Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Jun. 30, 2018 | Aug. 03, 2018 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2018 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2,018 | |
Entity Registrant Name | Spectrum Brands Holdings, Inc. | |
Entity Central Index Key | 109,177 | |
Current Fiscal Year End Date | --09-30 | |
Entity Filer Category | Large Accelerated Filer | |
Trading Symbol | spb | |
Entity Common Stock, Shares Outstanding | 53,408,731 | |
SB/RH Holdings, LLC [Member] | ||
Entity Registrant Name | SB/RH Holdings, LLC | |
Entity Central Index Key | 1,592,706 | |
Entity Filer Category | Non-accelerated Filer |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of Financial Position - USD ($) $ in Millions | Jul. 01, 2018 | Jun. 30, 2018 | Sep. 30, 2017 |
Assets | |||
Cash and cash equivalents | $ 814.6 | $ 270.1 | |
Trade receivables, net | 384.2 | 266 | |
Other receivables | 38.1 | 19.7 | |
Inventories | 546.7 | 496.3 | |
Prepaid expenses and other current assets | 69.1 | 54.8 | |
Current assets of business held for sale | 1,913.1 | 28,929.2 | |
Total current assets | 3,765.8 | 30,036.1 | |
Property, plant and equipment, net | 494.8 | 503.9 | |
Deferred charges and other | 418 | 43.7 | |
Goodwill | 2,269.4 | 2,277.1 | |
Intangible assets, net | 1,564.8 | 1,612 | |
Noncurrent assets of business held for sale | 1,376.9 | ||
Total assets | 8,512.8 | 35,849.7 | |
Liabilities and Shareholder's Equity | |||
Current portion of long-term debt | 70.8 | 161.4 | |
Accounts payable | 348.3 | 373.1 | |
Accrued wages and salaries | 49.6 | 55.4 | |
Accrued interest | 75.7 | 78 | |
Other current liabilities | 130.6 | 125.8 | |
Current liabilities of business held for sale | 525.3 | 26,851.3 | |
Total current liabilities | 1,200.3 | 27,645 | |
Long-term debt, net of current portion | 5,189.4 | 5,543.7 | |
Deferred income taxes | 314.2 | 493.2 | |
Other long-term liabilities | 119.1 | 64.8 | |
Noncurrent liabilities of business held for sale | 156.1 | ||
Total liabilities | 6,823 | 33,902.8 | |
Commitments and contingencies (Note 17) | |||
Shareholders' equity | |||
Common Stock | 2.1 | 2 | |
Additional paid-in capital | 1,270.4 | 1,372.9 | |
Accumulated deficit | (78.3) | (925.9) | |
Accumulated other comprehensive (loss) income, net of tax | (141.8) | 309 | |
Total shareholder's equity | 1,052.4 | 758 | |
Noncontrolling interest | 637.4 | 1,188.9 | |
Total equity | 1,689.8 | 1,946.9 | |
Total liabilities and equity | $ 8,512.8 | 35,849.7 | |
SB/RH Holdings, LLC [Member] | |||
Assets | |||
Cash and cash equivalents | $ 146.9 | 168.2 | |
Trade receivables, net | 384.2 | 266 | |
Other receivables | 57.7 | 18.7 | |
Inventories | 546.7 | 496.3 | |
Prepaid expenses and other current assets | 68.1 | 54.2 | |
Current assets of business held for sale | 1,913.1 | 603 | |
Total current assets | 3,116.7 | 1,606.4 | |
Property, plant and equipment, net | 494.2 | 503.1 | |
Deferred charges and other | 43.7 | 28.4 | |
Goodwill | 2,269.4 | 2,277.1 | |
Intangible assets, net | 1,564.8 | 1,612 | |
Noncurrent assets of business held for sale | 1,376.9 | ||
Total assets | 7,488.8 | 7,403.9 | |
Liabilities and Shareholder's Equity | |||
Current portion of long-term debt | 20.8 | 19.4 | |
Accounts payable | 348 | 371.6 | |
Accrued wages and salaries | 41.2 | 49.9 | |
Accrued interest | 43.3 | 48.5 | |
Other current liabilities | 123.9 | 118.9 | |
Current liabilities of business held for sale | 525.3 | 500.6 | |
Total current liabilities | 1,102.5 | 1,108.9 | |
Long-term debt, net of current portion | 4,253.5 | 3,752.3 | |
Deferred income taxes | 315.1 | 493.2 | |
Other long-term liabilities | 113.2 | 58 | |
Noncurrent liabilities of business held for sale | 156.1 | ||
Total liabilities | 5,784.3 | 5,568.5 | |
Commitments and contingencies (Note 17) | |||
Shareholders' equity | |||
Other capital | 2,071.4 | 2,079 | |
Accumulated deficit | (153.3) | (42.8) | |
Accumulated other comprehensive (loss) income, net of tax | (223.5) | (209.6) | |
Total shareholder's equity | 1,694.6 | 1,826.6 | |
Noncontrolling interest | 9.9 | 8.8 | |
Total equity | 1,704.5 | 1,835.4 | |
Total liabilities and equity | $ 7,488.8 | $ 7,403.9 |
Condensed Consolidated Stateme3
Condensed Consolidated Statements Of Income - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Jul. 01, 2018 | Jul. 02, 2017 | Jun. 30, 2017 | Jul. 01, 2018 | Jul. 02, 2017 | Jun. 30, 2017 | |
Net sales | $ 862.9 | $ 2,221.6 | ||||
Investment income | 0.1 | 1.1 | ||||
Revenue | 863 | 2,222.7 | ||||
Cost of goods sold | 531.5 | 1,339.2 | ||||
Restructuring and related charges | 11.2 | 16.4 | ||||
Gross profit | 320.3 | 867.1 | ||||
Selling | 127.9 | 353.9 | ||||
General and administrative | 69.3 | 228.6 | ||||
Research and development | 7.2 | 20.9 | ||||
Acquisition and integration related charges | 5.2 | 11.6 | ||||
Restructuring and related charges | 10 | 14.9 | ||||
Total operating expenses | 219.6 | 629.9 | ||||
Operating income | 100.7 | 237.2 | ||||
Interest expense | 76.1 | 232.4 | ||||
Other non-operating (income) expense, net | 1.3 | 1.7 | ||||
Income (loss) from continuing operations before income taxes | 23.3 | 3.1 | ||||
Income tax (benefit) expense | 19.5 | 49.1 | ||||
Net income (loss) from continuing operations | 3.8 | (46) | ||||
Income (Loss) from discontinued operations, net of tax | 295.2 | |||||
Net income | 39.8 | 249.2 | ||||
Net income attributable to non-controlling interest | 37.7 | 117 | ||||
Net income attributable to controlling interest | 2.1 | 132.2 | ||||
Amounts attributable to controlling interest | ||||||
Net income (loss) from continuing operations attributable to controlling interest | (16.6) | (88.6) | ||||
Net (loss) income from discontinued operations attributable to controlling interest | $ 18.7 | $ 220.8 | ||||
Earnings Per Share | ||||||
Basic earnings per share from continuing operations | $ (0.51) | $ (2.75) | ||||
Basic earnings per share from discontinued operations | 0.57 | 6.85 | ||||
Basic earnings per share | 0.06 | 4.10 | ||||
Diluted earnings per share from continuing operations | (0.51) | (2.75) | ||||
Diluted earnings per share from discontinued operations | 0.57 | 6.85 | ||||
Diluted earnings per share | $ 0.06 | $ 4.10 | ||||
Weighted Average Shares Outstanding | ||||||
Basic | 32.3 | 32.2 | ||||
Diluted | 32.3 | 32.2 | ||||
HRG Insurance Operations [Member] | ||||||
Income (Loss) from discontinued operations, net of tax | $ 7.7 | $ 195.4 | ||||
Global Batteries & Appliances [Member] | ||||||
Income (Loss) from discontinued operations, net of tax | $ 28.3 | $ 99.8 | ||||
SB/RH Holdings, LLC [Member] | ||||||
Net sales | $ 945.5 | $ 862.9 | $ 2,358.1 | $ 2,221.6 | ||
Cost of goods sold | 586 | 531.5 | 1,484.5 | 1,339.2 | ||
Restructuring and related charges | 4.9 | 11.2 | 9.9 | 16.4 | ||
Gross profit | 354.6 | 320.2 | 863.7 | 866 | ||
Selling | 123.9 | 127.9 | 363.8 | 353.9 | ||
General and administrative | 66.6 | 57.8 | 180.6 | 181.7 | ||
Research and development | 6.9 | 7.2 | 21.1 | 20.9 | ||
Acquisition and integration related charges | 2.3 | 5.2 | 12 | 11.6 | ||
Restructuring and related charges | 20.5 | 10 | 59.1 | 14.9 | ||
Total operating expenses | 220.2 | 208.1 | 636.6 | 583 | ||
Operating income | 134.4 | 112.1 | 227.1 | 283 | ||
Interest expense | 43.6 | 39.8 | 124.2 | 122 | ||
Other non-operating (income) expense, net | 0.7 | 1.4 | 3.5 | 2.3 | ||
Income (loss) from continuing operations before income taxes | 90.1 | 70.9 | 99.4 | 158.7 | ||
Income tax (benefit) expense | 20.5 | 19.8 | (111) | 53.3 | ||
Net income (loss) from continuing operations | 69.6 | 51.1 | 210.4 | 105.4 | ||
Income (Loss) from discontinued operations, net of tax | (9.5) | 28.3 | 32 | 99.8 | ||
Net income | 60.1 | 79.4 | 242.4 | 205.2 | ||
Net income attributable to non-controlling interest | 0.2 | 1.7 | 1 | 1.5 | ||
Net income attributable to controlling interest | 59.9 | 77.7 | 241.4 | 203.7 | ||
Amounts attributable to controlling interest | ||||||
Net income (loss) from continuing operations attributable to controlling interest | 69.5 | 51.1 | 209.5 | 105.4 | ||
Net (loss) income from discontinued operations attributable to controlling interest | $ (9.6) | $ 26.6 | $ 31.9 | $ 98.3 |
Condensed Consolidated Stateme4
Condensed Consolidated Statements Of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||||
Jul. 01, 2018 | Jun. 30, 2018 | Jul. 02, 2017 | Jun. 30, 2017 | Jul. 01, 2018 | Jun. 30, 2018 | Jul. 02, 2017 | Jun. 30, 2017 | |
Net income | $ 399.3 | $ 39.8 | $ 941.6 | $ 249.2 | ||||
Other comprehensive income (loss) | ||||||||
Foreign currency translation (loss) gain | (61.5) | 31.9 | (43.2) | 4 | ||||
Deferred tax effect | 2.7 | (1.8) | 6.6 | 1.7 | ||||
Deferred tax valuation allowance | (0.3) | 0.2 | (0.3) | 0.2 | ||||
Net unrealized (loss) gain on foreign currency translation | (59.1) | 30.3 | (36.9) | 5.9 | ||||
Unrealized gain (loss) on derivative instruments | ||||||||
Unrealized gain (loss) on hedging activity before reclassification | 40.6 | (44.3) | 21.4 | (11.1) | ||||
Net reclassification for loss (gain) to income from continuing operations | 0.1 | (0.3) | (0.3) | (0.6) | ||||
Net reclassification for loss (gain) to income from discontinued operations | 1.2 | (2) | 7.3 | (10.6) | ||||
Unrealized gain (loss) on hedging instruments after reclassification | 41.9 | (46.6) | 28.4 | (22.3) | ||||
Deferred tax effect | (11.5) | 16.4 | (7.8) | 6.6 | ||||
Net unrealized gain (loss) on hedging derivative instruments | 30.4 | (30.2) | 20.6 | (15.7) | ||||
Defined benefit pension gain (loss) | ||||||||
Defined benefit pension gain (loss) before reclassification | 2.8 | (5.4) | 0.6 | (3) | ||||
Net reclassification for loss to income from continuing operations | 0.3 | 0.6 | 0.8 | 1.7 | ||||
Net reclassification for loss to income from discontinued operations | 0.5 | 0.8 | 1.6 | 2.3 | ||||
Defined benefit pension gain (loss) after reclassification | 3.6 | (4) | 3 | 1 | ||||
Deferred tax effect | (0.7) | 0.8 | (0.5) | (0.3) | ||||
Net defined benefit pension gain (loss) | 2.9 | (3.2) | 2.5 | 0.7 | ||||
Unrealized investment gain | ||||||||
Unrealized investment gain before reclassification | 358.3 | 26 | 5.8 | |||||
Net reclassification for loss (gain) to income from discontinued operations | 26.9 | (6.3) | 23 | |||||
Unrealized gain on investments after reclassification | 385.2 | 19.7 | 28.8 | |||||
Adjustments to intangible assets | (113.6) | (0.9) | 11.6 | |||||
Deferred tax effect | (94.4) | (6.7) | (14.3) | |||||
Net unrealized gain on investments | 177.2 | 12.1 | 26.1 | |||||
Deconsolidation of HRG insurance operations | (445.9) | |||||||
Net change to derive comprehensive (loss) income for the period | (25.8) | 174.1 | (447.6) | 17 | ||||
Comprehensive income (loss) | 373.5 | 213.9 | 494 | 266.2 | ||||
Comprehensive (loss) income attributable to non-controlling interest | (10.1) | 71.2 | (2.5) | 118.7 | ||||
Comprehensive income attributable to controlling interest | $ 383.6 | $ 142.7 | $ 496.5 | $ 147.5 | ||||
SB/RH Holdings, LLC [Member] | ||||||||
Net income | $ 60.1 | $ 79.4 | $ 242.4 | $ 205.2 | ||||
Other comprehensive income (loss) | ||||||||
Foreign currency translation (loss) gain | (61.5) | 31.9 | (43.2) | 4 | ||||
Deferred tax effect | 2.7 | (1.8) | 6.6 | 1.7 | ||||
Deferred tax valuation allowance | (0.3) | 0.2 | (0.3) | 0.2 | ||||
Net unrealized (loss) gain on foreign currency translation | (59.1) | 30.3 | (36.9) | 5.9 | ||||
Unrealized gain (loss) on derivative instruments | ||||||||
Unrealized gain (loss) on hedging activity before reclassification | 40.6 | (44.3) | 21.4 | (11.1) | ||||
Net reclassification for loss (gain) to income from continuing operations | 0.1 | (0.3) | (0.3) | (0.6) | ||||
Net reclassification for loss (gain) to income from discontinued operations | 1.2 | (2) | 7.3 | (10.6) | ||||
Unrealized gain (loss) on hedging instruments after reclassification | 41.9 | (46.6) | 28.4 | (22.3) | ||||
Deferred tax effect | (11.5) | 16.4 | (7.8) | 6.6 | ||||
Net unrealized gain (loss) on hedging derivative instruments | 30.4 | (30.2) | 20.6 | (15.7) | ||||
Defined benefit pension gain (loss) | ||||||||
Defined benefit pension gain (loss) before reclassification | 2.8 | (4.5) | 0.6 | (3) | ||||
Net reclassification for loss to income from continuing operations | 0.3 | 0.6 | 0.8 | 1.7 | ||||
Net reclassification for loss to income from discontinued operations | 0.5 | 0.8 | 1.6 | 2.3 | ||||
Defined benefit pension gain (loss) after reclassification | 3.6 | (3.1) | 3 | 1 | ||||
Deferred tax effect | (0.7) | 0.8 | (0.5) | (0.3) | ||||
Net defined benefit pension gain (loss) | 2.9 | (2.3) | 2.5 | 0.7 | ||||
Unrealized investment gain | ||||||||
Net change to derive comprehensive (loss) income for the period | (25.8) | (2.2) | (13.8) | (9.1) | ||||
Comprehensive income (loss) | 34.3 | 77.2 | 228.6 | 196.1 | ||||
Comprehensive (loss) income attributable to non-controlling interest | (0.6) | (0.2) | (0.1) | (0.4) | ||||
Comprehensive income attributable to controlling interest | $ 34.9 | $ 77.4 | $ 228.7 | $ 196.5 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Millions | 9 Months Ended | |||
Jul. 01, 2018 | Jun. 30, 2018 | Jul. 02, 2017 | Jun. 30, 2017 | |
Cash flows from operating activities | ||||
Net income | $ 941.6 | $ 249.2 | ||
Income (Loss) from discontinued operations, net of tax | 497.9 | 295.2 | ||
Net income (loss) from continuing operations | 443.7 | (46) | ||
Adjustments to reconcile net income to net cash from operating activities: | ||||
Depreciation and amortization | 99.4 | 94.3 | ||
Share based compensation | 6.4 | 28.5 | ||
Amortization of debt issuance costs and debt discount | 16.3 | 13.2 | ||
Write-off of unamortized discount and debt issuance costs | (0.6) | 2.5 | ||
Purchase accounting inventory adjustment | 0.8 | 0.8 | ||
Pet safety recall inventory write-off | 3.6 | 13 | ||
Dividends from subsidiaries classified as discontinued operations | 3.1 | 9.3 | ||
Deferred tax (benefit) expense | (497.9) | 12.1 | ||
Net changes in operating assets and liabilities | (223.5) | (196.7) | ||
Net cash (used) provided by operating activities from continuing operations | (148.7) | (69) | ||
Net cash (used) provided by operating activities from discontinued operations | 92.3 | 299.2 | ||
Net cash (used) provided by operating activities | (56.4) | 230.2 | ||
Cash flows from investing activities | ||||
Purchases of property, plant and equipment | (49.2) | (51.1) | ||
Proceeds from sales of property, plant and equipment | 2.8 | 3.6 | ||
Business acquisitions, net of cash acquired | (304.7) | |||
Proceeds from sale of insurance operations | 1,546.8 | |||
Net asset-based loan repayments | 29.8 | |||
Other investing activities, net | (0.4) | (1.2) | ||
Net cash provided (used) by investing activities from continuing operations | 1,500 | (323.6) | ||
Net cash provided by investing activities from discontinued operations | (201.8) | (991.4) | ||
Net cash provided (used) by investing activities | 1,298.2 | (1,315) | ||
Cash flows from financing activities | ||||
Proceeds from issuance of debt | 555.3 | 606.9 | ||
Payment of debt | (1,007.6) | (253.9) | ||
Payment of debt issuance costs | (0.4) | (7) | ||
Purchase of subsidiary stock, net | (288) | (165.9) | ||
Purchase of non-controlling interest | (12.6) | |||
Dividend paid by subsidiary to non-controlling interest | (28.4) | (30.3) | ||
Share based award tax withholding payments, net of proceeds upon vesting | (24.3) | (40.7) | ||
Other financing activities | 20.7 | 5.5 | ||
Net cash (used) provided by financing activities from continuing operations | (772.7) | 102 | ||
Net cash provided by financing activities from discontinued operations | 116.2 | 711.1 | ||
Net cash (used) provided by financing activities | (656.5) | 813.1 | ||
Effect of exchange rate changes on cash and cash equivalents | (3.1) | (1.5) | ||
Net changes in cash and cash equivalents | 582.2 | (273.2) | ||
Net change in cash and cash equivalents in discontinued operations | 37.7 | (74.2) | ||
Net change in cash and cash equivalents in continuing operations | 544.5 | (199) | ||
Cash and cash equivalents, beginning of period | $ 270.1 | 270.1 | $ 465.2 | 465.2 |
Cash and cash equivalents, end of period | 814.6 | 266.2 | ||
Supplemental disclsoure of cash flow information | ||||
Cash paid for interest | 234.7 | 207.2 | ||
Cash paid for taxes | 32.7 | 28.7 | ||
Non cash investing activities | ||||
Acquisition of property, plant and equipment through capital leases | 5.3 | 133.7 | ||
SB/RH Holdings, LLC [Member] | ||||
Cash flows from operating activities | ||||
Net income | 242.4 | 205.2 | ||
Income (Loss) from discontinued operations, net of tax | 32 | 99.8 | ||
Net income (loss) from continuing operations | 210.4 | 105.4 | ||
Adjustments to reconcile net income to net cash from operating activities: | ||||
Depreciation and amortization | 99.3 | 94.1 | ||
Share based compensation | 4 | 4 | 21.6 | 21.6 |
Amortization of debt issuance costs and debt discount | 6 | 5.4 | ||
Write-off of unamortized discount and debt issuance costs | 2.5 | |||
Purchase accounting inventory adjustment | 0.8 | 0.8 | ||
Non-cash debt accretion | 0.7 | 0.6 | ||
Pet safety recall inventory write-off | 3.6 | 13 | ||
Deferred tax (benefit) expense | (144) | 16.7 | ||
Net changes in operating assets and liabilities | (273.3) | (232.9) | ||
Net cash (used) provided by operating activities from continuing operations | (92.5) | 27.2 | ||
Net cash (used) provided by operating activities from discontinued operations | (5) | 117.3 | ||
Net cash (used) provided by operating activities | (97.5) | 144.5 | ||
Cash flows from investing activities | ||||
Purchases of property, plant and equipment | (49.2) | (51.1) | ||
Proceeds from sales of property, plant and equipment | 2.8 | 3.5 | ||
Business acquisitions, net of cash acquired | (304.7) | |||
Other investing activities, net | (0.4) | (1.1) | ||
Net cash provided (used) by investing activities from continuing operations | (46.8) | (353.4) | ||
Net cash provided by investing activities from discontinued operations | (27) | (26.3) | ||
Net cash provided (used) by investing activities | (73.8) | (379.7) | ||
Cash flows from financing activities | ||||
Proceeds from issuance of debt | 555.3 | 556.9 | ||
Payment of debt | (51) | (225) | ||
Payment of debt issuance costs | (0.4) | (5.9) | ||
Payment of cash dividends | (351.8) | (240.1) | ||
Purchase of non-controlling interest | (12.6) | |||
Net cash (used) provided by financing activities from continuing operations | 152.1 | 73.3 | ||
Net cash provided by financing activities from discontinued operations | 1 | 2.4 | ||
Net cash (used) provided by financing activities | 153.1 | 75.7 | ||
Effect of exchange rate changes on cash and cash equivalents | (3.1) | (1.5) | ||
Net changes in cash and cash equivalents | (21.3) | (161) | ||
Cash and cash equivalents, beginning of period | 168.2 | $ 168.2 | 270.8 | $ 270.8 |
Cash and cash equivalents, end of period | 146.9 | 109.8 | ||
Supplemental disclsoure of cash flow information | ||||
Cash paid for interest | 164.2 | 138.1 | ||
Cash paid for taxes | 32.7 | 28.7 | ||
Non cash investing activities | ||||
Acquisition of property, plant and equipment through capital leases | $ 5.3 | $ 133.7 |
Description Of Business
Description Of Business | 9 Months Ended |
Jun. 30, 2018 | |
Description Of Business [Abstract] | |
Description Of Business | NOTE 1 - DESCRIPTION OF BUSINESS On July 13, 2018, subsequent to the period-end date of June 30, 2018 and prior to the issuance of this Quarterly Report, the Company completed the planned Spectrum Merger. Prior to the Spectrum Merger, SBH was a holding company, doing business as HRG Group, Inc. (“HRG”) and conducting its operations principally through its majority owned subsidiary. Effective the date of the Spectrum Merger, management of the organization was assumed by its majority owned subsidiary, Spectrum Brands Holdings, Inc. (“Spectrum”, subsequently renamed Spectrum Brands Legacy, Inc.); resulting in HRG changing its name to SBH and changing the ticker of common stock traded on the New Your Stock Exchange (“NYSE”) from the symbol “HRG” to “SPB”. See Note 4 – Acquisitions for more information pertaining to the Spectrum Merger. Prior to the Spectrum Merger, the reportable segments consisted of (i) Consumer Products, which represented HRG’s 62.0% controlling interest in Spectrum, and (ii) Corporate and Other, which presented the holding company at HRG and other subsidiaries of HRG. Effective the date of the merger, the manner in which management views its business activities changed to reflect the reporting segments of Spectrum. See Note 18 – Segment Information for further discussion Spectrum Spectrum is a diversified global branded consumer products company. Spectrum manufactures, markets and/or distributes its products in approximately 160 countries in the North America (“NA”), Europe, Middle East & Africa (“EMEA”), Latin America (“LATAM”) and Asia-Pacific (“APAC”) regions through a variety of trade channels, including retailers, wholesalers and distributors, original equipment manufacturers (“OEMs”), construction companies and hearing aid professionals. We enjoy strong name recognition in our regions under our various brands and patented technologies. Our diversified global branded consumer products have positions in several product categories and types. Spectrum manages the businesses in vertically integrated, product-focused segments: (i) Global Batteries & Appliances (“GBA”), (ii) Global Pet Supplies (“PET”), (iii) Home and Garden (“H&G”), (iv) Hardware & Home Improvement (“HHI”) and (v) Global Auto Care (“GAC”). Global and geographic strategic initiatives and financial objectives are determined at the corporate level. Each segment is responsible for implementing defined strategic initiatives and achieving certain financial objectives and has a president responsible for sales and marketing initiatives and the financial results for all product lines within that segment. Effective December 29, 2017, Spectrum approved a plan to explore strategic alternatives, including a planned sale of its GBA segment and is expected to be realized by December 31, 2018. As a result, the assets and liabilities associated with GBA have been classified as held for sale in the accompanying Condensed Consolidated Balance Sheets and the respective operations of GBA have been classified as discontinued operations in the accompanying Condensed Consolidated Statements of Income and Statements of Cash Flows; and reported separately for all periods presented as the disposition represents a strategic shift that will have a major effect on the Company’s operations and financial results. See Note 3 – Divestitures for more information on the assets and liabilities classified as held for sale and discontinued operations. See Note 18 - Segment Information for more information pertaining to Spectrum’s segments of continuing operations. The following table summarizes the respective product types, brands, and regions for each of the segments of continuing operations: Segment Products Brands Regions HHI Hardware: Hinges, security hardware, screen and storm door products, garage door hardware, window hardware and floor protection. Security : Residential locksets and door hardware including knobs, levers, deadbolts, handlesets and electronics. Commercial doors, locks, and hardware. Plumbing: Kitchen, bath and shower faucets and plumbing products. Hardware: National Hardware®, Stanley® and FANAL®. Security: Kwikset®, Weiser®, Baldwin®, EZSET® and Tell®. Plumbing: Pfister®. NA EMEA LATAM APAC PET Companion Animal: Dog, cat and small animal food and treats; clean-up and training aid products and accessories; pet health and grooming products. Aquatics: Aquariums and aquatic health supplies. Companion Animal: 8-in-1®, Dingo®, Nature's Miracle®, Wild Harvest®, Littermaid®, Jungle®, Excel®, FURminator®, IAMS®, Eukanuba®, Healthy-Hide®, DreamBone®, SmartBones®, GloFish®, ProSense®, Perfect Coat®, eCOTRITION®, Birdola® and Digest-eeze®. Aquatics: Tetra®, Marineland®, Whisper® and Instant Ocean®. NA EMEA LATAM APAC H&G Controls: Outdoor insect and weed control solutions, animal repellents. Household: Household insecticides and pest controls. Repellents: Personal use pesticides and insect repellent products. Controls: Spectracide®, Garden Safe®, Liquid Fence®, and EcoLogic®. Household: Hot Shot®, Black Flag®, Real Kill®, Ultra Kill®, The Ant Trap® (TAT), and Rid-a-Bug®. Repellents: Cutter® and Repel®. NA LATAM GAC Appearance: Protectants, wipes, tire and wheel care products, glass cleaners, leather care products, air fresheners and washes. Performance: Automotive fuel and oil additives, and functional fluids. A/C Recharge: Do-it-yourself air conditioner recharge products, refrigerant and oil recharge kits, sealants and accessories. Appearance: Armor All®. Performance: STP®. A/C Recharge: A/C PRO®. NA EMEA LATAM APAC SB/RH Holdings, LLC SB/RH is a wholly owned subsidiary of Spectrum and ultimately, SBH. SB/RH along with its wholly-owned subsidiary, Spectrum Brands, Inc. (“SBI”) issued certain debt guaranteed by domestic subsidiaries. The reportable segments of SB/RH are consistent with the segments of Spectrum. NOTE 1 - DESCRIPTION OF BUSINESS (continued) HRG – Insurance Operations On November 30, 2017, Fidelity & Guaranty Life (“FGL”), a former majority owned subsidiary of HRG, completed its merger (the “FGL Merger”) with CF Corporation and its related entities (collectively, the “CF Entities”) in accordance with its previously disclosed Agreement and Plan of Merger (the “FGL Merger Agreement”). In addition, pursuant to a share purchase agreement, on November 30, 2017, Front Street Re (Delaware) Ltd., a wholly-owned subsidiary of HRG, sold to the CF Entities (such sale, the “Front Street Sale”) all of the issued and outstanding shares of its former wholly-owned subsidiaries, Front Street Re Cayman Ltd. and Front Street Re Ltd (collectively, “Front Street”, and together with FGL, the “Insurance Operations”). Pursuant to the share purchase agreement, on December 5, 2017, the Company repaid the $92.0 million of notes (such notes, the “HGI Energy Notes”) issued by HGI Energy, which were held directly and indirectly by Front Street and FGL. As a result of the completion of the FGL Merger and the Front Street Sale, HRG no longer has any equity interest in FGL or Front Street and HRG’s former Insurance Operations business is presented as discontinued operations for prior periods. HRG deconsolidated FGL and Front Street as of November 30, 2017. See Note 3 – Divestitures for more information pertaining to the disposition of HRG’s former Insurance Operations business. HRG - Salus HRG, through its subsidiary, Salus, uses VIE for securitization activities, in which Salus transfers whole loans into a trust or other vehicle such that the assets are legally isolated from the creditors of Salus. Assets held in a trust can only be used to settle obligations of the trust. The creditors of these trusts typically have no recourse to Salus except in accordance with the obligations under standard representations and warranties. When Salus is the servicer of whole loans held in a securitization trust, Salus has the power to direct the most significant activities of the trust. Salus consolidates a whole-loan securitization trust if it has the power to direct the most significant activities and also holds securities issued by the trust or has other contractual arrangements, other than standard representations and warranties that could potentially be significant to the trust. |
Basis Of Presentation And Signi
Basis Of Presentation And Significant Accounting Policies | 9 Months Ended |
Jun. 30, 2018 | |
Basis Of Presentation And Significant Accounting Policies [Abstract] | |
Basis Of Presentation And Significant Accounting Policies | NOTE 2 – BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation and Fiscal Period-End The accompanying unaudited condensed consolidated financial statements have been prepared by the Company and its majority owned subsidiaries in accordance with accounting principles for interim financial information generally accepted in the United States and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all the information and notes necessary for a comprehensive presentation of financial position and results of operations. It is management’s opinion, however, that all material adjustments have been made which are necessary for a fair financial statement presentation. For further information, refer to the Spectrum and SBRH historical audited consolidated financial statements and notes included in the Spectrum Annual Report on Form 10-K for the year ended September 30, 2017 as revised in Spectrum’s Current Report on Form 8-K dated March 30, 2018 to retroactively adjust for recognition of discontinued operations for the GBA divestitures, and HRG’s Annual Report on Form 10-K for the year ended September 30, 2017 as revised in HRG’s Current Report on Form 8-K dated March 30, 2018 to retroactively adjust for recognition of discontinued operations for the GBA divestitures. HRG’s fiscal year ends on September 30 and the quarters end on the last calendar day of the months of December, March and June. Spectrum’s fiscal year ends September 30 and reports its results using fiscal quarters whereby each three month quarterly reporting period is approximately thirteen weeks in length and ends on a Sunday. The exceptions are the first quarter, which begins on October 1, and the fourth quarter, which ends on September 30. As a result, the fiscal period end date for the three and nine month periods included within this Quarterly Report for SBH is June 30, 2018, consistent to the HRG fiscal calendar, and the fiscal period end date for the three and nine month periods included within this Quarter Report for SBRH is July 1, 2018, consistent to the Spectrum fiscal calendar. The Company did not adjust for the difference in the fiscal periods between Spectrum and HRG as such difference would be less than 93 days, pursuant to Regulation S-X Rule 3A-02. Recently Issued Accounting Standards In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Topic 606) , which supersedes the revenue recognition requirements in ASC 605, Revenue Recognition. This ASU requires revenue recognition to depict the transfer of goods and services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The new revenue recognition model requires identifying the contract and performance obligations, determining the transaction price, allocating the transaction price to performance obligations and recognizing the revenue upon satisfaction of performance obligations. This ASU also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments, and assets recognized from costs incurred to obtain or fulfill a contract. This ASU can be applied either retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially applying the updates recognized at the date of the initial application along with additional disclosures. The ASU will become effective for us beginning in the first quarter of our fiscal year ending September 30, 2019. We have performed a preliminary assessment over the impact of the pronouncement to the Company and are currently performing detailed assessments over the contracts with our customers and the impact to our processes and control environment. We have not measured the impact of adoption at this point in our assessment and have not concluded on the overall materiality of the impact of adoption to the Company’s consolidated financial statements and disclosures, or the method of adoption, but have not identified any matters that are considered significant for further disclosure. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), which supersedes the lease requirements in ASC 840, Leases . This ASU requires lessees to recognize lease assets and liabilities on the balance sheet, as well as disclosing key information about leasing arrangements. Although the new ASU requires both operating and finance leases to be disclosed on the balance sheet, a distinction between the two types still exists as the economics of leases can vary. The ASU can be applied using a modified retrospective approach, with a number of optional practical expedients relating to the identification and classification of leases that commenced before the effective date, along with the ability to use hindsight in the evaluation of lease decisions, that entities may elect to apply. As a result, the ASU will become effective for us beginning in the first quarter of our fiscal year ending September 30, 2020, with early adoption applicable. We have not measured the impact of adoption at this point in our assessment and have not concluded on the overall materiality of the impact of adoption to the Company’s consolidated financial statements, or determined the method and timing of adoption. NOTE 2 – BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (continued) In August 2016, the FASB issued ASU No. 2016-15, Classification of Certain Cash Receipts and Cash Payments , which addresses diversity in practice with the classification and presentation of certain cash receipts and cash payments in the statement of cash flows. The amendments in this update address the classification within the statement of cash flow for debt prepayment or debt extinguishment costs, settlement of zero-coupon debt instruments, contingent payments made after a business combination, proceeds from the settlement of insurance claims and corporate-owned life insurance policies, distributions received from equity method investees, and beneficial interests in securitization transactions, among other separately identifiable cash flows when applying the predominance principle. The ASU is applied on a retrospective basis, and will become effective for us beginning in the first quarter of our fiscal year ending September 30, 2019; with early adoption available. We are currently assessing the impact this pronouncement will have on the consolidated financial statements of the Company and have not yet concluded on the materiality or timing of adoption. In November 2016, the FASB issued ASU No. 2016-18, Restricted Cash , which addresses diversity in practice with the classification and presentation of restricted cash in the statement of cash flow, classifying transfers between cash and restricted cash as operating, investing, or financing activities, or as a combination of those activities, in the statement of cash flows. The amendment requires the statement of cash flows to explain the change during the period in total cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents; and include with cash and cash equivalents when reconciling the beginning-of-period and end-of-period amounts shown on the statement of cash flows. The ASU is applied on a retrospective basis, and will become effective for us beginning in the first quarter of our fiscal year ending September 30, 2019; with early adoption available. We are currently assessing the impact this pronouncement will have on the consolidated financial statements of the Company and have not yet concluded on the materiality or timing of adoption. In March 2017, the FASB issued ASU No. 2017-07, Compensation – Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost , which requires an employer to disaggregate the service cost component from the other components of net periodic pension costs within the statement of income. The amendment provides guidance requiring the service cost component to be recognized consistent with other compensation costs arising from service rendered by employees during the period, and all other components to be recognized separately outside of the subtotal of income from operations. The ASU is applied on a retrospective basis, and will become effective for us in the first quarter of the year ending September 30, 2019; with early adoption available. We are currently assessing the impact this pronouncement will have on the consolidated financial statements of the Company and have not yet concluded on the materiality of the adoption. In August 2017, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2017-12, Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities (Topic 815) , which changes the designation and measurement guidance for qualifying hedging relationships and presentation of hedge results. The amendments in this update make certain targeted improvements to simplify the application of the hedge accounting guidance in current GAAP, better aligning the entity’s risk management activities and financial reporting for hedging relationships. The ASU can only be applied prospectively, and will become effective for us beginning in the first quarter of our fiscal year ending September 30, 2020; with early adoption available. We are currently assessing the impact this pronouncement will have on the consolidated financial statements of the Company and have not yet concluded on the materiality or timing of the adoption. During the three month period ended December 31, 2017, the Company adopted SEC Staff Accounting Bulletin No. 118 to address the application of U.S. GAAP in situations when the registrant does not have the necessary information available, prepared, or analyzed (including computations) in reasonable detail to complete the accounting for the transition adjustment for certain income tax effects of the Tax Cuts and Jobs Act. See Note 16 – Income Taxes for additional discussion. |
