Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Sep. 30, 2019 | Nov. 15, 2019 | Mar. 31, 2019 | |
Entity Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Sep. 30, 2019 | ||
Document Transition Report | false | ||
Entity File Number | 001-36837 | ||
Entity Registrant Name | ENERGIZER HOLDINGS, INC. | ||
Entity Central Index Key | 0001632790 | ||
Current Fiscal Year End Date | --09-30 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Incorporation, State or Country Code | MO | ||
Entity Tax Identification Number | 36-4802442 | ||
Entity Address, Address Line One | 533 Maryville University Drive | ||
Entity Address, City or Town | St. Louis, | ||
Entity Address, State or Province | MO | ||
Entity Address, Postal Zip Code | 63141 | ||
City Area Code | (314) | ||
Local Phone Number | 985-2000 | ||
Entity Well Known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 3,139,481,593 | ||
Entity Common Stock, Shares Outstanding | 69,178,343 | ||
Documents Incorporated by Reference | Portions of Energizer Holdings, Inc. Notice of Annual Meeting and Proxy Statement (“Proxy Statement”) for our Annual Meeting of Shareholders which will be held January 27, 2020 have been incorporated into Part III of this Annual Report on Form 10-K. The Proxy Statement will be filed within 120 days of the end of the fiscal year ended September 30, 2019 . | ||
Common Stock | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | Common Stock, par value $.01 per share | ||
Trading Symbol | ENR | ||
Security Exchange Name | NYSE | ||
Convertible Preferred Stock | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | Series A Mandatory Convertible Preferred Stock, par value $.01 per share | ||
Trading Symbol | ENR PRA | ||
Security Exchange Name | NYSE |
CONSOLIDATED STATEMENTS OF EARN
CONSOLIDATED STATEMENTS OF EARNINGS AND COMPREHENSIVE INCOME - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Income Statement [Abstract] | |||
Net sales | $ 2,494.5 | $ 1,797.7 | $ 1,755.7 |
Cost of products sold | 1,490.7 | 966.8 | 944.4 |
Gross profit | 1,003.8 | 830.9 | 811.3 |
Selling, general and administrative expense | 515.7 | 421.7 | 361.3 |
Advertising and sales promotion expense | 127.3 | 112.9 | 116.1 |
Research and development expense | 32.8 | 22.4 | 22 |
Amortization of intangible assets | 43.2 | 11.5 | 11.2 |
Spin restructuring | 0 | 0 | (3.8) |
Gain on sale of real estate | 0 | (4.6) | (16.9) |
Interest expense | 226 | 98.4 | 53.1 |
Other items, net | (14.3) | (6.6) | (5) |
Earnings before income taxes | 73.1 | 175.2 | 273.3 |
Income tax provision | 8.4 | 81.7 | 71.8 |
Net earnings from continuing operations | 64.7 | 93.5 | 201.5 |
Net loss from discontinued operations, net of income tax expense of $4.0 | (13.6) | 0 | 0 |
Net earnings | 51.1 | 93.5 | 201.5 |
Mandatory preferred stock dividends | (12) | 0 | 0 |
Net earnings attributable to common shareholders | $ 39.1 | $ 93.5 | $ 201.5 |
Earnings Per Share | |||
Basic net earnings per common share - continuing operations (in dollars per share) | $ 0.79 | $ 1.56 | $ 3.27 |
Basic net loss per common share - discontinued operations (in dollars per share) | (0.20) | 0 | 0 |
Basic net earnings per common share (in dollars per share) | 0.59 | 1.56 | 3.27 |
Diluted net earnings per common share - continuing operations (in dollars per share) | 0.78 | 1.52 | 3.22 |
Diluted net loss per common share - discontinued operations (in dollars per share) | (0.20) | 0 | 0 |
Diluted net earnings per common share (in dollars per share) | $ 0.58 | $ 1.52 | $ 3.22 |
Weighted average shares of common stock - Basic (in shares) | 66.4 | 59.8 | 61.7 |
Weighted average shares of common stock- Diluted (in shares) | 67.3 | 61.4 | 62.6 |
Dividend Per Common Share (in dollars per share) | $ 1.20 | $ 1.16 | $ 1.10 |
Statement of Comprehensive Income | |||
Net earnings from continuing operations | $ 51.1 | $ 93.5 | $ 201.5 |
Other comprehensive (loss)/income, net of tax (benefit)/expense | |||
Foreign currency translation adjustments | (10.4) | (20.5) | 6.3 |
Pension activity, net of tax of ($12.1) in 2019, $6.3 in 2018, and $9.0 in 2017 | (36.9) | 22.9 | 20.5 |
Deferred (loss)/gain on hedging activity, net of tax of ($3.1) in 2019, $4.4 in 2018, and $1.7 in 2017 | (9.2) | 15 | 0.5 |
Total comprehensive (loss)/income | $ (5.4) | $ 110.9 | $ 228.8 |
CONSOLIDATED STATEMENTS OF EA_2
CONSOLIDATED STATEMENTS OF EARNINGS AND COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Income Statement [Abstract] | |||
Income tax expense, discontinued operations | $ 4 | ||
Pension activity, tax | (12.1) | $ 6.3 | $ 9 |
Deferred (loss)/gain on hedging activity, net of tax of ($3.1) in 2019, $4.4 in 2018, and $1.7 in 2017 | $ (3.1) | $ 4.4 | $ 1.7 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Sep. 30, 2019 | Sep. 30, 2018 |
Current assets | ||
Cash and cash equivalents | $ 258.5 | $ 522.1 |
Trade receivables, net | 340.2 | 230.4 |
Inventories | 469.3 | 323.1 |
Other current assets | 177.1 | 95.5 |
Assets held for sale | 791.7 | 0 |
Total current assets | 2,036.8 | 1,171.1 |
Restricted cash | 0 | 1,246.2 |
Property, plant and equipment, net | 362 | 166.7 |
Goodwill | 1,004.8 | 244.2 |
Other intangible assets, net | 1,958.9 | 232.7 |
Deferred tax asset | 22.8 | 36.9 |
Other assets | 64.3 | 81 |
Total assets | 5,449.6 | 3,178.8 |
Current liabilities | ||
Current maturities of long-term debt | 0 | 4 |
Current portion of capital leases | 1.6 | 0 |
Notes payable | 31.9 | 247.3 |
Accounts payable | 299 | 228.9 |
Other current liabilities | 333.6 | 271 |
Liabilities held for sale | 402.9 | 0 |
Total current liabilities | 1,069 | 751.2 |
Long-term debt | 3,461.6 | 976.1 |
Long-term debt held in escrow | 0 | 1,230.7 |
Deferred tax liability | 170.6 | 19.3 |
Other liabilities | 204.6 | 177 |
Total liabilities | 4,905.8 | 3,154.3 |
Shareholders' equity | ||
Common stock, $0.01 par value, 72,386,840 and 62,420,421 shares issued at 2019 and 2018, respectively | 0.7 | 0.6 |
Mandatory convertible preferred stock, $0.01 par value, 2,156,250 shares issued at 2019 | 0 | 0 |
Additional paid-in capital | 870.3 | 217.8 |
Retained earnings | 129.5 | 177.3 |
Common stock in treasury, at cost | (158.4) | (129.4) |
Accumulated other comprehensive loss | (298.3) | (241.8) |
Total shareholders' equity | 543.8 | 24.5 |
Total liabilities and shareholders' equity | $ 5,449.6 | $ 3,178.8 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Sep. 30, 2019 | Sep. 30, 2018 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock issued (in shares) | 72,386,840 | 62,420,421 |
Treasury shares (in shares) | 3,484,807 | 2,812,320 |
Mandatory convertible preferred stock (in dollars per share) | $ 0.01 | |
Mandatory convertible preferred stock (in shares) | 2,156,250 | 0 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Cash Flow from Operating Activities | |||
Net earnings | $ 51.1 | $ 93.5 | $ 201.5 |
Loss from discontinued operations, net of tax | (13.6) | 0 | 0 |
Net earnings form continuing operations | 64.7 | 93.5 | 201.5 |
Adjustments to reconcile net earnings to net cash flow from operations: | |||
Non-cash integration and restructuring charges/(income) | 3 | 0 | (2.5) |
Depreciation and amortization | 92.8 | 45.1 | 50.2 |
Deferred income taxes | (33.3) | 1.8 | (4.4) |
Share based compensation expense | 27.1 | 28.2 | 24.3 |
Gain on sale of real estate | 0 | (4.6) | (16.9) |
Mandatory transition tax | (0.4) | 33.1 | 0 |
Inventory step up | 36.2 | 0.2 | 0 |
Settlement loss on pension plan terminations | 3.7 | 14.1 | 0 |
Non-cash items included in income, net | (4.2) | 7.6 | 6.2 |
Other, net | 22.1 | (4.7) | (28.7) |
Changes in assets and liabilities used in operations, net of acquisitions | |||
Increase in trade receivables, net | (24.9) | (1.1) | (43.7) |
Increase in inventories | (15.2) | (12.1) | (30.7) |
(Increase)/decrease in other current assets | (44.3) | 2.8 | 20.8 |
Increase in accounts payable | 5.2 | 4.4 | 13.4 |
Increase in other current liabilities | 9.6 | 20.4 | 7.7 |
Net cash from operating activities from continuing operations | 142.1 | 228.7 | 197.2 |
Net cash from operating activities from discontinued operations | 7.4 | 0 | 0 |
Net cash from operating activities from continuing operations | 149.5 | 228.7 | 197.2 |
Cash Flow from Investing Activities | |||
Capital expenditures | (55.1) | (24.2) | (25.2) |
Proceeds from sale of assets | 0.2 | 6.1 | 27.2 |
Acquisitions, net of cash acquired | (2,460) | (38.1) | 0 |
Net cash (used by)/from investing activities from continuing operations | (2,514.9) | (56.2) | 2 |
Net cash used by investing activities from discontinued operations | (407.4) | 0 | 0 |
Net cash (used by)/from investing activities from continuing operations | (2,922.3) | (56.2) | 2 |
Cash Flow from Financing Activities | |||
Cash proceeds from issuance of debt with maturities greater than 90 days | 1,800 | 1,259.9 | 0 |
Payments on debt with maturities greater than 90 days | (529.5) | (4) | (4) |
Net (decrease)/increase in debt with maturities 90 days or less | (214.1) | 143.4 | 36.5 |
Debt issuance costs | (40.1) | (22.6) | (0.8) |
Net proceeds from issuance of mandatory convertible preferred stock | 199.5 | 0 | 0 |
Net proceeds from issuance of common stock | 205.3 | 0 | 0 |
Dividends paid on common stock | (83) | (70) | (69.1) |
Dividends paid on mandatory convertible preferred shares | (8) | 0 | 0 |
Common stock purchased | (45) | (70) | (59.5) |
Taxes paid for withheld share-based payments | (8.3) | (10.4) | (10) |
Net cash from/(used by) financing activities from continuing operations | 1,276.8 | 1,226.3 | (106.9) |
Net cash used by financing activities from discontinued operations | (4.7) | 0 | 0 |
Net cash from/(used by) financing activities | 1,272.1 | 1,226.3 | (106.9) |
Effect of exchange rate changes on cash | (9.1) | (8.5) | (1.6) |
Net (decrease)/increase in cash, cash equivalents, and restricted cash from continuing operations | (1,105.1) | 1,390.3 | 90.7 |
Net decrease in cash, cash equivalents, and restricted cash from discontinued operations | (404.7) | 0 | 0 |
Net (decrease)/increase in cash, cash equivalents, and restricted cash | (1,509.8) | 1,390.3 | 90.7 |
Cash, cash equivalents, and restricted cash, beginning of period | 1,768.3 | 378 | 287.3 |
Cash, cash equivalents, and restricted cash, end of period | $ 258.5 | $ 1,768.3 | $ 378 |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY/(DEFICIT) - USD ($) $ in Millions | Total | Common Stock | Preferred Stock | Preferred Stock | Preferred StockPreferred Stock | Common Stock | Common StockCommon Stock | Additional Paid-in Capital | Additional Paid-in CapitalCommon Stock | Additional Paid-in CapitalPreferred Stock | Retained Earnings | Accumulated Other Comprehensive (Loss)/Income | Treasury Stock |
Beginning Balance at Sep. 30, 2016 | $ (30) | $ 0 | $ 0.6 | $ 194.6 | $ 70.9 | $ (266.1) | $ (30) | ||||||
Beginning balance, preferred (in shares) at Sep. 30, 2016 | 0 | ||||||||||||
Beginning balance, common (in shares) at Sep. 30, 2016 | 61,673,000 | ||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Net earnings form continuing operations | 201.5 | 201.5 | |||||||||||
Loss from discontinued operations, net of tax | 0 | ||||||||||||
Share based payments | 24.3 | 24.3 | |||||||||||
Common stock purchased | $ (58.7) | (58.7) | |||||||||||
Common stock purchased (in shares) | (1,389,027) | (1,389,000) | |||||||||||
Activity under stock plans | $ (10) | (22.2) | (4.4) | 16.6 | |||||||||
Activity under stock plans (in shares) | 425,000 | ||||||||||||
Dividends to shareholders | (69.3) | (69.3) | |||||||||||
Other comprehensive loss | 27.3 | 27.3 | |||||||||||
Ending Balance at Sep. 30, 2017 | 85.1 | $ 0 | $ 0.6 | 196.7 | 198.7 | (238.8) | (72.1) | ||||||
Beginning balance, preferred (in shares) at Sep. 30, 2017 | 0 | ||||||||||||
Ending Balance, common (in shares) at Sep. 30, 2017 | 60,709,000 | ||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Net earnings form continuing operations | 93.5 | 93.5 | |||||||||||
Loss from discontinued operations, net of tax | 0 | ||||||||||||
Deferred compensation plan | 12 | ||||||||||||
Share based payments | 28.2 | 28.2 | |||||||||||
Common stock purchased | $ (70) | (70) | |||||||||||
Common stock purchased (in shares) | (1,439,211) | (1,439,000) | |||||||||||
Activity under stock plans | $ (10.4) | (19.1) | (4) | 12.7 | |||||||||
Activity under stock plans (in shares) | 338,000 | ||||||||||||
Dividends to shareholders | (72.1) | (72.1) | |||||||||||
Other comprehensive loss | 17.4 | 17.4 | |||||||||||
Ending Balance at Sep. 30, 2018 | 24.5 | $ 0 | $ 0.6 | 217.8 | 177.3 | (241.8) | (129.4) | ||||||
Beginning balance, preferred (in shares) at Sep. 30, 2018 | 0 | ||||||||||||
Ending Balance, common (in shares) at Sep. 30, 2018 | 59,608,000 | ||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Net earnings form continuing operations | 64.7 | 64.7 | |||||||||||
Loss from discontinued operations, net of tax | (13.6) | (13.6) | |||||||||||
Deferred compensation plan | 0.2 | ||||||||||||
Share based payments | 27.1 | 27.1 | |||||||||||
Issuance of stock | $ 445.8 | $ 199.5 | $ 0.1 | $ 445.7 | $ 199.5 | ||||||||
Issuance of stock (in shares) | 2,156,000 | 9,966,000 | |||||||||||
Common stock purchased | $ (45) | (45) | |||||||||||
Common stock purchased (in shares) | (1,036,000) | (1,036,000) | |||||||||||
Activity under stock plans | $ (8.3) | (19.8) | (4.5) | 16 | |||||||||
Activity under stock plans (in shares) | 364,000 | ||||||||||||
Dividends to shareholders | (82.4) | (82.4) | |||||||||||
Dividends to preferred shareholders | (12) | (12) | |||||||||||
Other comprehensive loss | (56.5) | (56.5) | |||||||||||
Ending Balance at Sep. 30, 2019 | $ 543.8 | $ 0 | $ 0.7 | $ 870.3 | $ 129.5 | $ (298.3) | $ (158.4) | ||||||
Beginning balance, preferred (in shares) at Sep. 30, 2019 | 2,156,000 | ||||||||||||
Ending Balance, common (in shares) at Sep. 30, 2019 | 68,902,000 |
Description of Business and Bas
Description of Business and Basis of Presentation | 12 Months Ended |
Sep. 30, 2019 | |
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, 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." 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. The Company's brands now include Refresh Your Car!®, California Scents®, Driven®, Bahama & Co.®, LEXOL® and Eagle One®. On July 2, 2018, Energizer acquired the Nu Finish® and Scratch Doctor® brands to add to its automotive appearance offerings (Nu Finish Acquisition). On January 2, 2019, Energizer expanded its battery portfolio with the acquisitions of Spectrum Holdings, Inc.’s (Spectrum) global battery, lighting, and portable power business (Battery Acquisition). The Battery Acquisition included the Rayovac® and Varta® brands (Acquired Battery Business). On January 28, 2019, Energizer further expanded its auto care portfolio with the acquisitions of Spectrum's global auto care business (Auto Care Acquisition). The Auto Care Acquisition included the Armor All®, STP®, and A/C PRO® brands (Acquired Auto Care Business). On May 29, 2019, the Company entered into a definitive acquisition agreement with VARTA Aktiengesellschaft (VARTA AG) to divest the Varta consumer battery business in the Europe, Middle East and Africa regions, including manufacturing and distribution facilities in Germany (Divestment Business). The Company will sell the Divestment Business for an aggregate purchase price of €180.0 , subject to purchase price adjustments (Varta Divestiture). Pursuant to the terms of the acquisition agreement with Spectrum for the Battery Acquisition, Spectrum will be contributing an additional $200.0 to Energizer in connection with the divestiture. The divestiture is subject to the approval of the European Commission, and will close timely upon receipt of approval. 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. As a result of the anticipated Varta Divestiture, the assets and liabilities associated with the Divestment Business have been classified as held for sale in the accompanying Consolidated Balance Sheets and the respective operations of the Divestment Business have been classified as discontinued operations in the accompanying Consolidated Statements of Earnings and Comprehensive Income and Statements of Cash Flows. See Note 6 - Divestment for more information on the assets and liabilities classified as held for sale and discontinued operations. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Sep. 30, 2019 | |
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, 2019 and 2018, Energizer had $258.5 and $522.1 , respectively, in available cash, 75.8% and 99% 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. Our intention is to reinvest these funds indefinitely. Restricted Cash – The Company defines restricted cash as cash that is legally restricted as to withdrawal or usage. The amount included in restricted cash on the Consolidated Balance Sheet at September 30, 2018 represents the amounts of escrowed funds related to the Battery Acquisition, which legally could not be used for any other purpose. These funds were released from escrow in fiscal 2019 to complete the Battery Acquisition. At September 30, 2019 2018 Cash and cash equivalents $ 258.5 $ 522.1 Restricted cash — 1,246.2 Total Cash, cash equivalents and restricted cash shown in the statement of cash flows $ 258.5 $ 1,768.3 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. Effective July 1, 2018, the financial statements for our Argentina subsidiary are consolidated under the rules governing the translation of financial information in a highly inflationary economy. Under U.S. GAAP, an economy is considered highly inflationary if the cumulative inflation rate for a three year period meets or exceeds 100 percent. The Argentina economy exceeded the three year cumulative inflation rate of 100 percent as of June 2018. If a subsidiary is considered to be in a highly inflationary economy, the financial statements of the subsidiary must be remeasured into the Company’s reporting currency (U.S. dollar) and future exchange gains and losses from the remeasurement of monetary assets and liabilities are reflected in current earnings, rather than exclusively in the equity section of the balance sheet, until such time as the economy is no longer considered highly inflationary. 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, 2019 and 2018 . 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, 2019 and 2018. In February 2018, the Company entered into a forward starting interest rate swap with an effective date of October 1, 2018, with one major financial institution that fixed the variable benchmark component (LIBOR) on additional variable rate debt at an interest rate of 2.47% . At the effective date, the swap had a notional value of $400.0 . Beginning April 1, 2019, the notional amount decreased $50.0 each quarter, and continues to decrease until its termination date of December 31, 2020. The notional value of the swap was $ 300.0 at September 30, 2019. 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. At September 30, 2019 , the Company had derivative contracts for the future purchases of zinc. No contracts were outstanding at September 30, 2018 . 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. Cash flows are also distinguished between our continuing operations and our discontinued operations. Trade Receivables, net – Trade receivables are stated at their net realizable value. The allowance for trade promotions reflects management's estimate of the amount of trade promotions that customers will take as an invoice reduction, rather than receiving cash payments for the trade allowances earned. See additional discussion on the trade allowances in the revenue recognition discussion further in this note. 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. Receivables that the Company has factored as of September 30, 2019 are excluded from the Trade receivables, net balance. 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, 2019 2018 Trade receivables $ 473.1 $ 357.9 Allowance for trade promotions (129.1 ) (123.5 ) Allowance for returns and doubtful accounts (3.8 ) (4.0 ) Trade receivables, net $ 340.2 $ 230.4 Trade Receivables Factoring - Energizer enters into various factoring agreements and early pay programs with our customers to sell our trade receivables under non-recourse agreements in exchange for cash proceeds. In fiscal year 2019, the credit agreement was amended so that Energizer may sell their accounts receivable up to a maximum of $500.0 annually. During fiscal year 2019, we sold $300.2 of receivables under this program. At September 30, 2019, Energizer had $87.8 of outstanding sold receivables, which are excluded from the Trade receivables, net balance above. In some instances, we may continue to service the transferred receivables after factoring has occurred. However, any servicing of the trade receivable does not constitute significant continuing involvement and we do not carry any material servicing assets or liabilities. These receivables qualify for sales treatment under ASC 860 Transfers and Servicing, and the proceeds for the sale of these receivables is included in net cash from operating activities in the Consolidated Statement of Cash Flows. As of September 30, 2019, there was $12.4 of cash from factored receivables collected but not yet due to the bank included in Other current liabilities. Additionally, the fees associated with factoring our receivables was $4.9 for the year ended September 30, 2019. Any discounts and factoring fees related to these receivables are expensed as incurred in the Consolidated Statement of Earnings and Comprehensive Income in Selling, general and administrative expense. There was no material factoring arrangements during fiscal 2018 or 2017. Inventories – Inventories are valued at the lower of cost and net realizable value, with cost generally being determined using average cost or the first-in, first-out (FIFO) method. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. 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, 2019 , 2018 and 2017 , amortization expense was $9.1 , $7.4 and $5.3 , 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. Property, plant and equipment, net held under capital leases are amortized on a straight-line bases over the shorter of the lease term or estimated useful life of the asset and such amortization is included in depreciation expense. 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 2019, 2018, and 2017 was $43.5 , $26.2 , and $33.7 , respectively, excluding accelerated depreciation charges of $3.0 in 2019 primarily related to the IT integration assets and certain manufacturing assets including property, plant and equipment located at facilities that will be consolidated as part of the integration of the Battery and Auto Care Acquisitions. 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. Acquisitions – Energizer accounts for the acquisition of a business using the acquisition method of accounting and allocates the cost of an acquired business to the assets acquired and liabilities assumed based on their estimated fair values at the date of acquisition. The excess value of the cost of an acquired business over the fair value of the assets acquired and liabilities assumed is recognized as goodwill. During the measurement period, which may be up to one year from the acquisition date, the Company may record adjustments to assets acquired and liabilities assumed with the corresponding offset to goodwill. During fiscal 2019, Energizer used variations of the income approach in determining the fair value of intangible assets acquired in the Battery and Auto Care Acquisitions. Specifically, the Company utilized the multi-period excess earnings method for determining the fair value of the indefinite lived trade names and customer relationships acquired, and the relief from royalty method to determine the fair value of the proprietary technology acquired. Our determination of the fair value of the indefinite lived trade names acquired involved the use of significant estimates and assumptions related to revenue growth rates and discount rates. Our determination of the fair value of customer relationships acquired involved significant estimates and assumptions related to revenue growth rates, discount rates, and customer attrition rates. Our determination of the fair value of the proprietary technology acquired involved the use of significant estimates and assumptions related to revenue growth rates, royalty rates and discount rates. Energizer believes that the fair value assigned to the assets acquired and liabilities assumed are based on reasonable assumptions and estimates that marketplace participants would use. However, our assumptions are inherently risky and actual results could differ from those estimates. Adverse changes in the judgments, assumptions and estimates used in future measurements of fair value, including discount rates or future operating results and related cash flow projections, could result in an impairment of goodwill or intangible assets that would require a non-cash charge to the consolidated statements of operations and may have a material effect on our financial condition and operating results. 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 – The Company measures revenue as the amount of consideration for which it expects to be entitled in exchange for transferring goods. Net sales reflect the transaction prices for contracts, which include units shipped at selling list prices reduced by variable consideration as determined by the terms of each individual contract. 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, 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. Methodologies for determining these provisions are dependent on specific customer pricing and promotional practices, which range from contractually fixed percentage price reductions to reimbursement based on actual occurrence or performance. Where applicable, future reimbursements are estimated based on a combination of historical patterns and future expectations regarding specific in-market product performance. Energizer accrues, at the time of sale, the estimated total payments and allowances associated with each transaction. Customers redeem trade promotions in the form of payments from the accrued trade allowances or invoice credits against trade receivables. Additionally, Energizer offers programs directly to consumers to promote the sale of its products. 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. Our standard sales terms generally include payments within 30 to 60 days and are final with returns or exchanges not permitted unless a special exception is made. Our Auto Care channel terms are longer, in some cases up to 365 days, in which case we use our Trade Receivables factoring program for more timely collection. Reserves are established based on historical data and recorded in cases where the right of return does exist for a particular sale. The Company does not offer warranties on products. The Company’s contracts with customers do not have significant financing components or non-cash consideration and the Company does not have unbilled revenue or significant amounts of prepayments from customers. Revenue is recorded net of the taxes we collect on behalf of governmental authorities which are generally included in the price to the customer. Shipping and handling activities are accounted for as contract fulfillment costs and recorded in Cost of products sold. 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 $96.7 , $80.1 , and $86.2 for the fiscal years ended September 30, 2019 , 2018 , 2017 , 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 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. In January 2018, the Financial Accounting Standard Board released guidance on the accounting for tax on the global intangible low-taxed income (GILTI) provisions of the Tax Cuts and Jobs Act (the Tax Act). The GILTI provisions impose a tax on foreign income in excess of a deemed return on tangible assets of foreign corporations. The guidance indicates that either accounting for deferred taxes related to GILTI inclusions or to treat any taxes on GILTI inclusions as a period cost are both acceptable methods subject to an accounting policy election. The Company has completed its analysis of the GILTI rules and has made an accounting policy election to treat the taxes due from GILTI as a period expense when incurred. In general, it is our practice and intention to permanently reinvest the earnings of our foreign subsidiaries and repatriate earnings only when the tax impact is zero or very minimal, and that position has not changed after incurring the transition tax under the Tax Act. No provision has been provided for taxes that would result upon repatriation of our foreign investments to the United States. We intend to reinvest these earnings indefinitely in our foreign subsidiaries to fund local operations, fund strategic growth objectives, and fund capital projects. See Note 9, Income Taxes, of the Notes to Consolidated Financial Statements for further discussion. 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, restricted cash, 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 – In fiscal year 2019, the Company early adopted ASU 2017-12, Targeted Improvements to Accounting for Hedging Activities, on a modified retrospective basis effective October 1, 2018. This update simplifies hedge accounting and decreases complexity for both the preparation and understanding of hedging disclosures in the financial statements. Upon adoption, the Company recorded $8.4 of hedging settlement gains for the twelve months ended September 30, 2019 in Cost of products sold. The gains were related to our currency hedges on payment of inventory purchases and are now recorded in Cost of products sold to align with the new guidance. Prior year gains remain in Other items, net. The Company also began a zinc hedging program in the second quarter. See additional discussion in Note 16, Financial Instruments and Risk Management. Effective October 1, 2018, the Company adopted ASU 2014-09, Revenue from Contracts with Customers , on a modified retrospective basis for all contracts as of the effective date. This guidance provides a single comprehensive revenue recognition model for all contracts with customers to improve comparability within industries, across industries and across capital markets. There was no material impact to retained earnings as a result of the adoption. See Note 4, Revenue, for additional discussion. Effective October 1, 2018, the Company early adopted ASU 2018-15, Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract . This update requires implementation costs incurred by customers in cloud computing arrangements to be deferred and recognized over the term of the arrangement similar to internal-use software guidance. The Company will defer and recognize allowable implementation costs for future projects. Capitalized implementation costs were $0.8 and amortization expense on these costs was $0.1 for the twelve months ended September 30, 2019. Effective October 1, 2018, the Company adopted 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. The Company has determined that this new guidance has no immediate impact on the Company's consolidated financial position, results of operations or cash flows. Recently Issued Accounting Pronouncements – On February 25, 2016, the FASB issued ASU 2016-02, Leases . This update 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. This amendment is effective for Energizer beginning October 1, 2019 and will be adopted using the modified retrospective transition method. The Company has elected the practical expedients to not restate prior periods and to not adopt this guidance for short term leases. We have implemented a global lease management and accounting software solution, and are assessing the impact that the new standard will have on our Consolidated Financial Statements. The Company's assessment of the quantitative impact is an estimate and subject to change as we finalize implementation of the accounting guidance. The Company estimates that the adoption of this guidance will result in a Right of use asset and offsetting lease liabilities of approximately $40 to $45 associated with its operating leases upon adoption of this guidance. It is not expected that this adoption will have a material impact on our results of operations or cash flows. These updates will also impact our accounting policies, internal controls and disclosures related to leases. |
Spin Costs
Spin Costs | 12 Months Ended |
Sep. 30, 2019 | |
Restructuring and Related Activities [Abstract] | |
Spin Costs | Spin Costs The Company incurred costs associated with the evaluation, planning and execution of the Spin-off. 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. All spin activity is complete and we do not expect any further costs related to the Spin-off. No spin costs were incurred in the period ending September 30, 2019 or 2018. 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 . 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 impacted the Americas segment by $1.3 and Corporate by $2.5 . |
Revenue
Revenue | 12 Months Ended |
