Cover
Cover - shares | 6 Months Ended | |
Apr. 04, 2021 | May 04, 2021 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Apr. 4, 2021 | |
Document Transition Report | false | |
Entity Registrant Name | Spectrum Brands Holdings, Inc. | |
Entity File Number | 1-4219 | |
Entity Tax Identification Number | 74-1339132 | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, Address Line One | 3001 Deming Way | |
Entity Address, City or Town | Middleton | |
Entity Address, State or Province | WI | |
Entity Address, Postal Zip Code | 53562 | |
City Area Code | 608 | |
Local Phone Number | 275-3340 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Shell Company | false | |
Entity Emerging Growth Company | false | |
Title of 12(b) Security | Common Stock, $0.01 par value | |
Trading Symbol | SPB | |
Security Exchange Name | NYSE | |
Entity Common Stock, Shares Outstanding | 42,628,769 | |
Entity Central Index Key | 0000109177 | |
Amendment Flag | false | |
Document Fiscal Period Focus | Q2 | |
Current Fiscal Year End Date | --09-30 | |
Document Fiscal Year Focus | 2021 | |
SB/RH | ||
Entity Information [Line Items] | ||
Entity Registrant Name | SB/RH Holdings, LLC | |
Entity File Number | 333-192634-03 | |
Entity Tax Identification Number | 27-2812840 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Shell Company | false | |
Entity Emerging Growth Company | false | |
Entity Central Index Key | 0001592706 |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of Financial Position - USD ($) $ in Millions | Apr. 04, 2021 | Sep. 30, 2020 |
Assets | ||
Cash and cash equivalents | $ 290 | $ 531.6 |
Trade receivables, net | 524.9 | 501.1 |
Other receivables | 88.5 | 74.2 |
Inventories | 812.1 | 557.7 |
Prepaid expenses and other current assets | 83.2 | 63.5 |
Total current assets | 1,798.7 | 1,728.1 |
Property, plant and equipment, net | 392.6 | 396.5 |
Operating lease assets | 103 | 103.8 |
Deferred charges and other | 49.2 | 115.2 |
Goodwill | 1,434.6 | 1,332 |
Intangible assets, net | 1,496.4 | 1,431.7 |
Total assets | 5,274.5 | 5,107.3 |
Liabilities and Shareholders' Equity | ||
Current portion of long-term debt | 18.6 | 15.3 |
Accounts payable | 548.6 | 557.5 |
Accrued wages and salaries | 76.6 | 95 |
Accrued interest | 11.7 | 38.5 |
Other current liabilities | 270.9 | 238.6 |
Total current liabilities | 926.4 | 944.9 |
Long-term debt, net of current portion | 2,551.6 | 2,461 |
Long-term operating lease liabilities | 86.2 | 88.8 |
Deferred income taxes | 86.8 | 65.4 |
Other long-term liabilities | 128.7 | 131.4 |
Total liabilities | 3,779.7 | 3,691.5 |
Commitments and contingencies (Note 19) | ||
Shareholders' equity | ||
Common stock | 0.5 | 0.5 |
Additional paid-in capital | 2,051.6 | 2,054.3 |
Accumulated earnings (deficit) | 315.9 | 243.9 |
Accumulated other comprehensive loss, net of tax | (243.4) | (284.7) |
Treasury stock | (637) | (606.5) |
Total shareholders' equity | 1,487.6 | 1,407.5 |
Non-controlling interest | 7.2 | 8.3 |
Total equity | 1,494.8 | 1,415.8 |
Total liabilities and equity | 5,274.5 | 5,107.3 |
SB/RH | ||
Assets | ||
Cash and cash equivalents | 288.3 | 527.6 |
Trade receivables, net | 524.9 | 501.1 |
Other receivables | 169.1 | 155.2 |
Inventories | 812.1 | 557.7 |
Prepaid expenses and other current assets | 83.1 | 63.5 |
Total current assets | 1,877.5 | 1,805.1 |
Property, plant and equipment, net | 392.6 | 396.5 |
Operating lease assets | 103 | 103.8 |
Deferred charges and other | 49.2 | 115.2 |
Goodwill | 1,434.6 | 1,332 |
Intangible assets, net | 1,496.4 | 1,431.7 |
Total assets | 5,353.3 | 5,184.3 |
Liabilities and Shareholders' Equity | ||
Current portion of long-term debt | 18.6 | 15.3 |
Accounts payable | 548.8 | 557.5 |
Accrued wages and salaries | 76.6 | 95 |
Accrued interest | 11.7 | 38.5 |
Other current liabilities | 282.3 | 236 |
Total current liabilities | 938 | 942.3 |
Long-term debt, net of current portion | 2,551.6 | 2,461 |
Long-term operating lease liabilities | 86.2 | 88.8 |
Deferred income taxes | 294.3 | 288.7 |
Other long-term liabilities | 136 | 138.3 |
Total liabilities | 4,006.1 | 3,919.1 |
Commitments and contingencies (Note 19) | ||
Shareholders' equity | ||
Other capital | 2,162.5 | 2,154.1 |
Accumulated earnings (deficit) | (580.8) | (614.2) |
Accumulated other comprehensive loss, net of tax | (243.3) | (284.6) |
Total shareholders' equity | 1,338.4 | 1,255.3 |
Non-controlling interest | 8.8 | 9.9 |
Total equity | 1,347.2 | 1,265.2 |
Total liabilities and equity | $ 5,353.3 | $ 5,184.3 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Income - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Apr. 04, 2021 | Mar. 29, 2020 | Apr. 04, 2021 | Mar. 29, 2020 | |
Net Sales | $ 1,149.8 | $ 937.8 | $ 2,294.7 | $ 1,809.3 |
Cost of goods sold | 744.5 | 606 | 1,467 | 1,198.5 |
Restructuring and related charges | 1.3 | 2.9 | 1.4 | 12.8 |
Gross profit | 404 | 328.9 | 826.3 | 598 |
Selling | 173.2 | 150 | 340 | 296.1 |
General and administrative | 89 | 81.9 | 180.9 | 162.2 |
Research and development | 12.5 | 10.1 | 22.9 | 19.9 |
Restructuring and related charges | 2.8 | 19 | 11.9 | 36.6 |
Transaction related charges | 9.7 | 7.2 | 30.3 | 11.3 |
(Gain) loss on assets held for sale | 0 | (7) | 0 | 25.7 |
Write-off from impairment of intangible assets | 0 | 0 | 0 | 24.2 |
Total operating expenses | 287.2 | 261.2 | 586 | 576 |
Operating income | 116.8 | 67.7 | 240.3 | 22 |
Interest expense | 65.5 | 35.5 | 102.2 | 70.4 |
Other non-operating (income) expense, net | (1.2) | 110.4 | (7.4) | 66.8 |
Income (loss) from continuing operations before income taxes | 52.5 | (78.2) | 145.5 | (115.2) |
Income tax expense (benefit) | 15.7 | (19) | 35.5 | (18.3) |
Net income (loss) from continuing operations | 36.8 | (59.2) | 110 | (96.9) |
(Loss) income from discontinued operations, net of tax | (1.1) | 1.4 | (1.4) | 4.3 |
Net income (loss) | 35.7 | (57.8) | 108.6 | (92.6) |
Net (loss) income attributable to non-controlling interest | (0.9) | (0.8) | (0.1) | 0.1 |
Net income (loss) attributable to controlling interest | 36.6 | (57) | 108.7 | (92.7) |
Amounts attributable to controlling interest | ||||
Net income (loss) from continuing operations attributable to controlling interest | 37.7 | (58.4) | 110.1 | (97) |
Net (loss) income from discontinued operations attributable to controlling interest | (1.1) | 1.4 | (1.4) | 4.3 |
Net income (loss) attributable to controlling interest | $ 36.6 | $ (57) | $ 108.7 | $ (92.7) |
Earnings Per Share | ||||
Basic earnings per share from continuing operations (in dollars per share) | $ 0.88 | $ (1.29) | $ 2.57 | $ (2.09) |
Basic earnings per share from discontinued operations (in dollars per share) | (0.02) | 0.03 | (0.03) | 0.09 |
Basic earnings per share (in dollars per share) | 0.86 | (1.26) | 2.54 | (2) |
Diluted earnings per share from continuing operations (in dollars per share) | 0.88 | (1.29) | 2.56 | (2.09) |
Diluted earnings per share from discontinued operations (in dollars per share) | (0.03) | 0.03 | (0.03) | 0.09 |
Diluted earnings per share (in dollars per share) | 0.85 | (1.26) | 2.53 | (2) |
Dividend per share (in dollars per share) | $ 0.42 | $ 0.42 | $ 0.84 | $ 0.84 |
Weighted Average Shares Outstanding | ||||
Basic (in shares) | 42.6 | 45.1 | 42.8 | 46.4 |
Diluted (in shares) | 42.9 | 45.1 | 43 | 46.4 |
SB/RH | ||||
Net Sales | $ 1,149.8 | $ 937.8 | $ 2,294.7 | $ 1,809.3 |
Cost of goods sold | 744.5 | 606 | 1,467 | 1,198.5 |
Restructuring and related charges | 1.3 | 2.9 | 1.4 | 12.8 |
Gross profit | 404 | 328.9 | 826.3 | 598 |
Selling | 173.2 | 150 | 340 | 296.1 |
General and administrative | 88.2 | 78 | 179.4 | 157.5 |
Research and development | 12.5 | 10.1 | 22.9 | 19.9 |
Restructuring and related charges | 2.8 | 19 | 11.9 | 36.6 |
Transaction related charges | 9.7 | 7.2 | 30.3 | 11.3 |
(Gain) loss on assets held for sale | 0 | (7) | 0 | 25.7 |
Write-off from impairment of intangible assets | 0 | 0 | 0 | 24.2 |
Total operating expenses | 286.4 | 257.3 | 584.5 | 571.3 |
Operating income | 117.6 | 71.6 | 241.8 | 26.7 |
Interest expense | 65.6 | 35.3 | 102.4 | 70 |
Other non-operating (income) expense, net | (1.2) | 110.4 | (7.4) | 66.8 |
Income (loss) from continuing operations before income taxes | 53.2 | (74.1) | 146.8 | (110.1) |
Income tax expense (benefit) | 15.9 | (17.5) | 35.8 | (16.6) |
Net income (loss) from continuing operations | 37.3 | (56.6) | 111 | (93.5) |
(Loss) income from discontinued operations, net of tax | (1.1) | 1.4 | (1.4) | 4.3 |
Net income (loss) | 36.2 | (55.2) | 109.6 | (89.2) |
Net (loss) income attributable to non-controlling interest | (0.9) | (0.8) | (0.1) | 0.1 |
Net income (loss) attributable to controlling interest | 37.1 | (54.4) | 109.7 | (89.3) |
Amounts attributable to controlling interest | ||||
Net income (loss) from continuing operations attributable to controlling interest | 38.2 | (55.8) | 111.1 | (93.6) |
Net (loss) income from discontinued operations attributable to controlling interest | (1.1) | 1.4 | (1.4) | 4.3 |
Net income (loss) attributable to controlling interest | $ 37.1 | $ (54.4) | $ 109.7 | $ (89.3) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Apr. 04, 2021 | Mar. 29, 2020 | Apr. 04, 2021 | Mar. 29, 2020 | |
Net income (loss) | $ 35.7 | $ (57.8) | $ 108.6 | $ (92.6) |
Other comprehensive income (loss) | ||||
Foreign currency translation gain (loss) | 22.2 | (47.4) | 41.6 | (20.8) |
Deferred tax effect | (5) | 0.3 | 0.3 | 0.2 |
Net unrealized gain (loss) on foreign currency translation | 17.2 | (47.1) | 41.9 | (20.6) |
Unrealized gain (loss) on derivative instruments | ||||
Unrealized gain (loss) on hedging activity before reclassification | 5.8 | 7.8 | (6.6) | 1.6 |
Net reclassification for loss (gain) to income from continuing operations | 3 | (1.7) | 5.7 | (4.3) |
Unrealized gain (loss) on hedging instruments after reclassification | 8.8 | 6.1 | (0.9) | (2.7) |
Deferred tax effect | (2.4) | (1.6) | 0.1 | 1.1 |
Net unrealized gain (loss) on hedging derivative instruments | 6.4 | 4.5 | (0.8) | (1.6) |
Defined benefit pension gain | ||||
Defined benefit pension gain (loss) before reclassification | 0.9 | 0.9 | (1.3) | 3.7 |
Net reclassification for loss to income from continuing operations | 1.1 | 1 | 2.2 | 2.1 |
Defined benefit pension gain after reclassification | 2 | 1.9 | 0.9 | 5.8 |
Deferred tax effect | (0.6) | (0.4) | (0.4) | (0.4) |
Net defined benefit pension gain | 1.4 | 1.5 | 0.5 | 5.4 |
Deconsolidation of discontinued operations and assets held for sale | 0 | 8.1 | 0 | 8.1 |
Net change to derive comprehensive income for the periods | 25 | (33) | 41.6 | (8.7) |
Comprehensive income (loss) | 60.7 | (90.8) | 150.2 | (101.3) |
Comprehensive (loss) income attributable to non-controlling interest | (0.1) | (0.1) | 0.3 | 0 |
Comprehensive income (loss) attributable to controlling interest | 60.8 | (90.7) | 149.9 | (101.3) |
SB/RH | ||||
Net income (loss) | 36.2 | (55.2) | 109.6 | (89.2) |
Other comprehensive income (loss) | ||||
Foreign currency translation gain (loss) | 22.2 | (47.4) | 41.6 | (20.8) |
Deferred tax effect | (5) | 0.3 | 0.3 | 0.2 |
Net unrealized gain (loss) on foreign currency translation | 17.2 | (47.1) | 41.9 | (20.6) |
Unrealized gain (loss) on derivative instruments | ||||
Unrealized gain (loss) on hedging activity before reclassification | 5.8 | 7.8 | (6.6) | 1.6 |
Net reclassification for loss (gain) to income from continuing operations | 3 | (1.7) | 5.7 | (4.3) |
Unrealized gain (loss) on hedging instruments after reclassification | 8.8 | 6.1 | (0.9) | (2.7) |
Deferred tax effect | (2.4) | (1.6) | 0.1 | 1.1 |
Net unrealized gain (loss) on hedging derivative instruments | 6.4 | 4.5 | (0.8) | (1.6) |
Defined benefit pension gain | ||||
Defined benefit pension gain (loss) before reclassification | 0.9 | 0.9 | (1.3) | 3.7 |