Divestitures
Divestitures | 9 Months Ended |
Jun. 30, 2018 | |
Divestitures [Abstract] | |
Divestitures | NOTE 3 – DIVESTITURES GBA As previously discussed in Note 1 - Basis of Presentation and Nature of Operations, GBA was classified as held for sale in the accompanying Condensed Consolidated Balance Sheets and as discontinued operations in the accompanying Condensed Consolidated Statements of Income. The following table summarizes the assets and liabilities of GBA classified as held for sale as of June 30, 2018 and September 30, 2017. (in millions) June 30, 2018 September 30, 2017 Assets Trade receivables, net $ 193.5 $ 260.1 Other receivables 24.7 24.0 Inventories 319.9 279.2 Prepaid expenses and other current assets 39.6 39.7 Property, plant and equipment, net 193.7 196.8 Deferred charges and other 15.3 19.3 Goodwill 344.8 348.9 Intangible assets, net 781.6 811.9 Total assets of business held for sale $ 1,913.1 $ 1,979.9 Liabilities Current portion of long-term debt 18.6 17.3 Accounts payable 227.1 355.9 Accrued wages and salaries 34.2 37.6 Other current liabilities 94.7 89.8 Long-term debt, net of current portion 51.2 51.7 Deferred income taxes 37.3 38.2 Other long-term liabilities 62.2 66.2 Total liabilities of business held for sale $ 525.3 $ 656.7 NOTE 3 – DIVESTITURES (continued) The following table summarizes the components of Income From Discontinued Operations - GBA in the accompanying Condensed Consolidated Statements of Operations for the three and nine month periods ended June 30, 2018 and 2017. Three Month Periods Ended Nine Month Periods Ended (in millions) June 30, 2018 June 30, 2017 June 30, 2018 June 30, 2017 Net sales $ 442.0 $ 441.0 $ 1,473.2 $ 1,464.0 Cost of goods sold 298.1 287.8 982.4 951.5 Gross profit 143.9 153.2 490.8 512.5 Operating expenses 137.3 106.2 403.3 336.6 Operating income 6.6 47.0 87.5 175.9 Interest expense 14.1 12.7 40.3 37.2 Other non-operating expense, net 3.7 0.7 4.1 0.6 (Loss) income from discontinued operations before income taxes (11.2) 33.6 43.1 138.1 Income tax (benefit) expense (1.7) 5.3 11.1 38.3 Net (loss) income from discontinued operations (9.5) 28.3 32.0 99.8 Net income from discontinued operations attributable to non-controlling interest 0.1 1.7 0.1 1.5 Net (loss) income from discontinued operations attributable to controlling interest $ (9.6) $ 26.6 $ 31.9 $ 98.3 Interest expense consists of interest from debt directly held by subsidiaries of the business held for sale, including interest from capital leases, and interest on Term Loans required to be paid down using proceeds received on disposal on sale of a business within 365 days with the exception for funds used for capital expenditures and acquisitions. No impairment loss has been recognized as the fair value or expected proceeds from the disposal of the businesses are anticipated to be in excess of the asset carrying values. During the three and nine month periods ended June 30, 2018, the Company incurred transaction costs of $24.3 million and $49.4 million, respectively, associated with the divestiture and has been recognized as a component of Income From Discontinued Operations – GBA on the Condensed Consolidated Statements of Income. Transaction costs are expensed as incurred and include fees for investment banking services, legal, accounting, due diligence, tax, valuation and various other services necessary to complete the transactions. Energizer Holdings, Inc. On January 15, 2018 Spectrum entered into a definitive Acquisition Agreement (“Agreement”) with Energizer Holdings, Inc. (“Energizer”) where Energizer will acquire from Spectrum its Global Battery and Lighting (“GBL”) business for an aggregate purchase price of $2.0 billion in cash, subject to customary purchase price adjustments. The Agreement provides that Energizer will purchase the equity of certain subsidiaries of Spectrum, and acquire certain assets and assume certain liabilities of other subsidiaries used or held for the purpose of the GBL business. In the Agreement, Spectrum and Energizer have made customary representations and warranties and have agreed to customary covenants relating to the acquisition. Among other things, prior to the consummation of the acquisition, Spectrum will be subject to certain business conduct restrictions with respect to its operation of the GBL business. Spectrum and Energizer have agreed to indemnify each other for losses arising from certain breaches of the Agreement and for certain other matters. In particular, the Spectrum has agreed to indemnify Energizer for certain liabilities relating to the assets retained by Spectrum, and Energizer has agreed to indemnify Spectrum for certain liabilities assumed by Energizer, in each case as described in the Agreement. Spectrum and Energizer have agreed to enter into related agreements ancillary to the acquisition that will become effective upon the consummation of the acquisition, including a customary transition services agreement and reverse transition services agreement. The consummation of the acquisition is subject to certain customary conditions, including, among other things, (i) the absence of a material adverse effect on GBL, (ii) the expiration or termination of required waiting periods under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, (iii) the receipt of certain other antitrust approvals in certain specified foreign jurisdictions (the conditions contained in (ii) and (iii) together, the “Antitrust Conditions”), (iv) the accuracy of the representations and warranties of the parties generally subject to a customary material adverse effect standard (as described in the Agreement) or other customary materiality qualifications), (v) the absence of governmental restrictions on the consummation of the acquisition in certain jurisdictions, and (vi) material compliance by the parties with their respective covenants and agreements under the Agreement. The consummation of the transaction is not subject to any financing condition. On March 29, 2018, the Federal Trade Commission allowed the expiration of the 30-day Hart-Scott-Rodino waiting period, which in effect provides US regulatory approval of the sale. We are proceeding with other required international regulatory approvals and continue to expect the transaction to be consummated prior to December 31, 2018 . The Agreement also contains certain termination rights, including the right of either party to terminate the Agreement if the consummation of the acquisition has not occurred on or before July 15, 2019 (the “Termination Date”). Further, if the acquisition has not been consummated by the Termination Date and all conditions precedent to Energizer’s obligation to consummate the acquisition have otherwise been satisfied except for one or more of the Antitrust Conditions, then Energizer would be required to pay Spectrum a termination fee of $100 million. The GBL business is a component of GBA, which also includes shared operations and assets of the remaining components of the segment consisting of the Home and Personal Care (“HPC”) business. Spectrum is actively marketing the HPC business with interested parties for a separate transaction(s) expected to be entered into and consummated prior to December 31, 2018. NOTE 3 – DIVESTITURES (continued) HRG - Insurance Operations On November 30, 2017, Fidelity and Guaranty Life (“FGL”) completed the FGL Merger pursuant to which, except for certain shares specified in the FGL Merger Agreement, each issued and outstanding share of common stock of FGL was automatically canceled and converted into the right to receive $31.10 in cash, without interest. The total consideration received by HRG Group Inc. as a result of the completion of the FGL Merger was $1,518.3 million. Also on November 30, 2017, Front Street Re (Delaware) Ltd. Sold to the CF Entities all of the issued and outstanding shares of Front Street for $65 million, which is subject to reduction for customary transaction expenses. In addition, $6.5 million of the purchase price was deposited in escrow for a period of 15 months to support any indemnification claims that might be made (if any) by the CF entities. The operations of FGL were classified as held for sale in the accompanying Condensed Consolidated Statement of Financial Position at September 30, 2017 and as discontinued operations through November 30, 2017 in the accompanying Condensed Consolidated Statements of Operations and Condensed Consolidated Statements of Cash Flows. Additionally, HRG, FS Holdco II Ltd. (“FS Holdco”) and the CF Entities entered into an agreement (the “338 Agreement”) on May 24, 2017 pursuant to which the CF Entities agreed that FS Holdco may, at its option, cause the relevant CF Entity and FS Holdco to make a joint election under Section 338(h)(10) of the Internal Revenue Code of 1986, as amended, with respect to the FGL Merger and the deemed share purchases of FGL’s subsidiaries (the “338 Tax Election”). Pursuant to the 338 Agreement, if FS Holdco elects to make the 338 Tax Election, FS Holdco and/or CF Corporation will be required to make a payment for the election to the other. On March 8, 2018, FS Holdco exercised the 338 Tax Election and the CF Entities were required to pay FS Holdco $26.6 million during the three month period ended June 30, 2018. The following table summarizes the major categories of assets and liabilities of FGL classified as held for sale in the accompanying Condensed Consolidated Statement of Financial Position as of September 30, 2017. (in millions) September 30, 2017 Assets Investments, including loans and receivables from affiliates $ 23,211.1 Funds withheld receivables 742.7 Cash and cash equivalents 914.5 Accrued investment income 231.3 Reinsurance recoverable 2,358.8 Deferred acquisition costs and value of business acquired, net 1,163.6 Other assets 125.4 Write-down of assets of businesses held for sale to fair value less cost to sell (421.2) Total assets of business held for sale $ 28,326.2 Liabilities Insurance reserves 24,989.6 Debt 405.0 Accounts payable and other current liabililtes 56.2 Deferred tax liabilities 68.0 Other long-term liabilities 831.9 Total liabilities of business held for sale $ 26,350.7 The following table summarizes the components of Income from Discontinued Operations – HRG Insurance Operations, in the accompanying Condensed Consolidated Statements of Income for the two month period ended November 30, 2017 and the three and nine month periods ended June 30, 2017. Two Months ended Three months ended Nine months ended (in millions) November 30, 2017 June 30, 2017 June 30, 2017 Revenues: Insurance premiums $ 6.8 $ 12.7 $ 27.0 Net investment income 181.9 269.4 778.6 Net investment gains 154.8 102.8 237.5 Other 35.1 44.0 127.6 Total revenues 378.6 428.9 1,170.7 Operating costs and expenses: Benefits and other changes in policy reserves 241.3 266.0 575.4 Selling, acquisition, operating and general expenses 52.8 42.7 109.1 Amortization of intangibles 35.8 53.5 210.0 Total operating costs and expenses 329.9 362.2 894.5 Operating income 48.7 66.7 276.2 Interest expense and other 4.0 6.1 18.2 (Write-down) write-up of assets of business held for sale to fair value less cost to sell (14.2) (36.1) 35.6 Reclassification of accumulated other comprehensive income 445.9 — — Income from discontinued operations before income taxes 476.4 24.5 293.6 Income tax expense 16.5 16.8 98.2 Net income from discontinued operations 459.9 7.7 195.4 Net income from discontinued operations attributable to non-controlling interest 5.4 4.1 31.6 Net income from discontinued operations attributable to controlling interest $ 454.5 $ 3.6 $ 163.8 NOTE 3 – DIVESTITURES (continued) Property, Plant, and Equipment and long-lived assets classified as held for sale are measured at the lower of their carrying value or fair value less cost to sell. As of September 30, 2017, the carrying value of HRG’s interest in FGL and Front Street exceeded their respective estimated fair value less cost to sell by $402.2 million and $19.0 million, respectively. The higher carrying value of FGL was primarily due to the increase in unrealized gains, net of offsets in FGL’s investment portfolio, with the effects of the unrealized gains, net of offsets, being recorded in accumulated other comprehensive income. Upon the completion of the FGL Merger, HRG deconsolidated its ownership interest in FGL, which resulted in the reclassification of $445.9 million of accumulated other comprehensive income attributable from FGL to income from discontinued operations during the nine months ended June 30, 2018. Additionally, subsequent to the close of the FGL Merger, the Company recognized a $5.9 million tax benefit allocated to HRG insurance operations discontinued operations during the three month period ended June 30, 2018, associated with the reversal of valuation allowance realized with the completion of the Spectrum Merger. |
Acquisitions
Acquisitions | 9 Months Ended |
Jun. 30, 2018 | |
Acquisitions [Abstract] | |
Acquisitions | NOTE 4 – ACQUISITIONS Spectrum Merger Effective July 13, 2018, subsequent to the fiscal period end date of June 30, 2018 and prior to the issuance of this Quarterly Report, the Company completed the planned Spectrum Merger. Prior to the Spectrum Merger, the Company was a holding company, doing business as HRG and conducting its operations principally through its majority owned subsidiaries. In accordance with the Agreement and Plan of Merger (the “Merger Agreement”), HRG, through, HRG SPV Sub I, Inc., a Delaware corporation and direct wholly owned subsidiary of HRG (“Merger Sub”) merged with and into Spectrum, with Spectrum continuing as a wholly owned subsidiary of HRG. The certificate of incorporation of HRG was amended and restated, pursuant to which, among other things, the corporate name of HRG was changed to “Spectrum Brands Holdings, Inc.”, the Board of Directors of Spectrum were designated as the Board of Directors of the Company with an individual to be designated by Leucadia National Corporation (“Leucadia”) and the officers of Spectrum became officers of the Company. Further, HRG will subsequently operate under the name of Spectrum Brands Holdings, Inc. and the NYSE tick symbol of HRG Common Stock will be “SPB”. Immediately prior to the close of the Spectrum Merger, each issued and outstanding share of HRG common stock was, by means of a reverse stock split, combined into a fraction of a share of HRG Common Stock equal to (i) the number of shares of common stock, par value $0.01 per share, of Spectrum common stock held by HRG and its subsidiaries, adjusted for HRG’s net indebtedness as of closing, certain transaction expenses of HRG that are unpaid as of closing and a $200.0 million upward adjustment, divided by (ii) as of immediately prior to the reverse stock split, the number of outstanding shares of HRG common stock on a fully-diluted basis. Each share of Spectrum common stock issued and outstanding (other than shares held in treasury of Spectrum or held by HRG) were converted into the right to receive one share of newly issued HRG common stock and exchanged for HRG common stock. The weighted average shares and earnings per share data on the Condensed Consolidated Statements of Income were retrospectively adjusted to reflect the impact of the reverse stock split for all periods presented. See Note 19 – Earnings Per Share - SBH for further detail on the conversion rate and reverse stock split. Each restricted stock award, restricted stock unit and performance stock unit granted under an equity plan of Spectrum, whether vested or unvested, were assumed by the Company and automatically converted into a corresponding equity-based award in the Company with the right to hold or acquire shares of common stock equal to the number of shares of Spectrum common stock previously underlying such award. Each new award is subject to the same terms and conditions as the corresponding Spectrum award. The Company will assume all rights and obligations in respect of each equity-based plan of Spectrum. Prior to the close, each stock option, warrant and restricted stock award granted under an equity-based plan of HRG outstanding and unvested immediately prior to the closing became fully vested and each stock option and warrant became exercisable. Each exercisable award that is unexercised shall be adjusted (including to give effect to the reverse stock split) and shall remain outstanding, subject to the same terms and conditions as applied to the corresponding award. Immediately prior to the reverse stock split, each HRG restricted stock award shall become fully vested and be treated as a share of HRG common stock for purposes of the reverse stock split and the Merger. The Spectrum Merger will be accounted for as an acquisition of a non-controlling interest under Accounting Standard Codification Topic 810-10 by the Company in the period subsequent to the period end date of June 30, 2018. As previously discussed, the presentation of the Company’s condensed consolidated financial statements and certain notes to the condensed consolidated financial statements for the fiscal period ended June 30, 2018 have been updated to reflect the presentation of Spectrum’s historical financial statements. During the three and nine month periods ended June 30, 2018, the Company incurred costs of $3.1 million and $22.0 million, respectively, associated with the Spectrum Merger. During the three and nine month periods ended June 30, 2017, the Company incurred costs of $1.4 million and $4.2 million associated with the Spectrum Merger. At the time of close, on July 13, 2018, the Company recognized and paid $29.8 million in transaction fees consisting of contingent financial advisors and investment bankers fees, legal costs, and outstanding compensation and bonus payments. Acquisition & Integration Costs The following summarizes acquisition and integration related charges, excluding costs associated with the Spectrum Merger previously discussed, for the three and nine month periods ended June 30, 2018 and 2017: Three Month Periods Ended Nine Month Periods Ended (in millions) June 30, 2018 June 30, 2017 June 30, 2018 June 30, 2017 HHI Business $ 0.9 $ 1.8 $ 5.5 $ 5.7 PetMatrix 0.8 1.7 4.5 2.0 Armored AutoGroup — 0.3 0.6 2.1 Other 0.6 1.4 1.4 1.8 Total acquisition and integration related charges $ 2.3 $ 5.2 $ 12.0 $ 11.6 Acquisition and integration costs include costs directly associated with the completion of the purchase of net assets or equity interest of a business such as a business combination, equity investment, joint venture or purchase of non-controlling interest. Included costs include transactions costs; advisory, legal, accounting, valuation, and other professional fees; and integration of acquired operations onto the Company’s shared service platform and termination of redundant positions and locations. |
Restructuring And Related Charg
Restructuring And Related Charges | 9 Months Ended |
Jun. 30, 2018 | |
Restructuring And Related Charges [Abstract] | |
Restructuring And Related Charges | NOTE 5 - RESTRUCTURING AND RELATED CHARGES PET Rightsizing Initiative – During the second quarter of the year ended September 30, 2017, the Company implemented a rightsizing initiative within Spectrum’s PET segment to streamline certain operations and reduce operating costs. The initiative includes headcount reductions and the rightsizing of certain facilities. Total costs associated with this initiative are expected to be approximately $16 million, of which $15.3 million has been incurred to date. The balance is anticipated to be incurred through September 30, 2018. HHI Distribution Center Consolidation – During the second quarter of the year ended September 30, 2017, the Company implemented an initiative within Spectrum’s HHI segment to consolidate certain operations and reduce operating costs. The initiative includes headcount reductions and the exit of certain facilities. Total costs associated with the initiative are expected to be approximately $77 million, of which $67.8 million has been incurred to date. The balance is anticipated to be incurred through September 30, 2018. GAC Business Rationalization Initiatives – During the third quarter of the year ended September 30, 2016, the Company implemented a series of initiatives within Spectrum’s GAC segment to consolidate certain operations and reduce operating costs. These initiatives included headcount reductions and the exit of certain facilities. Total costs associated with these initiatives are expected to be approximately $48 million, of which $43.1 million has been incurred to date. The balance is anticipated to be incurred through September 30, 2018. Other Restructuring Activities – The Company is entering or may enter into small, less significant initiatives and restructuring activities to reduce costs and improve margins throughout the organization. Individually these activities are not substantial, and occur over a shorter time period (less than 12 months). The following summarizes restructuring and related charges for the three and nine month periods ended June 30, 2018 and 2017: Three Month Periods Ended Nine Month Periods Ended (in millions) June 30, 2018 June 30, 2017 June 30, 2018 June 30, 2017 HHI distribution center consolidation $ 11.6 $ 9.0 $ 40.4 $ 9.1 GAC business rationalization initiative 6.3 12.8 13.5 19.8 PET rightsizing initiative 3.1 2.2 7.1 2.8 Other restructuring activities 4.4 (2.8) 8.0 (0.4) Total restructuring and related charges $ 25.4 $ 21.2 $ 69.0 $ 31.3 Reported as: Cost of goods sold $ 4.9 $ 11.2 $ 9.9 $ 16.4 Operating expense 20.5 10.0 59.1 14.9 The following is a summary of restructuring and related charges for the three and nine month periods ended June 30 , 2018 and 2017 and cumulative costs for current restructuring initiatives as of June 30 , 2018, by cost type: Termination Other (in millions) Benefits Costs Total For the three month period ended June 30, 2018 $ 1.6 $ 23.8 $ 25.4 For the three month period ended June 30, 2017 2.4 18.8 21.2 For the nine month period ended June 30, 2018 6.8 62.2 69.0 For the nine month period ended June 30, 2017 4.5 26.8 31.3 Cumulative costs through June 30, 2018 17.8 116.8 134.6 Future costs to be incurred 0.4 16.0 16.4 Termination costs consist of involuntary employee termination benefits and severance pursuant to a one-time benefit arrangement recognized as part of a restructuring initiative. Other costs consist of non-termination type costs related to restructuring initiatives such as incremental costs to consolidate or close facilities, relocate employees, cost to retrain employees to use newly deployed assets or systems, lease termination costs, and redundant or incremental transitional operating costs and customer fines and penalties during transition, among others. The following is a rollforward of the accrual related to all restructuring and related activities, included within Other Current Liabilities, by cost type for the nine month periods ended June 30 , 2018. Termination Other (in millions) Benefits Costs Total Accrual balance at September 30, 2017 $ 7.2 $ 9.8 $ 17.0 Provisions 4.4 2.6 7.0 Cash expenditures (7.8) (8.2) (16.0) Non-cash items — — — Accrual balance at June 30, 2018 $ 3.8 $ 4.2 $ 8.0 The following summarizes restructuring and related charges by segment for the three and nine month periods ended June 30 , 2018 and 2017, cumulative costs incurred through June 30 , 2018, and future expected costs to be incurred by Spectrum’s segments of continuing operations: (in millions) HHI PET H&G GAC Corporate Total For the three month period ended June 30, 2018 $ 12.0 $ 3.7 $ 0.1 $ 7.6 $ 2.0 $ 25.4 For the three month period ended June 30, 2017 6.2 2.0 — 12.8 0.2 21.2 For the nine month period ended June 30, 2018 40.8 8.1 0.3 14.7 5.1 69.0 For the nine month period ended June 30, 2017 7.7 3.7 — 19.8 0.1 31.3 Cumulative costs through June 30, 2018 68.2 16.3 0.3 44.3 5.5 134.6 Future costs to be incurred 10.1 0.5 — 4.5 1.3 16.4 |
Receivables And Concentration O
Receivables And Concentration Of Credit Risk | 9 Months Ended |
Jun. 30, 2018 | |
Receivables And Concentration Of Credit Risk [Abstract] | |
Receivables And Concentration Of Credit Risk | NOTE 6 - RECEIVABLES AND CONCENTRATION OF CREDIT RISK The allowance for uncollectible receivables as of June 30, 2018 and September 30, 2017 was $28.6 million and $23.5 million, respectively. The Company has a broad range of customers including many large retail outlet chains, three of which exceed 10% of consolidated Net Sales and/or Trade Receivables. These three customers represented 40% and 39% of net sales for the three and nine month periods ended June 30, 2018 and 39% and 38% of net sales for the three and nine month periods ended June 30, 2017; and 29% and 36% of Trade Receivables at June 30, 2018 and September 30, 2017, respectively. |
Inventories
Inventories | 9 Months Ended |
Jun. 30, 2018 | |
Inventories [Abstract] | |
Inventories | NOTE 7 - INVENTORIES Inventories consist of the following: (in millions) June 30, 2018 September 30, 2017 Raw materials $ 104.2 $ 95.7 Work-in-process 44.1 35.5 Finished goods 398.4 365.1 $ 546.7 $ 496.3 |
Property, Plant And Equipment
Property, Plant And Equipment | 9 Months Ended |
Jun. 30, 2018 | |
Property, Plant And Equipment [Abstract] | |
Property, Plant And Equipment | NOTE 8 – PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment consist of the following: (in millions) June 30, 2018 September 30, 2017 Land, buildings and improvements $ 148.7 $ 146.6 Machinery, equipment and other 406.1 380.8 Capital leases 211.7 210.2 Construction in progress 37.8 40.4 Property, plant and equipment $ 804.3 $ 778.0 Accumulated depreciation (309.5) (274.1) Property, plant and equipment, net $ 494.8 $ 503.9 Depreciation expense from property, plant and equipment for the three month periods ended June 30, 2018 and 2017 was $17.9 million and $17.3 million, respectively; and for the nine month periods ended June 30, 2018 and 2017 was $55.7 million and $48.3 million, respectively. |
Goodwill And Intangible Assets
Goodwill And Intangible Assets | 9 Months Ended |
Jun. 30, 2018 | |
Goodwill And Intangible Assets [Abstract] | |
Goodwill And Intangible Assets | NOTE 9 - GOODWILL AND INTANGIBLE ASSETS Goodwill, Spectrum segments, consists of the following: (in millions) HHI PET H&G GAC Total As of September 30, 2017 $ 708.7 $ 437.1 $ 196.5 $ 934.8 $ 2,277.1 Foreign currency impact (5.4) (1.7) — (0.6) (7.7) As of June 30, 2018 $ 703.3 $ 435.4 $ 196.5 $ 934.2 $ 2,269.4 Certain tradename intangible assets have an indefinite life and are not amortized. The balance of tradenames not subject to amortization was $1,021.8 million and $1,024.3 million as of June 30, 2018 and September 30, 2017, respectively. There was no impairment loss on indefinite-lived trade names for the three and nine month periods ended June 30, 2018 and 2017. The carrying value and accumulated amortization for definite lived intangible assets subject to amortization are as follows: June 30, 2018 September 30, 2017 (in millions) Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net Customer relationships $ 668.1 $ (249.3) $ 418.8 $ 671.7 $ (222.3) $ 449.4 Technology assets 194.6 (73.1) 121.5 194.6 (59.7) 134.9 Tradenames 5.8 (3.1) 2.7 18.5 (15.1) 3.4 Total $ 868.5 $ (325.5) $ 543.0 $ 884.8 $ (297.1) $ 587.7 The range and weighted average useful lives for definite-lived intangible assets are as follows: Asset Type Range Weighted Average Customer relationships 2 - 20 years 17.9 years Technology assets 6 - 18 years 11.4 years Tradenames 5 - 13 years 6.2 years Amortization expense from intangible assets for the three month periods ended June 30, 2018 and 2017 was $14.4 million and $15.6 million, respectively, and for the nine month periods ended June 30, 2018 and 2017 was $43.8 million and $46.1 million, respectively. Excluding the impact of any future acquisitions or changes in foreign currency, the Company estimates annual amortization expense of intangible assets for the next five fiscal years will be as follows: (in millions) Amortization 2018 $ 57.5 2019 57.4 2020 55.0 2021 49.7 2022 48.0 |
Debt
Debt | 9 Months Ended |
Jun. 30, 2018 | |
Debt [Abstract] | |
Debt | NOTE 10 - DEBT Debt consists of the following: SBH SB/RH June 30, 2018 September 30, 2017 July 1, 2018 September 30, 2017 (in millions) Amount Rate Amount Rate Amount Rate Amount Rate Spectrum Brands Inc. Term Loan, variable rate, due June 23, 2022 $ 1,234.8 4.2 % $ 1,244.2 3.4 % $ 1,234.8 4.2 % $ 1,244.2 3.4 % CAD Term Loan, variable rate, due June 23, 2022 32.4 5.3 % 59.0 4.9 % 32.4 5.3 % 59.0 4.9 % 4.00% Notes, due October 1, 2026 491.7 4.0 % 500.9 4.0 % 491.7 4.0 % 500.9 4.0 % 5.75% Notes, due July 15, 2025 1,000.0 5.8 % 1,000.0 5.8 % 1,000.0 5.8 % 1,000.0 5.8 % 6.125% Notes, due December 15, 2024 250.0 6.1 % 250.0 6.1 % 250.0 6.1 % 250.0 6.1 % 6.625% Notes, due November 15, 2022 570.0 6.6 % 570.0 6.6 % 570.0 6.6 % 570.0 6.6 % Revolver Facility, variable rate, expiring March 6, 2022 545.5 4.6 % — — % 545.5 4.6 % — — % Other notes and obligations 3.4 7.9 % 4.7 8.0 % 3.4 7.9 % 4.7 8.0 % Obligations under capital leases 196.9 5.7 % 199.7 5.7 % 196.9 5.7 % 199.7 5.7 % Total Spectrum Brands, Inc. debt 4,324.7 3,828.5 4,324.7 3,828.5 Spectrum Brands Holdings, Inc. (formerly HRG) HRG - 7.875% Senior Secured Notes, due July 15, 2019 — — % 864.4 7.9 % — — % — — % HRG - 7.75% Senior Unsecured Notes, due January 15, 2019 890.0 7.8 % 890.0 7.8 % — — % — — % HGI Funding - 2017 Loan, due July 13, 2018 50.0 3.7 % 50.0 3.7 % — — % — — % HGI Energy - notes due June 30, 2018 — — % 92.0 1.5 % — — % — — % Salus - unaffiliated long-term debt of consolidated VIE 76.6 — % 28.9 — % — — % — — % Salus - long term debt of consolidated VIE with FGL — — % 48.1 — % — — % — — % Total SBH debt 5,341.3 5,801.9 4,324.7 3,828.5 Unamortized discount on debt (20.7) (20.7) (2.9) (3.7) Debt issuance costs (60.4) (76.1) (47.5) (53.1) Less current portion (70.8) (161.4) (20.8) (19.4) Long-term debt, net of current portion $ 5,189.4 $ 5,543.7 $ 4,253.5 $ 3,752.3 Spectrum Brands Inc. The Term Loans and Revolver Facility are subject to variable interest rates, (i) the USD Term Loan is subject to either adjusted LIBOR (International Exchange London Interbank Offered Rate), plus margin of 2.00% per annum, or base rate plus margin of 1.00% per annum, (ii) the CAD Term Loan is subject to either CDOR (Canadian Dollar Offered Rate), subject to a 0.75% floor plus 3.50% per annum, or base rate with a 1.75% floor plus 2.50% per annum, (iii) the Revolver Facility is subject to either adjusted LIBOR plus margin ranging from 1.75% to 2.25% per annum, or base rate plus margin ranging from 0.75% to 1.25% per annum. On March 28, 2018, the Company entered into a fifth amendment to the Credit Agreement, expanding the overall capacity of the Revolver Facility by $100 million to $800 million. As a result of borrowings and payments under the Revolver Facility, at June 30, 2018, the Company had borrowing availability of $234.5 million, net outstanding letters of credit of $18.0 million and $2.0 million allocated to a foreign subsidiary. SBH (formerly HRG) On January 16, 2018, HRG redeemed all $864.4 million outstanding principal amount of its 7.875% Senior Secured Notes due 2019 at a redemption price equal to 100.0% of the principal amount thereof, plus accrued and unpaid interest to the redemption date. On January 13, 2017, HRG, through a wholly-owned subsidiary of HGI Funding, entered into a loan agreement, pursuant to which it may borrow up to an aggregate amount of $150.0 million (the “2017 Loan”). The 2017 Loan bears interest at an adjusted International Exchange London Interbank Offered Rate (“LIBOR”), plus 2.35% per annum, payable quarterly and a commitment fee of 75 bps. During the nine months ended June 30, 2018, the 2017 Loan was terminated by the borrower. On December 5, 2017, HRG Group Inc. paid off the $92.0 million aggregate principal amount of the HGI Energy Notes, which were previously held by FGL. On July 13, 2018, subsequent to June 30, 2018, the Company paid of the $50.0 million aggregate principal amount of the HGI Funding loan prior to the close of the Spectrum Merger. In February 2013, September 2013 and February 2015, Salus completed a collateralized loan obligation (“CLO”) securitization of up to $578.5 million notional aggregate principal amount. At June 30, 2018 and September 30, 2017, the outstanding notional aggregate principal amount of $76.6 million and $28.9 million, respectively, was taken up by unaffiliated entities, including HRG former subsidiary, FGL, and consisted entirely of subordinated debt in both periods. As of September 30, 2017, there was $48.1 million taken up by FGL and included in Assets of Businesses Held for Sale in the accompanying Condensed Consolidated Statement of Financial Position. The CLO subordinated debt is non-recourse to the Company. The obligations of the securitization is secured by the assets of the variable interest entity, primarily asset-based loan receivables and carry residual interest subject to maintenance of certain covenants. Due to losses incurred in the CLO, at June 30, 2018, and September 30, 2017, the CLO was not accruing interest on the subordinated debt. |