Sep. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Revenue Effective for the Company October 1, 2018, ASU 2014-09, Revenue from Contracts with Customers , introduced a five-step model for revenue recognition. In this new model, each contract should be reviewed and analyzed to determine its performance obligations, items affecting the transaction price, how to allocate the transaction price to the performance obligations and when to recognize revenue. The Company performed a review of its contracts and accounting policies considering the new revenue model. Through this review the Company determined that there was no material impact to our financial statements. The Company's revenue recognition policy, controls and processes have been updated to align with the new revenue recognition model. Nature of Our Business The Company, through its operating subsidiaries, is one of the world’s largest manufacturers, marketers and distributors of household batteries, specialty batteries and lighting products, and a leading designer and marketer of automotive fragrance, appearance, performance and air conditioning recharge products. We distribute our products to consumers through numerous retail locations worldwide, including mass merchandisers and warehouse clubs, food, drug and convenience stores, electronics specialty stores and department stores, hardware and automotive centers, e-commerce and military stores. We sell to our customers through a combination of a direct sales force and exclusive and non-exclusive third-party distributors and wholesalers. Our Americas segment sales are comprised of North America and Latin America market groups. North America sales are generally through large retailers with nationally or regionally recognized brands. Latin America sales are generally through distributors or sales by wholesalers or small retailers who may not have national or regional presence. Our International segment sales are comprised of modern trade, developing and distributor market groups. Modern trade, which is most prevalent in Western Europe and more developed economies throughout the world, generally refers to sales through large retailers with nationally or regionally recognized brands. Developing markets generally include sales by wholesalers or small retailers who may not have a national or regional presence. Distributors are utilized in other markets where the Company does not have a direct sales force. Each market's determination is based on the predominant customer type or sales strategy utilized in the market. Supplemental product and market information is presented below for revenues from external customers for the twelve months ended September 30, 2019, 2018 and 2017: For the Twelve Months Ended September 30, Net Sales 2019 2018 2017 Batteries $ 1,959.9 $ 1,612.7 $ 1,548.2 Auto Care 409.3 95.4 110.5 Lights and Licensing 125.3 89.6 97.0 Total Net Sales $ 2,494.5 $ 1,797.7 $ 1,755.7 For the Twelve Months Ended September 30, Net Sales 2019 2018 2017 North America $ 1,534.7 $ 1,017.8 $ 993.1 Latin America 200.1 117.8 118.7 Americas 1,734.8 1,135.6 1,111.8 Modern Markets 444.7 381.9 363.6 Developing Markets 193.4 181.0 174.0 Distributor Markets 121.6 99.2 106.3 International 759.7 662.1 643.9 Total Net Sales $ 2,494.5 $ 1,797.7 $ 1,755.7 When Performance Obligations are Satisfied |
Acquisitions
Acquisitions | 12 Months Ended |
Sep. 30, 2019 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions Battery Acquisition - On January 2, 2019, the Company completed the Battery Acquisition with a contractual purchase price of $2,000.0 , subject to certain purchase price adjustments. The acquisition expanded our battery portfolio globally with the addition of a strong value brand. The final cash consideration after contractual and working capital adjustments was $1,962.4 . Included in the above amount is $400.0 of cash consideration that has been allocated to the Divestment Business discussed below. Energizer funded the Battery Acquisition through net proceeds from the issuance of senior notes, term loans and cash on hand. See Note 15, Debt, for additional discussion on the senior notes and term loans issued. Success fees of $13.0 were earned by financial advisers in January 2019 after closing the acquisition. This was in addition to the $2.0 paid in January 2018 for services rendered on the transaction. On December 11, 2018, the European Commission approved the acquisition of the Acquired Battery Business conditioned on the divestiture of the Divestment Business. Energizer will retain the rights to the Varta brand in Latin America and Asia Pacific, as well as Spectrum’s global Rayovac branded consumer and hearing aid batteries business. On May 29, 2019, the Company signed a definitive agreement for the sale of the Divestment Business to VARTA AG, subject to approval by the European Commission. The assets and liabilities associated with this business have been reported as held for sale both on the preliminary purchase price allocation and the Consolidated Balance Sheets as of September 30, 2019. The Battery Acquisition was accounted for as a business combination using the acquisition method of accounting which requires assets acquired and liabilities assumed to be recognized at fair value as of the acquisition date. We have calculated fair values of assets and liabilities acquired for the Battery Acquisition based on our preliminary valuation analysis. Certain preliminary values, including Deferred taxes and the resultant Goodwill, are not yet finalized and are subject to change as the Company is still evaluating the current and deferred tax implications and the accounting implications of the asset versus stock deal by legal jurisdiction, as well as the varying statutory tax rates across the global business. Preliminary estimates will be finalized within one year of the date of acquisition. 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 preliminary fair value adjustment for the inventory of $14.6 was recorded as expense to Cost of products sold as that inventory was sold. The fair values of the Battery Acquisition's Property, plant and equipment were estimated using the market approach for land and variations of the cost approach for the buildings and equipment. The fair values of the Battery Acquisition's identifiable intangible assets were estimated using variations of the income approach. The fair value of trade names acquired and customer relationships was determined by applying the multi-period excess earnings method under the income approach. The fair value of proprietary technology acquired was determined by applying the relief-from-royalty method under the income approach. Assets held for sale include the valuation of Inventory, Property, plant and equipment and Intangible assets consistent with the valuation methods discussed above. The fair value adjustment for the inventory of $11.2 was recorded as expense in the results from discontinued operations in 2019 as that inventory was sold. A preliminary estimate of goodwill has also been allocated to the Assets held for sale. The following table outlines the preliminary purchase price allocation as of the date of acquisition: Cash and cash equivalents $ 37.8 Trade receivables 54.2 Inventories 80.8 Other current assets 28.2 Assets held for sale 794.6 Property, plant and equipment, net 133.2 Goodwill 495.1 Other intangible assets, net 805.8 Other assets 11.5 Current portion of capital leases (1.2 ) Accounts payable (39.2 ) Other current liabilities (19.5 ) Long-term debt (14.7 ) Liabilities held for sale (394.6 ) Other liabilities (9.6 ) Net assets acquired $ 1,962.4 The table below outlines the purchased identifiable intangible assets of $805.8 : Total Weighted Average Useful Lives Trade names $ 587.0 Indefinite Proprietary technology 59.0 6.2 Customer relationships 159.8 15.0 Total Other intangible assets, net $ 805.8 During the fiscal year, the Company continued to review its allocation of fair value to assets acquired and liabilities assumed. During the third fiscal quarter, the Company adjusted the allocation of goodwill between the assets held for sale of the Divestment Business and the remaining assets of the Battery Acquisition. The goodwill allocated to the Divestment Business was decreased by $50.0 . During the fourth fiscal quarter, the Company finalized the fair value allocation to Property, plant and equipment, net and Other intangible assets, net. The finalization of the Property, plant and equipment included reviewing the depreciable lives and updating the depreciation expense recorded in fiscal 2019. The finalization of this Property, plant and equipment, net valuation and review of lives resulted in a reduction to depreciation expense of $4.1 , which was recorded in the fourth fiscal quarter. The finalization of the Other intangible assets, net valuation resulted in an increase to the Other intangible assets, net of $58.3 . The goodwill acquired in this acquisition is attributable to the workforce of the acquired business and the synergies expected to arise with this transaction through network optimization, selling, general and administrative reductions and procurement efficiencies. The goodwill associated with this acquisition is deductible for tax purposes. Refer to Note 8, Goodwill and Intangible Assets for the allocation of goodwill to the reportable segments Auto Care Acquisition - On November 15, 2018, Energizer entered into a definitive acquisition agreement to acquire Spectrum’s global auto care business, including the Armor All, STP, and A/C PRO brands for a contractual purchase price of $1,250.0 , subject to certain purchase price adjustments. The contractual purchase price was comprised of $937.5 in cash and $312.5 of newly-issued Energizer common stock to Spectrum. The acquisition allowed for the Company to become a global leader in the auto care market and added automotive performance and air conditioning recharge products to its auto care portfolio. On January 28, 2019, the Company completed the Auto Care Acquisition. The initial cash paid after contractual and estimated working capital adjustments was $938.7 . Per the acquisition agreement, the equity consideration to Spectrum was determined by dividing the contractually committed common stock amount of $312.5 by the volume weighted average sales price (VWAP) per share of the Company's common stock for the 10 consecutive trading days immediately preceding November 15, 2018, subject to certain potential adjustments under such agreement. As a result, 5.3 million shares were issued to Spectrum on January 28, 2019. The equity consideration paid to Spectrum was fair valued at $240.5 based on the 5.3 million shares at the Energizer closing stock price of $45.55 on January 28, 2019. In addition, per the terms of the agreement, additional consideration of $36.8 was included in the above cash consideration paid to Spectrum based on the difference between the 10 day VWAP and the 20 day VWAP beginning with the 10th trading day immediately preceding November 15, 2018. The Company funded a portion of the cash consideration of the Auto Care Acquisition with the issuance of new senior notes and the issuance of common stock and Series A mandatory convertible preferred stock in January 2019. Refer to Note 15, Debt, and Note 11, Shareholders' Equity, for further information on the debt and equity issuances, respectively. Success fees of $6.0 were earned by a financial adviser in January 2019 after closing the acquisition. This was in addition to the $2.0 earned in November 2018 for services rendered on the transaction. The Auto Care Acquisition was accounted for as a business combination using the acquisition method of accounting which requires assets acquired and liabilities assumed to be recognized at fair value as of the acquisition date. The Company calculated fair values of assets and liabilities acquired for the Auto Care Acquisition based on our preliminary valuation analysis. Certain preliminary values, including Deferred taxes and the resultant Goodwill, are not yet finalized and are subject to change as the Company is still evaluating the current and deferred tax implications and the accounting implications of the asset versus stock deal by legal jurisdiction, as well as the varying statutory tax rates across the global business. Preliminary estimates will be finalized within one year of the date of acquisition. 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 was $21.6 which was recorded in fiscal 2019. The fair values of the Auto Care Acquisition's Property, plant and equipment were estimated using variations of the cost approach for the building and equipment. The fair values of the Auto Care Acquisition's identifiable intangible assets were estimated using variations of the income approach. The fair value of trade names acquired and customer relationships was determined by applying the multi-period excess earnings method under the income approach. The fair value of proprietary technology acquired was determined by applying the relief-from-royalty method under the income approach. The following table outlines the preliminary purchase price allocation as of the date of acquisition: Cash and cash equivalents $ 3.3 Trade receivables 39.7 Inventories 98.6 Other current assets 8.9 Property, plant and equipment, net 70.8 Goodwill 270.1 Other intangible assets, net 965.3 Other assets 6.2 Current portion of capital leases (0.4 ) Accounts payable (28.6 ) Other current liabilities (10.9 ) Long-term debt (31.9 ) Other liabilities (deferred tax liabilities) (211.9 ) Net assets acquired $ 1,179.2 The table below outlines the purchased identifiable intangible assets of $965.3 : Total Weighted Average Useful Lives Trade names $ 701.6 Indefinite Trade names 15.4 15 Proprietary technology 113.5 9.8 Customer relationships 134.8 15 Total Other intangible assets, net $ 965.3 During the fiscal fourth quarter, the Company completed its assessment of the value of inventory on the opening balance sheet. As a result it was determined that the inventory valuation step up should increase by $2.1 , along with an offsetting decrease to goodwill. This step up was recorded to Cost of goods sold in the fourth fiscal quarter 2019 to align with the timing of the valuation adjustment. The goodwill acquired in this acquisition is attributable to the workforce of the acquired business and the synergies expected to arise with this transaction through network optimization, selling, general and administrative reductions and procurement efficiencies. The goodwill is not deductible for tax purposes. Refer to Note 8, Goodwill and Intangible Assets for the allocation of goodwill to the reportable segments Nu Finish Acquisition - On July 2, 2018, the Company acquired all of the assets of Reed-Union Corporation's automotive appearance business, including Nu Finish Car Polish and Scratch Doctor brands (Nu Finish Acquisition). The acquisition purchase price of $38.1 was funded through a combination of cash on hand and committed debt facilities. This acquisition allows for the Company to expand its presence in the auto care industry. The revenue in the first nine months of fiscal 2019 and the last quarter of fiscal 2018 associated with the Nu Finish acquisition was $ 5.9 and $2.3 , respectively, and earnings before income taxes was $0.2 and $0.2 , respectively. We have calculated fair values of assets and liabilities acquired for the Nu Finish acquisition and completed 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 $0.2 was recorded as expense to Cost of products sold in the fourth quarter 2018 as that inventory was sold. The fair values of the Nu Finish acquisition's identifiable intangible assets were estimated using variations of the income approach such as the relief from royalty method and the multi-period excess earnings method. The preliminary purchase price allocation is as follows: Accounts receivable $ 2.4 Inventory 0.9 Goodwill 14.7 Other identifiable intangible assets 21.8 Accounts payable (1.7 ) Net assets acquired $ 38.1 The break out of purchased identifiable intangible assets of $21.8 is included in the table below. Total Weighted Average Useful Lives Customer relationships $ 15.2 15.0 years Trademarks 4.2 14.0 years Proprietary formula 2.4 11.0 years Total other intangible assets $ 21.8 14.4 years 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 deductible for tax purposes. Pro Forma Financial Information (Unaudited)- Pro forma net sales (unaudited), Pro forma net earnings from continuing operations (unaudited), Pro from net earnings from continuing operations attributable to common shareholders (unaudited) and Pro forma diluted net earnings per common share - continuing operations (unaudited) for the twelve months ended September 30, 2019 and 2018 are shown in the table below. The unaudited pro forma results are presented as if the Battery and Auto Care Acquisitions had occurred on October 1, 2017. The unaudited pro forma results are not indicative of the results the Company would have achieved if the acquisitions had occurred that date or indicative of the results of the future operation of the combined company. The Nu Finish Acquisition was immaterial for this disclosure and is only included for the periods owned by the Company. The unaudited pro forma adjustments are based upon purchase price allocations and include purchase accounting adjustments for the impact of the inventory step up charge, depreciation and amortization expense from the fair value of the intangible assets and property, plant and equipment, interest and financing costs and the impact of the equity consideration completed to fund the acquisitions. Cost synergies that may result from combining Energizer and the Battery and Auto Care Acquisitions are not included in the pro forma table below. For the Year Ended September 30, 2019 2018 Pro forma net sales (unaudited) $ 2,719.4 $ 2,773.7 Pro forma net earnings from continuing operations (unaudited) 159.7 40.1 Pro forma mandatory preferred stock dividends (unaudited) 16.2 16.2 Pro forma net earnings from continuing operations attributable to common shareholders (unaudited) 143.5 23.9 Pro forma diluted net earnings per common share - continuing operations (unaudited) $ 2.02 $ 0.33 Pro forma weighted average shares of common stock - Diluted (unaudited) 71.0 71.4 The shares included in the above are adjusted to assume that the common stock and Mandatory convertible preferred (MCPS) shares issued for the Auto Care Acquisition occurred as of October 1, 2017. For all periods presented, the MCPS conversion was anti-dilutive and not assumed in the calculation. The unaudited pro forma data above includes the following significant adjustments made to account for certain costs to adjust for as if the acquisitions had occurred as of October 1, 2017. The following expenses, which are net of the applicable tax rates, were added to or removed from the net earnings amounts for each respective period: For the Year Ended September 30, Expense removed/(additional expense) 2019 2018 Inventory step up (unaudited) (1) $ 28.5 $ (27.8 ) Acquisition and integration costs (unaudited) (2) 44.3 (43.3 ) Interest and ticking fees on escrowed debt (unaudited) (3) 21.6 (75.7 ) Gains on escrowed debt (unaudited) (4) (10.5 ) (15.7 ) (1) The inventory step up was removed from fiscal 2019 and recorded in fiscal 2018 as the inventory turn would have occurred in that year. (2) Acquisition and integration costs incurred to obtain legal services, pay investment banking fees and other transaction related expenses were removed from the various periods and recorded in the first quarter of fiscal 2018 when the transaction is assumed to have occurred. (3) Interest and ticking fees from the acquisition related debt were accrued over the periods prior to the acquisition occurring. These fees were removed as they would not have been incurred if the acquisition occurred October 1, 2017. The interest from the new capital structure was included in the results and the pre-tax amount of $200.0 was included in each period. (4) The escrowed debt funds earned interest income and had gains on the non functional currency balances. These gains would not have been realized if the transaction had occurred as of October 1, 2017. The pro-forma results above include restructuring charges recorded by the Auto Care Business of $ 18.4 during the twelve months ended September 30, 2018. Excluded from the above is the write-down of assets of business held for sale to fair value less cost to sell of $ 107.2 recorded by the Auto Care Business during the twelve months ended September 30, 2019 and the write-off impairment of goodwill of $92.5 recorded by the Auto Care Business during the twelve months ended September 30, 2018. These losses were recorded as a direct result of the transaction and would not have impacted the combined company results. Net sales and Earnings before income taxes for the Battery and Auto Care Acquisitions included in the Company's Consolidated Statement of Earnings and Comprehensive Income are shown in the following table. The Earnings before income taxes includes the inventory fair value adjustment recorded for the acquisitions, but excludes all acquisition and integration costs as well as any additional interest incurred by the Company for the debt issuances to complete the acquisitions: For the Year Ended September 30, 2019 Battery Acquisition Auto Care Acquisition Net sales $ 338.9 $ 315.8 Inventory fair value adjustment 14.6 21.6 Earnings before income taxes 8.7 19.6 Acquisition and Integration Costs- The Company incurred pre-tax acquisition and integration costs related to the Battery Acquisition, the Auto Care Acquisition, and the Nu Finish Acquisition of $188.4 , $ 84.6 and $ 8.4 in the twelve months ended September 30, 2019, 2018, and 2017, respectively. Pre-tax costs recorded in Costs of products sold were $ 58.7 for the twelve months ended September 30, 2019 and primarily related to the inventory fair value adjustment of $ 36.2 and integration restructuring costs of $12.1 as discussed in Note 7, Restructuring. Pre-tax costs recorded in Costs of products sold were $ 0.2 and $ 1.1 for the twelve months ended September 30, 2018 and 2017, respectively. Pre-tax acquisition and integration costs recorded in SG&A were $ 82.3 , $ 62.9 and $ 4.0 for the twelve months ended September 30, 2019, 2018 and 2017, respectively. These expenses primarily related to acquisition success fees and legal, consulting and advisory fees to assist with obtaining regulatory approval around the globe and to plan for the closing and integration of the Battery Acquisition and Auto Care Acquisition. For the twelve months ended September 30, 2019 the Company recorded $ 1.1 in research and development. Also included in the pre-tax acquisition costs for the twelve months ended September 30, 2019 was $ 65.6 of interest expense, including ticking fees, related to the escrowed debt for the Battery Acquisition and the financing fees incurred related to amending and issuing the debt for the Battery and Auto Care Acquisitions. The pre-tax acquisition costs for the twelve months ended September 30, 2018 was $ 41.9 of interest expense, ticking fees and debt commitment fees related to the Battery Acquisition. Included in Other items, net was pre-tax income of $ 19.3 , $ 20.4 and expense of $3.3 in the twelve months ended September 30, 2019, 2018 and 2017, respectively. The pre-tax income recorded in fiscal 2019 was primarily driven by the escrowed debt funds held in restricted cash prior to the closing of the Battery Acquisition. The Company recorded a pre-tax gain of $ 9.0 related to the favorable movement in the escrowed USD restricted cash held in our European Euro functional entity. The Company also recorded interest income of $ 5.8 earned on the Restricted cash funds held in escrow associated with the Battery Acquisition. The Company recorded a gain of $4.6 related to the hedge contract on the expected proceeds from the anticipated Varta Divestiture and recorded income on transition services agreements of $ 1.4 for the twelve months ended September 30, 2019. These income items were offset by $ 1.5 of expense to settle hedge contracts of the acquired business. The Company recorded a pre-tax gain in Other items, net of $ 15.2 on foreign currency gains related to the Battery Acquisition during the twelve months ended September 30, 2018. Of the gain, $9.4 was related to contracts which were entered into in June 2018 and locked in the U.S. dollar (USD) value of the Euro notes related to the Battery Acquisition. These contracts were terminated when the funds were placed into escrow on July 6, 2018. The remaining $5.8 related to the movement in the escrowed USD restricted cash held in our European Euro functional entity. The Company also recorded interest income in Other items, net of $ 5.2 earned in Restricted cash funds held in escrow associated with this acquisition during the twelve months ended September 30, 2018. The Company incurred $ 6.0 of tax withholding costs in the twelve months ended September 30, 2018, related to the cash movement to fund the Battery Acquisition, which were recorded in Income tax provision. |
Divestment
Divestment | 12 Months Ended |
Sep. 30, 2019 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Divestment | Divestment As discussed in Note 1, Description of Business and Basis of Presentation, the Divestment Business was classified as held for sale in the accompanying Consolidated Balance Sheets and as discontinued operations in the accompanying Consolidated Statement of Earnings and Comprehensive Income. On May 29, 2019, the Company entered into a definitive agreement with VARTA AG to sell the Divestment Business for €180.0 , subject to approval by the European Commission and certain purchase price adjustments. Pursuant to the terms of the Battery Acquisition agreement, Spectrum will be contributing an additional $200.0 to Energizer in connection with the divestiture. The total proceeds anticipated prior to contractual purchase price adjustments with VARTA AG is approximately $400 . The Company estimates the contractual adjustments could be up to $100 . The divestment is expected to occur timely upon the European Commission approval, and the Company anticipates recording a loss at the time of divestment, which would include the impact of any contractual adjustments. The following table summarizes the assets and liabilities of the Divestment Business classified as held for sale as of September 30, 2019. As the Company did not own the business as of September 30, 2018, there are no Divestment Business assets or liabilities as of that period: September 30, 2019 Assets Trade receivables $ 50.9 Inventories 59.8 Other current assets 41.5 Property, plant and equipment, net 78.8 Goodwill 50.5 Other intangible assets, net 489.0 Other assets 21.2 Assets held for sale $ 791.7 Liabilities Current portion of capital leases $ 5.3 Accounts payable 45.9 Notes payable 0.6 Other current liabilities 99.8 Long-term debt 23.5 Deferred tax liability 169.9 Other liabilities (1) 57.9 Liabilities held for sale $ 402.9 (1) Included in other liabilities is a pension liability of $ 42.4 related to the Divestment Business. The following table summarizes the components of Loss from discontinued operations in the accompanying Consolidated Statement of Earnings and Comprehensive Income for the twelve months ended September 30, 2019. As the Company acquired the business on January 2, 2019, there is no activity on the Consolidated Statement of Earnings and Comprehensive Income for the twelve months ended September 30, 2018 or 2017: For the Year Ended September 30, 2019 Net sales $ 235.1 Cost of products sold 180.4 Gross profit 54.7 Selling, general and administrative expense 56.8 Advertising and sales promotion expense 0.8 Research and development expense 0.8 Interest expense 15.8 Other items, net (9.9 ) Loss before income taxes from discontinued operations (9.6 ) Income tax provision 4.0 Net loss from discontinued operations $ (13.6 ) Included in the loss from discontinued operations are the inventory fair value pre-tax adjustment of $11.2 , divestment related pre-tax costs of $13.8 and allocated pre-tax interest expense of $14.9 . |
Restructuring
Restructuring | 12 Months Ended |
Sep. 30, 2019 | |
Restructuring and Related Activities [Abstract] | |
Restructuring | Restructuring In the fourth fiscal quarter of 2019, Energizer's Board of Directors approved restructuring related integration plans for our manufacturing and distribution networks. These plans include the closure and combination of distribution and manufacturing facilities in order to reduce complexity and realize greater efficiencies in our manufacturing, packaging and distribution processes. All activities within this plan are expected to be completed by December 31, 2021 . The pre-tax expense for charges related to the restructuring plans for the twelve months ended September 30, 2019 are noted in the table below and were reflected in Cost of products sold on the Consolidated Statement of Earnings and Comprehensive Income: Twelve Months Ended September 30, 2019 Severance and related benefit costs $ 9.8 Accelerated depreciation 2.3 Total $ 12.1 The restructuring costs noted above for fiscal year 2019, were incurred within the Americas and International segments in the amount of $6.0 and $6.1 , respectively. At September 30, 2019 the remaining restructuring reserve within Other current liabilities was $9.8 for severance and related benefit costs noted above. We expect to incur additional severance and related benefit costs and other exit-related costs associated with these plans of up to $40 |
Goodwill and intangible assets
Goodwill and intangible assets | 12 Months Ended |
Sep. 30, 2019 | |
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 reporting units in the fourth quarter of fiscal 2019. There were no indications of impairment of goodwill noted during this testing or throughout fiscal 2019. The following table represents the change in the carrying amount of goodwill at September 30, 2019 and 2018: Americas International Total Balance at September 30, 2017 $ 213.8 $ 16.2 $ 230.0 Nu Finish acquisition 14.7 — 14.7 Cumulative translation adjustment (0.1 ) (0.4 ) (0.5 ) Balance at September 30, 2018 $ 228.4 $ 15.8 $ 244.2 Battery acquisition 369.4 125.7 495.1 Auto Care acquisition 263.5 6.6 270.1 Cumulative translation adjustment 0.3 (4.9 ) (4.6 ) Balance at September 30, 2019 $ 861.6 $ 143.2 $ 1,004.8 The Company had indefinite-lived intangible assets of $1,363.8 at September 30, 2019 and $76.9 at September 30, 2018 . The increase was due to the Battery Acquisition of $587.0 and the Auto Care Acquisition of $701.6 , offset by the change in foreign currency of $1.7 . We completed impairment testing on indefinite-lived intangible assets other than goodwill, which are trademarks/brand names used in our various battery, auto care 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 intangible assets at September 30, 2019 are as follows: Gross Carrying Amount Accumulated Amortization Net Carrying Amount Trademarks and trade names $ 59.7 $ (9.9 ) $ 49.8 Customer Relationships 394.2 (34.3 ) 359.9 Patents 34.5 (8.2 ) 26.3 Proprietary technology 172.5 (15.7 ) 156.8 Proprietary formulas 2.4 (0.3 ) 2.1 Non-Compete 0.5 (0.3 ) 0.2 Total amortizable intangible assets $ 663.8 $ (68.7 ) $ 595.1 Trademarks and trade names - indefinite lived 1,363.8 — 1,363.8 Total Other intangible assets, net $ 2,027.6 $ (68.7 ) $ 1,958.9 Total intangible assets at September 30, 2018 are as follows: Gross Carrying Amount Accumulated Amortization Net Carrying Amount Trademarks and trade names $ 44.3 $ (6.1 ) $ 38.2 Customer Relationships 99.6 (13.4 ) 86.2 Patents 34.5 (5.7 ) 28.8 Proprietary formulas 2.4 (0.1 ) 2.3 Non-compete 0.5 (0.2 ) 0.3 Total amortizable intangible assets $ 181.3 $ (25.5 ) $ 155.8 Trademarks and trade names - indefinite lived 76.9 — 76.9 Total Other intangible assets, net $ 258.2 $ (25.5 ) $ 232.7 Amortizable intangible assets, with a weighted average remaining life of 10.3 years, are amortized on a straight-line basis over expected lives of 4 to 15 years . Amortization expense for intangible assets totaled $ 43.2 , $11.5 , and $11.2 for the twelve months ended September 30, 2019, 2018 and 2017, respectively. Estimated amortization expense for amortizable intangible assets at September 30, 2019 is: $55.3 in 2019, $55.2 in 2020, $55.2 in 2021, $51.8 in 2022, and $50.7 in 2023, and $326.9 thereafter. |
Income Taxes
Income Taxes | 12 Months Ended |