Net reclassification for loss to income from continuing operations | 1.1 | 1 | 2.2 | 2.1 |
Defined benefit pension gain after reclassification | 2 | 1.9 | 0.9 | 5.8 |
Deferred tax effect | (0.6) | (0.4) | (0.4) | (0.4) |
Net defined benefit pension gain | 1.4 | 1.5 | 0.5 | 5.4 |
Deconsolidation of discontinued operations and assets held for sale | 0 | 8.1 | 0 | 8.1 |
Net change to derive comprehensive income for the periods | 25 | (33) | 41.6 | (8.7) |
Comprehensive income (loss) | 61.2 | (88.2) | 151.2 | (97.9) |
Comprehensive (loss) income attributable to non-controlling interest | (0.1) | (0.1) | 0.3 | 0 |
Comprehensive income (loss) attributable to controlling interest | $ 61.3 | $ (88.1) | $ 150.9 | $ (97.9) |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Shareholder's Equity - USD ($) shares in Millions, $ in Millions | Total | Open Market Purchases And Private Purchases | ASR | Open Market Purchases | Cumulative Effect, Period of Adoption, Adjustment | Total Shareholders' Equity | Total Shareholders' EquityOpen Market Purchases And Private Purchases | Total Shareholders' EquityASR | Total Shareholders' EquityOpen Market Purchases | Common Stock | Common StockOpen Market Purchases And Private Purchases | Common StockASR | Common StockOpen Market Purchases | Additional Paid-in Capital | Additional Paid-in CapitalASR | Accumulated Earnings | Accumulated EarningsCumulative Effect, Period of Adoption, Adjustment | Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive LossCumulative Effect, Period of Adoption, Adjustment | Treasury Stock | Treasury StockOpen Market Purchases And Private Purchases | Treasury StockASR | Treasury StockOpen Market Purchases | Non- controlling Interest | SB/RH | SB/RHCumulative Effect, Period of Adoption, Adjustment | SB/RHTotal Shareholders' Equity | SB/RHOther Capital | SB/RHAccumulated Earnings | SB/RHAccumulated EarningsCumulative Effect, Period of Adoption, Adjustment | SB/RHAccumulated Other Comprehensive Loss | SB/RHAccumulated Other Comprehensive LossCumulative Effect, Period of Adoption, Adjustment | SB/RHNon- controlling Interest |
Balances at beginning of period (in shares) at Sep. 30, 2019 | 48.8 | ||||||||||||||||||||||||||||||||
Balances at beginning of period at Sep. 30, 2019 | $ 1,728.9 | $ 0 | $ 1,720.9 | $ 0.5 | $ 2,031.1 | $ 223.8 | $ (0.3) | $ (273.6) | $ 0.3 | $ (260.9) | $ 8 | $ 1,434.7 | $ 0 | $ 1,425.1 | $ 2,113.3 | $ (414.7) | $ (0.3) | $ (273.5) | $ 0.3 | $ 9.6 | |||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||||||||||||||
Net income from continuing operations | (37.7) | (38.6) | (38.6) | 0.9 | (36.8) | (37.7) | (37.7) | 0.9 | |||||||||||||||||||||||||
Income (loss) from discontinued operations, net of tax | 2.8 | 2.8 | 2.8 | 2.8 | 2.8 | 2.8 | |||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | 24.3 | 24.2 | 24.2 | 0.1 | 24.3 | 24.2 | 24.2 | 0.1 | |||||||||||||||||||||||||
Treasury stock repurchases (in shares) | (1.5) | (1.7) | |||||||||||||||||||||||||||||||
Treasury stock repurchases | $ (90.6) | $ (125) | $ (90.6) | $ (125) | $ (18.7) | $ (90.6) | $ (106.3) | ||||||||||||||||||||||||||
Restricted stock issued and related tax withholdings (in shares) | 0.5 | ||||||||||||||||||||||||||||||||
Restricted stock issued and related tax withholdings | 4.9 | 4.9 | (13.3) | 0 | 18.2 | 4.9 | 4.9 | 4.9 | |||||||||||||||||||||||||
Share based compensation | 8.5 | 8.5 | 8.5 | 8.5 | 8.5 | 8.5 | |||||||||||||||||||||||||||
Dividends paid to parent | (36.7) | (36.7) | (36.7) | ||||||||||||||||||||||||||||||
Dividends declared | (20.2) | (20.2) | (20.2) | ||||||||||||||||||||||||||||||
Balances at end of period at Dec. 29, 2019 | 1,495.9 | 1,486.9 | $ 0.5 | 2,007.6 | 167.5 | (249.1) | (439.6) | 9 | 1,401.7 | 1,391.1 | 2,126.7 | (486.6) | (249) | 10.6 | |||||||||||||||||||
Balances at end of period (in shares) at Dec. 29, 2019 | 46.1 | ||||||||||||||||||||||||||||||||
Balances at beginning of period (in shares) at Sep. 30, 2019 | 48.8 | ||||||||||||||||||||||||||||||||
Balances at beginning of period at Sep. 30, 2019 | 1,728.9 | 0 | 1,720.9 | $ 0.5 | 2,031.1 | 223.8 | (0.3) | (273.6) | 0.3 | (260.9) | 8 | 1,434.7 | 0 | 1,425.1 | 2,113.3 | (414.7) | (0.3) | (273.5) | 0.3 | 9.6 | |||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||||||||||||||
Net income from continuing operations | (96.9) | (93.5) | |||||||||||||||||||||||||||||||
Income (loss) from discontinued operations, net of tax | $ 4.3 | 4.3 | |||||||||||||||||||||||||||||||
Treasury stock repurchases (in shares) | (6.2) | (2) | (4) | ||||||||||||||||||||||||||||||
Treasury stock repurchases | (364.6) | (124.8) | $ (230.6) | ||||||||||||||||||||||||||||||
Balances at end of period at Mar. 29, 2020 | $ 1,244.8 | 1,236.7 | $ 0.5 | 2,034.3 | 90.8 | (282) | (606.9) | 8.1 | 1,153.3 | 1,143.6 | 2,134.7 | (709.2) | (281.9) | 9.7 | |||||||||||||||||||
Balances at end of period (in shares) at Mar. 29, 2020 | 43.1 | ||||||||||||||||||||||||||||||||
Balances at beginning of period (in shares) at Sep. 30, 2019 | 48.8 | ||||||||||||||||||||||||||||||||
Balances at beginning of period at Sep. 30, 2019 | 1,728.9 | $ 0 | 1,720.9 | $ 0.5 | 2,031.1 | 223.8 | $ (0.3) | (273.6) | $ 0.3 | (260.9) | 8 | 1,434.7 | $ 0 | 1,425.1 | 2,113.3 | (414.7) | $ (0.3) | (273.5) | $ 0.3 | 9.6 | |||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||||||||||||||
Treasury stock repurchases (in shares) | (2) | ||||||||||||||||||||||||||||||||
Balances at end of period at Sep. 30, 2020 | 1,415.8 | 1,407.5 | $ 0.5 | 2,054.3 | 243.9 | (284.7) | (606.5) | 8.3 | 1,265.2 | 1,255.3 | 2,154.1 | (614.2) | (284.6) | 9.9 | |||||||||||||||||||
Balances at end of period (in shares) at Sep. 30, 2020 | 43.1 | ||||||||||||||||||||||||||||||||
Balances at beginning of period (in shares) at Dec. 29, 2019 | 46.1 | ||||||||||||||||||||||||||||||||
Balances at beginning of period at Dec. 29, 2019 | 1,495.9 | 1,486.9 | $ 0.5 | 2,007.6 | 167.5 | (249.1) | (439.6) | 9 | 1,401.7 | 1,391.1 | $ 2,126.7 | (486.6) | (249) | 10.6 | |||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||||||||||||||
Net income from continuing operations | (59.2) | (58.4) | (58.4) | (0.8) | (56.6) | (55.8) | (55.8) | (0.8) | |||||||||||||||||||||||||
Income (loss) from discontinued operations, net of tax | 1.4 | 1.4 | 1.4 | 1.4 | 1.4 | 1.4 | |||||||||||||||||||||||||||
Sale and deconsolidation of assets held for sale | 8.1 | 8.1 | 8.1 | 8.1 | 8.1 | 8.1 | |||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | $ (41.1) | (41) | (41) | (0.1) | (41.1) | (41) | (41) | (0.1) | |||||||||||||||||||||||||
Treasury stock repurchases (in shares) | (3) | (0.3) | (2.7) | (0.3) | (2.7) | ||||||||||||||||||||||||||||
Treasury stock repurchases | $ 0 | $ (149.2) | $ (149.2) | $ 18.5 | (167.7) | (18.5) | (149.2) | ||||||||||||||||||||||||||
Restricted stock issued and related tax withholdings (in shares) | (0.3) | ||||||||||||||||||||||||||||||||
Restricted stock issued and related tax withholdings | $ (0.3) | (0.3) | (0.7) | 0.4 | (0.3) | (0.3) | |||||||||||||||||||||||||||
Share based compensation | 8.9 | 8.9 | 8.9 | 8.3 | 8.3 | $ 8.3 | |||||||||||||||||||||||||||
Dividends paid to parent | (168.2) | (168.2) | (168.2) | ||||||||||||||||||||||||||||||
Dividends declared | (19.7) | (19.7) | (19.7) | ||||||||||||||||||||||||||||||
Balances at end of period at Mar. 29, 2020 | 1,244.8 | 1,236.7 | $ 0.5 | 2,034.3 | 90.8 | (282) | (606.9) | 8.1 | 1,153.3 | 1,143.6 | 2,134.7 | (709.2) | (281.9) | 9.7 | |||||||||||||||||||
Balances at end of period (in shares) at Mar. 29, 2020 | 43.1 | ||||||||||||||||||||||||||||||||
Balances at beginning of period (in shares) at Sep. 30, 2020 | 43.1 | ||||||||||||||||||||||||||||||||
Balances at beginning of period at Sep. 30, 2020 | 1,415.8 | 1,407.5 | $ 0.5 | 2,054.3 | 243.9 | (284.7) | (606.5) | 8.3 | 1,265.2 | 1,255.3 | 2,154.1 | (614.2) | (284.6) | 9.9 | |||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||||||||||||||
Net income from continuing operations | 73.4 | 72.6 | 72.6 | 0.8 | 73.6 | 72.8 | 72.8 | 0.8 | |||||||||||||||||||||||||
Income (loss) from discontinued operations, net of tax | (0.3) | (0.3) | (0.3) | (0.3) | (0.3) | (0.3) | |||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | 16.6 | 16.2 | 16.2 | 0.4 | 16.6 | 16.2 | 16.2 | 0.4 | |||||||||||||||||||||||||
Treasury stock repurchases (in shares) | (0.6) | ||||||||||||||||||||||||||||||||
Treasury stock repurchases | (42.3) | (42.3) | (42.3) | ||||||||||||||||||||||||||||||
Restricted stock issued and related tax withholdings (in shares) | 0.2 | ||||||||||||||||||||||||||||||||
Restricted stock issued and related tax withholdings | (6.9) | (6.9) | (18.6) | 11.7 | (7.1) | (7.1) | (7.1) | ||||||||||||||||||||||||||
Share based compensation | 7.5 | 7.5 | 7.5 | 7.5 | 7.5 | 7.5 | |||||||||||||||||||||||||||
Dividends paid to parent | (60.1) | (60.1) | (60.1) | ||||||||||||||||||||||||||||||
Dividends declared | (18.4) | (18.4) | (18.4) | ||||||||||||||||||||||||||||||
Dividend paid by subsidiary to NCI | (1) | (1) | (1) | (1) | |||||||||||||||||||||||||||||
Balances at end of period at Jan. 03, 2021 | 1,444.4 | 1,435.9 | $ 0.5 | 2,043.2 | 297.8 | (268.5) | (637.1) | 8.5 | 1,294.4 | 1,284.3 | 2,154.5 | (601.8) | (268.4) | 10.1 | |||||||||||||||||||
Balances at end of period (in shares) at Jan. 03, 2021 | 42.7 | ||||||||||||||||||||||||||||||||
Balances at beginning of period (in shares) at Sep. 30, 2020 | 43.1 | ||||||||||||||||||||||||||||||||
Balances at beginning of period at Sep. 30, 2020 | 1,415.8 | 1,407.5 | $ 0.5 | 2,054.3 | 243.9 | (284.7) | (606.5) | 8.3 | 1,265.2 | 1,255.3 | 2,154.1 | (614.2) | (284.6) | 9.9 | |||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||||||||||||||
Net income from continuing operations | 110 | 111 | |||||||||||||||||||||||||||||||
Income (loss) from discontinued operations, net of tax | $ (1.4) | (1.4) | |||||||||||||||||||||||||||||||
Treasury stock repurchases (in shares) | (0.6) | 0 | 0 | ||||||||||||||||||||||||||||||
Treasury stock repurchases | (42.3) | 0 | 0 | ||||||||||||||||||||||||||||||
Balances at end of period at Apr. 04, 2021 | $ 1,494.8 | 1,487.6 | $ 0.5 | 2,051.6 | 315.9 | (243.4) | (637) | 7.2 | 1,347.2 | 1,338.4 | 2,162.5 | (580.8) | (243.3) | 8.8 | |||||||||||||||||||
Balances at end of period (in shares) at Apr. 04, 2021 | 42.7 | ||||||||||||||||||||||||||||||||
Balances at beginning of period (in shares) at Jan. 03, 2021 | 42.7 | ||||||||||||||||||||||||||||||||
Balances at beginning of period at Jan. 03, 2021 | 1,444.4 | 1,435.9 | $ 0.5 | 2,043.2 | 297.8 | (268.5) | (637.1) | 8.5 | 1,294.4 | 1,284.3 | 2,154.5 | (601.8) | (268.4) | 10.1 | |||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||||||||||||||
Net income from continuing operations | 36.8 | 37.7 | 37.7 | (0.9) | 37.3 | 38.2 | 38.2 | (0.9) | |||||||||||||||||||||||||
Income (loss) from discontinued operations, net of tax | (1.1) | (1.1) | (1.1) | (1.1) | (1.1) | (1.1) | |||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | $ 25 | 25.1 | 25.1 | (0.1) | 25 | 25.1 | 25.1 | (0.1) | |||||||||||||||||||||||||
Treasury stock repurchases (in shares) | 0 | 0 | 0 | ||||||||||||||||||||||||||||||
Treasury stock repurchases | 0 | $ 0 | $ 0 | ||||||||||||||||||||||||||||||
Restricted stock issued and related tax withholdings | $ 0 | (0.1) | 0.1 | ||||||||||||||||||||||||||||||
Share based compensation | 8.5 | 8.5 | 8.5 | 8 | 8 | 8 | |||||||||||||||||||||||||||
Dividends paid to parent | (16.1) | (16.1) | (16.1) | ||||||||||||||||||||||||||||||
Dividends declared | (18.5) | (18.5) | (18.5) | ||||||||||||||||||||||||||||||
Dividend paid by subsidiary to NCI | (0.3) | (0.3) | (0.3) | (0.3) | |||||||||||||||||||||||||||||
