Current liabilities (3.0 ) (2.7 ) (0.6 ) (0.6 ) Noncurrent liabilities (45.7 ) (79.4 ) (33.2 ) (50.3 ) Net amount recognized $ (48.7 ) $ (82.1 ) $ (29.7 ) $ (50.7 ) Amounts Recognized in Accumulated Other Comprehensive Loss Net loss, pre tax $ (149.7 ) $ (168.4 ) $ (57.1 ) $ (67.2 ) |
Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss) | Pre-tax changes recognized in other comprehensive income for the year ended September 30, 2017 are as follows: U.S. International Changes in plan assets and benefit obligations recognized in other comprehensive income/(loss) Net gain arising during the year $ 13.4 $ 7.9 Effect of exchange rates — (1.3 ) Amounts recognized as a component of net periodic benefit cost Amortization or settlement recognition of net gain 5.3 3.5 Total income recognized in other comprehensive income/(loss) $ 18.7 $ 10.1 |
Schedule of Expected Benefit Payments | Energizer’s expected future benefit payments for the plans are as follows: For The Years Ending September 30, U.S. International 2018 $ 38.3 $ 7.8 2019 37.7 7.8 2020 36.8 7.8 2021 36.3 8.2 2022 35.6 8.4 2023 to 2027 170.6 42.4 |
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets | The following table shows the plans with an accumulated benefit obligation in excess of plan assets at the dates indicated. September 30, U.S. International 2017 2016 2017 2016 Projected benefit obligation $ 525.9 $ 556.8 $ 121.0 $ 176.3 Accumulated benefit obligation $ 525.9 $ 556.8 $ 119.5 $ 172.9 Estimated fair value of plan assets $ 477.2 $ 474.7 $ 87.3 $ 125.4 |
Schedule of Net Benefit Costs | The following table presents plan pension expense: For the Years Ended September 30, U.S. International 2017 2016 2015 2017 2016 2015 Service cost $ — $ — $ — $ 1.4 $ 1.2 $ 0.8 Interest cost 18.3 22.1 5.7 3.4 4.6 1.9 Expected return on plan assets (34.3 ) (34.6 ) (9.1 ) (8.0 ) (7.8 ) (3.1 ) Recognized net actuarial loss 4.8 4.3 0.9 3.4 2.1 0.5 Settlement loss recognized 0.5 0.5 — 0.2 0.8 0.1 Net periodic (benefit)/expense $ (10.7 ) $ (7.7 ) $ (2.5 ) $ 0.4 $ 0.9 $ 0.2 |
Schedule of Assumptions Used | The following table presents assumptions, which reflect weighted averages for the component plans, used in determining the above information: September 30, U.S. International 2017 2016 2015 2017 2016 2015 Plan obligations: Discount rate 3.7 % 3.4 % 4.2 % 2.1 % 1.7 % 2.8 % Compensation increase rate — % — % — % 2.4 % 3.2 % 3.3 % Net periodic benefit cost: Discount rate 3.4 % 4.2 % 4.3 % 1.7 % 2.8 % 3.0 % Expected long-term rate of return on plan assets 7.5 % 7.8 % 7.8 % 5.1 % 5.2 % 5.1 % Compensation increase rate — % — % — % 3.2 % 3.3 % 3.3 % |
Schedule of Allocation of Plan Assets | The following tables set forth the estimated fair value of Energizer’s plan assets as of September 30, 2017 and 2016 segregated by level within the estimated fair value hierarchy. Refer to Note 15, Financial Instruments and Risk Management, to the Consolidated Financial Statements for further discussion on the estimated fair value hierarchy and estimated fair value principles. ASSETS AT ESTIMATED FAIR VALUE At September 30, 2017 U.S. Pension Plan Assets International Pension Plan Assets Level 1 Level 2 Total Level 1 Level 2 Total EQUITY U.S. Equity $ 87.3 $ — $ 87.3 $ — $ 1.4 $ 1.4 International Equity 3.7 — 3.7 — 5.7 $ 5.7 DEBT U.S. Government — 216.4 216.4 — — $ — Other Government — — — — 16.2 16.2 Corporate — — — — 12.9 12.9 CASH & CASH EQUIVALENTS — — — — 10.0 10.0 OTHER — — — — 41.0 41.0 Assets Measured at Net Asset Value U.S. Equity 70.9 — International Equity 98.9 45.0 Other Government — 29.6 Corporate — 12.0 TOTAL $ 91.0 $ 216.4 $ 477.2 $ — $ 87.2 $ 173.8 At September 30, 2016 U.S. Pension Plan Assets International Pension Plan Assets Level 1 Level 2 Total Level 1 Level 2 Total EQUITY U.S. Equity $ 147.9 $ — $ 147.9 $ — $ 1.6 $ 1.6 International Equity 5.9 — 5.9 — 5.8 5.8 DEBT U.S. Government — 164.0 164.0 — — — Other Government — — — — 13.3 13.3 Corporate — — — — 13.5 13.5 CASH & CASH EQUIVALENTS — — — 1.4 1.4 OTHER — — — — 6.2 6.2 Assets measured at Net Asset Value U.S. Equity 50.3 2.7 International Equity 106.6 46.6 Other Government — 33.1 Corporate — 12.9 Other — 22.4 TOTAL $ 153.8 $ 164.0 $ 474.7 $ — $ 41.8 $ 159.5 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | The detail of long-term debt was as follows: September 30, 2017 2016 5.50% Senior Notes due 2025 600.0 600.0 Senior Secured Term Loan B Facility, net of discount, due 2022 $ 392.0 $ 396.0 Total long-term debt, including current maturities 992.0 996.0 Less current portion (4.0 ) (4.0 ) Less unamortized debt discount and debt issuance fees (9.5 ) (10.3 ) Total long-term debt $ 978.5 $ 981.7 |
Financial Instruments and Ris40
Financial Instruments and Risk Management (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) | The following table provides the Company's estimated fair values as of September 30, 2017 and 2016 , and the amounts of gains and losses on derivative instruments classified as cash flow hedges as of and for the twelve months ended September 30, 2017 and 2016 , respectively: At September 30, 2017 For the Year Ended September 30, 2017 Derivatives designated as Cash Flow Hedging Relationships Estimated Fair Value Liability (1) (Loss)/Gain Recognized in OCI(2) Gain/(Loss) Foreign currency contracts $ (5.8 ) $ (4.3 ) $ 0.4 Interest rate contracts (1.3 ) 4.5 (2.4 ) Total $ (7.1 ) $ 0.2 $ (2.0 ) At September 30, 2016 For the Year Ended September 30, 2016 Derivatives designated as Cash Flow Hedging Relationships Estimated Fair Value Liability (1) Loss Recognized in OCI(2) Gain/(Loss) Foreign currency contracts $ (1.1 ) $ (1.5 ) $ 4.1 Interest rate contracts (9.7 ) (7.4 ) (2.9 ) Total $ (10.8 ) $ (8.9 ) $ 1.2 1. All derivative liabilities are presented in Other current liabilities or Other liabilities. 2. OCI is defined as other comprehensive income. 3. Gain/(loss) reclassified to Income was recorded as follows: Foreign currency contracts in other items, net and interest rate contracts in interest expense. 4. Each of these hedging relationships has derivative instruments with a high correlation to the underlying exposure being hedged and has been deemed highly effective in offsetting the underlying risk. |
Derivative Instruments, Gain (Loss) | The following table provides estimated fair values as of September 30, 2017 and 2016 , and the gains and losses on derivative instruments not classified as cash flow hedges as of and for the twelve months ended September 30, 2017 and 2016 , respectively. At September 30, 2017 For the Year Ended September 30, 2017 Derivatives not designated as Cash Flow Hedging Relationships Estimated Fair Value Asset (1) Loss Recognized in Income (3) Foreign currency contracts 0.9 (1.4 ) At September 30, 2016 For the Year Ended September 30, 2016 Derivatives not designated as Cash Flow Hedging Relationships Estimated Fair Value Liability (2) Loss Recognized in Income (3) Foreign currency contracts (1.0 ) (0.4 ) 1. All derivative assets are presented in Other current assets or Other assets. 2. All derivative liabilities are presented in Other current liabilities or Other liabilities. 3. Loss recognized in Income was recorded in Other items, net. |
Offsetting Assets | Energizer has the following recognized financial assets and financial liabilities resulting from those transactions that meet the scope of the disclosure requirements as necessitated by applicable accounting guidance for balance sheet offsetting: Offsetting of derivative assets At September 30, 2017 At September 30, 2016 Description Balance Sheet location Gross amounts of recognized assets Gross amounts offset in the Balance Sheet Net amounts of assets presented in the Balance Sheet Gross amounts of recognized assets Gross amounts offset in the Balance Sheet Net amounts of assets presented in the Balance Sheet Foreign Currency Contracts Other Current Assets, Other Assets $ 1.1 $ — $ 1.1 $ 0.8 $ — $ 0.8 Offsetting of derivative liabilities At September 30, 2017 At September 30, 2016 Description Balance Sheet location Gross amounts of recognized liabilities Gross amounts offset in the Balance Sheet Net amounts of liabilities presented in the Balance Sheet Gross amounts of recognized liabilities Gross amounts offset in the Balance Sheet Net amounts of liabilities presented in the Balance Sheet Foreign Currency Contracts Other Current Liabilities, Other Liabilities $ (6.4 ) $ 0.4 $ (6.0 ) $ (3.2 ) $ 0.3 $ (2.9 ) |
Offsetting Liabilities | Energizer has the following recognized financial assets and financial liabilities resulting from those transactions that meet the scope of the disclosure requirements as necessitated by applicable accounting guidance for balance sheet offsetting: Offsetting of derivative assets At September 30, 2017 At September 30, 2016 Description Balance Sheet location Gross amounts of recognized assets Gross amounts offset in the Balance Sheet Net amounts of assets presented in the Balance Sheet Gross amounts of recognized assets Gross amounts offset in the Balance Sheet Net amounts of assets presented in the Balance Sheet Foreign Currency Contracts Other Current Assets, Other Assets $ 1.1 $ — $ 1.1 $ 0.8 $ — $ 0.8 Offsetting of derivative liabilities At September 30, 2017 At September 30, 2016 Description Balance Sheet location Gross amounts of recognized liabilities Gross amounts offset in the Balance Sheet Net amounts of liabilities presented in the Balance Sheet Gross amounts of recognized liabilities Gross amounts offset in the Balance Sheet Net amounts of liabilities presented in the Balance Sheet Foreign Currency Contracts Other Current Liabilities, Other Liabilities $ (6.4 ) $ 0.4 $ (6.0 ) $ (3.2 ) $ 0.3 $ (2.9 ) |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following table sets forth the Company's financial assets and liabilities, which are carried at fair value, as of September 30, 2017 and 2016 that are measured on a recurring basis during the period, segregated by level within the fair value hierarchy: Level 2 September 30, 2017 2016 Liabilities at estimated fair value: Deferred Compensation $ (41.0 ) $ (47.6 ) Exit lease liability (0.3 ) (3.7 ) Derivatives - Foreign Currency contracts (4.9 ) (2.1 ) Derivatives - Interest Rate Swap (1.3 ) (9.7 ) Total Liabilities at estimated fair value $ (47.5 ) $ (63.1 ) |
Accumulated Other Comprehensi41
Accumulated Other Comprehensive (Loss)/Income (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table presents the changes in accumulated other comprehensive (loss)/income (AOCI), net of tax by component: Foreign Currency Translation Adjustments Pension Activity Hedging Activity Interest Rate Swap Total Balance at September 30, 2014 $ (28.7 ) $ (7.3 ) $ 4.3 $ — $ (31.7 ) OCI before reclassifications (97.9 ) (38.3 ) 6.7 (3.3 ) (132.8 ) Separation related adjustments 0.8 (95.3 ) 0.6 — (93.9 ) Venezuela deconsolidation charge 16.2 — — — 16.2 Reclassifications to earnings — 1.1 (8.2 ) — (7.1 ) Balance at September 30, 2015 $ (109.6 ) $ (139.8 ) $ 3.4 $ (3.3 ) $ (249.3 ) OCI before reclassifications 10.2 (25.3 ) (1.0 ) (4.6 ) (20.7 ) Reclassifications to earnings — 5.2 (3.1 ) 1.8 3.9 Balance at September 30, 2016 $ (99.4 ) $ (159.9 ) $ (0.7 ) $ (6.1 ) $ (266.1 ) OCI before reclassifications 6.3 14.3 (3.4 ) 2.8 20.0 Reclassifications to earnings — 6.2 (0.4 ) 1.5 7.3 Balance at September 30, 2017 $ (93.1 ) $ (139.4 ) $ (4.5 ) $ (1.8 ) $ (238.8 ) |