Derivatives
Derivatives | 9 Months Ended |
Jun. 30, 2018 | |
Derivatives [Abstract] | |
Derivatives | NOTE 11 - DERIVATIVES Cash Flow Hedges Interest Rate Swaps. The Company uses interest rate swaps to manage its interest rate risk. The swaps are designated as cash flow hedges with the changes in fair value recorded in Accumulated Other Comprehensive Income (“AOCI”) and as a derivative hedge asset or liability, as applicable. The swaps settle periodically in arrears with the related amounts for the current settlement period payable to, or receivable from, the counterparties included in accrued liabilities or receivables, respectively, and recognized in earnings as an adjustment to interest from the underlying debt to which the swap is designated. Due to the expected settlement of the Company’s Term Loan using proceeds from the GBA divestitures, as discussed in Note 3- Divestitures , a portion of the projected cash flows was no longer deemed probable and therefore de-designated a portion of the hedge as ineffective. At June 30, 2018 and September 30, 2017, the Company had a series of U.S. dollar denominated interest rate swaps outstanding which effectively fix the interest on floating rate debt, exclusive of lender spreads, at 1.76% for a notional principal amount of $300.0 million through May 2020. The derivative net gain estimated to be reclassified from AOCI into earnings over the next 12 months is $1.4 million, net of tax. The Company’s interest rate swap derivative financial instruments at June 30, 2018 and September 30, 2017 are as follows: June 30, 2018 September 30, 2017 (in millions) Notional Amount Remaining Years Notional Amount Remaining Years Interest rate swaps - fixed $ 300.0 1.9 $ 300.0 2.6 Commodity Swaps. The Company is exposed to risk from fluctuating prices for raw materials, specifically brass used in its manufacturing processes. The Company hedges a portion of the risk associated with the purchase of these materials through the use of commodity swaps. The hedge contracts are designated as cash flow hedges with the fair value changes recorded in AOCI and as a hedge asset or liability, as applicable. The unrecognized changes in fair value of the hedge contracts are reclassified from AOCI into earnings when the hedged purchase of raw materials also affects earnings. The swaps effectively fix the floating price on a specified quantity of raw materials through a specified date. At June 30, 2018, the Company had a series of brass swap contracts outstanding through November 2019. The derivative net gains estimated to be reclassified from AOCI into earnings over the next 12 months is $0.1 million, net of tax. The Company had the following commodity swap contracts outstanding as of June 30, 2018 and September 30, 2017. June 30, 2018 September 30, 2017 (in millions, except notional) Notional Contract Value Notional Contract Value Brass swap contracts 1.0 Tons $ 5.4 1.3 Tons $ 6.6 Foreign exchange contracts. The Company periodically enters into forward foreign exchange contracts to hedge a portion of the risk from forecasted foreign currency denominated third party and intercompany sales or payments. These obligations generally require the Company to exchange foreign currencies for U.S. Dollars, Euros, Canadian Dollars or Japanese Yen. These foreign exchange contracts are cash flow hedges of fluctuating foreign exchange related to sales of product or raw material purchases. Until the sale or purchase is recognized, the fair value of the related hedge is recorded in AOCI and as a derivative hedge asset or liability, as applicable. At the time the sale or purchase is recognized, the fair value of the related hedge is reclassified as an adjustment to Net Sales or purchase price variance in Cost of Goods Sold on the Condensed Consolidated Statements of Income. At June 30, 2018, the Company had a series of foreign exchange derivative contracts outstanding through December 2019. The derivative net losses estimated to be reclassified from AOCI into earnings over the next 12 months is $0.5 million, net of tax. At June 30, 2018 and September 30, 2017, the Company had foreign exchange derivative contracts designated as cash flow hedges with a notional value of $61.5 million and $67.5 million, respectively. Net Investment Hedge On September 20, 2016, SBI issued €425 million aggregate principle amount of 4.00% Notes. See Note 10 - Debt for further detail. The 4.00% Notes are denominated in Euros and have been designated as a net investment hedge of the translation of the Company’s net investments in Euro denominated subsidiaries at the time of issuance. As a result, the translation of the Euro denominated debt is recognized as AOCI with any ineffective portion recognized as foreign currency translation gains or losses on the statement of income when the aggregate principal exceeds the net investment in its Euro denominated subsidiaries. Net gains or losses from the net investment hedge are reclassified from AOCI into earnings upon a liquidation event or deconsolidation of Euro denominated subsidiaries. As of June 30, 2018, the hedge was fully effective and no ineffective portion was recognized in earnings. Derivative Contracts Not Designated as Hedges for Accounting Purposes Foreign exchange contracts. The Company periodically enters into forward and swap foreign exchange contracts to economically hedge a portion of the risk from third party and intercompany payments resulting from existing obligations. These obligations generally require the Company to exchange foreign currencies for U.S. Dollars, Canadian Dollars, Euros, Pounds Sterling, Taiwanese Dollars, Hong Kong Dollars or Australian Dollars. These foreign exchange contracts are fair value hedges of a related liability or asset recorded in the accompanying Condensed Consolidated Statements of Financial Position. The gain or loss on the derivative hedge contracts is recorded in earnings as an offset to the change in value of the related liability or asset at each period end. At June 30, 2018, the Company had a series of forward exchange contracts outstanding through July 2018. At June 30, 2018 and September 30, 2017, the Company had $76.9 million and $ 62.9 million , respectively, of notional value of such foreign exchange derivative contracts outstanding. NOTE 11 – DERIVATIVES (continued) Fair Value of Derivative Instruments The fair value of the Company’s outstanding derivative contracts recorded in the Condensed Consolidated Statements of Financial Position is as follows: (in millions) Line Item June 30, 2018 September 30, 2017 Derivative Assets Commodity swaps - designated as hedge Other receivables $ 0.1 $ 0.6 Interest rate swaps - designated as hedge Other receivables 2.0 — Interest rate swaps - designated as hedge Deferred charges and other 1.6 0.4 Foreign exchange contracts - designated as hedge Other receivables 0.7 — Foreign exchange contracts - designated as hedge Deferred charges and other — 0.2 Foreign exchange contracts - not designated as hedge Other receivables 0.2 0.3 Total Derivative Assets $ 4.6 $ 1.5 Derivative Liabilities Commodity swaps - designated as hedge Accounts payable $ 0.2 $ — Interest rate swaps - designated as hedge Other current liabilities — 0.5 Interest rate swaps - designated as hedge Accrued interest (0.3) 0.2 Foreign exchange contracts - designated as hedge Accounts payable 0.1 2.3 Foreign exchange contracts - designated as hedge Other long term liabilities — 0.3 Total Derivative Liabilities $ — $ 3.3 The Company is exposed to the risk of default by the counterparties with which it transacts and generally does not require collateral or other security to support financial instruments subject to credit risk. The Company monitors counterparty credit risk on an individual basis by periodically assessing each counterparty’s credit rating exposure. The maximum loss due to credit risk equals the fair value of the gross asset derivatives that are concentrated with certain domestic and foreign financial institution counterparties. The Company considers these exposures when measuring its credit reserve on its derivative assets, which were not significant as of June 30, 2018 and September 30, 2017. The Company’s standard contracts do not contain credit risk related contingent features whereby the Company would be required to post additional cash collateral as a result of a credit event. However, the Company is typically required to post collateral in the normal course of business to offset its liability positions. As of June 30, 2018 and September 30, 2017, there was no cash collateral outstanding. In addition, as of June 30, 2018 and September 30, 2017, the Company had no posted standby letters of credit related to such liability positions. The following summarizes the impact of derivative instruments on the accompanying Condensed Consolidated Statements of Income for the three month periods ended June 30, 2018 and 2017, pretax: Effective Portion Reclassified to Ineffective portion Three month period ended Gain (Loss) Reclassified to Continuing Operations Discontinued Continuing Operations Discontinued June 30, 2018 (in millions) in OCI Line Item Gain (Loss) Operations Line Item Gain (Loss) Operations Interest rate swaps $ 0.6 Interest expense $ — $ 0.3 Interest expense $ — $ 0.3 Commodity swaps (3.1) Cost of goods sold 0.1 0.5 Cost of goods sold — — Net investment hedge 31.1 Other non-operating expense — — Other non-operating expense — — Foreign exchange contracts (0.1) Net sales — — Net sales — — Foreign exchange contracts 12.1 Cost of goods sold (0.2) (2.0) Cost of goods sold — — Total $ 40.6 $ (0.1) $ (1.2) $ — $ 0.3 Effective Portion Reclassified to Ineffective portion Three month period ended Gain (Loss) Reclassified to Continuing Operations Discontinued Continuing Operations Discontinued June 30, 2017 (in millions) in OCI Line Item Gain (Loss) Operations Line Item Gain (Loss) Operations Interest rate swaps $ (1.1) Interest expense $ — $ (0.3) Interest expense $ — $ — Commodity swaps (0.5) Cost of goods sold 0.1 1.2 Cost of goods sold — — Net investment hedge (32.6) Other non-operating expense — — Other non-operating expense — — Foreign exchange contracts 0.2 Net sales — — Net sales — — Foreign exchange contracts (10.3) Cost of goods sold 0.2 1.1 Cost of goods sold — — Total $ (44.3) $ 0.3 $ 2.0 $ — $ — NOTE 11 – DERIVATIVES (continued) The following summarizes the impact of derivative instruments on the accompanying Condensed Consolidated Statements of Income for the nine month periods ended June 30, 2018 and 2017, pretax: Effective Portion Reclassified to Ineffective portion Nine month period ended Gain (Loss) Reclassified to Continuing Operations Discontinued Continuing Operations Discontinued June 30, 2018 (in millions) in OCI Line Item Gain (Loss) Operations Line Item Gain (Loss) Operations Interest rate swaps $ 4.3 Interest expense $ — $ 0.6 Interest expense $ — $ 1.0 Commodity swaps (1.9) Cost of goods sold 0.8 3.0 Cost of goods sold — — Net investment hedge 9.3 Other non-operating expense — — Other non-operating expense — — Foreign exchange contracts (0.1) Net sales 0.1 — Net sales — — Foreign exchange contracts 9.8 Cost of goods sold (0.6) (10.9) Cost of goods sold — — Total $ 21.4 $ 0.3 $ (7.3) $ — $ 1.0 Effective Portion Reclassified to Ineffective portion Nine month period ended Gain (Loss) Reclassified to Continuing Operations Discontinued Continuing Operations Discontinued June 30, 2017 (in millions) in OCI Line Item Gain (Loss) Operations Line Item Gain (Loss) Operations Interest rate swaps $ (1.0) Interest expense $ — $ (1.0) Interest expense $ — $ — Commodity swaps 3.3 Cost of goods sold 0.4 3.4 Cost of goods sold — — Net investment hedge (9.3) Other non-operating expense — — Other non-operating expense — — Foreign exchange contracts 0.3 Net sales — — Net sales — — Foreign exchange contracts (4.4) Cost of goods sold 0.2 8.2 Cost of goods sold — — Total $ (11.1) $ 0.6 $ 10.6 $ — $ — The following summarizes the loss associated with derivative contracts not designated as hedges in the Condensed Consolidated Statements of Income for the three and nine month periods ended June 30, 2018 and 2017: Three Months Ended Nine Months Ended (in millions) Line Item June 30, 2018 June 30, 2017 June 30, 2018 June 30, 2017 Foreign exchange contracts Other non-operating expense (income) $ 4.4 $ (4.6) $ 1.7 $ (1.3) \ |
Fair Value Of Financial Instrum
Fair Value Of Financial Instruments | 9 Months Ended |
Jun. 30, 2018 | |
Fair Value Of Financial Instruments [Abstract] | |
Fair Value Of Financial Instruments | NOTE 12 - FAIR VALUE OF FINANCIAL INSTRUMENTS The Company has not changed the valuation techniques used in measuring the fair value of any financial assets and liabilities during the year. The Company’s consolidated assets and liabilities measured at fair value are summarized according to the fair value hierarchy as follows: The fair value of derivative instruments as of June 30, 2018 and September 30, 2017 are as follows (see Note 11 - Derivatives for additional detail). June 30, 2018 September 30, 2017 Carrying Carrying (in millions) Level 1 Level 2 Level 3 Fair Value Amount Level 1 Level 2 Level 3 Fair Value Amount Derivative Assets $ — $ 4.6 $ — $ 4.6 $ 4.6 $ — $ 1.5 $ — $ 1.5 $ 1.5 Derivative Liabilities — — — — — — 3.3 — 3.3 3.3 Debt - SBH — 5,368.2 — 5,368.2 5,260.2 — 5,839.0 92.0 5,931.0 5,705.1 Debt - SB/RH — 4,321.8 — 4,321.8 4,274.3 — 3,972.8 — 3,972.8 3,771.7 The fair value measurements of the Company’s debt are valued at quoted input prices that are directly observable or indirectly observable through corroboration with observable market data. See Note 10 – Debt for additional detail on outstanding debt of SBH and SB/RH. See Note 11 – Derivatives for additional detail on derivative assets and liabilities. The carrying value of cash and cash equivalents, receivables, accounts payable and short term debt approximate fair value based on the short-term nature of these assets and liabilities. Goodwill, intangible assets and other long-lived assets are tested annually or more frequently if an event occurs that indicates an impairment loss may have been incurred using fair value measurements with unobservable inputs (Level 3). |
Employee Benefit Plans
Employee Benefit Plans | 9 Months Ended |
Jun. 30, 2018 | |
Employee Benefit Plans [Abstract] | |
Employee Benefit Plans | NOTE 13 - EMPLOYEE BENEFIT PLANS Spectrum Defined Benefit Plans The net periodic benefit cost for the Spectrum defined benefit plans for the three and nine month periods ended June 30, 2018 and 2017 are as follows: Three Month Periods Ended Nine Month Periods Ended (in millions) June 30, 2018 June 30, 2017 June 30, 2018 June 30, 2017 Service cost $ 0.5 $ 0.7 $ 1.5 $ 2.0 Interest cost 0.5 0.4 1.4 1.1 Expected return on assets (0.4) (0.4) (1.1) (1.0) Recognized net actuarial loss 0.3 0.5 0.8 1.6 Net periodic benefit cost $ 0.9 $ 1.2 $ 2.6 $ 3.7 Weighted average assumptions Discount rate 1.13 - 7.50% 1.00 - 8.68% 1.13 - 7.50% 1.00 - 8.68% Expected return on plan assets 1.13 - 3.50% 1.00 - 3.50% 1.13 - 3.50% 1.00 - 3.50% Rate of compensation increase 1.37 - 7.00% 2.25 - 7.00% 1.37 - 7.00% 2.25 - 7.00% Amounts reclassified from AOCI associated with employee benefit plan costs and recognized on the Condensed Consolidated Statements of Income for the three and nine month periods ended June 30, 2018 and 2017 were as follows: Three Month Periods Ended Nine Month Periods Ended (in millions) June 30, 2018 June 30, 2017 June 30, 2018 June 30, 2017 Cost of goods sold $ 0.1 $ 0.3 $ 0.4 $ 1.0 Selling expenses 0.1 0.2 0.3 0.5 General and administrative expenses 0.1 0.1 0.1 0.2 Amounts reclassified from AOCI to continuing operations $ 0.3 $ 0.6 $ 0.8 $ 1.7 Amounts reclassified from AOCI to discontinued operations $ 0.5 $ 0.8 $ 1.6 $ 2.3 Contributions to its pension and defined benefit plans, including discretionary amounts, for the three month periods ended June 30, 2018 and 2017 was $1.0 million, and for the nine month periods ended June 30, 2018 and 2017 were $2.8 million and $2.3 million, respectively. HRG Defined Benefit Plans HRG had a noncontributory defined benefit pension plan (the “HRG Pension Plan”) covering certain of its former U.S. employees. During the fiscal year ended September 30, 2016, the HRG Pension Plan was frozen which caused all existing participants to become fully vested in their benefits. On November 15, 2017, HRG’s Board of Directors approved the termination of the HRG Pension Plan. The HRG Pension Plan’s termination date was February 15, 2018 . As of June 30, 2018 and September 30, 2017, the HRG Pension Plan’s unfunded projected benefit obligation was $4.5 million and $4.2 million, respectively. HRG recognized an accrual of $1.6 million for the estimated additional cost to settle above the unfunded benefit obligation. Spectrum is expected to purchase annuity contracts before the year ended September 30, 2018 to settle the obligation to HRG Pension Plan participants. Additionally, HRG had an unfunded supplemental pension plan (the “Supplemental Plan”) which provides supplemental retirement payments to certain former senior executives of HRG. The amounts of such payments equal the difference between the amounts received under the HRG Pension Plan and the amounts that would otherwise be received if HRG Pension Plan payments were not reduced as the result of the limitations upon compensation and benefits imposed by Federal law. Effective December 1994, the Supplemental Plan was frozen. |
Share Based Compensation
Share Based Compensation | 9 Months Ended |
Jun. 30, 2018 | |
Share Based Compensation [Abstract] | |
Share Based Compensation | NOTE 14 - SHARE BASED COMPENSATION Share based compensation expense is recognized as General and Administrative Expenses on the Condensed Consolidated Statements of Income and consists of costs from the Spectrum equity plan and the HRG equity plan. The following is a summary of share based compensation expense for the three and nine month periods ended June 30, 2018 and 2017. Three Month Periods Ended Nine Month Periods Ended (in millions) June 30, 2018 June 30, 2017 June 30, 2018 June 30, 2017 Spectrum equity plan $ 4.9 $ 4.4 $ 5.3 $ 23.9 HRG equity plan 0.4 0.6 1.1 4.6 SBH share based compensation expense 5.3 5.0 6.4 28.5 SB/RH share based compensation expense 4.5 3.9 4.0 21.6 Spectrum The following summary of the activity in Spectrum RSUs during the nine month period ended June 30, 2018: Spectrum SB/RH Weighted Fair Weighted Fair Average Value Average Value Grant Date at Grant Grant Date at Grant (in millions, except per share data) Shares Fair Value Date Shares Fair Value Date Time-based grants 0.1 $ 111.31 $ 11.0 0.1 $ 112.33 $ 9.6 Performance-based grants Vesting in less than 24 months 0.1 109.10 12.9 0.1 109.10 12.9 Vesting in more than 24 months 0.1 109.45 12.6 0.1 109.45 12.6 Total performance-based grants 0.2 $ 109.27 $ 25.5 0.2 $ 109.27 $ 25.5 Total grants 0.3 $ 109.88 $ 36.5 0.3 $ 110.09 $ 35.1 Spectrum SB/RH Weighted Fair Weighted Fair Average Value Average Value Grant Date at Grant Grant Date at Grant (in millions, except per share data) Shares Fair Value Date Shares Fair Value Date At September 30, 2017 0.8 $ 114.67 $ 87.2 0.7 $ 116.32 $ 82.4 Granted 0.3 109.88 36.5 0.3 110.09 35.1 Forfeited (0.1) 116.13 (10.0) (0.1) 116.13 (10.0) Vested (0.5) 113.21 (55.1) (0.4) 114.19 (50.9) At June 30, 2018 0.5 $ 112.74 $ 58.6 0.5 $ 114.27 $ 56.6 In addition to RSUs, Spectrum also provides for a portion of its annual management incentive compensation plan to be paid in common stock of the Company, in lieu of cash payment, and is considered a liability plan. Share based compensation expense associated with the annual management incentive plan was $3.2 million and $1.9 million for the three month periods ended June 30, 2018 and 2017, respectively, and $6.4 million and $5.7 million for the nine month periods ended June 30, 2018 and 2017, respectively. The remaining unrecognized pre-tax compensation cost for SBH and SB/RH at June 30, 2018 was $1.6 million and $1.2 million, respectively. Effective the close of the Spectrum Merger, all outstanding awards under the Spectrum plan are modified and the underlying Spectrum shares are exchanged for shares in SBH. HRG The following is a summary of HRG share-based awards during the nine month period ended June 30, 2018: Stock Options Warrants Restricted Stock Awards Weighted Weighted Weighted Weighted Weighted Fair Average Average Average Average Average Value Exercise Grant Date Exercise Grant Date Grant Date at Grant (in millions, except per share data) Options Price Fair Value Units Price Fair Value Shares Fair Value Date As of September 30, 2017 4.0 $ 9.69 $ 3.88 0.6 $ 13.13 $ 3.22 0.1 $ 13.36 $ 1.9 Granted — — — — — — 0.1 16.85 0.4 Exercised (2.5) (8.38) (3.33) (0.6) (13.13) (3.22) (0.1) (13.56) (1.9) Outstanding at June 30, 2018 1.5 $ 11.82 $ 4.78 — $ — $ — 0.1 $ 16.85 $ 0.4 Vested/Exercisable at June 30, 2018 1.3 11.09 $ 4.53 During the nine month period ended June 30, 2018, HRG stock option awards with a total fair value of $0.8 million vested. The intrinsic value of HRG share options exercised during the nine month period ended June 30, 2018 was $21.5 million, which HRG received $19.9 million in cash settlement. The remaining unrecognized pre-tax compensation cost for HRG at June 30, 2018 was $0.3 million. Effective the close of the Spectrum Merger, all HRG awards become fully vested and exercisable. |
Income Taxes
Income Taxes | 9 Months Ended |
Jun. 30, 2018 | |
Income Taxes [Abstract] | |
Income Taxes | NOTE 15 - INCOME TAXES The effective tax rate for the three and nine month periods ended June 30, 2018 and 2017 was as follows: Three Month Periods Ended Nine Month Periods Ended Effective tax rate June 30, 2018 June 30, 2017 June 30, 2018 June 30, 2017 SBH (518.9%) 83.7% 2,192.9% 1,583.9% SB/RH 22.8% 27.9% (111.7)% 33.6% On December 22, 2017, the Tax Cuts and Jobs Act (the "Tax Reform Act") was signed into law. The legislation significantly changes U.S. tax law by, among other things, lowering corporate income tax rates, implementing a dividends received deduction for dividends from foreign subsidiaries and imposing a tax on deemed repatriated accumulated earnings of foreign subsidiaries. The Tax Reform Act reduces the U.S. corporate income tax rate from a maximum of 35% to a flat 21% rate, effective January 1, 2018. The Company’s applicable U.S. statutory tax rate for Fiscal 2018 will be approximately 24.5% . Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to reverse. As a result of the reduction in the U.S. corporate income tax rate from 35% to 21% under the Tax Reform Act, the Company revalued its ending net deferred tax liabilities at December 31, 2017 and recognized a provisional $206.7 million tax benefit in the Company’s net income from continuing operations for the three month period ended December 31, 2017. The Company reduced the provisional tax benefit by $8.0 million in the three month period ended June 30, 2018 to reflect additional information regarding the Fiscal 2018 reversing temporary differences. The Company determined the impact of the U.S. federal corporate income tax rate change on the U.S. deferred tax assets and liabilities is provisional because certain of the timing differences reversing at the Company’s Fiscal 2018 blended rate must be estimated until the Fiscal 2018 reversing timing differences are known. As a result of the Spectrum Merger, the Company and Spectrum will join in the filing of a US consolidated tax return starting July 13, 2018. The form of the Spectrum Merger allows for the Company’s capital and net operating loss carryforwards to be able to be used to offset Spectrum’s future income and the US tax gain on the sale of the GBL business to Energizer. As a result, for the three month period ended June 30, 2018, the Company released $335.0 million of valuation allowance on its U.S. federal net deferred tax assets since it is now more likely than not that the assets will be realized. As of June 30, 2018, the Company has $229.8 million of valuation allowance recorded on US deferred tax assets, primarily net operating losses and tax credits subject to certain ownership change limitations on their use. The Company is actively marketing the HPC business and expects to consummate a sale prior to December 31, 2018. If the portion of the purchase price allocated to the US is sufficient, there is a reasonable possibility that the Company could release valuation allowance of $40.0 million of federal net operating losses currently subject to certain limits, and additional valuation allowance on US state net operating losses. The Company does not have sufficient certainty around the purchase price or the amount that would be allocated to the US to conclude that utilization of these net operating losses is more likely than not. During the three month period ended March 31, 2018, the Company released $4.9 million of valuation allowance against its U.S. federal and state capital losses as a result of the announced sale of the GBL business to Energizer. During the nine month period ended June 30, 2018, the Company also released $2.7 million of valuation allowance against its U.S. state net operating loss deferred tax assets since the projected US tax gain on the sale makes it more likely than not that the additional tax benefits will be realized. As of June 30, 2018, the Company has recorded $38.7 million of valuation allowance against its U.S. state net operating losses. It remains unclear which of the Tax Reform Act provisions will be adopted by each of the U.S. states. State conformity to the provisions of the Tax Reform Act could have a material impact on the valuation allowance recorded on U.S. state net operating losses. The Tax Reform Act provided for a one-time deemed mandatory repatriation of post-1986 undistributed foreign subsidiary earnings and profits (“E&P”). The Company had an estimated $526.4 million of undistributed foreign E&P subject to the deemed mandatory repatriation and recognized a provisional $71.0 million of income tax expense in the Company’s net income from continuing operations for the nine month period ended June 30, 2018. The Company reduced the provisional tax expense by $6.9 million in the three month period ended June 30, 2018 to reflect additional information regarding earnings subject to repatriation tax. The mandatory repatriation tax is payable over 8 years, with the first payment due January 2019, therefore $5.7 million of the repatriation tax liability is classified as Other Current Liabilities and $65.3 million as Other Long-Term Liabilities on the Condensed Consolidated Statement of Financial Position as of June 30, 2018. The provisional tax expense for the mandatory repatriation is based on currently available information and additional information needs to be prepared, obtained and analyzed in order to determine the final amount, including further analysis of certain foreign exchange gains or losses, earnings and profits, foreign tax credits, and estimated cash and cash equivalents as of the measurement dates in the Tax Reform Act. Tax effects for changes to these items will be recorded in a subsequent quarter, as discrete adjustments to our income tax provision, once complete. The Tax Reform Act provides for additional limitations on the deduction of business interest expense, effective with the Company’s Fiscal 2019 tax year. Unused interest deductions can be carried forward and may be used in future years to the extent the interest limitation is not exceeded in those periods. It is possible that a portion of the Company’s future U.S. interest expense could be nondeductible and impact the Company’s effective tax rate. The Tax Reform Act also contains additional limits on deducting compensation, including performance-based compensation, in excess of $1 million paid to certain executive officers for any fiscal year, effective with the Company’s Fiscal 2019 tax year. The Company’s future compensation payments will be subject to these limits, which could impact the Company’s effective tax rate. The Company continues to review the anticipated impacts of the global intangible low taxed income (“GILTI”) and base erosion anti-abuse tax (“BEAT”) on the Company, which are not effective until fiscal year 2019. The Company has not recorded any impact associated with either GILTI or BEAT in the tax rate for the nine month period ended June 30, 2018. The FASB allows an accounting policy election of either recognizing deferred taxes for temporary differences expected to reverse as GILTI in future years or treating such taxes as a current-period expense when incurred. Due to the complexity of calculating GILTI under the new law, we have not determined which method we will apply. In response to the enactment of the Tax Reform Act, the SEC staff issued Staff Accounting Bulletin No. 118 (“SAB 118”) to address the application of U.S. GAAP in situations when a registrant does not have the necessary information available, prepared, or analyzed (including computations) in reasonable detail to complete the accounting for certain income tax effects of the Tax Reform Act. SAB 118 allows registrants to record provisional amounts during a one year measurement period in a manner similar to accounting for business combinations. The Company has recognized the provisional tax impacts related to deemed repatriated earnings and the revaluation of deferred tax assets and liabilities and included these amounts in its consolidated financial statements for the nine month period ended June 30, 2018. The ultimate impact may differ from these provisional amounts, possibly materially, due to, among other things, additional analysis, changes in interpretations and assumptions the Company has made, additional regulatory guidance that may be issued, and actions the Company may take as a result of the Tax Reform Act. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Jun. 30, 2018 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | NOTE 16 – RELATED PARTY TRANSACTIONS On October 16, 2017, HRG entered into an engagement letter with Jefferies LLC (“Jefferies”), a wholly owned subsidiary of Leucadia National Corporation (“Leucadia”) a significant stockholder of the Company. Pursuant to the Jefferies engagement letter, Jefferies agreed to act as co-advisor to the Company (with the other co-advisors acting as lead financial advisor to the HRG) with respect to HRG’s review of strategic alternatives. Under the Jefferies Engagement Letter, and effective close of the Spectrum Merger, Jefferies received a $3.0 million transaction fee, including reimbursement for all reasonable out of pocket expenses incurred by Jefferies in connection therewith. In addition, HRG agreed to indemnify Jefferies for certain liabilities in connection with such engagement. |
Commitments And Contingencies
Commitments And Contingencies | 9 Months Ended |
Jun. 30, 2018 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | NOTE 17 - COMMITMENTS AND CONTINGENCIES The Company is a defendant in various litigation matters generally arising out of the ordinary course of business. The Company does not believe that any of the matters or proceedings presently pending will have a material adverse effect on its results of operations, financial condition, liquidity or cash flows. Environmental. The Company has provided for an estimated cost of $4.2 million and $4.4 million, as of June 30, 2018 and September 30, 2017, respectively, associated with environmental remediation activities at some of its current and former manufacturing sites. The Company believes that any additional liability in excess of the amounts provided that may result from resolution of these matters, will not have a material adverse effect on the consolidated financial condition, results of operations or cash flows of the Company. Product Liability. The Company may be named as a defendant in lawsuits involving product liability claims. The Company has recorded and maintains an estimated liability in the amount of management’s estimate for aggregate exposure for such liabilities based upon probable loss from loss reports, individual cases, and losses incurred but not reported. As of June 30, 2018 and September 30, 2017, the Company recognized $4.8 million and $5.3 million in product liability accruals, respectively, included in Other Current Liabilities on the Condensed Consolidated Statement of Financial Position. The Company believes that any additional liability in excess of the amounts provided that may result from resolution of these matters will not have a material adverse effect on the consolidated financial condition, results of operations or cash flows of the Company. Product Warranty . The Company recognizes an estimated liability for standard warranty on certain products when we recognize revenue on the sale of the warranted products. Estimated warranty costs incorporate replacement parts, products and delivery, and are recorded as a cost of goods sold at the time of product shipment based on historical and projected warranty claim rates, claims experience and any additional anticipated future costs on previously sold products. The Company recognized $7.3 million and $6.4 million of warranty accruals as of June 30, 2018 and September 30, 2017, respectively, included in Other Current Liabilities on the Condensed Consolidated Statement of Financial Statement. Product Safety Recall. On June 10, 2017, the Company initiated a voluntary safety recall of various rawhide chew products for dogs sold by Spectrum’s PET segment due to possible chemical contamination. As a result, the Company realized a loss related to the recall of $5.1 million and $16.3 million for the three and nine month periods ended June 30, 2018, which comprised of inventory write-offs of $2.0 million and $3.6 million for the three and nine month periods ended June 30, 2018, respectively, for inventory at our distribution centers and production facilities that were considered obsolete and disposed; customer losses of $0.5 million and $1.6 million, respectively, for returned or disposed product held by our customers; and $2.6 million and $11.1 million, respectively, for incremental costs of disposal and operating costs during a temporary shutdown and subsequent start-up of production facilities impacted by the recall. The Company suspended production at facilities impacted by the product safety recall, completed a comprehensive manufacturing review and subsequently recommenced production during the fourth quarter ended September 30, 2017. The impacted production facilities are subject to incremental costs during start-up requiring alternative treatment on affected product SKUs until appropriate regulatory approvals have been received. The amounts for customer losses reflect the cost of the affected products returned to or replaced by the Company and the expected cost to reimburse customers for costs incurred by them related to the recall. The incremental costs incurred directly by the company do not include lost earnings associated with interruption of production at the Company’s facilities, or the costs to put into place corrective and preventative actions at those facilities. The Company’s estimates for losses related to the recall are provisional and were determined based on an assessment of information currently available and may be revised in subsequent periods as the Company continues to work with its customers to substantiate claims received to date and any additional claims that may be received. There have been no lawsuits or claims filed against the Company related to the recalled product. |