Balances at end of period at Apr. 04, 2021 | $ 1,494.8 | $ 1,487.6 | $ 0.5 | $ 2,051.6 | $ 315.9 | $ (243.4) | $ (637) | $ 7.2 | $ 1,347.2 | $ 1,338.4 | $ 2,162.5 | $ (580.8) | $ (243.3) | $ 8.8 | |||||||||||||||||||
Balances at end of period (in shares) at Apr. 04, 2021 | 42.7 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions | 6 Months Ended | |
Apr. 04, 2021 | Mar. 29, 2020 | |
Cash flows from operating activities | ||
Net income (loss) | $ 108.6 | $ (92.6) |
(Loss) income from discontinued operations, net of tax | (1.4) | 4.3 |
Net income (loss) from continuing operations | 110 | (96.9) |
Adjustments to reconcile net income (loss) to net cash from operating activities: | ||
Depreciation and amortization | 74.4 | 78 |
Share based compensation | 16 | 26 |
(Gain) loss on equity investments | (6.9) | 68.3 |
Loss on assets held for sale | 0 | 25.7 |
Write-off from impairment of intangible assets | 0 | 24.2 |
Amortization of debt issuance costs and debt discount | 2.9 | 3.2 |
Write-off of unamortized discount and debt issuance costs | 7.9 | 1.1 |
Inventory acquisition step-up | 3.4 | 0 |
Deferred tax expense | 3.8 | 22 |
Net changes in operating assets and liabilities | (275.4) | (336.2) |
Net cash used by operating activities from continuing operations | (63.9) | (184.6) |
Net cash used by operating activities from discontinued operations | (15.9) | 0 |
Net cash used by operating activities | (79.8) | (184.6) |
Cash flows from investing activities | ||
Purchases of property, plant and equipment | (28.1) | (31.7) |
Proceeds from disposal of property, plant and equipment | 0 | 0.6 |
Business acquisitions, net of cash acquired | (129.8) | (17) |
Proceeds from sale of equity investment | 73.1 | 28.6 |
Other investing activity | (0.3) | 2.5 |
Net cash used by investing activities | (85.1) | (17) |
Cash flows from financing activities | ||
Payment of debt, including premium on extinguishment | (880.3) | (130) |
Proceeds from issuance of debt | 899 | 780 |
Payment of debt issuance costs | (12.6) | (0.8) |
Payment of contingent consideration | 0 | (197) |
Treasury stock purchases | (42.3) | (239.8) |
Accelerated share repurchase | 0 | (125) |
Dividends paid to shareholders | (35.7) | (39.1) |
Dividends paid by subsidiary to non-controlling interest | (1.3) | 0 |
Share based award tax withholding payments, net of proceeds upon vesting | (7.2) | (12.6) |
Other financing activities, net | 0.3 | 0 |
Net cash (used) provided by financing activities | (80.1) | 35.7 |
Effect of exchange rate changes on cash and cash equivalents | 3.4 | (0.5) |
Net change in cash, cash equivalents and restricted cash in continuing operations | (241.6) | (166.4) |
Cash, cash equivalents, and restricted cash, beginning of period | 533.8 | 627.1 |
Cash, cash equivalents, and restricted cash, end of period | 292.2 | 460.7 |
Supplemental disclosure of cash flow information | ||
Cash paid for interest | 95 | 57.5 |
Cash paid for taxes | 20.1 | 30.8 |
Non cash investing activities | ||
Acquisition of property, plant and equipment through finance leases | 0.6 | 3 |
Non cash financing activities | ||
Issuance of shares through stock compensation plan | 16.6 | 39.1 |
SB/RH | ||
Cash flows from operating activities | ||
Net income (loss) | 109.6 | (89.2) |
(Loss) income from discontinued operations, net of tax | (1.4) | 4.3 |
Net income (loss) from continuing operations | 111 | (93.5) |
Adjustments to reconcile net income (loss) to net cash from operating activities: | ||
Depreciation and amortization | 74.4 | 78 |
Share based compensation | 15.5 | 25.4 |
(Gain) loss on equity investments | (6.9) | 68.3 |
Loss on assets held for sale | 0 | 25.7 |
Write-off from impairment of intangible assets | 0 | 24.2 |
Amortization of debt issuance costs and debt discount | 2.9 | 2.7 |
Write-off of unamortized discount and debt issuance costs | 7.9 | 1.1 |
Inventory acquisition step-up | 3.4 | 0 |
Deferred tax expense | 4 | 20.3 |
Net changes in operating assets and liabilities | (282.5) | (547.5) |
Net cash used by operating activities from continuing operations | (70.3) | (395.3) |
Net cash used by operating activities from discontinued operations | (15.9) | 0 |
Net cash used by operating activities | (86.2) | (395.3) |
Cash flows from investing activities | ||
Purchases of property, plant and equipment | (28.1) | (31.7) |
Proceeds from disposal of property, plant and equipment | 0 | 0.6 |
Business acquisitions, net of cash acquired | (129.8) | (17) |
Proceeds from sale of equity investment | 73.1 | 28.6 |
Other investing activity | (0.3) | 2.5 |
Net cash used by investing activities from continuing operations | (85.1) | (17) |
Net cash used by investing activities from discontinued operations | 0 | 0 |
Net cash used by investing activities | (85.1) | (17) |
Cash flows from financing activities | ||
Payment of debt, including premium on extinguishment | (880.3) | (130) |
Proceeds from issuance of debt | 899 | 780 |
Payment of debt issuance costs | (12.6) | (0.8) |
Payment of contingent consideration | 0 | (197) |
Payment of cash dividends to parent | (76.2) | (204.9) |
Net cash (used) provided by financing activities from continuing operations | (71.4) | 247.3 |
Net cash used by financing activities from discontinued operations | 0 | 0 |
Net cash (used) provided by financing activities | (71.4) | 247.3 |
Effect of exchange rate changes on cash and cash equivalents | 3.4 | (0.5) |
Net change in cash, cash equivalents and restricted cash in continuing operations | (239.3) | (165.5) |
Cash, cash equivalents, and restricted cash, beginning of period | 529.8 | 621.9 |
Cash, cash equivalents, and restricted cash, end of period | 290.5 | 456.4 |
Supplemental disclosure of cash flow information | ||
Cash paid for interest | 95 | 57.5 |
Cash paid for taxes | 20.1 | 30.8 |
Non cash investing activities | ||
Acquisition of property, plant and equipment through finance leases | $ 0.6 | $ 3 |
Basis of Presentation and Signi
Basis of Presentation and Significant Accounting Policies | 6 Months Ended |
Apr. 04, 2021 | |
Accounting Policies [Abstract] | |
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES | 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 consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2020. SBH’s and SB/RH’s fiscal year ends September 30 and the Company 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 six month periods included within this Quarterly Report for the Company, are April 4, 2021 and March 29, 2020. Newly Adopted Accounting Standards In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments , which was further updated and clarified by the FASB through the issuance of additional related ASUs. The ASU introduces a forward-looking approach, based on expected losses, to estimate credit losses on certain types of financial instruments, including trade receivables. The estimate of expected credit losses will require entities to incorporate considerations of historical information, current information, and reasonable and supportable forecasts. This ASU also expands the disclosure requirements to enable users of financial statements to understand the entity’s assumptions, models, and methods for estimating expected credit losses. The guidance is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2019. The Company adopted ASU 2016-13 on a modified retrospective basis effective October 1, 2020. The adoption of ASU 2016-13 did not have a material impact on the Company’s condensed consolidated financial statements. Refer to Note 6 - Receivables and Concentration of Credit Risk for further discussion on the Company's receivables and allowance for uncollectible receivables. In August 2018, the FASB issued ASU 2018-15, Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract . This standard provides guidance on accounting for costs of implementation activities performed in a cloud computing arrangement that is a service contract. ASU 2018-15 aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software and hosting arrangements that include an internal-use software license. ASU 2018-15 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2019. The Company adopted ASU 2018-15 prospectively to all implementation costs incurred after October 1, 2020, the date of adoption. Before the adoption of the standard, the implementation costs in cloud computing arrangements were expensed as incurred. The adoption of ASU 2018-15 did not have a material impact on the Company’s condensed consolidated financial statements. Recently Issued Accounting Standards In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. This ASU provides optional expedient and exceptions for applying generally accepted accounting principles to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. In response to the concerns about structural risks of interbank offered rates (“IBORs”) and, particularly, the risk of cessation of the London Interbank Offered Rate (“LIBOR”), regulators in several jurisdictions around the world have undertaken reference rate reform initiatives to identify alternative reference rates that are more observable or transaction based and less susceptible to manipulation. The ASU provides companies with optional guidance to ease the potential accounting burden associated with transitioning away from reference rates that are expected to be discontinued. In January 2021, the FASB issued ASU 2021-01, which adds implementation guidance to clarify certain optional expedients in Topic 848. The ASUs can be adopted no later than December 31, 2022 with early adoption permitted. The Company is evaluating the effect of adopting this new accounting guidance. Transaction related charges Transaction related charges consist of transaction costs from (1) qualifying acquisition transactions, whether or not consummated, associated with 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; (2) subsequent integration related project costs directly associated with an acquired business including costs for integration of acquired operations into the Company’s shared service platforms, termination of redundant positions and locations, employee transition costs, integration related professional fees and other post business combination expenses; and (3) divestiture support and separation costs consisting of incremental costs incurred by the continuing operations after completion of the transaction to facilitate separation of shared operations, development of transferred shared service operations, platforms and personnel transferred under the transaction. Divestiture-related charges prior to completion of the transaction qualifying as discontinued operations are recognized as a component of Income from Discontinued Operations, net of tax. Qualifying cost types include, but are not limited to, banking, advisory, legal, accounting, valuation, and other professional fees directly related to the respective transactions. See Note 2 - Divestitures and Note 3 – Acquisitions for further discussion. The following table summarizes transaction related charges incurred by the Company during the three and six month periods ended April 4, 2021 and March 29, 2020: Three Month Periods Ended Six Month Periods Ended (in millions) April 4, 2021 March 29, 2020 April 4, 2021 March 29, 2020 Armitage acquisition and integration $ 2.0 $ — $ 6.8 $ — Coevorden operations divestiture and separation 2.0 1.5 4.8 1.7 GBL divestiture and separation 0.9 2.7 2.7 5.1 Omega Sea acquisition and integration 0.1 1.3 0.2 1.3 Other 4.7 1.7 15.8 3.2 Total transaction-related charges $ 9.7 $ 7.2 $ 30.3 $ 11.3 |
Divestitures
Divestitures | 6 Months Ended |
Apr. 04, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | |
DIVESTITURES | DIVESTITURES The following table summarizes the components of Income from Discontinued Operations, Net of Tax in the accompanying Condensed Consolidated Statements of Income for the three and six month periods ended April 4, 2021 and March 29, 2020: Three Month Periods Ended Six Month Periods Ended (in millions) April 4, 2021 March 29, 2020 April 4, 2021 March 29, 2020 (Loss) income from discontinued operations before income taxes $ (1.0) $ 1.4 $ (1.3) $ 3.8 Income tax expense (benefit) from discontinued operations 0.1 — 0.1 (0.5) (Loss) income from discontinued operations, net of tax (1.1) 1.4 (1.4) 4.3 (Loss) income from discontinued operations attributable to controlling interest, net of tax $ (1.1) $ 1.4 $ (1.4) $ 4.3 During the three and six month periods ended April 4, 2021 the Company recognized incremental pre-tax loss on sale for changes to tax and legal indemnifications and other agreed-upon funding under the acquisition agreement for sale and divestiture of its Global Batteries & Lighting ("GBL") and Global Auto Care ("GAC") divisions to Energizer Holdings, Inc. ("Energizer") during the year ended September 30, 2019. The Company and Energizer agreed to indemnify each other for losses arising from certain breaches of the acquisition agreement and for certain other matters. The Company has agreed to indemnify Energizer for certain liabilities relating to the assets retained by the Company, and Energizer agreed to indemnify the Company for certain liabilities assumed by Energizer, in each case as described in the acquisition agreements. As of April 4, 2021 and September 30, 2020, the Company recognized $36.1 million and $51.6 million, respectively, related to indemnification payables in accordance with the acquisition agreements, including $17.0 million and $33.0 million, respectively, within Other Current Liabilities, primarily attributable to current income tax indemnifications, and $19.1 million and $18.6 million, respectively, within Other Long-Term Liabilities on the Company’s Condensed Consolidated Statements of Financial Position, primarily attributable to income tax indemnifications associated with previously recognized uncertain tax benefits. Coevorden Operations On March 29, 2020, the Company completed its sale of the dog and cat food (“DCF”) production facility and distribution center in Coevorden, Netherlands (“Coevorden Operations”) pursuant to an agreement with United Petfood Producers NV (“UPP”) for total cash proceeds of $29.0 million received during the year ended September 30, 2020. The divestiture did not constitute a strategic shift for the Company and therefore was not considered discontinued operations. The divestiture of the Coevorden Operations was defined as a disposal of a business and a component of the GPC segment and reporting unit, resulting in the allocation of $10.6 million of GPC goodwill to the disposal group based upon a relative fair-value allocation. Assets held for sale are recognized at their estimated fair value less cost to sell, which resulted in the recognition of a loss on assets held for sale of $25.7 million during the six month period ended March 29, 2020. The Company and UPP entered into related agreements ancillary to the acquisition that became effective upon the consummation of the acquisition, including a transaction service arrangement (TSA). The Company has continued to operate its commercial DCF business following the divestiture of the Coevorden Operations and entered into a manufacturing agreement with UPP to supply the continuing DCF business, subject to an incremental tolling charge. Additionally, the Company leases and operates the distribution center on behalf of UPP for up to 18 months following the divestiture under a lease agreement. |
Acquisitions
Acquisitions | 6 Months Ended |
Apr. 04, 2021 | |
Business Combinations [Abstract] | |
ACQUISITIONS | ACQUISITIONS Armitage Acquisition On October 26, 2020, the Company acquired all of the stock of Armitage Pet Care Ltd ("Armitage") for approximately $187.7 million. Armitage is a premium pet treats and toys business in Nottingham, United Kingdom, including a portfolio of brands that include Armitage's dog treats brand, Good Boy®, cat treats brand, Meowee!® and Wildbird®, bird feed products, among others, that are predominantly sold within the United Kingdom. The net assets and operating results of Armitage, since the acquisition date of October 26, 2020, are included in the Company’s Condensed Consolidated Statements of Income and reported within the GPC reporting segment for the three and six month periods ended April 4, 2021. The Company has recorded an allocation of the purchase price to tangible and identifiable intangible assets acquired and liabilities assumed based on their fair values as of the October 26, 2020 acquisition date. The excess of the purchase price over the fair value of the net tangible assets and identifiable intangible assets of $90.7 million was recorded as goodwill, which is not deductible for tax purposes. Goodwill includes value associated with profits earned from market and expansion capabilities, synergies from integration and streamlining operational activities, the going concern of the business and the value of the assembled workforce. The purchase price and purchase price allocation of Armitage were finalized as of April 4, 2021, with no significant changes to preliminary amounts. The calculation of purchase price and purchase price allocation is as follows: (in millions) Amount Cash paid $ 187.7 Debt assumed 51.0 Cash consideration $ 136.7 (in millions) Purchase Price Allocation Cash and cash equivalents $ 6.9 Trade receivables, net 16.7 Other receivables 1.9 Inventories 16.3 Prepaid expenses and other current assets 0.2 Property, plant and equipment, net 3.0 Operating lease assets 0.1 Deferred charges and other 0.9 Goodwill 90.7 Intangible assets, net 88.6 Accounts payable (9.2) Accrued wages and salaries (1.5) Other current liabilities (7.0) Long-term debt, net of current portion (51.0) Long-term operating lease liabilities (0.1) Deferred income taxes (18.0) Other long-term liabilities (1.8) Net assets acquired $ 136.7 The values allocated to intangible assets and the weighted average useful lives are as follows: (in millions) Carrying Amount Weighted Average Useful Life (Years) Tradenames $ 74.3 Indefinite Customer relationships 14.3 12 years Total intangibles acquired $ 88.6 The Company performed a valuation of the acquired inventories, tradenames, and customer relationships. The fair value measurements are based on significant inputs not observable in the market, and therefore, represent Level 3 measurements. The following is a summary of significant inputs to the valuation: Inventory - Acquired inventory consists of branded finished goods that were valued based on the comparative sales method, which estimates the expected sales price of the finished goods inventory, reduced for all costs expected to be incurred in its completion or disposition and a profit on those costs. Tradenames - The Company valued tradenames, Good Boy® brand portfolio and Wildbird® and Other brand portfolio, using an income approach, the relief-from-royalty method. Under this method, the asset value was determined by estimating the hypothetical royalties that would have to be paid if the tradenames were not owned. Royalty rates of 8% for valuation of Good Boy® and 3% for Wildbird® and Other were selected based on consideration of several factors, including prior transactions, related trademarks and tradenames, other similar trademark licensing, and transaction agreements and the relative profitability and perceived contribution of the tradenames. The discount rate applied to the projected cash flow was 11% based on the a weighted-average cost of capital for the overall business. The resulting discounted cash flows were then tax-effected at the applicable statutory rate. Customer relationships - The Company valued customer relationships using an income and cost approach, the avoided cost and lost profits method. The underlying premise of the method is that the economic value of the asset can be estimated based on consideration of the total costs that would be avoided by having this asset in place. These costs primarily consider the costs that would be incurred to re-create the customer relationships in terms of employee salaries and the revenues and associated profits forgone due to the absence of the relationships for a period of time. Pro forma results have not been presented as the Armitage acquisition is not considered individually significant to the consolidated results of the Company. Rejuvenate On April 20, 2021, the Company entered into an agreement to acquire all ownership interests in For Life Products, LLC as part of the Company's H&G segment, for a purchase price of approximately $300 million. For Life Products, LLC is a leading manufacturer in the household cleaning, maintenance, and restoration products sold under the Rejuvenate® brand. The transaction is expected to close in the second half of the 2021 fiscal year, subject to customary closing conditions, including expiration or early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976. |
Restructuring and Related Charg
Restructuring and Related Charges | 6 Months Ended |
Apr. 04, 2021 | |
Restructuring and Related Activities [Abstract] | |
RESTRUCTURING AND RELATED CHARGES | RESTRUCTURING AND RELATED CHARGES Global Productivity Improvement Program – During the year ended September 30, 2019, the Company initiated a company-wide, multi-year program, which consists of various restructuring related initiatives to redirect resources and spending to drive growth, identify cost savings and pricing opportunities through standardization and optimization, develop organizational and operating optimization, and reduce overall operational complexity across the Company. Since the announcement of the project and completion of the Company’s divestitures of GBL and GAC during the year ended September 30, 2019, the project focus includes the transitioning of the Company’s continuing operations in a post-divestiture environment and separation from Energizer TSAs and reverse TSAs. Refer to Note 2 – Divestitures and Note 18 – Related Party Transactions for further discussion of continuing involvement with Energizer. The initiative includes review of global processes and organization design and structures; headcount reductions and transfers; and rightsizing the Company’s shared operations and commercial business strategy in certain regions and local jurisdictions; among others. Total cumulative costs incurred associated with the project were $136.3 million as of April 4, 2021, with approximately $31.6 million forecasted in the foreseeable future. The project costs are anticipated to be incurred through the fiscal year ending September 30, 2022. Other Restructuring Activities – The Company may enter into small, less significant initiatives and restructuring related activities to reduce costs and improve margins throughout the organization. Individually these activities are not substantial and occur over a shorter time period (generally less than 12 months). The following summarizes restructuring and related charges for the three and six month periods ended April 4, 2021 and March 29, 2020: Three Month Periods Ended Six Month Periods Ended (in millions) April 4, 2021 March 29, 2020 April 4, 2021 March 29, 2020 Global productivity improvement program $ 1.7 $ 21.2 $ 10.9 $ 47.9 Other restructuring activities 2.4 0.7 2.4 1.5 Total restructuring and related charges $ 4.1 $ 21.9 $ 13.3 $ 49.4 Reported as: Cost of goods sold $ 1.3 $ 2.9 $ 1.4 $ 12.8 Operating expense 2.8 19.0 11.9 36.6 The following is a summary of restructuring and related charges for the three and six month periods ended April 4, 2021 and March 29, 2020, cumulative costs for current restructuring initiatives, and estimated future costs to be incurred as of April 4, 2021, by cost type. (in millions) Termination Other Total For the three month period ended April 4, 2021 $ 0.3 $ 3.8 $ 4.1 For the three month period ended March 29, 2020 6.2 15.7 21.9 For the six month period ended April 4, 2021 3.2 10.1 13.3 For the six month period ended March 29, 2020 11.4 38.0 49.4 Cumulative costs through April 4, 2021 23.6 112.7 136.3 Estimated future costs to be incurred 2.0 29.6 31.6 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 six month period ended April 4, 2021. (in millions) Termination Other Total Accrual balance at September 30, 2020 $ 4.1 $ 6.4 $ 10.5 Provisions 1.5 6.4 7.9 Cash expenditures (1.9) (12.1) (14.0) Non-cash items — 0.1 0.1 Accrual balance at April 4, 2021 $ 3.7 $ 0.8 $ 4.5 The following summarizes restructuring and related charges by segment for the three and six month periods ended April 4, 2021 and March 29, 2020, cumulative costs incurred through April 4, 2021, and estimated future costs to be incurred by the Company’s segments: (in millions) HHI HPC GPC H&G Corporate Total For the three month period ended April 4, 2021 $ (0.2) $ 1.5 $ 0.6 $ — $ 2.2 $ 4.1 For the three month period ended March 29, 2020 0.2 1.7 6.4 0.2 13.4 21.9 For the six month period ended April 4, 2021 — 4.1 2.1 — 7.1 13.3 For the six month period ended March 29, 2020 0.7 2.8 16.7 0.4 28.8 49.4 Cumulative costs through April 4, 2021 1.5 15.7 22.8 2.2 94.1 136.3 Estimated future costs to be incurred 0.8 2.9 3.5 2.1 22.3 31.6 |