Reclassification out of Accumulated Other Comprehensive Income | The following table presents the reclassifications out of AOCI : For the Twelve Months Ended September 30, Amount Reclassified from AOCI (1) 2017 2016 2015 Affected Line Item in the Consolidated Statements of Earnings Gains and losses on cash flow hedges Foreign exchange contracts $ 0.4 $ 4.1 $ 11.0 Other items, net Interest rate swap (2.4 ) (2.9 ) — Interest expense (2.0 ) 1.2 11.0 Total before tax 0.9 0.1 (2.8 ) Tax benefit/(expense) $ (1.1 ) $ 1.3 $ 8.2 Net of tax Amortization of defined benefit pension items Actuarial losses $ (8.2 ) $ (6.4 ) $ (1.4 ) (2) Settlement losses (0.7 ) (1.3 ) (0.1 ) (2) (8.9 ) (7.7 ) (1.5 ) Total before tax 2.7 2.5 0.4 Tax benefit $ (6.2 ) $ (5.2 ) $ (1.1 ) Net of tax Foreign Currency Translation Adjustments Venezuela deconsolidation charge $ — $ — $ (16.2 ) Venezuela deconsolidation charge Total reclassifications for the period $ (7.3 ) $ (3.9 ) $ (9.1 ) Net of tax 1. Amounts in parentheses indicate debits to Consolidated Statements of Earnings. 2. These AOCI components are included in the computation of net periodic benefit cost (see Note 12, Pension Plans, for further details). |
Supplemental Financial Statem42
Supplemental Financial Statement Information (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Financial Statement Related Disclosures [Abstract] | |
Supplemental Balance Sheet Information | The components of certain balance sheet accounts are as follows: September 30, 2017 2016 Inventories Raw materials and supplies $ 36.6 $ 46.1 Work in process 84.8 72.0 Finished products 195.7 171.1 Total inventories $ 317.1 $ 289.2 Other Current Assets Miscellaneous receivables $ 13.7 $ 27.7 Prepaid expenses 52.7 70.0 Value added tax collectible from customers 23.4 22.9 Other 5.1 1.5 Total other current assets $ 94.9 $ 122.1 Property, plant and equipment Land $ 4.6 $ 9.8 Buildings 122.4 138.2 Machinery and equipment 697.9 771.9 Construction in progress 19.4 16.6 Total gross property 844.3 936.5 Accumulated depreciation (667.8 ) (734.8 ) Total property, plant and equipment, net $ 176.5 $ 201.7 Other Current Liabilities Accrued advertising, sales promotion and allowances $ 21.8 $ 16.9 Accrued trade allowances 51.1 54.0 Accrued salaries, vacations and incentive compensation 54.4 59.3 Spin restructuring reserve — 4.0 Income taxes payable 21.6 15.0 Other 105.7 105.5 Total other current liabilities $ 254.6 $ 254.7 Other Liabilities Pensions and other retirement benefits $ 87.7 $ 139.4 Deferred compensation 41.0 47.6 Other non-current liabilities 49.3 59.7 Total other liabilities $ 178.0 $ 246.7 |
Schedule Of Allowance For Doubtful Accounts | For the Years Ended September 30, Allowance for Doubtful Accounts 2017 2016 2015 Balance at beginning of year $ 6.9 $ 7.0 $ 7.4 Provision charged to expense, net of reversals (0.7 ) 1.2 1.9 Write-offs, less recoveries, translation, other (0.4 ) (1.3 ) (2.3 ) Balance at end of year $ 5.8 $ 6.9 $ 7.0 |
Summary of Income Tax Valuation Allowance | For the Years Ended September 30, Income Tax Valuation Allowance 2017 2016 2015 Balance at beginning of year $ 19.7 $ 13.6 $ 14.5 Provision charged to expense 1.6 5.8 0.3 Reversal of provision charged to expense (0.3 ) — (0.8 ) Translation, other (1.7 ) 0.3 (0.4 ) Balance at end of year $ 19.3 $ 19.7 $ 13.6 |
Schedule of Cash Flow, Supplemental Disclosures | For the Years Ended September 30, Supplemental Disclosure of Cash Flow Information 2017 2016 2015 Interest paid $ 51.0 $ 51.4 $ 73.1 Income taxes paid, net $ 40.2 $ 63.6 $ 37.6 |
Segments (Tables)
Segments (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | For the Years Ended September 30, Net Sales 2017 2016 2015 Americas $ 1,111.8 $ 1,002.0 $ 956.4 EMEA 357.8 353.8 370.4 Asia Pacific 286.1 278.4 304.8 Total net sales $ 1,755.7 $ 1,634.2 $ 1,631.6 Segment Profit Americas 310.0 266.5 255.3 EMEA 64.4 51.6 58.3 Asia Pacific 78.6 70.1 77.9 Total segment profit $ 453.0 $ 388.2 $ 391.5 General corporate and other expenses (80.8 ) (80.8 ) (66.0 ) Global marketing expenses (21.5 ) (19.1 ) (24.8 ) Research and development expense (22.0 ) (26.6 ) (24.9 ) Amortization of intangible assets (11.2 ) (2.8 ) — Venezuela deconsolidation charge — — (65.2 ) Restructuring (1) — (4.9 ) (13.0 ) Acquisition and integration costs (2) (8.4 ) (10.0 ) (1.6 ) Inventory step up (3) — (8.1 ) — Spin costs (4) — (10.4 ) (98.1 ) Spin restructuring 3.8 (5.8 ) (39.1 ) Acquisition and bridge loan fees (5) — (1.2 ) — Cost of early debt retirement (5) — — (26.7 ) Gain on sale of real estate 16.9 — — Interest expense (53.1 ) (53.1 ) (51.2 ) Other financing items, net (6) (3.4 ) 0.3 18.4 Total earnings/(loss) before income taxes $ 273.3 $ 165.7 $ (0.7 ) Depreciation and Amortization Americas 23.1 18.8 23.3 EMEA 1.4 1.2 1.1 Asia Pacific 14.5 11.5 12.8 Total segment depreciation and amortization 39.0 31.5 37.2 Corporate 11.2 2.8 4.6 Total depreciation and amortization $ 50.2 $ 34.3 $ 41.8 (1) Includes $0.3 for the twelve months ended September 30, 2015 which is included in SG&A and $2.4 and $3.1 for the twelve months ended September 30, 2016 and 2015, respectively, which were included in Cost of products sold on the Consolidated Statements of Earnings and Comprehensive Income. (2) Includes $4.0 , $10.0 and $1.3 for the twelve months ended September 30, 2017 , 2016 and 2015, respectively, recorded in SG&A, $1.1 and $0.3 for the twelve months ended September 30, 2017 and 2015, respectively, recorded in cost of products sold and $3.3 recorded in Other items, net for the twelve months ended September 30, 2017 on the Consolidated Statement of Earnings and Comprehensive Income. (3) Included in COGS in the Consolidated Statements of Earnings and Comprehensive Income. (4) Includes $10.0 and $97.6 for the twelve months ended September 30, 2016 and 2015, respectively, which were included in SG&A and $0.4 and $0.5 for the twelve months ended September 30, 2016 and 2015, respectively, included in COGS in the Consolidated Statements of Earnings and Comprehensive Income. (5) Included in Interest Expense in the Consolidated Statements of Earnings and Comprehensive Income. (6) The amount for the twelve months ended September 30, 2017 on the Consolidated Statements of Earnings and Comprehensive Income included $3.3 of expense which has been reclassified to Acquisition and integration costs from Other items, net for purposes of the reconciliation above. September 30, Total Assets 2017 2016 Americas $ 533.9 $ 475.2 EMEA 240.3 242.0 Asia Pacific 457.9 390.8 Total segment assets $ 1,232.1 $ 1,108.0 Corporate 137.7 159.1 Goodwill and other intangible assets, net 453.8 464.4 Total assets $ 1,823.6 $ 1,731.5 September 30, Long-Lived Assets 2017 2016 United States $ 186.4 $ 201.5 Singapore 64.9 67.0 Other International 98.3 109.1 Total long-lived assets excluding goodwill and intangibles $ 349.6 $ 377.6 For the Years Ended September 30, Capital Expenditures 2017 2016 2015 Americas $ 17.4 $ 18.3 $ 29.6 EMEA 1.5 5.7 2.3 Asia Pacific 6.3 4.7 8.5 Total segment capital expenditures $ 25.2 $ 28.7 $ 40.4 |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas | Geographic segment information for the years ended September 30 was as follows: For the Years Ended September 30, 2017 2016 2015 Net Sales to Customers United States $ 923.0 $ 824.1 $ 767.6 International 832.7 810.1 864.0 Total net sales $ 1,755.7 $ 1,634.2 $ 1,631.6 |
Revenue from External Customers by Products and Services | Supplemental product information is presented below for net sales for the years ended September 30: For the Years Ended September 30, 2017 2016 2015 Net Sales Batteries $ 1,548.2 $ 1,498.0 $ 1,516.7 Other 207.5 136.2 114.9 Total net sales $ 1,755.7 $ 1,634.2 $ 1,631.6 |
Quarterly Financial Informati44
Quarterly Financial Information - (Unaudited) (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | Fiscal 2017 First Second Third Fourth Net sales $ 559.6 $ 359.0 $ 372.0 $ 465.1 Gross profit 271.6 167.9 158.0 213.8 Net earnings 95.6 46.9 24.9 34.1 Earnings per share: Basic $ 1.55 $ 0.76 $ 0.40 $ 0.56 Diluted $ 1.52 $ 0.75 $ 0.40 $ 0.55 Items (increasing)/decreasing net earnings: Spin restructuring (1.0 ) (1.4 ) — — Acquisition and integration costs 0.5 1.1 3.1 (0.5 ) Gain on sale of real estate — (15.2 ) (1.3 ) — Fiscal 2016 First Second Third Fourth Net sales $ 506.8 $ 334.0 $ 361.0 $ 432.4 Gross profit 229.8 141.6 153.7 187.3 Net earnings 65.5 16.4 24.2 21.6 Earnings per share: Basic $ 1.06 $ 0.27 $ 0.39 $ 0.35 Diluted $ 1.05 $ 0.26 $ 0.39 $ 0.34 Items decreasing/(increasing) net earnings: Spin costs 3.9 1.8 1.3 — Spin restructuring 0.8 (0.6 ) 0.7 3.3 Restructuring 2.1 0.9 0.1 — Acquisition and integration costs — — 2.6 6.4 Inventory step up — — — 5.0 Adjustments to prior year tax accruals — — (8.8 ) (2.6 ) |
Summary of Significant Accoun45
Summary of Significant Accounting Policies (Schedule of Accounts, Notes, Loans and Financing Receivable) (Details) - USD ($) $ in Millions | Sep. 30, 2017 | Sep. 30, 2016 |
Accounting Policies [Abstract] | ||
Trade Receivables | $ 236 | $ 197.8 |
Allowance for returns and doubtful accounts | (5.8) | (6.9) |
Trade Receivables, net | $ 230.2 | $ 190.9 |
Summary of Significant Accoun46
Summary of Significant Accounting Policies (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Finite-Lived Intangible Assets [Line Items] | |||
Available cash | $ 378 | $ 287.3 | |
Amortization expense | 5.3 | 3.6 | $ 4.7 |
Depreciation excluding accelerated | 33.7 | 27.9 | 37.1 |
Accelerated depreciation | 2.4 | 9.1 | |
Non-cash impairment charge | 9.1 | ||
Advertising costs | 86.2 | 65 | 87.5 |
Tax benefit | 1.6 | ||
Excess tax benefits from share-based payments | 0 | 1 | 0 |
Taxes paid for withheld share payments | 10 | 6.2 | $ 0 |
Deferred charge in other assets | 59.2 | 51.2 | |
Interest Rate Swap | |||
Finite-Lived Intangible Assets [Line Items] | |||
Variable rate debt hedged | $ 200 | $ 0 | |
Minimum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization period, years | 5 years | ||
Minimum | Capitalized Software Costs | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization period, years | 3 years | ||
Maximum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization period, years | 17 years | ||
Maximum | Capitalized Software Costs | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization period, years | 7 years | ||
Machinery and Equipment | Minimum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Estimated useful life, years | 2 years | ||
Machinery and Equipment | Maximum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Estimated useful life, years | 25 years | ||
Building and Building Improvements | Minimum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Estimated useful life, years | 3 years | ||
Building and Building Improvements | Maximum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Estimated useful life, years | 30 years | ||
Restricted Stock Equivalents | Minimum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Vesting period, in years | 2 years | ||
Restricted Stock Equivalents | Maximum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Vesting period, in years | 4 years | ||
International | Cash | |||
Finite-Lived Intangible Assets [Line Items] | |||
Percentage of cash outside of the U.S. | 98.00% | 96.00% |
Spin Costs (Narrative) (Details
Spin Costs (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||
Mar. 31, 2017 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Restructuring Cost and Reserve [Line Items] | ||||||||
Spin costs | $ 0 | $ 1.3 | $ 1.8 | $ 3.9 | $ 16.2 | $ 163.9 | ||
Spin-off costs to date | $ 197.6 | |||||||
Selling, General and Administrative Expenses | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Spin costs | 10 | 97.6 | ||||||
Cost of Sales | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Spin costs | 0.4 | 0.5 | ||||||
Interest Expense | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Spin costs | 26.7 | |||||||
Spin-off | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Spin costs | $ 2.5 | $ 1.3 | (3.8) | 5.8 | $ 39.1 | |||
Restructuring reserve current | 4 | $ 0 | 4 | |||||
Restructuring reserve non-current | $ 2.4 | 2.4 | ||||||
Contract termination costs | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Spin costs | $ 3.7 |
Spin Costs (Restructuring and R
Spin Costs (Restructuring and Related Costs) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Restructuring Cost and Reserve [Line Items] | |||||||||||
Total | $ (2.5) | $ 4.9 | $ 13.1 | ||||||||