Segment Information
Segment Information | 9 Months Ended |
Jun. 30, 2018 | |
Segment Information [Abstract] | |
Segment Information | NOTE 18 - SEGMENT INFORMATION The HRG reportable business segments were historically organized in a manner that reflected HRG’s management views of those business activities prior to the Spectrum Merger. Accordingly, the Company is currently presenting the results from its business operations in two reportable segments: (i) Consumer Products and (ii) Corporate and Other. The HRG’s Corporate and Other segment includes ownership in Salus. The following schedule presents the HRG segment information for the three and nine month periods ended June 30, 2018 and 2017. Three month periods ended Nine month periods ended (in millions) June 30, 2018 June 30, 2017 June 30, 2018 June 30, 2017 Revenues Consumer products $ 945.5 $ 862.9 $ 2,358.1 $ 2,221.6 Corporate and other — 0.1 — 1.1 Total revenues $ 945.5 $ 863.0 $ 2,358.1 $ 2,222.7 Operating income Consumer products $ 133.3 $ 110.9 $ 210.4 $ 277.1 Corporate and other (7.0) (10.2) (29.6) (39.9) Total operating income 126.3 100.7 180.8 237.2 Interest expense 63.5 76.1 206.6 232.4 Other (expense) income, net (2.3) 1.3 (4.6) 1.7 Income (loss) from continuing operations before income taxes $ 65.1 $ 23.3 $ (21.2) $ 3.1 As a result of the Spectrum Merger effective July 13, 2018, subsequent to the fiscal period end date of June 30, 2018 and prior to the issuance of this Quarterly Report, management of the Company transitioned to Spectrum’s management. See Note 4 – Acquisitions for further details on the Spectrum Merger. Spectrum identifies its segments based upon the internal organization that is used by Spectrum management for making operating decisions and assessing performance as the source of its reportable segments. As of the date of the merger, the Company changed its operating and reporting segments to be consistent with the segment reporting of Spectrum. Spectrum manufactures, markets and/or distributes multiple product lines through various distribution networks, and in multiple geographic regions. Spectrum manages its continuing operations in vertically integrated, product-focused reporting segments: (i) Hardware & Home Improvement, which consists of the Spectrum’s worldwide hardware, security and plumbing business; (ii) Global Pet Supplies, which consists of the Spectrum’s worldwide pet supplies business; (iii) Home and Garden, which consists of the Spectrum’s home and garden and insect control business and (iv) Global Auto Care, which consists of the Spectrum’s automotive appearance and performance products. Global strategic initiatives and financial objectives for each reportable segment are determined at the corporate level. Each segment is responsible for implementing defined strategic initiatives and achieving certain financial objectives, and has a general manager responsible for the sales and marketing initiatives and financial results for product lines within the segment. Net sales relating to the segments of Spectrum for the three and nine month periods ended June 30, 2018 and June 30, 2017 are as follows: Three month periods ended Nine month periods ended (in millions) June 30, 2018 June 30, 2017 June 30, 2018 June 30, 2017 HHI $ 372.4 $ 324.7 $ 1,016.8 $ 927.2 PET 194.7 190.0 608.3 576.0 H&G 203.2 192.4 370.6 374.2 GAC 175.2 155.8 362.4 344.2 Net sales $ 945.5 $ 862.9 $ 2,358.1 $ 2,221.6 The Chief Operating Decision Maker of Spectrum uses Adjusted EBITDA as the primary operating metric in evaluating the business and making operating decisions. EBITDA is calculated by excluding the Company’s income tax expense, interest expense, depreciation expense and amortization expense (from intangible assets) from net income. Adjusted EBITDA further excludes (1) share based compensation expense as it is a non-cash based compensation cost; (2) acquisition and integration costs that consist of transaction costs from acquisition transactions during the period, or subsequent integration related project costs directly associated with the acquired business; (3) restructuring and related costs, which consist of project costs associated with restructuring initiatives across the segments; (4) non-cash purchase accounting inventory adjustments recognized in earnings subsequent to an acquisition; (5) non-cash asset impairments or write-offs realized; (6) incremental costs associated with the safety recall in PET; (7) transaction costs associated with the Spectrum Merger (see Note 4 - Acquisitions for further details); (8) non-recurring HRG net operating costs considered to be redundant or duplicative as a result of the Spectrum Merger and not considered a component of the continuing commercial products company post-merger, including compensation and benefits, directors fees, professional fees, insurance, public company costs, amongst others, and including interest and other non-recurring income that will ultimately be eliminated following the transaction, (9) net operating results from Salus as they are not considered a component of the continuing commercial products company; and (10) other. During the three and nine month period ended June 30, 2018, other consisted of separation costs with a senior executive. Segment Adjusted EBITDA in relation to the SBH reportable segments for the three and nine month periods ended June 30, 2018 and 2017 are as follows: Three month periods ended Nine month periods ended SBH (in millions) June 30, 2018 June 30, 2017 June 30, 2018 June 30, 2017 HHI $ 73.9 $ 62.2 $ 179.5 $ 178.0 PET 34.9 36.1 104.6 98.7 H&G 57.0 59.5 87.7 100.8 GAC 50.1 50.7 84.7 115.9 Total Segment Adjusted EBITDA 215.9 208.5 456.5 493.4 Corporate expenses 9.5 9.2 28.8 28.7 Depreciation and amortization 32.2 32.9 99.4 94.3 Share-based compensation 5.3 5.0 6.4 28.5 Acquisition and integration related charges 2.3 5.2 12.0 11.6 Restructuring and related charges 25.4 21.2 69.0 31.3 Interest expense 63.5 76.1 206.6 232.4 Inventory acquisition step-up — 0.8 0.8 0.8 Pet safety recall 5.1 24.9 16.3 24.9 HRG merger related transaction charges 3.1 1.4 22.0 4.2 Non-recurring HRG operating costs 1.2 7.8 11.9 28.6 Salus (0.1) 0.7 1.2 5.0 Other 3.3 — 3.3 — Income (loss) from operations before income taxes $ 65.1 $ 23.3 $ (21.2) $ 3.1 NOTE 18 - SEGMENT INFORMATION (continued) SBRH reportable segments are consistent to Spectrum reportable segments. Segment Adjusted EBITDA in relation to the SBRH reportable segments for the three and nine month periods ended July 1, 2018 and July 2, 2017 are as follows: Three month periods ended Nine month periods ended SBRH (in millions) July 1, 2018 July 2, 2017 July 1, 2018 July 2, 2017 HHI $ 73.9 $ 62.2 $ 179.5 $ 178.0 PET 34.9 36.1 104.6 98.7 H&G 57.0 59.5 87.7 100.8 GAC 50.1 50.7 84.7 115.9 Total Segment Adjusted EBITDA 215.9 208.5 456.5 493.4 Corporate expenses 9.4 8.9 28.2 28.4 Depreciation and amortization 32.2 32.9 99.3 94.1 Share-based compensation 4.5 3.9 4.0 21.6 Acquisition and integration related charges 2.3 5.2 12.0 11.6 Restructuring and related charges 25.4 21.2 69.0 31.3 Interest expense 43.6 39.8 124.2 122.0 Inventory acquisition step-up — 0.8 0.8 0.8 Pet safety recall 5.1 24.9 16.3 24.9 Other 3.3 — 3.3 Income from continuing operations before income taxes $ 90.1 $ 70.9 $ 99.4 $ 158.7 |
Earnings Per Share - SBH
Earnings Per Share - SBH | 9 Months Ended |
Jun. 30, 2018 | |
Earnings Per Share - SBH [Abstract] | |
Earnings Per Share - SBH | NOTE 19 - EARNINGS PER SHARE - SBH The reconciliation of the numerator and denominator of the basic and diluted earnings per share calculation and the anti-dilutive shares for the three and nine month periods ended June 30, 2018 and 2017 are as follows: Three Month Periods Ended Nine Month Periods Ended (in millions, except per share amounts) June 30, 2018 June 30, 2017 June 30, 2018 June 30, 2017 Numerator Net income (loss) from continuing operations attributable to controlling interest $ 377.4 $ (16.6) $ 368.1 $ (88.6) (Loss) income from discontinued operations attributable to controlling interest (0.1) 18.7 479.6 220.8 Net income attributable to controlling interest 377.3 2.1 847.7 132.2 Denominator Weighted average shares outstanding - basic 32.7 32.3 32.5 32.2 Dilutive shares 0.1 — 0.2 — Weighted average shares outstanding - diluted 32.8 32.3 32.7 32.2 Earnings per share Basic earnings per share from continuing operations $ 11.52 $ (0.51) $ 11.31 $ (2.75) Basic earnings per share from discontinued operations — 0.57 14.74 6.85 Basic earnings per share $ 11.52 $ 0.06 $ 26.05 $ 4.10 Diluted earnings per share from continuing operations $ 11.51 $ (0.51) $ 11.26 $ (2.75) Diluted earnings per share from discontinued operations — 0.57 14.67 6.85 Diluted earnings per share $ 11.51 $ 0.06 $ 25.93 $ 4.10 Weighted average number of anti-dilutive shares excluded from denominator — 0.3 — 0.4 The weighted average shares and earnings per share data on the Condensed Consolidated Statements of Income were retrospectively adjusted for all periods presented to reflect the effect of the reverse stock split on July 13, 2018, associated with the closing of the Spectrum Merger. See Note 4 – Acquisitions for further discussion on Spectrum Merger. Using (i) the 20-trading-day volume-weighted average price per share of Spectrum common stock ending on July 12, 2018, (ii) the number of shares of Spectrum common stock outstanding, the number of shares of Spectrum common stock held by HRG and its subsidiaries and the number of shares of Spectrum common stock outstanding as of July 12, 2018, (iii) $328.2 million of HRG net indebtedness and transaction expenses at closing, and (iv) a $200.0 million upward adjustment contemplated by the Merger Agreement, each HRG stockholder received a reverse stock split of approximately 0.1613 of each share of HRG stock. The following is a recalculation of the weighted average shares adjusted for the impact of the reverse stock split for the three and nine month periods ended June 30, 2018 and 2017. Three Month Periods Ended Nine Month Periods Ended (in millions, except per share amounts) June 30, 2018 June 30, 2017 June 30, 2018 June 30, 2017 Basic HRG weighted average shares 203.0 200.4 201.8 199.8 HRG share conversion at 1 to 0.1613 32.7 32.3 32.5 32.2 Diluted HRG weighted average shares 203.3 202.6 202.7 202.4 HRG share conversion at 1 to 0.1613 32.8 32.6 32.7 32.6 As part of the Spectrum Merger, subsequent to the period ended June 30, 2018, each share of Spectrum common stock and outstanding was converted into the right to receive one share of newly issued HRG common stock and exchange for HRG common stock. Due to the share exchange with Spectrum common stock shareholders, the total outstanding shares of the Company effectively increased 20.6 million shares in addition to the Company’s outstanding shares post-reverse stock split previously discussed. |
Guarantor Statements - SB_RH
Guarantor Statements - SB/RH | 9 Months Ended |
Jun. 30, 2018 | |
Guarantor Statements - SB/RH [Abstract] | |
Guarantor Statements - SB/RH | NOTE 20 - GUARANTOR STATEMENTS – SB/RH Spectrum Brands, Inc. (“SBI”) with SB/RH as a parent guarantor (collectively, the “Parent”), with SBI’s domestic subsidiaries as subsidiary guarantors, has issued the 6.625% Notes under the 2020/22 Indenture, 6.125% Notes under the 2024 Indenture, the 5.75% Notes under the 2025 Indenture and the 4.00% Notes under the 2026 Indenture. The following consolidating financial statements illustrate the components of the consolidated financial statements of SB/RH. The ‘Parent’ consists of the financial statements of SBI as the debt issuer, with SB/RH as a parent guarantor, without consolidated entities. SB/RH financial information is not presented separately as there are no independent assets or operations and is therefore determined not to be material. Investments in subsidiaries are accounted for using the equity method for purposes of illustrating the consolidating presentation. The elimination entries presented herein eliminate investments in subsidiaries and intercompany balances and transactions. Statement of Financial Position Guarantor Nonguarantor As of July 1, 2018 (in millions) Parent Subsidiaries Subsidiaries Eliminations Consolidated Assets Cash and cash equivalents $ 2.4 $ 0.8 $ 143.7 $ — $ 146.9 Trade receivables, net 132.0 176.8 75.4 — 384.2 Intercompany receivables — 1,414.2 323.7 (1,737.9) — Other receivables 48.3 6.1 14.5 (11.2) 57.7 Inventories 166.9 246.4 151.7 (18.3) 546.7 Prepaid expenses and other 43.1 9.5 15.5 — 68.1 Current assets of business held for sale 1,052.2 83.9 781.1 (4.1) 1,913.1 Total current assets 1,444.9 1,937.7 1,505.6 (1,771.5) 3,116.7 Property, plant and equipment, net 174.5 177.3 142.4 — 494.2 Long-term intercompany receivables 310.4 80.0 11.7 (402.1) — Deferred charges and other 154.7 2.5 34.4 (147.9) 43.7 Goodwill 568.6 1,463.4 237.4 — 2,269.4 Intangible assets, net 392.7 997.6 174.5 — 1,564.8 Investments in subsidiaries 5,044.6 1,382.4 (2.8) (6,424.2) — Total assets $ 8,090.4 $ 6,040.9 $ 2,103.2 $ (8,745.7) $ 7,488.8 Liabilities and Shareholder's Equity Current portion of long-term debt $ 14.8 $ 4.3 $ 1.8 $ (0.1) $ 20.8 Accounts payable 88.0 154.1 105.9 — 348.0 Intercompany accounts payable 1,738.9 — 1.0 (1,739.9) — Accrued wages and salaries 21.8 3.4 16.0 — 41.2 Accrued interest 43.3 — — — 43.3 Other current liabilities 64.0 24.2 46.9 (11.2) 123.9 Current liabilities of business held for sale 164.6 1.4 359.3 — 525.3 Total current liabilities 2,135.4 187.4 530.9 (1,751.2) 1,102.5 Long-term debt, net of current portion 4,156.9 89.5 7.1 — 4,253.5 Long-term intercompany debt 11.7 290.9 97.3 (399.9) — Deferred income taxes — 422.3 46.5 (153.7) 315.1 Other long-term liabilities 68.0 6.2 39.0 — 113.2 Total liabilities 6,372.0 996.3 720.8 (2,304.8) 5,784.3 Shareholder's equity: Other capital 2,095.2 787.6 (1,378.5) 567.1 2,071.4 Accumulated (deficit) earnings (153.3) 4,452.3 2,940.1 (7,392.4) (153.3) Accumulated other comprehensive loss (223.5) (195.3) (189.1) 384.4 (223.5) Total shareholder's equity 1,718.4 5,044.6 1,372.5 (6,440.9) 1,694.6 Non-controlling interest — — 9.9 — 9.9 Total equity 1,718.4 5,044.6 1,382.4 (6,440.9) 1,704.5 Total liabilities and equity $ 8,090.4 $ 6,040.9 $ 2,103.2 $ (8,745.7) $ 7,488.8 NOTE 20 - GUARANTOR STATEMENTS – SB/RH (continued) Statement of Financial Position Guarantor Nonguarantor As of September 30, 2017 (in millions) Parent Subsidiaries Subsidiaries Eliminations Consolidated Assets Cash and cash equivalents $ 6.0 $ 4.8 $ 157.4 $ — $ 168.2 Trade receivables, net 85.4 102.4 78.2 — 266.0 Intercompany receivables 0.7 1,288.1 335.4 (1,624.2) — Other receivables 4.4 4.7 10.6 (1.0) 18.7 Inventories 184.7 205.6 126.4 (20.4) 496.3 Prepaid expenses and other 30.9 8.6 14.6 0.1 54.2 Current assets of business held for sale 228.7 0.2 378.4 (4.3) 603.0 Total current assets 540.8 1,614.4 1,101.0 (1,649.8) 1,606.4 Property, plant and equipment, net 182.2 178.9 142.0 — 503.1 Long-term intercompany receivables 317.2 96.6 12.5 (426.3) — Deferred charges and other 244.2 3.0 35.6 (254.4) 28.4 Goodwill 568.6 1,463.4 245.1 — 2,277.1 Intangible assets, net 401.4 1,027.7 182.9 — 1,612.0 Investments in subsidiaries 4,730.1 1,290.3 — (6,020.4) — Noncurrent assets of business held for sale 814.3 124.4 438.2 — 1,376.9 Total assets $ 7,798.8 $ 5,798.7 $ 2,157.3 $ (8,350.9) $ 7,403.9 Liabilities and Shareholder's Equity Current portion of long-term debt $ 13.8 $ 4.3 $ 5.2 $ (3.9) $ 19.4 Accounts payable 122.2 108.3 141.1 — 371.6 Intercompany accounts payable 1,629.6 — — (1,629.6) — Accrued wages and salaries 27.5 2.3 20.1 — 49.9 Accrued interest 48.5 — — — 48.5 Other current liabilities 50.1 25.6 44.2 (1.0) 118.9 Current liabilities of business held for sale 177.3 0.9 322.4 — 500.6 Total current liabilities 2,069.0 141.4 533.0 (1,634.5) 1,108.9 Long-term debt, net of current portion 3,650.8 92.1 9.4 — 3,752.3 Long-term intercompany debt 12.6 302.1 102.4 (417.1) — Deferred income taxes 177.9 523.5 52.0 (260.2) 493.2 Other long-term liabilities 11.5 6.1 40.4 — 58.0 Noncurrent liabilities of business held for sale 22.8 3.4 129.9 — 156.1 Total liabilities 5,944.6 1,068.6 867.1 (2,311.8) 5,568.5 Shareholder's equity: Other capital 2,107.1 1,089.9 (1,075.0) (43.0) 2,079.0 Accumulated (deficit) earnings (42.8) 3,814.1 2,521.6 (6,335.7) (42.8) Accumulated other comprehensive loss (210.1) (173.9) (165.2) 339.6 (209.6) Total shareholder's equity 1,854.2 4,730.1 1,281.4 (6,039.1) 1,826.6 Non-controlling interest — — 8.8 — 8.8 Total equity 1,854.2 4,730.1 1,290.2 (6,039.1) 1,835.4 Total liabilities and equity $ 7,798.8 $ 5,798.7 $ 2,157.3 $ (8,350.9) $ 7,403.9 NOTE 20 - GUARANTOR STATEMENTS – SB/RH (continued) Statement of Income Guarantor Nonguarantor Three month period ended July 1, 2018 (in millions) Parent Subsidiaries Subsidiaries Eliminations Consolidated Net sales $ 378.7 $ 851.4 $ 290.6 $ (575.2) $ 945.5 Cost of goods sold 277.5 649.0 234.1 (574.6) 586.0 Restructuring and related charges — 3.2 1.7 — 4.9 Gross profit 101.2 199.2 54.8 (0.6) 354.6 Selling 40.7 50.7 32.7 (0.2) 123.9 General and administrative 28.9 31.0 6.7 — 66.6 Research and development 1.8 2.9 2.2 — 6.9 Acquisition and integration related charges 0.9 0.7 0.7 — 2.3 Restructuring and related charges 13.3 4.8 2.4 — 20.5 Total operating expense 85.6 90.1 44.7 (0.2) 220.2 Operating income 15.6 109.1 10.1 (0.4) 134.4 Interest expense 37.7 5.4 0.5 — 43.6 Other non-operating (income) expense, net (82.7) (12.1) 0.5 95.0 0.7 Income from operations before income taxes 60.6 115.8 9.1 (95.4) 90.1 Income tax (benefit) expense (9.2) 29.3 0.5 (0.1) 20.5 Net income from continuing operations 69.8 86.5 8.6 (95.3) 69.6 Income from discontinued operations, net of tax (10.2) 16.3 17.1 (32.7) (9.5) Net income 59.6 102.8 25.7 (128.0) 60.1 Net income attributable to non-controlling interest — — 0.2 — 0.2 Net income attributable to controlling interest $ 59.6 $ 102.8 $ 25.5 $ (128.0) $ 59.9 Statement of Income Guarantor Nonguarantor Nine Month Period Ended July 1, 2018 (in millions) Parent Subsidiaries Subsidiaries Eliminations Consolidated Net sales $ 1,026.8 $ 1,873.9 $ 877.6 $ (1,420.2) $ 2,358.1 Cost of goods sold 764.2 1,453.3 688.9 (1,421.9) 1,484.5 Restructuring and related charges — 6.5 3.4 — 9.9 Gross profit 262.6 414.1 185.3 1.7 863.7 Selling 131.8 132.0 100.4 (0.4) 363.8 General and administrative 74.0 81.3 25.2 0.1 180.6 Research and development 5.5 8.7 6.9 — 21.1 Acquisition and integration related charges 5.2 3.8 3.0 — 12.0 Restructuring and related charges 45.1 9.5 4.5 — 59.1 Total operating expense 261.6 235.3 140.0 (0.3) 636.6 Operating income 1.0 178.8 45.3 2.0 227.1 Interest expense 107.8 15.6 0.9 (0.1) 124.2 Other non-operating (income) expense, net (308.6) (49.3) — 361.4 3.5 Income from operations before income taxes 201.8 212.5 44.4 (359.3) 99.4 Income tax benefit (6.6) (98.6) (5.9) 0.1 (111.0) Net income from continuing operations 208.4 311.1 50.3 (359.4) 210.4 Income from discontinued operations, net of tax 31.9 75.8 77.9 (153.6) 32.0 Net income 240.3 386.9 128.2 (513.0) 242.4 Net income attributable to non-controlling interest — — 1.0 — 1.0 Net income attributable to controlling interest $ 240.3 $ 386.9 $ 127.2 $ (513.0) $ 241.4 NOTE 20 - GUARANTOR STATEMENTS – SB/RH (continued) Statement of Income Guarantor Nonguarantor Three month period ended July 2, 2017 (in millions) Parent Subsidiaries Subsidiaries Eliminations Consolidated Net sales $ 299.1 $ 668.5 $ 276.1 $ (380.8) $ 862.9 Cost of goods sold 205.1 489.0 216.2 (378.8) 531.5 Restructuring and related charges — 11.2 — — 11.2 Gross profit 94.0 168.3 59.9 (2.0) 320.2 Selling 42.5 53.9 31.9 (0.4) 127.9 General and administrative 26.3 23.7 7.8 — 57.8 Research and development 2.1 2.6 2.5 — 7.2 Acquisition and integration related charges 4.6 0.1 0.5 — 5.2 Restructuring and related charges 7.8 1.9 0.3 — 10.0 Total operating expense 83.3 82.2 43.0 (0.4) 208.1 Operating income 10.7 86.1 16.9 (1.6) 112.1 Interest expense 33.0 5.9 0.9 — 39.8 Other non-operating (income) expense, net (68.4) (14.8) 0.8 83.8 1.4 Income from operations before income taxes 46.1 95.0 15.2 (85.4) 70.9 Income tax (benefit) expense (6.8) 26.4 — 0.2 19.8 Net income from continuing operations 52.9 68.6 15.2 (85.6) 51.1 Income from discontinued operations, net of tax 28.5 22.3 23.9 (46.4) 28.3 Net income 81.4 90.9 39.1 (132.0) 79.4 Net income attributable to non-controlling interest — — 1.7 — 1.7 Net income attributable to controlling interest $ 81.4 $ 90.9 $ 37.4 $ (132.0) $ 77.7 Statement of Income Guarantor Nonguarantor Nine Month Period Ended July 2, 2017 (in millions) Parent Subsidiaries Subsidiaries Eliminations Consolidated Net sales $ 841.0 $ 1,510.4 $ 784.1 $ (913.9) $ 2,221.6 Cost of goods sold 559.9 1,073.5 614.3 (908.5) 1,339.2 Restructuring and related charges — 16.4 — — 16.4 Gross profit 281.1 420.5 169.8 (5.4) 866.0 Selling 127.0 132.8 95.3 (1.2) 353.9 General and administrative 96.6 57.6 27.5 — 181.7 Research and development 6.1 8.4 6.4 — 20.9 Acquisition and integration related charges 9.9 0.4 1.3 — 11.6 Restructuring and related charges 9.4 4.9 0.6 — 14.9 Total operating expense 249.0 204.1 131.1 (1.2) 583.0 Operating income 32.1 216.4 38.7 (4.2) 283.0 Interest expense 104.2 14.0 3.8 — 122.0 Other non-operating (income) expense, net (186.9) (38.0) (0.7) 227.9 2.3 Income from operations before income taxes 114.8 240.4 35.6 (232.1) 158.7 Income tax expense (benefit) 5.4 54.3 (6.2) (0.2) 53.3 Net income from continuing operations 109.4 186.1 41.8 (231.9) 105.4 Income from discontinued operations, net of tax 100.0 78.6 82.6 (161.4) 99.8 Net income 209.4 264.7 124.4 (393.3) 205.2 Net income attributable to non-controlling interest — — 1.5 — 1.5 Net income attributable to controlling interest $ 209.4 $ 264.7 $ 122.9 $ (393.3) $ 203.7 NOTE 20 - GUARANTOR STATEMENTS – SB/RH (continued) Statement of Comprehensive Income Guarantor Nonguarantor Three month period ended July 1, 2018 (in millions) Parent Subsidiaries Subsidiaries Eliminations Consolidated Net income $ 59.6 $ 102.8 $ 25.7 $ (128.0) $ 60.1 Other comprehensive income (loss), net of tax: Net unrealized loss on foreign currency translation (59.2) (59.2) (62.4) 121.7 (59.1) Unrealized gain on hedging derivative instruments 30.4 9.2 9.2 (18.4) 30.4 Defined benefit pension gain 2.9 2.4 2.4 (4.8) 2.9 Other comprehensive (loss) income (25.9) (47.6) (50.8) 98.5 (25.8) Comprehensive income (loss) 33.7 55.2 (25.1) (29.5) 34.3 Comprehensive loss attributable to non-controlling interest — — (0.6) — (0.6) Comprehensive income (loss) attributable to controlling interest $ 33.7 $ 55.2 $ (24.5) $ (29.5) $ 34.9 Statement of Comprehensive Income Guarantor Nonguarantor Nine Month Period Ended July 1, 2018 (in millions) Parent Subsidiaries Subsidiaries Eliminations Consolidated Net income $ 240.3 $ 386.9 $ 128.2 $ (513.0) $ 242.4 Other comprehensive income (loss), net of tax: Foreign currency translation loss (37.0) (37.0) (39.4) 76.5 (36.9) Unrealized gain on derivative instruments 20.6 13.4 13.4 (26.8) 20.6 Defined benefit pension gain 2.5 1.7 1.7 (3.4) 2.5 Other comprehensive income (13.9) (21.9) (24.3) 46.3 (13.8) Comprehensive income 226.4 365.0 103.9 (466.7) 228.6 Comprehensive loss attributable to non-controlling interest — — (0.1) — (0.1) Comprehensive income attributable to controlling interest $ 226.4 $ 365.0 $ 104.0 $ (466.7) $ 228.7 Statement of Comprehensive Income Guarantor Nonguarantor Three month period ended July 2, 2017 (in millions) Parent Subsidiaries Subsidiaries Eliminations Consolidated Net income $ 81.4 $ 90.9 $ 39.1 $ (132.0) $ 79.4 Other comprehensive income (loss), net of tax: Net unrealized gain on foreign currency translation 30.3 32.3 31.1 (63.4) 30.3 Unrealized loss on hedging derivative instruments (30.2) (9.1) (9.1) 18.2 (30.2) Defined benefit pension loss (2.3) (2.3) (2.3) 4.6 (2.3) Other comprehensive (loss) income (2.2) 20.9 19.7 (40.6) (2.2) Comprehensive income 79.2 111.8 58.8 (172.6) 77.2 Comprehensive loss attributable to non-controlling interest — — (0.2) — (0.2) Comprehensive income attributable to controlling interest $ 79.2 $ 111.8 $ 59.0 $ (172.6) $ 77.4 Statement of Comprehensive Income Guarantor Nonguarantor Nine Month Period Ended July 2, 2017 (in millions) Parent Subsidiaries Subsidiaries Eliminations Consolidated Net income $ 209.4 $ 264.7 $ 124.4 $ (393.3) $ 205.2 Other comprehensive income (loss), net of tax: Foreign currency translation gain 5.9 8.8 8.1 (16.9) 5.9 Unrealized loss on derivative instruments (15.7) (9.9) (9.9) 19.8 (15.7) Defined benefit pension gain 0.8 0.8 0.8 (1.7) 0.7 Other comprehensive loss (9.0) (0.3) (1.0) 1.2 (9.1) Comprehensive income 200.4 264.4 123.4 (392.1) 196.1 Comprehensive loss attributable to non-controlling interest — — (0.4) — (0.4) Comprehensive income attributable to controlling interest $ 200.4 $ 264.4 $ 123.8 $ (392.1) $ 196.5 NOTE 20 - GUARANTOR STATEMENTS – SB/RH (continued) Statement of Cash Flows Guarantor Nonguarantor Nine Month Period Ended July 1, 2018 (in millions) Parent Subsidiaries Subsidiaries Eliminations Consolidated Net cash (used) provided by operating activities from continuing operations $ (165.3) $ (25.8) $ 91.0 $ 7.6 $ (92.5) Net cash provided (used) by operating activities from discontinued operations 13.5 0.1 12.4 (31.0) (5.0) Net cash (used) provided by operating activities (151.8) (25.7) 103.4 (23.4) (97.5) Cash flows from investing activities . Purchases of property, plant and equipment (17.9) (13.0) (18.3) — (49.2) Proceeds from sales of property, plant and equipment 0.8 0.1 1.9 — 2.8 Other investing activity, net — (0.2) (0.2) — (0.4) Net cash used by investing activities from continuing operations (17.1) (13.1) (16.6) — (46.8) Net cash used by investing activities from discontinued operations (13.5) (0.1) (13.4) — (27.0) Net cash used by investing activities (30.6) (13.2) (30.0) — (73.8) Cash flows from financing activities Proceeds from issuance of debt 545.5 — 9.8 — 555.3 Payment of debt (35.4) — (15.6) — (51.0) Payment of debt issuance costs (0.4) — — — (0.4) Payment of cash dividends to parent (351.8) — — — (351.8) Advances related to intercompany transactions 20.9 34.9 (79.2) 23.4 — Net cash provided (used) by financing activities from continuing operations 178.8 34.9 (85.0) 23.4 152.1 Net cash provided by financing activities from discontinued operations — — 1.0 — 1.0 Net cash provided (used) by financing activities 178.8 34.9 (84.0) 23.4 153.1 Effect of exchange rate changes on cash and cash equivalents — — (3.1) — (3.1) Net decrease in cash and cash equivalents (3.6) (4.0) (13.7) — (21.3) Cash and cash equivalents, beginning of period 6.0 4.8 157.4 — 168.2 Cash and cash equivalents, end of period $ 2.4 $ 0.8 $ 143.7 $ — $ 146.9 Statement of Cash Flows Guarantor Nonguarantor Nine Month Period Ended July 2, 2017 (in millions) Parent Subsidiaries Subsidiaries Eliminations Consolidated Net cash provided (used) by operating activities from continuing operations $ 130.8 $ (19.3) $ 32.5 $ (116.8) $ 27.2 Net cash provided by operating activities from discontinued operations 15.4 — 8.6 93.3 117.3 Net cash provided (used) by operating activities 146.2 (19.3) 41.1 (23.5) 144.5 Cash flows from investing activities Purchases of property, plant and equipment (16.7) (16.3) (18.1) — (51.1) Proceeds from sales of property, plant and equipment — 0.2 3.3 — 3.5 Business acquisitions, net cash acquired (304.7) — — — (304.7) Other investing activities — (1.1) — — (1.1) Net cash used by investing activities from continuing operations (321.4) (17.2) (14.8) — (353.4) Net cash used by investing activities from discontinued operations (15.4) — (10.9) — (26.3) Net cash used by investing activities (336.8) (17.2) (25.7) — (379.7) Cash flows from financing activities Proceeds from issuance of debt 543.0 — 13.9 — 556.9 Payment of debt (207.7) — (17.3) — (225.0) Payment of debt issuance costs (5.9) — — — (5.9) Purchase of noncontrolling interest (12.6) — — — (12.6) Payment of cash dividends to parent (240.1) — — — (240.1) Advances related to intercompany transactions 20.9 34.9 (79.3) 23.5 — Net cash provided (used) by financing activities from continuing operations 97.6 34.9 (82.7) 23.5 73.3 Net cash provided by financing activities from discontinued operations — — 2.4 — 2.4 Net cash provided (used) by financing activities 97.6 34.9 (80.3) 23.5 75.7 Effect of exchange rate changes on cash and cash equivalents — — (1.5) — (1.5) Net decrease in cash and cash equivalents (93.0) (1.6) (66.4) — (161.0) Cash and cash equivalents, beginning of period 98.6 3.1 169.1 — 270.8 Cash and cash equivalents, end of period $ 5.6 $ 1.5 $ 102.7 $ — $ 109.8 |
Basis Of Presentation And Sig26
Basis Of Presentation And Significant Accounting Policies (Policy) | 9 Months Ended |
Jun. 30, 2018 | |
Basis Of Presentation And Significant Accounting Policies [Abstract] | |
Principles Of Consolidation And Fiscal Year-End | Principles of Consolidation and Fiscal Period-End The accompanying unaudited condensed consolidated financial statements have been prepared by the Company and its majority owned subsidiaries in accordance with accounting principles for interim financial information generally accepted in the United States and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all the information and notes necessary for a comprehensive presentation of financial position and results of operations. It is management’s opinion, however, that all material adjustments have been made which are necessary for a fair financial statement presentation. For further information, refer to the Spectrum and SBRH historical audited consolidated financial statements and notes included in the Spectrum Annual Report on Form 10-K for the year ended September 30, 2017 as revised in Spectrum’s Current Report on Form 8-K dated March 30, 2018 to retroactively adjust for recognition of discontinued operations for the GBA divestitures, and HRG’s Annual Report on Form 10-K for the year ended September 30, 2017 as revised in HRG’s Current Report on Form 8-K dated March 30, 2018 to retroactively adjust for recognition of discontinued operations for the GBA divestitures. HRG’s fiscal year ends on September 30 and the quarters end on the last calendar day of the months of December, March and June. Spectrum’s fiscal year ends September 30 and reports its results using fiscal quarters whereby each three month quarterly reporting period is approximately thirteen weeks in length and ends on a Sunday. The exceptions are the first quarter, which begins on October 1, and the fourth quarter, which ends on September 30. As a result, the fiscal period end date for the three and nine month periods included within this Quarterly Report for SBH is June 30, 2018, consistent to the HRG fiscal calendar, and the fiscal period end date for the three and nine month periods included within this Quarter Report for SBRH is July 1, 2018, consistent to the Spectrum fiscal calendar. The Company did not adjust for the difference in the fiscal periods between Spectrum and HRG as such difference would be less than 93 days, pursuant to Regulation S-X Rule 3A-02. |