Revenue Recognition
Revenue Recognition | 6 Months Ended |
Apr. 04, 2021 | |
Revenue from Contract with Customer [Abstract] | |
REVENUE RECOGNITION | REVENUE RECOGNITION The Company generates all of its revenue from contracts with customers. The following table disaggregates our revenue for the three and six month periods ended April 4, 2021 and March 29, 2020, by the Company’s key revenue streams, segments and geographic region (based upon destination): Three Month Period Ended April 4, 2021 (in millions) HHI HPC GPC H&G Total Product Sales NA $ 378.6 $ 115.3 $ 182.4 $ 166.8 $ 843.1 EMEA — 123.3 94.2 — 217.5 LATAM 10.0 40.6 4.4 1.5 56.5 APAC 0.7 15.9 8.8 — 25.4 Licensing 0.2 2.8 2.1 0.5 5.6 Other — — 1.7 — 1.7 Total Revenue $ 389.5 $ 297.9 $ 293.6 $ 168.8 $ 1,149.8 Three Month Period Ended March 29, 2020 (in millions) HHI HPC GPC H&G Total Product Sales NA $ 313.6 $ 98.7 $ 166.3 $ 137.8 $ 716.4 EMEA 0.3 92.2 57.9 — 150.4 LATAM 9.9 28.3 3.3 0.9 42.4 APAC 5.0 12.6 6.2 — 23.8 Licensing 0.3 0.9 2.0 0.4 3.6 Other — — 1.2 — 1.2 Total Revenue $ 329.1 $ 232.7 $ 236.9 $ 139.1 $ 937.8 Six Month Period Ended April 4, 2021 (in millions) HHI HPC GPC H&G Total Product Sales NA $ 776.1 $ 257.9 $ 360.5 $ 247.0 $ 1,641.5 EMEA — 290.9 175.5 — 466.4 LATAM 20.4 83.0 8.4 3.2 115.0 APAC 1.1 38.2 17.9 — 57.2 Licensing 0.6 6.4 3.9 0.8 11.7 Other — — 2.9 — 2.9 Total Revenue $ 798.2 $ 676.4 $ 569.1 $ 251.0 $ 2,294.7 Six Month Period Ended March 29, 2020 (in millions) HHI HPC GPC H&G Total Product Sales NA $ 595.1 $ 215.1 $ 304.8 $ 182.0 $ 1,297.0 EMEA 0.4 241.4 111.8 — 353.6 LATAM 20.4 64.2 6.6 2.2 93.4 APAC 10.3 30.1 13.3 — 53.7 Licensing 0.6 4.0 3.8 0.8 9.2 Other — — 2.4 — 2.4 Total Revenue $ 626.8 $ 554.8 $ 442.7 $ 185.0 $ 1,809.3 The Company has a broad range of customers including many large mass retail customers. During the three month period ended April 4, 2021, there were three large retail customers each exceeding 10% of consolidated Net Sales and representing 33.7% of consolidated Net Sales. During the six month period ended April 4, 2021, there were two large retail customers each exceeding 10% of consolidated Net Sales and representing 23.3% of consolidated Net Sales. During the three and six month periods ended March 29, 2020, there were three large retail customers each exceeding 10% of consolidated Net Sales and representing 37.2% and 34.1% of consolidated Net Sales, respectively. In the normal course of business, the Company may allow customers to return product or take credit for product returns per the provisions in a sale agreement. Estimated product returns are recorded as a reduction in reported revenues at the time of sale based upon historical product return experience, adjusted for known trends, to arrive at the amount of consideration expected to be received. The allowance for product returns as of April 4, 2021, and September 30, 2020 was $22.2 million and $23.1 million, respectively. |
Receivables and Concentration o
Receivables and Concentration of Credit Risk | 6 Months Ended |
Apr. 04, 2021 | |
Receivables [Abstract] | |
RECEIVABLES AND CONCENTRATION OF CREDIT RISK | RECEIVABLES AND CONCENTRATION OF CREDIT RISKThe allowance for uncollectible receivables as of April 4, 2021, and September 30, 2020 was $6.6 million and $6.4 million, respectively. The Company has a broad range of customers including many large mass retail customers. As of April 4, 2021, there were two large retail customers each exceeding 10% of consolidated Net Trade Receivables and representing 27.3% of consolidated Net Trade Receivables. As of September 30, 2020, there were two large retail customers each exceeding 10% of consolidated Net Trade Receivables and representing 28.4% of consolidated Net Trade Receivables |
Inventories
Inventories | 6 Months Ended |
Apr. 04, 2021 | |
Inventory Disclosure [Abstract] | |
INVENTORIES | INVENTORIES Inventories consist of the following: (in millions) April 4, 2021 September 30, 2020 Raw materials $ 102.0 $ 67.8 Work-in-process 78.1 60.8 Finished goods 632.0 429.1 $ 812.1 $ 557.7 |
Property, Plant and Equipment
Property, Plant and Equipment | 6 Months Ended |
Apr. 04, 2021 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY, PLANT AND EQUIPMENT | PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment consist of the following: (in millions) April 4, 2021 September 30, 2020 Land, buildings and improvements $ 132.0 $ 134.8 Machinery, equipment and other 554.4 520.0 Finance leases 202.0 200.8 Construction in progress 31.0 29.8 Property, plant and equipment 919.4 885.4 Accumulated depreciation (526.8) (488.9) Property, plant and equipment, net $ 392.6 $ 396.5 Depreciation expense from property, plant and equipment for the three month periods ended April 4, 2021 and March 29, 2020 was $18.9 million and $19.4 million, respectively; and for the six month periods ended April 4, 2021 and March 29, 2020 was $37.4 million and $44.0 million, respectively. The decrease in depreciation for the six month period ended April 4, 2021 is attributable to accelerated depreciation realized as part of exiting GPC operating facilities in LATAM in the prior year. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 6 Months Ended |
Apr. 04, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL AND INTANGIBLE ASSETS | GOODWILL AND INTANGIBLE ASSETS Goodwill consists of the following: (in millions) HHI GPC H&G Total As of September 30, 2020 $ 704.8 $ 431.6 $ 195.6 $ 1,332.0 Foreign currency impact 6.3 5.6 — 11.9 Armitage acquisition (Note 3) — 90.7 — 90.7 As of April 4, 2021 $ 711.1 $ 527.9 $ 195.6 $ 1,434.6 The Company considered the impact of the COVID-19 pandemic on its future operations and cash flows and concluded that, although the duration and severity of the COVID-19 pandemic could result in future impairment charges not currently considered, no triggering event occurred during the three and six month periods ended April 4, 2021 to indicate an impairment of goodwill. The carrying value of indefinite-lived intangibles and definite-lived intangibles assets subject to amortization and accumulated amortization are as follows: April 4, 2021 September 30, 2020 (in millions) Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net Amortizable Intangible Assets: Customer relationships $ 710.2 $ (389.4) $ 320.8 $ 692.1 $ (367.9) $ 324.2 Technology assets 153.6 (91.7) 61.9 175.7 (104.1) 71.6 Tradenames 158.1 (136.8) 21.3 161.0 (132.6) 28.4 Total Amortizable Intangible Assets 1,021.9 (617.9) 404.0 1,028.8 (604.6) 424.2 Indefinite-lived Intangible Assets - Tradenames 1,092.4 — 1,092.4 1,007.5 — 1,007.5 Total Intangible Assets $ 2,114.3 $ (617.9) $ 1,496.4 $ 2,036.3 $ (604.6) $ 1,431.7 There were no impairments identified during the three and six month periods ended April 4, 2021. While a triggering event did not occur during the three and six month periods ended April 4, 2021, a prolonged COVID-19 pandemic negatively impacting net sales growth rate, changes in key assumptions, and other global and regional macroeconomic factors, could result in additional future impairment charges for indefinite-lived intangible assets. Amortization expense from the intangible assets for the three month periods ended April 4, 2021 and March 29, 2020 was $19.8 million and $16.9 million, respectively; and for the six month periods ended April 4, 2021 and March 29, 2020 was $37.0 million and $34.0 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 2021 $ 76.3 2022 56.0 2023 45.9 2024 45.8 2025 43.7 |
Debt
Debt | 6 Months Ended |
Apr. 04, 2021 | |
Debt Disclosure [Abstract] | |
DEBT | DEBT Debt consists of the following: April 4, 2021 September 30, 2020 (in millions) Amount Rate Amount Rate Spectrum Brands Inc. Revolver Facility, variable rate, expiring June 30, 2025 $ — — % $ — — % Term Loan Facility, variable rate, due March 3, 2028 400.0 2.5 % — — % 6.125% Notes, due December 15, 2024 — — % 250.0 6.1 % 5.75% Notes, due July 15, 2025 450.0 5.8 % 1,000.0 5.8 % 4.00% Notes, due October 1, 2026 500.6 4.0 % 499.1 4.0 % 5.00% Notes, due October 1, 2029 300.0 5.0 % 300.0 5.0 % 5.50% Notes, due July 15, 2030 300.0 5.5 % 300.0 5.5 % 3.875% Notes, due March 15, 2031 500.0 3.9 % — — % Other notes and obligations 2.6 7.7 % 3.2 7.6 % Obligations under capital leases 156.4 5.7 % 160.5 5.6 % Total Spectrum Brands, Inc. debt 2,609.6 2,512.8 Unamortized discount on debt (1.0) — Debt issuance costs (38.4) (36.5) Less current portion (18.6) (15.3) Long-term debt, net of current portion $ 2,551.6 $ 2,461.0 The Revolver Facility is subject to either adjusted LIBOR plus margin ranging from 1.75% to 2.75% per annum, or base rate plus margin ranging from 0.75% to 1.75% per annum. The LIBOR borrowings are subject to a 0.75% LIBOR floor. Our Revolver Facility allows for the LIBOR rate to be phased out and replaced with the Secured Overnight Financing Rate and therefore we do not anticipate a material impact by the expected upcoming LIBOR transition. As a result of borrowings and payments under the Revolver Facility, the Company had borrowing availability of $576.6 million at April 4, 2021, net of outstanding letters of credit of $23.4 million. On March 3, 2021, the Company, through its wholly owned subsidiary, Spectrum Brands, Inc ("SBI"), completed its offering of $500.0 million aggregate principal amount of its 3.875% Senior Notes due March 2031, and entered into a new Term Loan Facility (as defined below) in the aggregate principal amount of $400.0 million, expiring March 2028. Using the proceeds received, the Company redeemed $250.0 million aggregate principal amount of the 6.125% Notes in a cash tender offer and call and $550.0 million aggregate principal amount of the 5.75% Notes in a cash tender offer, with a make whole premium of $23.4 million and a write-off of unamortized debt issuance costs of $7.9 million recognized as interest expense for the three and six month periods ended April 4, 2021. Spectrum Term Loan Facility On March 3, 2021, the Company entered into the first amendment (the "Amended Credit Agreement") to the Amended and Restated Credit Agreement (the "Credit Agreement") dated as of June 30, 2020. The Amended Credit Agreement includes certain modified terms from the