Sep. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes On December 22, 2017, H.R. 1, formally known as the Tax Cuts and Jobs Act (the Tax Act) was enacted into law. The Tax Act provides for numerous significant tax law changes and modifications with varying effective dates, which include reducing the corporate income tax rate from 35% to 21%, creating a territorial tax system (with a mandatory transition tax on previously deferred foreign earnings) and allowing for immediate capital expensing of certain qualified property. In response to the Tax Act, the Securities and Exchange Commission has issued rules that would allow for a measurement period of up to one year after the enactment date of the Tax Act to finalize the recording of the related tax impacts (SAB 118). As a result of the reduction of the Federal corporate income tax rate, we have remeasured certain deferred tax assets and liabilities at the rate which they are expected to reverse in the future. The Company has finalized the remeasurement and did not have any adjustments to the $3.0 recorded in fiscal 2018. The mandatory transition tax is based on our total post-1986 earnings and profits (E&P) previously deferred from U.S. income taxes as well as the amount of non-U.S. income tax paid on such earnings. We have completed our accounting for the income tax effect of the mandatory transition tax and recorded a benefit of $0.4 in fiscal 2019 and expense of $36.0 in fiscal 2018, for a total impact of $35.6 . The Company has elected to pay its transition tax over the eight year period provided in the Tax Act. The Tax Act also contains new provisions related to Global Intangible Low Taxed Income (GILTI). The Company has completed its analysis of the GILTI tax rules and have made the accounting policy to treat the taxes due from GILTI as a period expense when incurred. In general, it is our practice and intention to permanently reinvest the earnings of our foreign subsidiaries and repatriate earnings only when the tax impact is zero or very minimal and that position has not changed after incurring the transition tax under the Tax Act. No provision has been provided for taxes that would result upon repatriation of our foreign investments to the United States. At September 30, 2019, approximately $860 of basis differential in our investment in foreign affiliates was considered indefinitely invested in those businesses. We estimate that the U.S. federal income tax liability that could potentially arise if indefinitely invested basis 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 potential U.S. tax may be in excess of $180 , if all unrealized basis differences were repatriated assuming foreign cash was available to do so. The provisions for income taxes consisted of the following: For the Years Ended September 30, 2019 2018 2017 Current: United States - Federal $ 1.2 $ 42.5 $ 39.4 State 3.0 0.1 4.2 Foreign 37.5 37.3 32.6 Total current $ 41.7 $ 79.9 $ 76.2 Deferred: United States - Federal (22.1 ) 4.5 (7.4 ) State (4.1 ) (0.5 ) (0.2 ) Foreign (7.1 ) (2.2 ) 3.2 Total deferred $ (33.3 ) $ 1.8 $ (4.4 ) Provision for income taxes $ 8.4 $ 81.7 $ 71.8 The source of pre-tax earnings was: For the Years Ended September 30, 2019 2018 2017 United States $ (139.9 ) $ 8.7 $ 96.4 Foreign 213.0 166.5 176.9 Pre-tax earnings $ 73.1 $ 175.2 $ 273.3 A reconciliation of income taxes with the amounts computed at the statutory federal income tax rate follows: For the Years Ended September 30, 2019 2018 2017 Computed tax at federal statutory rate $ 15.3 21.0 % $ 42.9 24.5 % $ 95.7 35.0 % State income taxes, net of federal tax benefit (2.3 ) (3.2 ) 0.3 0.2 2.8 1.0 Foreign tax less than the federal rate (9.0 ) (12.3 ) 0.7 0.4 (23.0 ) (8.4 ) Other taxes including repatriation of foreign earnings and GILTI 2.2 3.0 2.1 1.2 2.2 0.8 Foreign tax incentives (5.3 ) (7.3 ) (6.3 ) (3.6 ) (3.5 ) (1.3 ) Impact of the Tax Act (0.4 ) (0.5 ) 39.0 22.3 — — Nondeductible transaction expenses 4.8 6.6 — — — — Other, net 3.1 4.2 3.0 1.6 (2.4 ) (0.8 ) Total $ 8.4 11.5 % $ 81.7 46.6 % $ 71.8 26.3 % The Company has been granted two foreign tax incentives providing for a reduced tax rate on profits related to certain battery productions. One incentive is set to expire in December 2019 and the second expires in March 2023. The deferred tax assets and deferred tax liabilities at the end of each year are as follows: September 30, 2019 2018 Deferred tax assets: Accrued liabilities $ 32.4 $ 40.9 Deferred and stock-related compensation 14.0 16.9 Tax loss carryforwards and tax credits 29.6 13.4 Intangible assets 3.3 0.6 Pension plans 22.1 12.2 Inventory differences and other tax assets 6.6 2.1 Interest expense limited under Sec 163j 34.8 — Gross deferred tax assets 142.8 86.1 Deferred tax liabilities: Depreciation and property differences (26.7 ) (16.2 ) Intangible assets (249.1 ) (38.1 ) Other tax liabilities (2.9 ) (2.2 ) Gross deferred tax liabilities (278.7 ) (56.5 ) Valuation allowance (11.9 ) (12.0 ) Net deferred tax (liabilities)/assets $ (147.8 ) $ 17.6 Future expirations of tax loss carryforwards and tax credits, if not utilized, are $6.8 between fiscal years 2020 and 2023 at September 30, 2019 . In addition, there are $18.2 of tax loss carryforwards and credits with no expiration at September 30, 2019 . The valuation allowance is primarily attributed to tax loss carryforwards and tax credits outside the U.S. The unrecognized tax benefits activity is summarized below: For the Years Ended September 30, 2019 2018 2017 Unrecognized tax benefits, beginning of year $ 10.9 $ 9.5 $ 9.4 Additions based on prior year tax positions and acquisitions 2.7 1.4 1.3 Reductions for prior year tax positions — — — Settlements with taxing authorities/statute expirations (0.8 ) — (1.2 ) Unrecognized tax benefits, end of year $ 12.8 $ 10.9 $ 9.5 Included in the unrecognized tax benefits noted above are $12.8 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. 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 $4.9 of interest (net of the deferred tax asset of $0.7 ) and penalties of $3.9 at September 30, 2019 , $3.2 of interest (net of the deferred tax asset of $0.4 ) and penalties of $3.8 at September 30, 2018 , and $1.8 of interest (net of the deferred tax asset of $0.3 ) and penalties of $2.3 at September 30, 2017. 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 files income tax returns in the U.S. federal jurisdiction, various cities and states, and more than 60 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 in the U.S. and at some of the foreign entities and the status of 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. The Company is contractually indemnified by Spectrum for any tax liability of the Acquired Battery and Auto Care Businesses arising from tax years prior to the acquisitions. The Company is also contractually obligated to pay Spectrum any tax benefit it receives in a tax year after the acquisitions as a result of an indemnification payment made by Spectrum. An indemnification asset and liability, where necessary, has been recorded to reflect this arrangement. |
Earnings per share
Earnings per share | 12 Months Ended |
Sep. 30, 2019 | |
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, performance shares and deferred compensation equity plan. Common shares issuable upon conversion of the Mandatory Convertible Preferred Stock (MCPS) are included in the calculation of diluted earnings per share using the if-converted method and are only included if the conversion would be further dilutive to the calculation. The following table sets forth the computation of basic and diluted earnings per share for the years ended September 30, 2019 , 2018 and 2017 : For the Years Ended September 30, (in millions, except per share data) 2019 2018 2017 Basic earnings per share Net earnings from continuing operations $ 64.7 $ 93.5 $ 201.5 Mandatory preferred stock dividends (12.0 ) — — Net earnings from continuing operations attributable to common shareholders 52.7 93.5 201.5 Net loss from discontinued operations, net of tax (13.6 ) — — Net earnings attributable to common shareholders $ 39.1 $ 93.5 $ 201.5 Weighted average common shares outstanding - basic 66.4 59.8 61.7 Basic net earnings per common share from continuing operations $ 0.79 $ 1.56 $ 3.27 Basic net loss per common share from discontinued operations (0.20 ) — — Basic net earnings per common share $ 0.59 $ 1.56 $ 3.27 Diluted earnings per share Net earnings attributable to common shareholders $ 39.1 $ 93.5 $ 201.5 Weighted average common shares outstanding - basic 66.4 59.8 61.7 Effect of dilutive restricted stock equivalents 0.3 0.5 0.5 Effect of dilutive performance shares 0.4 0.9 0.4 Effect of stock based deferred compensation plan 0.2 0.2 — Weighted average common shares outstanding - diluted 67.3 61.4 62.6 Diluted earnings per common share from continuing operations $ 0.78 $ 1.52 $ 3.22 Diluted loss per common share from discontinued operations (0.20 ) — — Diluted net earnings per common share $ 0.58 $ 1.52 $ 3.22 For the year ended September 30, 2019, 0.2 million restricted stock equivalents were anti-dilutive and not included in the diluted net earnings per share calculations. For the years ended September 30, 2018 and 2017, all restricted stock equivalents were dilutive and included in the diluted net earnings per share calculations. Performance based restricted stock equivalents of 0.9 , 0.5 , and 0.5 were excluded for the years ended September 30, 2019, 2018, and 2017, respectively, as the performance targets for those shares had not been achieved as of the end of the current period. During the prior fiscal year, a portion of the Company's unfunded deferred compensation plan was modified to be paid out in shares rather than cash payment. As a result of the modification, $12.0 is now included as an equity compensation plan. This modification resulted in approximately 200,000 additional dilutive shares for the twelve months ended September 30, 2018. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Sep. 30, 2019 | |
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. As of September 30, 2019 and 2018, the Company had 72,386,840 and 62,420,421 common stock issued, respectively. As of September 30, 2019 and 2018, the Company had approximately 1.9 million shares reserved for issuance under the Equity Incentive Plan and approximately 200,000 shares reserved for issuance under the deferred compensation plan. There were 2,156,250 preferred shares issued and outstanding as of September 30, 2019, and no preferred stock issued or outstanding as of September 30, 2018. 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. Under this authorization, the Company has repurchased 1,036,000 shares for $45.0 , at an average price of $43.46 per share, 1,439,211 shares for $70.0 , at an average price of $48.66 per share, and 1,389,027 shares for $58.7 , at an average price of $42.23 per share, during the twelve months ended September 30, 2019, 2018 and 2017. 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. The Company has approximately 2.8 million shares still authorized under this authorization. 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. For the twelve months ended September 30, 2019, total dividends declared to shareholders were $82.4 , of which $83.0 was paid. The dividends paid included amounts on restricted shares that vested in the period. For the twelve months ended September 30, 2018, total dividends declared to shareholders were $72.1 , of which $70.0 was paid. For the twelve months ended September 30, 2017, total dividends declared to shareholders were $69.3 of which $69.1 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 11, 2019, the Board of Directors declared a dividend for the first quarter of fiscal 2020 of $0.30 per share of common stock, payable on December 17, 2019, to all shareholders of record as of the close of business on November 26, 2019. Issuance of Common Stock - In January 2019, the Company issued 4,687,498 shares of common stock, which included the underwriters' exercise in full of their option to purchase 611,412 additional shares of common stock to cover over-allotments. The net proceeds from the sale of the common stock was $205.3 , after deducting the underwriting discounts and third party fees, and were utilized to fund a portion of the cash consideration for the Auto Care Acquisition and related fees and expenses. On January 28, 2019, in connection with the Auto Care Acquisition, the Company issued 5,278,921 shares of common stock to Spectrum as partial consideration for the purchase of the Auto Care Acquisition. The equity consideration paid to Spectrum was valued at $240.5 based on the closing stock price of $45.55 on January 28, 2019. In association with the equity consideration paid to Spectrum, the Company entered into a Shareholder Agreement with Spectrum. The Shareholder Agreement includes a 24 month standstill provision and an 18 month period as of the date of the Auto Care Acquisition closing date (Closing Date), in which Spectrum is required to vote in agreement with the Company's Board of Directors. In addition, Spectrum is unable to sell any of its shares for the first 12 months after the Closing Date. After the 12 month period has ended, Spectrum can require the Company to file a shelf registration allowing for Spectrum to sell its common shares in one or more registered offerings. However, Spectrum can not transfer common shares to any entity that would result in the entity owning more than 4.9% of the Company's outstanding common shares, after giving effect to the sale. Following the 18 month anniversary of the Closing Date, the Company will have the right to repurchase any or all of the common shares then held by Spectrum for a purchase price per share equal to the greater of the VWAP per share for the ten consecutive trading days beginning on the 12th trading day immediately preceding notice of the repurchase from the Company, and $65.12 , which equals 110% of the Common Stock VWAP, as defined by the Auto Care Acquisition purchase agreement. Issuance of Series A Mandatory Convertible Preferred Stock - In January 2019, the Company issued 2,156,250 shares of Series A Mandatory Convertible Preferred Stock (MCPS), with a par value of $0.01 per share and liquidation preference of $100.00 per share, which included the underwriters' exercise in full of their option to purchase 281,250 additional shares of MCPS to cover over-allotments. The net proceeds from the sale of the MCPS was $199.5 , after deducting the underwriting discounts and third party fees, as well as the capped call transaction described below, and were utilized to fund the Auto Care Acquisition and related fees and expenses. Each outstanding share of MCPS will convert automatically on the mandatory conversion date, which is expected to be January 15, 2022, into between 1.7892 and 2.1739 shares of common stock, subject to certain anti-dilution and other adjustments. The number of shares of common stock issuable upon conversion will be determined based on the average VWAP per share of common stock over the 20 consecutive trading day period beginning on, and including, the 21st scheduled trading day immediately prior to January 15, 2022. Dividends on the MCPS will be payable on a cumulative basis at an annual rate of 7.50% of the liquidation preference of $100.00 per share of MCPS, and may be paid in cash or, subject to certain limitations, in shares of common stock, or in any combination of cash and shares of common stock. If declared, dividends on the MCPS will be payable quarterly on January 15, April 15, July 15 and October 15 of each year, commencing on April 15, 2019 and ending on, and including, January 15, 2022. During the twelve months ended September 30, 2019, cash dividends declared on MCPS were $ 12.0 , of which $ 8.0 was paid and $4.0 was accrued in Other current liabilities. The dividend was paid subsequent to year end on October 15, 2019. Subsequent to the end of the fiscal year, on November 11, 2019, the Board of Directors declared a cash dividend of $1.875 per share of MCPS, payable on January 15, 2020, to all shareholders of record as of the close of business January 1, 2020. No dividend or distributions may be declared or paid on shares of common stock, and no common stock shall be, directly or indirectly, purchased, redeemed, or otherwise acquired for consideration by the Company, or any of its subsidiaries, unless all accumulated and unpaid dividends for all preceding dividend periods have been declared and paid upon, or a sufficient sum of cash or number of shares of common stock has been set aside for the payment of such dividends upon, all outstanding shares of MCPS. In connection with the offering of the MCPS, the Company entered into capped call transactions with certain counterparties. The capped call options are expected to reduce potential dilution to the Company’s Common Stock, subject to a cap, upon any conversion of MCPS. The Company paid $9.0 for the capped call transactions which reduced the net proceeds received from the MCPS. |
Share-Based Payments
Share-Based Payments | 12 Months Ended |
Sep. 30, 2019 | |
Share-based Payment Arrangement [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, 2019 , there were 1.0 million shares available for future awards under the Plan. Total compensation cost charged against income for Energizer’s share-based compensation arrangements was $27.1 , $28.2 and $24.3 for the years ended September 30, 2019 , 2018 and 2017 , respectively, and was recorded in SG&A expense. The total income tax benefit recognized in the Consolidated Statements of Earnings and Comprehensive Income for share-based compensation arrangements was $5.8 , $7.8 and $10.2 for the years ended September 30, 2019 , 2018 and 2017 , 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 . In November 2017, the Company granted RSE awards to a group of key employees which included 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 . In November 2018, the Company granted RSE awards to a group of key employees which included approximately 73,000 shares that vest ratably over four years and granted RSE awards to a group of key executives of approximately 55,000 shares that vest on the third anniversary of the date of grant. In addition, the Company granted approximately 190,000 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 380,000 shares. The closing stock price on the date of the grant used to determine the award fair value was $60.25 . 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, 2018 1.9 $ 41.24 Granted 0.5 $ 58.93 Vested (0.5 ) $ 37.50 Canceled (0.1 ) $ 46.24 Nonvested RSE at September 30, 2019 1.8 $ 47.70 As of September 30, 2019 , there was an estimated $22.9 of total unrecognized compensation costs related to the outstanding RSE awards, which will be recognized over a weighted-average period of 1.1 years. The weighted average estimated fair value for RSE awards granted in fiscal 2019 was $21.1 . The estimated fair value of RSE awards that vested in fiscal 2019 was $26.6 . Subsequent to year-end, in November 2019, the Company granted RSE awards to a group of key employees of approximately 134,000 shares that vest ratably over four years and granted RSE awards to a group of key executives of approximately 76,000 shares that vest on the third anniversary of the date of grant. In addition, the Company granted approximately 295,000 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 590,000 shares. The closing stock price on the date of the grant used to determine the award fair value was $43.10 . |
Pension Plans
Pension Plans | 12 Months Ended |
Sep. 30, 2019 | |
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. Most plans are now frozen to new entrants and for additional service. During fiscal year 2019, the Company completed the termination procedures with the Trustees of its Ireland pension plan. The Company has no remaining obligations or risks related to this pension plan. This resulted in a plan settlement to the projected benefit obligation of $8.6 and plan assets of $11.4 and a settlement loss of $3.7 recorded to Other items, net on the Consolidated Statement of Earnings and Comprehensive Income. During fiscal year 2018, the Company received approval from the Financial Services Commission of Ontario to terminate its Canadian pension plan. The Company purchased annuity contracts for its participants and transferred the liability to an insurance provider. This resulted in a plan settlement to the projected benefit obligation and plan assets of $36.9 and a settlement loss of $14.1 recorded to Other items, net on the Consolidated Statement of Earnings and Comprehensive Income. 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 2019 2018 2019 2018 Change in Projected Benefit Obligation Benefit obligation at beginning of year $ 494.5 $ 525.9 $ 142.6 $ 203.5 Service cost — — 0.5 0.6 Interest cost 20.4 18.7 2.9 3.9 Actuarial loss/(gain) 52.2 (12.9 ) 22.2 (13.8 ) Benefits paid (35.8 ) (36.8 ) (5.3 ) (6.4 ) Plan settlements — (0.4 ) (10.7 ) (41.1 ) Foreign currency exchange rate changes — — (6.4 ) (4.1 ) Projected Benefit Obligation at end of year $ 531.3 $ 494.5 $ 145.8 $ 142.6 Change in Plan Assets Estimated fair value of plan assets at beginning of year $ 456.0 $ 477.2 $ 131.6 $ 173.8 Actual return on plan assets 40.8 13.2 12.6 1.6 Company contributions 2.5 2.8 3.3 7.8 Plan settlements — (0.4 ) (13.5 ) (41.1 ) Benefits paid (35.8 ) (36.8 ) (5.3 ) (6.4 ) Foreign currency exchange rate changes — — (5.9 ) (4.1 ) Estimated fair value of plan assets at end of year $ 463.5 $ 456.0 $ 122.8 $ 131.6 Funded status at end of year $ (67.8 ) $ (38.5 ) $ (23.0 ) $ (11.0 ) The following table presents the amounts recognized in the Consolidated Balance Sheets and Consolidated Statements of Shareholders’ Equity: September 30, U.S. International Amounts Recognized in the Consolidated Balance Sheets 2019 2018 2019 2018 Noncurrent assets $ — $ — $ 12.1 $ 17.1 Current liabilities (2.4 ) (2.5 ) (0.6 ) (0.6 ) Noncurrent liabilities (65.4 ) (36.0 ) (34.5 ) (27.5 ) Net amount recognized $ (67.8 ) $ (38.5 ) $ (23.0 ) $ (11.0 ) Amounts Recognized in Accumulated Other Comprehensive Loss Net loss, pre tax $ (182.7 ) $ (149.2 ) $ (40.9 ) $ (29.9 ) Pre-tax changes recognized in other comprehensive loss for the year ended September 30, 2019 are as follows: Changes in plan assets and benefit obligations recognized in other comprehensive (loss)/income U.S. International Net loss arising during the year $ (37.5 ) $ (14.5 ) Effect of exchange rates — 1.3 Amounts recognized as a component of net periodic benefit cost Amortization or settlement recognition of net gain 4.0 2.2 Total loss recognized in other comprehensive loss $ (33.5 ) $ (11.0 ) Energizer expects to contribute $2.4 to its U.S. plans and $3.3 to its International plans in fiscal 2020. Energizer’s expected future benefit payments for the plans are as follows: For The Years Ending September 30, U.S. International 2020 $ 37.6 $ 4.8 2021 37.2 4.9 2022 36.4 5.0 2023 36.4 4.8 2024 36.1 5.0 2025 to 2029 162.0 25.8 The accumulated benefit obligation for the US plans was $531.3 and $494.5 and for the foreign plans was $143.7 and $141.2 at September 30, 2019 and 2018 , 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 2019 2018 2019 2018 Projected benefit obligation $ 531.3 $ 494.5 $ 73.5 $ 66.3 Accumulated benefit obligation 531.3 494.5 71.4 64.9 Estimated fair value of plan assets 463.5 456.0 38.5 38.2 Pension plan assets in the U.S. plan represent approximately 79% 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: 40% , and (b) debt securities, including U.S. bonds: 60% . Actual allocations at September 30, 2019 approximated these targets. The U.S. plan held no shares of Company common stock at September 30, 2019 . 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 2019 2018 2017 2019 2018 2017 Service cost $ — $ — $ — $ 0.5 $ 0.6 $ 1.4 Interest cost 20.4 18.7 18.3 2.9 3.9 3.4 Expected return on plan assets (26.2 ) (30.1 ) (34.3 ) (4.9 ) (6.3 ) (8.0 ) Recognized net actuarial loss 4.1 4.4 4.8 0.9 2.0 3.4 Settlement loss on Canadian pension plan termination — — — — 14.1 — Settlement loss on Ireland pension plan termination — — — 3.7 — — Settlement loss recognized on other pension plans — 0.1 0.5 0.4 1.0 0.2 Net periodic (benefit)/expense $ (1.7 ) $ (6.9 ) $ (10.7 ) $ 3.5 $ 15.3 $ 0.4 The service cost component of the net periodic (benefit)/expense above is recorded in Selling, general and administrative expense (SG&A) on the Consolidated Statement of Earnings and Comprehensive Income, while the remaining components are recorded to Other items, net. Amounts expected to be amortized from accumulated other comprehensive loss into net period benefit cost during the year ending September 30, 2020 are net actuarial losses of $6.5 for the U.S. Plan and $1.4 for the International 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 2019 2018 2017 2019 2018 2017 Plan obligations: Discount rate 3.1 % 4.3 % 3.7 % 1.6 % 2.1 % 2.1 % Compensation increase rate — — — 2.1 % 2.1 % 2.4 % Net periodic benefit cost: Discount rate 4.3 % 3.7 % 3.4 % 2.1 % 2.1 % 1.7 % Expected long-term rate of return on plan assets 5.9 % 6.6 % 7.5 % 3.8 % 3.8 % 5.1 % Compensation increase rate — — — 2.1 % 2.4 % 3.2 % The following tables set forth the estimated fair value of Energizer’s plan assets as of September 30, 2019 and 2018 segregated by level within the estimated fair value hierarchy. Refer to Note 16, Financial Instruments and Risk Management, for further discussion on the estimated fair value hierarchy and estimated fair value principles. ASSETS AT ESTIMATED FAIR VALUE At September 30, 2019 U.S. Pension Plan Assets International Pension Plan Assets Level 1 Level 2 Total Level 1 Level 2 Total EQUITY U.S. Equity $ 66.0 $ — $ 66.0 $ — $ — $ — International Equity 3.1 — 3.1 — 8.7 8.7 DEBT U.S. Government — 276.2 276.2 — — — Other Government — 1.8 1.8 — 9.0 9.0 Corporate — — — — 30.2 30.2 CASH & CASH EQUIVALENTS — — — — 2.5 2.5 OTHER — 6.8 6.8 — 5.8 5.8 Assets Measured at Net Asset Value U.S. Equity 64.6 — International Equity 45.0 28.9 Corporate — 37.7 TOTAL $ 69.1 $ 284.8 $ 463.5 $ — $ 56.2 $ 122.8 At September 30, 2018 U.S. Pension Plan Assets International Pension Plan Assets Level 1 Level 2 Total Level 1 Level 2 Total EQUITY U.S. Equity $ 67.7 $ — $ 67.7 $ — $ 1.6 $ 1.6 International Equity 3.1 — 3.1 — 5.9 5.9 DEBT U.S. Government — 270.3 270.3 — — — Other Government — — — — 7.5 7.5 Corporate — — — — 13.6 13.6 CASH & CASH EQUIVALENTS — — — — 6.0 6.0 OTHER — 2.9 2.9 — 5.9 5.9 Assets measured at Net Asset Value U.S. Equity 65.5 — International Equity 46.5 41.8 Other Government — 39.4 Corporate — 9.9 TOTAL $ 70.8 $ 273.2 $ 456.0 $ — $ 40.5 $ 131.6 There were no Level 3 pension assets at September 30, 2019 and 2018 . 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. The Company sponsors defined contribution plans globally, which extends participation eligibility to the vast majority of employees. In the U.S., the Company matches 100% of participant’s before tax or Roth contributions up to 6% of eligible compensation. Amounts charged to expense for the U.S. plan during fiscal 2019 , 2018 and 2017 were $7.8 , $5.7 , and $5.5 , respectively, and are reflected in SG&A and Cost of products sold in the Consolidated Statements of Earnings and Comprehensive Income. With the Battery and Auto Care Acquisitions on January 2, 2019 and January 28, 2019, respectively, the Company added approximately 900 colleagues to the Plan which drove the increase in the contributions in fiscal 2019. Contributions to the remaining global plans are not significant in the aggregate. |
Defined Contribution Plan
Defined Contribution Plan | 12 Months Ended |
Sep. 30, 2019 | |
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. Most plans are now frozen to new entrants and for additional service. During fiscal year 2019, the Company completed the termination procedures with the Trustees of its Ireland pension plan. The Company has no remaining obligations or risks related to this pension plan. This resulted in a plan settlement to the projected benefit obligation of $8.6 and plan assets of $11.4 and a settlement loss of $3.7 recorded to Other items, net on the Consolidated Statement of Earnings and Comprehensive Income. During fiscal year 2018, the Company received approval from the Financial Services Commission of Ontario to terminate its Canadian pension plan. The Company purchased annuity contracts for its participants and transferred the liability to an insurance provider. This resulted in a plan settlement to the projected benefit obligation and plan assets of $36.9 and a settlement loss of $14.1 recorded to Other items, net on the Consolidated Statement of Earnings and Comprehensive Income. 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 2019 2018 2019 2018 Change in Projected Benefit Obligation Benefit obligation at beginning of year $ 494.5 $ 525.9 $ 142.6 $ 203.5 Service cost — — 0.5 0.6 Interest cost 20.4 18.7 2.9 3.9 Actuarial loss/(gain) 52.2 (12.9 ) 22.2 (13.8 ) Benefits paid (35.8 ) (36.8 ) (5.3 ) (6.4 ) Plan settlements — (0.4 ) (10.7 ) (41.1 ) Foreign currency exchange rate changes — — (6.4 ) (4.1 ) Projected Benefit Obligation at end of year $ 531.3 $ 494.5 $ 145.8 $ 142.6 Change in Plan Assets Estimated fair value of plan assets at beginning of year $ 456.0 $ 477.2 $ 131.6 $ 173.8 Actual return on plan assets 40.8 13.2 12.6 1.6 Company contributions 2.5 2.8 3.3 7.8 Plan settlements — (0.4 ) (13.5 ) (41.1 ) Benefits paid (35.8 ) (36.8 ) (5.3 ) (6.4 ) Foreign currency exchange rate changes — — (5.9 ) (4.1 ) Estimated fair value of plan assets at end of year $ 463.5 $ 456.0 $ 122.8 $ 131.6 Funded status at end of year $ (67.8 ) $ (38.5 ) $ (23.0 ) $ (11.0 ) The following table presents the amounts recognized in the Consolidated Balance Sheets and Consolidated Statements of Shareholders’ Equity: September 30, U.S. International Amounts Recognized in the Consolidated Balance Sheets 2019 2018 2019 2018 Noncurrent assets $ — $ — $ 12.1 $ 17.1 Current liabilities (2.4 ) (2.5 ) (0.6 ) (0.6 ) Noncurrent liabilities (65.4 ) (36.0 ) (34.5 ) (27.5 ) Net amount recognized $ (67.8 ) $ (38.5 ) $ (23.0 ) $ (11.0 ) Amounts Recognized in Accumulated Other Comprehensive Loss Net loss, pre tax $ (182.7 ) $ (149.2 ) $ (40.9 ) $ (29.9 ) Pre-tax changes recognized in other comprehensive loss for the year ended September 30, 2019 are as follows: Changes in plan assets and benefit obligations recognized in other comprehensive (loss)/income U.S. International Net loss arising during the year $ (37.5 ) $ (14.5 ) Effect of exchange rates — 1.3 Amounts recognized as a component of net periodic benefit cost Amortization or settlement recognition of net gain 4.0 2.2 Total loss recognized in other comprehensive loss $ (33.5 ) $ (11.0 ) Energizer expects to contribute $2.4 to its U.S. plans and $3.3 to its International plans in fiscal 2020. Energizer’s expected future benefit payments for the plans are as follows: For The Years Ending September 30, U.S. International 2020 $ 37.6 $ 4.8 2021 37.2 4.9 2022 36.4 5.0 2023 36.4 4.8 2024 36.1 5.0 2025 to 2029 162.0 25.8 The accumulated benefit obligation for the US plans was $531.3 and $494.5 and for the foreign plans was $143.7 and $141.2 at September 30, 2019 and 2018 , 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 2019 2018 2019 2018 Projected benefit obligation $ 531.3 $ 494.5 $ 73.5 $ 66.3 Accumulated benefit obligation 531.3 494.5 71.4 64.9 Estimated fair value of plan assets 463.5 456.0 38.5 38.2 Pension plan assets in the U.S. plan represent approximately 79% 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: 40% , and (b) debt securities, including U.S. bonds: 60% . Actual allocations at September 30, 2019 approximated these targets. The U.S. plan held no shares of Company common stock at September 30, 2019 . 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 2019 2018 2017 2019 2018 2017 Service cost $ — $ — $ — $ 0.5 $ 0.6 $ 1.4 Interest cost 20.4 18.7 18.3 2.9 3.9 3.4 Expected return on plan assets (26.2 ) (30.1 ) (34.3 ) (4.9 ) (6.3 ) (8.0 ) Recognized net actuarial loss 4.1 4.4 4.8 0.9 2.0 3.4 Settlement loss on Canadian pension plan termination — — — — 14.1 — Settlement loss on Ireland pension plan termination — — — 3.7 — — Settlement loss recognized on other pension plans — 0.1 0.5 0.4 1.0 0.2 Net periodic (benefit)/expense $ (1.7 ) $ (6.9 ) $ (10.7 ) $ 3.5 $ 15.3 $ 0.4 The service cost component of the net periodic (benefit)/expense above is recorded in Selling, general and administrative expense (SG&A) on the Consolidated Statement of Earnings and Comprehensive Income, while the remaining components are recorded to Other items, net. Amounts expected to be amortized from accumulated other comprehensive loss into net period benefit cost during the year ending September 30, 2020 are net actuarial losses of $6.5 for the U.S. Plan and $1.4 for the International 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 2019 2018 2017 2019 2018 2017 Plan obligations: Discount rate 3.1 % 4.3 % 3.7 % 1.6 % 2.1 % 2.1 % Compensation increase rate — — — 2.1 % 2.1 % 2.4 % Net periodic benefit cost: Discount rate 4.3 % 3.7 % 3.4 % 2.1 % 2.1 % 1.7 % Expected long-term rate of return on plan assets 5.9 % 6.6 % 7.5 % 3.8 % 3.8 % 5.1 % Compensation increase rate — — — 2.1 % 2.4 % 3.2 % The following tables set forth the estimated fair value of Energizer’s plan assets as of September 30, 2019 and 2018 segregated by level within the estimated fair value hierarchy. Refer to Note 16, Financial Instruments and Risk Management, for further discussion on the estimated fair value hierarchy and estimated fair value principles. ASSETS AT ESTIMATED FAIR VALUE At September 30, 2019 U.S. Pension Plan Assets International Pension Plan Assets Level 1 Level 2 Total Level 1 Level 2 Total EQUITY U.S. Equity $ 66.0 $ — $ 66.0 $ — $ — $ — International Equity 3.1 — 3.1 — 8.7 8.7 DEBT U.S. Government — 276.2 276.2 — — — Other Government — 1.8 1.8 — 9.0 9.0 Corporate — — — — 30.2 30.2 CASH & CASH EQUIVALENTS — — — — 2.5 2.5 OTHER — 6.8 6.8 — 5.8 5.8 Assets Measured at Net Asset Value U.S. Equity 64.6 — International Equity 45.0 28.9 Corporate — 37.7 TOTAL $ 69.1 $ 284.8 $ 463.5 $ — $ 56.2 $ 122.8 At September 30, 2018 U.S. Pension Plan Assets International Pension Plan Assets Level 1 Level 2 Total Level 1 Level 2 Total EQUITY U.S. Equity $ 67.7 $ — $ 67.7 $ — $ 1.6 $ 1.6 International Equity 3.1 — 3.1 — 5.9 5.9 DEBT U.S. Government — 270.3 270.3 — — — Other Government — — — — 7.5 7.5 Corporate — — — — 13.6 13.6 CASH & CASH EQUIVALENTS — — — — 6.0 6.0 OTHER — 2.9 2.9 — 5.9 5.9 Assets measured at Net Asset Value U.S. Equity 65.5 — International Equity 46.5 41.8 Other Government — 39.4 Corporate — 9.9 TOTAL $ 70.8 $ 273.2 $ 456.0 $ — $ 40.5 $ 131.6 There were no Level 3 pension assets at September 30, 2019 and 2018 . 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. The Company sponsors defined contribution plans globally, which extends participation eligibility to the vast majority of employees. In the U.S., the Company matches 100% of participant’s before tax or Roth contributions up to 6% of eligible compensation. Amounts charged to expense for the U.S. plan during fiscal 2019 , 2018 and 2017 were $7.8 , $5.7 , and $5.5 , respectively, and are reflected in SG&A and Cost of products sold in the Consolidated Statements of Earnings and Comprehensive Income. With the Battery and Auto Care Acquisitions on January 2, 2019 and January 28, 2019, respectively, the Company added approximately 900 colleagues to the Plan which drove the increase in the contributions in fiscal 2019. Contributions to the remaining global plans are not significant in the aggregate. |