Spin-off | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Contract termination costs | (2.5) | 3.7 | |||||||||
Net gain on asset sale | (1.3) | (0.6) | |||||||||
Severance and termination related costs | 0.2 | 32.4 | |||||||||
Non-cash asset write-down | 0.5 | 4 | |||||||||
Other exit costs | 2 | 2.7 | |||||||||
Total | $ 0 | $ 0 | $ (1.4) | $ (1) | $ 3.3 | $ 0.7 | $ (0.6) | $ 0.8 | (3.8) | 5.8 | 39.1 |
Corporate | Spin-off | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Contract termination costs | (2.5) | 0 | |||||||||
Net gain on asset sale | 0 | 0 | |||||||||
Severance and termination related costs | 0.5 | 12 | |||||||||
Non-cash asset write-down | 0 | 0 | |||||||||
Other exit costs | 0 | 0 | |||||||||
Total | (2.5) | 0.5 | 12 | ||||||||
Americas | Segments | Spin-off | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Contract termination costs | 0 | 3.7 | |||||||||
Net gain on asset sale | (1.3) | 0 | |||||||||
Severance and termination related costs | (2.2) | 9.1 | |||||||||
Non-cash asset write-down | 0 | 3.2 | |||||||||
Other exit costs | 0.3 | 0.4 | |||||||||
Total | (1.3) | 1.8 | 12.7 | ||||||||
EMEA | Segments | Spin-off | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Contract termination costs | 0 | 0 | |||||||||
Net gain on asset sale | 0 | (0.6) | |||||||||
Severance and termination related costs | 1.1 | 6 | |||||||||
Non-cash asset write-down | 0.5 | 0.2 | |||||||||
Other exit costs | 0.7 | 0.6 | |||||||||
Total | 0 | 1.7 | 6.8 | ||||||||
Asia Pacific | Segments | Spin-off | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Contract termination costs | 0 | 0 | |||||||||
Net gain on asset sale | 0 | 0 | |||||||||
Severance and termination related costs | 0.8 | 5.3 | |||||||||
Non-cash asset write-down | 0 | 0.6 | |||||||||
Other exit costs | 1 | 1.7 | |||||||||
Total | $ 0 | $ 1.8 | $ 7.6 |
Spin Costs (Schedule of Restruc
Spin Costs (Schedule of Restructuring Reserve by Type of Cost) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Restructuring Reserve [Roll Forward] | |||||||||||
Charge to Income | $ (2.5) | $ 4.9 | $ 13.1 | ||||||||
Severance and termination related costs | |||||||||||
Restructuring Reserve [Roll Forward] | |||||||||||
Beginning balance | $ 2.8 | $ 12 | 2.8 | 12 | |||||||
Charge to Income | 0 | 0.2 | |||||||||
Cash | (2.8) | (9.4) | |||||||||
Non-Cash | 0 | 0 | |||||||||
Ending balance | $ 0 | $ 2.8 | 0 | 2.8 | 12 | ||||||
Contract termination costs | |||||||||||
Restructuring Reserve [Roll Forward] | |||||||||||
Beginning balance | 3.6 | 0 | 3.6 | 0 | |||||||
Charge to Income | (2.5) | 3.7 | |||||||||
Cash | (1.1) | (0.1) | |||||||||
Non-Cash | 0 | 0 | |||||||||
Ending balance | 0 | 3.6 | 0 | 3.6 | 0 | ||||||
Net gain on asset sale | |||||||||||
Restructuring Reserve [Roll Forward] | |||||||||||
Beginning balance | 0 | 0 | 0 | 0 | |||||||
Charge to Income | (1.3) | (0.6) | |||||||||
Cash | 1.3 | 0.6 | |||||||||
Non-Cash | 0 | 0 | |||||||||
Ending balance | 0 | 0 | 0 | 0 | 0 | ||||||
Non-cash asset write down | |||||||||||
Restructuring Reserve [Roll Forward] | |||||||||||
Beginning balance | 0 | 0 | 0 | 0 | |||||||
Charge to Income | 0.5 | ||||||||||
Cash | 0 | ||||||||||
Non-Cash | (0.5) | ||||||||||
Ending balance | 0 | 0 | 0 | ||||||||
Other exit costs | |||||||||||
Restructuring Reserve [Roll Forward] | |||||||||||
Beginning balance | 0 | 0.3 | 0 | 0.3 | |||||||
Charge to Income | 2 | ||||||||||
Cash | (2.3) | ||||||||||
Non-Cash | 0 | ||||||||||
Ending balance | 0 | 0 | 0.3 | ||||||||
Spin-off | |||||||||||
Restructuring Reserve [Roll Forward] | |||||||||||
Beginning balance | 6.4 | 12.3 | 6.4 | 12.3 | |||||||
Charge to Income | 0 | $ 0 | $ (1.4) | $ (1) | 3.3 | $ 0.7 | $ (0.6) | $ 0.8 | (3.8) | 5.8 | 39.1 |
Cash | (2.6) | (11.2) | |||||||||
Non-Cash | 0 | (0.5) | |||||||||
Ending balance | $ 0 | $ 6.4 | $ 0 | $ 6.4 | $ 12.3 |
Restructuring (Narrative) (Deta
Restructuring (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||
Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Restructuring Cost and Reserve [Line Items] | |||||||
Non-cash restructuring (income)/costs | $ (2.5) | $ 4.9 | $ 13.1 | ||||
Accelerated depreciation | 2.4 | 9.1 | |||||
Cost of Sales | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Accelerated depreciation | 2.4 | ||||||
Severance costs | 0.8 | ||||||
2013 restructuring | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Pre-tax restructuring charges since inception of the project | 200 | ||||||
Non-cash restructuring (income)/costs | $ 0 | $ 0.1 | $ 0.9 | $ 2.1 | $ 0 | 2.5 | 9.6 |
Accelerated depreciation | 9.1 | ||||||
Severance costs | $ 0.3 | 7 | |||||
2013 restructuring | Cost of Sales | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Inventory obsolescence charges | 3.1 | ||||||
2013 restructuring | Selling, General and Administrative Expenses | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Information technology enablement activities | $ 0.3 |
Restructuring (Restructuring an
Restructuring (Restructuring and Related Costs) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||
Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Restructuring Cost and Reserve [Line Items] | |||||||
Accelerated depreciation | $ 2.4 | $ 9.1 | |||||
Total | $ (2.5) | 4.9 | 13.1 | ||||
2013 restructuring | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Severance and termination related costs | 0.3 | 7 | |||||
Other exit costs | 0.2 | 4.5 | |||||
Accelerated depreciation | 9.1 | ||||||
Net loss on asset sale | 2 | (11) | |||||
Total | $ 0 | $ 0.1 | $ 0.9 | $ 2.1 | $ 0 | 2.5 | 9.6 |
Corporate | 2013 restructuring | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Severance and termination related costs | 0 | (0.2) | |||||
Other exit costs | 0 | 0 | |||||
Accelerated depreciation | 0 | ||||||
Net loss on asset sale | 0 | 0 | |||||
Total | 0 | (0.2) | |||||
Americas | Segments | 2013 restructuring | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Severance and termination related costs | 0.3 | 0.1 | |||||
Other exit costs | 0 | 2.3 | |||||
Accelerated depreciation | 0 | ||||||
Net loss on asset sale | 2 | 0 | |||||
Total | 2.3 | 2.4 | |||||
EMEA | Segments | 2013 restructuring | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Severance and termination related costs | 0 | 0.5 | |||||
Other exit costs | 0 | 0.3 | |||||
Accelerated depreciation | 0 | ||||||
Net loss on asset sale | 0 | 0 | |||||
Total | 0 | 0.8 | |||||
Asia Pacific | Segments | 2013 restructuring | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Severance and termination related costs | 0 | 6.6 | |||||
Other exit costs | 0.2 | 1.9 | |||||
Accelerated depreciation | 9.1 | ||||||
Net loss on asset sale | 0 | (11) | |||||
Total | $ 0.2 | $ 6.6 |
Restructuring (Schedule of Rest
Restructuring (Schedule of Restructuring Reserve by Type of Cost) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||
Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Restructuring Reserve [Roll Forward] | |||||||
Charge to Income | $ (2.5) | $ 4.9 | $ 13.1 | ||||
2013 restructuring | |||||||
Restructuring Reserve [Roll Forward] | |||||||
Beginning balance | $ 4 | 1.5 | 4 | ||||
Charge to Income | $ 0 | $ 0.1 | $ 0.9 | 2.1 | 0 | 2.5 | 9.6 |
Cash | (1.5) | (3) | |||||
Non-Cash | 0 | (2) | |||||
Ending balance | 1.5 | 0 | 1.5 | 4 | |||
Severance and termination related costs | |||||||
Restructuring Reserve [Roll Forward] | |||||||
Beginning balance | 12 | 2.8 | 12 | ||||
Charge to Income | 0 | 0.2 | |||||
Cash | (2.8) | (9.4) | |||||
Non-Cash | 0 | 0 | |||||
Ending balance | 2.8 | 0 | 2.8 | 12 | |||
Severance and termination related costs | 2013 restructuring | |||||||
Restructuring Reserve [Roll Forward] | |||||||
Beginning balance | 4 | 1.2 | 4 | ||||
Charge to Income | 0 | 0.2 | |||||
Cash | (1.2) | (3) | |||||
Non-Cash | 0 | 0 | |||||
Ending balance | 1.2 | 0 | 1.2 | 4 | |||
Other exit costs | |||||||
Restructuring Reserve [Roll Forward] | |||||||
Beginning balance | 0.3 | 0 | 0.3 | ||||
Charge to Income | 2 | ||||||
Cash | (2.3) | ||||||
Non-Cash | 0 | ||||||
Ending balance | 0 | 0 | 0.3 | ||||
Other exit costs | 2013 restructuring | |||||||
Restructuring Reserve [Roll Forward] | |||||||
Beginning balance | 0 | 0.3 | 0 | ||||
Charge to Income | 0 | 0.3 | |||||
Cash | (0.3) | 0 | |||||
Non-Cash | 0 | 0 | |||||
Ending balance | 0.3 | 0 | 0.3 | 0 | |||
Net loss on asset sales | |||||||
Restructuring Reserve [Roll Forward] | |||||||
Beginning balance | 0 | 0 | 0 | ||||
Charge to Income | (1.3) | (0.6) | |||||
Cash | 1.3 | 0.6 | |||||
Non-Cash | 0 | 0 | |||||
Ending balance | 0 | 0 | 0 | 0 | |||
Net loss on asset sales | 2013 restructuring | |||||||
Restructuring Reserve [Roll Forward] | |||||||
Beginning balance | $ 0 | $ 0 | 0 | ||||
Charge to Income | 2 | ||||||
Cash | 0 | ||||||
Non-Cash | (2) | ||||||
Ending balance | $ 0 | $ 0 | $ 0 |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Details) - USD ($) | Jul. 01, 2016 | Dec. 12, 2014 | Jul. 31, 2016 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 |
Business Acquisition [Line Items] | ||||||||||||||
Cash | $ 0 | $ 344,000,000 | $ 12,100,000 | |||||||||||
Acquisition and integration costs | 8,400,000 | |||||||||||||
Business Combination, Integration Related Costs | $ (500,000) | $ 3,100,000 | $ 1,100,000 | $ 500,000 | $ 6,400,000 | $ 2,600,000 | $ 0 | $ 0 | ||||||
Intangible assets acquired | $ 159,500,000 | |||||||||||||
Goodwill | $ 230,000,000 | 229,700,000 | 230,000,000 | 229,700,000 | ||||||||||
HandStands Holding Corporation | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Consideration transferred | 340,000,000 | |||||||||||||
Working capital adjustment | 4,000,000 | |||||||||||||
Cash | 300,000,000 | |||||||||||||
Net sales | 32,300,000 | |||||||||||||
Net income (loss) | (3,500,000) | |||||||||||||
Goodwill | 193,100,000 | |||||||||||||
Battery Manufacturing Facility, China | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Consideration transferred | $ 12,100,000 | |||||||||||||
Goodwill | $ 2,300,000 | |||||||||||||
Revolving Facility | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Repayments | $ 100,000,000 | |||||||||||||
Revolving Facility | HandStands Holding Corporation | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Borrowings | 44,000,000 | |||||||||||||
Line of credit borrowings | 144,000,000 | |||||||||||||
Bridge Loan | HandStands Holding Corporation | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Face amount of debt | $ 200,000,000 | |||||||||||||
Interest expense | $ 1,200,000 | |||||||||||||
Cost of Sales | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Business Combination, Integration Related Costs | 1,100,000 | 300,000 | ||||||||||||
Cost of Sales | Fair Value Adjustment to Inventory | HandStands Holding Corporation | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Inventory adjustment | $ (8,100,000) | |||||||||||||
Selling, General and Administrative Expenses | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Acquisition and integration costs | 4,000,000 | $ 10,000,000 | ||||||||||||
Business Combination, Integration Related Costs | 4,000,000 | $ 1,300,000 | ||||||||||||
Other items, net | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Acquisition and integration costs | 3,300,000 | |||||||||||||
Business Combination, Integration Related Costs | $ 0 |
Acquisitions Schedule of Recogn
Acquisitions Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions | Sep. 30, 2017 | Sep. 30, 2016 | Jul. 01, 2016 |
Business Acquisition [Line Items] | |||
Goodwill | $ 230 | $ 229.7 | |
HandStands Holding Corporation | |||
Business Acquisition [Line Items] | |||
Accounts receivable | $ 22.5 | ||
Inventory | 30.9 | ||
Other current assets | 6.5 | ||
Property, plant and equipment | 4.7 | ||
Goodwill | 193.1 | ||
Other identifiable intangible assets | 159.5 | ||
Accounts payable | (6.2) | ||
Other liabilities | (6.4) | ||
Deferred income taxes | (60.6) | ||
Net assets acquired | $ 344 |
Acquisitions Schedule of Acquir
Acquisitions Schedule of Acquired Finite-Lived Intangible Assets by Major Class (Details) $ in Millions | Jul. 01, 2016USD ($) |