existing Credit Agreement to provide for a new term loan facility (the “Term Loan Facility”). The Term Loan Facility is in an aggregate principal amount of $400.0 million and will mature on March 3, 2028. The Term Loan Facility is subject to a rate per annum equal to either (1) the LIBO Rate (as defined in the Amended Credit Agreement), subject to a 0.50% floor, adjusted for statutory reserves, plus a margin of 2.00% per annum or (2) the Alternate Base Rate (as defined in the Amended Credit Agreement), plus a margin of 1.00% per annum. The Term Loan Facility allows for the LIBO rate to be phased out and replaced with the Secured Overnight Financing Rate and therefore we do not anticipate a material impact to the expected upcoming LIBOR transition. The Term Loan Facility was issued net of a $1.0 million discount and the Company incurred $5.1 million of debt issuance costs, which is being amortized with a corresponding charge to interest expense over the remaining life of the loan. Pursuant to a guarantee agreement, SB/RH and the direct and indirect wholly-owned material domestic subsidiaries of SBI have guaranteed SBI’s obligations under the Amended Credit Agreement and related loan documents. Pursuant to the Security Agreement, dated as of June 23, 2015, SBI and such subsidiary guarantors have pledged substantially all of their respective assets to secure such obligations and, in addition, SB/RH has pledged the capital stock of SBI to secure such obligations. Subject to certain mandatory prepayment events, the Term Loan Facility is subject to repayment according to scheduled amortizations, with the final payment of amount outstanding, plus accrued and unpaid interest, due at maturity. The Amended Credit Agreement contains customary affirmative and negative covenants, including, but not limited to, restrictions on the Company and its restricted subsidiaries’ ability to incur indebtedness, create liens, make investments, pay dividends or make certain other distributions, and merge or consolidate or sell assets, in each case subject to certain exceptions set forth in the Amended Credit Agreement. 3.875% Notes On March 3, 2021, SBI issued $500.0 million aggregate principal amount of 3.875% Senior Notes due 2031 (the "3.875% Notes") and entered into the indenture governing the 3.875% Notes (the “2031 Indenture”). The 3.875% Notes mature on March 15, 2031 and are unconditionally guaranteed, on a senior unsecured basis, by SB/RH and by SBI’s existing and future domestic subsidiaries that guarantee indebtedness under the Amended Credit Agreement. SBI may redeem all or part of the 3.875% Notes at any time on or after March 15, 2026 at certain fixed redemption prices as set forth in the 2031 Indenture. In addition, prior to March 15, 2026, SBI may redeem the Notes at a redemption price equal to 100% of the principal amount plus a “make-whole” premium, plus accrued and unpaid interest. Before March 15, 2024, the Company may redeem up to 35% of the aggregate principal notes with cash equal to the net proceeds that SBI raises in equity offerings at specified redemption price as set forth in the 2031 Indenture. Further, the 2031 Indenture requires SBI to make an offer to repurchase all outstanding 3.875% Notes upon the occurrence of a change of control of SBI, as defined in the 2031 Indenture. The 2031 Indenture contains covenants limiting, among other things, the ability of the Company and its direct and indirect restricted subsidiaries to incur additional indebtedness, create liens, engage in sale-leaseback transactions, pay dividends or make distributions in respect of capital stock, purchase or redeem capital stock, make investments or certain other restricted payments, sell assets, issue or sell stock of restricted subsidiaries, enter in transactions with affiliates, or effect a merger or consolidation. In addition, the 2031 Indenture provides for customary events of default, including failure to make required payments, failure to comply with certain agreements or covenants, failure to make payments when due or an acceleration of certain other indebtedness, and certain events of bankruptcy and insolvency. The Company recorded $7.6 million of fees in connection with the offering of the 3.875% Notes, which have been capitalized as debt issuance costs and are being amortized over the remaining life of the 3.875% Notes. |
Leases
Leases | 6 Months Ended |
Apr. 04, 2021 | |
Leases [Abstract] | |
Leases | LEASES The Company has leases primarily pertaining to manufacturing facilities, distribution centers, office space, warehouses, automobiles, machinery, computer, and office equipment that expire at various times through February 28, 2047 . We have identified embedded operating leases within certain logistic agreements for warehouses and information technology services arrangements and recognized assets identified in the arrangements as part of operating right-of-use ("ROU") assets on the Company’s Condensed Consolidated Statements of Financial Position as of April 4, 2021 and September 30, 2020. We elected to exclude certain supply agreements that contain embedded leases for manufacturing facilities or dedicated manufacturing lines from our ROU asset and liability calculation based on the insignificant impact to our financial statements. The following is a summary of the leases recognized on the Company’s Condensed Consolidated Statements of Financial Position as of April 4, 2021 and September 30, 2020: (in millions) Line Item April 4, 2021 September 30, 2020 Assets Operating Operating lease assets $ 103.0 $ 103.8 Finance Property, plant and equipment, net 129.8 136.3 Total leased assets $ 232.8 $ 240.1 Liabilities Current Operating Other current liabilities $ 24.9 $ 22.4 Finance Current portion of long-term debt 12.0 12.1 Long-term Operating Long-term operating lease liabilities 86.2 88.8 Finance Long-term debt, net of current portion 144.4 148.4 Total lease liabilities $ 267.5 $ 271.7 As of April 4, 2021, the Company had $19.7 million of commitments related to leases executed that have not yet commenced. The Company records its operating lease expense and amortization of finance lease ROU assets within Cost of Goods Sold or Operating Expenses in the Condensed Consolidated Statements of Income depending on the nature and use of the underlying asset. The Company records its finance interest cost within interest expense in the Condensed Consolidated Statements of Income. The components of lease costs recognized in the Condensed Consolidated Statements of Income for the three and six month periods ended April 4, 2021 and March 29, 2020 are as follows: Three Month Periods Ended Six Month Periods Ended (in millions) April 4, 2021 March 29, 2020 April 4, 2021 March 29, 2020 Operating lease cost $ 7.6 $ 6.1 $ 15.4 $ 12.6 Finance lease cost Amortization of leased assets 3.9 3.4 7.7 7.0 Interest on lease liability 2.3 2.2 4.7 4.5 Variable lease cost 3.2 3.3 5.9 5.8 Total lease cost $ 17.0 $ 15.0 $ 33.7 $ 29.9 During the three month periods ended April 4, 2021 and March 29, 2020, the Company recognized income attributable to leases and sub-leases of $0.6 million and $0.5 million, respectively. During the six month periods ended April 4, 2021 and March 29, 2020, the Company recognized income attributable to leases and sub-leases of $1.1 million and $1.0 million, respectively. Income from leases and sub-leases is recognized as Other Non-Operating Income in the Condensed Consolidated Statements of Income. The following is a summary of the Company’s cash paid for amounts included in the measurement of lease liabilities recognized in the Condensed Consolidated Statement of Cash Flow, including supplemental non-cash activity related to operating leases, for the three and six month periods ending April 4, 2021 and March 29, 2020: Three Month Periods Ended Six Month Periods Ended (in millions) April 4, 2021 March 29, 2020 April 4, 2021 March 29, 2020 Operating cash flow from operating leases $ 7.8 $ 5.4 $ 14.9 $ 11.8 Operating cash flows from finance leases 2.3 2.3 4.7 4.6 Financing cash flows from finance leases 3.2 3.5 6.3 6.9 Supplemental non-cash flow disclosure Acquisition of operating lease asset through lease obligations 2.1 1.8 11.0 4.3 The following is a summary of weighted-average lease term and discount rate at April 4, 2021 and September 30, 2020: April 4, 2021 September 30, 2020 Weighted average remaining lease term Operating leases 6.1 years 6.6 years Finance leases 15.4 years 15.6 years Weighted average discount rate Operating leases 4.6 % 4.7 % Finance leases 5.7 % 5.6 % At April 4, 2021, future lease payments under operating and finance leases were as follows: (in millions) Finance Leases Operating Leases 2021 remaining balance $ 10.4 $ 13.9 2022 18.5 25.5 2023 17.4 23.7 2024 17.0 15.1 2025 19.9 12.3 Thereafter 162.5 38.5 Total lease payments 245.7 129.0 Amount representing interest (89.3) (17.9) Total minimum lease payments $ 156.4 $ 111.1 |
Leases | LEASES The Company has leases primarily pertaining to manufacturing facilities, distribution centers, office space, warehouses, automobiles, machinery, computer, and office equipment that expire at various times through February 28, 2047 . We have identified embedded operating leases within certain logistic agreements for warehouses and information technology services arrangements and recognized assets identified in the arrangements as part of operating right-of-use ("ROU") assets on the Company’s Condensed Consolidated Statements of Financial Position as of April 4, 2021 and September 30, 2020. We elected to exclude certain supply agreements that contain embedded leases for manufacturing facilities or dedicated manufacturing lines from our ROU asset and liability calculation based on the insignificant impact to our financial statements. The following is a summary of the leases recognized on the Company’s Condensed Consolidated Statements of Financial Position as of April 4, 2021 and September 30, 2020: (in millions) Line Item April 4, 2021 September 30, 2020 Assets Operating Operating lease assets $ 103.0 $ 103.8 Finance Property, plant and equipment, net 129.8 136.3 Total leased assets $ 232.8 $ 240.1 Liabilities Current Operating Other current liabilities $ 24.9 $ 22.4 Finance Current portion of long-term debt 12.0 12.1 Long-term Operating Long-term operating lease liabilities 86.2 88.8 Finance Long-term debt, net of current portion 144.4 148.4 Total lease liabilities $ 267.5 $ 271.7 As of April 4, 2021, the Company had $19.7 million of commitments related to leases executed that have not yet commenced. The Company records its operating lease expense and amortization of finance lease ROU assets within Cost of Goods Sold or Operating Expenses in the Condensed Consolidated Statements of Income depending on the nature and use of the underlying asset. The Company records its finance interest cost within interest expense in the Condensed Consolidated Statements of Income. The components of lease costs recognized in the Condensed Consolidated Statements of Income for the three and six month periods ended April 4, 2021 and March 29, 2020 are as follows: Three Month Periods Ended Six Month Periods Ended (in millions) April 4, 2021 March 29, 2020 April 4, 2021 March 29, 2020 Operating lease cost $ 7.6 $ 6.1 $ 15.4 $ 12.6 Finance lease cost Amortization of leased assets 3.9 3.4 7.7 7.0 Interest on lease liability 2.3 2.2 4.7 4.5 Variable lease cost 3.2 3.3 5.9 5.8 Total lease cost $ 17.0 $ 15.0 $ 33.7 $ 29.9 During the three month periods ended April 4, 2021 and March 29, 2020, the Company recognized income attributable to leases and sub-leases of $0.6 million and $0.5 million, respectively. During the six month periods ended April 4, 2021 and March 29, 2020, the Company recognized income attributable to leases and sub-leases of $1.1 million and $1.0 million, respectively. Income from leases and sub-leases is recognized as Other Non-Operating Income in the Condensed Consolidated Statements of Income. The following is a summary of the Company’s cash paid for amounts included in the measurement of lease liabilities recognized in the Condensed Consolidated Statement of Cash Flow, including supplemental non-cash activity related to operating leases, for the three and six month periods ending April 4, 2021 and March 29, 2020: Three Month Periods Ended Six Month Periods Ended (in millions) April 4, 2021 March 29, 2020 April 4, 2021 March 29, 2020 Operating cash flow from operating leases $ 7.8 $ 5.4 $ 14.9 $ 11.8 Operating cash flows from finance leases 2.3 2.3 4.7 4.6 Financing cash flows from finance leases 3.2 3.5 6.3 6.9 Supplemental non-cash flow disclosure Acquisition of operating lease asset through lease obligations 2.1 1.8 11.0 4.3 The following is a summary of weighted-average lease term and discount rate at April 4, 2021 and September 30, 2020: April 4, 2021 September 30, 2020 Weighted average remaining lease term Operating leases 6.1 years 6.6 years Finance leases 15.4 years 15.6 years Weighted average discount rate Operating leases 4.6 % 4.7 % Finance leases 5.7 % 5.6 % At April 4, 2021, future lease payments under operating and finance leases were as follows: (in millions) Finance Leases Operating Leases 2021 remaining balance $ 10.4 $ 13.9 2022 18.5 25.5 2023 17.4 23.7 2024 17.0 15.1 2025 19.9 12.3 Thereafter 162.5 38.5 Total lease payments 245.7 129.0 Amount representing interest (89.3) (17.9) Total minimum lease payments $ 156.4 $ 111.1 |