Debt
Debt | 12 Months Ended |
Sep. 30, 2019 | |
Debt Disclosure [Abstract] | |
Debt | Debt The detail of long-term debt was as follows: September 30, 2019 2018 Senior Secured Term Loan A Facility due 2021 $ 77.5 $ — Senior Secured Term Loan B Facility due 2025 982.5 — 5.50% Senior Notes due 2025 600.0 600.0 6.375% Senior Notes due 2026 500.0 — 4.625% Senior Notes due 2026 (Euro Notes of €650.0) 708.4 — 7.750% Senior Notes due 2027 600.0 — Senior Secured Term Loan B Facility due 2022 — 388.0 Capital lease obligations 46.9 — Total gross long-term debt, including current maturities $ 3,515.3 $ 988.0 Less current portion (1.6 ) (4.0 ) Less unamortized debt discount and debt issuance fees (52.1 ) (7.9 ) Total long-term debt $ 3,461.6 $ 976.1 6.375% Senior Notes due 2026 $ — $ 500.0 4.625% Senior Notes due 2026 (Euro Notes of €650.0) — 754.2 Total gross long-term debt held in escrow $ — $ 1,254.2 Less unamortized debt issuance fees — (23.5 ) Total long-term debt held in escrow $ — $ 1,230.7 Long-term debt - On December 17, 2018, the Company entered into a credit agreement which provided for a 5 -year $400.0 revolving credit facility (2018 Revolving Facility) and which provided for a $200.0 3 -year term loan A facility and $1,000.0 7 -year term loan B facility (2018 Term Loans). The borrowings under the term loan A require quarterly principal payments at a rate of 6.25% of the original principal balance, or $12.5 . The borrowings under the term loan B require quarterly principal payments at a rate of 0.25% of the original principal balance, or $2.5 . The borrowings bear interest at a rate per annum equal to, at the option of the Company, LIBOR or the Base Rate (as defined) plus the applicable margin based on total Company leverage. The new credit agreement also contains customary affirmative and restrictive covenants. The new 2018 Term Loans began to accrue ticking fees in July 2018 and interest in December 2018 upon funding the Term Loans into escrow. The funds were released from escrow and used to fund the closing of the Battery Acquisition on January 2, 2019. Obligations under the 2018 Revolving Facility and 2018 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. During the twelve months ended September 30, 2019, the Company paid down $122.5 of the Term Loan A facility and $17.5 on the Term Loan B facilities. As of September 30, 2019, the Company had $25.0 of outstanding borrowings under the Revolving Facility and had $4.8 of outstanding letters of credit. Taking into account outstanding letters of credit, $370.2 remained available as of September 30, 2019. As of September 30, 2019 and September 30, 2018, our weighted average interest rate on short-term borrowings was 3.8% and 4.3% , respectively. On January 17, 2019, the Company finalized pricing of $600.0 in senior notes due in 2027 at 7.750% (2027 Notes). The 2027 Notes priced at 100% of the principal amount and the offering closed concurrently with the Auto Care Acquisition on January 28, 2019 and the proceeds were utilized to fund the acquisition. The 2027 Notes were sold to qualified institutional buyers and will not be registered under federal or applicable state securities laws. Interest is payable semi-annually on the 2027 Notes in January and July. The 2027 Notes are jointly and severally guaranteed on an unsecured basis by certain of the Company's domestic restricted subsidiaries that guarantee indebtedness of the Company under its 2018 Revolving Facility. Debt issuance fees paid related to the new bonds and the new credit agreement, including the 2018 Revolving Credit Facility, were $40.1 during the twelve months ended September 30, 2019. In June 2018, the Company finalized the pricing of two senior note offerings due in 2026 of $500.0 at 6.375% (USD Notes) and €650.0 at 4.625% (Euro Notes and collectively with the USD Notes, the 2026 Notes), which were issued by wholly-owned subsidiaries. The 2026 Notes priced at 100% of the principal amount and the offering closed in July 2018. The 2026 Notes were sold to qualified institutional buyers and will not be registered under federal or applicable state securities laws. Interest is payable semi-annually on the 2026 Notes in January and July. The 2026 Notes are jointly and severally guaranteed on an unsecured basis by the Company's domestic restricted subsidiaries that guarantee indebtedness of the Company under its 2018 Revolving Facility. On January 2, 2019, the proceeds of the 2018 Term Loans and the 2026 Notes were released from escrow and utilized to fund the Battery Acquisition, repay borrowings under the Term Loan due in 2022 and amounts drawn on the 2015 Revolving Facility, and pay acquisition related costs, including debt issuance costs. Interest Rate Swaps - In March 2017, 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 2.03% . In February 2018, the Company entered into a forward starting interest rate swap with an effective date of October 1, 2018, with one major financial institution that fixed the variable benchmark component (LIBOR) on additional variable rate debt at an interest rate of 2.47% . At the effective date, the swap had a notional value of $400.0 . Beginning April 1, 2019, the notional amount decreases $50.0 each quarter, and continues to decrease until its termination date of December 31, 2020. The notional value of the swap was $ 300.0 at September 30, 2019. Notes Payable - The notes payable balance was $31.9 at September 30, 2019 and $247.3 at September 30, 2018. The 2019 balance is comprised of $25.0 outstanding borrowings on the 2018 Revolving Facility as well as $6.9 of other borrowings, including those from foreign affiliates. The 2018 balance consists of $240.0 outstanding borrowings on the 2015 Revolving Facility as well as $7.3 of other borrowings, including those from foreign affiliates. On January 2, 2019, the outstanding borrowings on the 2015 Revolving Facility were paid with the proceeds from the 2018 Term Loans and 2026 Notes. Debt Covenants - The 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, 2019, the Company was, and expects to remain, in compliance with the provisions and covenants associated with its debt agreements. 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. Debt Maturities - Aggregate maturities of long-term debt, including capital leases acquired with the Battery and Auto Care Acquisitions, at September 30, 2019 were as follows: Long-term debt Capital leases 2020 $ — $ 9.5 2021 12.5 9.4 2022 85.0 9.4 2023 10.0 8.1 2024 10.0 7.7 Thereafter 3,350.9 74.3 Total long-term debt payments due $ 3,468.4 $ 118.4 Less: Interest on capital leases $ (71.5 ) Present value of capital lease payments (1) $ 46.9 (1) Includes capital lease obligation of $1.6 recorded in Current portion of capital leases and $45.3 in Long-term debt on the Consolidated Balance Sheet. |
Financial Instruments and Risk
Financial Instruments and Risk Management | 12 Months Ended |
Sep. 30, 2019 | |
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 13.8% , 11.5% , and 12.1% of total net sales in fiscal 2019 , 2018 and 2017 , 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, 2019 and 2018 , as well as the Company's objectives and strategies for holding these derivative instruments. Commodity Price Risk – The Company uses raw materials that are subject to price volatility. At times, the Company uses hedging instruments to reduce exposure to variability in cash flows associated with future purchases of certain materials and 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, 2019 , Energizer had variable rate debt outstanding with a principal balance of $1,060.0 under the 2018 Term Loans and $25.0 of outstanding borrowings on the Revolving Facility. In March 2017, the Company entered into an interest rate swap agreement (2017 Interest rate swap) 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 2.03% . In February 2018, the Company entered into a forward starting interest rate swap (2018 Interest rate swap) with an effective date of October 1, 2018, with one major financial institution that fixed the variable benchmark component (LIBOR) on additional variable rate debt of $400.0 at an interest rate of 2.47% . Beginning April 1, 2019, the notional amount decreases $50.0 each quarter, and continues to decrease until its termination date of December 31, 2020. The notional value of the swap was $ 300.0 at September 30, 2019. These hedging instruments were considered cash flow hedges for accounting purposes. At September 30, 2019 and 2018, Energizer recorded an unrecognized pre-tax loss of $4.7 and a gain of $7.7 , respectively, on these interest rate swap contracts, both of which were included in Accumulated other comprehensive loss on the Consolidated Balance Sheets. Derivatives Designated as Cash Flow Hedging Relationships – The Company has entered into a series of forward currency contracts to hedge the cash flow uncertainty of forecasted payment of inventory purchases due to short term 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, 2019 and 2018 , Energizer had an unrealized pre-tax gain of $4.5 and $4.3 , 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, 2019 levels, over the next twelve months, $4.5 of the pre-tax gain included in Accumulated other comprehensive loss is expected to be recognized in earnings. Contract maturities for these hedges extend into fiscal year 2021. There were 64 open foreign currency contracts at September 30, 2019 , with a total notional value of $145 . The Company began a hedging program on zinc purchases in March 2019. The contracts were determined to be cash flow hedges and qualify for hedge accounting. The contract maturities for these hedges extend into 2021. There were 8 open contracts at September 30, 2019, with a total notional value of approximately $ 23 . The pre-tax loss recognized on the zinc contracts was $1.0 at September 30, 2019, and was included in Accumulated other comprehensive loss on the Consolidated Balance Sheet. There were no open contracts at September 30, 2018. 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, 2019 , with a total notional value of approximately $206 . Included in these contracts at September 30, 2019 is a contract hedging the expected Euro proceeds from the anticipated Varta Divestiture The following table provides the Company's estimated fair values as of September 30, 2019 and 2018 , 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, 2019 and 2018 , respectively: At September 30, 2019 For the Year Ended September 30, 2019 Derivatives designated as Cash Flow Hedging Relationships Estimated Fair Value Asset/(Liability) (1) Gain/(Loss) Recognized in OCI (2) Gain Reclassified From OCI into Income (Effective Portion) (3) (4) Foreign currency contracts $ 4.5 $ 8.6 $ 8.4 Interest rate swaps (2017 and 2018) (4.7 ) (11.8 ) 0.3 Zinc contracts (1.0 ) (1.0 ) — Total $ (1.2 ) $ (4.2 ) $ 8.7 At September 30, 2018 For the Year Ended September 30, 2018 Derivatives designated as Cash Flow Hedging Relationships Estimated Fair Value Asset (1) Gain Recognized in OCI (2) Loss Reclassified From OCI into Income (Effective Portion) (3) (4) Foreign currency contracts $ 4.3 $ 6.3 $ (3.8 ) Interest rate swap (2017 and 2018) 7.7 8.4 (0.9 ) Total $ 12.0 $ 14.7 $ (4.7 ) (1) All derivative assets are presented in Other current assets or Other assets and 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 Cost of products sold in fiscal 2019 and Other items, net in fiscal 2018, interest rate contracts in Interest expense and commodity contracts in Cost of products sold. (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, 2019 and 2018 , and the gains on derivative instruments not classified as cash flow hedges as of and for the twelve months ended September 30, 2019 and 2018 , respectively. At September 30, 2019 For the Year Ended September 30, 2019 Derivatives not designated as Cash Flow Hedging Relationships Estimated Fair Value Asset (1) Gain Recognized in Income (2) (3) Foreign currency contracts 4.3 5.3 At September 30, 2018 For the Year Ended September 30, 2018 Derivatives not designated as Cash Flow Hedging Relationships Estimated Fair Value Liability (1) Gain Recognized in Income (2)(4) Foreign currency contracts (0.1 ) 9.3 (1) All derivative liabilities are presented in Other current liabilities or Other liabilities and derivative assets are presented in Other current assets or Other assets. (2) Gain recognized in Income was recorded in Other items, net. (3) Includes the gain of $4.6 related to the hedge contract on the expected proceeds from the anticipated Varta Divestiture. (4) Includes the gain of $9.4 on acquisition foreign currency contracts, which were entered into in June 2018, to lock in the USD value of future Euro Notes related to the Battery Acquisition. These contracts were terminated when the funds from the Euro Notes offering were placed into escrow on July 6, 2018. 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, 2019 At September 30, 2018 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 $ 9.4 $ (0.4 ) $ 9.0 $ 4.7 $ (0.2 ) $ 4.5 Offsetting of derivative liabilities At September 30, 2019 At September 30, 2018 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 $ (0.4 ) $ 0.2 $ (0.2 ) $ (0.3 ) $ — $ (0.3 ) 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, 2019 and 2018 that are measured on a recurring basis during the period, segregated by level within the fair value hierarchy: Level 2 September 30, 2019 2018 (Liabilities)/Assets at estimated fair value: Deferred Compensation $ (28.1 ) $ (29.0 ) Exit lease liability (0.1 ) (0.6 ) Derivatives - Foreign Currency contracts 4.5 4.3 Derivatives - Foreign Currency contracts (non-hedge) 4.3 (0.1 ) Derivatives - 2017 and 2018 Interest Rate Swaps (4.7 ) 7.7 Derivatives - Zinc contracts (1.0 ) $ — Net Liabilities at estimated fair value $ (25.1 ) $ (17.7 ) 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, 2019 and 2018 . Due to the nature of cash and cash equivalents and restricted cash, carrying amounts on the balance sheets approximate estimated fair value. The estimated fair value of cash was determined based on level 1 inputs and cash equivalents and restricted cash are determined based on level 2 inputs. At September 30, 2019, the estimated fair value of the Company's unfunded deferred compensation liability is determined based upon the quoted market prices of 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, interest rate swap and zinc contracts, 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, 2019 and 2018, the fair market value of fixed rate long-term debt was $2,474.7 and $599.2 , respectively, compared to its carrying value of $2,408.4 and $600.0 , respectively. There was no fixed rate long term debt held in escrow at September 30, 2019. The fair market value of the fixed rate long term debt held in escrow at September 30, 2018 was $1,274.4 compared to its carrying value of $1,254.2 . 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, 2019 | |
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, 2019 were $8.2 , of which $2.0 is expected to be spent during fiscal 2020 . 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, 2019 | |
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 $15.3 , $13.0 and $13.8 in fiscal 2019 , 2018 and 2017 , respectively. Future minimum rental commitments under non-cancellable operating leases directly held by Energizer and in effect as of September 30, 2019 , were $16.8 in fiscal 2020, $10.3 in fiscal 2021, $6.6 in fiscal 2022, $5.8 in fiscal 2023, $5.4 in fiscal 2024 and $38.9 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, 2019 , the Company had approximately $16 of purchase obligations. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive (Loss)/Income | 12 Months Ended |
Sep. 30, 2019 | |
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 Zinc Contracts Foreign Currency Contracts Interest Rate Swap Total 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 ) OCI before reclassifications (20.5 ) 6.7 — 4.8 6.5 (2.5 ) Reclassifications to earnings — 16.2 — 3.0 0.7 19.9 Reclassifications to retained earnings — (19.9 ) — — (0.5 ) (20.4 ) Balance at September 30, 2018 $ (113.6 ) $ (136.4 ) $ — $ 3.3 $ 4.9 $ (241.8 ) OCI before reclassifications 9.0 (29.5 ) (0.7 ) 6.3 (9.0 ) (23.9 ) Reclassifications to earnings — (7.4 ) — (6.5 ) (0.2 ) (14.1 ) Activity related to discontinued operations (19.4 ) 0.9 — — (18.5 ) Balance at September 30, 2019 $ (124.0 ) $ (173.3 ) $ 0.2 $ 3.1 $ (4.3 ) $ (298.3 ) The following table presents the reclassifications out of AOCI: For the Twelve Months Ended September 30, 2019 Amount Reclassified from AOCI (1) 2019 2018 2017 Affected Line Item in the Consolidated Statements of Earnings Gains and losses on cash flow hedges Foreign exchange contracts $ 8.4 $ (3.8 ) $ 0.4 (2) Interest rate swaps 0.3 (0.9 ) (2.4 ) Interest expense 8.7 (4.7 ) (2.0 ) Total before tax (2.0 ) 1.0 0.9 Tax (expense)/benefit $ 6.7 $ (3.7 ) $ (1.1 ) Net of tax Amortization of defined benefit pension items Actuarial losses $ 5.0 $ (6.4 ) $ (8.2 ) (2) Settlement loss on Canadian pension plan termination — (14.1 ) — (2) Settlement loss on Ireland pension plan termination 3.7 — — (2) Settlement losses on other plans 0.4 (1.1 ) (0.7 ) (2) 9.1 (21.6 ) (8.9 ) Total before tax (1.7 ) 5.4 2.7 Tax (expense)/benefit $ 7.4 $ (16.2 ) $ (6.2 ) Net of tax Total reclassifications for the period $ 14.1 $ (19.9 ) $ (7.3 ) Net of tax Amounts in parentheses indicate debits to Consolidated Statements of Earnings. (1) The Company adopted ASU 2017-12, Targeted Improvements to Accounting for Hedging Activities in fiscal 2019 as discussed in Note 2, Summary of Significant Accounting Policies. The fiscal 2019 impact is recorded in Cost of products sold and fiscal 2018 and 2017 is recorded in Other items, net. (2) These AOCI components are included in the computation of net periodic benefit cost (see Note 13, Pension Plans, for further details) and recorded in Other items, net. |
Supplemental Financial Statemen
Supplemental Financial Statement Information | 12 Months Ended |
Sep. 30, 2019 | |
Financial Statement Related Disclosures [Abstract] | |
Supplemental Financial Statement Information | Supplemental Financial Statement Information The components of certain income statement accounts are as follows: For the Years Ended September 30, Other items, net 2019 2018 2017 Interest income $ (7.7 ) $ (1.4 ) $ (2.0 ) Interest income on restricted cash (1) (5.8 ) (5.2 ) — Foreign currency exchange loss 5.2 8.1 4.7 Pension benefit other than service costs (2) (2.3 ) (6.3 ) (11.7 ) Settlement loss on pension plan terminations (2) 3.7 14.1 — Acquisition foreign currency gains (1) (13.6 ) (15.2 ) — Settlement of acquired business hedging contracts (1) 1.5 — — Loss on sale of promotional business — — 3.3 Transition services agreement income (1) (1.4 ) — — Other 6.1 (0.7 ) 0.7 Total Other items, net $ (14.3 ) $ (6.6 ) $ (5.0 ) (1) See Note 5, Acquisitions, for additional information on these items. (2) See Note 13, Pension Plans, for additional information on this item. The components of certain balance sheet accounts are as follows: September 30, Inventories 2019 2018 Raw materials and supplies $ 70.5 $ 40.0 Work in process 103.7 86.5 Finished products 295.1 196.6 Total inventories $ 469.3 $ 323.1 Other Current Assets Miscellaneous receivables $ 16.5 $ 9.9 Due from Spectrum 7.6 — Prepaid expenses 71.3 52.2 Value added tax collectible from customers 23.1 20.8 Other 58.6 12.6 Total other current assets $ 177.1 $ 95.5 Property, plant and equipment Land $ 9.6 $ 4.5 Buildings 119.9 110.8 Machinery and equipment 823.0 696.2 Capital leases 50.4 — Construction in progress 25.8 12.1 Total gross property 1,028.7 823.6 Accumulated depreciation (666.7 ) (656.9 ) Total property, plant and equipment, net $ 362.0 $ 166.7 September 30, 2019 2018 Other Current Liabilities Accrued advertising, sales promotion and allowances $ 11.8 $ 16.5 Accrued trade promotions 53.1 39.4 Accrued salaries, vacations and incentive compensation 59.2 48.8 Accrued interest expense 37.4 27.1 Due to Spectrum 2.6 — Accrued acquisition and integration costs 7.9 — Restructuring reserve 9.8 — Income taxes payable 23.4 23.4 Other 128.4 115.8 Total other current liabilities $ 333.6 $ 271.0 Other Liabilities Pensions and other retirement benefits $ 109.0 $ 70.2 Deferred compensation 28.1 29.0 Mandatory transition tax 16.7 33.1 Other non-current liabilities 50.8 44.7 Total other liabilities $ 204.6 $ 177.0 For the Years Ended September 30, Allowance for Doubtful Accounts 2019 2018 2017 Balance at beginning of year $ 4.0 $ 5.8 $ 6.9 Provision charged to expense, net of reversals 1.5 (0.8 ) (0.7 ) Write-offs, less recoveries, translation, other (1.7 ) (1.0 ) (0.4 ) Balance at end of year $ 3.8 $ 4.0 $ 5.8 For the Years Ended September 30, Income Tax Valuation Allowance 2019 2018 2017 Balance at beginning of year $ 12.0 $ 19.3 $ 19.7 Provision charged to expense, net of reversals 0.7 (7.3 ) 1.3 Reversal of provision charged to expense (0.4 ) — — Translation, other (0.4 ) — (1.7 ) Balance at end of year $ 11.9 $ 12.0 $ 19.3 The components of certain cash flow statement components are as follows: For the Years Ended September 30, Certain items from Operating Cash Flow Activities 2019 2018 2017 Interest paid $ 170.3 $ 54.3 $ 51.0 Income taxes paid, net 43.3 46.2 40.2 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Sep. 30, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions On January 28, 2019, the Company completed the Auto Care Acquisition from Spectrum, which included stock consideration of 5.3 million shares of Energizer common stock. As of September 30, 2019, Spectrum owns 7.7% of the Company's outstanding common shares. Refer to Note 11 Shareholders' Equity for additional discussion on the common shares issued to Spectrum. Following the completion of the Battery and Auto Care Acquisitions, the Company and Spectrum have entered into transition service agreements (TSA) and reverse TSA. Under the agreements, Energizer and Spectrum will provide each other certain specified back office support services on a transitional basis, including among other things, payroll and other human resource services, information systems as well as accounting support. The charges for the transition services are generally intended to allow the providing company to fully recover the allocated direct costs of providing the services, plus all out-of-pocket costs and expenses, and including a nominal profit. Energizer anticipates that it will generally be in a position to complete the transition of most services on or before 12 months following the date of the acquisitions. During the twelve months ended September 30, 2019, the Company paid $0.2 to Spectrum related to rent for office space at their Middleton, Wisconsin headquarters. For the twelve months ended September 30, 2019, the Company incurred expense of $15.3 in SG&A and $1.0 in Cost of products sold. The Company also recorded income of $1.4 in Other items, net related to the reverse transaction services agreements provided for the twelve month period. Related to these agreements, the Company has a payable of $2.6 in Other current liabilities and a receivable of $7.6 in Other current assets to Spectrum as of September 30, 2019. The Company also entered into a supply agreement with Spectrum, ancillary to the Auto Care Acquisition that became effective upon the consummation of the acquisition. The supply agreement resulted in expense to the Company of $9.8 for the twelve months ended September 30, 2019 and $0.1 in Accounts payable at September 30, 2019 related to these purchases. In discontinued operations, the Company recorded income of $11.8 for reverse TSA, and recorded expense of $1.3 for the twelve months ended September 30, 2019. In addition, there was a payable due to Spectrum of $22.5 recorded in Liabilities held for sale and a receivable from Spectrum of $8.9 recorded in Assets held for sale at September 30, 2019. |
Segments
Segments | 12 Months Ended |
Sep. 30, 2019 | |
Segment Reporting [Abstract] | |
Segments | Segments Operations for Energizer are managed via two major geographic reportable segments: Americas and International. Segment performance is evaluated based on segment operating profit, exclusive of general corporate expenses, share-based compensation costs, costs associated with spin and restructuring initiatives, acquisition and integration activities, amortization costs, business realignment activities, research & development costs, gains on sale of real estate, settlement loss on pension plan termination, 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 Years Ended September 30, Net Sales 2019 2018 2017 Americas $ 1,734.8 $ 1,135.6 $ 1,111.8 International 759.7 662.1 643.9 Total net sales $ 2,494.5 $ 1,797.7 $ 1,755.7 Segment Profit Americas 456.6 326.1 310.0 International 174.9 149.6 143.0 Total segment profit $ 631.5 $ 475.7 $ 453.0 General corporate and other expenses (1) (111.5 ) (97.3 ) (92.5 ) Global marketing expenses (2) (18.2 ) (19.0 ) (21.5 ) Research and development expense (3) (31.7 ) (22.4 ) (22.0 ) Amortization of intangible assets (43.2 ) (11.5 ) (11.2 ) Acquisition and integration costs (4) (188.4 ) (84.6 ) (8.4 ) Spin restructuring — — 3.8 Settlement loss on pension plan termination (5) (3.7 ) (14.1 ) — Gain on sale of real estate — 4.6 16.9 Interest expense (6) (160.4 ) (56.5 ) (53.1 ) Other items, net (7) (1.3 ) 0.3 8.3 Total earnings before income taxes $ 73.1 $ 175.2 $ 273.3 (1) Of this amount, $2.3 was recorded in Cost of products sold and the remainder was recorded in SG&A in the Consolidated Statement of Earnings and Comprehensive Income. (2) The twelve months ended September 30, 2019 includes $6.3 recorded in SG&A and $11.9 recorded in A&P. The twelve months ended September 30, 2018 includes $4.9 recorded in SG&A and $14.1 recorded in A&P. The twelve months ended September 30, 2017 includes $8.4 recorded in SG&A and $13.1 recorded in A&P. (3) R&D expense for the twelve months ended September 30, 2019 on the Consolidated Statement of Earnings and Comprehensive Income includes $1.1 which has been reclassified to Acquisition and integration costs for purposes of the reconciliation above. (4) Acquisition and integration costs were included in the following lines in the Consolidated Statement of Earnings and Comprehensive Income: For the Years Ended September 30, Acquisition and Integration Costs 2019 2018 2017 Inventory step up (COGS) $ 36.2 $ 0.2 $ — Cost of products sold 22.5 — 1.1 SG&A 82.3 62.9 4.0 Research and development 1.1 — — Interest expense 65.6 41.9 — Other items, net (19.3 ) (20.4 ) 3.3 Total Acquisition and Integration Costs $ 188.4 $ 84.6 $ 8.4 (5) Included in Other items, net in the Consolidated Statements of Earnings and Comprehensive Income. (6) The amount for the twelve months ended September 30, 2019 and 2018 on the Consolidated Statements of Earnings and Comprehensive Income included $65.6 and $41.9 of expense, respectively, which has been reclassified to Acquisition and integration costs from Interest expense for purposes of the reconciliation above. (7) The amount for the twelve months ended September 30, 2019, 2018 and 2017 on the Consolidated Statements of Earnings and Comprehensive Income included a gain of $19.3 , $20.4 and expense of $3.3 , res pectively, which has been reclassified to Acquisition and integration costs from Other items, net and the Settlement loss on pension plan terminations for the twelve months ended September 30, 2019 and 2018 of $3.7 and $14.1 , respectively, that have been reclassified out of Other items, net for purposes of the above reconciliation. Corporate assets shown in the following table include all financial instruments, pension assets and tax asset balances that are managed outside of operating segments. In addition, the Assets held for sale as of September 30, 2019 and the Restricted cash held at September 30, 2018 for the Battery acquisition are assets utilized outside of the operating segments. September 30, Total Assets 2019 2018 Americas $ 991.9 $ 504.2 International 621.0 851.5 Total segment assets $ 1,612.9 $ 1,355.7 Corporate 81.3 100.1 Restricted cash — 1,246.2 Assets held for sale 791.7 — Goodwill and other intangible assets, net 2,963.7 476.8 Total assets $ 5,449.6 $ 3,178.8 September 30, Long-Lived Assets 2019 2018 United States $ 275.6 $ 123.0 Singapore 67.3 69.9 United Kingdom 46.7 50.1 Other International 59.5 41.6 Total long-lived assets excluding restricted cash, goodwill and intangibles $ 449.1 $ 284.6 Capital expenditures and depreciation and amortization by segment for the years ended September 30 are as follows: For the Years Ended September 30, Capital Expenditures 2019 2018 2017 Americas $ 42.7 $ 16.2 $ 17.4 International 12.4 8.0 7.8 Total segment capital expenditures $ 55.1 $ 24.2 $ 25.2 Depreciation and Amortization Americas $ 34.6 $ 21.2 $ 23.1 International 15.0 12.4 15.9 Total segment depreciation and amortization 49.6 33.6 39.0 Corporate 43.2 11.5 11.2 Total depreciation and amortization $ 92.8 $ 45.1 $ 50.2 Geographic segment information for the years ended September 30 are as follows: For the Years Ended September 30, Net Sales to Customers 2019 2018 2017 United States $ 1,435.8 $ 935.8 $ 923.0 International 1,058.7 861.9 832.7 Total net sales $ 2,494.5 $ 1,797.7 $ 1,755.7 |
Quarterly Financial Information
Quarterly Financial Information - (Unaudited) | 12 Months Ended |
Sep. 30, 2019 | |
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. The Battery and Auto Care Acquisition occurred on January 2 and January 28, 2019, respectively, and those results are only included in the quarters post close. 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 2019 First Second Third Fourth Net sales $ 571.9 $ 556.4 $ 647.2 $ 719.0 Gross profit 275.5 194.2 246.3 287.8 Net earnings/(loss) from continuing operations 70.8 (62.3 ) 9.2 47.0 Net earnings per common share - continuing operations: Basic $ 1.19 $ (0.97 ) $ 0.07 $ 0.62 Diluted $ 1.16 $ (0.97 ) $ 0.07 $ 0.62 Items decreasing/(increasing) net earnings: Acquisition and integration costs 36.5 95.4 28.0 28.5 Settlement loss on Ireland pension plan termination — — — 3.7 One-time impact of the new U.S. Tax Legislation 1.5 — (0.8 ) (1.1 ) Fiscal 2018 First Second Third Fourth Net sales $ 573.3 $ 374.4 $ 392.8 $ 457.2 Gross profit 278.3 168.5 176.1 208.0 Net earnings from continuing operations 60.4 7.8 23.8 1.5 Net earnings per common share - continuing operations: Basic $ 1.00 $ 0.13 $ 0.40 $ 0.03 Diluted $ 0.98 $ 0.13 $ 0.39 $ 0.02 Items decreasing/(increasing) net earnings: Acquisition and integration costs 4.1 14.1 13 30.4 Acquisition withholding tax — 5.5 0.5 — Gain on sale of real estate — — (3.5 ) — Settlement loss on Canadian pension plan termination — — — 10.4 One-time impact of the new U.S. Tax Legislation 31 0.2 (0.6 ) 8.5 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Sep. 30, 2019 | |
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. As a result of the anticipated Varta Divestiture, the assets and liabilities associated with the Divestment Business have been classified as held for sale in the accompanying Consolidated Balance Sheets and the respective operations of the Divestment Business have been classified as discontinued operations in the accompanying Consolidated Statements of Earnings and Comprehensive Income and Statements of Cash Flows. See Note 6 - Divestment for more information on the assets and liabilities classified as held for sale and discontinued operations. |
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, 2019 and 2018, Energizer had $258.5 and $522.1 , respectively, in available cash, 75.8% and 99% |
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. Effective July 1, 2018, the financial statements for our Argentina subsidiary are consolidated under the rules governing the translation of financial information in a highly inflationary economy. Under U.S. GAAP, an economy is considered highly inflationary if the cumulative inflation rate for a three year period meets or exceeds 100 percent. The Argentina economy exceeded the three year cumulative inflation rate of 100 percent as of June 2018. If a subsidiary is considered to be in a highly inflationary economy, the financial statements of the subsidiary must be remeasured into the Company’s reporting currency (U.S. dollar) and future exchange gains and losses from the remeasurement of monetary assets and liabilities are reflected in current earnings, rather than exclusively in the equity section of the balance sheet, until such time as the economy is no longer considered highly inflationary. |