Business Acquisition [Line Items] | |
Intangible assets acquired | $ 159.5 |
Weighted Average Useful Lives | 14 years 6 months 30 days |
Trademarks | |
Business Acquisition [Line Items] | |
Intangible assets acquired | $ 40.1 |
Weighted Average Useful Lives | 15 years |
Customer Relationships | |
Business Acquisition [Line Items] | |
Intangible assets acquired | $ 84.4 |
Weighted Average Useful Lives | 14 years 6 months 30 days |
Patents | |
Business Acquisition [Line Items] | |
Intangible assets acquired | $ 34.5 |
Weighted Average Useful Lives | 14 years 1 month 6 days |
Non-Compete | |
Business Acquisition [Line Items] | |
Intangible assets acquired | $ 0.5 |
Weighted Average Useful Lives | 5 years |
Acquisitions Pro Forma Informat
Acquisitions Pro Forma Information (Details) - HandStands Holding Corporation - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | ||
Pro forma Net sales | $ 1,719.6 | $ 1,759.9 |
Pro forma Net earnings/(loss) | $ 140 | $ (8.2) |
Pro forma Earnings/(loss) per diluted share | $ 2.24 | $ (0.13) |
Venezuela (Narrative) (Details)
Venezuela (Narrative) (Details) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||
Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Mar. 31, 2015USD ($)VEF / $ | Mar. 31, 2015USD ($)VEF / $ | Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | |
Intercompany Foreign Currency Balance [Line Items] | |||||||||||||
Foreign rate | VEF / $ | 6.30 | 6.30 | |||||||||||
Venezuela deconsolidation charge | $ 65.2 | $ 0 | $ 0 | $ 65.2 | |||||||||
Foreign currency translation losses | 16.2 | ||||||||||||
Write-off of subsidiary's cash balance | 44.6 | ||||||||||||
Write-off of subsidiary's other net assets | 4.4 | ||||||||||||
Net sales | $ 465.1 | $ 372 | $ 359 | $ 559.6 | $ 432.4 | $ 361 | $ 334 | $ 506.8 | 1,755.7 | 1,634.2 | 1,631.6 | ||
Segment profit | $ 213.8 | $ 158 | $ 167.9 | $ 271.6 | $ 187.3 | $ 153.7 | $ 141.6 | $ 229.8 | 811.3 | 712.4 | 756.2 | ||
Venezuela | |||||||||||||
Intercompany Foreign Currency Balance [Line Items] | |||||||||||||
Venezuela deconsolidation charge | 16.2 | ||||||||||||
Net sales | $ 8.5 | ||||||||||||
Edgewell | |||||||||||||
Intercompany Foreign Currency Balance [Line Items] | |||||||||||||
Venezuela deconsolidation charge | 144.5 | 144.5 | |||||||||||
Segments | |||||||||||||
Intercompany Foreign Currency Balance [Line Items] | |||||||||||||
Segment profit | $ 453 | $ 388.2 | $ 391.5 | ||||||||||
Segments | Venezuela | |||||||||||||
Intercompany Foreign Currency Balance [Line Items] | |||||||||||||
Segment profit | 2.5 | ||||||||||||
Accounts Receivable | Edgewell | Venezuelan Subsidiaries | |||||||||||||
Intercompany Foreign Currency Balance [Line Items] | |||||||||||||
Intercompany foreign currency balances | 33.8 | 33.8 | |||||||||||
Deposits | Edgewell | Venezuelan Subsidiaries | |||||||||||||
Intercompany Foreign Currency Balance [Line Items] | |||||||||||||
Intercompany foreign currency balances | $ 93.8 | $ 93.8 |
Goodwill and intangible asset58
Goodwill and intangible assets (Schedule of Goodwill) (Details) $ in Millions | 12 Months Ended |
Sep. 30, 2017USD ($) | |
Goodwill [Roll Forward] | |
Beginning Balance | $ 229.7 |
Cumulative translation adjustment | 0.3 |
Ending Balance | 230 |
Americas | |
Goodwill [Roll Forward] | |
Beginning Balance | 213.7 |
Cumulative translation adjustment | 0.1 |
Ending Balance | 213.8 |
EMEA | |
Goodwill [Roll Forward] | |
Beginning Balance | 5.3 |
Cumulative translation adjustment | 0.2 |
Ending Balance | 5.5 |
Asia Pacific | |
Goodwill [Roll Forward] | |
Beginning Balance | 10.7 |
Cumulative translation adjustment | 0 |
Ending Balance | $ 10.7 |
Goodwill and intangible asset59
Goodwill and intangible assets (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Finite-Lived Intangible Assets [Line Items] | |||
Indefinite-live intangible assets | $ 78.3 | $ 78 | |
Remaining life (in years) | 13 years 3 months 18 days | ||
Amortization of intangible assets | $ 11.2 | $ 2.8 | $ 0 |
Amortization expense next year | 11.2 | ||
Amortization expense year two | 11.2 | ||
Amortization expense year three | 11.2 | ||
Amortization expense year four | 11.1 | ||
Amortization expense year five | 11.1 | ||
Amortization expense thereafter | $ 89.7 | ||
Minimum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization period, years | 5 years | ||
Maximum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization period, years | 17 years |
Goodwill and intangible asset60
Goodwill and intangible assets (Schedule of Finite-Lived Intangible Assets) (Details) - USD ($) $ in Millions | Sep. 30, 2017 | Sep. 30, 2016 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 159.5 | $ 159.5 |
Accumulated Amortization | 14 | 2.8 |
Net Carrying Amount | 145.5 | 156.7 |
Trademarks | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 40.1 | 40.1 |
Accumulated Amortization | 3.4 | 0.7 |
Net Carrying Amount | 36.7 | 39.4 |
Customer Relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 84.4 | 84.4 |
Accumulated Amortization | 7.3 | 1.5 |
Net Carrying Amount | 77.1 | 82.9 |
Patents | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 34.5 | 34.5 |
Accumulated Amortization | 3.2 | 0.6 |
Net Carrying Amount | 31.3 | 33.9 |
Non-Compete | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 0.5 | 0.5 |
Accumulated Amortization | 0.1 | 0 |
Net Carrying Amount | $ 0.4 | $ 0.5 |
Income Taxes (Schedule of Compo
Income Taxes (Schedule of Components of Income Tax Expense (Benefit)) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Currently payable: | |||
United States - Federal | $ 39.4 | $ 9.5 | $ (20.6) |
State | 4.2 | 3 | (1.4) |
Foreign | 32.6 | 21.3 | 32.4 |
Total current | 76.2 | 33.8 | 10.4 |
Deferred: | |||
United States - Federal | (7.4) | 5.5 | (3.5) |
State | (0.2) | (2.4) | (0.2) |
Foreign | 3.2 | 1.1 | (3.4) |
Total deferred | (4.4) | 4.2 | (7.1) |
Provision for income taxes | $ 71.8 | $ 38 | $ 3.3 |
Income Taxes (Schedule of Incom
Income Taxes (Schedule of Income before Income Tax, Domestic and Foreign) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Income Tax Disclosure [Abstract] | |||
United States | $ 96.4 | $ 40.2 | $ (144.5) |
Foreign | 176.9 | 125.5 | 143.8 |
Pre-tax earnings/(loss) | $ 273.3 | $ 165.7 | $ (0.7) |
Income Taxes (Schedule of Effec
Income Taxes (Schedule of Effective Income Tax Rate Reconciliation) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
Computed tax at federal statutory rate | $ 95.7 | $ 58 | $ (0.3) |
State income taxes, net of federal tax benefit | 2.8 | 1.7 | (1.6) |
Foreign tax less than the federal rate | (26.5) | (21.7) | (20.8) |
Other taxes including repatriation of foreign earnings | 2.2 | 5.7 | 2.2 |
Nondeductible spin costs | 0 | 0 | 2 |
Deconsolidation of Venezuela operations | 0 | 0 | 22.8 |
Other, net | (2.4) | (5.7) | (1) |
Provision for income taxes | $ 71.8 | $ 38 | $ 3.3 |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | |||
Computed tax at federal statutory rate, percent | 35.00% | 35.00% | 35.00% |
State income taxes, net of federal tax benefit, percent | 1.00% | 1.00% | |
Foreign tax less than the federal rate, percent | (9.70%) | (13.10%) | |
Other taxes including repatriation of foreign earnings, percent | 0.80% | 3.40% | |
Nondeductible spin costs, percent | 0.00% | 0.00% | |
Deconsolidation of Venezuela operations, percent | 0.00% | 0.00% | |
Other, net, percent | (0.80%) | (3.40%) | |
Effective Income Tax Rate Reconciliation, Percent | 26.30% | 22.90% | 455.10% |
Income Taxes (Schedule of Defer
Income Taxes (Schedule of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Millions | Sep. 30, 2017 | Sep. 30, 2016 |
Income Tax Disclosure [Abstract] | ||
Accrued liabilities | $ 57.3 | $ 45.6 |
Deferred and stock-related compensation | 25 | 26.8 |
Tax loss carryforwards and tax credits | 18.3 | 19.9 |
Intangible assets | 0.8 | 1.6 |
Pension plans | 24.3 | 41.9 |
Inventory differences and other tax assets | 10.2 | 13 |
Gross deferred tax assets | 135.9 | 148.8 |
Depreciation and property differences | (16.2) | (16.2) |
Intangible assets | (65.6) | (62.3) |
Other tax liabilities | (3.6) | (3) |
Gross deferred tax liabilities | (85.4) | (81.5) |
Valuation allowance | (19.3) | (19.7) |
Net deferred tax assets | $ 31.2 | $ 47.6 |
Income Taxes (Summary of Income
Income Taxes (Summary of Income Tax Contingencies) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Unrecognized tax benefits, beginning of year | $ 9.4 | $ 8.5 | $ 12.7 |
Additions based on current year tax positions and acquisitions | 1.3 | 0.9 | 6.1 |
Reductions for prior year tax positions | 0 | 0 | (10.3) |
Settlements with taxing authorities/statute expirations | (1.2) | 0 | 0 |
Unrecognized tax benefits, end of year | $ 9.5 | $ 9.4 | $ 8.5 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) | Sep. 30, 2017USD ($)Jurisdiction | Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) |
Operating Loss Carryforwards [Line Items] | |||
Tax loss carryforwards and tax credits without expiration | $ 4,600,000 | ||
Foreign subsidiary earnings | 800,000,000 | ||
Amount in excess of potential U.S. tax | 110,000,000 | ||
Uncertain tax positions | 9,500,000 | ||
Accrued interest | 1,800,000 | $ 1,400,000 | $ 700,000 |
Deferred tax asset related to accrued interest | 300,000 | 300,000 | 200,000 |
Penalties | $ 2,300,000 | $ 1,500,000 | $ 1,300,000 |
Number of foreign jurisdictions | Jurisdiction | 50 | ||
Between 2018 and 2020 | |||
Operating Loss Carryforwards [Line Items] | |||
Tax loss carryforwards | $ 11,100,000 |
Earnings per share (Narrative)
Earnings per share (Narrative) (Details) - shares shares in Millions | 12 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Performance Based Restricted Stock | ||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||
Performance based restricted stock equivalents excluded from computation (in shares) | 0.5 | 0.5 |
Earnings per share (Schedule of
Earnings per share (Schedule of Earnings Per Share, Basic and Diluted) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |||||||||||
Net earnings/(loss) | $ 34.1 | $ 24.9 | $ 46.9 | $ 95.6 | $ 21.6 | $ 24.2 | $ 16.4 | $ 65.5 | $ 201.5 | $ 127.7 | $ (4) |
Basic average shares outstanding (in shares) | 61.7 | 61.9 | 62.2 | ||||||||
Effect of dilutive restricted stock equivalents (in shares) | 0.5 | 0.5 | 0 | ||||||||
Effect of dilutive performance shares (in shares) | 0.4 | 0.1 | 0 | ||||||||
Diluted average shares outstanding (in shares) | 62.6 | 62.5 | 62.2 | ||||||||
Basic (loss)/earnings per common share (in dollars per share) | $ 0.56 | $ 0.40 | $ 0.76 | $ 1.55 | $ 0.35 | $ 0.39 | $ 0.27 | $ 1.06 | $ 3.27 | $ 2.06 | $ (0.06) |
Diluted (loss)/earnings per common share (in dollars per share) | $ 0.55 | $ 0.40 | $ 0.75 | $ 1.52 | $ 0.34 | $ 0.39 | $ 0.26 | $ 1.05 | $ 3.22 | $ 2.04 | $ (0.06) |
Shareholders' Equity (Narrative
Shareholders' Equity (Narrative) (Details) $ / shares in Units, $ in Millions | Nov. 13, 2017$ / shares | Nov. 14, 2017$ / sharesshares | Sep. 30, 2017USD ($)$ / sharesshares | Sep. 30, 2016USD ($)$ / sharesshares | Sep. 30, 2015USD ($) | Jul. 01, 2015shares |
Class of Stock [Line Items] | ||||||
Common stock authorized (in shares) | 300,000,000 | |||||
Preferred stock, authorized (in shares) | 10,000,000 | |||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | ||||
Preferred stock issued (in shares) | 0 | |||||
Repurchased shares of common stock (in shares) | 1,389,000 | 833,000 | ||||
Common stock purchased | $ | $ 58.7 | $ 32.6 | ||||
Payments for repurchase of common stock | $ / shares | $ 42.23 | $ 39.06 | ||||
Share repurchase liability | $ | $ 0.8 | |||||
Dividends declared | $ | $ 69.3 | 63.7 | $ 16.2 | |||
Dividends paid | $ | $ 69.1 | $ 62.7 | 15.5 | |||
Common Stock | ||||||
Class of Stock [Line Items] | ||||||
Number of shares of common stock distributed (in shares) | 62,193,281 | |||||
Common stock distribution ratio | 1 | |||||
Number of shares authorized for repurchase | 7,500,000 | |||||