Derivatives
Derivatives | 6 Months Ended |
Apr. 04, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVES | DERIVATIVES Cash Flow Hedges Commodity Swaps. The Company is exposed to risk from fluctuating prices for raw materials, specifically zinc and brass used in its manufacturing processes of its HHI segment. The Company hedges a portion of the risk associated with the purchase of these materials using 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 April 4, 2021, the Company had a series of brass and zinc swap contracts outstanding through August 31, 2022. The derivative net gain estimated to be reclassified from AOCI into earnings over the next 12 months is $0.9 million, net of tax. The Company had the following commodity swap contracts outstanding as of April 4, 2021 and September 30, 2020: April 4, 2021 September 30, 2020 (in millions, except Notional) Notional Contract Value Notional Contract Value Brass swap contracts 718.7 Metric Tons $ 4.0 949.0 Metric Tons $ 4.4 Zinc swap contracts 2,883.0 Metric Tons $ 7.7 1,552.0 Metric Tons $ 3.4 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, Pound Sterling, Canadian Dollars, Australian Dollars, or Japanese Yen. These foreign exchange contracts are cash flow hedges of fluctuating foreign exchange related to sales of product or inventory 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 April 4, 2021, the Company had a series of foreign exchange derivative contracts outstanding through September 27, 2022. The derivative net loss estimated to be reclassified from AOCI into earnings over the next 12 months is $4.6 million, net of tax. At April 4, 2021 and September 30, 2020, the Company had foreign exchange derivative contracts designated as cash flow hedges with a notional value of $318.4 million and $273.4 million, respectively. The following table summarizes the impact of designated cash flow hedges and the pre-tax gain (loss) recognized in the Condensed Consolidated Statements of Income for the three and six month periods ended April 4, 2021 and March 29, 2020, respectively: For the three month period ended April 4, 2021 (in millions) Gain (Loss) Reclassified to Continuing Operations Line Item Gain (Loss) Commodity swaps $ 0.5 Cost of goods sold $ 0.8 Foreign exchange contracts 0.1 Net sales — Foreign exchange contracts 5.2 Cost of goods sold (3.8) Total $ 5.8 $ (3.0) For the three month period ended March 29, 2020 (in millions) Gain (Loss) Reclassified to Continuing Operations Line Item Gain (Loss) Commodity swaps $ (0.9) Cost of goods sold $ (0.1) Foreign exchange contracts (0.1) Net sales — Foreign exchange contracts 8.8 Cost of goods sold 1.8 Total $ 7.8 $ 1.7 For the six month period ended April 4, 2021 (in millions) Gain (Loss) Reclassified to Continuing Operations Line Item Gain (Loss) Commodity swaps $ 1.4 Cost of goods sold $ 1.1 Foreign exchange contracts 0.1 Net sales — Foreign exchange contracts (8.1) Cost of goods sold (6.8) Total $ (6.6) $ (5.7) For the six month period ended March 29, 2020 (in millions) Gain (Loss) Reclassified to Continuing Operations Line Item Gain (Loss) Commodity swaps $ (0.7) Cost of goods sold $ (0.1) Foreign exchange contracts — Net sales (0.1) Foreign exchange contracts 2.3 Cost of goods sold 4.5 Total $ 1.6 $ 4.3 Derivative Contracts Not Designated as Hedges for Accounting Purposes Foreign exchange contracts. The Company periodically enters into foreign exchange forward 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, Philippine Pesos, Australian Dollars, Polish Zlotys, Mexican Pesos, or Japanese Yen, among others. 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 April 4, 2021, the Company had a series of forward exchange contracts outstanding through June 30, 2021. At April 4, 2021 and September 30, 2020, the Company had $773.5 million and $802.5 million, respectively, of notional value of such foreign exchange derivative contracts outstanding. The following summarizes the impact of derivative instruments on the accompanying Condensed Consolidated Statements of Income for the three and six month periods ended April 4, 2021 and March 29, 2020, pre-tax: Three Month Periods Ended Six Month Periods Ended (in millions) Line Item April 4, 2021 March 29, 2020 April 4, 2021 March 29, 2020 Foreign exchange contracts Other non-operating (income) expense $ (5.1) $ 22.9 $ (8.4) $ (2.2) 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 April 4, 2021 September 30, 2020 Derivative Assets Commodity swaps - designated as hedge Other receivables $ 1.3 $ 0.7 Commodity swaps - designated as hedge Deferred charges and other — 0.1 Foreign exchange contracts - designated as hedge Other receivables 1.3 — Foreign exchange contracts - designated as hedge Deferred charges and other 0.4 — Foreign exchange contracts - not designated as hedge Other receivables 2.8 0.4 Total Derivative Assets $ 5.8 $ 1.2 Derivative Liabilities Commodity swaps - designated as hedge Accounts payable $ 0.1 $ — Foreign exchange contracts - designated as hedge Accounts payable 7.2 3.8 Foreign exchange contracts - designated as hedge Other long term liabilities 0.1 0.3 Foreign exchange contracts - not designated as hedge Accounts payable 2.4 10.1 Total Derivative Liabilities $ 9.8 $ 14.2 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 April 4, 2021. The Company’s standard contracts do not contain credit risk related contingent features whereby the Company would be required to post additional cash collateral because 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 April 4, 2021, and September 30, 2020, there was no cash collateral outstanding and no posted standby letters of credit related to such liability positions. Net Investment Hedge SBI has €425.0 million aggregate principle amount of 4.00% Notes designated as a non-derivative economic hedge, or net investment hedge, of the translation of the Company’s net investments in Euro denominated subsidiaries at the time of issuance. The hedge effectiveness is measured on the beginning balance of the net investment and re-designated every three months. Any gains and losses attributable to the translation of the Euro denominated debt designated as net investment hedge are recognized as a component of foreign currency translation within AOCI, and gains and losses attributable to the translation of the undesignated portion are recognized as foreign currency translation gains or losses within Other Non-Operating Expense (Income). As of April 4, 2021 the full principal amount was designated as a net investment hedge and considered fully effective. The following summarizes the gain (loss) from the net investment hedge recognized in Other Comprehensive Income for the three and six month periods ended April 4, 2021 and March 29, 2020, pre-tax: Three Month Periods Ended Six Month Periods Ended Gain (loss) in OCI (in millions) April 4, 2021 March 29, 2020 April 4, 2021 March 29, 2020 Net investment hedge $ 20.1 $ 2.2 $ (1.4) $ (2.8) During the three and six month periods ended April 4, 2021, the Company did not recognize any pre-tax gain (loss) in earnings related to the translation of the undesignated portion of debt obligation. The pre-tax loss related to the translation of the undesignated portion of the debt obligation recognized in earnings was $0.5 million and $1.2 million and for the three and six month periods ended March 29, 2020. 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. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 6 Months Ended |
Apr. 04, 2021 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE OF FINANCIAL INSTRUMENTS | 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 carrying value and estimated fair value of financial and derivative instruments as of April 4, 2021 and September 30, 2020 according to the fair value hierarchy are as follows. April 4, 2021 September 30, 2020 (in millions) Level 1 Level 2 Level 3 Fair Value Carrying Level 1 Level 2 Level 3 Fair Value Carrying Investments $ — $ — $ — $ — $ — $ 66.9 $ — $ — $ 66.9 $ — Derivative Assets — 5.8 — 5.8 — — 1.2 — 1.2 — Derivative Liabilities — 9.8 — 9.8 — — 14.2 — 14.2 — Debt - SBH — 2,665.5 — 2,665.5 2,570.2 — 2,595.4 — 2,595.4 2,476.3 Debt - SB/RH — 2,665.5 — 2,665.5 2,570.2 — 2,595.4 — 2,595.4 2,476.3 Investments consist of our investment in Energizer common stock, which is valued at quoted market prices for identical instruments in an active market. Unrealized income (loss) from changes in fair value, realized income (loss) from sale of equity investments, plus dividend income from equity investments, are recognized as components of Other Non-Operating Income, Net on the Condensed Consolidated Statements of Income. During the three and six month periods ended April 4, 2021, the Company sold 0.3 million and 1.7 million shares of Energizer common stock, respectively, for proceeds of $12.6 million and $73.1 million, respectively. During the three and six month periods ended March 29, 2020, the Company sold 1.0 million shares of Energizer common stock for proceeds of $28.6 million. As of April 4, 2021, the company held no shares of Energizer common stock. The following is a summary of income from equity investments recognized as a component of Other Non-Operating Income in the Company's Condensed Consolidated Statements of Income: Three Month Periods Ended Six Month Periods Ended (in millions) April 4, 2021 March 29, 2020 April 4, 2021 March 29, 2020 Unrealized loss on equity investments held $ — $ (84.5) $ — $ (53.3) Realized gain (loss) on equity investments sold 0.9 (22.3) 6.9 (15.0) Gain (loss) on equity investments 0.9 (106.8) 6.9 (68.3) Dividend income from equity investments — 1.6 0.2 3.2 Gain (loss) from equity investments $ 0.9 $ (105.2) $ 7.1 $ (65.1) The fair value measurements of the Company’s debt represent non-active market exchanged traded securities which 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 12 – 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 | 6 Months Ended |
Apr. 04, 2021 | |
Retirement Benefits [Abstract] | |