Recently Issued Accounting Standards | Recently Issued Accounting Standards In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Topic 606) , which supersedes the revenue recognition requirements in ASC 605, Revenue Recognition. This ASU requires revenue recognition to depict the transfer of goods and services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The new revenue recognition model requires identifying the contract and performance obligations, determining the transaction price, allocating the transaction price to performance obligations and recognizing the revenue upon satisfaction of performance obligations. This ASU also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments, and assets recognized from costs incurred to obtain or fulfill a contract. This ASU can be applied either retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially applying the updates recognized at the date of the initial application along with additional disclosures. The ASU will become effective for us beginning in the first quarter of our fiscal year ending September 30, 2019. We have performed a preliminary assessment over the impact of the pronouncement to the Company and are currently performing detailed assessments over the contracts with our customers and the impact to our processes and control environment. We have not measured the impact of adoption at this point in our assessment and have not concluded on the overall materiality of the impact of adoption to the Company’s consolidated financial statements and disclosures, or the method of adoption, but have not identified any matters that are considered significant for further disclosure. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), which supersedes the lease requirements in ASC 840, Leases . This ASU requires lessees to recognize lease assets and liabilities on the balance sheet, as well as disclosing key information about leasing arrangements. Although the new ASU requires both operating and finance leases to be disclosed on the balance sheet, a distinction between the two types still exists as the economics of leases can vary. The ASU can be applied using a modified retrospective approach, with a number of optional practical expedients relating to the identification and classification of leases that commenced before the effective date, along with the ability to use hindsight in the evaluation of lease decisions, that entities may elect to apply. As a result, the ASU will become effective for us beginning in the first quarter of our fiscal year ending September 30, 2020, with early adoption applicable. We have not measured the impact of adoption at this point in our assessment and have not concluded on the overall materiality of the impact of adoption to the Company’s consolidated financial statements, or determined the method and timing of adoption. NOTE 2 – BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (continued) In August 2016, the FASB issued ASU No. 2016-15, Classification of Certain Cash Receipts and Cash Payments , which addresses diversity in practice with the classification and presentation of certain cash receipts and cash payments in the statement of cash flows. The amendments in this update address the classification within the statement of cash flow for debt prepayment or debt extinguishment costs, settlement of zero-coupon debt instruments, contingent payments made after a business combination, proceeds from the settlement of insurance claims and corporate-owned life insurance policies, distributions received from equity method investees, and beneficial interests in securitization transactions, among other separately identifiable cash flows when applying the predominance principle. The ASU is applied on a retrospective basis, and will become effective for us beginning in the first quarter of our fiscal year ending September 30, 2019; with early adoption available. We are currently assessing the impact this pronouncement will have on the consolidated financial statements of the Company and have not yet concluded on the materiality or timing of adoption. In November 2016, the FASB issued ASU No. 2016-18, Restricted Cash , which addresses diversity in practice with the classification and presentation of restricted cash in the statement of cash flow, classifying transfers between cash and restricted cash as operating, investing, or financing activities, or as a combination of those activities, in the statement of cash flows. The amendment requires the statement of cash flows to explain the change during the period in total cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents; and include with cash and cash equivalents when reconciling the beginning-of-period and end-of-period amounts shown on the statement of cash flows. The ASU is applied on a retrospective basis, and will become effective for us beginning in the first quarter of our fiscal year ending September 30, 2019; with early adoption available. We are currently assessing the impact this pronouncement will have on the consolidated financial statements of the Company and have not yet concluded on the materiality or timing of adoption. In March 2017, the FASB issued ASU No. 2017-07, Compensation – Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost , which requires an employer to disaggregate the service cost component from the other components of net periodic pension costs within the statement of income. The amendment provides guidance requiring the service cost component to be recognized consistent with other compensation costs arising from service rendered by employees during the period, and all other components to be recognized separately outside of the subtotal of income from operations. The ASU is applied on a retrospective basis, and will become effective for us in the first quarter of the year ending September 30, 2019; with early adoption available. We are currently assessing the impact this pronouncement will have on the consolidated financial statements of the Company and have not yet concluded on the materiality of the adoption. In August 2017, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2017-12, Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities (Topic 815) , which changes the designation and measurement guidance for qualifying hedging relationships and presentation of hedge results. The amendments in this update make certain targeted improvements to simplify the application of the hedge accounting guidance in current GAAP, better aligning the entity’s risk management activities and financial reporting for hedging relationships. The ASU can only be applied prospectively, and will become effective for us beginning in the first quarter of our fiscal year ending September 30, 2020; with early adoption available. We are currently assessing the impact this pronouncement will have on the consolidated financial statements of the Company and have not yet concluded on the materiality or timing of the adoption. During the three month period ended December 31, 2017, the Company adopted SEC Staff Accounting Bulletin No. 118 to address the application of U.S. GAAP in situations when the registrant does not have the necessary information available, prepared, or analyzed (including computations) in reasonable detail to complete the accounting for the transition adjustment for certain income tax effects of the Tax Cuts and Jobs Act. See Note 16 – Income Taxes for additional discussion. |
Divestitures (Tables)
Divestitures (Tables) | 9 Months Ended |
Jun. 30, 2018 | |
Global Batteries & Appliances [Member] | |
Summary Of Assets And Liabilities As Held For Sale | (in millions) June 30, 2018 September 30, 2017 Assets Trade receivables, net $ 193.5 $ 260.1 Other receivables 24.7 24.0 Inventories 319.9 279.2 Prepaid expenses and other current assets 39.6 39.7 Property, plant and equipment, net 193.7 196.8 Deferred charges and other 15.3 19.3 Goodwill 344.8 348.9 Intangible assets, net 781.6 811.9 Total assets of business held for sale $ 1,913.1 $ 1,979.9 Liabilities Current portion of long-term debt 18.6 17.3 Accounts payable 227.1 355.9 Accrued wages and salaries 34.2 37.6 Other current liabilities 94.7 89.8 Long-term debt, net of current portion 51.2 51.7 Deferred income taxes 37.3 38.2 Other long-term liabilities 62.2 66.2 Total liabilities of business held for sale $ 525.3 $ 656.7 |
Summary Of Components Of Income From Discontinued Operations | Three Month Periods Ended Nine Month Periods Ended (in millions) June 30, 2018 June 30, 2017 June 30, 2018 June 30, 2017 Net sales $ 442.0 $ 441.0 $ 1,473.2 $ 1,464.0 Cost of goods sold 298.1 287.8 982.4 951.5 Gross profit 143.9 153.2 490.8 512.5 Operating expenses 137.3 106.2 403.3 336.6 Operating income 6.6 47.0 87.5 175.9 Interest expense 14.1 12.7 40.3 37.2 Other non-operating expense, net 3.7 0.7 4.1 0.6 (Loss) income from discontinued operations before income taxes (11.2) 33.6 43.1 138.1 Income tax (benefit) expense (1.7) 5.3 11.1 38.3 Net (loss) income from discontinued operations (9.5) 28.3 32.0 99.8 Net income from discontinued operations attributable to non-controlling interest 0.1 1.7 0.1 1.5 Net (loss) income from discontinued operations attributable to controlling interest $ (9.6) $ 26.6 $ 31.9 $ 98.3 |
Fidelity And Guaranty Life [Member] | |
Summary Of Assets And Liabilities As Held For Sale | (in millions) September 30, 2017 Assets Investments, including loans and receivables from affiliates $ 23,211.1 Funds withheld receivables 742.7 Cash and cash equivalents 914.5 Accrued investment income 231.3 Reinsurance recoverable 2,358.8 Deferred acquisition costs and value of business acquired, net 1,163.6 Other assets 125.4 Write-down of assets of businesses held for sale to fair value less cost to sell (421.2) Total assets of business held for sale $ 28,326.2 Liabilities Insurance reserves 24,989.6 Debt 405.0 Accounts payable and other current liabililtes 56.2 Deferred tax liabilities 68.0 Other long-term liabilities 831.9 Total liabilities of business held for sale $ 26,350.7 |
Summary Of Components Of Income From Discontinued Operations | Two Months ended Three months ended Nine months ended (in millions) November 30, 2017 June 30, 2017 June 30, 2017 Revenues: Insurance premiums $ 6.8 $ 12.7 $ 27.0 Net investment income 181.9 269.4 778.6 Net investment gains 154.8 102.8 237.5 Other 35.1 44.0 127.6 Total revenues 378.6 428.9 1,170.7 Operating costs and expenses: Benefits and other changes in policy reserves 241.3 266.0 575.4 Selling, acquisition, operating and general expenses 52.8 42.7 109.1 Amortization of intangibles 35.8 53.5 210.0 Total operating costs and expenses 329.9 362.2 894.5 Operating income 48.7 66.7 276.2 Interest expense and other 4.0 6.1 18.2 (Write-down) write-up of assets of business held for sale to fair value less cost to sell (14.2) (36.1) 35.6 Reclassification of accumulated other comprehensive income 445.9 — — Income from discontinued operations before income taxes 476.4 24.5 293.6 Income tax expense 16.5 16.8 98.2 Net income from discontinued operations 459.9 7.7 195.4 Net income from discontinued operations attributable to non-controlling interest 5.4 4.1 31.6 Net income from discontinued operations attributable to controlling interest $ 454.5 $ 3.6 $ 163.8 |
Acquisitions (Tables)
Acquisitions (Tables) | 9 Months Ended |
Jun. 30, 2018 | |
Acquisitions [Abstract] | |
Summary Of Acquisition And Integration Related Charges | Three Month Periods Ended Nine Month Periods Ended (in millions) June 30, 2018 June 30, 2017 June 30, 2018 June 30, 2017 HHI Business $ 0.9 $ 1.8 $ 5.5 $ 5.7 PetMatrix 0.8 1.7 4.5 2.0 Armored AutoGroup — 0.3 0.6 2.1 Other 0.6 1.4 1.4 1.8 Total acquisition and integration related charges $ 2.3 $ 5.2 $ 12.0 $ 11.6 |
Restructuring And Related Cha29
Restructuring And Related Charges (Tables) | 9 Months Ended |
Jun. 30, 2018 | |
Restructuring And Related Charges [Abstract] | |
Summary Of Restructuring And Related Charges | Three Month Periods Ended Nine Month Periods Ended (in millions) June 30, 2018 June 30, 2017 June 30, 2018 June 30, 2017 HHI distribution center consolidation $ 11.6 $ 9.0 $ 40.4 $ 9.1 GAC business rationalization initiative 6.3 12.8 13.5 19.8 PET rightsizing initiative 3.1 2.2 7.1 2.8 Other restructuring activities 4.4 (2.8) 8.0 (0.4) Total restructuring and related charges $ 25.4 $ 21.2 $ 69.0 $ 31.3 Reported as: Cost of goods sold $ 4.9 $ 11.2 $ 9.9 $ 16.4 Operating expense 20.5 10.0 59.1 14.9 |
Summary Of Costs Incurred And Cumulative Costs By Cost Type | Termination Other (in millions) Benefits Costs Total For the three month period ended June 30, 2018 $ 1.6 $ 23.8 $ 25.4 For the three month period ended June 30, 2017 2.4 18.8 21.2 For the nine month period ended June 30, 2018 6.8 62.2 69.0 For the nine month period ended June 30, 2017 4.5 26.8 31.3 Cumulative costs through June 30, 2018 17.8 116.8 134.6 Future costs to be incurred 0.4 16.0 16.4 |
Rollforward Of Restructuring Accrual | Termination Other (in millions) Benefits Costs Total Accrual balance at September 30, 2017 $ 7.2 $ 9.8 $ 17.0 Provisions 4.4 2.6 7.0 Cash expenditures (7.8) (8.2) (16.0) Non-cash items — — — Accrual balance at June 30, 2018 $ 3.8 $ 4.2 $ 8.0 |
Summary Of Costs Incurred By Reporting Segment | (in millions) HHI PET H&G GAC Corporate Total For the three month period ended June 30, 2018 $ 12.0 $ 3.7 $ 0.1 $ 7.6 $ 2.0 $ 25.4 For the three month period ended June 30, 2017 6.2 2.0 — 12.8 0.2 21.2 For the nine month period ended June 30, 2018 40.8 8.1 0.3 14.7 5.1 69.0 For the nine month period ended June 30, 2017 7.7 3.7 — 19.8 0.1 31.3 Cumulative costs through June 30, 2018 68.2 16.3 0.3 44.3 5.5 134.6 Future costs to be incurred 10.1 0.5 — 4.5 1.3 16.4 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Jun. 30, 2018 | |
Inventories [Abstract] | |
Schedule Of Inventories | (in millions) June 30, 2018 September 30, 2017 Raw materials $ 104.2 $ 95.7 Work-in-process 44.1 35.5 Finished goods 398.4 365.1 $ 546.7 $ 496.3 |
Property, Plant And Equipment (
Property, Plant And Equipment (Tables) | 9 Months Ended |
Jun. 30, 2018 | |
Property, Plant And Equipment [Abstract] | |
Schedule Of Property, Plant And Equipment | (in millions) June 30, 2018 September 30, 2017 Land, buildings and improvements $ 148.7 $ 146.6 Machinery, equipment and other 406.1 380.8 Capital leases 211.7 210.2 Construction in progress 37.8 40.4 Property, plant and equipment $ 804.3 $ 778.0 Accumulated depreciation (309.5) (274.1) Property, plant and equipment, net $ 494.8 $ 503.9 |
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Tables) | 9 Months Ended |
Jun. 30, 2018 | |
Goodwill And Intangible Assets [Abstract] | |
Changes In The Carrying Amount Of Goodwill By Reporting Segment | (in millions) HHI PET H&G GAC Total As of September 30, 2017 $ 708.7 $ 437.1 $ 196.5 $ 934.8 $ 2,277.1 Foreign currency impact (5.4) (1.7) — (0.6) (7.7) As of June 30, 2018 $ 703.3 $ 435.4 $ 196.5 $ 934.2 $ 2,269.4 |
Schedule Of Carrying Value And Accumulated Amortization For Intangible Assets | June 30, 2018 September 30, 2017 (in millions) Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net Customer relationships $ 668.1 $ (249.3) $ 418.8 $ 671.7 $ (222.3) $ 449.4 Technology assets 194.6 (73.1) 121.5 194.6 (59.7) 134.9 Tradenames 5.8 (3.1) 2.7 18.5 (15.1) 3.4 Total $ 868.5 $ (325.5) $ 543.0 $ 884.8 $ (297.1) $ 587.7 |
Schedule Of Range And Weighted Average Useful Lives For Definite-Lived Intangible Assets | Asset Type Range Weighted Average Customer relationships 2 - 20 years 17.9 years Technology assets 6 - 18 years 11.4 years Tradenames 5 - 13 years 6.2 years |
Schedule Of Future Amortization Expense | (in millions) Amortization 2018 $ 57.5 2019 57.4 2020 55.0 2021 49.7 2022 48.0 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Jun. 30, 2018 | |
Debt [Abstract] | |
Schedule Of Debt | SBH SB/RH June 30, 2018 September 30, 2017 July 1, 2018 September 30, 2017 (in millions) Amount Rate Amount Rate Amount Rate Amount Rate Spectrum Brands Inc. Term Loan, variable rate, due June 23, 2022 $ 1,234.8 4.2 % $ 1,244.2 3.4 % $ 1,234.8 4.2 % $ 1,244.2 3.4 % CAD Term Loan, variable rate, due June 23, 2022 32.4 5.3 % 59.0 4.9 % 32.4 5.3 % 59.0 4.9 % 4.00% Notes, due October 1, 2026 491.7 4.0 % 500.9 4.0 % 491.7 4.0 % 500.9 4.0 % 5.75% Notes, due July 15, 2025 1,000.0 5.8 % 1,000.0 5.8 % 1,000.0 5.8 % 1,000.0 5.8 % 6.125% Notes, due December 15, 2024 250.0 6.1 % 250.0 6.1 % 250.0 6.1 % 250.0 6.1 % 6.625% Notes, due November 15, 2022 570.0 6.6 % 570.0 6.6 % 570.0 6.6 % 570.0 6.6 % Revolver Facility, variable rate, expiring March 6, 2022 545.5 4.6 % — — % 545.5 4.6 % — — % Other notes and obligations 3.4 7.9 % 4.7 8.0 % 3.4 7.9 % 4.7 8.0 % Obligations under capital leases 196.9 5.7 % 199.7 5.7 % 196.9 5.7 % 199.7 5.7 % Total Spectrum Brands, Inc. debt 4,324.7 3,828.5 4,324.7 3,828.5 Spectrum Brands Holdings, Inc. (formerly HRG) HRG - 7.875% Senior Secured Notes, due July 15, 2019 — — % 864.4 7.9 % — — % — — % HRG - 7.75% Senior Unsecured Notes, due January 15, 2019 890.0 7.8 % 890.0 7.8 % — — % — — % HGI Funding - 2017 Loan, due July 13, 2018 50.0 3.7 % 50.0 3.7 % — — % — — % HGI Energy - notes due June 30, 2018 — — % 92.0 1.5 % — — % — — % Salus - unaffiliated long-term debt of consolidated VIE 76.6 — % 28.9 — % — — % — — % Salus - long term debt of consolidated VIE with FGL — — % 48.1 — % — — % — — % Total SBH debt 5,341.3 5,801.9 4,324.7 3,828.5 Unamortized discount on debt (20.7) (20.7) (2.9) (3.7) Debt issuance costs (60.4) (76.1) (47.5) (53.1) Less current portion (70.8) (161.4) (20.8) (19.4) Long-term debt, net of current portion $ 5,189.4 $ 5,543.7 $ 4,253.5 $ 3,752.3 |
Derivatives (Tables)
Derivatives (Tables) | 9 Months Ended |
Jun. 30, 2018 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Schedule Of Fair Value Of Outstanding Derivative Instruments | (in millions) Line Item June 30, 2018 September 30, 2017 Derivative Assets Commodity swaps - designated as hedge Other receivables $ 0.1 $ 0.6 Interest rate swaps - designated as hedge Other receivables 2.0 — Interest rate swaps - designated as hedge Deferred charges and other 1.6 0.4 Foreign exchange contracts - designated as hedge Other receivables 0.7 — Foreign exchange contracts - designated as hedge Deferred charges and other — 0.2 Foreign exchange contracts - not designated as hedge Other receivables 0.2 0.3 Total Derivative Assets $ 4.6 $ 1.5 Derivative Liabilities Commodity swaps - designated as hedge Accounts payable $ 0.2 $ — Interest rate swaps - designated as hedge Other current liabilities — 0.5 Interest rate swaps - designated as hedge Accrued interest (0.3) 0.2 Foreign exchange contracts - designated as hedge Accounts payable 0.1 2.3 Foreign exchange contracts - designated as hedge Other long term liabilities — 0.3 Total Derivative Liabilities $ — $ 3.3 |
Summary Of Impact Of Effective And Ineffective Portions Of Cash Flow Hedges And Gain (Loss) Realized | The following summarizes the impact of derivative instruments on the accompanying Condensed Consolidated Statements of Income for the three month periods ended June 30, 2018 and 2017, pretax: Effective Portion Reclassified to Ineffective portion Three month period ended Gain (Loss) Reclassified to Continuing Operations Discontinued Continuing Operations Discontinued June 30, 2018 (in millions) in OCI Line Item Gain (Loss) Operations Line Item Gain (Loss) Operations Interest rate swaps $ 0.6 Interest expense $ — $ 0.3 Interest expense $ — $ 0.3 Commodity swaps (3.1) Cost of goods sold 0.1 0.5 Cost of goods sold — — Net investment hedge 31.1 Other non-operating expense — — Other non-operating expense — — Foreign exchange contracts (0.1) Net sales — — Net sales — — Foreign exchange contracts 12.1 Cost of goods sold (0.2) (2.0) Cost of goods sold — — Total $ 40.6 $ (0.1) $ (1.2) $ — $ 0.3 Effective Portion Reclassified to Ineffective portion Three month period ended Gain (Loss) Reclassified to Continuing Operations Discontinued Continuing Operations Discontinued June 30, 2017 (in millions) in OCI Line Item Gain (Loss) Operations Line Item Gain (Loss) Operations Interest rate swaps $ (1.1) Interest expense $ — $ (0.3) Interest expense $ — $ — Commodity swaps (0.5) Cost of goods sold 0.1 1.2 Cost of goods sold — — Net investment hedge (32.6) Other non-operating expense — — Other non-operating expense — — Foreign exchange contracts 0.2 Net sales — — Net sales — — Foreign exchange contracts (10.3) Cost of goods sold 0.2 1.1 Cost of goods sold — — Total $ (44.3) $ 0.3 $ 2.0 $ — $ — NOTE 11 – DERIVATIVES (continued) The following summarizes the impact of derivative instruments on the accompanying Condensed Consolidated Statements of Income for the nine month periods ended June 30, 2018 and 2017, pretax: Effective Portion Reclassified to Ineffective portion Nine month period ended Gain (Loss) Reclassified to Continuing Operations Discontinued Continuing Operations Discontinued June 30, 2018 (in millions) in OCI Line Item Gain (Loss) Operations Line Item Gain (Loss) Operations Interest rate swaps $ 4.3 Interest expense $ — $ 0.6 Interest expense $ — $ 1.0 Commodity swaps (1.9) Cost of goods sold 0.8 3.0 Cost of goods sold — — Net investment hedge 9.3 Other non-operating expense — — Other non-operating expense — — Foreign exchange contracts (0.1) Net sales 0.1 — Net sales — — Foreign exchange contracts 9.8 Cost of goods sold (0.6) (10.9) Cost of goods sold — — Total $ 21.4 $ 0.3 $ (7.3) $ — $ 1.0 Effective Portion Reclassified to Ineffective portion Nine month period ended Gain (Loss) Reclassified to Continuing Operations Discontinued Continuing Operations Discontinued June 30, 2017 (in millions) in OCI Line Item Gain (Loss) Operations Line Item Gain (Loss) Operations Interest rate swaps $ (1.0) Interest expense $ — $ (1.0) Interest expense $ — $ — Commodity swaps 3.3 Cost of goods sold 0.4 3.4 Cost of goods sold — — Net investment hedge (9.3) Other non-operating expense — — Other non-operating expense — — Foreign exchange contracts 0.3 Net sales — — Net sales — — Foreign exchange contracts (4.4) Cost of goods sold 0.2 8.2 Cost of goods sold — — Total $ (11.1) $ 0.6 $ 10.6 $ — $ — |
Summary Of Gain (Loss) Associated With Derivative Contracts Not Designated As Hedges | Three Months Ended Nine Months Ended (in millions) Line Item June 30, 2018 June 30, 2017 June 30, 2018 June 30, 2017 Foreign exchange contracts Other non-operating expense (income) $ 4.4 $ (4.6) $ 1.7 $ (1.3) |
Cash Flow Hedging [Member] | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Schedule Of Interest Rate Swap Derivative Financial Instruments | June 30, 2018 September 30, 2017 (in millions) Notional Amount Remaining Years Notional Amount Remaining Years Interest rate swaps - fixed $ 300.0 1.9 $ 300.0 2.6 |
Schedule Of Commodity Swap Contracts Outstanding | June 30, 2018 September 30, 2017 (in millions, except notional) Notional Contract Value Notional Contract Value Brass swap contracts 1.0 Tons $ 5.4 1.3 Tons $ 6.6 |
Fair Value Of Financial Instr35
Fair Value Of Financial Instruments (Tables) | 9 Months Ended |
Jun. 30, 2018 | |
Fair Value Of Financial Instruments [Abstract] | |
Fair Values Of Derivative Instruments | June 30, 2018 September 30, 2017 Carrying Carrying (in millions) Level 1 Level 2 Level 3 Fair Value Amount Level 1 Level 2 Level 3 Fair Value Amount Derivative Assets $ — $ 4.6 $ — $ 4.6 $ 4.6 $ — $ 1.5 $ — $ 1.5 $ 1.5 Derivative Liabilities — — — — — — 3.3 — 3.3 3.3 Debt - SBH — 5,368.2 — 5,368.2 5,260.2 — 5,839.0 92.0 5,931.0 5,705.1 Debt - SB/RH — 4,321.8 — 4,321.8 4,274.3 — 3,972.8 — 3,972.8 3,771.7 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 9 Months Ended |
Jun. 30, 2018 | |
Employee Benefit Plans [Abstract] | |
Components Of Net Periodic Benefit Cost | Three Month Periods Ended Nine Month Periods Ended (in millions) June 30, 2018 June 30, 2017 June 30, 2018 June 30, 2017 Service cost $ 0.5 $ 0.7 $ 1.5 $ 2.0 Interest cost 0.5 0.4 1.4 1.1 Expected return on assets (0.4) (0.4) (1.1) (1.0) Recognized net actuarial loss 0.3 0.5 0.8 1.6 Net periodic benefit cost $ 0.9 $ 1.2 $ 2.6 $ 3.7 Weighted average assumptions Discount rate 1.13 - 7.50% 1.00 - 8.68% 1.13 - 7.50% 1.00 - 8.68% Expected return on plan assets 1.13 - 3.50% 1.00 - 3.50% 1.13 - 3.50% 1.00 - 3.50% Rate of compensation increase 1.37 - 7.00% 2.25 - 7.00% 1.37 - 7.00% 2.25 - 7.00% |
Amounts Reclassified From Accumulated Other Comprehensive Loss Associated With Employee Benefit Plan Costs | Three Month Periods Ended Nine Month Periods Ended (in millions) June 30, 2018 June 30, 2017 June 30, 2018 June 30, 2017 Cost of goods sold $ 0.1 $ 0.3 $ 0.4 $ 1.0 Selling expenses 0.1 0.2 0.3 0.5 General and administrative expenses 0.1 0.1 0.1 0.2 Amounts reclassified from AOCI to continuing operations $ 0.3 $ 0.6 $ 0.8 $ 1.7 Amounts reclassified from AOCI to discontinued operations $ 0.5 $ 0.8 $ 1.6 $ 2.3 |
Share Based Compensation (Table
Share Based Compensation (Tables) | 9 Months Ended |
Jun. 30, 2018 | |
Share Based Compensation [Abstract] | |
Summary Of Share Based Compensation Expense | Three Month Periods Ended Nine Month Periods Ended (in millions) June 30, 2018 June 30, 2017 June 30, 2018 June 30, 2017 Spectrum equity plan $ 4.9 $ 4.4 $ 5.3 $ 23.9 HRG equity plan 0.4 0.6 1.1 4.6 SBH share based compensation expense 5.3 5.0 6.4 28.5 SB/RH share based compensation expense 4.5 3.9 4.0 21.6 |
Summary Of Activity Of The RSUs Granted | Spectrum SB/RH Weighted Fair Weighted Fair Average Value Average Value Grant Date at Grant Grant Date at Grant (in millions, except per share data) Shares Fair Value Date Shares Fair Value Date Time-based grants 0.1 $ 111.31 $ 11.0 0.1 $ 112.33 $ 9.6 Performance-based grants Vesting in less than 24 months 0.1 109.10 12.9 0.1 109.10 12.9 Vesting in more than 24 months 0.1 109.45 12.6 0.1 109.45 12.6 Total performance-based grants 0.2 $ 109.27 $ 25.5 0.2 $ 109.27 $ 25.5 Total grants 0.3 $ 109.88 $ 36.5 0.3 $ 110.09 $ 35.1 |
Summary Of Non-Vested RSUs Activity | Spectrum SB/RH Weighted Fair Weighted Fair Average Value Average Value Grant Date at Grant Grant Date at Grant (in millions, except per share data) Shares Fair Value Date Shares Fair Value Date At September 30, 2017 0.8 $ 114.67 $ 87.2 0.7 $ 116.32 $ 82.4 Granted 0.3 109.88 36.5 0.3 110.09 35.1 Forfeited (0.1) 116.13 (10.0) (0.1) 116.13 (10.0) Vested (0.5) 113.21 (55.1) (0.4) 114.19 (50.9) At June 30, 2018 0.5 $ 112.74 $ 58.6 0.5 $ 114.27 $ 56.6 |
Summary Of HRG Share-Based Awards | Stock Options Warrants Restricted Stock Awards Weighted Weighted Weighted Weighted Weighted Fair Average Average Average Average Average Value Exercise Grant Date Exercise Grant Date Grant Date at Grant (in millions, except per share data) Options Price Fair Value Units Price Fair Value Shares Fair Value Date As of September 30, 2017 4.0 $ 9.69 $ 3.88 0.6 $ 13.13 $ 3.22 0.1 $ 13.36 $ 1.9 Granted — — — — — — 0.1 16.85 0.4 Exercised (2.5) (8.38) (3.33) (0.6) (13.13) (3.22) (0.1) (13.56) (1.9) Outstanding at June 30, 2018 1.5 $ 11.82 $ 4.78 — $ — $ — 0.1 $ 16.85 $ 0.4 Vested/Exercisable at June 30, 2018 1.3 11.09 $ 4.53 |
Income Taxes (Tables)
Income Taxes (Tables) | 9 Months Ended |
Jun. 30, 2018 | |
Income Taxes [Abstract] | |
Schedule Of Effective Tax Rate | Three Month Periods Ended Nine Month Periods Ended Effective tax rate June 30, 2018 June 30, 2017 June 30, 2018 June 30, 2017 SBH (518.9%) 83.7% 2,192.9% 1,583.9% SB/RH 22.8% 27.9% (111.7)% 33.6% |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Jun. 30, 2018 | |
Net Sales Relating To Segments | Three month periods ended Nine month periods ended (in millions) June 30, 2018 June 30, 2017 June 30, 2018 June 30, 2017 HHI $ 372.4 $ 324.7 $ 1,016.8 $ 927.2 PET 194.7 190.0 608.3 576.0 H&G 203.2 192.4 370.6 374.2 GAC 175.2 155.8 362.4 344.2 Net sales $ 945.5 $ 862.9 $ 2,358.1 $ 2,221.6 |
Schedule Of Segment Information | Three month periods ended Nine month periods ended SBH (in millions) June 30, 2018 June 30, 2017 June 30, 2018 June 30, 2017 HHI $ 73.9 $ 62.2 $ 179.5 $ 178.0 PET 34.9 36.1 104.6 98.7 H&G 57.0 59.5 87.7 100.8 GAC 50.1 50.7 84.7 115.9 Total Segment Adjusted EBITDA 215.9 208.5 456.5 493.4 Corporate expenses 9.5 9.2 28.8 28.7 Depreciation and amortization 32.2 32.9 99.4 94.3 Share-based compensation 5.3 5.0 6.4 28.5 Acquisition and integration related charges 2.3 5.2 12.0 11.6 Restructuring and related charges 25.4 21.2 69.0 31.3 Interest expense 63.5 76.1 206.6 232.4 Inventory acquisition step-up — 0.8 0.8 0.8 Pet safety recall 5.1 24.9 16.3 24.9 HRG merger related transaction charges 3.1 1.4 22.0 4.2 Non-recurring HRG operating costs 1.2 7.8 11.9 28.6 Salus (0.1) 0.7 1.2 5.0 Other 3.3 — 3.3 — Income (loss) from operations before income taxes $ 65.1 $ 23.3 $ (21.2) $ 3.1 |
HRG [Member] | |
Schedule Of Segment Information | Three month periods ended Nine month periods ended (in millions) June 30, 2018 June 30, 2017 June 30, 2018 June 30, 2017 Revenues Consumer products $ 945.5 $ 862.9 $ 2,358.1 $ 2,221.6 Corporate and other — 0.1 — 1.1 Total revenues $ 945.5 $ 863.0 $ 2,358.1 $ 2,222.7 Operating income Consumer products $ 133.3 $ 110.9 $ 210.4 $ 277.1 Corporate and other (7.0) (10.2) (29.6) (39.9) Total operating income 126.3 100.7 180.8 237.2 Interest expense 63.5 76.1 206.6 232.4 Other (expense) income, net (2.3) 1.3 (4.6) 1.7 Income (loss) from continuing operations before income taxes $ 65.1 $ 23.3 $ (21.2) $ 3.1 |
SB/RH Holdings, LLC [Member] | |
Schedule Of Segment Information | Three month periods ended Nine month periods ended SBRH (in millions) July 1, 2018 July 2, 2017 July 1, 2018 July 2, 2017 HHI $ 73.9 $ 62.2 $ 179.5 $ 178.0 PET 34.9 36.1 104.6 98.7 H&G 57.0 59.5 87.7 100.8 GAC 50.1 50.7 84.7 115.9 Total Segment Adjusted EBITDA 215.9 208.5 456.5 493.4 Corporate expenses 9.4 8.9 28.2 28.4 Depreciation and amortization 32.2 32.9 99.3 94.1 Share-based compensation 4.5 3.9 4.0 21.6 Acquisition and integration related charges 2.3 5.2 12.0 11.6 Restructuring and related charges 25.4 21.2 69.0 31.3 Interest expense 43.6 39.8 124.2 122.0 Inventory acquisition step-up — 0.8 0.8 0.8 Pet safety recall 5.1 24.9 16.3 24.9 Other 3.3 — 3.3 Income from continuing operations before income taxes $ 90.1 $ 70.9 $ 99.4 $ 158.7 |
Earnings Per Share - SBH (Table
Earnings Per Share - SBH (Tables) | 9 Months Ended |
Jun. 30, 2018 | |
Earnings Per Share - SBH [Abstract] | |
Schedule Of Earnings Per Share | Three Month Periods Ended Nine Month Periods Ended (in millions, except per share amounts) June 30, 2018 June 30, 2017 June 30, 2018 June 30, 2017 Numerator Net income (loss) from continuing operations attributable to controlling interest $ 377.4 $ (16.6) $ 368.1 $ (88.6) (Loss) income from discontinued operations attributable to controlling interest (0.1) 18.7 479.6 220.8 Net income attributable to controlling interest 377.3 2.1 847.7 132.2 Denominator Weighted average shares outstanding - basic 32.7 32.3 32.5 32.2 Dilutive shares 0.1 — 0.2 — Weighted average shares outstanding - diluted 32.8 32.3 32.7 32.2 Earnings per share Basic earnings per share from continuing operations $ 11.52 $ (0.51) $ 11.31 $ (2.75) Basic earnings per share from discontinued operations — 0.57 14.74 6.85 Basic earnings per share $ 11.52 $ 0.06 $ 26.05 $ 4.10 Diluted earnings per share from continuing operations $ 11.51 $ (0.51) $ 11.26 $ (2.75) Diluted earnings per share from discontinued operations — 0.57 14.67 6.85 Diluted earnings per share $ 11.51 $ 0.06 $ 25.93 $ 4.10 Weighted average number of anti-dilutive shares excluded from denominator — 0.3 — 0.4 |
Schedule Of Weighted Average Shares | Three Month Periods Ended Nine Month Periods Ended (in millions, except per share amounts) June 30, 2018 June 30, 2017 June 30, 2018 June 30, 2017 Basic HRG weighted average shares 203.0 200.4 201.8 199.8 HRG share conversion at 1 to 0.1613 32.7 32.3 32.5 32.2 Diluted HRG weighted average shares 203.3 202.6 202.7 202.4 HRG share conversion at 1 to 0.1613 32.8 32.6 32.7 32.6 |
Guarantor Statements - SB_RH (T
Guarantor Statements - SB/RH (Tables) | 9 Months Ended |
Jun. 30, 2018 | |
Guarantor Statements - SB/RH [Abstract] | |
Statement Of Financial Position | Statement of Financial Position Guarantor Nonguarantor As of July 1, 2018 (in millions) Parent Subsidiaries Subsidiaries Eliminations Consolidated Assets Cash and cash equivalents $ 2.4 $ 0.8 $ 143.7 $ — $ 146.9 Trade receivables, net 132.0 176.8 75.4 — 384.2 Intercompany receivables — 1,414.2 323.7 (1,737.9) — Other receivables 48.3 6.1 14.5 (11.2) 57.7 Inventories 166.9 246.4 151.7 (18.3) 546.7 Prepaid expenses and other 43.1 9.5 15.5 — 68.1 Current assets of business held for sale 1,052.2 83.9 781.1 (4.1) 1,913.1 Total current assets 1,444.9 1,937.7 1,505.6 (1,771.5) 3,116.7 Property, plant and equipment, net 174.5 177.3 142.4 — 494.2 Long-term intercompany receivables 310.4 80.0 11.7 (402.1) — Deferred charges and other 154.7 2.5 34.4 (147.9) 43.7 Goodwill 568.6 1,463.4 237.4 — 2,269.4 Intangible assets, net 392.7 997.6 174.5 — 1,564.8 Investments in subsidiaries 5,044.6 1,382.4 (2.8) (6,424.2) — Total assets $ 8,090.4 $ 6,040.9 $ 2,103.2 $ (8,745.7) $ 7,488.8 Liabilities and Shareholder's Equity Current portion of long-term debt $ 14.8 $ 4.3 $ 1.8 $ (0.1) $ 20.8 Accounts payable 88.0 154.1 105.9 — 348.0 Intercompany accounts payable 1,738.9 — 1.0 (1,739.9) — Accrued wages and salaries 21.8 3.4 16.0 — 41.2 Accrued interest 43.3 — — — 43.3 Other current liabilities 64.0 24.2 46.9 (11.2) 123.9 Current liabilities of business held for sale 164.6 1.4 359.3 — 525.3 Total current liabilities 2,135.4 187.4 530.9 (1,751.2) 1,102.5 Long-term debt, net of current portion 4,156.9 89.5 7.1 — 4,253.5 Long-term intercompany debt 11.7 290.9 97.3 (399.9) — Deferred income taxes — 422.3 46.5 (153.7) 315.1 Other long-term liabilities 68.0 6.2 39.0 — 113.2 Total liabilities 6,372.0 996.3 720.8 (2,304.8) 5,784.3 Shareholder's equity: Other capital 2,095.2 787.6 (1,378.5) 567.1 2,071.4 Accumulated (deficit) earnings (153.3) 4,452.3 2,940.1 (7,392.4) (153.3) Accumulated other comprehensive loss (223.5) (195.3) (189.1) 384.4 (223.5) Total shareholder's equity 1,718.4 5,044.6 1,372.5 (6,440.9) 1,694.6 Non-controlling interest — — 9.9 — 9.9 Total equity 1,718.4 5,044.6 1,382.4 (6,440.9) 1,704.5 Total liabilities and equity $ 8,090.4 $ 6,040.9 $ 2,103.2 $ (8,745.7) $ 7,488.8 NOTE 20 - GUARANTOR STATEMENTS – SB/RH (continued) Statement of Financial Position Guarantor Nonguarantor As of September 30, 2017 (in millions) Parent Subsidiaries Subsidiaries Eliminations Consolidated Assets Cash and cash equivalents $ 6.0 $ 4.8 $ 157.4 $ — $ 168.2 Trade receivables, net 85.4 102.4 78.2 — 266.0 Intercompany receivables 0.7 1,288.1 335.4 (1,624.2) — Other receivables 4.4 4.7 10.6 (1.0) 18.7 Inventories 184.7 205.6 126.4 (20.4) 496.3 Prepaid expenses and other 30.9 8.6 14.6 0.1 54.2 Current assets of business held for sale 228.7 0.2 378.4 (4.3) 603.0 Total current assets 540.8 1,614.4 1,101.0 (1,649.8) 1,606.4 Property, plant and equipment, net 182.2 178.9 142.0 — 503.1 Long-term intercompany receivables 317.2 96.6 12.5 (426.3) — Deferred charges and other 244.2 3.0 35.6 (254.4) 28.4 Goodwill 568.6 1,463.4 245.1 — 2,277.1 Intangible assets, net 401.4 1,027.7 182.9 — 1,612.0 Investments in subsidiaries 4,730.1 1,290.3 — (6,020.4) — Noncurrent assets of business held for sale 814.3 124.4 438.2 — 1,376.9 Total assets $ 7,798.8 $ 5,798.7 $ 2,157.3 $ (8,350.9) $ 7,403.9 Liabilities and Shareholder's Equity Current portion of long-term debt $ 13.8 $ 4.3 $ 5.2 $ (3.9) $ 19.4 Accounts payable 122.2 108.3 141.1 — 371.6 Intercompany accounts payable 1,629.6 — — (1,629.6) — Accrued wages and salaries 27.5 2.3 20.1 — 49.9 Accrued interest 48.5 — — — 48.5 Other current liabilities 50.1 25.6 44.2 (1.0) 118.9 Current liabilities of business held for sale 177.3 0.9 322.4 — 500.6 Total current liabilities 2,069.0 141.4 533.0 (1,634.5) 1,108.9 Long-term debt, net of current portion 3,650.8 92.1 9.4 — 3,752.3 Long-term intercompany debt 12.6 302.1 102.4 (417.1) — Deferred income taxes 177.9 523.5 52.0 (260.2) 493.2 Other long-term liabilities 11.5 6.1 40.4 — 58.0 Noncurrent liabilities of business held for sale 22.8 3.4 129.9 — 156.1 Total liabilities 5,944.6 1,068.6 867.1 (2,311.8) 5,568.5 Shareholder's equity: Other capital 2,107.1 1,089.9 (1,075.0) (43.0) 2,079.0 Accumulated (deficit) earnings (42.8) 3,814.1 2,521.6 (6,335.7) (42.8) Accumulated other comprehensive loss (210.1) (173.9) (165.2) 339.6 (209.6) Total shareholder's equity 1,854.2 4,730.1 1,281.4 (6,039.1) 1,826.6 Non-controlling interest — — 8.8 — 8.8 Total equity 1,854.2 4,730.1 1,290.2 (6,039.1) 1,835.4 Total liabilities and equity $ 7,798.8 $ 5,798.7 $ 2,157.3 $ (8,350.9) $ 7,403.9 |