Repurchased shares of common stock (in shares) | 1,389,000 | 833,000 | ||||
Treasury Stock | ||||||
Class of Stock [Line Items] | ||||||
Common stock purchased | $ | $ 58.7 | $ 32.6 | ||||
Retained Earnings | ||||||
Class of Stock [Line Items] | ||||||
Dividends declared | $ | $ 69.3 | $ 63.7 | $ 16.2 | |||
Energizer Holdings, Inc. Equity Incentive Plan | ||||||
Class of Stock [Line Items] | ||||||
Reserved for issuance | 1,800,000 | |||||
Subsequent Event | ||||||
Class of Stock [Line Items] | ||||||
Repurchased shares of common stock (in shares) | 215,267 | |||||
Payments for repurchase of common stock | $ / shares | $ 43.93 | |||||
Dividends declared (in dollars per share) | $ / shares | $ 0.29 |
Share-Based Payments (Narrative
Share-Based Payments (Narrative) (Details) $ / shares in Units, $ in Millions | Nov. 13, 2017$ / sharesshares | Jul. 08, 2015$ / sharesshares | Jul. 01, 2015shares | Nov. 30, 2016$ / sharesshares | Nov. 30, 2015$ / sharesshares | Sep. 30, 2017USD ($)shares | Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Income tax benefit | $ | $ 10.2 | $ 6.9 | $ 5 | |||||
Closing stock price (in dollars per share) | $ / shares | $ 34.92 | $ 43.84 | $ 37.34 | |||||
Restricted Stock Equivalents | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Total compensation cost | $ | 7.2 | |||||||
Incremental expense | $ | 2.4 | |||||||
Vesting period (in years) | 4 years | |||||||
Shares granted | 700,000 | |||||||
Unrecognized compensation cost | $ | $ 38 | |||||||
Weighted-average period of recognition, in years | 1 year 6 months | |||||||
Weighted-average fair value nonvested | $ | $ 30.5 | |||||||
Weighted-average fair value vested | $ | 29.3 | |||||||
Restricted Stock Equivalents | Key Executives | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Shares granted | 573,700 | 73,000 | 87,000 | |||||
Vesting period, in years | 5 years | |||||||
Restricted Stock Equivalents | Board of Directors | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Shares granted | 50,300 | |||||||
Vesting period, in years | 3 years | |||||||
Restricted Stock Equivalents | Key Employees | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Shares granted | 92,000 | 106,000 | ||||||
Vesting period, in years | 4 years | 4 years | ||||||
Performance Restricted Stock Equivalents | Key Executives | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Maximum number of shares to be awarded, shares | 580,000 | |||||||
Shares granted | 290,000 | |||||||
Performance Restricted Stock Equivalents | Key Employees | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Maximum number of shares to be awarded, shares | 498,000 | |||||||
Shares granted | 249,000 | |||||||
Performance period | 3 years | |||||||
Selling, General and Administrative Expenses | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Total compensation cost | $ | $ 24.3 | $ 20.4 | $ 13.5 | |||||
Energizer Holdings, Inc. Equity Incentive Plan | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Options, share reduction ratio | 1 | |||||||
Energizer Holdings, Inc. Equity Incentive Plan | Common Stock | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Maximum number of shares to be awarded, shares | 10,000,000 | |||||||
Shares to reduce number of shares available, shares | 2 | |||||||
Shares available for future awards, shares | 4,100,000 | |||||||
Subsequent Event | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Closing stock price (in dollars per share) | $ / shares | $ 44.20 | |||||||
Subsequent Event | Restricted Stock Equivalents | Key Executives | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Shares granted | 68,000 | |||||||
Subsequent Event | Restricted Stock Equivalents | Key Employees | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Shares granted | 100,000 | |||||||
Vesting period, in years | 4 years | |||||||
Subsequent Event | Performance Restricted Stock Equivalents | Key Employees | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Maximum number of shares to be awarded, shares | 476,000 | |||||||
Shares granted | 238,000 | |||||||
Performance period | 3 years |
Share-Based Payments (Summary o
Share-Based Payments (Summary of RSE Activity) (Details) - Restricted Stock Equivalents shares in Millions | 12 Months Ended |
Sep. 30, 2017$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Nonvested RSE, Beginning Balance, shares | shares | 1.9 |
Granted, shares | shares | 0.7 |
Vested, shares | shares | (0.6) |
Canceled, shares | shares | (0.2) |
Nonvested RSE, Ending Balance, shares | shares | 1.8 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Nonvested RSE, Beginning Balance, weighted-average grant date estimated fair value | $ / shares | $ 35.39 |
Granted, weighted-average grant date estimated fair value | $ / shares | 43.93 |
Vested, weighted-average grant date estimated fair value | $ / shares | 34.33 |
Canceled, weighted-average grant date estimated fair value | $ / shares | 38.24 |
Nonvested RSE, Ending Balance, weighted-average grant date estimated fair value | $ / shares | $ 38.72 |
Pension Plans (Changes in Proje
Pension Plans (Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan) (Details) - Pension Plan - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
United States | |||
Change in Projected Benefit Obligation | |||
Benefit obligation at beginning of year | $ 556.8 | $ 550.1 | |
Service cost | 0 | 0 | $ 0 |
Interest cost | 18.3 | 22.1 | 5.7 |
Plan participants' contributions | 0 | 0 | |
Actuarial (gain)/loss | (7.8) | 26.1 | |
Benefits paid | (39.7) | (39.5) | |
Expenses paid | 0 | 0 | |
Plan curtailments | 0 | 0 | |
Plan settlements | (1.7) | (2) | |
Obligations transferred from Edgewell | 0 | 0 | |
Foreign currency exchange rate changes | 0 | 0 | |
Projected Benefit Obligation at end of year | 525.9 | 556.8 | 550.1 |
Change in Plan Assets | |||
Estimated fair value of plan assets at beginning of year | 474.7 | 457.9 | |
Actual return on plan assets | 39.8 | 52.9 | |
Company contributions | 4.1 | 5.4 | |
Plan participants' contributions | 0 | 0 | |
Plan settlements | (1.7) | (2) | |
Benefits paid | (39.7) | (39.5) | |
Expenses paid | 0 | 0 | |
Foreign currency exchange rate changes | 0 | 0 | |
Estimated fair value of plan assets at end of year | 477.2 | 474.7 | 457.9 |
Funded status at end of year | (48.7) | (82.1) | |
International | |||
Change in Projected Benefit Obligation | |||
Benefit obligation at beginning of year | 210.2 | 175.9 | |
Service cost | 1.4 | 1.2 | 0.8 |
Interest cost | 3.4 | 4.6 | 1.9 |
Plan participants' contributions | 0.1 | 0.1 | |
Actuarial (gain)/loss | (6) | 38.6 | |
Benefits paid | (8.9) | (7) | |
Expenses paid | (0.2) | (0.5) | |
Plan curtailments | (1.8) | 0 | |
Plan settlements | (0.5) | (2.1) | |
Obligations transferred from Edgewell | 0 | 11.6 | |
Foreign currency exchange rate changes | 5.8 | (12.2) | |
Projected Benefit Obligation at end of year | 203.5 | 210.2 | 175.9 |
Change in Plan Assets | |||
Estimated fair value of plan assets at beginning of year | 159.5 | 158.8 | |
Actual return on plan assets | 8.2 | 18.1 | |
Company contributions | 10.3 | 4.3 | |
Plan participants' contributions | 0.1 | 0.1 | |
Plan settlements | (0.5) | (2.1) | |
Benefits paid | (8.9) | (7) | |
Expenses paid | (0.2) | (0.5) | |
Foreign currency exchange rate changes | 5.3 | (12.2) | |
Estimated fair value of plan assets at end of year | 173.8 | 159.5 | $ 158.8 |
Funded status at end of year | $ (29.7) | $ (50.7) |
Pension Plans (Schedule of Defi
Pension Plans (Schedule of Defined Benefit Plans Disclosures) (Details) - USD ($) $ in Millions | Sep. 30, 2017 | Sep. 30, 2016 |
Amounts Recognized in the Consolidated Balance Sheets | ||
Noncurrent liabilities | $ (87.7) | $ (139.4) |
United States | Pension Plan | ||
Amounts Recognized in the Consolidated Balance Sheets | ||
Noncurrent assets | 0 | 0 |
Current liabilities | (3) | (2.7) |
Noncurrent liabilities | (45.7) | (79.4) |
Net amount recognized | (48.7) | (82.1) |
Amounts Recognized in Accumulated Other Comprehensive Loss | ||
Net loss, pre tax | (149.7) | (168.4) |
International | Pension Plan | ||
Amounts Recognized in the Consolidated Balance Sheets | ||
Noncurrent assets | 4.1 | 0.2 |
Current liabilities | (0.6) | (0.6) |
Noncurrent liabilities | (33.2) | (50.3) |
Net amount recognized | (29.7) | (50.7) |
Amounts Recognized in Accumulated Other Comprehensive Loss | ||
Net loss, pre tax | $ (57.1) | $ (67.2) |
Pension Plans (Schedule of De74
Pension Plans (Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss)) (Details) - Pension Plan $ in Millions | 12 Months Ended |
Sep. 30, 2017USD ($) | |
United States | |
Changes in plan assets and benefit obligations recognized in other comprehensive income/(loss) | |
Net gain arising during the year | $ 13.4 |
Effect of exchange rates | 0 |
Amounts recognized as a component of net periodic benefit cost | |
Amortization or settlement recognition of net gain | 5.3 |
Total income recognized in other comprehensive income/(loss) | 18.7 |
International | |
Changes in plan assets and benefit obligations recognized in other comprehensive income/(loss) | |
Net gain arising during the year | 7.9 |
Effect of exchange rates | (1.3) |
Amounts recognized as a component of net periodic benefit cost | |
Amortization or settlement recognition of net gain | 3.5 |
Total income recognized in other comprehensive income/(loss) | $ 10.1 |
Pension Plans (Schedule of Expe
Pension Plans (Schedule of Expected Benefit Payments) (Details) - Pension Plan $ in Millions | Sep. 30, 2017USD ($) |
United States | |
Defined Benefit Plan Disclosure [Line Items] | |
2,018 | $ 38.3 |
2,019 | 37.7 |
2,020 | 36.8 |
2,021 | 36.3 |
2,022 | 35.6 |
2023 to 2027 | 170.6 |
International | |
Defined Benefit Plan Disclosure [Line Items] | |
2,018 | 7.8 |
2,019 | 7.8 |
2,020 | 7.8 |
2,021 | 8.2 |
2,022 | 8.4 |
2023 to 2027 | $ 42.4 |
Pension Plans and Other Postret
Pension Plans and Other Postretirement Benefits (Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets) (Details) - Pension Plan - USD ($) $ in Millions | Sep. 30, 2017 | Sep. 30, 2016 |
United States | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | $ 525.9 | $ 556.8 |
Accumulated benefit obligation | 525.9 | 556.8 |
Estimated fair value of plan assets | 477.2 | 474.7 |
International | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | 121 | 176.3 |
Accumulated benefit obligation | 119.5 | 172.9 |
Estimated fair value of plan assets | $ 87.3 | $ 125.4 |
Pension Plans (Schedule of Net
Pension Plans (Schedule of Net Benefit Costs) (Details) - Pension Plan - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
United States | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 0 | $ 0 | $ 0 |
Interest cost | 18.3 | 22.1 | 5.7 |
Expected return on plan assets | (34.3) | (34.6) | (9.1) |
Recognized net actuarial loss | 4.8 | 4.3 | 0.9 |
Settlement loss recognized | 0.5 | 0.5 | 0 |
Net periodic (benefit)/expense | (10.7) | (7.7) | (2.5) |
International | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 1.4 | 1.2 | 0.8 |
Interest cost | 3.4 | 4.6 | 1.9 |
Expected return on plan assets | (8) | (7.8) | (3.1) |
Recognized net actuarial loss | 3.4 | 2.1 | 0.5 |
Settlement loss recognized | 0.2 | 0.8 | 0.1 |
Net periodic (benefit)/expense | $ 0.4 | $ 0.9 | $ 0.2 |
Pension Plans (Schedule of Assu
Pension Plans (Schedule of Assumptions Used) (Details) - Pension Plan | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
International | |||
Plan obligations: | |||
Discount rate | 2.10% | 1.70% | 2.80% |
Compensation increase rate | 2.40% | 3.20% | 3.30% |
Net periodic benefit cost: | |||
Discount rate | 1.70% | 2.80% | 3.00% |
Expected long-term rate of return on plan assets | 5.10% | 5.20% | 5.10% |
Compensation increase rate | 3.20% | 3.30% | 3.30% |
United States | |||
Plan obligations: | |||
Discount rate | 3.70% | 3.40% | 4.20% |
Compensation increase rate | 0.00% | 0.00% | 0.00% |
Net periodic benefit cost: | |||
Discount rate | 3.40% | 4.20% | 4.30% |