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, 2019 and 2018 . 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, 2019 and 2018. In February 2018, the Company entered into a forward starting interest rate swap with an effective date of October 1, 2018, with one major financial institution that fixed the variable benchmark component (LIBOR) on additional variable rate debt at an interest rate of 2.47% . At the effective date, the swap had a notional value of $400.0 . Beginning April 1, 2019, the notional amount decreased $50.0 each quarter, and continues to decrease until its termination date of December 31, 2020. The notional value of the swap was $ 300.0 at September 30, 2019. 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. At September 30, 2019 , the Company had derivative contracts for the future purchases of zinc. No contracts were outstanding at September 30, 2018 . |
Cash Flow Presentation | Cash Flow Presentation |
Trade Receivables, net | Trade Receivables, net – Trade receivables are stated at their net realizable value. The allowance for trade promotions reflects management's estimate of the amount of trade promotions that customers will take as an invoice reduction, rather than receiving cash payments for the trade allowances earned. See additional discussion on the trade allowances in the revenue recognition discussion further in this note. 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. Receivables that the Company has factored as of September 30, 2019 are excluded from the Trade receivables, net balance. 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 and net realizable value, with cost generally being determined using average cost or the first-in, first-out (FIFO) method. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. 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 |
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. Property, plant and equipment, net held under capital leases are amortized on a straight-line bases over the shorter of the lease term or estimated useful life of the asset and such amortization is included in depreciation expense. 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 2019, 2018, and 2017 was $43.5 , $26.2 , and $33.7 , respectively, excluding accelerated depreciation charges of $3.0 in 2019 primarily related to the IT integration assets and certain manufacturing assets including property, plant and equipment located at facilities that will be consolidated as part of the integration of the Battery and Auto Care Acquisitions. 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. |
Acquisitions | Acquisitions – Energizer accounts for the acquisition of a business using the acquisition method of accounting and allocates the cost of an acquired business to the assets acquired and liabilities assumed based on their estimated fair values at the date of acquisition. The excess value of the cost of an acquired business over the fair value of the assets acquired and liabilities assumed is recognized as goodwill. During the measurement period, which may be up to one year from the acquisition date, the Company may record adjustments to assets acquired and liabilities assumed with the corresponding offset to goodwill. |
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 – The Company measures revenue as the amount of consideration for which it expects to be entitled in exchange for transferring goods. Net sales reflect the transaction prices for contracts, which include units shipped at selling list prices reduced by variable consideration as determined by the terms of each individual contract. 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, 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. Methodologies for determining these provisions are dependent on specific customer pricing and promotional practices, which range from contractually fixed percentage price reductions to reimbursement based on actual occurrence or performance. Where applicable, future reimbursements are estimated based on a combination of historical patterns and future expectations regarding specific in-market product performance. Energizer accrues, at the time of sale, the estimated total payments and allowances associated with each transaction. Customers redeem trade promotions in the form of payments from the accrued trade allowances or invoice credits against trade receivables. Additionally, Energizer offers programs directly to consumers to promote the sale of its products. 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 |
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 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, restricted cash, 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 – In fiscal year 2019, the Company early adopted ASU 2017-12, Targeted Improvements to Accounting for Hedging Activities, on a modified retrospective basis effective October 1, 2018. This update simplifies hedge accounting and decreases complexity for both the preparation and understanding of hedging disclosures in the financial statements. Upon adoption, the Company recorded $8.4 of hedging settlement gains for the twelve months ended September 30, 2019 in Cost of products sold. The gains were related to our currency hedges on payment of inventory purchases and are now recorded in Cost of products sold to align with the new guidance. Prior year gains remain in Other items, net. The Company also began a zinc hedging program in the second quarter. See additional discussion in Note 16, Financial Instruments and Risk Management. Effective October 1, 2018, the Company adopted ASU 2014-09, Revenue from Contracts with Customers , on a modified retrospective basis for all contracts as of the effective date. This guidance provides a single comprehensive revenue recognition model for all contracts with customers to improve comparability within industries, across industries and across capital markets. There was no material impact to retained earnings as a result of the adoption. See Note 4, Revenue, for additional discussion. Effective October 1, 2018, the Company early adopted ASU 2018-15, Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract . This update requires implementation costs incurred by customers in cloud computing arrangements to be deferred and recognized over the term of the arrangement similar to internal-use software guidance. The Company will defer and recognize allowable implementation costs for future projects. Capitalized implementation costs were $0.8 and amortization expense on these costs was $0.1 for the twelve months ended September 30, 2019. Effective October 1, 2018, the Company adopted 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. The Company has determined that this new guidance has no immediate impact on the Company's consolidated financial position, results of operations or cash flows. Recently Issued Accounting Pronouncements – On February 25, 2016, the FASB issued ASU 2016-02, Leases . This update 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. This amendment is effective for Energizer beginning October 1, 2019 and will be adopted using the modified retrospective transition method. The Company has elected the practical expedients to not restate prior periods and to not adopt this guidance for short term leases. We have implemented a global lease management and accounting software solution, and are assessing the impact that the new standard will have on our Consolidated Financial Statements. The Company's assessment of the quantitative impact is an estimate and subject to change as we finalize implementation of the accounting guidance. The Company estimates that the adoption of this guidance will result in a Right of use asset and offsetting lease liabilities of approximately $40 to $45 associated with its operating leases upon adoption of this guidance. It is not expected that this adoption will have a material impact on our results of operations or cash flows. These updates will also impact our accounting policies, internal controls and disclosures related to leases. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Schedule of Restricted Cash | At September 30, 2019 2018 Cash and cash equivalents $ 258.5 $ 522.1 Restricted cash — 1,246.2 Total Cash, cash equivalents and restricted cash shown in the statement of cash flows $ 258.5 $ 1,768.3 |
Schedule of Accounts, Notes, Loans and Financing Receivable | Trade Receivables, net consists of: September 30, 2019 2018 Trade receivables $ 473.1 $ 357.9 Allowance for trade promotions (129.1 ) (123.5 ) Allowance for returns and doubtful accounts (3.8 ) (4.0 ) Trade receivables, net $ 340.2 $ 230.4 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Product and Market Information | Supplemental product and market information is presented below for revenues from external customers for the twelve months ended September 30, 2019, 2018 and 2017: For the Twelve Months Ended September 30, Net Sales 2019 2018 2017 Batteries $ 1,959.9 $ 1,612.7 $ 1,548.2 Auto Care 409.3 95.4 110.5 Lights and Licensing 125.3 89.6 97.0 Total Net Sales $ 2,494.5 $ 1,797.7 $ 1,755.7 For the Twelve Months Ended September 30, Net Sales 2019 2018 2017 North America $ 1,534.7 $ 1,017.8 $ 993.1 Latin America 200.1 117.8 118.7 Americas 1,734.8 1,135.6 1,111.8 Modern Markets 444.7 381.9 363.6 Developing Markets 193.4 181.0 174.0 Distributor Markets 121.6 99.2 106.3 International 759.7 662.1 643.9 Total Net Sales $ 2,494.5 $ 1,797.7 $ 1,755.7 |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Business Combinations [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table outlines the preliminary purchase price allocation as of the date of acquisition: Cash and cash equivalents $ 37.8 Trade receivables 54.2 Inventories 80.8 Other current assets 28.2 Assets held for sale 794.6 Property, plant and equipment, net 133.2 Goodwill 495.1 Other intangible assets, net 805.8 Other assets 11.5 Current portion of capital leases (1.2 ) Accounts payable (39.2 ) Other current liabilities (19.5 ) Long-term debt (14.7 ) Liabilities held for sale (394.6 ) Other liabilities (9.6 ) Net assets acquired $ 1,962.4 The preliminary purchase price allocation is as follows: Accounts receivable $ 2.4 Inventory 0.9 Goodwill 14.7 Other identifiable intangible assets 21.8 Accounts payable (1.7 ) Net assets acquired $ 38.1 The following table outlines the preliminary purchase price allocation as of the date of acquisition: Cash and cash equivalents $ 3.3 Trade receivables 39.7 Inventories 98.6 Other current assets 8.9 Property, plant and equipment, net 70.8 Goodwill 270.1 Other intangible assets, net 965.3 Other assets 6.2 Current portion of capital leases (0.4 ) Accounts payable (28.6 ) Other current liabilities (10.9 ) Long-term debt (31.9 ) Other liabilities (deferred tax liabilities) (211.9 ) Net assets acquired $ 1,179.2 |
Schedule of Acquired Finite-Lived Intangible Assets by Major Class | The table below outlines the purchased identifiable intangible assets of $805.8 : Total Weighted Average Useful Lives Trade names $ 587.0 Indefinite Proprietary technology 59.0 6.2 Customer relationships 159.8 15.0 Total Other intangible assets, net $ 805.8 The table below outlines the purchased identifiable intangible assets of $965.3 : Total Weighted Average Useful Lives Trade names $ 701.6 Indefinite Trade names 15.4 15 Proprietary technology 113.5 9.8 Customer relationships 134.8 15 Total Other intangible assets, net $ 965.3 The break out of purchased identifiable intangible assets of $21.8 is included in the table below. Total Weighted Average Useful Lives Customer relationships $ 15.2 15.0 years Trademarks 4.2 14.0 years Proprietary formula 2.4 11.0 years Total other intangible assets $ 21.8 14.4 years |
Schedule of Pro Forma Information and Significant Adjustments | Net sales and Earnings before income taxes for the Battery and Auto Care Acquisitions included in the Company's Consolidated Statement of Earnings and Comprehensive Income are shown in the following table. The Earnings before income taxes includes the inventory fair value adjustment recorded for the acquisitions, but excludes all acquisition and integration costs as well as any additional interest incurred by the Company for the debt issuances to complete the acquisitions: For the Year Ended September 30, 2019 Battery Acquisition Auto Care Acquisition Net sales $ 338.9 $ 315.8 Inventory fair value adjustment 14.6 21.6 Earnings before income taxes 8.7 19.6 For the Year Ended September 30, 2019 2018 Pro forma net sales (unaudited) $ 2,719.4 $ 2,773.7 Pro forma net earnings from continuing operations (unaudited) 159.7 40.1 Pro forma mandatory preferred stock dividends (unaudited) 16.2 16.2 Pro forma net earnings from continuing operations attributable to common shareholders (unaudited) 143.5 23.9 Pro forma diluted net earnings per common share - continuing operations (unaudited) $ 2.02 $ 0.33 Pro forma weighted average shares of common stock - Diluted (unaudited) 71.0 71.4 For the Year Ended September 30, Expense removed/(additional expense) 2019 2018 Inventory step up (unaudited) (1) $ 28.5 $ (27.8 ) Acquisition and integration costs (unaudited) (2) 44.3 (43.3 ) Interest and ticking fees on escrowed debt (unaudited) (3) 21.6 (75.7 ) Gains on escrowed debt (unaudited) (4) (10.5 ) (15.7 ) (1) The inventory step up was removed from fiscal 2019 and recorded in fiscal 2018 as the inventory turn would have occurred in that year. (2) Acquisition and integration costs incurred to obtain legal services, pay investment banking fees and other transaction related expenses were removed from the various periods and recorded in the first quarter of fiscal 2018 when the transaction is assumed to have occurred. (3) Interest and ticking fees from the acquisition related debt were accrued over the periods prior to the acquisition occurring. These fees were removed as they would not have been incurred if the acquisition occurred October 1, 2017. The interest from the new capital structure was included in the results and the pre-tax amount of $200.0 was included in each period. (4) The escrowed debt funds earned interest income and had gains on the non functional currency balances. These gains would not have been realized if the transaction had occurred as of October 1, 2017. |
Divestment (Tables)
Divestment (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Assets and Liabilities and Statement of Earnings of Divested Business | The following table summarizes the assets and liabilities of the Divestment Business classified as held for sale as of September 30, 2019. As the Company did not own the business as of September 30, 2018, there are no Divestment Business assets or liabilities as of that period: September 30, 2019 Assets Trade receivables $ 50.9 Inventories 59.8 Other current assets 41.5 Property, plant and equipment, net 78.8 Goodwill 50.5 Other intangible assets, net 489.0 Other assets 21.2 Assets held for sale $ 791.7 Liabilities Current portion of capital leases $ 5.3 Accounts payable 45.9 Notes payable 0.6 Other current liabilities 99.8 Long-term debt 23.5 Deferred tax liability 169.9 Other liabilities (1) 57.9 Liabilities held for sale $ 402.9 (1) Included in other liabilities is a pension liability of $ 42.4 related to the Divestment Business. For the Year Ended September 30, 2019 Net sales $ 235.1 Cost of products sold 180.4 Gross profit 54.7 Selling, general and administrative expense 56.8 Advertising and sales promotion expense 0.8 Research and development expense 0.8 Interest expense 15.8 Other items, net (9.9 ) Loss before income taxes from discontinued operations (9.6 ) Income tax provision 4.0 Net loss from discontinued operations $ (13.6 ) |
Restructuring (Tables)
Restructuring (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Costs | The pre-tax expense for charges related to the restructuring plans for the twelve months ended September 30, 2019 are noted in the table below and were reflected in Cost of products sold on the Consolidated Statement of Earnings and Comprehensive Income: Twelve Months Ended September 30, 2019 Severance and related benefit costs $ 9.8 Accelerated depreciation 2.3 Total $ 12.1 |
Goodwill and intangible assets
Goodwill and intangible assets (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The following table represents the change in the carrying amount of goodwill at September 30, 2019 and 2018: Americas International Total Balance at September 30, 2017 $ 213.8 $ 16.2 $ 230.0 Nu Finish acquisition 14.7 — 14.7 Cumulative translation adjustment (0.1 ) (0.4 ) (0.5 ) Balance at September 30, 2018 $ 228.4 $ 15.8 $ 244.2 Battery acquisition 369.4 125.7 495.1 Auto Care acquisition 263.5 6.6 270.1 Cumulative translation adjustment 0.3 (4.9 ) (4.6 ) Balance at September 30, 2019 $ 861.6 $ 143.2 $ 1,004.8 |
Schedule of Finite-Lived Intangible Assets | Total intangible assets at September 30, 2019 are as follows: Gross Carrying Amount Accumulated Amortization Net Carrying Amount Trademarks and trade names $ 59.7 $ (9.9 ) $ 49.8 Customer Relationships 394.2 (34.3 ) 359.9 Patents 34.5 (8.2 ) 26.3 Proprietary technology 172.5 (15.7 ) 156.8 Proprietary formulas 2.4 (0.3 ) 2.1 Non-Compete 0.5 (0.3 ) 0.2 Total amortizable intangible assets $ 663.8 $ (68.7 ) $ 595.1 Trademarks and trade names - indefinite lived 1,363.8 — 1,363.8 Total Other intangible assets, net $ 2,027.6 $ (68.7 ) $ 1,958.9 Total intangible assets at September 30, 2018 are as follows: Gross Carrying Amount Accumulated Amortization Net Carrying Amount Trademarks and trade names $ 44.3 $ (6.1 ) $ 38.2 Customer Relationships 99.6 (13.4 ) 86.2 Patents 34.5 (5.7 ) 28.8 Proprietary formulas 2.4 (0.1 ) 2.3 Non-compete 0.5 (0.2 ) 0.3 Total amortizable intangible assets $ 181.3 $ (25.5 ) $ 155.8 Trademarks and trade names - indefinite lived 76.9 — 76.9 Total Other intangible assets, net $ 258.2 $ (25.5 ) $ 232.7 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
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, 2019 2018 2017 Current: United States - Federal $ 1.2 $ 42.5 $ 39.4 State 3.0 0.1 4.2 Foreign 37.5 37.3 32.6 Total current $ 41.7 $ 79.9 $ 76.2 Deferred: United States - Federal (22.1 ) 4.5 (7.4 ) State (4.1 ) (0.5 ) (0.2 ) Foreign (7.1 ) (2.2 ) 3.2 Total deferred $ (33.3 ) $ 1.8 $ (4.4 ) Provision for income taxes $ 8.4 $ 81.7 $ 71.8 |
Schedule of Income before Income Tax, Domestic and Foreign | The source of pre-tax earnings was: For the Years Ended September 30, 2019 2018 2017 United States $ (139.9 ) $ 8.7 $ 96.4 Foreign 213.0 166.5 176.9 Pre-tax earnings $ 73.1 $ 175.2 $ 273.3 |
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, 2019 2018 2017 Computed tax at federal statutory rate $ 15.3 21.0 % $ 42.9 24.5 % $ 95.7 35.0 % State income taxes, net of federal tax benefit (2.3 ) (3.2 ) 0.3 0.2 2.8 1.0 Foreign tax less than the federal rate (9.0 ) (12.3 ) 0.7 0.4 (23.0 ) (8.4 ) Other taxes including repatriation of foreign earnings and GILTI 2.2 3.0 2.1 1.2 2.2 0.8 Foreign tax incentives (5.3 ) (7.3 ) (6.3 ) (3.6 ) (3.5 ) (1.3 ) Impact of the Tax Act (0.4 ) (0.5 ) 39.0 22.3 — — Nondeductible transaction expenses 4.8 6.6 — — — — Other, net 3.1 4.2 3.0 1.6 (2.4 ) (0.8 ) Total $ 8.4 11.5 % $ 81.7 46.6 % $ 71.8 26.3 % |
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, 2019 2018 Deferred tax assets: Accrued liabilities $ 32.4 $ 40.9 Deferred and stock-related compensation 14.0 16.9 Tax loss carryforwards and tax credits 29.6 13.4 Intangible assets 3.3 0.6 Pension plans 22.1 12.2 Inventory differences and other tax assets 6.6 2.1 Interest expense limited under Sec 163j 34.8 — Gross deferred tax assets 142.8 86.1 Deferred tax liabilities: Depreciation and property differences (26.7 ) (16.2 ) Intangible assets (249.1 ) (38.1 ) Other tax liabilities (2.9 ) (2.2 ) Gross deferred tax liabilities (278.7 ) (56.5 ) Valuation allowance (11.9 ) (12.0 ) Net deferred tax (liabilities)/assets $ (147.8 ) $ 17.6 |
Summary of Income Tax Contingencies | The unrecognized tax benefits activity is summarized below: For the Years Ended September 30, 2019 2018 2017 Unrecognized tax benefits, beginning of year $ 10.9 $ 9.5 $ 9.4 Additions based on prior year tax positions and acquisitions 2.7 1.4 1.3 Reductions for prior year tax positions — — — Settlements with taxing authorities/statute expirations (0.8 ) — (1.2 ) Unrecognized tax benefits, end of year $ 12.8 $ 10.9 $ 9.5 |
Earnings per share (Tables)
Earnings per share (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following table sets forth the computation of basic and diluted earnings per share for the years ended September 30, 2019 , 2018 and 2017 : For the Years Ended September 30, (in millions, except per share data) 2019 2018 2017 Basic earnings per share Net earnings from continuing operations $ 64.7 $ 93.5 $ 201.5 Mandatory preferred stock dividends (12.0 ) — — Net earnings from continuing operations attributable to common shareholders 52.7 93.5 201.5 Net loss from discontinued operations, net of tax (13.6 ) — — Net earnings attributable to common shareholders $ 39.1 $ 93.5 $ 201.5 Weighted average common shares outstanding - basic 66.4 59.8 61.7 Basic net earnings per common share from continuing operations $ 0.79 $ 1.56 $ 3.27 Basic net loss per common share from discontinued operations (0.20 ) — — Basic net earnings per common share $ 0.59 $ 1.56 $ 3.27 Diluted earnings per share Net earnings attributable to common shareholders $ 39.1 $ 93.5 $ 201.5 Weighted average common shares outstanding - basic 66.4 59.8 61.7 Effect of dilutive restricted stock equivalents 0.3 0.5 0.5 Effect of dilutive performance shares 0.4 0.9 0.4 Effect of stock based deferred compensation plan 0.2 0.2 — Weighted average common shares outstanding - diluted 67.3 61.4 62.6 Diluted earnings per common share from continuing operations $ 0.78 $ 1.52 $ 3.22 Diluted loss per common share from discontinued operations (0.20 ) — — Diluted net earnings per common share $ 0.58 $ 1.52 $ 3.22 |
Share-Based Payments (Tables)
Share-Based Payments (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Share-based Payment Arrangement [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, 2018 1.9 $ 41.24 Granted 0.5 $ 58.93 Vested (0.5 ) $ 37.50 Canceled (0.1 ) $ 46.24 Nonvested RSE at September 30, 2019 1.8 $ 47.70 |
Pension Plans (Tables)
Pension Plans (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
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 2019 2018 2019 2018 Change in Projected Benefit Obligation Benefit obligation at beginning of year $ 494.5 $ 525.9 $ 142.6 $ 203.5 Service cost — — 0.5 0.6 Interest cost 20.4 18.7 2.9 3.9 Actuarial loss/(gain) 52.2 (12.9 ) 22.2 (13.8 ) Benefits paid (35.8 ) (36.8 ) (5.3 ) (6.4 ) Plan settlements — (0.4 ) (10.7 ) (41.1 ) Foreign currency exchange rate changes — — (6.4 ) (4.1 ) Projected Benefit Obligation at end of year $ 531.3 $ 494.5 $ 145.8 $ 142.6 Change in Plan Assets Estimated fair value of plan assets at beginning of year $ 456.0 $ 477.2 $ 131.6 $ 173.8 Actual return on plan assets 40.8 13.2 12.6 1.6 Company contributions 2.5 2.8 3.3 7.8 Plan settlements — (0.4 ) (13.5 ) (41.1 ) Benefits paid (35.8 ) (36.8 ) (5.3 ) (6.4 ) Foreign currency exchange rate changes — — (5.9 ) (4.1 ) Estimated fair value of plan assets at end of year $ 463.5 $ 456.0 $ 122.8 $ 131.6 Funded status at end of year $ (67.8 ) $ (38.5 ) $ (23.0 ) $ (11.0 ) |
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 Amounts Recognized in the Consolidated Balance Sheets 2019 2018 2019 2018 Noncurrent assets $ — $ — $ 12.1 $ 17.1 Current liabilities (2.4 ) (2.5 ) (0.6 ) (0.6 ) Noncurrent liabilities (65.4 ) (36.0 ) (34.5 ) (27.5 ) Net amount recognized $ (67.8 ) $ (38.5 ) $ (23.0 ) $ (11.0 ) Amounts Recognized in Accumulated Other Comprehensive Loss Net loss, pre tax $ (182.7 ) $ (149.2 ) $ (40.9 ) $ (29.9 ) |
Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss) | Pre-tax changes recognized in other comprehensive loss for the year ended September 30, 2019 are as follows: Changes in plan assets and benefit obligations recognized in other comprehensive (loss)/income U.S. International Net loss arising during the year $ (37.5 ) $ (14.5 ) Effect of exchange rates — 1.3 Amounts recognized as a component of net periodic benefit cost Amortization or settlement recognition of net gain 4.0 2.2 Total loss recognized in other comprehensive loss $ (33.5 ) $ (11.0 ) |
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 2020 $ 37.6 $ 4.8 2021 37.2 4.9 2022 36.4 5.0 2023 36.4 4.8 2024 36.1 5.0 2025 to 2029 162.0 25.8 |
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 2019 2018 2019 2018 Projected benefit obligation $ 531.3 $ 494.5 $ 73.5 $ 66.3 Accumulated benefit obligation 531.3 494.5 71.4 64.9 Estimated fair value of plan assets 463.5 456.0 38.5 38.2 |
Schedule of Net Benefit Costs | The following table presents plan pension expense: For the Years Ended September 30, U.S. International 2019 2018 2017 2019 2018 2017 Service cost $ — $ — $ — $ 0.5 $ 0.6 $ 1.4 Interest cost 20.4 18.7 18.3 2.9 3.9 3.4 Expected return on plan assets (26.2 ) (30.1 ) (34.3 ) (4.9 ) (6.3 ) (8.0 ) Recognized net actuarial loss 4.1 4.4 4.8 0.9 2.0 3.4 Settlement loss on Canadian pension plan termination — — — — 14.1 — Settlement loss on Ireland pension plan termination — — — 3.7 — — Settlement loss recognized on other pension plans — 0.1 0.5 0.4 1.0 0.2 Net periodic (benefit)/expense $ (1.7 ) $ (6.9 ) $ (10.7 ) $ 3.5 $ 15.3 $ 0.4 |
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 2019 2018 2017 2019 2018 2017 Plan obligations: Discount rate 3.1 % 4.3 % 3.7 % 1.6 % 2.1 % 2.1 % Compensation increase rate — — — 2.1 % 2.1 % 2.4 % Net periodic benefit cost: Discount rate 4.3 % 3.7 % 3.4 % 2.1 % 2.1 % 1.7 % Expected long-term rate of return on plan assets 5.9 % 6.6 % 7.5 % 3.8 % 3.8 % 5.1 % Compensation increase rate — — — 2.1 % 2.4 % 3.2 % |
Schedule of Allocation of Plan Assets | The following tables set forth the estimated fair value of Energizer’s plan assets as of September 30, 2019 and 2018 segregated by level within the estimated fair value hierarchy. Refer to Note 16, Financial Instruments and Risk Management, for further discussion on the estimated fair value hierarchy and estimated fair value principles. ASSETS AT ESTIMATED FAIR VALUE At September 30, 2019 U.S. Pension Plan Assets International Pension Plan Assets Level 1 Level 2 Total Level 1 Level 2 Total EQUITY U.S. Equity $ 66.0 $ — $ 66.0 $ — $ — $ — International Equity 3.1 — 3.1 — 8.7 8.7 DEBT U.S. Government — 276.2 276.2 — — — Other Government — 1.8 1.8 — 9.0 9.0 Corporate — — — — 30.2 30.2 CASH & CASH EQUIVALENTS — — — — 2.5 2.5 OTHER — 6.8 6.8 — 5.8 5.8 Assets Measured at Net Asset Value U.S. Equity 64.6 — International Equity 45.0 28.9 Corporate — 37.7 TOTAL $ 69.1 $ 284.8 $ 463.5 $ — $ 56.2 $ 122.8 At September 30, 2018 U.S. Pension Plan Assets International Pension Plan Assets Level 1 Level 2 Total Level 1 Level 2 Total EQUITY U.S. Equity $ 67.7 $ — $ 67.7 $ — $ 1.6 $ 1.6 International Equity 3.1 — 3.1 — 5.9 5.9 DEBT U.S. Government — 270.3 270.3 — — — Other Government — — — — 7.5 7.5 Corporate — — — — 13.6 13.6 CASH & CASH EQUIVALENTS — — — — 6.0 6.0 OTHER — 2.9 2.9 — 5.9 5.9 Assets measured at Net Asset Value U.S. Equity 65.5 — International Equity 46.5 41.8 Other Government — 39.4 Corporate — 9.9 TOTAL $ 70.8 $ 273.2 $ 456.0 $ — $ 40.5 $ 131.6 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | The detail of long-term debt was as follows: September 30, 2019 2018 Senior Secured Term Loan A Facility due 2021 $ 77.5 $ — Senior Secured Term Loan B Facility due 2025 982.5 — 5.50% Senior Notes due 2025 600.0 600.0 6.375% Senior Notes due 2026 500.0 — 4.625% Senior Notes due 2026 (Euro Notes of €650.0) 708.4 — 7.750% Senior Notes due 2027 600.0 — Senior Secured Term Loan B Facility due 2022 — 388.0 Capital lease obligations 46.9 — Total gross long-term debt, including current maturities $ 3,515.3 $ 988.0 Less current portion (1.6 ) (4.0 ) Less unamortized debt discount and debt issuance fees (52.1 ) (7.9 ) Total long-term debt $ 3,461.6 $ 976.1 6.375% Senior Notes due 2026 $ — $ 500.0 4.625% Senior Notes due 2026 (Euro Notes of €650.0) — 754.2 Total gross long-term debt held in escrow $ — $ 1,254.2 Less unamortized debt issuance fees — (23.5 ) Total long-term debt held in escrow $ — $ 1,230.7 |
Schedule of Future Minimum Lease Payments for Capital Leases | Aggregate maturities of long-term debt, including capital leases acquired with the Battery and Auto Care Acquisitions, at September 30, 2019 were as follows: Long-term debt Capital leases 2020 $ — $ 9.5 2021 12.5 9.4 2022 85.0 9.4 2023 10.0 8.1 2024 10.0 7.7 Thereafter 3,350.9 74.3 Total long-term debt payments due $ 3,468.4 $ 118.4 Less: Interest on capital leases $ (71.5 ) Present value of capital lease payments (1) $ 46.9 (1) Includes capital lease obligation of $1.6 recorded in Current portion of capital leases and $45.3 in Long-term debt on the Consolidated Balance Sheet. |
Financial Instruments and Ris_2
Financial Instruments and Risk Management (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
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, 2019 and 2018 , 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, 2019 and 2018 , respectively: At September 30, 2019 For the Year Ended September 30, 2019 Derivatives designated as Cash Flow Hedging Relationships Estimated Fair Value Asset/(Liability) (1) Gain/(Loss) Recognized in OCI (2) Gain Reclassified From OCI into Income (Effective Portion) (3) (4) Foreign currency contracts $ 4.5 $ 8.6 $ 8.4 Interest rate swaps (2017 and 2018) (4.7 ) (11.8 ) 0.3 Zinc contracts (1.0 ) (1.0 ) — Total $ (1.2 ) $ (4.2 ) $ 8.7 At September 30, 2018 For the Year Ended September 30, 2018 Derivatives designated as Cash Flow Hedging Relationships Estimated Fair Value Asset (1) Gain Recognized in OCI (2) Loss Reclassified From OCI into Income (Effective Portion) (3) (4) Foreign currency contracts $ 4.3 $ 6.3 $ (3.8 ) Interest rate swap (2017 and 2018) 7.7 8.4 (0.9 ) Total $ 12.0 $ 14.7 $ (4.7 ) (1) All derivative assets are presented in Other current assets or Other assets and 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 Cost of products sold in fiscal 2019 and Other items, net in fiscal 2018, interest rate contracts in Interest expense and commodity contracts in Cost of products sold. (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, 2019 and 2018 , and the gains on derivative instruments not classified as cash flow hedges as of and for the twelve months ended September 30, 2019 and 2018 , respectively. At September 30, 2019 For the Year Ended September 30, 2019 Derivatives not designated as Cash Flow Hedging Relationships Estimated Fair Value Asset (1) Gain Recognized in Income (2) (3) Foreign currency contracts 4.3 5.3 At September 30, 2018 For the Year Ended September 30, 2018 Derivatives not designated as Cash Flow Hedging Relationships Estimated Fair Value Liability (1) Gain Recognized in Income (2)(4) Foreign currency contracts (0.1 ) 9.3 (1) All derivative liabilities are presented in Other current liabilities or Other liabilities and derivative assets are presented in Other current assets or Other assets. (2) Gain recognized in Income was recorded in Other items, net. (3) Includes the gain of $4.6 related to the hedge contract on the expected proceeds from the anticipated Varta Divestiture. (4) Includes the gain of $9.4 on acquisition foreign currency contracts, which were entered into in June 2018, to lock in the USD value of future Euro Notes related to the Battery Acquisition. These contracts were terminated when the funds from the Euro Notes offering were placed into escrow on July 6, 2018. |
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, 2019 At September 30, 2018 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 $ 9.4 $ (0.4 ) $ 9.0 $ 4.7 $ (0.2 ) $ 4.5 Offsetting of derivative liabilities At September 30, 2019 At September 30, 2018 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 $ (0.4 ) $ 0.2 $ (0.2 ) $ (0.3 ) $ — $ (0.3 ) |
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, 2019 At September 30, 2018 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 $ 9.4 $ (0.4 ) $ 9.0 $ 4.7 $ (0.2 ) $ 4.5 Offsetting of derivative liabilities At September 30, 2019 At September 30, 2018 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 $ (0.4 ) $ 0.2 $ (0.2 ) $ (0.3 ) $ — $ (0.3 ) |
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, 2019 and 2018 that are measured on a recurring basis during the period, segregated by level within the fair value hierarchy: Level 2 September 30, 2019 2018 (Liabilities)/Assets at estimated fair value: Deferred Compensation $ (28.1 ) $ (29.0 ) Exit lease liability (0.1 ) (0.6 ) Derivatives - Foreign Currency contracts 4.5 4.3 Derivatives - Foreign Currency contracts (non-hedge) 4.3 (0.1 ) Derivatives - 2017 and 2018 Interest Rate Swaps (4.7 ) 7.7 Derivatives - Zinc contracts (1.0 ) $ — Net Liabilities at estimated fair value $ (25.1 ) $ (17.7 ) |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive (Loss)/Income (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
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 Zinc Contracts Foreign Currency Contracts Interest Rate Swap Total 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 ) OCI before reclassifications (20.5 ) 6.7 — 4.8 6.5 (2.5 ) Reclassifications to earnings — 16.2 — 3.0 0.7 19.9 Reclassifications to retained earnings — (19.9 ) — — (0.5 ) (20.4 ) Balance at September 30, 2018 $ (113.6 ) $ (136.4 ) $ — $ 3.3 $ 4.9 $ (241.8 ) OCI before reclassifications 9.0 (29.5 ) (0.7 ) 6.3 (9.0 ) (23.9 ) Reclassifications to earnings — (7.4 ) — (6.5 ) (0.2 ) (14.1 ) Activity related to discontinued operations (19.4 ) 0.9 — — (18.5 ) Balance at September 30, 2019 $ (124.0 ) $ (173.3 ) $ 0.2 $ 3.1 $ (4.3 ) $ (298.3 ) |