Statement Of Income | Statement of Income Guarantor Nonguarantor Three month period ended July 1, 2018 (in millions) Parent Subsidiaries Subsidiaries Eliminations Consolidated Net sales $ 378.7 $ 851.4 $ 290.6 $ (575.2) $ 945.5 Cost of goods sold 277.5 649.0 234.1 (574.6) 586.0 Restructuring and related charges — 3.2 1.7 — 4.9 Gross profit 101.2 199.2 54.8 (0.6) 354.6 Selling 40.7 50.7 32.7 (0.2) 123.9 General and administrative 28.9 31.0 6.7 — 66.6 Research and development 1.8 2.9 2.2 — 6.9 Acquisition and integration related charges 0.9 0.7 0.7 — 2.3 Restructuring and related charges 13.3 4.8 2.4 — 20.5 Total operating expense 85.6 90.1 44.7 (0.2) 220.2 Operating income 15.6 109.1 10.1 (0.4) 134.4 Interest expense 37.7 5.4 0.5 — 43.6 Other non-operating (income) expense, net (82.7) (12.1) 0.5 95.0 0.7 Income from operations before income taxes 60.6 115.8 9.1 (95.4) 90.1 Income tax (benefit) expense (9.2) 29.3 0.5 (0.1) 20.5 Net income from continuing operations 69.8 86.5 8.6 (95.3) 69.6 Income from discontinued operations, net of tax (10.2) 16.3 17.1 (32.7) (9.5) Net income 59.6 102.8 25.7 (128.0) 60.1 Net income attributable to non-controlling interest — — 0.2 — 0.2 Net income attributable to controlling interest $ 59.6 $ 102.8 $ 25.5 $ (128.0) $ 59.9 Statement of Income Guarantor Nonguarantor Nine Month Period Ended July 1, 2018 (in millions) Parent Subsidiaries Subsidiaries Eliminations Consolidated Net sales $ 1,026.8 $ 1,873.9 $ 877.6 $ (1,420.2) $ 2,358.1 Cost of goods sold 764.2 1,453.3 688.9 (1,421.9) 1,484.5 Restructuring and related charges — 6.5 3.4 — 9.9 Gross profit 262.6 414.1 185.3 1.7 863.7 Selling 131.8 132.0 100.4 (0.4) 363.8 General and administrative 74.0 81.3 25.2 0.1 180.6 Research and development 5.5 8.7 6.9 — 21.1 Acquisition and integration related charges 5.2 3.8 3.0 — 12.0 Restructuring and related charges 45.1 9.5 4.5 — 59.1 Total operating expense 261.6 235.3 140.0 (0.3) 636.6 Operating income 1.0 178.8 45.3 2.0 227.1 Interest expense 107.8 15.6 0.9 (0.1) 124.2 Other non-operating (income) expense, net (308.6) (49.3) — 361.4 3.5 Income from operations before income taxes 201.8 212.5 44.4 (359.3) 99.4 Income tax benefit (6.6) (98.6) (5.9) 0.1 (111.0) Net income from continuing operations 208.4 311.1 50.3 (359.4) 210.4 Income from discontinued operations, net of tax 31.9 75.8 77.9 (153.6) 32.0 Net income 240.3 386.9 128.2 (513.0) 242.4 Net income attributable to non-controlling interest — — 1.0 — 1.0 Net income attributable to controlling interest $ 240.3 $ 386.9 $ 127.2 $ (513.0) $ 241.4 NOTE 20 - GUARANTOR STATEMENTS – SB/RH (continued) Statement of Income Guarantor Nonguarantor Three month period ended July 2, 2017 (in millions) Parent Subsidiaries Subsidiaries Eliminations Consolidated Net sales $ 299.1 $ 668.5 $ 276.1 $ (380.8) $ 862.9 Cost of goods sold 205.1 489.0 216.2 (378.8) 531.5 Restructuring and related charges — 11.2 — — 11.2 Gross profit 94.0 168.3 59.9 (2.0) 320.2 Selling 42.5 53.9 31.9 (0.4) 127.9 General and administrative 26.3 23.7 7.8 — 57.8 Research and development 2.1 2.6 2.5 — 7.2 Acquisition and integration related charges 4.6 0.1 0.5 — 5.2 Restructuring and related charges 7.8 1.9 0.3 — 10.0 Total operating expense 83.3 82.2 43.0 (0.4) 208.1 Operating income 10.7 86.1 16.9 (1.6) 112.1 Interest expense 33.0 5.9 0.9 — 39.8 Other non-operating (income) expense, net (68.4) (14.8) 0.8 83.8 1.4 Income from operations before income taxes 46.1 95.0 15.2 (85.4) 70.9 Income tax (benefit) expense (6.8) 26.4 — 0.2 19.8 Net income from continuing operations 52.9 68.6 15.2 (85.6) 51.1 Income from discontinued operations, net of tax 28.5 22.3 23.9 (46.4) 28.3 Net income 81.4 90.9 39.1 (132.0) 79.4 Net income attributable to non-controlling interest — — 1.7 — 1.7 Net income attributable to controlling interest $ 81.4 $ 90.9 $ 37.4 $ (132.0) $ 77.7 Statement of Income Guarantor Nonguarantor Nine Month Period Ended July 2, 2017 (in millions) Parent Subsidiaries Subsidiaries Eliminations Consolidated Net sales $ 841.0 $ 1,510.4 $ 784.1 $ (913.9) $ 2,221.6 Cost of goods sold 559.9 1,073.5 614.3 (908.5) 1,339.2 Restructuring and related charges — 16.4 — — 16.4 Gross profit 281.1 420.5 169.8 (5.4) 866.0 Selling 127.0 132.8 95.3 (1.2) 353.9 General and administrative 96.6 57.6 27.5 — 181.7 Research and development 6.1 8.4 6.4 — 20.9 Acquisition and integration related charges 9.9 0.4 1.3 — 11.6 Restructuring and related charges 9.4 4.9 0.6 — 14.9 Total operating expense 249.0 204.1 131.1 (1.2) 583.0 Operating income 32.1 216.4 38.7 (4.2) 283.0 Interest expense 104.2 14.0 3.8 — 122.0 Other non-operating (income) expense, net (186.9) (38.0) (0.7) 227.9 2.3 Income from operations before income taxes 114.8 240.4 35.6 (232.1) 158.7 Income tax expense (benefit) 5.4 54.3 (6.2) (0.2) 53.3 Net income from continuing operations 109.4 186.1 41.8 (231.9) 105.4 Income from discontinued operations, net of tax 100.0 78.6 82.6 (161.4) 99.8 Net income 209.4 264.7 124.4 (393.3) 205.2 Net income attributable to non-controlling interest — — 1.5 — 1.5 Net income attributable to controlling interest $ 209.4 $ 264.7 $ 122.9 $ (393.3) $ 203.7 |
Statement Of Comprehensive Income | Statement of Comprehensive Income Guarantor Nonguarantor Three month period ended July 1, 2018 (in millions) Parent Subsidiaries Subsidiaries Eliminations Consolidated Net income $ 59.6 $ 102.8 $ 25.7 $ (128.0) $ 60.1 Other comprehensive income (loss), net of tax: Net unrealized loss on foreign currency translation (59.2) (59.2) (62.4) 121.7 (59.1) Unrealized gain on hedging derivative instruments 30.4 9.2 9.2 (18.4) 30.4 Defined benefit pension gain 2.9 2.4 2.4 (4.8) 2.9 Other comprehensive (loss) income (25.9) (47.6) (50.8) 98.5 (25.8) Comprehensive income (loss) 33.7 55.2 (25.1) (29.5) 34.3 Comprehensive loss attributable to non-controlling interest — — (0.6) — (0.6) Comprehensive income (loss) attributable to controlling interest $ 33.7 $ 55.2 $ (24.5) $ (29.5) $ 34.9 Statement of Comprehensive Income Guarantor Nonguarantor Nine Month Period Ended July 1, 2018 (in millions) Parent Subsidiaries Subsidiaries Eliminations Consolidated Net income $ 240.3 $ 386.9 $ 128.2 $ (513.0) $ 242.4 Other comprehensive income (loss), net of tax: Foreign currency translation loss (37.0) (37.0) (39.4) 76.5 (36.9) Unrealized gain on derivative instruments 20.6 13.4 13.4 (26.8) 20.6 Defined benefit pension gain 2.5 1.7 1.7 (3.4) 2.5 Other comprehensive income (13.9) (21.9) (24.3) 46.3 (13.8) Comprehensive income 226.4 365.0 103.9 (466.7) 228.6 Comprehensive loss attributable to non-controlling interest — — (0.1) — (0.1) Comprehensive income attributable to controlling interest $ 226.4 $ 365.0 $ 104.0 $ (466.7) $ 228.7 Statement of Comprehensive Income Guarantor Nonguarantor Three month period ended July 2, 2017 (in millions) Parent Subsidiaries Subsidiaries Eliminations Consolidated Net income $ 81.4 $ 90.9 $ 39.1 $ (132.0) $ 79.4 Other comprehensive income (loss), net of tax: Net unrealized gain on foreign currency translation 30.3 32.3 31.1 (63.4) 30.3 Unrealized loss on hedging derivative instruments (30.2) (9.1) (9.1) 18.2 (30.2) Defined benefit pension loss (2.3) (2.3) (2.3) 4.6 (2.3) Other comprehensive (loss) income (2.2) 20.9 19.7 (40.6) (2.2) Comprehensive income 79.2 111.8 58.8 (172.6) 77.2 Comprehensive loss attributable to non-controlling interest — — (0.2) — (0.2) Comprehensive income attributable to controlling interest $ 79.2 $ 111.8 $ 59.0 $ (172.6) $ 77.4 Statement of Comprehensive Income Guarantor Nonguarantor Nine Month Period Ended July 2, 2017 (in millions) Parent Subsidiaries Subsidiaries Eliminations Consolidated Net income $ 209.4 $ 264.7 $ 124.4 $ (393.3) $ 205.2 Other comprehensive income (loss), net of tax: Foreign currency translation gain 5.9 8.8 8.1 (16.9) 5.9 Unrealized loss on derivative instruments (15.7) (9.9) (9.9) 19.8 (15.7) Defined benefit pension gain 0.8 0.8 0.8 (1.7) 0.7 Other comprehensive loss (9.0) (0.3) (1.0) 1.2 (9.1) Comprehensive income 200.4 264.4 123.4 (392.1) 196.1 Comprehensive loss attributable to non-controlling interest — — (0.4) — (0.4) Comprehensive income attributable to controlling interest $ 200.4 $ 264.4 $ 123.8 $ (392.1) $ 196.5 |
Statement Of Cash Flows | Statement of Cash Flows Guarantor Nonguarantor Nine Month Period Ended July 1, 2018 (in millions) Parent Subsidiaries Subsidiaries Eliminations Consolidated Net cash (used) provided by operating activities from continuing operations $ (165.3) $ (25.8) $ 91.0 $ 7.6 $ (92.5) Net cash provided (used) by operating activities from discontinued operations 13.5 0.1 12.4 (31.0) (5.0) Net cash (used) provided by operating activities (151.8) (25.7) 103.4 (23.4) (97.5) Cash flows from investing activities . Purchases of property, plant and equipment (17.9) (13.0) (18.3) — (49.2) Proceeds from sales of property, plant and equipment 0.8 0.1 1.9 — 2.8 Other investing activity, net — (0.2) (0.2) — (0.4) Net cash used by investing activities from continuing operations (17.1) (13.1) (16.6) — (46.8) Net cash used by investing activities from discontinued operations (13.5) (0.1) (13.4) — (27.0) Net cash used by investing activities (30.6) (13.2) (30.0) — (73.8) Cash flows from financing activities Proceeds from issuance of debt 545.5 — 9.8 — 555.3 Payment of debt (35.4) — (15.6) — (51.0) Payment of debt issuance costs (0.4) — — — (0.4) Payment of cash dividends to parent (351.8) — — — (351.8) Advances related to intercompany transactions 20.9 34.9 (79.2) 23.4 — Net cash provided (used) by financing activities from continuing operations 178.8 34.9 (85.0) 23.4 152.1 Net cash provided by financing activities from discontinued operations — — 1.0 — 1.0 Net cash provided (used) by financing activities 178.8 34.9 (84.0) 23.4 153.1 Effect of exchange rate changes on cash and cash equivalents — — (3.1) — (3.1) Net decrease in cash and cash equivalents (3.6) (4.0) (13.7) — (21.3) Cash and cash equivalents, beginning of period 6.0 4.8 157.4 — 168.2 Cash and cash equivalents, end of period $ 2.4 $ 0.8 $ 143.7 $ — $ 146.9 Statement of Cash Flows Guarantor Nonguarantor Nine Month Period Ended July 2, 2017 (in millions) Parent Subsidiaries Subsidiaries Eliminations Consolidated Net cash provided (used) by operating activities from continuing operations $ 130.8 $ (19.3) $ 32.5 $ (116.8) $ 27.2 Net cash provided by operating activities from discontinued operations 15.4 — 8.6 93.3 117.3 Net cash provided (used) by operating activities 146.2 (19.3) 41.1 (23.5) 144.5 Cash flows from investing activities Purchases of property, plant and equipment (16.7) (16.3) (18.1) — (51.1) Proceeds from sales of property, plant and equipment — 0.2 3.3 — 3.5 Business acquisitions, net cash acquired (304.7) — — — (304.7) Other investing activities — (1.1) — — (1.1) Net cash used by investing activities from continuing operations (321.4) (17.2) (14.8) — (353.4) Net cash used by investing activities from discontinued operations (15.4) — (10.9) — (26.3) Net cash used by investing activities (336.8) (17.2) (25.7) — (379.7) Cash flows from financing activities Proceeds from issuance of debt 543.0 — 13.9 — 556.9 Payment of debt (207.7) — (17.3) — (225.0) Payment of debt issuance costs (5.9) — — — (5.9) Purchase of noncontrolling interest (12.6) — — — (12.6) Payment of cash dividends to parent (240.1) — — — (240.1) Advances related to intercompany transactions 20.9 34.9 (79.3) 23.5 — Net cash provided (used) by financing activities from continuing operations 97.6 34.9 (82.7) 23.5 73.3 Net cash provided by financing activities from discontinued operations — — 2.4 — 2.4 Net cash provided (used) by financing activities 97.6 34.9 (80.3) 23.5 75.7 Effect of exchange rate changes on cash and cash equivalents — — (1.5) — (1.5) Net decrease in cash and cash equivalents (93.0) (1.6) (66.4) — (161.0) Cash and cash equivalents, beginning of period 98.6 3.1 169.1 — 270.8 Cash and cash equivalents, end of period $ 5.6 $ 1.5 $ 102.7 $ — $ 109.8 |
Description Of Business (Narrat
Description Of Business (Narrative) (Details) $ in Millions | Jul. 13, 2018 | Jun. 30, 2018country | Dec. 05, 2017USD ($) |
Number of countries in which Company sells its products | country | 160 | ||
HGI Energy Notes Due June 30, 2018 [Member] | |||
Repayment of notes | $ | $ 92 | ||
Spectrum Brands Holdings, Inc. [Member] | HRG [Member] | |||
Percentage of ownership interest | 62.00% |
Divestitures (Narrative) (Detai
Divestitures (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | Jan. 15, 2018 | Nov. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Sep. 30, 2017 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Transaction costs associated with the divestiture | $ 24.3 | $ 49.4 | |||||
Income tax benefit | (337.8) | $ 19.5 | (464.9) | $ 49.1 | |||
FGL Merger [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Reclassification of accumulated other comprehensive income to income from discontinued operations | 445.9 | ||||||
Income tax benefit | 5.9 | ||||||
Global Battery And Lighting [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Aggregate purchase price paid by Energizer in cash | $ 2,000 | ||||||
Consummation date | Dec. 31, 2018 | ||||||
Termination date | Jul. 15, 2019 | ||||||
Termination fee to by paid by Energizer | $ 100 | ||||||
Fidelity And Guaranty Life [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Estimate fair value less cost to sell held for sale assets | $ 402.2 | ||||||
Fidelity And Guaranty Life [Member] | FGL Merger [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Share price | $ 31.10 | ||||||
Transaction costs associated with the divestiture | $ 1,518.3 | ||||||
Front Street RE Cayman Ltd [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Estimate fair value less cost to sell held for sale assets | $ 19 | ||||||
CF Entities [Member] | FS Holdco [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Payment for exercised the 338 Tax Election | $ 26.6 | $ 26.6 | |||||
CF Entities [Member] | Front Street RE Cayman Ltd [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Transaction costs associated with the divestiture | 65 | ||||||
Amount of purchase price deposited in escrow | $ 6.5 |
Divestitures (Summary Of Assets
Divestitures (Summary Of Assets And Liabilities As Held For Sale) (Details) - Discontinued Operations, Held-For-Sale [Member] - USD ($) $ in Millions | Jun. 30, 2018 | Sep. 30, 2017 |
Global Batteries & Appliances [Member] | ||
Assets | ||
Trade receivables, net | $ 193.5 | $ 260.1 |
Other receivables | 24.7 | 24 |
Inventories | 319.9 | 279.2 |
Prepaid expenses and other current assets | 39.6 | 39.7 |
Property, plant and equipment, net | 193.7 | 196.8 |
Deferred charges and other | 15.3 | 19.3 |
Goodwill | 344.8 | 348.9 |
Intangible assets, net | 781.6 | 811.9 |
Total assets of business held for sale | 1,913.1 | 1,979.9 |
Liabilities | ||
Current portion of long-term debt | 18.6 | 17.3 |
Accounts payable | 227.1 | 355.9 |
Accrued wages and salaries | 34.2 | 37.6 |
Other current liabilities | 94.7 | 89.8 |
Long-term debt, net of current portion | 51.2 | 51.7 |
Deferred income taxes/Deferred tax liabilities | 37.3 | 38.2 |
Other long-term liabilities | 62.2 | 66.2 |
Total liabilities of business held for sale | $ 525.3 | 656.7 |
Fidelity And Guaranty Life [Member] | ||
Assets | ||
Investments, including loans and receivables from affiliates | 23,211.1 | |
Funds withheld receivables | 742.7 | |
Cash and cash equivalents | 914.5 | |
Accrued investment income | 231.3 | |
Reinsurance recoverable | 2,358.8 | |
Deferred acquisition costs and value of business acquired, net | 1,163.6 | |
Other assets | 125.4 | |
Write-down of assets of businesses held for sale to fair value less cost to sell | (421.2) | |
Total assets of business held for sale | 28,326.2 | |
Liabilities | ||
Insurance reserves | 24,989.6 | |
Debt | 405 | |
Accounts payable and other current liabilities | 56.2 | |
Deferred income taxes/Deferred tax liabilities | 68 | |
Other long-term liabilities | 831.9 | |
Total liabilities of business held for sale | $ 26,350.7 |
Divestitures (Summary Of Compon
Divestitures (Summary Of Components Of Income From Discontinued Operations) (Details) - USD ($) $ in Millions | 2 Months Ended | 3 Months Ended | 9 Months Ended | ||
Nov. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Net (loss) income from discontinued operations | $ 497.9 | $ 295.2 | |||
Net (loss) income from discontinued operations attributable to controlling interest | $ (0.1) | $ 18.7 | 479.6 | 220.8 | |
HRG Insurance Operations [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Net sales | $ 378.6 | 428.9 | 1,170.7 | ||
Operating expenses | 329.9 | 362.2 | 894.5 | ||
Operating income | 48.7 | 66.7 | 276.2 | ||
Interest expense | 4 | 6.1 | 18.2 | ||
(Loss) income from discontinued operations before income taxes | 476.4 | 24.5 | 293.6 | ||
Income tax (benefit) expense | 16.5 | 16.8 | 98.2 | ||
Net (loss) income from discontinued operations | 459.9 | 7.7 | 195.4 | ||
Net income from discontinued operations attributable to non-controlling interest | 5.4 | 4.1 | 31.6 | ||
Net (loss) income from discontinued operations attributable to controlling interest | $ 454.5 | 3.6 | 163.8 | ||
Discontinued Operations, Held-For-Sale [Member] | Global Batteries & Appliances [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Net sales | 442 | 441 | 1,473.2 | 1,464 | |
Cost of goods sold | 298.1 | 287.8 | 982.4 | 951.5 | |
Gross profit | 143.9 | 153.2 | 490.8 | 512.5 | |
Operating expenses | 137.3 | 106.2 | 403.3 | 336.6 | |
Operating income | 6.6 | 47 | 87.5 | 175.9 | |
Interest expense | 14.1 | 12.7 | 40.3 | 37.2 | |
Other non-operating expense, net | 3.7 | 0.7 | 4.1 | 0.6 | |
(Loss) income from discontinued operations before income taxes | (11.2) | 33.6 | 43.1 | 138.1 | |
Income tax (benefit) expense | (1.7) | 5.3 | 11.1 | 38.3 | |
Net (loss) income from discontinued operations | (9.5) | 28.3 | 32 | 99.8 | |
Net income from discontinued operations attributable to non-controlling interest | 0.1 | 1.7 | 0.1 | 1.5 | |
Net (loss) income from discontinued operations attributable to controlling interest | $ (9.6) | $ 26.6 | $ 31.9 | $ 98.3 |
Divestitures (Summary Of Comp46
Divestitures (Summary Of Components Of Income From HRG Insurance Discontinued Operations) (Details) - USD ($) $ in Millions | 2 Months Ended | 3 Months Ended | 9 Months Ended | ||
Nov. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Net (loss) income from discontinued operations | $ 497.9 | $ 295.2 | |||
Net (loss) income from discontinued operations attributable to controlling interest | $ (0.1) | $ 18.7 | $ 479.6 | 220.8 | |
HRG Insurance Operations [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Total revenues | $ 378.6 | 428.9 | 1,170.7 | ||
Total operating costs and expenses | 329.9 | 362.2 | 894.5 | ||
Operating income | 48.7 | 66.7 | 276.2 | ||
Interest expense and other | 4 | 6.1 | 18.2 | ||
(Write-down) write-up of assets of business held for sale to fair value less cost to sell | (14.2) | (36.1) | 35.6 | ||
Reclassification of accumulated other comprehensive income | 445.9 | ||||
(Loss) income from discontinued operations before income taxes | 476.4 | 24.5 | 293.6 | ||
Income tax expense | 16.5 | 16.8 | 98.2 | ||
Net (loss) income from discontinued operations | 459.9 | 7.7 | 195.4 | ||
Net income from discontinued operations attributable to non-controlling interest | 5.4 | 4.1 | 31.6 | ||
Net (loss) income from discontinued operations attributable to controlling interest | 454.5 | 3.6 | 163.8 | ||
HRG Insurance Operations [Member] | Insurance Premiums [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Total revenues | 6.8 | 12.7 | 27 | ||
HRG Insurance Operations [Member] | Net Investment Income [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Total revenues | 181.9 | 269.4 | 778.6 | ||
HRG Insurance Operations [Member] | Net Investment Gains [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Total revenues | 154.8 | 102.8 | 237.5 | ||
HRG Insurance Operations [Member] | Other [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Total revenues | 35.1 | 44 | 127.6 | ||
HRG Insurance Operations [Member] | Benefits And Other Changes In Policy Reserves [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Total operating costs and expenses | 241.3 | 266 | 575.4 | ||
HRG Insurance Operations [Member] | Selling, Acquisition, Operating And General Expenses [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Total operating costs and expenses | 52.8 | 42.7 | 109.1 | ||
HRG Insurance Operations [Member] | Amortization Of Intangibles [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Total operating costs and expenses | $ 35.8 | $ 53.5 | $ 210 |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | Jul. 13, 2018 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 |
Business Acquisition [Line Items] | |||||
General and administrative expenses | $ 74.7 | $ 69.3 | $ 226.9 | $ 228.6 | |
Subsequent Event [Member] | |||||
Business Acquisition [Line Items] | |||||
Upward adjustment | $ 200 | ||||
Spectrum Merger [Member] | |||||
Business Acquisition [Line Items] | |||||
General and administrative expenses | $ 3.1 | $ 1.4 | $ 22 | $ 4.2 | |
Spectrum Merger [Member] | Subsequent Event [Member] | |||||
Business Acquisition [Line Items] | |||||
Transaction fees | $ 29.8 | ||||
SBH Common Stock [Member] | HRG [Member] | Subsequent Event [Member] | |||||
Business Acquisition [Line Items] | |||||
Par value | $ 0.01 |
Acquisitions (Summary Of Acquis
Acquisitions (Summary Of Acquisition And Integration Related Charges) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Business Acquisition [Line Items] | ||||
Acquisition and integration related charges | $ 2.3 | $ 5.2 | $ 12 | $ 11.6 |
HHI Business [Member] | ||||
Business Acquisition [Line Items] | ||||
Acquisition and integration related charges | 0.9 | 1.8 | 5.5 | 5.7 |
PetMatrix [Member] | ||||
Business Acquisition [Line Items] | ||||
Acquisition and integration related charges | 0.8 | 1.7 | 4.5 | 2 |
Armored AutoGroup [Member] | ||||
Business Acquisition [Line Items] | ||||
Acquisition and integration related charges | 0.3 | 0.6 | 2.1 | |
Other [Member] | ||||
Business Acquisition [Line Items] | ||||
Acquisition and integration related charges | $ 0.6 | $ 1.4 | $ 1.4 | $ 1.8 |
Restructuring And Related Cha49
Restructuring And Related Charges (Narrative) (Details) - USD ($) $ in Millions | Jun. 30, 2018 | Mar. 31, 2017 | Jun. 30, 2016 |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and related charges since initiative inception | $ 134.6 | ||
PET Rightsizing Initiative [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Expected restructuring and related charges | $ 16 | ||
PET Rightsizing Initiative [Member] | Anticipated To Be Incurred Through September 30 2018 [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and related charges since initiative inception | 15.3 | ||
HHI Distribution Center Consolidation [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Expected restructuring and related charges | $ 77 | ||
HHI Distribution Center Consolidation [Member] | Anticipated To Be Incurred Through September 30 2018 [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and related charges since initiative inception | 67.8 | ||
GAC Business Rationalization Initiative [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Expected restructuring and related charges | $ 48 | ||
GAC Business Rationalization Initiative [Member] | Anticipated To Be Incurred Through September 30 2018 [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and related charges since initiative inception | $ 43.1 |
Restructuring And Related Cha50
Restructuring And Related Charges (Summary Of Restructuring And Related Charges) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and related charges | $ 25.4 | $ 21.2 | $ 69 | $ 31.3 |
GAC Business Rationalization Initiative [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and related charges | 6.3 | 12.8 | 13.5 | 19.8 |
PET Rightsizing Initiative [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and related charges | 3.1 | 2.2 | 7.1 | 2.8 |
HHI Business [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and related charges | 11.6 | 9 | 40.4 | 9.1 |
Other Restructuring Activities [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and related charges | 4.4 | (2.8) | 8 | (0.4) |
Cost of Goods Sold [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and related charges | 4.9 | 11.2 | 9.9 | 16.4 |
Operating Expense [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and related charges | $ 20.5 | $ 10 | $ 59.1 | $ 14.9 |
Restructuring And Related Cha51
Restructuring And Related Charges (Summary Of Costs Incurred And Cumulative Costs By Cost Type) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and related charges | $ 25.4 | $ 21.2 | $ 69 | $ 31.3 |
Cumulative costs | 134.6 | 134.6 | ||
Future costs to be incurred | 16.4 | 16.4 | ||
Termination Benefits [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and related charges | 1.6 | 2.4 | 6.8 | 4.5 |
Cumulative costs | 17.8 | 17.8 | ||
Future costs to be incurred | 0.4 | 0.4 | ||
Other Costs [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and related charges | 23.8 | $ 18.8 | 62.2 | $ 26.8 |
Cumulative costs | 116.8 | 116.8 | ||
Future costs to be incurred | $ 16 | $ 16 |
Restructuring And Related Cha52
Restructuring And Related Charges (Rollforward Of Restructuring Accrual) (Details) $ in Millions | 9 Months Ended |
Jun. 30, 2018USD ($) | |
Restructuring Cost and Reserve [Line Items] | |
Accrual balance at beginning | $ 17 |
Provisions | 7 |
Cash expenditures | (16) |
Non-cash items | |
Accrual balance at ending | 8 |
Termination Benefits [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Accrual balance at beginning | 7.2 |
Provisions | 4.4 |
Cash expenditures | (7.8) |
Non-cash items | |
Accrual balance at ending | 3.8 |
Other Costs [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Accrual balance at beginning | 9.8 |
Provisions | 2.6 |
Cash expenditures | (8.2) |
Non-cash items | |
Accrual balance at ending | $ 4.2 |
Restructuring And Related Cha53
Restructuring And Related Charges (Summary Of Costs Incurred By Reporting Segment) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and related charges | $ 25.4 | $ 21.2 | $ 69 | $ 31.3 |
Cumulative costs | 134.6 | 134.6 | ||
Future costs to be incurred | 16.4 | 16.4 | ||
Corporate [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and related charges | 2 | 0.2 | 5.1 | 0.1 |
Cumulative costs | 5.5 | 5.5 | ||
Future costs to be incurred | 1.3 | 1.3 | ||
Hardware & Home Improvement [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and related charges | 12 | 6.2 | 40.8 | 7.7 |
Cumulative costs | 68.2 | 68.2 | ||
Future costs to be incurred | 10.1 | 10.1 | ||
Global Pet Supplies [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and related charges | 3.7 | 2 | 8.1 | 3.7 |
Cumulative costs | 16.3 | 16.3 | ||
Future costs to be incurred | 0.5 | 0.5 | ||
Home and Garden [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and related charges | 0.1 | 0.3 | ||
Cumulative costs | 0.3 | 0.3 | ||
Global Auto Care [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and related charges | 7.6 | $ 12.8 | 14.7 | $ 19.8 |
Cumulative costs | 44.3 | 44.3 | ||
Future costs to be incurred | $ 4.5 | $ 4.5 |
Receivables And Concentration54
Receivables And Concentration Of Credit Risk (Narrative) (Details) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Jun. 30, 2018USD ($)customer | Jun. 30, 2017 | Jun. 30, 2018USD ($)customer | Jun. 30, 2017 | Sep. 30, 2017USD ($)customer | Jul. 02, 2017customer | |
Receivables and Concentration of Credit Risk [Line Items] | ||||||
Allowance for uncollectible receivables | $ | $ 28.6 | $ 28.6 | $ 23.5 | |||
Major Customer Three [Member] | Sales Revenue Net And/Or Trade Accounts Receivable [Member] | ||||||
Receivables and Concentration of Credit Risk [Line Items] | ||||||
Number of major customers accounting for a significant percentage of sales and/or receivables volume | customer | 3 | 3 | 3 | 3 | ||
Major Customer Three [Member] | Sales Revenue Net And/Or Trade Accounts Receivable [Member] | Minimum [Member] | ||||||
Receivables and Concentration of Credit Risk [Line Items] | ||||||
Concentration risk | 10.00% | 10.00% | 10.00% | 10.00% | ||
Major Customer Three [Member] | Net Sales [Member] | ||||||
Receivables and Concentration of Credit Risk [Line Items] | ||||||
Concentration risk | 40.00% | 39.00% | 39.00% | 38.00% | ||
Major Customer Three [Member] | Trade Receivable [Member] | ||||||
Receivables and Concentration of Credit Risk [Line Items] | ||||||
Concentration risk | 29.00% | 29.00% | 36.00% |
Inventories (Schedule Of Invent
Inventories (Schedule Of Inventories) (Details) - USD ($) $ in Millions | Jun. 30, 2018 | Sep. 30, 2017 |
Inventories [Abstract] | ||
Raw materials | $ 104.2 | $ 95.7 |
Work-in-process | 44.1 | 35.5 |
Finished goods | 398.4 | 365.1 |
Inventories | $ 546.7 | $ 496.3 |
Property, Plant And Equipment56
Property, Plant And Equipment (Schedule Of Property, Plant And Equipment) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Sep. 30, 2017 | |
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment | $ 804.3 | $ 804.3 | $ 778 | ||
Accumulated depreciation | (309.5) | (309.5) | (274.1) | ||
Property, plant and equipment, net | 494.8 | 494.8 | 503.9 | ||
Depreciation expense | 17.9 | $ 17.3 | 55.7 | $ 48.3 | |
Land, Buildings And Improvements [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment | 148.7 | 148.7 | 146.6 | ||
Machinery, Equipment And Other [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment | 406.1 | 406.1 | 380.8 | ||
Capital Leases [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment | 211.7 | 211.7 | 210.2 | ||
Construction In Progress [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment | $ 37.8 | $ 37.8 | $ 40.4 |
Goodwill And Intangible Asset57
Goodwill And Intangible Assets (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Sep. 30, 2017 | |
Intangible Assets [Line Items] | |||||
Amortization expense | $ 14.4 | $ 15.6 | $ 43.8 | $ 46.1 | |
Tradenames [Member] | |||||
Intangible Assets [Line Items] | |||||
Indefinite-lived intangible assets | 1,021.8 | 1,021.8 | $ 1,024.3 | ||
Impairment of indefinite lived intangible assets | $ 0 | $ 0 | $ 0 | $ 0 |
Goodwill And Intangible Asset58
Goodwill And Intangible Assets (Changes In The Carrying Amount Of Goodwill By Reporting Segment) (Details) $ in Millions | 9 Months Ended |
Jun. 30, 2018USD ($) | |
Goodwill [Line Items] | |
As of September 30, beginning | $ 2,277.1 |
Foreign currency impact | (7.7) |
As of June 30, ending | 2,269.4 |
Hardware & Home Improvement [Member] | |
Goodwill [Line Items] | |
As of September 30, beginning | 708.7 |
Foreign currency impact | (5.4) |
As of June 30, ending | 703.3 |
Global Pet Supplies [Member] | |
Goodwill [Line Items] | |
As of September 30, beginning | 437.1 |
Foreign currency impact | (1.7) |
As of June 30, ending | 435.4 |
Home and Garden [Member] | |
Goodwill [Line Items] | |
As of September 30, beginning | 196.5 |
Foreign currency impact | |
As of June 30, ending | 196.5 |
Global Auto Care [Member] | |
Goodwill [Line Items] | |
As of September 30, beginning | 934.8 |
Foreign currency impact | (0.6) |
As of June 30, ending | $ 934.2 |
Goodwill And Intangible Asset59
Goodwill And Intangible Assets (Schedule Of Carrying Value And Accumulated Amortization For Intangible Assets) (Details) - USD ($) $ in Millions | Jun. 30, 2018 | Sep. 30, 2017 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 868.5 | $ 884.8 |
Accumulated Amortization | (325.5) | (297.1) |
Net | 543 | 587.7 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 668.1 | 671.7 |
Accumulated Amortization | (249.3) | (222.3) |
Net | 418.8 | 449.4 |
Technology Assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 194.6 | 194.6 |
Accumulated Amortization | (73.1) | (59.7) |
Net | 121.5 | 134.9 |
Tradenames [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 5.8 | 18.5 |
Accumulated Amortization | (3.1) | (15.1) |
Net | $ 2.7 | $ 3.4 |
Goodwill And Intangible Asset60
Goodwill And Intangible Assets (Schedule Of Range And Weighted Average Useful Lives For Definite-Lived Intangible Assets) (Details) | 9 Months Ended |
Jun. 30, 2018 | |
Customer Relationships [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Weighted average | 17 years 10 months 24 days |
Customer Relationships [Member] | Minimum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Range | 2 years |
Customer Relationships [Member] | Maximum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Range | 20 years |
Technology Assets [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Weighted average | 11 years 4 months 24 days |
Technology Assets [Member] | Minimum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Range | 6 years |
Technology Assets [Member] | Maximum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Range | 18 years |
Tradenames [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Weighted average | 6 years 2 months 12 days |
Tradenames [Member] | Minimum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Range | 5 years |
Tradenames [Member] | Maximum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Range | 13 years |
Goodwill And Intangible Asset61
Goodwill And Intangible Assets (Schedule Of Future Amortization Expense) (Details) $ in Millions | Jun. 30, 2018USD ($) |
Goodwill And Intangible Assets [Abstract] | |
2,018 | $ 57.5 |
2,019 | 57.4 |
2,020 | 55 |
2,021 | 49.7 |
2,022 | $ 48 |
Debt (Narrative) (Details)
Debt (Narrative) (Details) - USD ($) | Jan. 13, 2017 | Jun. 30, 2018 | Jul. 13, 2018 | Mar. 28, 2018 | Mar. 27, 2018 | Jan. 16, 2018 | Dec. 05, 2017 | Sep. 30, 2017 | Feb. 28, 2015 | Sep. 30, 2013 | Feb. 28, 2013 |
HGI Funding - 2017 Loan, Due July 13, 2018 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Repayment of notes | $ 50,000,000 | ||||||||||
HGI Energy Notes Due June 30, 2018 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Repayment of notes | $ 92,000,000 | ||||||||||
Salus [Member] | Collateralized Loan Obligation [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Aggregate notional principle amount | $ 578,500,000 | $ 578,500,000 | $ 578,500,000 | ||||||||
Outstanding notional aggregate principle amount | $ 76,600,000 | $ 28,900,000 | |||||||||
Spectrum Brands Inc [Member] | Revolving Credit Facility [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Aggregate borrowing availability | 234,500,000 | ||||||||||
Outstanding letters of credit | $ 18,000,000 | ||||||||||
Spectrum Brands Inc [Member] | USD Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Percentage over base variable rate | 2.00% | ||||||||||
Spectrum Brands Inc [Member] | USD Term Loan [Member] | Base Rate [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Percentage over base variable rate | 1.00% | ||||||||||
Spectrum Brands Inc [Member] | CAD Term Loan [Member] | Canadian Dollor Offered Rate (CDOR) [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate | 0.75% | ||||||||||
Percentage over base variable rate | 3.50% | ||||||||||
Spectrum Brands Inc [Member] | CAD Term Loan [Member] | Base Rate [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate | 1.75% | ||||||||||
Percentage over base variable rate | 2.50% | ||||||||||
Spectrum Brands Inc [Member] | Fifth Amendment Credit Agreement [Member] | Revolving Credit Facility [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Revolving credit facility | $ 800,000,000 | $ 100,000,000 | |||||||||
Spectrum Brands Inc [Member] | Minimum [Member] | Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate | 1.75% | ||||||||||
Spectrum Brands Inc [Member] | Minimum [Member] | Revolving Credit Facility [Member] | Base Rate [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Percentage over base variable rate | 0.75% | ||||||||||
Spectrum Brands Inc [Member] | Maximum [Member] | Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate | 2.25% | ||||||||||