Expected long-term rate of return on plan assets | 7.50% | 7.80% | 7.80% |
Compensation increase rate | 0.00% | 0.00% | 0.00% |
Pension Plans (Schedule of Allo
Pension Plans (Schedule of Allocation of Plan Assets) (Details) - Pension Plan - USD ($) $ in Millions | Sep. 30, 2017 | Sep. 30, 2016 |
U.S. Pension Plan Assets | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Assets at estimated fair value | $ 477.2 | $ 474.7 |
U.S. Pension Plan Assets | EQUITY | United States | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Assets at estimated fair value | 87.3 | 147.9 |
Assets Measured at Net Asset Value | 70.9 | 50.3 |
U.S. Pension Plan Assets | EQUITY | International | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Assets at estimated fair value | 3.7 | 5.9 |
Assets Measured at Net Asset Value | 98.9 | 106.6 |
U.S. Pension Plan Assets | U.S. Government | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Assets at estimated fair value | 216.4 | 164 |
U.S. Pension Plan Assets | Other Government | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Assets at estimated fair value | 0 | 0 |
Assets Measured at Net Asset Value | 0 | 0 |
U.S. Pension Plan Assets | Corporate | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Assets at estimated fair value | 0 | 0 |
Assets Measured at Net Asset Value | 0 | 0 |
U.S. Pension Plan Assets | CASH & CASH EQUIVALENTS | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Assets at estimated fair value | 0 | 0 |
U.S. Pension Plan Assets | OTHER | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Assets at estimated fair value | 0 | 0 |
Assets Measured at Net Asset Value | 0 | |
U.S. Pension Plan Assets | Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Assets at estimated fair value | 91 | 153.8 |
U.S. Pension Plan Assets | Level 1 | EQUITY | United States | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Assets at estimated fair value | 87.3 | 147.9 |
U.S. Pension Plan Assets | Level 1 | EQUITY | International | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Assets at estimated fair value | 3.7 | 5.9 |
U.S. Pension Plan Assets | Level 1 | U.S. Government | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Assets at estimated fair value | 0 | 0 |
U.S. Pension Plan Assets | Level 1 | Other Government | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Assets at estimated fair value | 0 | 0 |
U.S. Pension Plan Assets | Level 1 | Corporate | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Assets at estimated fair value | 0 | 0 |
U.S. Pension Plan Assets | Level 1 | CASH & CASH EQUIVALENTS | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Assets at estimated fair value | 0 | |
U.S. Pension Plan Assets | Level 1 | OTHER | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Assets at estimated fair value | 0 | 0 |
U.S. Pension Plan Assets | Level 2 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Assets at estimated fair value | 216.4 | 164 |
U.S. Pension Plan Assets | Level 2 | EQUITY | United States | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Assets at estimated fair value | 0 | 0 |
U.S. Pension Plan Assets | Level 2 | EQUITY | International | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Assets at estimated fair value | 0 | 0 |
U.S. Pension Plan Assets | Level 2 | U.S. Government | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Assets at estimated fair value | 216.4 | 164 |
U.S. Pension Plan Assets | Level 2 | Other Government | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Assets at estimated fair value | 0 | 0 |
U.S. Pension Plan Assets | Level 2 | Corporate | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Assets at estimated fair value | 0 | 0 |
U.S. Pension Plan Assets | Level 2 | CASH & CASH EQUIVALENTS | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Assets at estimated fair value | 0 | 0 |
U.S. Pension Plan Assets | Level 2 | OTHER | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Assets at estimated fair value | 0 | 0 |
International Pension Plan Assets | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Assets at estimated fair value | 173.8 | 159.5 |
International Pension Plan Assets | EQUITY | United States | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Assets at estimated fair value | 1.4 | 1.6 |
Assets Measured at Net Asset Value | 0 | 2.7 |
International Pension Plan Assets | EQUITY | International | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Assets at estimated fair value | 5.7 | 5.8 |
Assets Measured at Net Asset Value | 45 | 46.6 |
International Pension Plan Assets | U.S. Government | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Assets at estimated fair value | 0 | 0 |
International Pension Plan Assets | Other Government | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Assets at estimated fair value | 16.2 | 13.3 |
Assets Measured at Net Asset Value | 29.6 | 33.1 |
International Pension Plan Assets | Corporate | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Assets at estimated fair value | 12.9 | 13.5 |
Assets Measured at Net Asset Value | 12 | 12.9 |
International Pension Plan Assets | CASH & CASH EQUIVALENTS | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Assets at estimated fair value | 10 | 1.4 |
International Pension Plan Assets | OTHER | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Assets at estimated fair value | 41 | 6.2 |
Assets Measured at Net Asset Value | 22.4 | |
International Pension Plan Assets | Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Assets at estimated fair value | 0 | 0 |
International Pension Plan Assets | Level 1 | EQUITY | United States | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Assets at estimated fair value | 0 | 0 |
International Pension Plan Assets | Level 1 | EQUITY | International | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Assets at estimated fair value | 0 | 0 |
International Pension Plan Assets | Level 1 | U.S. Government | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Assets at estimated fair value | 0 | 0 |
International Pension Plan Assets | Level 1 | Other Government | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Assets at estimated fair value | 0 | 0 |
International Pension Plan Assets | Level 1 | Corporate | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Assets at estimated fair value | 0 | 0 |
International Pension Plan Assets | Level 1 | CASH & CASH EQUIVALENTS | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Assets at estimated fair value | 0 | 0 |
International Pension Plan Assets | Level 1 | OTHER | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Assets at estimated fair value | 0 | 0 |
International Pension Plan Assets | Level 2 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Assets at estimated fair value | 87.2 | 41.8 |
International Pension Plan Assets | Level 2 | EQUITY | United States | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Assets at estimated fair value | 1.4 | 1.6 |
International Pension Plan Assets | Level 2 | EQUITY | International | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Assets at estimated fair value | 5.7 | 5.8 |
International Pension Plan Assets | Level 2 | U.S. Government | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Assets at estimated fair value | 0 | 0 |
International Pension Plan Assets | Level 2 | Other Government | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Assets at estimated fair value | 16.2 | 13.3 |
International Pension Plan Assets | Level 2 | Corporate | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Assets at estimated fair value | 12.9 | 13.5 |
International Pension Plan Assets | Level 2 | CASH & CASH EQUIVALENTS | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Assets at estimated fair value | 10 | 1.4 |
International Pension Plan Assets | Level 2 | OTHER | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Assets at estimated fair value | $ 41 | $ 6.2 |
Pension Plans (Narratvie) (Deta
Pension Plans (Narratvie) (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended | |
Jun. 30, 2015 | Sep. 30, 2017 | Sep. 30, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan expenses | $ 0 | ||
U.S. Pension Plan Assets | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Accumulated benefit obligation | $ 525.9 | $ 556.8 | |
U.S. Pension Plan Assets | Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Company contributions | 3 | ||
Net actuarial losses | 4.4 | ||
International Pension Plan Assets | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Accumulated benefit obligation | 202 | 206.8 | |
International Pension Plan Assets | Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Company contributions | 5.9 | ||
Net actuarial losses | $ 2.2 | ||
United States | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Percentage of assets represented by U.S. plan | 75.00% | ||
United States | Equity Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target allocation percent | 50.00% | ||
United States | Debt Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target allocation percent | 50.00% | ||
United States | Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Obligations transferred from Edgewell | $ 0 | $ 0 |
Defined Contribution Plan (Narr
Defined Contribution Plan (Narrative) (Details) - USD ($) $ in Millions | Jan. 01, 2014 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 |
Retirement Benefits [Abstract] | ||||
Percentage of company match | 100.00% | |||
Maximum percentage of eligible compensation | 6.00% | |||
Charged to expense | $ 7.1 | $ 9.1 | $ 7.7 |
Debt (Schedule of Long-term Deb
Debt (Schedule of Long-term Debt Instruments) (Details) - USD ($) $ in Millions | Sep. 30, 2017 | Sep. 30, 2016 | Jun. 01, 2015 |
Debt Instrument [Line Items] | |||
Total long-term debt, including current maturities | $ 992 | $ 996 | |
Less current portion | (4) | (4) | |
Less unamortized debt discount and debt issuance fees | (9.5) | (10.3) | |
Total long-term debt | 978.5 | 981.7 | |
Senior Notes | 5.50% Senior Notes due 2025 | |||
Debt Instrument [Line Items] | |||
Total long-term debt, including current maturities | $ 600 | 600 | |
Stated interest rate of debt | 5.50% | 5.50% | |
Senior secured term loan | Senior Secured Term Loan B Facility, net of discount, due 2022 | |||
Debt Instrument [Line Items] | |||
Total long-term debt, including current maturities | $ 392 | $ 396 |
Debt (Narrative) (Details)
Debt (Narrative) (Details) - USD ($) | Mar. 16, 2017 | Jun. 01, 2015 | Sep. 30, 2017 | Mar. 01, 2017 | Sep. 30, 2016 | Jul. 08, 2016 | Aug. 31, 2015 |
Debt Instrument [Line Items] | |||||||
Short-term debt interest rate | 2.98% | ||||||
Variable debt interest rate | 3.40% | ||||||
Note payable | $ 104,100,000 | $ 57,400,000 | |||||
Interest Rate Swap | |||||||
Debt Instrument [Line Items] | |||||||
Variable rate debt hedged | $ 200,000,000 | 0 | |||||
Fixed interest rate | 2.22% | ||||||
5.50% Senior Notes due 2025 | Senior Notes | |||||||
Debt Instrument [Line Items] | |||||||
Face amount of debt | $ 600,000,000 | ||||||
Stated interest rate of debt | 5.50% | 5.50% | |||||
Senior Secured Term Loan B Facility, net of discount, due 2022 | Senior secured term loan | |||||||
Debt Instrument [Line Items] | |||||||
Face amount of debt | $ 400,000,000 | ||||||
Term of debt | 7 years | ||||||
Discount amount | $ 1,000,000 | ||||||
Principal payments as a percentage of the original principal balance | 0.25% | ||||||
Principal payment | $ 1,000,000 | ||||||
Senior Secured Term Loan B Facility, net of discount, due 2022 | Senior secured term loan | Interest Rate Swap | |||||||
Debt Instrument [Line Items] | |||||||
Variable rate debt hedged | $ 0 | $ 200,000,000 | |||||
Fixed interest rate | 2.03% | 2.22% | |||||
Senior Secured Term Loan B Facility, net of discount, due 2022 | Senior secured term loan | LIBOR | |||||||
Debt Instrument [Line Items] | |||||||
LIBOR | LIBOR | ||||||
Basis points | 2.00% | 2.50% | |||||