Reclassification out of Accumulated Other Comprehensive Income | The following table presents the reclassifications out of AOCI: For the Twelve Months Ended September 30, 2019 Amount Reclassified from AOCI (1) 2019 2018 2017 Affected Line Item in the Consolidated Statements of Earnings Gains and losses on cash flow hedges Foreign exchange contracts $ 8.4 $ (3.8 ) $ 0.4 (2) Interest rate swaps 0.3 (0.9 ) (2.4 ) Interest expense 8.7 (4.7 ) (2.0 ) Total before tax (2.0 ) 1.0 0.9 Tax (expense)/benefit $ 6.7 $ (3.7 ) $ (1.1 ) Net of tax Amortization of defined benefit pension items Actuarial losses $ 5.0 $ (6.4 ) $ (8.2 ) (2) Settlement loss on Canadian pension plan termination — (14.1 ) — (2) Settlement loss on Ireland pension plan termination 3.7 — — (2) Settlement losses on other plans 0.4 (1.1 ) (0.7 ) (2) 9.1 (21.6 ) (8.9 ) Total before tax (1.7 ) 5.4 2.7 Tax (expense)/benefit $ 7.4 $ (16.2 ) $ (6.2 ) Net of tax Total reclassifications for the period $ 14.1 $ (19.9 ) $ (7.3 ) Net of tax Amounts in parentheses indicate debits to Consolidated Statements of Earnings. (1) The Company adopted ASU 2017-12, Targeted Improvements to Accounting for Hedging Activities in fiscal 2019 as discussed in Note 2, Summary of Significant Accounting Policies. The fiscal 2019 impact is recorded in Cost of products sold and fiscal 2018 and 2017 is recorded in Other items, net. (2) These AOCI components are included in the computation of net periodic benefit cost (see Note 13, Pension Plans, for further details) and recorded in Other items, net. |
Supplemental Financial Statem_2
Supplemental Financial Statement Information (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Financial Statement Related Disclosures [Abstract] | |
Supplemental Statement of Income Information | The components of certain income statement accounts are as follows: For the Years Ended September 30, Other items, net 2019 2018 2017 Interest income $ (7.7 ) $ (1.4 ) $ (2.0 ) Interest income on restricted cash (1) (5.8 ) (5.2 ) — Foreign currency exchange loss 5.2 8.1 4.7 Pension benefit other than service costs (2) (2.3 ) (6.3 ) (11.7 ) Settlement loss on pension plan terminations (2) 3.7 14.1 — Acquisition foreign currency gains (1) (13.6 ) (15.2 ) — Settlement of acquired business hedging contracts (1) 1.5 — — Loss on sale of promotional business — — 3.3 Transition services agreement income (1) (1.4 ) — — Other 6.1 (0.7 ) 0.7 Total Other items, net $ (14.3 ) $ (6.6 ) $ (5.0 ) (1) See Note 5, Acquisitions, for additional information on these items. (2) See Note 13, Pension Plans, for additional information on this item. |
Supplemental Balance Sheet Information | The components of certain balance sheet accounts are as follows: September 30, Inventories 2019 2018 Raw materials and supplies $ 70.5 $ 40.0 Work in process 103.7 86.5 Finished products 295.1 196.6 Total inventories $ 469.3 $ 323.1 Other Current Assets Miscellaneous receivables $ 16.5 $ 9.9 Due from Spectrum 7.6 — Prepaid expenses 71.3 52.2 Value added tax collectible from customers 23.1 20.8 Other 58.6 12.6 Total other current assets $ 177.1 $ 95.5 Property, plant and equipment Land $ 9.6 $ 4.5 Buildings 119.9 110.8 Machinery and equipment 823.0 696.2 Capital leases 50.4 — Construction in progress 25.8 12.1 Total gross property 1,028.7 823.6 Accumulated depreciation (666.7 ) (656.9 ) Total property, plant and equipment, net $ 362.0 $ 166.7 September 30, 2019 2018 Other Current Liabilities Accrued advertising, sales promotion and allowances $ 11.8 $ 16.5 Accrued trade promotions 53.1 39.4 Accrued salaries, vacations and incentive compensation 59.2 48.8 Accrued interest expense 37.4 27.1 Due to Spectrum 2.6 — Accrued acquisition and integration costs 7.9 — Restructuring reserve 9.8 — Income taxes payable 23.4 23.4 Other 128.4 115.8 Total other current liabilities $ 333.6 $ 271.0 Other Liabilities Pensions and other retirement benefits $ 109.0 $ 70.2 Deferred compensation 28.1 29.0 Mandatory transition tax 16.7 33.1 Other non-current liabilities 50.8 44.7 Total other liabilities $ 204.6 $ 177.0 |
Schedule Of Allowance For Doubtful Accounts | For the Years Ended September 30, Allowance for Doubtful Accounts 2019 2018 2017 Balance at beginning of year $ 4.0 $ 5.8 $ 6.9 Provision charged to expense, net of reversals 1.5 (0.8 ) (0.7 ) Write-offs, less recoveries, translation, other (1.7 ) (1.0 ) (0.4 ) Balance at end of year $ 3.8 $ 4.0 $ 5.8 |
Summary of Income Tax Valuation Allowance | For the Years Ended September 30, Income Tax Valuation Allowance 2019 2018 2017 Balance at beginning of year $ 12.0 $ 19.3 $ 19.7 Provision charged to expense, net of reversals 0.7 (7.3 ) 1.3 Reversal of provision charged to expense (0.4 ) — — Translation, other (0.4 ) — (1.7 ) Balance at end of year $ 11.9 $ 12.0 $ 19.3 |
Schedule of Cash Flow, Supplemental Disclosures | For the Years Ended September 30, Certain items from Operating Cash Flow Activities 2019 2018 2017 Interest paid $ 170.3 $ 54.3 $ 51.0 Income taxes paid, net 43.3 46.2 40.2 |
Segments (Tables)
Segments (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | For the Years Ended September 30, Net Sales 2019 2018 2017 Americas $ 1,734.8 $ 1,135.6 $ 1,111.8 International 759.7 662.1 643.9 Total net sales $ 2,494.5 $ 1,797.7 $ 1,755.7 Segment Profit Americas 456.6 326.1 310.0 International 174.9 149.6 143.0 Total segment profit $ 631.5 $ 475.7 $ 453.0 General corporate and other expenses (1) (111.5 ) (97.3 ) (92.5 ) Global marketing expenses (2) (18.2 ) (19.0 ) (21.5 ) Research and development expense (3) (31.7 ) (22.4 ) (22.0 ) Amortization of intangible assets (43.2 ) (11.5 ) (11.2 ) Acquisition and integration costs (4) (188.4 ) (84.6 ) (8.4 ) Spin restructuring — — 3.8 Settlement loss on pension plan termination (5) (3.7 ) (14.1 ) — Gain on sale of real estate — 4.6 16.9 Interest expense (6) (160.4 ) (56.5 ) (53.1 ) Other items, net (7) (1.3 ) 0.3 8.3 Total earnings before income taxes $ 73.1 $ 175.2 $ 273.3 (1) Of this amount, $2.3 was recorded in Cost of products sold and the remainder was recorded in SG&A in the Consolidated Statement of Earnings and Comprehensive Income. (2) The twelve months ended September 30, 2019 includes $6.3 recorded in SG&A and $11.9 recorded in A&P. The twelve months ended September 30, 2018 includes $4.9 recorded in SG&A and $14.1 recorded in A&P. The twelve months ended September 30, 2017 includes $8.4 recorded in SG&A and $13.1 recorded in A&P. (3) R&D expense for the twelve months ended September 30, 2019 on the Consolidated Statement of Earnings and Comprehensive Income includes $1.1 which has been reclassified to Acquisition and integration costs for purposes of the reconciliation above. (4) Acquisition and integration costs were included in the following lines in the Consolidated Statement of Earnings and Comprehensive Income: For the Years Ended September 30, Acquisition and Integration Costs 2019 2018 2017 Inventory step up (COGS) $ 36.2 $ 0.2 $ — Cost of products sold 22.5 — 1.1 SG&A 82.3 62.9 4.0 Research and development 1.1 — — Interest expense 65.6 41.9 — Other items, net (19.3 ) (20.4 ) 3.3 Total Acquisition and Integration Costs $ 188.4 $ 84.6 $ 8.4 (5) Included in Other items, net in the Consolidated Statements of Earnings and Comprehensive Income. (6) The amount for the twelve months ended September 30, 2019 and 2018 on the Consolidated Statements of Earnings and Comprehensive Income included $65.6 and $41.9 of expense, respectively, which has been reclassified to Acquisition and integration costs from Interest expense for purposes of the reconciliation above. (7) The amount for the twelve months ended September 30, 2019, 2018 and 2017 on the Consolidated Statements of Earnings and Comprehensive Income included a gain of $19.3 , $20.4 and expense of $3.3 , res pectively, which has been reclassified to Acquisition and integration costs from Other items, net and the Settlement loss on pension plan terminations for the twelve months ended September 30, 2019 and 2018 of $3.7 and $14.1 , respectively, that have been reclassified out of Other items, net for purposes of the above reconciliation. Corporate assets shown in the following table include all financial instruments, pension assets and tax asset balances that are managed outside of operating segments. In addition, the Assets held for sale as of September 30, 2019 and the Restricted cash held at September 30, 2018 for the Battery acquisition are assets utilized outside of the operating segments. September 30, Total Assets 2019 2018 Americas $ 991.9 $ 504.2 International 621.0 851.5 Total segment assets $ 1,612.9 $ 1,355.7 Corporate 81.3 100.1 Restricted cash — 1,246.2 Assets held for sale 791.7 — Goodwill and other intangible assets, net 2,963.7 476.8 Total assets $ 5,449.6 $ 3,178.8 September 30, Long-Lived Assets 2019 2018 United States $ 275.6 $ 123.0 Singapore 67.3 69.9 United Kingdom 46.7 50.1 Other International 59.5 41.6 Total long-lived assets excluding restricted cash, goodwill and intangibles $ 449.1 $ 284.6 Capital expenditures and depreciation and amortization by segment for the years ended September 30 are as follows: For the Years Ended September 30, Capital Expenditures 2019 2018 2017 Americas $ 42.7 $ 16.2 $ 17.4 International 12.4 8.0 7.8 Total segment capital expenditures $ 55.1 $ 24.2 $ 25.2 Depreciation and Amortization Americas $ 34.6 $ 21.2 $ 23.1 International 15.0 12.4 15.9 Total segment depreciation and amortization 49.6 33.6 39.0 Corporate 43.2 11.5 11.2 Total depreciation and amortization $ 92.8 $ 45.1 $ 50.2 |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas | Geographic segment information for the years ended September 30 are as follows: For the Years Ended September 30, Net Sales to Customers 2019 2018 2017 United States $ 1,435.8 $ 935.8 $ 923.0 International 1,058.7 861.9 832.7 Total net sales $ 2,494.5 $ 1,797.7 $ 1,755.7 |
Quarterly Financial Informati_2
Quarterly Financial Information - (Unaudited) (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | Fiscal 2019 First Second Third Fourth Net sales $ 571.9 $ 556.4 $ 647.2 $ 719.0 Gross profit 275.5 194.2 246.3 287.8 Net earnings/(loss) from continuing operations 70.8 (62.3 ) 9.2 47.0 Net earnings per common share - continuing operations: Basic $ 1.19 $ (0.97 ) $ 0.07 $ 0.62 Diluted $ 1.16 $ (0.97 ) $ 0.07 $ 0.62 Items decreasing/(increasing) net earnings: Acquisition and integration costs 36.5 95.4 28.0 28.5 Settlement loss on Ireland pension plan termination — — — 3.7 One-time impact of the new U.S. Tax Legislation 1.5 — (0.8 ) (1.1 ) Fiscal 2018 First Second Third Fourth Net sales $ 573.3 $ 374.4 $ 392.8 $ 457.2 Gross profit 278.3 168.5 176.1 208.0 Net earnings from continuing operations 60.4 7.8 23.8 1.5 Net earnings per common share - continuing operations: Basic $ 1.00 $ 0.13 $ 0.40 $ 0.03 Diluted $ 0.98 $ 0.13 $ 0.39 $ 0.02 Items decreasing/(increasing) net earnings: Acquisition and integration costs 4.1 14.1 13 30.4 Acquisition withholding tax — 5.5 0.5 — Gain on sale of real estate — — (3.5 ) — Settlement loss on Canadian pension plan termination — — — 10.4 One-time impact of the new U.S. Tax Legislation 31 0.2 (0.6 ) 8.5 |
Description of Business and B_2
Description of Business and Basis of Presentation (Narrative) (Details) - VARTAAG - Divestment Business - Disposal Group, Disposed of by Sale, Not Discontinued Operations € in Millions, $ in Millions | May 29, 2019EUR (€) | Dec. 31, 2019USD ($) |
Business Acquisition [Line Items] | ||
Purchase price | € | € 180 | |
Scenario, Forecast | ||
Business Acquisition [Line Items] | ||
Additional amount in connection with divestiture | $ | $ 200 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Narrative) (Details) - USD ($) | 12 Months Ended | |||||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | Oct. 01, 2019 | Apr. 01, 2019 | Feb. 28, 2018 | |
Finite-Lived Intangible Assets [Line Items] | ||||||
Deferred gain/(loss) on hedging activity, net of tax | $ (9,200,000) | $ 15,000,000 | $ 500,000 | |||
Available cash | 258,500,000 | 522,100,000 | ||||
Maximum amount authorized to sell | 500,000,000 | |||||
Receivables sold under program | 300,200,000 | |||||
Outstanding sold receivables | 87,800,000 | |||||
Receivables collected but not yet due | 12,400,000 | |||||
Fees associated with factoring | 4,900,000 | |||||
Amortization expense | 9,100,000 | 7,400,000 | 5,300,000 | |||
Depreciation excluding accelerated | 43,500,000 | 26,200,000 | 33,700,000 | |||
Accelerated depreciation | 3,000,000 | |||||
Advertising costs | 96,700,000 | 80,100,000 | $ 86,200,000 | |||
Accounting Standards Update 2018-15 | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Capitalized implementation costs | 800,000 | |||||
Amortization expense on capitalized implementation costs | 100,000 | |||||
Scenario, Adjustment | Accounting Standards Update 2017-12 | Other items, net | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Deferred gain/(loss) on hedging activity, net of tax | (8,400,000) | |||||
Interest Rate Swap | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Variable rate debt hedged | 200,000,000 | $ 0 | ||||
Interest rate on derivative instrument | 2.47% | |||||
Notional value | $ 300,000,000 | $ 50,000,000 | $ 400,000,000 | |||
Minimum | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Amortization period, years | 4 years | |||||
Minimum | Pro Forma | Accounting Standards Update 2016-02 | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Right of use asset | $ 40,000,000 | |||||
Operating lease liability | 40,000,000 | |||||
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 | 15 years | |||||
Maximum | Pro Forma | Accounting Standards Update 2016-02 | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Right of use asset | 45,000,000 | |||||
Operating lease liability | $ 45,000,000 | |||||
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. | 75.80% | 99.00% |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Restricted Cash) (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Sep. 30, 2018 |
Accounting Policies [Abstract] | ||
Cash and cash equivalents | $ 258.5 | $ 522.1 |
Restricted cash | 0 | 1,246.2 |
Total Cash, cash equivalents and restricted cash shown in the statement of cash flows | $ 258.5 | $ 1,768.3 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies (Schedule of Accounts, Notes, Loans and Financing Receivable) (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Sep. 30, 2018 |
Accounting Policies [Abstract] | ||
Trade receivables | $ 473.1 | $ 357.9 |
Allowance for trade promotions | (129.1) | (123.5) |
Allowance for returns and doubtful accounts | (3.8) | (4) |
Trade receivables, net | $ 340.2 | $ 230.4 |
Spin Costs (Narrative) (Details
Spin Costs (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2017 | Sep. 30, 2019 | |
Restructuring Cost and Reserve [Line Items] | ||||
Spin-off costs to date | $ 197.6 | |||
Spin-off | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Spin costs | $ (2.5) | $ (1.3) | $ (3.8) | |
Spin-off | Americas Segment | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Spin costs | (1.3) | |||
Spin-off | Corporate Segment | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Spin costs | $ (2.5) |
Revenue (Schedule of Product an
Revenue (Schedule of Product and Market Information) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | $ 719 | $ 647.2 | $ 556.4 | $ 571.9 | $ 457.2 | $ 392.8 | $ 374.4 | $ 573.3 | $ 2,494.5 | $ 1,797.7 | $ 1,755.7 |
Modern Markets | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 444.7 | 381.9 | 363.6 | ||||||||
Developing Markets | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 193.4 | 181 | 174 | ||||||||
Distributor Markets | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 121.6 | 99.2 | 106.3 | ||||||||
North America | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 1,534.7 | 1,017.8 | 993.1 | ||||||||
Latin America | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 200.1 | 117.8 | 118.7 | ||||||||
Americas | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 1,734.8 | 1,135.6 | 1,111.8 | ||||||||
International | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 759.7 | 662.1 | 643.9 | ||||||||
Batteries | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 1,959.9 | 1,612.7 | 1,548.2 | ||||||||
Auto Care | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 409.3 | 95.4 | 110.5 | ||||||||
Lights and Licensing | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | $ 125.3 | $ 89.6 | $ 97 |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | Jan. 28, 2019 | Jan. 02, 2019 | Nov. 15, 2018 | Jul. 02, 2018 | Jun. 30, 2018 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Jun. 30, 2019 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | Jan. 31, 2019 | Jan. 31, 2018 | Jan. 15, 2018 |
Business Acquisition [Line Items] | ||||||||||||||||||||
Cash | $ 2,460 | $ 38.1 | $ 0 | |||||||||||||||||
Inventory adjustment | 28.5 | (27.8) | ||||||||||||||||||
Restructuring costs | 12.1 | |||||||||||||||||||
Non-cash integration and restructuring charges/(income) | 0 | 0 | (3.8) | |||||||||||||||||
Integration Related Costs | $ 28.5 | $ 28 | $ 95.4 | $ 36.5 | $ 30.4 | $ 13 | $ 14.1 | $ 4.1 | 188.4 | 84.6 | 8.4 | |||||||||
Pre-tax gain related to favorable movement in escrowed restricted cash | (9) | |||||||||||||||||||
Divestiture and transition services agreements | 1.4 | 0 | 0 | |||||||||||||||||
Expense to settle hedge contracts for acquired business | 1.5 | 0 | 0 | |||||||||||||||||
Interest income on restricted cash | 5.8 | 5.2 | 0 | |||||||||||||||||
Tax withholding costs related to business acquisition | 6 | |||||||||||||||||||
Foreign currency contracts | ||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||
Gain related to hedge contract | $ 9.4 | |||||||||||||||||||
Divestment Business | ||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||
Fair value adjustment for inventory | 11.2 | 11.2 | ||||||||||||||||||
Decrease in goodwill | (50) | |||||||||||||||||||
Gain related to hedge contract | (4.6) | |||||||||||||||||||
Divestiture and transition services agreements | 1.4 | |||||||||||||||||||
Selling, General and Administrative Expenses | ||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||
Integration Related Costs | 82.3 | 62.9 | 4 | |||||||||||||||||
Cost of Products Sold | ||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||
Inventory adjustment | 36.2 | |||||||||||||||||||
Integration Related Costs | 58.7 | 0.2 | 1.1 | |||||||||||||||||
Research and Development | ||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||
Integration Related Costs | 1.1 | 0 | 0 | |||||||||||||||||
Interest Expense | ||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||
Integration Related Costs | 65.6 | 41.9 | 0 | |||||||||||||||||
Other financing items, net | 65.6 | 41.9 | ||||||||||||||||||
Other items, net | ||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||
Pre-tax income | (19.3) | (20.4) | ||||||||||||||||||
Expense | 3.3 | |||||||||||||||||||
Interest income on restricted cash | (5.2) | |||||||||||||||||||
Other items, net | Foreign currency contracts | ||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||
Gain related to hedge contract | (15.2) | |||||||||||||||||||
Other items, net | USD Locked Contract | ||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||
Gain related to hedge contract | 9.4 | |||||||||||||||||||
Other items, net | USD Restricted Cash Held in European Euro Functional Entity | ||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||
Gain related to hedge contract | 5.8 | |||||||||||||||||||
Other items, net | Divestment Business | ||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||
Expense to settle hedge contracts for acquired business | 1.5 | |||||||||||||||||||
Battery Acquisition | ||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||
Cash | $ 2,000 | |||||||||||||||||||
Net assets acquired | 1,962.4 | |||||||||||||||||||
Additional amount in connection with divestiture | $ 400 | |||||||||||||||||||
Transaction costs | $ 6 | $ 2 | $ 13 | |||||||||||||||||
Inventory adjustment | 14.6 | |||||||||||||||||||
Decrease in goodwill | 587 | |||||||||||||||||||
Reduction to depreciation expense | 4.1 | |||||||||||||||||||
Increase to other intangible assets, net | 58.3 | |||||||||||||||||||
Battery Acquisition | Selling, General and Administrative Expenses | ||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||
Integration Related Costs | 82.3 | 62.9 | 4 | |||||||||||||||||
Battery Acquisition | Other items, net | ||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||
Other financing items, net | (5.8) | |||||||||||||||||||
Spectrum Auto Care Acquisition | ||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||
Cash | $ 937.5 | |||||||||||||||||||
Net assets acquired | $ 1,179.2 | |||||||||||||||||||
Inventory adjustment | $ 2.1 | 21.6 | ||||||||||||||||||
Decrease in goodwill | 701.6 | |||||||||||||||||||
Consideration transferred | 1,250 | |||||||||||||||||||
Newly-issued equity for acquisition | 5.3 | $ 312.5 | ||||||||||||||||||
Expected net purchase price | $ 938.7 | |||||||||||||||||||
Shares issued in acquisition (in shares) | 5,278,921 | |||||||||||||||||||
Fair value of equity in acquisition | $ 240.5 | |||||||||||||||||||
Closing stock price (in dollars per share) | $ 45.55 | |||||||||||||||||||
Additional consideration (in dollars per share) | $ 36,800,000 | |||||||||||||||||||
NRV, cost to seel | 107.2 | |||||||||||||||||||
Goodwill, Impairment Loss | 92.5 | |||||||||||||||||||
Spectrum Auto Care Acquisition | Pro Forma | ||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||
Non-cash integration and restructuring charges/(income) | 18.4 | |||||||||||||||||||
Nu Finish Acquisition | ||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||
Net assets acquired | $ 38.1 | |||||||||||||||||||
Inventory adjustment | 0.2 | |||||||||||||||||||
Consideration transferred | $ 38.1 | |||||||||||||||||||
Revenue | 2.3 | $ 5.9 | ||||||||||||||||||
Earnings before income taxes | $ 0.2 | $ 0.2 | ||||||||||||||||||
Battery Acquisition, Spectrum Auto Care Acquisition and Nu Finish Acquisition | Selling, General and Administrative Expenses | ||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||
Integration Related Costs | $ 188.4 | $ 84.6 | $ 8.4 |
Acquisitions (Schedule of Recog
Acquisitions (Schedule of Recognized Identified Assets Acquired and Liabilities Assumed) (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Jan. 28, 2019 | Jan. 02, 2019 | Sep. 30, 2018 | Jul. 02, 2018 | Sep. 30, 2017 |
Business Acquisition [Line Items] | ||||||
Goodwill | $ 1,004.8 | $ 244.2 | $ 230 | |||
Battery Acquisition | ||||||
Business Acquisition [Line Items] | ||||||
Cash and cash equivalents | $ 37.8 | |||||
Trade receivables | 54.2 | |||||
Inventories | 80.8 | |||||
Other current assets | 28.2 | |||||
Assets held for sale | 794.6 | |||||
Property, plant and equipment, net | 133.2 | |||||
Goodwill | 495.1 | |||||
Other intangible assets, net | 805.8 | |||||
Other assets | 11.5 | |||||
Current portion of capital leases | (1.2) | |||||
Accounts payable | (39.2) | |||||
Other current liabilities | (19.5) | |||||
Long-term debt | (14.7) | |||||
Liabilities held for sale | (394.6) | |||||
Other liabilities | (9.6) | |||||
Net assets acquired | $ 1,962.4 | |||||
Spectrum Auto Care Acquisition | ||||||
Business Acquisition [Line Items] | ||||||
Cash and cash equivalents | $ 3.3 | |||||
Trade receivables | 39.7 | |||||
Inventories | 98.6 | |||||
Other current assets | 8.9 | |||||
Property, plant and equipment, net | 70.8 | |||||
Goodwill | 270.1 | |||||
Other intangible assets, net | 965.3 | |||||
Other assets | 6.2 | |||||
Current portion of capital leases | (0.4) | |||||
Accounts payable | (28.6) | |||||
Other current liabilities | (10.9) | |||||
Long-term debt | (31.9) | |||||
Other liabilities (deferred tax liabilities) | (211.9) | |||||
Net assets acquired | $ 1,179.2 | |||||
Nu Finish Acquisition | ||||||
Business Acquisition [Line Items] | ||||||
Trade receivables | $ 2.4 | |||||
Inventories | 0.9 | |||||
Goodwill | 14.7 | |||||
Other identifiable intangible assets | 21.8 | |||||
Accounts payable | (1.7) | |||||
Net assets acquired | $ 38.1 |
Acquisitions (Schedule of Acqui
Acquisitions (Schedule of Acquired Finite-Lived Intangible Assets by Major Class) (Details) - USD ($) $ in Millions | Jan. 28, 2019 | Jan. 02, 2019 | Jul. 02, 2018 | Sep. 30, 2019 |
Battery Acquisition | ||||
Business Acquisition [Line Items] | ||||
Decrease in goodwill | $ 587 | |||
Other intangible assets, net | $ 805.8 | |||
Finite intangible assets acquired | 805.8 | |||
Battery Acquisition | Proprietary technology | ||||
Business Acquisition [Line Items] | ||||
Finite intangible assets acquired | $ 59 | |||
Weighted Average Useful Lives | 6 years 2 months 12 days | |||
Battery Acquisition | Customer relationships | ||||
Business Acquisition [Line Items] | ||||
Finite intangible assets acquired | $ 159.8 | |||
Weighted Average Useful Lives | 15 years | |||
Spectrum Auto Care Acquisition | ||||
Business Acquisition [Line Items] | ||||
Decrease in goodwill | $ 701.6 | |||
Other intangible assets, net | $ 965.3 | |||
Finite intangible assets acquired | 965.3 | |||
Spectrum Auto Care Acquisition | Trade names | ||||
Business Acquisition [Line Items] | ||||
Finite intangible assets acquired | $ 15.4 | |||
Weighted Average Useful Lives | 15 years | |||
Spectrum Auto Care Acquisition | Proprietary technology | ||||
Business Acquisition [Line Items] | ||||
Finite intangible assets acquired | $ 113.5 | |||
Weighted Average Useful Lives | 9 years 9 months 18 days | |||
Spectrum Auto Care Acquisition | Customer relationships | ||||
Business Acquisition [Line Items] | ||||
Finite intangible assets acquired | $ 134.8 | |||
Weighted Average Useful Lives | 15 years | |||
Nu Finish Acquisition | ||||
Business Acquisition [Line Items] | ||||
Finite intangible assets acquired | $ 21.8 | |||
Weighted Average Useful Lives | 14 years 4 months 24 days | |||
Nu Finish Acquisition | Customer relationships | ||||
Business Acquisition [Line Items] | ||||
Finite intangible assets acquired | $ 15.2 | |||
Weighted Average Useful Lives | 15 years | |||
Nu Finish Acquisition | Trademarks | ||||
Business Acquisition [Line Items] | ||||
Finite intangible assets acquired | $ 4.2 | |||
Weighted Average Useful Lives | 14 years | |||
Nu Finish Acquisition | Proprietary formulas | ||||
Business Acquisition [Line Items] | ||||
Finite intangible assets acquired | $ 2.4 | |||
Weighted Average Useful Lives | 11 years |
Acquisitions (Schedule of Pro F
Acquisitions (Schedule of Pro Forma Information and Significant Adjustments) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Business Acquisition [Line Items] | |||||||||||
Pro forma net sales (unaudited) | $ 2,719.4 | $ 2,773.7 | |||||||||
Pro forma net earnings from continuing operations (unaudited) | 159.7 | 40.1 | |||||||||
Pro forma mandatory preferred stock dividends (unaudited) | 16.2 | 16.2 | |||||||||
Pro forma net earnings from continuing operations attributable to common shareholders (unaudited) | $ 143.5 | $ 23.9 | |||||||||
Pro forma diluted net earnings per common share - continuing operations (unaudited) (in dollars per share) | $ 2.02 | $ 0.33 | |||||||||
Pro forma weighted average shares of common stock - Diluted (unaudited) (in shares) | 71 | 71.4 | |||||||||
Inventory step up (unaudited) | $ 28.5 | $ (27.8) | |||||||||
Acquisition and integration costs (unaudited) | 44.3 | (43.3) | |||||||||
Interest and ticking fees on escrowed debt (unaudited) | 21.6 | (75.7) | |||||||||
Gains on escrowed debt (unaudited) | (10.5) | (15.7) | |||||||||
Interest from new capital structure | 200 | ||||||||||
Net sales | $ 719 | $ 647.2 | $ 556.4 | $ 571.9 | $ 457.2 | $ 392.8 | $ 374.4 | $ 573.3 | 2,494.5 | 1,797.7 | $ 1,755.7 |
Earnings before income taxes | 73.1 | $ 175.2 | $ 273.3 | ||||||||
Battery Acquisition | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Inventory step up (unaudited) | 14.6 | ||||||||||
Net sales | 338.9 | ||||||||||
Earnings before income taxes | 8.7 | ||||||||||
Spectrum Auto Care Acquisition | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Inventory step up (unaudited) | $ 2.1 | 21.6 | |||||||||
Net sales | 315.8 | ||||||||||
Earnings before income taxes | $ 19.6 |
Divestment (Narrative) (Details
Divestment (Narrative) (Details) - Divestment Business € in Millions, $ in Millions | May 29, 2019EUR (€) | Dec. 31, 2019USD ($) | Sep. 30, 2019USD ($) |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Fair value adjustment for inventory | $ 11.2 | ||
Divestment related pre-tax costs | 13.8 | ||
Pre-tax interest expense | $ 14.9 | ||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | VARTAAG | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Purchase price | € | € 180 | ||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | VARTAAG | Scenario, Forecast | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Additional amount in connection with divestiture | $ 200 | ||
Total proceeds anticipated | 400 | ||
Estimated contractual adjustments | $ 100 |
Divestment (Schedule of Summari
Divestment (Schedule of Summarized Financial Information of Divestment Business Classified as Held For Sale) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Assets | |||
Trade receivables | $ 50.9 | ||
Inventories | 59.8 | ||
Other current assets | 41.5 | ||
Property, plant and equipment, net | 78.8 | ||
Goodwill | 50.5 | ||
Other intangible assets, net | 489 | ||
Other assets | 21.2 | ||
Assets held for sale | 791.7 | $ 0 | |
Liabilities | |||
Current portion of capital leases | 5.3 | ||
Accounts payable | 45.9 | ||
Notes payable | 0.6 | ||
Other current liabilities | 99.8 | ||
Long-term debt | 23.5 | ||
Deferred tax liability | 169.9 | ||
Other liabilities | 57.9 | ||
Liabilities held for sale | 402.9 | ||
Pension liability related to Divestment Business | 42.4 | ||
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | |||
Net sales | 235.1 | ||
Cost of products sold | 180.4 | ||
Gross profit | 54.7 | ||
Selling, general and administrative expense | 56.8 | ||
Advertising and sales promotion expense | 0.8 | ||
Research and development expense | 0.8 | ||
Interest expense | 15.8 | ||
Other items, net | 9.9 | ||
Loss before income taxes from discontinued operations | (9.6) | ||
Income tax provision | (4) | ||
Loss from discontinued operations, net of tax | $ (13.6) | $ 0 | $ 0 |
Restructuring (Restructuring an
Restructuring (Restructuring and Related Costs) (Details) $ in Millions | 12 Months Ended |
Sep. 30, 2019USD ($) | |
Restructuring and Related Activities [Abstract] | |
Severance and related benefit costs | $ 9.8 |
Accelerated depreciation | 2.3 |
Total | $ 12.1 |
Restructuring (Narrative) (Deta
Restructuring (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | 27 Months Ended | |
Sep. 30, 2019 | Dec. 31, 2021 | Sep. 30, 2018 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring costs | $ 12.1 | ||
Restructuring reserve | 9.8 | $ 0 | |
Severance and related benefit costs | 9.8 | ||
Scenario, Forecast | |||
Restructuring Cost and Reserve [Line Items] | |||
Severance and related benefit costs | $ 40 | ||
Spin-off | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring reserve | 9.8 | ||
Americas | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring costs | 6 | ||
International | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring costs | $ 6.1 |
Goodwill and intangible asset_2
Goodwill and intangible assets (Schedule of Goodwill) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Goodwill [Roll Forward] | ||
Beginning Balance | $ 244.2 | $ 230 |
Cumulative translation adjustment | (4.6) | (0.5) |
Ending Balance | 1,004.8 | 244.2 |
Nu Finish Acquisition | ||
Goodwill [Roll Forward] | ||
Acquisition | 14.7 | |
Battery Acquisition | ||
Goodwill [Roll Forward] | ||
Acquisition | 495.1 | |
Spectrum Auto Care Acquisition | ||
Goodwill [Roll Forward] | ||
Cumulative translation adjustment | (1.7) | |
Acquisition | 270.1 | |
Americas | ||
Goodwill [Roll Forward] | ||
Beginning Balance | 228.4 | 213.8 |
Cumulative translation adjustment | 0.3 | (0.1) |
Ending Balance | 861.6 | 228.4 |
Americas | Nu Finish Acquisition | ||
Goodwill [Roll Forward] | ||
Acquisition | 14.7 | |
Americas | Battery Acquisition | ||
Goodwill [Roll Forward] | ||
Acquisition | 369.4 | |
Americas | Spectrum Auto Care Acquisition | ||
Goodwill [Roll Forward] | ||
Acquisition | 263.5 | |
International | ||
Goodwill [Roll Forward] | ||
Beginning Balance | 15.8 | 16.2 |
Cumulative translation adjustment | (4.9) | (0.4) |
Ending Balance | 143.2 | 15.8 |
International | Nu Finish Acquisition | ||
Goodwill [Roll Forward] | ||
Acquisition | $ 0 | |
International | Battery Acquisition | ||
Goodwill [Roll Forward] | ||
Acquisition | 125.7 | |
International | Spectrum Auto Care Acquisition | ||
Goodwill [Roll Forward] | ||
Acquisition | $ 6.6 |
Goodwill and intangible asset_3
Goodwill and intangible assets (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Finite-Lived Intangible Assets [Line Items] | |||
Indefinite-live intangible assets | $ 1,363.8 | $ 76.9 | |
Cumulative translation adjustment | $ (4.6) | (0.5) | |
Remaining life (in years) | 10 years 3 months 18 days | ||
Amortization of intangible assets | $ 43.2 | $ 11.5 | $ 11.2 |
Amortization expense next year | 55.3 | ||
Amortization expense year two | 55.2 | ||
Amortization expense year three | 55.2 | ||
Amortization expense year four | 51.8 | ||
Amortization expense year five | 50.7 | ||