Spectrum Brands Inc [Member] | Maximum [Member] | Revolving Credit Facility [Member] | Base Rate [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Percentage over base variable rate | 1.25% | ||||||||||
Spectrum Brands Inc [Member] | Foreign Subsidiary [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Outstanding letters of credit | $ 2,000,000 | ||||||||||
HRG [Member] | HRG - 7.875% Senior Secured Notes, Due July 15, 2019 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate | 7.875% | ||||||||||
Redeemed outstanding aggregate principal | $ 864,400,000 | ||||||||||
HRG [Member] | HGI Funding - 2017 Loan, Due July 13, 2018 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Aggregate borrowing amount | $ 150,000,000 | ||||||||||
Commitment fee | 0.75% | ||||||||||
HRG [Member] | HGI Funding - 2017 Loan, Due July 13, 2018 [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Percentage over base variable rate | 2.35% | ||||||||||
HRG [Member] | HGI Energy Notes Due June 30, 2018 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Repayment of notes | $ 92,000,000 | ||||||||||
Fidelity And Guaranty Life [Member] | Collateralized Loan Obligation [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Aggregate notional principle amount | $ 48,100,000 |
Debt (Schedule Of Debt) (Detail
Debt (Schedule Of Debt) (Details) - USD ($) $ in Millions | Jul. 01, 2018 | Jun. 30, 2018 | Sep. 30, 2017 |
Debt Instrument [Line Items] | |||
Long-term debt | $ 5,341.3 | $ 5,801.9 | |
Unamortized discount on debt | (20.7) | (20.7) | |
Debt issuance costs | (60.4) | (76.1) | |
Less current portion | (70.8) | (161.4) | |
Long-term debt, net of current portion | 5,189.4 | 5,543.7 | |
Spectrum Brands Inc [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | 4,324.7 | 3,828.5 | |
SB/RH Holdings, LLC [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 4,324.7 | 3,828.5 | |
Unamortized discount on debt | (2.9) | (3.7) | |
Debt issuance costs | (47.5) | (53.1) | |
Less current portion | (20.8) | (19.4) | |
Long-term debt, net of current portion | 4,253.5 | 3,752.3 | |
Expiring March 6, 2022 [Member] | Spectrum Brands Inc [Member] | Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 545.5 | ||
Rate | 4.60% | ||
Expiring March 6, 2022 [Member] | SB/RH Holdings, LLC [Member] | Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 545.5 | ||
Rate | 4.60% | ||
USD Term Loan [Member] | Due June 23, 2022 [Member] | Spectrum Brands Inc [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 1,234.8 | $ 1,244.2 | |
Rate | 4.20% | 3.40% | |
USD Term Loan [Member] | Due June 23, 2022 [Member] | SB/RH Holdings, LLC [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 1,234.8 | $ 1,244.2 | |
Rate | 4.20% | 3.40% | |
CAD Term Loan [Member] | Due June 23, 2022 [Member] | Spectrum Brands Inc [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 32.4 | $ 59 | |
Rate | 5.30% | 4.90% | |
CAD Term Loan [Member] | Due June 23, 2022 [Member] | SB/RH Holdings, LLC [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 32.4 | $ 59 | |
Rate | 5.30% | 4.90% | |
4.00% Notes, Due October 1, 2026 [Member] | Spectrum Brands Inc [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 491.7 | $ 500.9 | |
Rate | 4.00% | 4.00% | |
4.00% Notes, Due October 1, 2026 [Member] | SB/RH Holdings, LLC [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 491.7 | $ 500.9 | |
Rate | 4.00% | 4.00% | |
5.75% Notes, Due July 15, 2025 [Member] | Spectrum Brands Inc [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 1,000 | $ 1,000 | |
Rate | 5.80% | 5.80% | |
5.75% Notes, Due July 15, 2025 [Member] | SB/RH Holdings, LLC [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 1,000 | $ 1,000 | |
Rate | 5.80% | 5.80% | |
6.125% Notes, Due December 15, 2024 [Member] | Spectrum Brands Inc [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 250 | $ 250 | |
Rate | 6.10% | 6.10% | |
6.125% Notes, Due December 15, 2024 [Member] | SB/RH Holdings, LLC [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 250 | $ 250 | |
Rate | 6.10% | 6.10% | |
6.625% Notes, Due November 15, 2022 [Member] | Spectrum Brands Inc [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 570 | $ 570 | |
Rate | 6.60% | 6.60% | |
6.625% Notes, Due November 15, 2022 [Member] | SB/RH Holdings, LLC [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 570 | $ 570 | |
Rate | 6.60% | 6.60% | |
Other Notes And Obligations [Member] | Spectrum Brands Inc [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 3.4 | $ 4.7 | |
Rate | 7.90% | 8.00% | |
Other Notes And Obligations [Member] | SB/RH Holdings, LLC [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 3.4 | $ 4.7 | |
Rate | 7.90% | 8.00% | |
Obligations Under Capital Leases [Member] | Spectrum Brands Inc [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 196.9 | $ 199.7 | |
Rate | 5.70% | 5.70% | |
Obligations Under Capital Leases [Member] | SB/RH Holdings, LLC [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 196.9 | $ 199.7 | |
Rate | 5.70% | 5.70% | |
HRG - 7.875% Senior Secured Notes, Due July 15, 2019 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 864.4 | ||
Rate | 7.90% | ||
HRG - 7.75% Senior Unsecured Notes, Due January 15, 2019 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 890 | $ 890 | |
Rate | 7.80% | 7.80% | |
HGI Funding - 2017 Loan, Due July 13, 2018 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 50 | $ 50 | |
Rate | 3.70% | 3.70% | |
HGI Energy Notes Due June 30, 2018 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 92 | ||
Rate | 1.50% | ||
Salus - Unaffiliated Long-Term Debt Of Consolidated VIE [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 76.6 | $ 28.9 | |
Salus - Long Term Debt Of Consolidated VIE With FGL [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 48.1 |
Derivatives (Narrative) (Detail
Derivatives (Narrative) (Details) € in Millions, $ in Millions | Jun. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Sep. 20, 2016EUR (€) |
Cash Flow Hedging [Member] | Interest Rate Swaps [Member] | |||
Derivative [Line Items] | |||
Derivative, fixed interest rate | 1.76% | 1.76% | |
Notional value | $ 300 | $ 300 | |
Derivative net (loss) gain estimated to be reclassified from AOCI into earnings over the next 12 months | 1.4 | ||
Cash Flow Hedging [Member] | Commodity Swaps [Member] | |||
Derivative [Line Items] | |||
Derivative net (loss) gain estimated to be reclassified from AOCI into earnings over the next 12 months | 0.1 | ||
Cash Flow Hedging [Member] | Foreign Exchange Contracts [Member] | |||
Derivative [Line Items] | |||
Notional value | 61.5 | 67.5 | |
Derivative net (loss) gain estimated to be reclassified from AOCI into earnings over the next 12 months | 0.5 | ||
Fair Value Hedging [Member] | |||
Derivative [Line Items] | |||
Posted cash collateral | 0 | 0 | |
Posted standby letters of credit | 0 | 0 | |
Net Investment Hedge [Member] | 4.00% Notes, Due October 1, 2026 [Member] | |||
Derivative [Line Items] | |||
Notes | € | € 425 | ||
Interest rate | 4.00% | ||
Not Designated as Hedging [Member] | Foreign Exchange Contracts [Member] | |||
Derivative [Line Items] | |||
Notional value | $ 76.9 | $ 62.9 |
Derivatives (Schedule Of Intere
Derivatives (Schedule Of Interest Rate Swap Derivative Financial Instruments) (Details) - Cash Flow Hedging [Member] - Interest Rate Swaps [Member] - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended |
Jun. 30, 2018 | Sep. 30, 2017 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Notional Amount | $ 300 | $ 300 |
Remaining Years | 1 year 10 months 24 days | 2 years 7 months 6 days |
Derivatives (Schedule Of Commod
Derivatives (Schedule Of Commodity Swap Contracts Outstanding) (Details) - Brass [Member] - Cash Flow Hedging [Member] $ in Millions | 9 Months Ended | 12 Months Ended |
Jun. 30, 2018USD ($)T | Sep. 30, 2017USD ($)T | |
Derivative [Line Items] | ||
Notional Amount | T | 1 | 1.3 |
Contract Value | $ | $ 5.4 | $ 6.6 |
Derivatives (Schedule Of Fair V
Derivatives (Schedule Of Fair Value Of Outstanding Derivative Instruments) (Details) - USD ($) $ in Millions | Jun. 30, 2018 | Sep. 30, 2017 |
Derivatives, Fair Value [Line Items] | ||
Derivative assets | $ 4.6 | $ 1.5 |
Derivative liabilities | 3.3 | |
Commodity Swaps [Member] | Other Receivables [Member] | Designated as Hedging [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 0.1 | 0.6 |
Commodity Swaps [Member] | Accounts Payable [Member] | Designated as Hedging [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | 0.2 | |
Interest Rate Swaps [Member] | Other Receivables [Member] | Designated as Hedging [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 2 | |
Interest Rate Swaps [Member] | Deferred Charges And Other [Member] | Designated as Hedging [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 1.6 | 0.4 |
Interest Rate Swaps [Member] | Other Current Liabilities [Member] | Designated as Hedging [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | 0.5 | |
Interest Rate Swaps [Member] | Accrued Interest [Member] | Designated as Hedging [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | (0.3) | 0.2 |
Foreign Exchange Contracts [Member] | Other Receivables [Member] | Designated as Hedging [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 0.7 | |
Foreign Exchange Contracts [Member] | Other Receivables [Member] | Not Designated as Hedging [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 0.2 | 0.3 |
Foreign Exchange Contracts [Member] | Deferred Charges And Other [Member] | Designated as Hedging [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 0.2 | |
Foreign Exchange Contracts [Member] | Accounts Payable [Member] | Designated as Hedging [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | $ 0.1 | 2.3 |
Foreign Exchange Contracts [Member] | Other Long-term Liabilities [Member] | Designated as Hedging [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | $ 0.3 |
Derivatives (Summary Of Impact
Derivatives (Summary Of Impact Of Effective And Ineffective Portions Of Cash Flow Hedges And Gain (Loss) Recognized) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Effective Portion, Gain (Loss) in OCI | $ 40.6 | $ (44.3) | $ 21.4 | $ (11.1) |
Effective Portion, Gain (Loss) Reclassified to Operations | (0.1) | 0.3 | 0.3 | 0.6 |
Discontinued Operations [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Effective Portion, Gain (Loss) Reclassified to Operations | (1.2) | 2 | (7.3) | 10.6 |
Ineffective Portion, Gain (Loss) to Operations | 0.3 | 1 | ||
Other Non-Operating [Member] | Net Investment Hedge [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Effective Portion, Gain (Loss) in OCI | 31.1 | (32.6) | 9.3 | (9.3) |
Interest Rate Swaps [Member] | Interest Expense [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Effective Portion, Gain (Loss) in OCI | 0.6 | (1.1) | 4.3 | (1) |
Interest Rate Swaps [Member] | Interest Expense [Member] | Discontinued Operations [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Effective Portion, Gain (Loss) Reclassified to Operations | 0.3 | (0.3) | 0.6 | (1) |
Ineffective Portion, Gain (Loss) to Operations | 0.3 | 1 | ||
Commodity Swaps [Member] | Cost of Goods Sold [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Effective Portion, Gain (Loss) in OCI | (3.1) | (0.5) | (1.9) | 3.3 |
Effective Portion, Gain (Loss) Reclassified to Operations | 0.1 | 0.1 | 0.8 | 0.4 |
Commodity Swaps [Member] | Cost of Goods Sold [Member] | Discontinued Operations [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Effective Portion, Gain (Loss) Reclassified to Operations | 0.5 | 1.2 | 3 | 3.4 |
Foreign Exchange Contracts [Member] | Net Sales [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Effective Portion, Gain (Loss) in OCI | (0.1) | 0.2 | (0.1) | 0.3 |
Effective Portion, Gain (Loss) Reclassified to Operations | 0.1 | |||
Foreign Exchange Contracts [Member] | Cost of Goods Sold [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Effective Portion, Gain (Loss) in OCI | 12.1 | (10.3) | 9.8 | (4.4) |
Effective Portion, Gain (Loss) Reclassified to Operations | (0.2) | 0.2 | (0.6) | 0.2 |
Foreign Exchange Contracts [Member] | Cost of Goods Sold [Member] | Discontinued Operations [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Effective Portion, Gain (Loss) Reclassified to Operations | $ (2) | $ 1.1 | $ (10.9) | $ 8.2 |
Derivatives (Summary Of Gain (L
Derivatives (Summary Of Gain (Loss) Associated With Derivative Contracts Not Designated As Hedges) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Foreign Exchange Contracts [Member] | Other Non-Operating [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on derivatives recognized in operations | $ 4.4 | $ (4.6) | $ 1.7 | $ (1.3) |
Fair Value Of Financial Instr70
Fair Value Of Financial Instruments (Fair Values Of Derivative Instruments) (Details) - USD ($) $ in Millions | Jun. 30, 2018 | Sep. 30, 2017 |
Carrying Amount [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative Assets | $ 4.6 | $ 1.5 |
Derivative Liabilities | 3.3 | |
Debt | 5,260.2 | 5,705.1 |
Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative Assets | 4.6 | 1.5 |
Derivative Liabilities | 3.3 | |
Debt | 5,368.2 | 5,931 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative Assets | 4.6 | 1.5 |
Derivative Liabilities | 3.3 | |
Debt | 5,368.2 | 5,839 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt | 92 | |
SB/RH Holdings, LLC [Member] | Carrying Amount [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt | 4,274.3 | 3,771.7 |
SB/RH Holdings, LLC [Member] | Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt | 4,321.8 | 3,972.8 |
SB/RH Holdings, LLC [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt | $ 4,321.8 | $ 3,972.8 |
Employee Benefit Plans (Narrati
Employee Benefit Plans (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Sep. 30, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | |||||
Company contributions to pension and defined benefit plans, including discretionary amounts | $ 1 | $ 1 | $ 2.8 | $ 2.3 | |
HRG Pension Plan [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Termination date, defined benefit plan | Feb. 15, 2018 | ||||
Unfunded benefit obligation | 4.5 | $ 4.5 | $ 4.2 | ||
Accrual estimated additional cost to settle defined benefit plan | $ 1.6 | $ 1.6 |
Employee Benefit Plans (Compone
Employee Benefit Plans (Components Of Net Periodic Benefit Cost) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Service cost | $ 0.5 | $ 0.7 | $ 1.5 | $ 2 |
Interest cost | 0.5 | 0.4 | 1.4 | 1.1 |
Expected return on assets | (0.4) | (0.4) | (1.1) | (1) |
Recognized net actuarial loss | 0.3 | 0.5 | 0.8 | 1.6 |
Net periodic benefit cost | $ 0.9 | $ 1.2 | $ 2.6 | $ 3.7 |
Minimum [Member] | ||||
Weighted average assumptions | ||||
Discount rate | 1.13% | 1.00% | 1.13% | 1.00% |
Expected return on plan assets | 1.13% | 1.00% | 1.13% | 1.00% |
Rate of compensation increase | 1.37% | 2.25% | 1.37% | 2.25% |
Maximum [Member] | ||||
Weighted average assumptions | ||||
Discount rate | 7.50% | 8.68% | 7.50% | 8.68% |
Expected return on plan assets | 3.50% | 3.50% | 3.50% | 3.50% |
Rate of compensation increase | 7.00% | 7.00% | 7.00% | 7.00% |
Employee Benefit Plans (Amounts
Employee Benefit Plans (Amounts Reclassified From Accumulated Other Comprehensive Loss Associated With Employee Benefit Plan Costs) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Selling expenses | $ 123.9 | $ 127.9 | $ 363.8 | $ 353.9 |
General and administrative expenses | 74.7 | 69.3 | 226.9 | 228.6 |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | Pension Benefit [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Cost of goods sold | 0.1 | 0.3 | 0.4 | 1 |
Selling expenses | 0.1 | 0.2 | 0.3 | 0.5 |
General and administrative expenses | 0.1 | 0.1 | 0.1 | 0.2 |
Amounts reclassified from AOCI to continuing operations | 0.3 | 0.6 | 0.8 | 1.7 |
Amounts reclassified from AOCI to discontinued operations | $ 0.5 | $ 0.8 | $ 1.6 | $ 2.3 |
Share Based Compensation (Narra
Share Based Compensation (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Remaining unrecognized pre-tax compensation cost | $ 1.6 | $ 1.6 | ||
SB/RH Holdings, LLC [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Remaining unrecognized pre-tax compensation cost | 1.2 | 1.2 | ||
HRG [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Remaining unrecognized pre-tax compensation cost | 0.3 | 0.3 | ||
Annual Management Incentive Compensation Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total share based compensation | $ 3.2 | $ 1.9 | 6.4 | $ 5.7 |
Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total fair value vested | 0.8 | |||
Stock Options [Member] | HRG [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Intrinsic value of options exercised | 21.5 | |||
Cash settlement | $ 19.9 |
Share Based Compensation (Summa
Share Based Compensation (Summary Of Share Based Compensation Expense) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||||
Jul. 01, 2018 | Jun. 30, 2018 | Jul. 02, 2017 | Jun. 30, 2017 | Jul. 01, 2018 | Jun. 30, 2018 | Jul. 02, 2017 | Jun. 30, 2017 | |
Share-based compensation | $ 5.3 | $ 5 | $ 6.4 | $ 28.5 | ||||
Spectrum Equity Plan [Member] | ||||||||
Share-based compensation | 4.9 | 4.4 | 5.3 | 23.9 | ||||
HRG Equity Plan [Member] | ||||||||
Share-based compensation | 0.4 | 0.6 | 1.1 | 4.6 | ||||
SB/RH Holdings, LLC [Member] | ||||||||
Share-based compensation | $ 4.5 | $ 4.5 | $ 3.9 | $ 3.9 | $ 4 | $ 4 | $ 21.6 | $ 21.6 |
Share Based Compensation (Sum76
Share Based Compensation (Summary Of Activity Of The RSUs Granted) (Details) $ / shares in Units, shares in Millions, $ in Millions | 9 Months Ended |
Jun. 30, 2018USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Granted, Shares | shares | 0.3 |
Granted, Weighted Average Grant Date Fair Value | $ / shares | $ 109.88 |
Granted, Fair Value at Grant Date | $ | $ 36.5 |
Time-Based RSUs [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Granted, Shares | shares | 0.1 |
Granted, Weighted Average Grant Date Fair Value | $ / shares | $ 111.31 |
Granted, Fair Value at Grant Date | $ | $ 11 |
Performance-Based RSUs [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Granted, Shares | shares | 0.2 |
Granted, Weighted Average Grant Date Fair Value | $ / shares | $ 109.27 |
Granted, Fair Value at Grant Date | $ | $ 25.5 |
Performance-Based RSUs [Member] | Vesting In 12 To 24 Months [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Granted, Shares | shares | 0.1 |
Granted, Weighted Average Grant Date Fair Value | $ / shares | $ 109.10 |
Granted, Fair Value at Grant Date | $ | $ 12.9 |
Performance-Based RSUs [Member] | Vesting In More Than 24 Months [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Granted, Shares | shares | 0.1 |
Granted, Weighted Average Grant Date Fair Value | $ / shares | $ 109.45 |
Granted, Fair Value at Grant Date | $ | $ 12.6 |
Restricted Stock Units (RSUs) [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Granted, Shares | shares | 0.3 |
Granted, Weighted Average Grant Date Fair Value | $ / shares | $ 109.88 |
Granted, Fair Value at Grant Date | $ | $ 36.5 |
SB/RH Holdings, LLC [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Granted, Shares | shares | 0.3 |
Granted, Weighted Average Grant Date Fair Value | $ / shares | $ 110.09 |
Granted, Fair Value at Grant Date | $ | $ 35.1 |
SB/RH Holdings, LLC [Member] | Time-Based RSUs [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Granted, Shares | shares | 0.1 |
Granted, Weighted Average Grant Date Fair Value | $ / shares | $ 112.33 |
Granted, Fair Value at Grant Date | $ | $ 9.6 |
SB/RH Holdings, LLC [Member] | Performance-Based RSUs [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Granted, Shares | shares | 0.2 |
Granted, Weighted Average Grant Date Fair Value | $ / shares | $ 109.27 |
Granted, Fair Value at Grant Date | $ | $ 25.5 |
SB/RH Holdings, LLC [Member] | Performance-Based RSUs [Member] | Vesting In 12 To 24 Months [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Granted, Shares | shares | 0.1 |
Granted, Weighted Average Grant Date Fair Value | $ / shares | $ 109.10 |
Granted, Fair Value at Grant Date | $ | $ 12.9 |
SB/RH Holdings, LLC [Member] | Performance-Based RSUs [Member] | Vesting In More Than 24 Months [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Granted, Shares | shares | 0.1 |
Granted, Weighted Average Grant Date Fair Value | $ / shares | $ 109.45 |
Granted, Fair Value at Grant Date | $ | $ 12.6 |
SB/RH Holdings, LLC [Member] | Restricted Stock Units (RSUs) [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Granted, Shares | shares | 0.3 |
Granted, Weighted Average Grant Date Fair Value | $ / shares | $ 110.09 |
Granted, Fair Value at Grant Date | $ | $ 35.1 |
Share Based Compensation (Sum77
Share Based Compensation (Summary Of Non-Vested RSUs Activity) (Details) $ / shares in Units, shares in Millions, $ in Millions | 9 Months Ended |
Jun. 30, 2018USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Granted, Shares | shares | 0.3 |
Granted, Weighted Average Grant Date Fair Value | $ / shares | $ 109.88 |
Granted, Fair Value at Grant Date | $ | $ 36.5 |
Restricted Stock Units (RSUs) [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Beginning balance, Shares | shares | 0.8 |
Granted, Shares | shares | 0.3 |
Forfeited, Shares | shares | (0.1) |
Vested, Shares | shares | (0.5) |
Ending balance, Shares | shares | 0.5 |
Beginning balance, Weighted Average Grant Date Fair Value | $ / shares | $ 114.67 |
Granted, Weighted Average Grant Date Fair Value | $ / shares | 109.88 |
Forfeited, Weighted Average Grant Date Fair Value | $ / shares | 116.13 |
Vested, Weighted Average Grant Date Fair Value | $ / shares | 113.21 |
Ending balance, Weighted Average Grant Date Fair Value | $ / shares | $ 112.74 |
Beginning balance, Fair Value at Grant Date | $ | $ 87.2 |
Granted, Fair Value at Grant Date | $ | 36.5 |
Forfeited, Fair Value at Grant Date | $ | (10) |
Vested, Fair Value at Grant Date | $ | (55.1) |
Ending balance, Fair Value at Grant Date | $ | $ 58.6 |
SB/RH Holdings, LLC [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Granted, Shares | shares | 0.3 |
Granted, Weighted Average Grant Date Fair Value | $ / shares | $ 110.09 |
Granted, Fair Value at Grant Date | $ | $ 35.1 |
SB/RH Holdings, LLC [Member] | Restricted Stock Units (RSUs) [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Beginning balance, Shares | shares | 0.7 |
Granted, Shares | shares | 0.3 |
Forfeited, Shares | shares | (0.1) |
Vested, Shares | shares | (0.4) |
Ending balance, Shares | shares | 0.5 |
Beginning balance, Weighted Average Grant Date Fair Value | $ / shares | $ 116.32 |
Granted, Weighted Average Grant Date Fair Value | $ / shares | 110.09 |
Forfeited, Weighted Average Grant Date Fair Value | $ / shares | 116.13 |
Vested, Weighted Average Grant Date Fair Value | $ / shares | 114.19 |
Ending balance, Weighted Average Grant Date Fair Value | $ / shares | $ 114.27 |
Beginning balance, Fair Value at Grant Date | $ | $ 82.4 |
Granted, Fair Value at Grant Date | $ | 35.1 |
Forfeited, Fair Value at Grant Date | $ | (10) |
Vested, Fair Value at Grant Date | $ | (50.9) |
Ending balance, Fair Value at Grant Date | $ | $ 56.6 |
Share Based Compensation (Sum78
Share Based Compensation (Summary Of HRG Share-Based Awards) (Details) $ / shares in Units, shares in Millions, $ in Millions | 9 Months Ended |
Jun. 30, 2018USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Granted, Fair Value at Grant Date | $ | $ 36.5 |
Stock Options [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Beginning balance, Options/Units/Shares | shares | 4 |
Granted, Options/Units/Shares | shares | |
Exercised, Options/Units/Shares | shares | (2.5) |
Ending balance, Options/Units/Shares | shares | 1.5 |
Vested/Exercisable, Options/Units/Shares | shares | 1.3 |
Beginning balance, Weighted Average Exercise Price | $ 9.69 |
Granted, Weighted Average Exercise Price | |
Exercised, Weighted Average Exercise Price | (8.38) |
Ending balance, Weighted Average Exercise Price | 11.82 |
Vested/Exercisable, Weighted Average Exercise Price | 11.09 |
Beginning balance, Weighted Average Grant Date Fair Value | 3.88 |
Granted, Weighted Average Grant Date Fair Value | |
Exercised, Weighted Average Grant Date Fair Value | (3.33) |
Ending balance, Weighted Average Grant Date Fair Value | 4.78 |
Vested/Exercisable, Weighted Average Grant Date Fair Value | $ 4.53 |
Warrants [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Beginning balance, Options/Units/Shares | shares | 0.6 |
Granted, Options/Units/Shares | shares | |
Exercised, Options/Units/Shares | shares | (0.6) |
Ending balance, Options/Units/Shares | shares | |
Beginning balance, Weighted Average Exercise Price | $ 13.13 |
Granted, Weighted Average Exercise Price | |
Exercised, Weighted Average Exercise Price | (13.13) |
Ending balance, Weighted Average Exercise Price | |
Beginning balance, Weighted Average Grant Date Fair Value | 3.22 |
Granted, Weighted Average Grant Date Fair Value | |
Exercised, Weighted Average Grant Date Fair Value | (3.22) |
Ending balance, Weighted Average Grant Date Fair Value | |
Restricted Stock Awards [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Beginning balance, Options/Units/Shares | shares | 0.1 |
Granted, Options/Units/Shares | shares | 0.1 |
Exercised, Options/Units/Shares | shares | (0.1) |
Ending balance, Options/Units/Shares | shares | 0.1 |
Beginning balance, Weighted Average Grant Date Fair Value | $ 13.36 |
Granted, Weighted Average Grant Date Fair Value | 16.85 |
Exercised, Weighted Average Grant Date Fair Value | (13.56) |
Ending balance, Weighted Average Grant Date Fair Value | $ 16.85 |
Beginning balance, Fair Value at Grant Date | $ | $ 1.9 |
Granted, Fair Value at Grant Date | $ | 0.4 |
Exercised, Fair Value at Grant Date | $ | (1.9) |
Ending balance, Fair Value at Grant Date | $ | $ 0.4 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2018 | |
Income Taxes [Line Items] | ||||||
U.S. corporate income tax rate | 35.00% | |||||
Provisional tax benefit | $ 8 | $ 206.7 | ||||
Estimated undistributed foreign earnings and profits | $ 526.4 | |||||
Provisional income tax expense | (6.9) | $ 71 | ||||
Mandatory repatriation tax payable period | 8 years | |||||
Valuation allowance, net operating losses | 229.8 | $ 229.8 | ||||
Other Current Liabilities [Member] | ||||||
Income Taxes [Line Items] | ||||||
Repatriation tax liability | 5.7 | 5.7 | ||||
Other Long-term Liabilities [Member] | ||||||
Income Taxes [Line Items] | ||||||
Repatriation tax liability | 65.3 | 65.3 | ||||
Scenario, Plan [Member] | ||||||
Income Taxes [Line Items] | ||||||
U.S. corporate income tax rate | 21.00% | |||||
Forecast [Member] | ||||||
Income Taxes [Line Items] | ||||||
U.S. corporate income tax rate | 24.50% | |||||
Released [Member] | ||||||
Income Taxes [Line Items] | ||||||
Valuation allowance, deferred tax asset | 335 | |||||
Valuation allowance, net operating losses | 2.7 | 2.7 | $ 4.9 | |||
U.S. State Net Operating Losses [Member] | ||||||
Income Taxes [Line Items] | ||||||
Valuation allowance, net operating losses | $ 38.7 | 38.7 | ||||
Federal Net Operating Losses [Member] | Forecast [Member] | ||||||
Income Taxes [Line Items] | ||||||
Valuation allowance, net operating losses | $ 40 | |||||
Tax Year 2019 [Member] | ||||||
Income Taxes [Line Items] | ||||||
Limits on deducting compensation, including performance-base compensation | $ 1 |
Income Taxes (Schedule Of Effec
Income Taxes (Schedule Of Effective Tax Rate) (Details) | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Income Taxes [Line Items] | ||||
Effective tax rate | (518.90%) | 83.70% | 2192.90% | 1583.90% |
SB/RH Holdings, LLC [Member] | ||||
Income Taxes [Line Items] | ||||
Effective tax rate | 22.80% | 27.90% | (111.70%) | 33.60% |
Related Party Transactions (Nar
Related Party Transactions (Narrative) (Details) $ in Millions | 9 Months Ended |
Jun. 30, 2018USD ($) | |
Jefferies [Member] | |
Related Party Transaction [Line Items] | |
Fees and reimbursements of expenses from related party | $ 3 |
Commitments And Contingencies (
Commitments And Contingencies (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Sep. 30, 2017 | |
Commitments And Contingencies [Abstract] | |||||
Estimated costs associated with environmental remediation activities | $ 4.2 | $ 4.2 | $ 4.4 | ||
Product liability accruals | 4.8 | 4.8 | 5.3 | ||
Product warranty accruals | 7.3 | 7.3 | $ 6.4 | ||
Pet safety recall | 5.1 | $ 24.9 | 16.3 | $ 24.9 | |
Inventory write-offs associated with product safety recall | 2 | 3.6 | |||
Customer losses, returned or disposed product | 0.5 | 1.6 | |||
Incremental costs to dispose of product and operational expenses | $ 2.6 | $ 11.1 |
Segment Information (Schedule O
Segment Information (Schedule Of HRG Segment Information) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Revenues | ||||
Revenues | $ 945.5 | $ 863 | $ 2,358.1 | $ 2,222.7 |
Operating income | ||||
Operating (loss) income | 126.3 | 100.7 | 180.8 | 237.2 |
Interest expense | (63.5) | (76.1) | (206.6) | (232.4) |
Income (loss) from continuing operations before income taxes | 65.1 | 23.3 | (21.2) | 3.1 |
Operating Segments [Member] | ||||
Operating income | ||||
Operating (loss) income | 215.9 | 208.5 | 456.5 | 493.4 |
Operating Segments [Member] | HRG [Member] | ||||
Revenues | ||||
Revenues | 945.5 | 863 | 2,358.1 | 2,222.7 |
Operating income | ||||
Operating (loss) income | 126.3 | 100.7 | 180.8 | 237.2 |
Interest expense | 63.5 | 76.1 | 206.6 | 232.4 |
Other (expense) income, net | (2.3) | 1.3 | (4.6) | 1.7 |
Income (loss) from continuing operations before income taxes | 65.1 | 23.3 | (21.2) | 3.1 |
Operating Segments [Member] | Consumer Products [Member] | HRG [Member] | ||||
Revenues | ||||
Revenues | 945.5 | 862.9 | 2,358.1 | 2,221.6 |
Operating income | ||||
Operating (loss) income | 133.3 | 110.9 | 210.4 | 277.1 |
Operating Segments [Member] | Corporate and Other [Member] | HRG [Member] | ||||
Revenues | ||||
Revenues | 0.1 | 1.1 | ||
Operating income | ||||
Operating (loss) income | $ (7) | $ (10.2) | $ (29.6) | $ (39.9) |
Segment Information (Net Sales
Segment Information (Net Sales Relating To Segments) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||||
Jul. 01, 2018 | Jun. 30, 2018 | Jul. 02, 2017 | Jun. 30, 2017 | Jul. 01, 2018 | Jun. 30, 2018 | Jul. 02, 2017 | Jun. 30, 2017 | |
Revenue from External Customer [Line Items] | ||||||||
Net sales | $ 945.5 | $ 862.9 | $ 2,358.1 | $ 2,221.6 | ||||
SB/RH Holdings, LLC [Member] | ||||||||
Revenue from External Customer [Line Items] | ||||||||
Net sales | $ 945.5 | $ 862.9 | $ 2,358.1 | $ 2,221.6 | ||||
Hardware & Home Improvement [Member] | Operating Segments [Member] | ||||||||
Revenue from External Customer [Line Items] | ||||||||
Net sales | 372.4 | 324.7 | 1,016.8 | 927.2 | ||||
Global Pet Supplies [Member] | Operating Segments [Member] | ||||||||
Revenue from External Customer [Line Items] | ||||||||
Net sales | 194.7 | 190 | 608.3 | 576 | ||||
Home and Garden [Member] | Operating Segments [Member] | ||||||||
Revenue from External Customer [Line Items] | ||||||||
Net sales | 203.2 | 192.4 | 370.6 | 374.2 | ||||
Global Auto Care [Member] | Operating Segments [Member] | ||||||||
Revenue from External Customer [Line Items] | ||||||||
Net sales | $ 175.2 | $ 155.8 | $ 362.4 | $ 344.2 |
Segment Information (Schedule85
Segment Information (Schedule Of Segment Information) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||||
Jul. 01, 2018 | Jun. 30, 2018 | Jul. 02, 2017 | Jun. 30, 2017 | Jul. 01, 2018 | Jun. 30, 2018 | Jul. 02, 2017 | Jun. 30, 2017 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||||||
Total Segment Adjusted EBITDA | $ 126.3 | $ 100.7 | $ 180.8 | $ 237.2 | ||||
Corporate expenses | 9.5 | 9.2 | 28.8 | 28.7 | ||||
Depreciation and amortization | 32.2 | 32.9 | 99.4 | 94.3 | ||||
Share-based compensation | 5.3 | 5 | 6.4 | 28.5 | ||||
Acquisition and integration related charges | 2.3 | 5.2 | 12 | 11.6 | ||||
Restructuring and related charges | 25.4 | 21.2 | 69 | 31.3 | ||||
Interest expense | 63.5 | 76.1 | 206.6 | 232.4 | ||||
Inventory acquisition step-up | 0.8 | 0.8 | 0.8 | |||||
Pet safety recall | 5.1 | 24.9 | 16.3 | 24.9 | ||||
HRG merger related transaction charges | 3.1 | 1.4 | 22 | 4.2 | ||||
Non-recurring HRG operating costs | 1.2 | 7.8 | 11.9 | 28.6 | ||||
Salus | (0.1) | 0.7 | 1.2 | 5 | ||||
Other | 3.3 | 3.3 | ||||||
Income (loss) from operations before income taxes | 65.1 | 23.3 | (21.2) | 3.1 | ||||
Operating Segments [Member] | ||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||||||
Total Segment Adjusted EBITDA | 215.9 | 208.5 | 456.5 | 493.4 | ||||
SB/RH Holdings, LLC [Member] | ||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||||||
Total Segment Adjusted EBITDA | $ 134.4 | $ 112.1 | $ 227.1 | $ 283 | ||||
Corporate expenses | 9.4 | 8.9 | 28.2 | 28.4 | ||||
Depreciation and amortization | 32.2 | 32.9 | 99.3 | 94.1 | ||||
Share-based compensation | 4.5 | 4.5 | 3.9 | 3.9 | 4 | 4 | 21.6 | 21.6 |
Acquisition and integration related charges | 2.3 | 5.2 | 12 | 11.6 | ||||
Restructuring and related charges | 25.4 | 21.2 | 69 | 31.3 | ||||
Interest expense | 43.6 | 39.8 | 124.2 | 122 | ||||
Inventory acquisition step-up | 0.8 | 0.8 | 0.8 | |||||
Pet safety recall | 5.1 | 24.9 | 16.3 | 24.9 | ||||
Other | 3.3 | 3.3 | ||||||
Income (loss) from operations before income taxes | 90.1 | 70.9 | 99.4 | 158.7 | ||||
SB/RH Holdings, LLC [Member] | Operating Segments [Member] | ||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||||||
Total Segment Adjusted EBITDA | 215.9 | 208.5 | 456.5 | 493.4 | ||||
Hardware & Home Improvement [Member] | ||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||||||
Restructuring and related charges | 12 | 6.2 | 40.8 | 7.7 | ||||
Hardware & Home Improvement [Member] | Operating Segments [Member] | ||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||||||
Total Segment Adjusted EBITDA | 73.9 | 62.2 | 179.5 | 178 | ||||
Hardware & Home Improvement [Member] | SB/RH Holdings, LLC [Member] | Operating Segments [Member] | ||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||||||
Total Segment Adjusted EBITDA | 73.9 | 62.2 | 179.5 | 178 | ||||
Global Pet Supplies [Member] | ||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||||||
Restructuring and related charges | 3.7 | 2 | 8.1 | 3.7 | ||||
Global Pet Supplies [Member] | Operating Segments [Member] | ||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||||||
Total Segment Adjusted EBITDA | 34.9 | 36.1 | 104.6 | 98.7 | ||||
Global Pet Supplies [Member] | SB/RH Holdings, LLC [Member] | Operating Segments [Member] | ||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||||||
Total Segment Adjusted EBITDA | 34.9 | 36.1 | 104.6 | 98.7 | ||||
Home and Garden [Member] | ||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||||||
Restructuring and related charges | 0.1 | 0.3 | ||||||
Home and Garden [Member] | Operating Segments [Member] | ||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||||||
Total Segment Adjusted EBITDA | 57 | 59.5 | 87.7 | 100.8 | ||||