Basis points floor | 75.00% | ||||||
Revolving Facility | |||||||
Debt Instrument [Line Items] | |||||||
Term of debt | 5 years | ||||||
Maximum amount for line of credit | $ 350,000,000 | ||||||
Outstanding letters of credit | $ 95,000,000 | 52,500,000 | |||||
Remaining available amount on letters of credit | 248,300,000 | ||||||
Revolving Facility | LIBOR | |||||||
Debt Instrument [Line Items] | |||||||
LIBOR | LIBOR | ||||||
Letter of Credit | |||||||
Debt Instrument [Line Items] | |||||||
Outstanding letters of credit | 6,700,000 | ||||||
International | Revolving Facility | |||||||
Debt Instrument [Line Items] | |||||||
Outstanding letters of credit | $ 9,100,000 | ||||||
Note payable | $ 4,900,000 |
Debt (Long-term Debt Maturities
Debt (Long-term Debt Maturities) (Details) $ in Millions | Sep. 30, 2017USD ($) |
Debt Disclosure [Abstract] | |
Maturities of long term debt in one year | $ 4 |
Maturities of long term debt in two years | 4 |
Maturities of long term debt in three years | 4 |
Maturities of long term debt in four years | 4 |
Maturities of long term debt in five years | 376 |
Maturities of long term debt thereafter | $ 600 |
Financial Instruments and Ris85
Financial Instruments and Risk Management (Narrative) (Details) | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2016USD ($) | Sep. 30, 2017USD ($)derivative_instrument | Sep. 30, 2016USD ($) | Sep. 30, 2015 | Mar. 01, 2017USD ($) | Aug. 31, 2015USD ($) | Jun. 01, 2015USD ($) | |
Derivative [Line Items] | |||||||
Unrecognized pretax gain (loss) | $ 1,700,000 | $ 1,300,000 | $ 9,700,000 | ||||
Interest Rate Swap | |||||||
Derivative [Line Items] | |||||||
Variable rate debt converted to fixed rate debt | $ 200,000,000 | 0 | |||||
Fixed interest rate | 2.22% | ||||||
Foreign currency contracts | |||||||
Derivative [Line Items] | |||||||
Portion of pre-tax gain included in AOCI expected to be included in earnings | $ 5,700,000 | ||||||
Revolving Facility | |||||||
Derivative [Line Items] | |||||||
Outstanding letters of credit | 95,000,000 | 52,500,000 | |||||
Line of Credit | Senior secured term loan | |||||||
Derivative [Line Items] | |||||||
Face amount of debt | 400,000,000 | ||||||
Estimate of Fair Value Measurement | |||||||
Derivative [Line Items] | |||||||
Fair market value of fixed rate long-term debt | 615,700,000 | 600,100,000 | |||||
Reported Value Measurement | |||||||
Derivative [Line Items] | |||||||
Fair market value of fixed rate long-term debt | $ 600,000,000 | ||||||
Not Designated as Hedging Instrument | Foreign currency contracts | |||||||
Derivative [Line Items] | |||||||
Open foreign currency contracts | derivative_instrument | 10,000,000 | ||||||
Notional value | $ 85,100,000 | ||||||
Cash Flow Hedging | Foreign currency contracts | |||||||
Derivative [Line Items] | |||||||
Unrealized pre-tax gain (loss) | $ (5,800,000) | $ (1,100,000) | |||||
Cash Flow Hedging | Designated as Hedging Instrument | Foreign currency contracts | |||||||
Derivative [Line Items] | |||||||
Open foreign currency contracts | derivative_instrument | 64,000,000 | ||||||
Notional value | $ 141,500,000 | ||||||
Customer Concentration Risk | Wal-Mart Stores, Inc. | Net sales | |||||||
Derivative [Line Items] | |||||||
Percentage of net sales from major customer | 12.10% | 10.40% | 10.00% | ||||
Senior Secured Term Loan B Facility, net of discount, due 2022 | Senior secured term loan | |||||||
Derivative [Line Items] | |||||||
Face amount of debt | $ 400,000,000 | ||||||
Senior Secured Term Loan B Facility, net of discount, due 2022 | Senior secured term loan | Interest Rate Swap | |||||||
Derivative [Line Items] | |||||||
Variable rate debt converted to fixed rate debt | $ 0 | $ 200,000,000 | |||||
Fixed interest rate | 2.03% | 2.22% |
Financial Instruments and Ris86
Financial Instruments and Risk Management (Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss)) (Details) - Designated as Hedging Instrument - Cash Flow Hedging - USD ($) $ in Millions | 12 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Estimated Fair Value Asset (1) | $ (7.1) | $ (10.8) |
Pre-Tax Gain/(Loss) Recognized in OCI | 0.2 | (8.9) |
Pre-Tax Gain/(Loss) Reclassified From OCI into Income (Effective Portion) | (2) | 1.2 |
Foreign currency contracts | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Estimated Fair Value Asset (1) | (5.8) | (1.1) |
Pre-Tax Gain/(Loss) Recognized in OCI | (4.3) | (1.5) |
Pre-Tax Gain/(Loss) Reclassified From OCI into Income (Effective Portion) | 0.4 | 4.1 |
Interest rate contracts | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Estimated Fair Value Asset (1) | (1.3) | (9.7) |
Pre-Tax Gain/(Loss) Recognized in OCI | 4.5 | (7.4) |
Pre-Tax Gain/(Loss) Reclassified From OCI into Income (Effective Portion) | $ (2.4) | $ (2.9) |
Financial Instruments and Ris87
Financial Instruments and Risk Management (Derivative Instruments, Gain (Loss)) (Details) - Not Designated as Hedging Instrument - Foreign currency contracts - USD ($) $ in Millions | 12 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Estimated Fair Value Asset (1) | $ 0.9 | $ (1) |
Gain/(Loss) Recognized in Income | $ (1.4) | $ (0.4) |
Financial Instruments and Ris88
Financial Instruments and Risk Management (Offsetting Assets and Liabilities) (Details) - Foreign currency contracts - USD ($) $ in Millions | Sep. 30, 2017 | Sep. 30, 2016 |
Derivatives, Fair Value [Line Items] | ||
Gross amounts of recognized assets | $ 1.1 | $ 0.8 |
Gross amounts offset in the Balance Sheet, assets | 0 | 0 |
Net amounts of assets presented in the Balance Sheet | 1.1 | 0.8 |
Gross amounts of recognized liabilities | (6.4) | (3.2) |
Gross amounts offset in the Balance Sheet, liabilities | 0.4 | 0.3 |
Net amounts of liabilities presented in the Balance Sheet | $ (6) | $ (2.9) |
Financial Instruments and Ris89
Financial Instruments and Risk Management (Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis) (Details) - Level 2 - Fair Value, Measurements, Recurring - USD ($) $ in Millions | Sep. 30, 2017 | Sep. 30, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deferred Compensation | $ (41) | $ (47.6) |
Exit lease liability | (0.3) | (3.7) |
Total Liabilities at estimated fair value | (47.5) | (63.1) |
Foreign Currency Contract | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | (4.9) | (2.1) |
Interest rate swap | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | $ (1.3) | $ (9.7) |
Environmental and Regulatory (D
Environmental and Regulatory (Details) $ in Millions | Sep. 30, 2017USD ($) |
Environmental Remediation Obligations [Abstract] | |
Accrued environmental costs | $ 5.5 |
Accrued environmental costs expected to be spent within the next year | $ 1.9 |
Other Commitments and Conting91
Other Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Operating lease rental expense | $ 13.8 | $ 13 | $ 15.9 |
2,018 | 13.4 | ||
2,019 | 11.8 | ||
2,020 | 10.2 | ||
2,021 | 6.2 | ||
2,022 | 2.2 | ||
Thereafter | 15.9 | ||
Purchase obligations | $ 112 |
Accumulated Other Comprehensi92
Accumulated Other Comprehensive (Loss)/Income (Schedule of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2015 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | $ (266.1) | $ (249.3) | $ (31.7) | |
OCI before reclassifications | 20 | (20.7) | (132.8) | |
Separation related adjustments | (93.9) | |||
Venezuela deconsolidation charge | $ 65.2 | 0 | 0 | 65.2 |
Reclassifications to earnings | 7.3 | 3.9 | (7.1) | |
Ending balance | (238.8) | (266.1) | (249.3) | |
Foreign Currency Translation Adjustments | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | (99.4) | (109.6) | (28.7) | |
OCI before reclassifications | 6.3 | 10.2 | (97.9) | |
Separation related adjustments | 0.8 | |||
Reclassifications to earnings | 0 | 0 | 0 | |
Ending balance | (93.1) | (99.4) | (109.6) | |
Pension Activity | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | (159.9) | (139.8) | (7.3) | |
OCI before reclassifications | 14.3 | (25.3) | (38.3) | |
Separation related adjustments | (95.3) | |||
Reclassifications to earnings | 6.2 | 5.2 | 1.1 | |
Ending balance | (139.4) | (159.9) | (139.8) | |
Hedging Activity | Hedging Activity | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | (0.7) | 3.4 | 4.3 | |
OCI before reclassifications | (3.4) | (1) | 6.7 | |
Separation related adjustments | 0.6 | |||
Reclassifications to earnings | (0.4) | (3.1) | (8.2) | |
Ending balance | (4.5) | (0.7) | 3.4 | |
Interest Rate Swap | Hedging Activity | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | (6.1) | (3.3) | 0 | |
OCI before reclassifications | 2.8 | (4.6) | (3.3) | |
Separation related adjustments | 0 | |||
Reclassifications to earnings | 1.5 | 1.8 | 0 | |
Ending balance | $ (1.8) | $ (6.1) | (3.3) | |
Venezuela | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Venezuela deconsolidation charge | 16.2 | |||
Venezuela | Foreign Currency Translation Adjustments | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Venezuela deconsolidation charge | 16.2 | |||
Venezuela | Pension Activity | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Venezuela deconsolidation charge | 0 | |||
Venezuela | Hedging Activity | Hedging Activity | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Venezuela deconsolidation charge | 0 | |||
Venezuela | Interest Rate Swap | Hedging Activity | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Venezuela deconsolidation charge | $ 0 |
Accumulated Other Comprehensi93
Accumulated Other Comprehensive (Loss)/Income (Reclassification out of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||
Other items, net | $ (6.7) | $ 0.3 | $ 18.4 | |||||||||
Interest expense | (53.1) | (54.3) | (77.9) | |||||||||
Pre-tax earnings/(loss) | 273.3 | 165.7 | (0.7) | |||||||||
Tax benefit/(expense) | (71.8) | (38) | (3.3) | |||||||||
Net earnings/(loss) | $ 34.1 | $ 24.9 | $ 46.9 | $ 95.6 | $ 21.6 | $ 24.2 | $ 16.4 | $ 65.5 | 201.5 | 127.7 | (4) | |
Venezuela deconsolidation charge | $ (65.2) | 0 | 0 | (65.2) | ||||||||
Hedging Activity | Amount Reclassified from AOCI | ||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||
Other items, net | 0.4 | 4.1 | 11 | |||||||||
Interest expense | (2.4) | (2.9) | 0 | |||||||||
Pre-tax earnings/(loss) | (2) | 1.2 | 11 | |||||||||
Tax benefit/(expense) | 0.9 | 0.1 | (2.8) | |||||||||
Net earnings/(loss) | (1.1) | 1.3 | 8.2 | |||||||||
Pension Activity | Amount Reclassified from AOCI | ||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||
Pre-tax earnings/(loss) | (8.9) | (7.7) | (1.5) | |||||||||
Tax benefit/(expense) | 2.7 | 2.5 | 0.4 | |||||||||
Net earnings/(loss) | (6.2) | (5.2) | (1.1) | |||||||||
Actuarial losses | (8.2) | (6.4) | (1.4) | |||||||||
Settlement losses | (0.7) | (1.3) | (0.1) | |||||||||
Foreign Currency Translation Adjustments | Amount Reclassified from AOCI | ||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||
Total reclassifications for the period | (7.3) | (3.9) | (9.1) | |||||||||
Venezuela | ||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||
Venezuela deconsolidation charge | (16.2) | |||||||||||
Venezuela | Pension Activity | ||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||
Venezuela deconsolidation charge | 0 | |||||||||||
Venezuela | Foreign Currency Translation Adjustments | ||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||
Venezuela deconsolidation charge | (16.2) | |||||||||||
Venezuela | Foreign Currency Translation Adjustments | Amount Reclassified from AOCI | ||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||
Venezuela deconsolidation charge | $ 0 | $ 0 | $ (16.2) |
Supplemental Financial Statem94
Supplemental Financial Statement Information (Supplemental Balance Sheet Information) (Details) - USD ($) $ in Millions | Sep. 30, 2017 | Sep. 30, 2016 |
Inventories | ||
Raw materials and supplies | $ 36.6 | $ 46.1 |
Work in process | 84.8 | 72 |
Finished products | 195.7 | 171.1 |
Total inventories | 317.1 | 289.2 |
Other Current Assets | ||
Miscellaneous receivables | 13.7 | 27.7 |