Amortization expense thereafter | $ 326.9 | ||
Minimum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization period, years | 4 years | ||
Maximum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization period, years | 15 years | ||
Battery Acquisition | |||
Finite-Lived Intangible Assets [Line Items] | |||
Increase in goodwill | $ 587 | ||
Spectrum Auto Care Acquisition | |||
Finite-Lived Intangible Assets [Line Items] | |||
Increase in goodwill | 701.6 | ||
Cumulative translation adjustment | $ (1.7) |
Goodwill and intangible asset_4
Goodwill and intangible assets (Schedule of Finite-Lived Intangible Assets) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Finite-Lived Intangible Assets [Line Items] | ||
Remaining life (in years) | 10 years 3 months 18 days | |
Gross Carrying Amount | $ 663.8 | $ 181.3 |
Accumulated Amortization | (68.7) | (25.5) |
Net Carrying Amount | 595.1 | 155.8 |
Trademarks and trade names - indefinite lived | 1,363.8 | 76.9 |
Gross Carrying Amount | 2,027.6 | 258.2 |
Net Carrying Amount | 1,958.9 | 232.7 |
Trademarks | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 59.7 | 44.3 |
Accumulated Amortization | (9.9) | (6.1) |
Net Carrying Amount | 49.8 | 38.2 |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 394.2 | 99.6 |
Accumulated Amortization | (34.3) | (13.4) |
Net Carrying Amount | 359.9 | 86.2 |
Patents | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 34.5 | 34.5 |
Accumulated Amortization | (8.2) | (5.7) |
Net Carrying Amount | 26.3 | 28.8 |
Proprietary formulas | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 172.5 | 2.4 |
Accumulated Amortization | (15.7) | (0.1) |
Net Carrying Amount | 156.8 | 2.3 |
Proprietary technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 2.4 | |
Accumulated Amortization | (0.3) | |
Net Carrying Amount | 2.1 | |
Non-Compete | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 0.5 | 0.5 |
Accumulated Amortization | (0.3) | (0.2) |
Net Carrying Amount | $ 0.2 | $ 0.3 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) | 12 Months Ended | ||
Sep. 30, 2019USD ($)Jurisdiction | Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | |
Operating Loss Carryforwards [Line Items] | |||
Increase in tax expense | $ 3,000,000 | ||
Tax expense | $ 400,000 | 36,000,000 | |
Total impact of transition tax | 35.6 | ||
Basis differential of investment in foreign affiliates considered indefinitely invested | 860,000,000 | ||
Potential U.S. tax if all unrealized basis differences were repatriated | 180,000,000 | ||
Tax loss carryforwards and tax credits without expiration | 18,200,000 | ||
Uncertain tax positions | 12,800,000 | ||
Accrued interest | 4,900,000 | 3,200,000 | $ 1,800,000 |
Deferred tax asset related to accrued interest | 700,000 | 400,000 | 300,000 |
Penalties | $ 3,900,000 | $ 3,800,000 | $ 2,300,000 |
Number of foreign jurisdictions | Jurisdiction | 60 | ||
Between 2018 and 2020 | |||
Operating Loss Carryforwards [Line Items] | |||
Tax loss carryforwards | $ 6,800,000 |
Income Taxes (Schedule of Compo
Income Taxes (Schedule of Components of Income Tax Expense (Benefit)) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Current: | |||
United States - Federal | $ 1.2 | $ 42.5 | $ 39.4 |
State | 3 | 0.1 | 4.2 |
Foreign | 37.5 | 37.3 | 32.6 |
Total current | 41.7 | 79.9 | 76.2 |
Deferred: | |||
United States - Federal | (22.1) | 4.5 | (7.4) |
State | (4.1) | (0.5) | (0.2) |
Foreign | (7.1) | (2.2) | 3.2 |
Total deferred | (33.3) | 1.8 | (4.4) |
Provision for income taxes | $ 8.4 | $ 81.7 | $ 71.8 |
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, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Income Tax Disclosure [Abstract] | |||
United States | $ (139.9) | $ 8.7 | $ 96.4 |
Foreign | 213 | 166.5 | 176.9 |
Earnings before income taxes | $ 73.1 | $ 175.2 | $ 273.3 |
Income Taxes (Schedule of Effec
Income Taxes (Schedule of Effective Income Tax Rate Reconciliation) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
Computed tax at federal statutory rate | $ 15.3 | $ 42.9 | $ 95.7 |
State income taxes, net of federal tax benefit | (2.3) | 0.3 | 2.8 |
Foreign tax less than the federal rate | (9) | 0.7 | (23) |
Other taxes including repatriation of foreign earnings and GILTI | 2.2 | 2.1 | 2.2 |
Foreign tax incentives | (5.3) | (6.3) | (3.5) |
Impact of the Tax Act | (0.4) | 39 | 0 |
Nondeductible transaction expenses | 4.8 | 0 | 0 |
Other, net | 3.1 | 3 | (2.4) |
Provision for income taxes | $ 8.4 | $ 81.7 | $ 71.8 |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | |||
Computed tax at federal statutory rate, percent | 21.00% | 24.50% | 35.00% |
State income taxes, net of federal tax benefit, percent | (3.20%) | 0.20% | 1.00% |
Foreign tax less than the federal rate, percent | (12.30%) | 0.40% | (8.40%) |
Other taxes including repatriation of foreign earnings, percent | 3.00% | 1.20% | 0.80% |
Foreign tax incentives, period | (7.30%) | (3.60%) | (1.30%) |
Impact of the Tax Act, percent | (0.50%) | 22.30% | 0.00% |
Nondeductible transaction expenses, percent | 6.60% | 0.00% | 0.00% |
Other, net, percent | 4.20% | 1.60% | (0.80%) |
Effective Income Tax Rate Reconciliation, Percent | 11.50% | 46.60% | 26.30% |
Income Taxes (Schedule of Defer
Income Taxes (Schedule of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Sep. 30, 2018 |
Income Tax Disclosure [Abstract] | ||
Accrued liabilities | $ 32.4 | $ 40.9 |
Deferred and stock-related compensation | 14 | 16.9 |
Tax loss carryforwards and tax credits | 29.6 | 13.4 |
Intangible assets | 3.3 | 0.6 |
Pension plans | 22.1 | 12.2 |
Inventory differences and other tax assets | 6.6 | 2.1 |
Interest expense limited under Sec 163j | 34.8 | 0 |
Gross deferred tax assets | 142.8 | 86.1 |
Depreciation and property differences | (26.7) | (16.2) |
Intangible assets | (249.1) | (38.1) |
Other tax liabilities | (2.9) | (2.2) |
Gross deferred tax liabilities | (278.7) | (56.5) |
Valuation allowance | (11.9) | (12) |
Net deferred tax (liabilities)/assets | $ (147.8) | |
Net deferred tax (liabilities)/assets | $ 17.6 |
Income Taxes (Summary of Income
Income Taxes (Summary of Income Tax Contingencies) (Details) - USD ($) | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Unrecognized tax benefits, beginning of year | $ 10,900,000 | $ 9,500,000 | $ 9,400,000 |
Additions based on prior year tax positions and acquisitions | 2,700,000 | 1,400,000 | 1,300,000 |
Reductions for prior year tax positions | 0 | 0 | 0 |
Settlements with taxing authorities/statute expirations | (800,000) | 0 | (1,200,000) |
Unrecognized tax benefits, end of year | $ 12,800,000 | $ 10,900,000 | $ 9,500,000 |
Earnings per share (Narrative)
Earnings per share (Narrative) (Details) - USD ($) shares in Thousands, $ in Millions | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||
Deferred compensation plan | $ 0.2 | $ 12 | |
Shares reserved for issuance (in shares) | 200 | 200 | |
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) | 900 | 500 | 500 |
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, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||||
Net earnings from continuing operations | $ 64.7 | $ 93.5 | $ 201.5 | ||||||||
Mandatory preferred stock dividends | (12) | 0 | 0 | ||||||||
Net earnings from continuing operations attributable to common shareholders | 52.7 | 93.5 | 201.5 | ||||||||
Loss from discontinued operations, net of tax | (13.6) | 0 | 0 | ||||||||
Net earnings attributable to common shareholders | $ 39.1 | $ 93.5 | $ 201.5 | ||||||||
Basic average shares outstanding (in shares) | 66.4 | 59.8 | 61.7 | ||||||||
Basic net earnings per common share - continuing operations (in dollars per share) | $ 0.79 | $ 1.56 | $ 3.27 | ||||||||
Basic net loss per common share - discontinued operations (in dollars per share) | (0.20) | 0 | 0 | ||||||||
Basic net earnings per common share (in dollars per share) | $ 0.62 | $ 0.07 | $ (0.97) | $ 1.19 | $ 0.03 | $ 0.40 | $ 0.13 | $ 1 | $ 0.59 | $ 1.56 | $ 3.27 |
Effect of dilutive restricted stock equivalents (in shares) | 0.3 | 0.5 | 0.5 | ||||||||
Effect of dilutive performance shares (in shares) | 0.2 | 0.2 | 0 | ||||||||
Diluted average shares outstanding (in shares) | 67.3 | 61.4 | 62.6 | ||||||||
Diluted net earnings per common share - continuing operations (in dollars per share) | $ 0.78 | $ 1.52 | $ 3.22 | ||||||||
Diluted net loss per common share - discontinued operations (in dollars per share) | (0.20) | 0 | 0 | ||||||||
Diluted net earnings per common share (in dollars per share) | $ 0.62 | $ 0.07 | $ (0.97) | $ 1.16 | $ 0.02 | $ 0.39 | $ 0.13 | $ 0.98 | $ 0.58 | $ 1.52 | $ 3.22 |
Performance Shares | |||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||||
Effect of dilutive performance shares (in shares) | 0.4 | 0.9 | 0.4 |
Shareholders' Equity (Narrative
Shareholders' Equity (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | Jan. 15, 2022 | Nov. 11, 2019 | Jan. 28, 2019 | Nov. 12, 2018 | Jan. 31, 2019 | Jun. 30, 2019 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | Jul. 01, 2015 |
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) | $ 0.01 | $ 0.01 | ||||||||
Common stock issued (in shares) | 4,687,498 | 72,386,840 | 62,420,421 | |||||||
Shares reserved for issuance (in shares) | 200,000 | 200,000 | ||||||||
Preferred stock issued (in shares) | 2,156,250 | 2,156,250 | 0 | |||||||
Repurchased shares of common stock (in shares) | 1,036,000 | 1,439,211 | 1,389,027 | |||||||
Common stock purchased | $ 45,000 | $ 70,000 | $ 58,700 | |||||||
Payments for repurchase of common stock | $ 43.46 | $ 48.66 | $ 42.23 | |||||||
Share repurchase liability | $ 800 | |||||||||
Dividends declared | $ 82,400 | 72,100 | $ 69,300 | |||||||
Dividends paid | 83,000 | 70,000 | 69,100 | |||||||
Dividends declared (in dollars per share) | $ 0.30 | |||||||||
Net proceeds from issuance of common stock | $ 205,300 | $ 205,300 | 0 | 0 | ||||||
Mandatory convertible preferred stock (in dollars per share) | $ 0.01 | $ 0.01 | ||||||||
Liquidation preference (in dollars per share) | $ 100 | |||||||||
Net proceeds from MCPS | $ 199,500 | |||||||||
Annual rate percentage | 7.50% | |||||||||
Dividends to preferred shareholders | $ 12,000 | |||||||||
Dividends paid on MCPS | 8,000 | $ 0 | $ 0 | |||||||
Payments for capped call transactions | $ 9,000 | |||||||||
Preferred Stock | ||||||||||
Class of Stock [Line Items] | ||||||||||
Accrued dividends | $ 4,000 | |||||||||
Common Stock | ||||||||||
Class of Stock [Line Items] | ||||||||||
Number of shares authorized for repurchase | 2,800,000 | 7,500,000 | ||||||||
Repurchased shares of common stock (in shares) | 1,036,000 | 1,439,000 | 1,389,000 | |||||||
Treasury Stock | ||||||||||
Class of Stock [Line Items] | ||||||||||
Common stock purchased | $ 45,000 | $ 70,000 | $ 58,700 | |||||||
Retained Earnings | ||||||||||
Class of Stock [Line Items] | ||||||||||
Dividends declared | 82,400 | $ 72,100 | $ 69,300 | |||||||
Dividends to preferred shareholders | $ 12,000 | |||||||||
Energizer Holdings, Inc. Equity Incentive Plan | ||||||||||
Class of Stock [Line Items] | ||||||||||
Reserved for issuance | 1,900,000 | |||||||||
Over-Allotment Option | ||||||||||
Class of Stock [Line Items] | ||||||||||
Common stock issued (in shares) | 611,412 | |||||||||
Preferred stock issued (in shares) | 281,250 | |||||||||
Spectrum Auto Care Acquisition | ||||||||||
Class of Stock [Line Items] | ||||||||||
Shares issued in acquisition (in shares) | 5,278,921 | |||||||||
Fair value of equity in acquisition | $ 240,500 | |||||||||
Closing stock price (in dollars per share) | $ 45.55 | |||||||||
Percentage of outstanding common shares | 4.90% | |||||||||
Value of common stock in company acquired | $ 65,120 | |||||||||
Minimum | Scenario, Forecast | ||||||||||
Class of Stock [Line Items] | ||||||||||
Shares of common stock (in shares) | 1,789,200 | |||||||||
Maximum | Scenario, Forecast | ||||||||||
Class of Stock [Line Items] | ||||||||||
Shares of common stock (in shares) | 2,173,900 | |||||||||
Subsequent Event | ||||||||||
Class of Stock [Line Items] | ||||||||||
Cash dividend (in dollars per share) | $ 1.875 |
Share-Based Payments (Narrative
Share-Based Payments (Narrative) (Details) $ / shares in Units, $ in Millions | Nov. 19, 2019$ / sharesshares | Nov. 12, 2018$ / sharesshares | Nov. 13, 2017$ / sharesshares | Jul. 08, 2015$ / sharesshares | Jul. 01, 2015shares | Nov. 30, 2016$ / sharesshares | Nov. 30, 2015$ / sharesshares | Sep. 30, 2019USD ($)shares | Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Income tax benefit | $ | $ 5.8 | $ 7.8 | $ 10.2 | |||||||
Closing stock price (in dollars per share) | $ / shares | $ 60.25 | $ 44.20 | $ 34.92 | $ 43.84 | $ 37.34 | |||||
Subsequent Event | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Closing stock price (in dollars per share) | $ / shares | $ 43.10 | |||||||||
Restricted Stock Equivalents | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Vesting period (in years) | 4 years | |||||||||
Shares granted | 500,000 | |||||||||
Unrecognized compensation cost | $ | $ 22.9 | |||||||||
Weighted-average period of recognition, in years | 1 year 1 month 6 days | |||||||||
Weighted-average fair value nonvested | $ | $ 21.1 | |||||||||
Weighted-average fair value vested | $ | 26.6 | |||||||||
Restricted Stock Equivalents | Key Executives | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Shares granted | 55,000 | 68,000 | 573,700 | 73,000 | 87,000 | |||||
Vesting period, in years | 5 years | |||||||||
Restricted Stock Equivalents | Key Executives | Subsequent Event | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Shares granted | 76,000 | |||||||||
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 | 73,000 | 100,000 | 92,000 | 106,000 | ||||||
Vesting period, in years | 4 years | 4 years | 4 years | 4 years | ||||||
Restricted Stock Equivalents | Key Employees | Subsequent Event | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Shares granted | 134,000 | |||||||||
Vesting period, in 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 | 380,000 | 476,000 | 498,000 | |||||||
Shares granted | 190,000 | 238,000 | 249,000 | |||||||
Performance period | 3 years | 3 years | 3 years | |||||||
Performance Restricted Stock Equivalents | Key Employees | Subsequent Event | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Maximum number of shares to be awarded, shares | 590,000 | |||||||||
Shares granted | 295,000 | |||||||||
Performance period | 3 years | |||||||||
Selling, General and Administrative Expenses | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Total compensation cost | $ | $ 27.1 | $ 28.2 | $ 24.3 | |||||||
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 | 1,000,000 |
Share-Based Payments (Summary o
Share-Based Payments (Summary of RSE Activity) (Details) - Restricted Stock Equivalents shares in Millions | 12 Months Ended |
Sep. 30, 2019$ / 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 | 0.5 |
Vested, shares | shares | (0.5) |
Canceled, shares | shares | (0.1) |
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 | $ 41.24 |
Granted, weighted-average grant date estimated fair value | $ / shares | 58.93 |
Vested, weighted-average grant date estimated fair value | $ / shares | 37.50 |
Canceled, weighted-average grant date estimated fair value | $ / shares | 46.24 |
Nonvested RSE, Ending Balance, weighted-average grant date estimated fair value | $ / shares | $ 47.70 |
Pension Plans (Narrative) (Deta
Pension Plans (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Plan settlement to projected benefit obligation and plan assets | $ 8.6 | $ 36.9 | |
Noncurrent assets | 11.4 | ||
Settlement loss on pension plan terminations | 3.7 | 14.1 | $ 0 |
United States | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Accumulated benefit obligation | $ 531.3 | 494.5 | |
Percentage of assets represented by U.S. plan | 79.00% | ||
United States | Equity Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target allocation percent | 40.00% | ||
United States | Debt Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target allocation percent | 60.00% | ||
United States | Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Noncurrent assets | $ 0 | 0 | |
Settlement loss on pension plan terminations | 0 | 0.1 | 0.5 |
Company contributions | 2.4 | ||
Net actuarial losses | 6.5 | ||
International Pension Plan Assets | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Accumulated benefit obligation | 143.7 | 141.2 | |
International Pension Plan Assets | Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Noncurrent assets | 12.1 | 17.1 | |
Settlement loss on pension plan terminations | 0.4 | $ 1 | $ 0.2 |
Company contributions | 3.3 | ||
Net actuarial losses | $ 1.4 |
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, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
United States | |||
Change in Projected Benefit Obligation | |||
Benefit obligation at beginning of year | $ 494.5 | $ 525.9 | |
Service cost | 0 | 0 | $ 0 |
Interest cost | 20.4 | 18.7 | 18.3 |
Actuarial loss/(gain) | 52.2 | (12.9) | |
Benefits paid | (35.8) | (36.8) | |
Plan settlements | 0 | (0.4) | |
Foreign currency exchange rate changes | 0 | 0 | |
Projected Benefit Obligation at end of year | 531.3 | 494.5 | 525.9 |
Change in Plan Assets | |||
Estimated fair value of plan assets at beginning of year | 456 | 477.2 | |
Actual return on plan assets | 40.8 | 13.2 | |
Company contributions | 2.5 | 2.8 | |
Plan settlements | 0 | (0.4) | |
Benefits paid | (35.8) | (36.8) | |
Foreign currency exchange rate changes | 0 | 0 | |
Estimated fair value of plan assets at end of year | 463.5 | 456 | 477.2 |
Funded status at end of year | (67.8) | (38.5) | |
International | |||
Change in Projected Benefit Obligation | |||
Benefit obligation at beginning of year | 142.6 | 203.5 | |
Service cost | 0.5 | 0.6 | 1.4 |
Interest cost | 2.9 | 3.9 | 3.4 |
Actuarial loss/(gain) | 22.2 | (13.8) | |
Benefits paid | (5.3) | (6.4) | |
Plan settlements | (10.7) | (41.1) | |
Foreign currency exchange rate changes | (6.4) | (4.1) | |
Projected Benefit Obligation at end of year | 145.8 | 142.6 | 203.5 |
Change in Plan Assets | |||
Estimated fair value of plan assets at beginning of year | 131.6 | 173.8 | |
Actual return on plan assets | 12.6 | 1.6 | |
Company contributions | 3.3 | 7.8 | |
Plan settlements | (13.5) | (41.1) | |
Benefits paid | (5.3) | (6.4) | |
Foreign currency exchange rate changes | (5.9) | (4.1) | |
Estimated fair value of plan assets at end of year | 122.8 | 131.6 | $ 173.8 |
Funded status at end of year | $ (23) | $ (11) |
Pension Plans (Schedule of Defi
Pension Plans (Schedule of Defined Benefit Plans Disclosures) (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Sep. 30, 2018 |
Amounts Recognized in the Consolidated Balance Sheets | ||
Noncurrent assets | $ 11.4 | |
Noncurrent liabilities | (109) | $ (70.2) |
United States | Pension Plan | ||
Amounts Recognized in the Consolidated Balance Sheets | ||
Noncurrent assets | 0 | 0 |
Current liabilities | (2.4) | (2.5) |
Noncurrent liabilities | (65.4) | (36) |
Net amount recognized | (67.8) | (38.5) |
Amounts Recognized in Accumulated Other Comprehensive Loss | ||
Net loss, pre tax | (182.7) | (149.2) |
International | Pension Plan | ||
Amounts Recognized in the Consolidated Balance Sheets | ||
Noncurrent assets | 12.1 | 17.1 |
Current liabilities | (0.6) | (0.6) |
Noncurrent liabilities | (34.5) | (27.5) |
Net amount recognized | (23) | (11) |
Amounts Recognized in Accumulated Other Comprehensive Loss | ||
Net loss, pre tax | $ (40.9) | $ (29.9) |
Pension Plans (Schedule of De_2
Pension Plans (Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss)) (Details) - Pension Plan $ in Millions | 12 Months Ended |
Sep. 30, 2019USD ($) | |
United States | |
Changes in plan assets and benefit obligations recognized in other comprehensive (loss)/income | |
Net loss arising during the year | $ (37.5) |
Effect of exchange rates | 0 |
Amounts recognized as a component of net periodic benefit cost | |
Amortization or settlement recognition of net gain | 4 |
Total loss recognized in other comprehensive loss | (33.5) |
International | |
Changes in plan assets and benefit obligations recognized in other comprehensive (loss)/income | |
Net loss arising during the year | (14.5) |
Effect of exchange rates | 1.3 |
Amounts recognized as a component of net periodic benefit cost | |
Amortization or settlement recognition of net gain | 2.2 |
Total loss recognized in other comprehensive loss | $ (11) |
Pension Plans (Schedule of Expe
Pension Plans (Schedule of Expected Benefit Payments) (Details) - Pension Plan $ in Millions | Sep. 30, 2019USD ($) |
United States | |
Defined Benefit Plan Disclosure [Line Items] | |
2018 | $ 37.6 |
2019 | 37.2 |
2020 | 36.4 |
2021 | 36.4 |
2022 | 36.1 |
2023 to 2027 | 162 |
International | |
Defined Benefit Plan Disclosure [Line Items] | |
2018 | 4.8 |
2019 | 4.9 |
2020 | 5 |
2021 | 4.8 |
2022 | 5 |
2023 to 2027 | $ 25.8 |
Pension Plans (Schedule of Bene
Pension Plans (Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets) (Details) - Pension Plan - USD ($) $ in Millions | Sep. 30, 2019 | Sep. 30, 2018 |
United States | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | $ 531.3 | $ 494.5 |
Accumulated benefit obligation | 531.3 | 494.5 |
Estimated fair value of plan assets | 463.5 | 456 |
International | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | 73.5 | 66.3 |
Accumulated benefit obligation | 71.4 | 64.9 |
Estimated fair value of plan assets | $ 38.5 | $ 38.2 |
Pension Plans (Schedule of Net
Pension Plans (Schedule of Net Benefit Costs) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Settlement loss recognized on other pension plans | $ 3.7 | $ 14.1 | $ 0 |
United States | Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 0 | 0 | 0 |
Interest cost | 20.4 | 18.7 | 18.3 |
Expected return on plan assets | (26.2) | (30.1) | (34.3) |
Recognized net actuarial loss | 4.1 | 4.4 | 4.8 |
Settlement loss recognized on other pension plans | 0 | 0.1 | 0.5 |
Net periodic (benefit)/expense | (1.7) | (6.9) | (10.7) |
United States | Canadian Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Settlement loss recognized on other pension plans | 0 | 0 | 0 |
United States | Ireland Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Settlement loss recognized on other pension plans | 0 | 0 | 0 |
International | Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 0.5 | 0.6 | 1.4 |
Interest cost | 2.9 | 3.9 | 3.4 |
Expected return on plan assets | (4.9) | (6.3) | (8) |
Recognized net actuarial loss | 0.9 | 2 | 3.4 |
Settlement loss recognized on other pension plans | 0.4 | 1 | 0.2 |
Net periodic (benefit)/expense | 3.5 | 15.3 | 0.4 |
International | Canadian Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Settlement loss recognized on other pension plans | 0 | 14.1 | 0 |
International | Ireland Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Settlement loss recognized on other pension plans | $ 3.7 | $ 0 | $ 0 |
Pension Plans (Schedule of Assu
Pension Plans (Schedule of Assumptions Used) (Details) - Pension Plan | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
United States | |||
Plan obligations: | |||
Discount rate | 3.10% | 4.30% | 3.70% |
Compensation increase rate | 0.00% | 0.00% | 0.00% |
Net periodic benefit cost: | |||
Discount rate | 4.30% | 3.70% | 3.40% |
Expected long-term rate of return on plan assets | 5.90% | 6.60% | 7.50% |
Compensation increase rate | 0.00% | 0.00% | 0.00% |
International | |||
Plan obligations: | |||
Discount rate | 1.60% | 2.10% | 2.10% |
Compensation increase rate | 2.10% | 2.10% | 2.40% |
Net periodic benefit cost: | |||
Discount rate | 2.10% | 2.10% | 1.70% |
Expected long-term rate of return on plan assets | 3.80% | 3.80% | 5.10% |
Compensation increase rate | 2.10% | 2.40% | 3.20% |
Pension Plans (Schedule of Allo
Pension Plans (Schedule of Allocation of Plan Assets) (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 |
Defined Benefit Plan Disclosure [Line Items] | |||
Assets Measured at Net Asset Value | $ 11.4 | ||
United States | Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at estimated fair value | 463.5 | $ 456 | $ 477.2 |
Assets Measured at Net Asset Value | 0 | 0 | |
United States | Pension Plan | U.S. Equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at estimated fair value | 66 | 67.7 | |
Assets Measured at Net Asset Value | 64.6 | 65.5 | |
United States | Pension Plan | International Equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at estimated fair value | 3.1 | 3.1 | |
Assets Measured at Net Asset Value | 45 | 46.5 | |
United States | Pension Plan | U.S. Government | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at estimated fair value | 276.2 | 270.3 | |
United States | Pension Plan | Other Government | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at estimated fair value | 1.8 | 0 | |
Assets Measured at Net Asset Value | 0 | ||
United States | Pension Plan | Corporate | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at estimated fair value | 0 | 0 | |
Assets Measured at Net Asset Value | 0 | 0 | |
United States | Pension Plan | CASH & CASH EQUIVALENTS | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at estimated fair value | 0 | 0 | |
United States | Pension Plan | OTHER | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at estimated fair value | 6.8 | 2.9 | |
United States | Pension Plan | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at estimated fair value | 69.1 | 70.8 | |
United States | Pension Plan | Level 1 | U.S. Equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at estimated fair value | 66 | 67.7 | |
United States | Pension Plan | Level 1 | International Equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at estimated fair value | 3.1 | 3.1 | |
United States | Pension Plan | Level 1 | U.S. Government | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at estimated fair value | 0 | 0 | |
United States | Pension Plan | Level 1 | Other Government | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at estimated fair value | 0 | 0 | |
United States | Pension Plan | Level 1 | Corporate | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at estimated fair value | 0 | 0 | |
United States | Pension Plan | Level 1 | CASH & CASH EQUIVALENTS | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at estimated fair value | 0 | 0 | |
United States | Pension Plan | Level 1 | OTHER | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at estimated fair value | 0 | 0 | |
United States | Pension Plan | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at estimated fair value | 284.8 | 273.2 | |
United States | Pension Plan | Level 2 | U.S. Equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at estimated fair value | 0 | 0 | |
United States | Pension Plan | Level 2 | International Equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at estimated fair value | 0 | 0 | |
United States | Pension Plan | Level 2 | U.S. Government | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at estimated fair value | 276.2 | 270.3 | |
United States | Pension Plan | Level 2 | Other Government | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at estimated fair value | 1.8 | 0 | |
United States | Pension Plan | Level 2 | Corporate | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at estimated fair value | 0 | 0 | |
United States | Pension Plan | Level 2 | CASH & CASH EQUIVALENTS | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at estimated fair value | 0 | 0 | |
United States | Pension Plan | Level 2 | OTHER | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at estimated fair value | 6.8 | 2.9 | |
International Pension Plan Assets | Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at estimated fair value | 122.8 | 131.6 | $ 173.8 |
Assets Measured at Net Asset Value | 12.1 | 17.1 | |
International Pension Plan Assets | Pension Plan | U.S. Equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at estimated fair value | 0 | 1.6 | |
Assets Measured at Net Asset Value | 0 | 0 | |
International Pension Plan Assets | Pension Plan | International Equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at estimated fair value | 8.7 | 5.9 | |
Assets Measured at Net Asset Value | 28.9 | 41.8 | |
International Pension Plan Assets | Pension Plan | U.S. Government | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at estimated fair value | 0 | 0 | |
International Pension Plan Assets | Pension Plan | Other Government | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at estimated fair value | 9 | 7.5 | |
Assets Measured at Net Asset Value | 39.4 | ||
International Pension Plan Assets | Pension Plan | Corporate | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at estimated fair value | 30.2 | 13.6 | |
Assets Measured at Net Asset Value | 37.7 | 9.9 | |
International Pension Plan Assets | Pension Plan | CASH & CASH EQUIVALENTS | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at estimated fair value | 2.5 | 6 | |
International Pension Plan Assets | Pension Plan | OTHER | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at estimated fair value | 5.8 | 5.9 | |
International Pension Plan Assets | Pension Plan | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at estimated fair value | 0 | 0 | |
International Pension Plan Assets | Pension Plan | Level 1 | U.S. Equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at estimated fair value | 0 | 0 | |
International Pension Plan Assets | Pension Plan | Level 1 | International Equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at estimated fair value | 0 | 0 | |
International Pension Plan Assets | Pension Plan | Level 1 | U.S. Government | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at estimated fair value | 0 | 0 | |
International Pension Plan Assets | Pension Plan | Level 1 | Other Government | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at estimated fair value | 0 | 0 | |
International Pension Plan Assets | Pension Plan | Level 1 | Corporate | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at estimated fair value | 0 | 0 | |
International Pension Plan Assets | Pension Plan | Level 1 | CASH & CASH EQUIVALENTS | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at estimated fair value | 0 | 0 | |
International Pension Plan Assets | Pension Plan | Level 1 | OTHER | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at estimated fair value | 0 | 0 | |
International Pension Plan Assets | Pension Plan | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at estimated fair value | 56.2 | 40.5 | |
International Pension Plan Assets | Pension Plan | Level 2 | U.S. Equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at estimated fair value | 0 | 1.6 | |
International Pension Plan Assets | Pension Plan | Level 2 | International Equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at estimated fair value | 8.7 | 5.9 | |
International Pension Plan Assets | Pension Plan | Level 2 | U.S. Government | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at estimated fair value | 0 | 0 | |
International Pension Plan Assets | Pension Plan | Level 2 | Other Government | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at estimated fair value | 9 | 7.5 | |
International Pension Plan Assets | Pension Plan | Level 2 | Corporate | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at estimated fair value | 30.2 | 13.6 | |
International Pension Plan Assets | Pension Plan | Level 2 | CASH & CASH EQUIVALENTS | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at estimated fair value | 2.5 | 6 | |
International Pension Plan Assets | Pension Plan | Level 2 | OTHER | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at estimated fair value | $ 5.8 | $ 5.9 |
Defined Contribution Plan (Narr
Defined Contribution Plan (Narrative) (Details) $ in Millions | Jan. 01, 2014 | Sep. 30, 2019USD ($)employee | Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) |
Retirement Benefits [Abstract] | ||||
Percentage of company match | 100.00% | |||
Maximum percentage of eligible compensation | 6.00% | |||
Charged to expense | $ | $ 7.8 | $ 5.7 | $ 5.5 | |
Colleagues added to plan | employee | 900 |
Debt (Schedule of Long-term Deb
Debt (Schedule of Long-term Debt Instruments) (Details) $ in Millions | Sep. 30, 2019EUR (€) | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Jan. 17, 2019USD ($) | Sep. 30, 2018USD ($) | Jun. 21, 2018EUR (€) | Jun. 21, 2018USD ($) |
Debt Instrument [Line Items] | |||||||
Total gross long-term debt, including current maturities | $ 3,515.3 | $ 988 | |||||
Capital lease obligations | 46.9 | 0 | |||||
Less current portion | (1.6) | $ (1.6) | 0 | ||||
Less current portion | 0 | (4) | |||||
Less unamortized debt discount and debt issuance fees | (52.1) | (7.9) | |||||
Total long-term debt | 3,461.6 | 976.1 | |||||
Total long-term debt held in escrow | 0 | 1,254.2 | |||||
Less unamortized debt discount and debt issuance fees | 0 | (23.5) | |||||
Total long-term debt held in escrow | 0 | 1,230.7 | |||||
Senior Notes | 6.375% Senior Notes due 2026 | |||||||
Debt Instrument [Line Items] | |||||||
Total gross long-term debt, including current maturities | 500 | 0 | |||||
Total long-term debt held in escrow | $ 0 | 500 | |||||
Stated interest rate of debt | 6.375% | 6.375% | 6.375% | 6.375% | |||
Face amount of debt | $ 500 | ||||||
Senior Notes | 4.625% Senior Notes due 2026 (Euro Notes of €650.0) | |||||||
Debt Instrument [Line Items] | |||||||
Total gross long-term debt, including current maturities | $ 708.4 | 0 | |||||
Total long-term debt held in escrow | $ 0 | 754.2 | |||||
Stated interest rate of debt | 4.625% | 4.625% | 4.625% | 4.625% | |||