Home and Garden [Member] | SB/RH Holdings, LLC [Member] | Operating Segments [Member] | ||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||||||
Total Segment Adjusted EBITDA | 57 | 59.5 | 87.7 | 100.8 | ||||
Global Auto Care [Member] | ||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||||||
Restructuring and related charges | 7.6 | 12.8 | 14.7 | 19.8 | ||||
Global Auto Care [Member] | Operating Segments [Member] | ||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||||||
Total Segment Adjusted EBITDA | $ 50.1 | $ 50.7 | $ 84.7 | $ 115.9 | ||||
Global Auto Care [Member] | SB/RH Holdings, LLC [Member] | Operating Segments [Member] | ||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||||||
Total Segment Adjusted EBITDA | $ 50.1 | $ 50.7 | $ 84.7 | $ 115.9 |
Earnings Per Share - SBH (Sched
Earnings Per Share - SBH (Schedule Of Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Numerator | ||||
Net income (loss) from continuing operations attributable to controlling interest | $ 377.4 | $ (16.6) | $ 368.1 | $ (88.6) |
(Loss) income from discontinued operations attributable to controlling interest | (0.1) | 18.7 | 479.6 | 220.8 |
Net income attributable to controlling interest | $ 377.3 | $ 2.1 | $ 847.7 | $ 132.2 |
Denominator | ||||
Weighted average shares outstanding - basic | 32.7 | 32.3 | 32.5 | 32.2 |
Dilutive shares | 0.1 | 0.2 | ||
Weighted average shares outstanding - diluted | 32.8 | 32.3 | 32.7 | 32.2 |
Earnings per share | ||||
Basic earnings per share from continuing operations | $ 11.52 | $ (0.51) | $ 11.31 | $ (2.75) |
Basic earnings per share from discontinued operations | 0.57 | 14.74 | 6.85 | |
Basic earnings per share | 11.52 | 0.06 | 26.05 | 4.10 |
Diluted earnings per share from continuing operations | 11.51 | (0.51) | 11.26 | (2.75) |
Diluted earnings per share from discontinued operations | 0.57 | 14.67 | 6.85 | |
Diluted earnings per share | $ 11.51 | $ 0.06 | $ 25.93 | $ 4.10 |
Weighted average number of anti-dilutive shares excluded from denominator | 0.3 | 0.4 |
Earnings Per Share - SBH (Sch87
Earnings Per Share - SBH (Schedule Of Weighted Average Shares) (Details) shares in Millions, $ in Millions | Jul. 13, 2018USD ($) | Jun. 30, 2018shares | Jun. 30, 2017shares | Jun. 30, 2018shares | Jun. 30, 2017shares |
Basic | |||||
Basic, weighted average shares | 32.7 | 32.3 | 32.5 | 32.2 | |
Diluted | |||||
Diluted, weighted average shares | 32.8 | 32.3 | 32.7 | 32.2 | |
Increase in total outstanding shares | 20.6 | ||||
Subsequent Event [Member] | |||||
Diluted | |||||
Upward adjustment | $ | $ 200 | ||||
HRG [Member] | |||||
Basic | |||||
Basic, weighted average shares | 203 | 200.4 | 201.8 | 199.8 | |
Basic, share conversion at 1 to 0.1613 | 32.7 | 32.3 | 32.5 | 32.2 | |
Diluted | |||||
Diluted, weighted average shares | 203.3 | 202.6 | 202.7 | 202.4 | |
Diluted, share conversion at 1 to 0.1613 | 32.8 | 32.6 | 32.7 | 32.6 | |
HRG [Member] | Subsequent Event [Member] | |||||
Diluted | |||||
Net indebtedness and transaction expenses | $ | $ 328.2 | ||||
HRG [Member] | HRG Common Stock [Member] | Subsequent Event [Member] | |||||
Diluted | |||||
Reverse stock split conversion | 0.1613 |
Guarantor Statements - SB_RH (S
Guarantor Statements - SB/RH (Statement Of Financial Position) (Details) - USD ($) $ in Millions | Jul. 01, 2018 | Jun. 30, 2018 | Sep. 30, 2017 | Jul. 02, 2017 | Jun. 30, 2017 | Sep. 30, 2016 |
Current assets: | ||||||
Cash and cash equivalents | $ 814.6 | $ 270.1 | $ 266.2 | $ 465.2 | ||
Trade receivables, net | 384.2 | 266 | ||||
Other receivables | 38.1 | 19.7 | ||||
Inventories | 546.7 | 496.3 | ||||
Prepaid expenses and other | 69.1 | 54.8 | ||||
Current assets of business held for sale | 1,913.1 | 28,929.2 | ||||
Total current assets | 3,765.8 | 30,036.1 | ||||
Property, plant and equipment, net | 494.8 | 503.9 | ||||
Deferred charges and other | 418 | 43.7 | ||||
Goodwill | 2,269.4 | 2,277.1 | ||||
Intangible assets, net | 1,564.8 | 1,612 | ||||
Noncurrent assets of business held for sale | 1,376.9 | |||||
Total assets | 8,512.8 | 35,849.7 | ||||
Current liabilities: | ||||||
Current portion of long-term debt | 70.8 | 161.4 | ||||
Accounts payable | 348.3 | 373.1 | ||||
Accrued wages and salaries | 49.6 | 55.4 | ||||
Accrued interest | 75.7 | 78 | ||||
Other current liabilities | 130.6 | 125.8 | ||||
Current liabilities of business held for sale | 525.3 | 26,851.3 | ||||
Total current liabilities | 1,200.3 | 27,645 | ||||
Long-term debt, net of current portion | 5,189.4 | 5,543.7 | ||||
Deferred income taxes | 314.2 | 493.2 | ||||
Other long-term liabilities | 119.1 | 64.8 | ||||
Noncurrent liabilities of business held for sale | 156.1 | |||||
Total liabilities | 6,823 | 33,902.8 | ||||
Shareholders' equity | ||||||
Accumulated earnings (deficit) | (78.3) | (925.9) | ||||
Accumulated other comprehensive loss | (141.8) | 309 | ||||
Total shareholder's equity | 1,052.4 | 758 | ||||
Non-controlling interest | 637.4 | 1,188.9 | ||||
Total equity | 1,689.8 | 1,946.9 | ||||
Total liabilities and equity | $ 8,512.8 | 35,849.7 | ||||
Eliminations [Member] | ||||||
Current assets: | ||||||
Intercompany receivables | $ (1,737.9) | (1,624.2) | ||||
Other receivables | (11.2) | (1) | ||||
Inventories | (18.3) | (20.4) | ||||
Prepaid expenses and other | 0.1 | |||||
Current assets of business held for sale | (4.1) | (4.3) | ||||
Total current assets | (1,771.5) | (1,649.8) | ||||
Long-term intercompany receivables | (402.1) | (426.3) | ||||
Deferred charges and other | (147.9) | (254.4) | ||||
Investments in subsidiaries | (6,424.2) | (6,020.4) | ||||
Total assets | (8,745.7) | (8,350.9) | ||||
Current liabilities: | ||||||
Current portion of long-term debt | (0.1) | (3.9) | ||||
Intercompany accounts payable | (1,739.9) | (1,629.6) | ||||
Other current liabilities | (11.2) | (1) | ||||
Total current liabilities | (1,751.2) | (1,634.5) | ||||
Long-term intercompany debt | (399.9) | (417.1) | ||||
Deferred income taxes | (153.7) | (260.2) | ||||
Total liabilities | (2,304.8) | (2,311.8) | ||||
Shareholders' equity | ||||||
Other capital | 567.1 | (43) | ||||
Accumulated earnings (deficit) | (7,392.4) | (6,335.7) | ||||
Accumulated other comprehensive loss | 384.4 | 339.6 | ||||
Total shareholder's equity | (6,440.9) | (6,039.1) | ||||
Total equity | (6,440.9) | (6,039.1) | ||||
Total liabilities and equity | (8,745.7) | (8,350.9) | ||||
Guarantor Subsidiaries [Member] | ||||||
Current assets: | ||||||
Cash and cash equivalents | 0.8 | 4.8 | $ 1.5 | 3.1 | ||
Trade receivables, net | 176.8 | 102.4 | ||||
Intercompany receivables | 1,414.2 | 1,288.1 | ||||
Other receivables | 6.1 | 4.7 | ||||
Inventories | 246.4 | 205.6 | ||||
Prepaid expenses and other | 9.5 | 8.6 | ||||
Current assets of business held for sale | 83.9 | 0.2 | ||||
Total current assets | 1,937.7 | 1,614.4 | ||||
Property, plant and equipment, net | 177.3 | 178.9 | ||||
Long-term intercompany receivables | 80 | 96.6 | ||||
Deferred charges and other | 2.5 | 3 | ||||
Goodwill | 1,463.4 | 1,463.4 | ||||
Intangible assets, net | 997.6 | 1,027.7 | ||||
Investments in subsidiaries | 1,382.4 | 1,290.3 | ||||
Noncurrent assets of business held for sale | 124.4 | |||||
Total assets | 6,040.9 | 5,798.7 | ||||
Current liabilities: | ||||||
Current portion of long-term debt | 4.3 | 4.3 | ||||
Accounts payable | 154.1 | 108.3 | ||||
Accrued wages and salaries | 3.4 | 2.3 | ||||
Other current liabilities | 24.2 | 25.6 | ||||
Current liabilities of business held for sale | 1.4 | 0.9 | ||||
Total current liabilities | 187.4 | 141.4 | ||||
Long-term debt, net of current portion | 89.5 | 92.1 | ||||
Long-term intercompany debt | 290.9 | 302.1 | ||||
Deferred income taxes | 422.3 | 523.5 | ||||
Other long-term liabilities | 6.2 | 6.1 | ||||
Noncurrent liabilities of business held for sale | 3.4 | |||||
Total liabilities | 996.3 | 1,068.6 | ||||
Shareholders' equity | ||||||
Other capital | 787.6 | 1,089.9 | ||||
Accumulated earnings (deficit) | 4,452.3 | 3,814.1 | ||||
Accumulated other comprehensive loss | (195.3) | (173.9) | ||||
Total shareholder's equity | 5,044.6 | 4,730.1 | ||||
Total equity | 5,044.6 | 4,730.1 | ||||
Total liabilities and equity | 6,040.9 | 5,798.7 | ||||
Nonguarantor Subsidiaries [Member] | ||||||
Current assets: | ||||||
Cash and cash equivalents | 143.7 | 157.4 | 102.7 | 169.1 | ||
Trade receivables, net | 75.4 | 78.2 | ||||
Intercompany receivables | 323.7 | 335.4 | ||||
Other receivables | 14.5 | 10.6 | ||||
Inventories | 151.7 | 126.4 | ||||
Prepaid expenses and other | 15.5 | 14.6 | ||||
Current assets of business held for sale | 781.1 | 378.4 | ||||
Total current assets | 1,505.6 | 1,101 | ||||
Property, plant and equipment, net | 142.4 | 142 | ||||
Long-term intercompany receivables | 11.7 | 12.5 | ||||
Deferred charges and other | 34.4 | 35.6 | ||||
Goodwill | 237.4 | 245.1 | ||||
Intangible assets, net | 174.5 | 182.9 | ||||
Investments in subsidiaries | (2.8) | |||||
Noncurrent assets of business held for sale | 438.2 | |||||
Total assets | 2,103.2 | 2,157.3 | ||||
Current liabilities: | ||||||
Current portion of long-term debt | 1.8 | 5.2 | ||||
Accounts payable | 105.9 | 141.1 | ||||
Intercompany accounts payable | 1 | |||||
Accrued wages and salaries | 16 | 20.1 | ||||
Other current liabilities | 46.9 | 44.2 | ||||
Current liabilities of business held for sale | 359.3 | 322.4 | ||||
Total current liabilities | 530.9 | 533 | ||||
Long-term debt, net of current portion | 7.1 | 9.4 | ||||
Long-term intercompany debt | 97.3 | 102.4 | ||||
Deferred income taxes | 46.5 | 52 | ||||
Other long-term liabilities | 39 | 40.4 | ||||
Noncurrent liabilities of business held for sale | 129.9 | |||||
Total liabilities | 720.8 | 867.1 | ||||
Shareholders' equity | ||||||
Other capital | (1,378.5) | (1,075) | ||||
Accumulated earnings (deficit) | 2,940.1 | 2,521.6 | ||||
Accumulated other comprehensive loss | (189.1) | (165.2) | ||||
Total shareholder's equity | 1,372.5 | 1,281.4 | ||||
Non-controlling interest | 9.9 | 8.8 | ||||
Total equity | 1,382.4 | 1,290.2 | ||||
Total liabilities and equity | 2,103.2 | 2,157.3 | ||||
Parent [Member] | ||||||
Current assets: | ||||||
Cash and cash equivalents | 2.4 | 6 | 5.6 | 98.6 | ||
Trade receivables, net | 132 | 85.4 | ||||
Intercompany receivables | 0.7 | |||||
Other receivables | 48.3 | 4.4 | ||||
Inventories | 166.9 | 184.7 | ||||
Prepaid expenses and other | 43.1 | 30.9 | ||||
Current assets of business held for sale | 1,052.2 | 228.7 | ||||
Total current assets | 1,444.9 | 540.8 | ||||
Property, plant and equipment, net | 174.5 | 182.2 | ||||
Long-term intercompany receivables | 310.4 | 317.2 | ||||
Deferred charges and other | 154.7 | 244.2 | ||||
Goodwill | 568.6 | 568.6 | ||||
Intangible assets, net | 392.7 | 401.4 | ||||
Investments in subsidiaries | 5,044.6 | 4,730.1 | ||||
Noncurrent assets of business held for sale | 814.3 | |||||
Total assets | 8,090.4 | 7,798.8 | ||||
Current liabilities: | ||||||
Current portion of long-term debt | 14.8 | 13.8 | ||||
Accounts payable | 88 | 122.2 | ||||
Intercompany accounts payable | 1,738.9 | 1,629.6 | ||||
Accrued wages and salaries | 21.8 | 27.5 | ||||
Accrued interest | 43.3 | 48.5 | ||||
Other current liabilities | 64 | 50.1 | ||||
Current liabilities of business held for sale | 164.6 | 177.3 | ||||
Total current liabilities | 2,135.4 | 2,069 | ||||
Long-term debt, net of current portion | 4,156.9 | 3,650.8 | ||||
Long-term intercompany debt | 11.7 | 12.6 | ||||
Deferred income taxes | 177.9 | |||||
Other long-term liabilities | 68 | 11.5 | ||||
Noncurrent liabilities of business held for sale | 22.8 | |||||
Total liabilities | 6,372 | 5,944.6 | ||||
Shareholders' equity | ||||||
Other capital | 2,095.2 | 2,107.1 | ||||
Accumulated earnings (deficit) | (153.3) | (42.8) | ||||
Accumulated other comprehensive loss | (223.5) | (210.1) | ||||
Total shareholder's equity | 1,718.4 | 1,854.2 | ||||
Total equity | 1,718.4 | 1,854.2 | ||||
Total liabilities and equity | 8,090.4 | 7,798.8 | ||||
SB/RH Holdings, LLC [Member] | ||||||
Current assets: | ||||||
Cash and cash equivalents | 146.9 | 168.2 | $ 109.8 | $ 270.8 | ||
Trade receivables, net | 384.2 | 266 | ||||
Other receivables | 57.7 | 18.7 | ||||
Inventories | 546.7 | 496.3 | ||||
Prepaid expenses and other | 68.1 | 54.2 | ||||
Current assets of business held for sale | 1,913.1 | 603 | ||||
Total current assets | 3,116.7 | 1,606.4 | ||||
Property, plant and equipment, net | 494.2 | 503.1 | ||||
Deferred charges and other | 43.7 | 28.4 | ||||
Goodwill | 2,269.4 | 2,277.1 | ||||
Intangible assets, net | 1,564.8 | 1,612 | ||||
Noncurrent assets of business held for sale | 1,376.9 | |||||
Total assets | 7,488.8 | 7,403.9 | ||||
Current liabilities: | ||||||
Current portion of long-term debt | 20.8 | 19.4 | ||||
Accounts payable | 348 | 371.6 | ||||
Accrued wages and salaries | 41.2 | 49.9 | ||||
Accrued interest | 43.3 | 48.5 | ||||
Other current liabilities | 123.9 | 118.9 | ||||
Current liabilities of business held for sale | 525.3 | 500.6 | ||||
Total current liabilities | 1,102.5 | 1,108.9 | ||||
Long-term debt, net of current portion | 4,253.5 | 3,752.3 | ||||
Deferred income taxes | 315.1 | 493.2 | ||||
Other long-term liabilities | 113.2 | 58 | ||||
Noncurrent liabilities of business held for sale | 156.1 | |||||
Total liabilities | 5,784.3 | 5,568.5 | ||||
Shareholders' equity | ||||||
Other capital | 2,071.4 | 2,079 | ||||
Accumulated earnings (deficit) | (153.3) | (42.8) | ||||
Accumulated other comprehensive loss | (223.5) | (209.6) | ||||
Total shareholder's equity | 1,694.6 | 1,826.6 | ||||
Non-controlling interest | 9.9 | 8.8 | ||||
Total equity | 1,704.5 | 1,835.4 | ||||
Total liabilities and equity | $ 7,488.8 | $ 7,403.9 |
Guarantor Statements - SB_RH 89
Guarantor Statements - SB/RH (Statement Of Income) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||||
Jul. 01, 2018 | Jun. 30, 2018 | Jul. 02, 2017 | Jun. 30, 2017 | Jul. 01, 2018 | Jun. 30, 2018 | Jul. 02, 2017 | Jun. 30, 2017 | |
Condensed Income Statements, Captions [Line Items] | ||||||||
Net sales | $ 945.5 | $ 862.9 | $ 2,358.1 | $ 2,221.6 | ||||
Cost of goods sold | 586 | 531.5 | 1,484.5 | 1,339.2 | ||||
Restructuring and related charges | 4.9 | 11.2 | 9.9 | 16.4 | ||||
Gross profit | 354.6 | 320.3 | 863.7 | 867.1 | ||||
Selling | 123.9 | 127.9 | 363.8 | 353.9 | ||||
General and administrative | 74.7 | 69.3 | 226.9 | 228.6 | ||||
Research and development | 6.9 | 7.2 | 21.1 | 20.9 | ||||
Acquisition and integration related charges | 2.3 | 5.2 | 12 | 11.6 | ||||
Restructuring and related charges | 20.5 | 10 | 59.1 | 14.9 | ||||
Total operating expenses | 228.3 | 219.6 | 682.9 | 629.9 | ||||
Operating (loss) income | 126.3 | 100.7 | 180.8 | 237.2 | ||||
Interest expense | 63.5 | 76.1 | 206.6 | 232.4 | ||||
Other non-operating (income) expense, net | (2.3) | 1.3 | (4.6) | 1.7 | ||||
Income (loss) from continuing operations before income taxes | 65.1 | 23.3 | (21.2) | 3.1 | ||||
Income tax (benefit) expense | (337.8) | 19.5 | (464.9) | 49.1 | ||||
Net income (loss) from continuing operations | 402.9 | 3.8 | 443.7 | (46) | ||||
Income (Loss) from discontinued operations, net of tax | 497.9 | 295.2 | ||||||
Net income | 399.3 | 39.8 | 941.6 | 249.2 | ||||
Net income attributable to non-controlling interest | 22 | 37.7 | 93.9 | 117 | ||||
Net income attributable to controlling interest | $ 377.3 | $ 2.1 | $ 847.7 | $ 132.2 | ||||
Parent [Member] | ||||||||
Condensed Income Statements, Captions [Line Items] | ||||||||
Net sales | $ 378.7 | $ 299.1 | $ 1,026.8 | $ 841 | ||||
Cost of goods sold | 277.5 | 205.1 | 764.2 | 559.9 | ||||
Gross profit | 101.2 | 94 | 262.6 | 281.1 | ||||
Selling | 40.7 | 42.5 | 131.8 | 127 | ||||
General and administrative | 28.9 | 26.3 | 74 | 96.6 | ||||
Research and development | 1.8 | 2.1 | 5.5 | 6.1 | ||||
Acquisition and integration related charges | 0.9 | 4.6 | 5.2 | 9.9 | ||||
Restructuring and related charges | 13.3 | 7.8 | 45.1 | 9.4 | ||||
Total operating expenses | 85.6 | 83.3 | 261.6 | 249 | ||||
Operating (loss) income | 15.6 | 10.7 | 1 | 32.1 | ||||
Interest expense | 37.7 | 33 | 107.8 | 104.2 | ||||
Other non-operating (income) expense, net | (82.7) | (68.4) | (308.6) | (186.9) | ||||
Income (loss) from continuing operations before income taxes | 60.6 | 46.1 | 201.8 | 114.8 | ||||
Income tax (benefit) expense | (9.2) | (6.8) | (6.6) | 5.4 | ||||
Net income (loss) from continuing operations | 69.8 | 52.9 | 208.4 | 109.4 | ||||
Income (Loss) from discontinued operations, net of tax | (10.2) | 28.5 | 31.9 | 100 | ||||
Net income | 59.6 | 81.4 | 240.3 | 209.4 | ||||
Net income attributable to controlling interest | 59.6 | 81.4 | 240.3 | 209.4 | ||||
SB/RH Holdings, LLC [Member] | ||||||||
Condensed Income Statements, Captions [Line Items] | ||||||||
Net sales | 945.5 | 862.9 | 2,358.1 | 2,221.6 | ||||
Cost of goods sold | 586 | 531.5 | 1,484.5 | 1,339.2 | ||||
Restructuring and related charges | 4.9 | 11.2 | 9.9 | 16.4 | ||||
Gross profit | 354.6 | 320.2 | 863.7 | 866 | ||||
Selling | 123.9 | 127.9 | 363.8 | 353.9 | ||||
General and administrative | 66.6 | 57.8 | 180.6 | 181.7 | ||||
Research and development | 6.9 | 7.2 | 21.1 | 20.9 | ||||
Acquisition and integration related charges | 2.3 | 5.2 | 12 | 11.6 | ||||
Restructuring and related charges | 20.5 | 10 | 59.1 | 14.9 | ||||
Total operating expenses | 220.2 | 208.1 | 636.6 | 583 | ||||
Operating (loss) income | 134.4 | 112.1 | 227.1 | 283 | ||||
Interest expense | 43.6 | 39.8 | 124.2 | 122 | ||||
Other non-operating (income) expense, net | 0.7 | 1.4 | 3.5 | 2.3 | ||||
Income (loss) from continuing operations before income taxes | 90.1 | 70.9 | 99.4 | 158.7 | ||||
Income tax (benefit) expense | 20.5 | 19.8 | (111) | 53.3 | ||||
Net income (loss) from continuing operations | 69.6 | 51.1 | 210.4 | 105.4 | ||||
Income (Loss) from discontinued operations, net of tax | (9.5) | 28.3 | 32 | 99.8 | ||||
Net income | 60.1 | 79.4 | 242.4 | 205.2 | ||||
Net income attributable to non-controlling interest | 0.2 | 1.7 | 1 | 1.5 | ||||
Net income attributable to controlling interest | 59.9 | 77.7 | 241.4 | 203.7 | ||||
Eliminations [Member] | ||||||||
Condensed Income Statements, Captions [Line Items] | ||||||||
Net sales | (575.2) | (380.8) | (1,420.2) | (913.9) | ||||
Cost of goods sold | (574.6) | (378.8) | (1,421.9) | (908.5) | ||||
Gross profit | (0.6) | (2) | 1.7 | (5.4) | ||||
Selling | (0.2) | (0.4) | (0.4) | (1.2) | ||||
General and administrative | 0.1 | |||||||
Total operating expenses | (0.2) | (0.4) | (0.3) | (1.2) | ||||
Operating (loss) income | (0.4) | (1.6) | 2 | (4.2) | ||||
Interest expense | (0.1) | |||||||
Other non-operating (income) expense, net | 95 | 83.8 | 361.4 | 227.9 | ||||
Income (loss) from continuing operations before income taxes | (95.4) | (85.4) | (359.3) | (232.1) | ||||
Income tax (benefit) expense | (0.1) | 0.2 | 0.1 | (0.2) | ||||
Net income (loss) from continuing operations | (95.3) | (85.6) | (359.4) | (231.9) | ||||
Income (Loss) from discontinued operations, net of tax | (32.7) | (46.4) | (153.6) | (161.4) | ||||
Net income | (128) | (132) | (513) | (393.3) | ||||
Net income attributable to controlling interest | (128) | (132) | (513) | (393.3) | ||||
Guarantor Subsidiaries [Member] | ||||||||
Condensed Income Statements, Captions [Line Items] | ||||||||
Net sales | 851.4 | 668.5 | 1,873.9 | 1,510.4 | ||||
Cost of goods sold | 649 | 489 | 1,453.3 | 1,073.5 | ||||
Restructuring and related charges | 3.2 | 11.2 | 6.5 | 16.4 | ||||
Gross profit | 199.2 | 168.3 | 414.1 | 420.5 | ||||
Selling | 50.7 | 53.9 | 132 | 132.8 | ||||
General and administrative | 31 | 23.7 | 81.3 | 57.6 | ||||
Research and development | 2.9 | 2.6 | 8.7 | 8.4 | ||||
Acquisition and integration related charges | 0.7 | 0.1 | 3.8 | 0.4 | ||||
Restructuring and related charges | 4.8 | 1.9 | 9.5 | 4.9 | ||||
Total operating expenses | 90.1 | 82.2 | 235.3 | 204.1 | ||||
Operating (loss) income | 109.1 | 86.1 | 178.8 | 216.4 | ||||
Interest expense | 5.4 | 5.9 | 15.6 | 14 | ||||
Other non-operating (income) expense, net | (12.1) | (14.8) | (49.3) | (38) | ||||
Income (loss) from continuing operations before income taxes | 115.8 | 95 | 212.5 | 240.4 | ||||
Income tax (benefit) expense | 29.3 | 26.4 | (98.6) | 54.3 | ||||
Net income (loss) from continuing operations | 86.5 | 68.6 | 311.1 | 186.1 | ||||
Income (Loss) from discontinued operations, net of tax | 16.3 | 22.3 | 75.8 | 78.6 | ||||
Net income | 102.8 | 90.9 | 386.9 | 264.7 | ||||
Net income attributable to controlling interest | 102.8 | 90.9 | 386.9 | 264.7 | ||||
Nonguarantor Subsidiaries [Member] | ||||||||
Condensed Income Statements, Captions [Line Items] | ||||||||
Net sales | 290.6 | 276.1 | 877.6 | 784.1 | ||||
Cost of goods sold | 234.1 | 216.2 | 688.9 | 614.3 | ||||
Restructuring and related charges | 1.7 | 3.4 | ||||||
Gross profit | 54.8 | 59.9 | 185.3 | 169.8 | ||||
Selling | 32.7 | 31.9 | 100.4 | 95.3 | ||||
General and administrative | 6.7 | 7.8 | 25.2 | 27.5 | ||||
Research and development | 2.2 | 2.5 | 6.9 | 6.4 | ||||
Acquisition and integration related charges | 0.7 | 0.5 | 3 | 1.3 | ||||
Restructuring and related charges | 2.4 | 0.3 | 4.5 | 0.6 | ||||
Total operating expenses | 44.7 | 43 | 140 | 131.1 | ||||
Operating (loss) income | 10.1 | 16.9 | 45.3 | 38.7 | ||||
Interest expense | 0.5 | 0.9 | 0.9 | 3.8 | ||||
Other non-operating (income) expense, net | 0.5 | 0.8 | (0.7) | |||||
Income (loss) from continuing operations before income taxes | 9.1 | 15.2 | 44.4 | 35.6 | ||||
Income tax (benefit) expense | 0.5 | (5.9) | (6.2) | |||||
Net income (loss) from continuing operations | 8.6 | 15.2 | 50.3 | 41.8 | ||||
Income (Loss) from discontinued operations, net of tax | 17.1 | 23.9 | 77.9 | 82.6 | ||||
Net income | 25.7 | 39.1 | 128.2 | 124.4 | ||||
Net income attributable to non-controlling interest | 0.2 | 1.7 | 1 | 1.5 | ||||
Net income attributable to controlling interest | $ 25.5 | $ 37.4 | $ 127.2 | $ 122.9 |
Guarantor Statements - SB_RH 90
Guarantor Statements - SB/RH (Statement Of Comprehensive Income) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||||
Jul. 01, 2018 | Jun. 30, 2018 | Jul. 02, 2017 | Jun. 30, 2017 | Jul. 01, 2018 | Jun. 30, 2018 | Jul. 02, 2017 | Jun. 30, 2017 | |
Condensed Statement of Income Captions [Line Items] | ||||||||
Net income | $ 399.3 | $ 39.8 | $ 941.6 | $ 249.2 | ||||
Foreign currency translation (loss) gain | (59.1) | 30.3 | (36.9) | 5.9 | ||||
Unrealized gain on hedging derivative instruments | 30.4 | (30.2) | 20.6 | (15.7) | ||||
Defined benefit pension gain (loss) | 2.9 | (3.2) | 2.5 | 0.7 | ||||
Net change to derive comprehensive (loss) income for the period | (25.8) | 174.1 | (447.6) | 17 | ||||
Comprehensive income (loss) | 373.5 | 213.9 | 494 | 266.2 | ||||
Comprehensive loss attributable to non-controlling interest | (10.1) | 71.2 | (2.5) | 118.7 | ||||
Comprehensive income attributable to controlling interest | $ 383.6 | $ 142.7 | $ 496.5 | $ 147.5 | ||||
Parent [Member] | ||||||||
Condensed Statement of Income Captions [Line Items] | ||||||||
Net income | $ 59.6 | $ 81.4 | $ 240.3 | $ 209.4 | ||||
Foreign currency translation (loss) gain | (59.2) | 30.3 | (37) | 5.9 | ||||
Unrealized gain on hedging derivative instruments | 30.4 | (30.2) | 20.6 | (15.7) | ||||
Defined benefit pension gain (loss) | 2.9 | (2.3) | 2.5 | 0.8 | ||||
Net change to derive comprehensive (loss) income for the period | (25.9) | (2.2) | (13.9) | (9) | ||||
Comprehensive income (loss) | 33.7 | 79.2 | 226.4 | 200.4 | ||||
Comprehensive income attributable to controlling interest | 33.7 | 79.2 | 226.4 | 200.4 | ||||
SB/RH Holdings, LLC [Member] | ||||||||
Condensed Statement of Income Captions [Line Items] | ||||||||
Net income | 60.1 | 79.4 | 242.4 | 205.2 | ||||
Foreign currency translation (loss) gain | (59.1) | 30.3 | (36.9) | 5.9 | ||||
Unrealized gain on hedging derivative instruments | 30.4 | (30.2) | 20.6 | (15.7) | ||||
Defined benefit pension gain (loss) | 2.9 | (2.3) | 2.5 | 0.7 | ||||
Net change to derive comprehensive (loss) income for the period | (25.8) | (2.2) | (13.8) | (9.1) | ||||
Comprehensive income (loss) | 34.3 | 77.2 | 228.6 | 196.1 | ||||
Comprehensive loss attributable to non-controlling interest | (0.6) | (0.2) | (0.1) | (0.4) | ||||
Comprehensive income attributable to controlling interest | 34.9 | 77.4 | 228.7 | 196.5 | ||||
Eliminations [Member] | ||||||||
Condensed Statement of Income Captions [Line Items] | ||||||||
Net income | (128) | (132) | (513) | (393.3) | ||||
Foreign currency translation (loss) gain | 121.7 | (63.4) | 76.5 | (16.9) | ||||
Unrealized gain on hedging derivative instruments | (18.4) | 18.2 | (26.8) | 19.8 | ||||
Defined benefit pension gain (loss) | (4.8) | 4.6 | (3.4) | (1.7) | ||||
Net change to derive comprehensive (loss) income for the period | 98.5 | (40.6) | 46.3 | 1.2 | ||||
Comprehensive income (loss) | (29.5) | (172.6) | (466.7) | (392.1) | ||||
Comprehensive income attributable to controlling interest | (29.5) | (172.6) | (466.7) | (392.1) | ||||
Guarantor Subsidiaries [Member] | ||||||||
Condensed Statement of Income Captions [Line Items] | ||||||||
Net income | 102.8 | 90.9 | 386.9 | 264.7 | ||||
Foreign currency translation (loss) gain | (59.2) | 32.3 | (37) | 8.8 | ||||
Unrealized gain on hedging derivative instruments | 9.2 | (9.1) | 13.4 | (9.9) | ||||
Defined benefit pension gain (loss) | 2.4 | (2.3) | 1.7 | 0.8 | ||||
Net change to derive comprehensive (loss) income for the period | (47.6) | 20.9 | (21.9) | (0.3) | ||||
Comprehensive income (loss) | 55.2 | 111.8 | 365 | 264.4 | ||||
Comprehensive income attributable to controlling interest | 55.2 | 111.8 | 365 | 264.4 | ||||
Nonguarantor Subsidiaries [Member] | ||||||||
Condensed Statement of Income Captions [Line Items] | ||||||||
Net income | 25.7 | 39.1 | 128.2 | 124.4 | ||||
Foreign currency translation (loss) gain | (62.4) | 31.1 | (39.4) | 8.1 | ||||
Unrealized gain on hedging derivative instruments | 9.2 | (9.1) | 13.4 | (9.9) | ||||
Defined benefit pension gain (loss) | 2.4 | (2.3) | 1.7 | 0.8 | ||||
Net change to derive comprehensive (loss) income for the period | (50.8) | 19.7 | (24.3) | (1) | ||||
Comprehensive income (loss) | (25.1) | 58.8 | 103.9 | 123.4 | ||||
Comprehensive loss attributable to non-controlling interest | (0.6) | (0.2) | (0.1) | (0.4) | ||||
Comprehensive income attributable to controlling interest | $ (24.5) | $ 59 | $ 104 | $ 123.8 |
Guarantor Statements - SB_RH 91
Guarantor Statements - SB/RH (Statement Of Cash Flows) (Details) - USD ($) $ in Millions | 9 Months Ended | |||
Jul. 01, 2018 | Jun. 30, 2018 | Jul. 02, 2017 | Jun. 30, 2017 | |
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net cash (used) provided by operating activities from continuing operations | $ (148.7) | $ (69) | ||
Net cash (used) provided by operating activities from discontinued operations | 92.3 | 299.2 | ||
Net cash (used) provided by operating activities | (56.4) | 230.2 | ||
Cash flows from investing activities | ||||
Purchases of property, plant and equipment | (49.2) | (51.1) | ||
Proceeds from sales of property, plant and equipment | 2.8 | 3.6 | ||
Business acquisitions, net of cash acquired | (304.7) | |||
Other investing activities, net | (0.4) | (1.2) | ||
Net cash provided (used) by investing activities from continuing operations | 1,500 | (323.6) | ||
Net cash used by investing activities from discontinued operations | (201.8) | (991.4) | ||
Net cash provided (used) by investing activities | 1,298.2 | (1,315) | ||
Cash flows from financing activities | ||||
Proceeds from issuance of debt | 555.3 | 606.9 | ||
Payment of debt | (1,007.6) | (253.9) | ||
Payment of debt issuance costs | (0.4) | (7) | ||
Purchase of non-controlling interest | (12.6) | |||
Share based award tax withholding payments, net of proceeds | (24.3) | (40.7) | ||
Net cash (used) provided by financing activities from continuing operations | (772.7) | 102 | ||
Net cash provided by financing activities from discontinued operations | 116.2 | 711.1 | ||
Net cash (used) provided by financing activities | (656.5) | 813.1 | ||
Effect of exchange rate changes on cash and cash equivalents | (3.1) | (1.5) | ||
Net changes in cash and cash equivalents | 582.2 | (273.2) | ||
Cash and cash equivalents, beginning of period | $ 270.1 | 270.1 | $ 465.2 | 465.2 |
Cash and cash equivalents, end of period | 814.6 | 266.2 | ||
Parent [Member] | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net cash (used) provided by operating activities from continuing operations | (165.3) | 130.8 | ||
Net cash (used) provided by operating activities from discontinued operations | 13.5 | 15.4 | ||
Net cash (used) provided by operating activities | (151.8) | 146.2 | ||
Cash flows from investing activities | ||||
Purchases of property, plant and equipment | (17.9) | (16.7) | ||
Proceeds from sales of property, plant and equipment | 0.8 | |||
Business acquisitions, net of cash acquired | (304.7) | |||
Net cash provided (used) by investing activities from continuing operations | (17.1) | (321.4) | ||
Net cash used by investing activities from discontinued operations | (13.5) | (15.4) | ||
Net cash provided (used) by investing activities | (30.6) | (336.8) | ||
Cash flows from financing activities | ||||
Proceeds from issuance of debt | 545.5 | 543 | ||
Payment of debt | (35.4) | (207.7) | ||
Payment of debt issuance costs | (0.4) | (5.9) | ||
Purchase of non-controlling interest | (12.6) | |||
Payment of cash dividends to parent | (351.8) | (240.1) | ||
Advances related to intercompany transactions | 20.9 | 20.9 | ||
Net cash (used) provided by financing activities from continuing operations | 178.8 | 97.6 | ||
Net cash (used) provided by financing activities | 178.8 | 97.6 | ||
Net changes in cash and cash equivalents | (3.6) | (93) | ||
Cash and cash equivalents, beginning of period | 6 | 6 | 98.6 | 98.6 |
Cash and cash equivalents, end of period | 2.4 | 5.6 | ||
SB/RH Holdings, LLC [Member] | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net cash (used) provided by operating activities from continuing operations | (92.5) | 27.2 | ||
Net cash (used) provided by operating activities from discontinued operations | (5) | 117.3 | ||
Net cash (used) provided by operating activities | (97.5) | 144.5 | ||
Cash flows from investing activities | ||||
Purchases of property, plant and equipment | (49.2) | (51.1) | ||
Proceeds from sales of property, plant and equipment | 2.8 | 3.5 | ||
Business acquisitions, net of cash acquired | (304.7) | |||
Other investing activities, net | (0.4) | (1.1) | ||
Net cash provided (used) by investing activities from continuing operations | (46.8) | (353.4) | ||
Net cash used by investing activities from discontinued operations | (27) | (26.3) | ||
Net cash provided (used) by investing activities | (73.8) | (379.7) | ||
Cash flows from financing activities | ||||
Proceeds from issuance of debt | 555.3 | 556.9 | ||
Payment of debt | (51) | (225) | ||
Payment of debt issuance costs | (0.4) | (5.9) | ||
Purchase of non-controlling interest | (12.6) | |||
Payment of cash dividends to parent | (351.8) | (240.1) | ||
Net cash (used) provided by financing activities from continuing operations | 152.1 | 73.3 | ||
Net cash provided by financing activities from discontinued operations | 1 | 2.4 | ||
Net cash (used) provided by financing activities | 153.1 | 75.7 | ||
Effect of exchange rate changes on cash and cash equivalents | (3.1) | (1.5) | ||
Net changes in cash and cash equivalents | (21.3) | (161) | ||
Cash and cash equivalents, beginning of period | 168.2 | 168.2 | 270.8 | 270.8 |
Cash and cash equivalents, end of period | 146.9 | 109.8 | ||
Guarantor Subsidiaries [Member] | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net cash (used) provided by operating activities from continuing operations | (25.8) | (19.3) | ||
Net cash (used) provided by operating activities from discontinued operations | 0.1 | |||
Net cash (used) provided by operating activities | (25.7) | (19.3) | ||
Cash flows from investing activities | ||||
Purchases of property, plant and equipment | (13) | (16.3) | ||
Proceeds from sales of property, plant and equipment | 0.1 | 0.2 | ||
Other investing activities, net | (0.2) | (1.1) | ||
Net cash provided (used) by investing activities from continuing operations | (13.1) | (17.2) | ||
Net cash used by investing activities from discontinued operations | (0.1) | |||
Net cash provided (used) by investing activities | (13.2) | (17.2) | ||
Cash flows from financing activities | ||||
Advances related to intercompany transactions | 34.9 | 34.9 | ||
Net cash (used) provided by financing activities from continuing operations | 34.9 | 34.9 | ||
Net cash (used) provided by financing activities | 34.9 | 34.9 | ||
Net changes in cash and cash equivalents | (4) | (1.6) | ||
Cash and cash equivalents, beginning of period | 4.8 | 4.8 | 3.1 | 3.1 |
Cash and cash equivalents, end of period | 0.8 | 1.5 | ||
Nonguarantor Subsidiaries [Member] | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net cash (used) provided by operating activities from continuing operations | 91 | 32.5 | ||
Net cash (used) provided by operating activities from discontinued operations | 12.4 | 8.6 | ||
Net cash (used) provided by operating activities | 103.4 | 41.1 | ||
Cash flows from investing activities | ||||
Purchases of property, plant and equipment | (18.3) | (18.1) | ||
Proceeds from sales of property, plant and equipment | 1.9 | 3.3 | ||
Other investing activities, net | (0.2) | |||
Net cash provided (used) by investing activities from continuing operations | (16.6) | (14.8) | ||
Net cash used by investing activities from discontinued operations | (13.4) | (10.9) | ||
Net cash provided (used) by investing activities | (30) | (25.7) | ||
Cash flows from financing activities | ||||
Proceeds from issuance of debt | 9.8 | 13.9 | ||
Payment of debt | (15.6) | (17.3) | ||
Advances related to intercompany transactions | (79.2) | (79.3) | ||
Net cash (used) provided by financing activities from continuing operations | (85) | (82.7) | ||
Net cash provided by financing activities from discontinued operations | 1 | 2.4 | ||
Net cash (used) provided by financing activities | (84) | (80.3) | ||
Effect of exchange rate changes on cash and cash equivalents | (3.1) | (1.5) | ||
Net changes in cash and cash equivalents | (13.7) | (66.4) | ||
Cash and cash equivalents, beginning of period | 157.4 | $ 157.4 | 169.1 | $ 169.1 |
Cash and cash equivalents, end of period | 143.7 | 102.7 | ||
Eliminations [Member] | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net cash (used) provided by operating activities from continuing operations | 7.6 | (116.8) | ||
Net cash (used) provided by operating activities from discontinued operations | (31) | 93.3 | ||
Net cash (used) provided by operating activities | (23.4) | (23.5) | ||
Cash flows from financing activities | ||||
Advances related to intercompany transactions | 23.4 | 23.5 | ||
Net cash (used) provided by financing activities from continuing operations | 23.4 | 23.5 | ||
Net cash (used) provided by financing activities | $ 23.4 | $ 23.5 |