Prepaid expenses | 52.7 | 70 |
Value added tax collectible from customers | 23.4 | 22.9 |
Other | 5.1 | 1.5 |
Total other current assets | 94.9 | 122.1 |
Property, plant and equipment | ||
Land | 4.6 | 9.8 |
Buildings | 122.4 | 138.2 |
Machinery and equipment | 697.9 | 771.9 |
Construction in progress | 19.4 | 16.6 |
Total gross property | 844.3 | 936.5 |
Accumulated depreciation | (667.8) | (734.8) |
Total property, plant and equipment, net | 176.5 | 201.7 |
Other Current Liabilities | ||
Accrued advertising, sales promotion and allowances | 21.8 | 16.9 |
Accrued trade allowances | 51.1 | 54 |
Accrued salaries, vacations and incentive compensation | 54.4 | 59.3 |
Income taxes payable | 21.6 | 15 |
Other | 105.7 | 105.5 |
Total other current liabilities | 254.6 | 254.7 |
Other Liabilities | ||
Pensions and other retirement benefits | 87.7 | 139.4 |
Deferred compensation | 41 | 47.6 |
Other non-current liabilities | 49.3 | 59.7 |
Total other liabilities | 178 | 246.7 |
Spin-off | ||
Other Current Liabilities | ||
2013 restructuring reserve | $ 0 | $ 4 |
Supplemental Financial Statem95
Supplemental Financial Statement Information (Schedule Of Allowance For Doubtful Accounts) (Details) - Allowance for Doubtful Accounts - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Allowance for Doubtful Accounts | |||
Balance at beginning of year | $ 6.9 | $ 7 | $ 7.4 |
Provision charged to expense, net of reversals | (0.7) | 1.2 | 1.9 |
Write-offs, less recoveries, translation, other | (0.4) | (1.3) | (2.3) |
Balance at end of year | $ 5.8 | $ 6.9 | $ 7 |
Supplemental Financial Statem96
Supplemental Financial Statement Information (Summary of Income Tax Valuation Allowance) (Details) - Income Tax Valuation Allowance - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Income Tax Valuation Allowance | |||
Balance at beginning of year | $ 19.7 | $ 13.6 | $ 14.5 |
Provision charged to expense, net of reversals | 1.6 | 5.8 | 0.3 |
Reversal of provision charged to expense | (0.3) | 0 | (0.8) |
Translation, other | (1.7) | 0.3 | (0.4) |
Balance at end of year | $ 19.3 | $ 19.7 | $ 13.6 |
Supplemental Financial Statem97
Supplemental Financial Statement Information (Schedule of Cash Flow, Supplemental Disclosures) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Financial Statement Related Disclosures [Abstract] | |||
Interest paid | $ 51 | $ 51.4 | $ 73.1 |
Income taxes paid, net | $ 40.2 | $ 63.6 | $ 37.6 |
Segments (Narrative) (Details)
Segments (Narrative) (Details) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2015USD ($) | Sep. 30, 2017USD ($)Segment | Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | |
Segment Reporting Information [Line Items] | ||||
Major geographic reportable segments | Segment | 3 | |||
Separate geographic reportable segments | Segment | 2 | |||
Venezuela deconsolidation charge | $ | $ 65.2 | $ 0 | $ 0 | $ 65.2 |
Edgewell | ||||
Segment Reporting Information [Line Items] | ||||
Venezuela deconsolidation charge | $ | $ 144.5 | $ 144.5 |
Segments (Schedule of Segment R
Segments (Schedule of Segment Reporting Information, by Segment) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Segment Reporting Information [Line Items] | ||||||||||||
Net sales | $ 465.1 | $ 372 | $ 359 | $ 559.6 | $ 432.4 | $ 361 | $ 334 | $ 506.8 | $ 1,755.7 | $ 1,634.2 | $ 1,631.6 | |
Segment profit | 213.8 | 158 | 167.9 | 271.6 | 187.3 | 153.7 | 141.6 | 229.8 | 811.3 | 712.4 | 756.2 | |
Research and development expense | (22) | (26.6) | (24.9) | |||||||||
Amortization of Intangible Assets | (11.2) | (2.8) | 0 | |||||||||
Venezuela deconsolidation charge | $ (65.2) | 0 | 0 | (65.2) | ||||||||
Integration | 0.5 | (3.1) | (1.1) | (0.5) | (6.4) | (2.6) | 0 | 0 | ||||
Inventory step up | (5) | 0 | 0 | 0 | ||||||||
Spin costs | 0 | (1.3) | (1.8) | (3.9) | (16.2) | (163.9) | ||||||
Spin restructuring | 2.5 | (4.9) | (13.1) | |||||||||
Acquisition and bridge loan fees | 8.4 | |||||||||||
Gains (Losses) on Sales of Investment Real Estate | 0 | 1.3 | 15.2 | 0 | 16.9 | 0 | 0 | |||||
Interest expense | (53.1) | (54.3) | (77.9) | |||||||||
Earnings/(loss) before income taxes | 273.3 | 165.7 | (0.7) | |||||||||
Depreciation and amortization | 50.2 | 34.3 | 41.8 | |||||||||
Spin-off | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Spin costs | (2.5) | (1.3) | 3.8 | (5.8) | (39.1) | |||||||
Spin restructuring | $ 0 | $ 0 | $ 1.4 | $ 1 | $ (3.3) | $ (0.7) | $ 0.6 | $ (0.8) | 3.8 | (5.8) | (39.1) | |
Segments | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Segment profit | 453 | 388.2 | 391.5 | |||||||||
Depreciation and amortization | 39 | 31.5 | 37.2 | |||||||||
Segment Reconciling Items | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
General corporate and other expenses | (80.8) | (80.8) | (66) | |||||||||
Global marketing expenses | (21.5) | (19.1) | (24.8) | |||||||||
Research and development expense | (22) | (26.6) | (24.9) | |||||||||
Amortization of Intangible Assets | (11.2) | (2.8) | 0 | |||||||||
Venezuela deconsolidation charge | 0 | 0 | (65.2) | |||||||||
Restructuring | 0 | (4.9) | (13) | |||||||||
Integration | (8.4) | (10) | (1.6) | |||||||||
Inventory step up | 0 | (8.1) | 0 | |||||||||
Spin costs | 0 | (10.4) | (98.1) | |||||||||
Acquisition and bridge loan fees | 0 | 1.2 | 0 | |||||||||
Cost of early debt retirement | 0 | 0 | (26.7) | |||||||||
Gains (Losses) on Sales of Investment Real Estate | 16.9 | 0 | 0 | |||||||||
Interest expense | (53.1) | (53.1) | (51.2) | |||||||||
Other financing items, net | (3.4) | 0.3 | 18.4 | |||||||||
Segment Reconciling Items | Spin-off | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Spin restructuring | 3.8 | (5.8) | (39.1) | |||||||||
Corporate | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Depreciation and amortization | 11.2 | 2.8 | 4.6 | |||||||||
Corporate | Spin-off | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Spin restructuring | 2.5 | (0.5) | (12) | |||||||||
Selling, General and Administrative Expenses | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Integration | (4) | (1.3) | ||||||||||
Spin costs | (10) | (97.6) | ||||||||||
Acquisition and bridge loan fees | 4 | 10 | ||||||||||
Selling, General and Administrative Expenses | Segment Reconciling Items | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Spin restructuring | (0.3) | |||||||||||
Cost of Sales | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Integration | (1.1) | (0.3) | ||||||||||
Spin costs | (0.4) | (0.5) | ||||||||||
Cost of Sales | Segment Reconciling Items | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Spin restructuring | (2.4) | (3.1) | ||||||||||
Other items, net | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Integration | 0 | |||||||||||
Acquisition and bridge loan fees | 3.3 | |||||||||||
Acquisition-related Costs | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Integration | 0 | |||||||||||
Americas | Segments | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net sales | 1,111.8 | 1,002 | 956.4 | |||||||||
Segment profit | 310 | 266.5 | 255.3 | |||||||||
Depreciation and amortization | 23.1 | 18.8 | 23.3 | |||||||||
EMEA | Segments | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net sales | 357.8 | 353.8 | 370.4 | |||||||||
Segment profit | 64.4 | 51.6 | 58.3 | |||||||||
Depreciation and amortization | 1.4 | 1.2 | 1.1 | |||||||||
Asia Pacific | Segments | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net sales | 286.1 | 278.4 | 304.8 | |||||||||
Segment profit | 78.6 | 70.1 | 77.9 | |||||||||
Depreciation and amortization | $ 14.5 | $ 11.5 | $ 12.8 |
Segments (Schedule of Assets, C
Segments (Schedule of Assets, Capital Expenditures, Net Sales, and Long-lived Assets from External Customers and Long-Lived Assets, by Geographical Areas)(Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Assets | $ 1,823.6 | $ 1,731.5 | $ 1,823.6 | $ 1,731.5 | |||||||
Long Lived Tangible Assets | 349.6 | 377.6 | 349.6 | 377.6 | |||||||
Capital Expenditures | 25.2 | 28.7 | $ 40.4 | ||||||||
Net sales | 465.1 | $ 372 | $ 359 | $ 559.6 | 432.4 | $ 361 | $ 334 | $ 506.8 | 1,755.7 | 1,634.2 | 1,631.6 |
United States | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Long Lived Tangible Assets | 186.4 | 201.5 | 186.4 | 201.5 | |||||||
Net sales | 923 | 824.1 | 767.6 | ||||||||
International | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 832.7 | 810.1 | 864 | ||||||||
Singapore | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Long Lived Tangible Assets | 64.9 | 67 | 64.9 | 67 | |||||||
Other International | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Long Lived Tangible Assets | 98.3 | 109.1 | 98.3 | 109.1 | |||||||
Segments | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Assets | 1,232.1 | 1,108 | 1,232.1 | 1,108 | |||||||
Capital Expenditures | 25.2 | 28.7 | 40.4 | ||||||||
Corporate | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Assets | 137.7 | 159.1 | 137.7 | 159.1 | |||||||
Segment Reconciling Items | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Goodwill and other intangible assets, net | 453.8 | 464.4 | 453.8 | 464.4 | |||||||
Americas | Segments | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Assets | 533.9 | 475.2 | 533.9 | 475.2 | |||||||
Capital Expenditures | 17.4 | 18.3 | 29.6 | ||||||||
Net sales | 1,111.8 | 1,002 | 956.4 | ||||||||
EMEA | Segments | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Assets | 240.3 | 242 | 240.3 | 242 | |||||||
Capital Expenditures | 1.5 | 5.7 | 2.3 | ||||||||
Net sales | 357.8 | 353.8 | 370.4 | ||||||||
Asia Pacific | Segments | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Assets | $ 457.9 | $ 390.8 | 457.9 | 390.8 | |||||||
Capital Expenditures | 6.3 | 4.7 | 8.5 | ||||||||
Net sales | $ 286.1 | $ 278.4 | $ 304.8 |
Segments (Revenue from External
Segments (Revenue from External Customers by Products and Services) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Revenue from External Customer [Line Items] | |||||||||||
Net sales | $ 465.1 | $ 372 | $ 359 | $ 559.6 | $ 432.4 | $ 361 | $ 334 | $ 506.8 | $ 1,755.7 | $ 1,634.2 | $ 1,631.6 |
Batteries | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Net sales | 1,548.2 | 1,498 | 1,516.7 | ||||||||
Other | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Net sales | $ 207.5 | $ 136.2 | $ 114.9 |
Quarterly Financial Informat102
Quarterly Financial Information - (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Restructuring Cost and Reserve [Line Items] | |||||||||||
Net sales | $ 465.1 | $ 372 | $ 359 | $ 559.6 | $ 432.4 | $ 361 | $ 334 | $ 506.8 | $ 1,755.7 | $ 1,634.2 | $ 1,631.6 |
Gross profit | 213.8 | 158 | 167.9 | 271.6 | 187.3 | 153.7 | 141.6 | 229.8 | 811.3 | 712.4 | 756.2 |
Net earnings/(loss) | $ 34.1 | $ 24.9 | $ 46.9 | $ 95.6 | $ 21.6 | $ 24.2 | $ 16.4 | $ 65.5 | $ 201.5 | $ 127.7 | $ (4) |
Earnings Per Share | |||||||||||
Basic net earnings/(loss) per share (in dollars per share) | $ 0.56 | $ 0.40 | $ 0.76 | $ 1.55 | $ 0.35 | $ 0.39 | $ 0.27 | $ 1.06 | $ 3.27 | $ 2.06 | $ (0.06) |
Diluted net earnings/(loss) per share (in dollars per share) | $ 0.55 | $ 0.40 | $ 0.75 | $ 1.52 | $ 0.34 | $ 0.39 | $ 0.26 | $ 1.05 | $ 3.22 | $ 2.04 | $ (0.06) |
Spin-off Costs | $ 0 | $ 1.3 | $ 1.8 | $ 3.9 | $ 16.2 | $ 163.9 | |||||
Non-cash restructuring (income)/costs | $ (2.5) | 4.9 | 13.1 | ||||||||
Acquisition and integration costs | $ (0.5) | $ 3.1 | $ 1.1 | $ 0.5 | 6.4 | 2.6 | 0 | 0 | |||
Gain on sale of real estate | 0 | (1.3) | (15.2) | 0 | (16.9) | 0 | 0 | ||||
Inventory step up | (5) | 0 | 0 | 0 | |||||||
Adjustments to prior year tax accruals | (2.6) | (8.8) | 0 | 0 | |||||||
Spin-off | |||||||||||
Earnings Per Share | |||||||||||
Spin-off Costs | 2.5 | 1.3 | (3.8) | 5.8 | 39.1 | ||||||
Non-cash restructuring (income)/costs | $ 0 | $ 0 | $ (1.4) | $ (1) | 3.3 | 0.7 | (0.6) | 0.8 | (3.8) | 5.8 | 39.1 |
2013 restructuring | |||||||||||
Earnings Per Share | |||||||||||
Non-cash restructuring (income)/costs | $ 0 | $ 0.1 | $ 0.9 | $ 2.1 | $ 0 | $ 2.5 | $ 9.6 |