Face amount of debt | € | € 650,000,000 | € 650,000,000 | |||||
Senior Notes | 7.750% Senior Notes due 2027 | |||||||
Debt Instrument [Line Items] | |||||||
Total gross long-term debt, including current maturities | $ 600 | 0 | |||||
Stated interest rate of debt | 7.75% | 7.75% | |||||
Senior Notes | 5.50% Senior Notes due 2025 | |||||||
Debt Instrument [Line Items] | |||||||
Total gross long-term debt, including current maturities | $ 600 | 600 | |||||
Stated interest rate of debt | 5.50% | 5.50% | 7.75% | ||||
Face amount of debt | $ 600 | ||||||
Senior secured term loan | Senior Secured Term Loan A Facility due 2021 | |||||||
Debt Instrument [Line Items] | |||||||
Total gross long-term debt, including current maturities | $ 77.5 | 0 | |||||
Senior secured term loan | Senior Secured Term Loan B Facility due 2025 | |||||||
Debt Instrument [Line Items] | |||||||
Total gross long-term debt, including current maturities | 982.5 | 0 | |||||
Senior secured term loan | Senior Secured Term Loan B Facility due 2022 | |||||||
Debt Instrument [Line Items] | |||||||
Total gross long-term debt, including current maturities | $ 0 | $ 388 |
Debt (Narrative) (Details)
Debt (Narrative) (Details) $ in Millions | Dec. 17, 2018USD ($) | Jun. 21, 2018EUR (€)debt_instrument | Mar. 16, 2017 | Jun. 01, 2015 | Jun. 30, 2019USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2019EUR (€) | Sep. 30, 2019USD ($) | Apr. 01, 2019USD ($) | Jan. 17, 2019USD ($) | Jun. 21, 2018USD ($) | Feb. 28, 2018USD ($) | Mar. 01, 2017 | Aug. 31, 2015USD ($) |
Debt Instrument [Line Items] | ||||||||||||||||
Short-term debt interest rate | 4.30% | 3.80% | 3.80% | |||||||||||||
Deferred financing fees | $ 40.1 | $ 40.1 | $ 22.6 | $ 0.8 | ||||||||||||
Number of instruments | debt_instrument | 2 | |||||||||||||||
Notes payable | 247.3 | $ 31.9 | ||||||||||||||
Interest Rate Swap | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Variable rate debt hedged | 0 | 200 | ||||||||||||||
Interest rate on derivative instrument | 2.47% | |||||||||||||||
Notional value | 300 | $ 50 | $ 400 | |||||||||||||
Revolving Facility | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Term of debt | 5 years | |||||||||||||||
Maximum amount for line of credit | $ 400 | |||||||||||||||
Outstanding letters of credit | 240 | |||||||||||||||
Remaining available amount on letters of credit | 370.2 | |||||||||||||||
Revolving Facility | International | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Outstanding letters of credit | 6.9 | |||||||||||||||
Notes payable | $ 7.3 | |||||||||||||||
Letter of Credit | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Outstanding letters of credit | $ 4.8 | |||||||||||||||
6.375% Senior Notes due 2026 | Senior Notes | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Face amount of debt | $ 500 | |||||||||||||||
Stated interest rate of debt | 6.375% | 6.375% | 6.375% | 6.375% | ||||||||||||
4.625% Senior Notes due 2026 (Euro Notes of €650.0) | Senior Notes | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Face amount of debt | € | € 650,000,000 | € 650,000,000 | ||||||||||||||
Stated interest rate of debt | 4.625% | 4.625% | 4.625% | 4.625% | ||||||||||||
Term Loan A Facility | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Principal payments as a percentage of the original principal balance | 6.25% | |||||||||||||||
Periodic payment, principal | $ 12.5 | |||||||||||||||
Term Loan A Facility | Battery Acquisition | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Term of debt | 3 years | |||||||||||||||
Face amount of debt | $ 200 | |||||||||||||||
Term Loan B Facility | Battery Acquisition | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Term of debt | 7 years | |||||||||||||||
Face amount of debt | $ 1,000 | |||||||||||||||
5.50% Senior Notes due 2025 | Senior Notes | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Face amount of debt | $ 600 | |||||||||||||||
Stated interest rate of debt | 5.50% | 5.50% | 7.75% | |||||||||||||
Senior Secured Term Loan B Facility due 2022 | Senior secured term loan | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Principal payments as a percentage of the original principal balance | 0.25% | |||||||||||||||
Periodic payment, principal | $ 2.5 | |||||||||||||||
Repayments of debt | 17.5 | |||||||||||||||
Senior Secured Term Loan B Facility due 2022 | Senior secured term loan | Interest Rate Swap | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Variable rate debt hedged | $ 200 | |||||||||||||||
Fixed interest rate | 2.03% | |||||||||||||||
Senior Secured Term Loan B Facility due 2022 | Senior secured term loan | LIBOR | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Basis points | 2.00% | 2.50% | ||||||||||||||
Basis points floor | 75.00% | |||||||||||||||
Senior Secured Term Loan A Facility due 2021 | Senior secured term loan | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Repayments of debt | $ 122.5 |
Debt (Long-term Debt Maturities
Debt (Long-term Debt Maturities) (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Jun. 30, 2019 | Sep. 30, 2018 |
Debt Disclosure [Abstract] | |||
Maturities of long term debt in one year | $ 0 | ||
Capital Leases, Future Minimum Payments, Next Rolling Twelve Months | 9.5 | ||
Maturities of long term debt in two years | 12.5 | ||
Capital Leases, Future Minimum Payments, Due in Rolling Year Two | 9.4 | ||
Maturities of long term debt in three years | 85 | ||
Capital Leases, Future Minimum Payments, Due in Rolling Year Three | 9.4 | ||
Maturities of long term debt in four years | 10 | ||
Capital Leases, Future Minimum Payments, Due in Rolling Year Four | 8.1 | ||
Maturities of long term debt in five years | 10 | ||
Capital Leases, Future Minimum Payments, Due in Rolling Year Five | 7.7 | ||
Maturities of long term debt thereafter | 3,350.9 | ||
Capital Leases, Future Minimum Payments, Due in Rolling after Year Five | 74.3 | ||
Long-term Debt, Gross | 3,468.4 | ||
Capital Leases, Future Minimum Payments Due | 118.4 | ||
Capital Leases, Future Minimum Payments, Interest Included in Payments | (71.5) | ||
Capital lease obligations | 46.9 | $ 0 | |
Current portion of capital leases | $ 1.6 | $ 1.6 | $ 0 |
Noncurrent portion of capital leases | $ 45.3 |
Financial Instruments and Ris_3
Financial Instruments and Risk Management (Narrative) (Details) | 1 Months Ended | 12 Months Ended | ||||||
Jun. 30, 2018USD ($) | Sep. 30, 2019USD ($)derivative_instrumentContract | Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Apr. 01, 2019USD ($) | Feb. 28, 2018USD ($) | Mar. 01, 2017 | Aug. 31, 2015USD ($) | |
Derivative [Line Items] | ||||||||
Unrecognized pretax gain (loss) | $ 4,700,000 | $ 7,700,000 | ||||||
Gain/(Loss) Recognized in Income | 13,600,000 | 15,200,000 | $ 0 | |||||
Interest Rate Swap | ||||||||
Derivative [Line Items] | ||||||||
Notional value | 300,000,000 | $ 50,000,000 | $ 400,000,000 | |||||
Variable rate debt converted to fixed rate debt | 200,000,000 | 0 | ||||||
Interest rate on derivative instrument | 2.47% | |||||||
Foreign currency contracts | ||||||||
Derivative [Line Items] | ||||||||
Gain related to hedge contract | $ 9,400,000 | |||||||
Portion of pre-tax gain included in AOCI expected to be included in earnings | 4,500,000 | |||||||
Line of Credit | Senior secured term loan | ||||||||
Derivative [Line Items] | ||||||||
Face amount of debt | 1,060,000,000 | |||||||
Line of Credit | Revolving Facility | ||||||||
Derivative [Line Items] | ||||||||
Face amount of debt | 25,000,000 | |||||||
Estimate of Fair Value Measurement | ||||||||
Derivative [Line Items] | ||||||||
Fair market value of fixed rate long-term debt | 2,474,700,000 | 599,200,000 | ||||||
Long-term debt held in escrow, fair value disclosure | 1,274,400,000 | |||||||
Reported Value Measurement | ||||||||
Derivative [Line Items] | ||||||||
Fair market value of fixed rate long-term debt | 2,408,400,000 | 600,000,000 | ||||||
Long-term debt held in escrow, fair value disclosure | 1,254,200,000 | |||||||
Not Designated as Hedging Instrument | Foreign currency contracts | ||||||||
Derivative [Line Items] | ||||||||
Notional value | 206,000,000 | |||||||
Derivatives | $ (4,300,000) | 100,000 | ||||||
Open foreign currency contracts | derivative_instrument | 10 | |||||||
Gain/(Loss) Recognized in Income | $ 5,300,000 | 9,300,000 | ||||||
Cash Flow Hedging | Foreign currency contracts | ||||||||
Derivative [Line Items] | ||||||||
Unrealized pre-tax gain (loss) | 4,500,000 | 4,300,000 | ||||||
Cash Flow Hedging | Designated as Hedging Instrument | ||||||||
Derivative [Line Items] | ||||||||
Derivatives | $ 1,200,000 | (12,000,000) | ||||||
Cash Flow Hedging | Designated as Hedging Instrument | Zinc contracts | ||||||||
Derivative [Line Items] | ||||||||
Number of open contracts | Contract | 8 | |||||||
Notional value | $ 23,000,000 | |||||||
Derivatives | 1,000,000 | 0 | ||||||
Cash Flow Hedging | Designated as Hedging Instrument | Foreign currency contracts | ||||||||
Derivative [Line Items] | ||||||||
Notional value | 145,000,000 | |||||||
Derivatives | $ (4,500,000) | $ (4,300,000) | ||||||
Open foreign currency contracts | derivative_instrument | 64 | |||||||
Customer Concentration Risk | Wal-Mart Stores, Inc. | Net sales | ||||||||
Derivative [Line Items] | ||||||||
Percentage of net sales from major customer | 13.80% | 11.50% | 12.10% | |||||
Senior Secured Term Loan B Facility due 2022 | Senior secured term loan | Interest Rate Swap | ||||||||
Derivative [Line Items] | ||||||||
Variable rate debt converted to fixed rate debt | $ 200,000,000 | |||||||
Fixed interest rate | 2.03% |
Financial Instruments and Ris_4
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, 2019 | Sep. 30, 2018 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Estimated Fair Value Asset | $ (1.2) | $ 12 |
Pre-Tax Gain/(Loss) Recognized in OCI | (4.2) | 14.7 |
Pre-Tax Gain/(Loss) Reclassified From OCI into Income (Effective Portion) | 8.7 | (4.7) |
Foreign currency contracts | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Estimated Fair Value Asset | 4.5 | 4.3 |
Pre-Tax Gain/(Loss) Recognized in OCI | 8.6 | 6.3 |
Pre-Tax Gain/(Loss) Reclassified From OCI into Income (Effective Portion) | 8.4 | (3.8) |
Interest rate swaps (2017 and 2018) | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Estimated Fair Value Asset | (4.7) | 7.7 |
Pre-Tax Gain/(Loss) Recognized in OCI | (11.8) | 8.4 |
Pre-Tax Gain/(Loss) Reclassified From OCI into Income (Effective Portion) | 0.3 | (0.9) |
Zinc contracts | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Estimated Fair Value Asset | (1) | $ 0 |
Pre-Tax Gain/(Loss) Recognized in OCI | (1) | |
Pre-Tax Gain/(Loss) Reclassified From OCI into Income (Effective Portion) | $ 0 |
Financial Instruments and Ris_5
Financial Instruments and Risk Management (Derivative Instruments, Gain (Loss)) (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | ||
Jun. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain/(Loss) Recognized in Income | $ 13.6 | $ 15.2 | $ 0 | |
Divestment Business | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain related to hedge contract | (4.6) | |||
Foreign currency contracts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain related to hedge contract | $ 9.4 | |||
Not Designated as Hedging Instrument | Foreign currency contracts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Estimated Fair Value Asset | 4.3 | (0.1) | ||
Gain/(Loss) Recognized in Income | $ 5.3 | $ 9.3 |
Financial Instruments and Ris_6
Financial Instruments and Risk Management (Offsetting Assets and Liabilities) (Details) - Foreign currency contracts - USD ($) $ in Millions | Sep. 30, 2019 | Sep. 30, 2018 |
Derivatives, Fair Value [Line Items] | ||
Gross amounts of recognized assets | $ 9.4 | $ 4.7 |
Gross amounts offset in the Balance Sheet, assets | (0.4) | (0.2) |
Net amounts of assets presented in the Balance Sheet | 9 | 4.5 |
Gross amounts of recognized liabilities | (0.4) | (0.3) |
Gross amounts offset in the Balance Sheet, liabilities | 0.2 | 0 |
Net amounts of liabilities presented in the Balance Sheet | $ (0.2) | $ (0.3) |
Financial Instruments and Ris_7
Financial Instruments and Risk Management (Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis) (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Sep. 30, 2018 |
Level 2 | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deferred Compensation | $ (28.1) | $ (29) |
Exit lease liability | (0.1) | (0.6) |
Net Liabilities at estimated fair value | (25.1) | (17.7) |
Interest rate swap | Level 2 | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | (4.7) | 7.7 |
Estimate of Fair Value Measurement | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair market value of fixed rate long-term debt | 2,474.7 | 599.2 |
Not Designated as Hedging Instrument | Foreign Currency Contract | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 4.3 | (0.1) |
Cash Flow Hedging | Designated as Hedging Instrument | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | (1.2) | 12 |
Cash Flow Hedging | Designated as Hedging Instrument | Foreign Currency Contract | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 4.5 | 4.3 |
Cash Flow Hedging | Designated as Hedging Instrument | Interest rate swap | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | (4.7) | 7.7 |
Cash Flow Hedging | Designated as Hedging Instrument | Zinc contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | $ (1) | $ 0 |
Environmental and Regulatory (D
Environmental and Regulatory (Details) $ in Millions | Sep. 30, 2019USD ($) |
Environmental Remediation Obligations [Abstract] | |
Accrued environmental costs | $ 8.2 |
Accrued environmental costs expected to be spent within the next year | $ 2 |
Other Commitments and Conting_2
Other Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Operating lease rental expense | $ 15.3 | $ 13 | $ 13.8 |
2018 | 16.8 | ||
2019 | 10.3 | ||
2020 | 6.6 | ||
2021 | 5.8 | ||
2022 | 5.4 | ||
Thereafter | 38.9 | ||
Purchase obligations | $ 16 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive (Loss)/Income (Schedule of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | $ (241.8) | $ (238.8) | $ (266.1) |
OCI before reclassifications | (23.9) | (2.5) | 20 |
Reclassifications to earnings | (14.1) | 19.9 | 7.3 |
Reclassifications to retained earnings | (20.4) | ||
Activity related to discontinued operations | (18.5) | ||
Ending balance | (298.3) | (241.8) | (238.8) |
Foreign Currency Translation Adjustments | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | (113.6) | (93.1) | (99.4) |
OCI before reclassifications | 9 | (20.5) | 6.3 |
Reclassifications to earnings | 0 | 0 | 0 |
Reclassifications to retained earnings | 0 | ||
Activity related to discontinued operations | (19.4) | ||
Ending balance | (124) | (113.6) | (93.1) |
Pension Activity | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | (136.4) | (139.4) | (159.9) |
OCI before reclassifications | (29.5) | 6.7 | 14.3 |
Reclassifications to earnings | (7.4) | 16.2 | 6.2 |
Reclassifications to retained earnings | (19.9) | ||
Activity related to discontinued operations | |||
Ending balance | (173.3) | (136.4) | (139.4) |
Foreign Currency Contracts | Foreign Currency Contracts | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | 3.3 | (4.5) | (0.7) |
OCI before reclassifications | 6.3 | 4.8 | (3.4) |
Reclassifications to earnings | (6.5) | 3 | (0.4) |
Reclassifications to retained earnings | 0 | ||
Activity related to discontinued operations | 0 | ||
Ending balance | 3.1 | 3.3 | (4.5) |
Interest Rate Swap | Foreign Currency Contracts | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | 4.9 | (1.8) | (6.1) |
OCI before reclassifications | (9) | 6.5 | 2.8 |
Reclassifications to earnings | (0.2) | 0.7 | 1.5 |
Reclassifications to retained earnings | (0.5) | ||
Activity related to discontinued operations | 0 | ||
Ending balance | (4.3) | 4.9 | (1.8) |
Zinc contracts | Foreign Currency Contracts | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | 0 | 0 | 0 |
OCI before reclassifications | (0.7) | 0 | 0 |
Reclassifications to earnings | 0 | 0 | 0 |
Reclassifications to retained earnings | 0 | ||
Activity related to discontinued operations | 0.9 | ||
Ending balance | $ 0.2 | $ 0 | $ 0 |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive (Loss)/Income (Reclassification out of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
(2) | $ 14.3 | $ 6.6 | $ 5 | ||||||||
Interest expense | (226) | (98.4) | (53.1) | ||||||||
Earnings before income taxes | 73.1 | 175.2 | 273.3 | ||||||||
Tax (expense)/benefit | (8.4) | (81.7) | (71.8) | ||||||||
Net earnings | $ 47 | $ 9.2 | $ (62.3) | $ 70.8 | $ 1.5 | $ 23.8 | $ 7.8 | $ 60.4 | 51.1 | 93.5 | 201.5 |
Settlement loss on Canadian pension plan termination | (3.7) | (14.1) | 0 | ||||||||
Total reclassifications for the period | 52.7 | 93.5 | 201.5 | ||||||||
Canadian Pension Plan | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Settlement loss on Canadian pension plan termination | $ (10.4) | $ 0 | $ 0 | $ 0 | 0 | (14.1) | 0 | ||||
Ireland Pension Plan | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Settlement loss on Canadian pension plan termination | $ (3.7) | $ 0 | $ 0 | $ 0 | 3.7 | 0 | 0 | ||||
Foreign Currency Contracts | Amount Reclassified from AOCI | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
(2) | 8.4 | (3.8) | 0.4 | ||||||||
Interest expense | 0.3 | (0.9) | (2.4) | ||||||||
Earnings before income taxes | 8.7 | (4.7) | (2) | ||||||||
Tax (expense)/benefit | (2) | 1 | 0.9 | ||||||||
Net earnings | 6.7 | (3.7) | (1.1) | ||||||||
Pension Activity | Amount Reclassified from AOCI | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Earnings before income taxes | 9.1 | (21.6) | (8.9) | ||||||||
Tax (expense)/benefit | (1.7) | 5.4 | 2.7 | ||||||||
Net earnings | 7.4 | (16.2) | (6.2) | ||||||||
Actuarial losses | 5 | (6.4) | (8.2) | ||||||||
Settlement losses on other plans | 0.4 | (1.1) | (0.7) | ||||||||
Foreign Currency Translation Adjustments | Amount Reclassified from AOCI | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Total reclassifications for the period | $ 14.1 | $ (19.9) | $ (7.3) |
Supplemental Financial Statem_3
Supplemental Financial Statement Information (Supplemental Statement of Income Information) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Financial Statement Related Disclosures [Abstract] | |||
Interest income | $ (7.7) | $ (1.4) | $ (2) |
Interest income on restricted cash | (5.8) | (5.2) | 0 |
Foreign currency exchange loss | 5.2 | 8.1 | 4.7 |
Pension expense other than service costs | (2.3) | (6.3) | (11.7) |
Settlement loss on pension plan terminations | 3.7 | 14.1 | 0 |
Acquisition foreign currency gains | (13.6) | (15.2) | 0 |
Settlement of acquired business hedging contracts | 1.5 | 0 | 0 |
Loss on sale of promotional business | 0 | 0 | 3.3 |
Transition services agreement income | (1.4) | 0 | 0 |
Other | 6.1 | (0.7) | 0.7 |
Other items, net | $ (14.3) | $ (6.6) | $ (5) |
Supplemental Financial Statem_4
Supplemental Financial Statement Information (Supplemental Balance Sheet Information) (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Sep. 30, 2018 |
Inventories | ||
Raw materials and supplies | $ 70.5 | $ 40 |
Work in process | 103.7 | 86.5 |
Finished products | 295.1 | 196.6 |
Total inventories | 469.3 | 323.1 |
Other Current Assets | ||
Miscellaneous receivables | 16.5 | 9.9 |
Due from Related Parties, Current | 7.6 | 0 |
Prepaid expenses | 71.3 | 52.2 |
Value added tax collectible from customers | 23.1 | 20.8 |
Other | 58.6 | 12.6 |
Total other current assets | 177.1 | 95.5 |
Property, plant and equipment | ||
Land | 9.6 | 4.5 |
Buildings | 119.9 | 110.8 |
Machinery and equipment | 823 | 696.2 |
Capital leases | 50.4 | 0 |
Construction in progress | 25.8 | 12.1 |
Total gross property | 1,028.7 | 823.6 |
Accumulated depreciation | (666.7) | (656.9) |
Total property, plant and equipment, net | 362 | 166.7 |
Other Current Liabilities | ||
Accrued advertising, sales promotion and allowances | 11.8 | 16.5 |
Accrued trade promotions | 53.1 | 39.4 |
Accrued salaries, vacations and incentive compensation | 59.2 | 48.8 |
Accrued interest expense | 37.4 | 27.1 |
Due to Spectrum | 2.6 | 0 |
Accrued acquisition and integration costs | 7.9 | 0 |
Restructuring reserve | 9.8 | 0 |
Income taxes payable | 23.4 | 23.4 |
Other | 128.4 | 115.8 |
Total other current liabilities | 333.6 | 271 |
Other Liabilities | ||
Pensions and other retirement benefits | 109 | 70.2 |
Deferred compensation | 28.1 | 29 |
Mandatory transition tax | 16.7 | 33.1 |
Other non-current liabilities | 50.8 | 44.7 |
Total other liabilities | $ 204.6 | $ 177 |
Supplemental Financial Statem_5
Supplemental Financial Statement Information (Schedule Of Allowance For Doubtful Accounts) (Details) - Allowance for Doubtful Accounts - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Allowance for Doubtful Accounts | |||
Balance at beginning of year | $ 4 | $ 5.8 | $ 6.9 |
Provision charged to expense, net of reversals | 1.5 | (0.8) | (0.7) |
Write-offs, less recoveries, translation, other | (1.7) | (1) | (0.4) |
Balance at end of year | $ 3.8 | $ 4 | $ 5.8 |
Supplemental Financial Statem_6
Supplemental Financial Statement Information (Summary of Income Tax Valuation Allowance) (Details) - Income Tax Valuation Allowance - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Income Tax Valuation Allowance | |||
Balance at beginning of year | $ 12 | $ 19.3 | $ 19.7 |
Provision charged to expense, net of reversals | 0.7 | (7.3) | 1.3 |
Reversal of provision charged to expense | (0.4) | 0 | 0 |
Translation, other | (0.4) | 0 | (1.7) |
Balance at end of year | $ 11.9 | $ 12 | $ 19.3 |
Supplemental Financial Statem_7
Supplemental Financial Statement Information (Schedule of Cash Flow, Supplemental Disclosures) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Financial Statement Related Disclosures [Abstract] | |||
Interest paid | $ 170.3 | $ 54.3 | $ 51 |
Income taxes paid, net | $ 43.3 | $ 46.2 | $ 40.2 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Millions | Jan. 28, 2019 | Nov. 15, 2018 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 |
Related Party Transaction [Line Items] | |||||||||||||
Selling, general and administrative expense | $ 515.7 | $ 421.7 | $ 361.3 | ||||||||||
Cost of products sold | 1,490.7 | 966.8 | 944.4 | ||||||||||
Transition services agreement income | (1.4) | 0 | 0 | ||||||||||
Other items, net | 14.3 | 6.6 | 5 | ||||||||||
Net earnings | $ 47 | $ 9.2 | $ (62.3) | $ 70.8 | $ 1.5 | $ 23.8 | $ 7.8 | $ 60.4 | 51.1 | $ 93.5 | $ 201.5 | ||
Transition Services Agreement | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Selling, general and administrative expense | 15.3 | ||||||||||||
Cost of products sold | 1 | ||||||||||||
Restructuring reserve | 2.6 | 2.6 | |||||||||||
Restructuring receivable | 7.6 | 7.6 | |||||||||||
Expenses for related party transaction | 9.8 | ||||||||||||
Discontinued Operations | Transition Services Agreement | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Other items, net | (1.3) | ||||||||||||
Net earnings | (11.8) | ||||||||||||
Related party payable | 22.5 | 22.5 | |||||||||||
Related party receivable | $ 8.9 | 8.9 | |||||||||||
Accounts Payable | Transition Services Agreement | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Expenses for related party transaction | 0.1 | ||||||||||||
Spectrum | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Payments for rent | $ 0.2 | ||||||||||||
Spectrum Auto Care Acquisition | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Newly-issued equity for acquisition | $ 5.3 | $ 312.5 | |||||||||||
Percentage of common stock owned | 7.70% | 7.70% |
Segments (Narrative) (Details)
Segments (Narrative) (Details) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Sep. 30, 2019USD ($)Segment | Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | |
Segment Reporting Information [Line Items] | |||||||||||
Integration Related Costs | $ 28.5 | $ 28 | $ 95.4 | $ 36.5 | $ 30.4 | $ 13 | $ 14.1 | $ 4.1 | $ 188.4 | $ 84.6 | $ 8.4 |
Major geographic reportable segments | Segment | 2 | ||||||||||
Cost of products sold | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Integration Related Costs | $ 22.5 | 0 | 1.1 | ||||||||
Selling, General and Administrative Expenses | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Integration Related Costs | $ 82.3 | $ 62.9 | $ 4 |
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, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ 719 | $ 647.2 | $ 556.4 | $ 571.9 | $ 457.2 | $ 392.8 | $ 374.4 | $ 573.3 | $ 2,494.5 | $ 1,797.7 | $ 1,755.7 |
Segment profit | 287.8 | 246.3 | 194.2 | 275.5 | 208 | 176.1 | 168.5 | 278.3 | 1,003.8 | 830.9 | 811.3 |
Research and development expense (3) | (32.8) | (22.4) | (22) | ||||||||
Amortization of Intangible Assets | (43.2) | (11.5) | (11.2) | ||||||||
Integration | $ (28.5) | $ (28) | $ (95.4) | $ (36.5) | (30.4) | (13) | (14.1) | (4.1) | (188.4) | (84.6) | (8.4) |
Spin restructuring | 0 | 0 | 3.8 | ||||||||
Settlement loss on pension plan terminations | 3.7 | 14.1 | 0 | ||||||||
Gains (Losses) on Sales of Investment Real Estate | $ 0 | $ 3.5 | $ 0 | $ 0 | 0 | 4.6 | 16.9 | ||||
Interest expense | (226) | (98.4) | (53.1) | ||||||||
Earnings before income taxes | 73.1 | 175.2 | 273.3 | ||||||||
Depreciation and amortization | 92.8 | 45.1 | 50.2 | ||||||||
Segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Segment profit | 631.5 | 475.7 | 453 | ||||||||
Depreciation and amortization | 49.6 | 33.6 | 39 | ||||||||
Segment Reconciling Items | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
General corporate and other expenses | (111.5) | (97.3) | (92.5) | ||||||||
Global marketing expenses (2) | (18.2) | (19) | (21.5) | ||||||||
Research and development expense (3) | (31.7) | (22.4) | (22) | ||||||||
Amortization of Intangible Assets | (43.2) | (11.5) | 11.2 | ||||||||
Integration | (188.4) | (84.6) | (8.4) | ||||||||
Settlement loss on pension plan terminations | (3.7) | (14.1) | 0 | ||||||||
Gains (Losses) on Sales of Investment Real Estate | 0 | 4.6 | 16.9 | ||||||||
Interest expense | (160.4) | (56.5) | (53.1) | ||||||||
Other financing items, net | (1.3) | 0.3 | 8.3 | ||||||||
Segment Reconciling Items | Spin-off | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Spin restructuring | 0 | 0 | 3.8 | ||||||||
Corporate | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Depreciation and amortization | 43.2 | 11.5 | 11.2 | ||||||||
Selling, General and Administrative Expenses | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Global marketing expenses (2) | (6.3) | (4.9) | (8.4) | ||||||||
Integration | (82.3) | (62.9) | (4) | ||||||||
Advertising and Sales Promotion Expense | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Global marketing expenses (2) | (11.9) | (14.1) | (13.1) | ||||||||
Other items, net | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Gain/expense reclassified to acquisitions and integration costs | (19.3) | (20.4) | 3.3 | ||||||||
Cost of products sold | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
General corporate and other expenses | (2.3) | ||||||||||
Integration | (22.5) | 0 | (1.1) | ||||||||
Interest Expense | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Integration | (65.6) | (41.9) | 0 | ||||||||
Other financing items, net | 65.6 | 41.9 | |||||||||
Acquisition-related Costs | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Research and development expense (3) | (1.1) | ||||||||||
Gain/expense reclassified to acquisitions and integration costs | 20.4 | 3.3 | |||||||||
Americas | Segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 1,734.8 | 1,135.6 | 1,111.8 | ||||||||
Segment profit | 456.6 | 326.1 | 310 | ||||||||
Depreciation and amortization | 34.6 | 21.2 | 23.1 | ||||||||
International | Segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 759.7 | 662.1 | 643.9 | ||||||||
Segment profit | 174.9 | 149.6 | 143 | ||||||||
Depreciation and amortization | $ 15 | $ 12.4 | $ 15.9 |
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, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Assets | $ 5,449.6 | $ 3,178.8 | $ 5,449.6 | $ 3,178.8 | |||||||
Restricted cash | 0 | 1,246.2 | 0 | 1,246.2 | |||||||
Assets held for sale | 791.7 | 0 | 791.7 | 0 | |||||||
Long Lived Tangible Assets | 449.1 | 284.6 | 449.1 | 284.6 | |||||||
Capital Expenditures | 55.1 | 24.2 | $ 25.2 | ||||||||
Net sales | 719 | $ 647.2 | $ 556.4 | $ 571.9 | 457.2 | $ 392.8 | $ 374.4 | $ 573.3 | 2,494.5 | 1,797.7 | 1,755.7 |
United States | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Long Lived Tangible Assets | 275.6 | 123 | 275.6 | 123 | |||||||
Net sales | 1,435.8 | 935.8 | 923 | ||||||||
International | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 1,058.7 | 861.9 | 832.7 | ||||||||
Singapore | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Long Lived Tangible Assets | 67.3 | 69.9 | 67.3 | 69.9 | |||||||
United Kingdom | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Long Lived Tangible Assets | 46.7 | 50.1 | 46.7 | 50.1 | |||||||
Other International | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Long Lived Tangible Assets | 59.5 | 41.6 | 59.5 | 41.6 | |||||||
Segments | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Assets | 1,612.9 | 1,355.7 | 1,612.9 | 1,355.7 | |||||||
Capital Expenditures | 55.1 | 24.2 | 25.2 | ||||||||
Corporate | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Assets | 81.3 | 100.1 | 81.3 | 100.1 | |||||||
Segment Reconciling Items | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Goodwill and other intangible assets, net | 2,963.7 | 476.8 | 2,963.7 | 476.8 | |||||||
International | Segments | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Assets | 621 | 851.5 | 621 | 851.5 | |||||||
Capital Expenditures | 12.4 | 8 | 7.8 | ||||||||
Net sales | 759.7 | 662.1 | 643.9 | ||||||||
Americas | Segments | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Assets | $ 991.9 | $ 504.2 | 991.9 | 504.2 | |||||||
Capital Expenditures | 42.7 | 16.2 | 17.4 | ||||||||
Net sales | $ 1,734.8 | $ 1,135.6 | $ 1,111.8 |
Segments (Acquisition and Integ
Segments (Acquisition and Integration Costs and Revenue from External Customers by Products and Services) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Revenue from External Customer [Line Items] | |||||||||||
Acquisition and integration costs | $ 28.5 | $ 28 | $ 95.4 | $ 36.5 | $ 30.4 | $ 13 | $ 14.1 | $ 4.1 | $ 188.4 | $ 84.6 | $ 8.4 |
Inventory step up (COGS) | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Acquisition and integration costs | 36.2 | 0.2 | 0 | ||||||||
Cost of products sold | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Acquisition and integration costs | 22.5 | 0 | 1.1 | ||||||||
SG&A | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Acquisition and integration costs | 82.3 | 62.9 | 4 | ||||||||
Research and development | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Acquisition and integration costs | 1.1 | 0 | 0 | ||||||||
Interest expense | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Acquisition and integration costs | 65.6 | 41.9 | 0 | ||||||||
Other items, net | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Gain/expense reclassified to acquisitions and integration costs | $ (19.3) | $ (20.4) | $ 3.3 |
Quarterly Financial Informati_3
Quarterly Financial Information - (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Restructuring Cost and Reserve [Line Items] | |||||||||||
Net sales | $ 719 | $ 647.2 | $ 556.4 | $ 571.9 | $ 457.2 | $ 392.8 | $ 374.4 | $ 573.3 | $ 2,494.5 | $ 1,797.7 | $ 1,755.7 |
Gross profit | 287.8 | 246.3 | 194.2 | 275.5 | 208 | 176.1 | 168.5 | 278.3 | 1,003.8 | 830.9 | 811.3 |
Net earnings | $ 47 | $ 9.2 | $ (62.3) | $ 70.8 | $ 1.5 | $ 23.8 | $ 7.8 | $ 60.4 | $ 51.1 | $ 93.5 | $ 201.5 |
Earnings Per Share | |||||||||||
Basic (loss)/earnings per common share (in dollars per share) | $ 0.62 | $ 0.07 | $ (0.97) | $ 1.19 | $ 0.03 | $ 0.40 | $ 0.13 | $ 1 | $ 0.59 | $ 1.56 | $ 3.27 |
Diluted net earnings/(loss) per share (in dollars per share) | $ 0.62 | $ 0.07 | $ (0.97) | $ 1.16 | $ 0.02 | $ 0.39 | $ 0.13 | $ 0.98 | $ 0.58 | $ 1.52 | $ 3.22 |
Acquisition and integration costs | $ 28.5 | $ 28 | $ 95.4 | $ 36.5 | $ 30.4 | $ 13 | $ 14.1 | $ 4.1 | $ 188.4 | $ 84.6 | $ 8.4 |
Acquisition withholding tax | 0 | 0.5 | 5.5 | 0 | |||||||
Gain on sale of real estate | 0 | (3.5) | 0 | 0 | 0 | (4.6) | (16.9) | ||||
Settlement loss on pension plan terminations | 3.7 | 14.1 | 0 | ||||||||
One-time impact of the new U.S. Tax Legislation | (1.1) | (0.8) | 0 | 1.5 | 8.5 | (0.6) | 0.2 | 31 | |||
Ireland Pension Plan | |||||||||||
Earnings Per Share | |||||||||||
Settlement loss on pension plan terminations | $ 3.7 | $ 0 | $ 0 | $ 0 | (3.7) | 0 | 0 | ||||
Canadian Pension Plan | |||||||||||
Earnings Per Share | |||||||||||
Settlement loss on pension plan terminations | $ 10.4 | $ 0 | $ 0 | $ 0 | $ 0 | $ 14.1 | $ 0 |
Uncategorized Items - enrfy1910
Label | Element | Value |
Accounting Standards Update 2016-16 [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ (59,200,000) |
Accounting Standards Update 2016-16 [Member] | Retained Earnings [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | (59,200,000) |
Accounting Standards Update 2018-02 [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | 0 |
Accounting Standards Update 2018-02 [Member] | Retained Earnings [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | 20,400,000 |
Accounting Standards Update 2018-02 [Member] | AOCI Attributable to Parent [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ (20,400,000) |