EMPLOYEE BENEFIT PLANS | EMPLOYEE BENEFIT PLANS The net periodic benefit cost for defined benefit plans for the three and six month periods ended April 4, 2021 and March 29, 2020 are as follows: U.S. Plans Non U.S. Plans (in millions) April 4, 2021 March 29, 2020 April 4, 2021 March 29, 2020 Three Month Periods Ended Service cost $ 0.1 $ 0.2 $ 0.5 $ 0.6 Interest cost 0.5 0.5 0.6 0.6 Expected return on assets (0.9) (1.0) (1.0) (0.9) Recognized net actuarial loss 0.3 0.2 0.8 0.8 Net periodic benefit cost $ — $ (0.1) $ 0.9 $ 1.1 Six Month Periods Ended Service cost $ 0.2 $ 0.3 $ 1.1 $ 1.1 Interest cost 0.9 1.1 1.2 1.2 Expected return on assets (1.8) (2.1) (2.0) (1.8) Settlement and curtailment — 0.9 — — Recognized net actuarial loss 0.7 0.5 1.5 1.6 Net periodic benefit cost $ — $ 0.7 $ 1.8 $ 2.1 Weighted average assumptions Discount rate 2.46% 3.07% 0.50 - 6.90% 0.75 - 7.70% Expected return on plan assets 6.00% 6.50% 0.50 - 3.40% 0.75 - 3.40% Rate of compensation increase N/A N/A 2.25 - 6.00% 2.25 - 6.00% Contributions to our pension and defined benefit plans, including discretionary amounts, for the three month periods ended April 4, 2021 and March 29, 2020 were $0.9 million and $0.7 million, respectively; and for the six month periods ended April 4, 2021 and March 29, 2020, were $3.7 million and $1.5 million, respectively. |
Shareholder's Equity
Shareholder's Equity | 6 Months Ended |
Apr. 04, 2021 | |
Equity [Abstract] | |
SHAREHOLDER'S EQUITY | SHAREHOLDER’S EQUITY Share Repurchases The Company has a share repurchase program that is executed through purchases made from time to time either in the open market or otherwise. On July 24, 2018, the Board of Directors approved a $1 billion common stock repurchase program. The authorization is effective for 36 months. As part of the share repurchase program, the Company purchased treasury shares in open market purchases at market fair value, private purchases from Company employees, significant shareholders or beneficial interest owners at fair value and through an accelerated share repurchase (“ASR”) agreement with a third-party financial institution. On May 4, 2021, subsequent to the balance sheet date, the Board of Directors approved a new $1 billion common stock repurchase program and terminated the previously approved repurchase program. The authorization is effective for 36 months. On November 18, 2019, SBH entered into an ASR to repurchase $125.0 million of the Company’s common stock. At inception, pursuant to the agreement, the Company paid $125.0 million to the financial institution using cash on hand and took delivery of 1.7 million shares which represented approximately 85% of the total shares the Company expected to receive based on the market price at the time of the initial delivery. The transaction was accounted for as an equity transaction. The fair value of shares received initially of $106.3 million was recorded as a treasury stock transaction, with the remainder of $18.7 million recorded as a reduction to additional paid-in capital. Upon initial receipt of the shares, there was an immediate reduction in the weighted average common shares calculation for basic and diluted earnings per share. On February 24, 2020, the Company closed and settled the ASR resulting in an additional delivery of 0.3 million shares, with a fair value of $18.5 million. The total number of shares repurchased under the ASR program during the year ended September 30, 2020, was 2.0 million at an average cost per share of $61.59, based on the volume-weighted average share price of the Company’s common stock during the calculation period of the ASR program, less the applicable contractual discount. The following summarizes the activity of common stock repurchases under the program for the three and six month periods ended April 4, 2021 and March 29, 2020: April 4, 2021 March 29, 2020 Three Month Periods Ended (in millions except per share data) Number of Shares Repurchased Average Price Per Share Amount Number of Shares Repurchased Average Price Per Share Amount Open Market Purchases — $ — $ — 2.7 $ 54.54 $ 149.2 Private Purchases — — — — — — ASR — — — 0.3 59.69 18.5 Total Purchases — $ — $ — 3.0 $ 55.06 $ 167.7 April 4, 2021 March 29, 2020 Six Month Periods Ended (in millions except per share data) Number of Average Amount Number of Average Amount Open Market Purchases — $ — $ — 4.0 $ 56.97 $ 230.6 Private Purchases 0.6 65.27 42.3 0.2 62.30 9.2 ASR — — — 2.0 61.47 124.8 Total Purchases 0.6 $ 65.27 $ 42.3 6.2 $ 58.57 $ 364.6 |
Share Based Compensation
Share Based Compensation | 6 Months Ended |
Apr. 04, 2021 | |
Share-based Payment Arrangement [Abstract] | |
SHARE BASED COMPENSATION | SHARE BASED COMPENSATION Share based compensation expense is recognized as General and Administrative Expenses on the Condensed Consolidated Statements of Income. The following is a summary of share based compensation expense for the three and six month periods ended April 4, 2021 and March 29, 2020 for SBH and SB/RH, respectively. Three Month Periods Ended Six Month Periods Ended (in millions) April 4, 2021 March 29, 2020 April 4, 2021 March 29, 2020 SBH $ 8.5 $ 13.1 $ 16.0 $ 26.0 SB/RH $ 8.0 $ 12.6 $ 15.5 $ 25.4 The Company recognizes share based compensation expense from the issuance of its Restricted Stock Units (“RSUs”), primarily under its Long-Term Incentive Plan ("LTIP"), based on the fair value of the awards, as determined by the market price of the Company’s shares of common stock on the designated grant date and recognized on a straight-line basis over the requisite service period of the awards. Certain RSUs are time-based grants that provide for either 3-year cliff vesting or graded vesting depending upon the vesting conditions and forfeitures provided by the grant. Certain RSUs are performance-based awards that are dependent upon achieving specified financial metrics (adjusted EBITDA, return on adjusted equity, and/or adjusted free cash flow) over a designated period of time. Additionally, the Company regularly issues individual RSU awards under its equity plan to its Board members and individual employees for recognition, incentive, or retention purposes, when needed, which are primarily conditional upon time-based service conditions and included as a component of share-based compensation. In the prior year, the Company provided for a portion of its annual management incentive compensation plan ("MIP") to be paid in common stock of the Company, in lieu of cash payment. During the fourth quarter of the fiscal year ended September 30, 2020, the Company changed its MIP payout policy that previously provided for the issuance of stock for a designated pool of recipients to be fully funded through cash distribution with no stock issuance. Share based compensation expense associated with the annual MIP for the three and six month periods ended March 29, 2020 was $4.3 million and $8.6 million. There was no portion of annual MIP recognized in the share based compensation expense for the three and six month periods ended April 4, 2021. The following is a summary of the activity in the Company RSUs during the six month period ended April 4, 2021: SBH SB/RH (in millions, except per share data) Units Weighted Fair Units Weighted Fair Time-based grants Vesting in less than 24 months 0.1 $ 74.43 $ 7.7 0.1 $ 74.45 $ 6.3 Vesting in more than 24 months 0.1 74.37 7.7 0.1 74.37 7.6 Total time-based grants 0.2 $ 74.40 $ 15.4 0.2 $ 74.41 $ 13.9 Performance-based grants Vesting in more than 24 months 0.3 $ 74.36 $ 22.3 0.3 $ 74.36 $ 22.3 Total performance-based grants 0.3 $ 74.36 $ 22.3 0.3 $ 74.36 $ 22.3 Total grants 0.5 $ 74.38 $ 37.7 0.5 $ 74.38 $ 36.2 SBH SB/RH (in millions, except per share data) Shares Weighted Fair Shares Weighted Fair At September 30, 2020 1.4 $ 56.41 $ 79.3 1.4 $ 56.33 $ 77.7 Granted 0.5 74.38 37.7 0.5 74.38 36.2 Forfeited (0.1) 61.24 (1.0) (0.1) 61.24 (1.0) Vested (0.3) 53.06 (17.1) (0.3) 52.35 (15.8) At April 4, 2021 1.5 $ 62.83 $ 98.9 1.5 $ 62.73 $ 97.1 The remaining unrecognized pre-tax compensation cost for SBH and SB/RH at April 4, 2021 was $59.2 million and $58.3 million, respectively. |
Income Taxes
Income Taxes | 6 Months Ended |
Apr. 04, 2021 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES The effective tax rate for the three and six month periods ended April 4, 2021 and March 29, 2020 was as follows: Three Month Periods Ended Six Month Periods Ended Effective tax rate April 4, 2021 March 29, 2020 April 4, 2021 March 29, 2020 SBH 29.9 % 24.3 % 24.4 % 15.9 % SB/RH 29.9 % 23.5 % 24.4 % 15.0 % The estimated annual effective tax rate applied to the three and six month periods ended April 4, 2021 differs from the US federal statutory rate of 21% principally due to income earned outside the U.S. that is subject to U.S. tax, including the U.S. tax on global intangible low taxed income (“GILTI”), certain nondeductible expenses, foreign rates that differ from the US federal statutory rate, and state income taxes. The Company has U.S. net operating loss carryforwards, which do not allow it to take advantage of the foreign-derived intangible income (“FDII”) deduction. The Company’s federal effective tax rate on GILTI is therefore 21%. On November 20, 2020, the U.S. Treasury and the Internal Revenue Service issued Final Regulations (“Regulations”) under Internal Revenue Code Sections 245A and 951A related to the treatment of previously disqualified basis under the GILTI regime. The Regulations are effective for Fiscal 2022, but the Company can elect to apply them to Fiscal 2018 through Fiscal 2021. The Company expects to satisfy the requirements necessary to apply the Regulations retroactively and has therefore estimated and recorded a benefit of $5.3 million for the impact on years prior to Fiscal 2021 in the six month period ended April 4, 2021. The Company also expects to apply the Regulations to Fiscal 2021 and has included the impact in the estimated annual effective tax rate. As of April 4, 2021, and September 30, 2020, there was $16.0 million and $1.8 million of income taxes payable on the SB/RH Condensed Consolidated Statements of Financial Position, payable to its parent company, calculated as if SB/RH were a separate taxpayer. |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Apr. 04, 2021 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | RELATED PARTY TRANSACTIONS Energizer Holdings, Inc. Effective as of the close of the GBL and GAC divestitures during the year ended September 30, 2019, the Company and Energizer entered into a series of TSAs and reverse TSAs that support various shared back office administrative functions including finance, sales and marketing, information technology, human resources, real estate and supply chain, customer service and procurement; to support both the transferred GBL operations and the continuing operations of the Company, respectively, within the various regions in which they operate. Charges associated with TSAs and reverse TSAs are recognized as bundled service costs under a fixed fee structure by the respective service or function and geographic location and one-time pass-through charges, including warehousing, freight, among others, to and from Energizer that settle on a net basis between the two parties. Charges to Energizer for TSA services are recognized as a reduction of the respective operating costs incurred by the Company and recognized as a component of operating expense or cost of goods sold depending upon the functions being supported by the Company. Charges from Energizer for reverse TSA services are recognized as operating expenses or cost of goods sold depending upon the functions being supported by Energizer. Effective January 2, 2020, Energizer closed its divestiture of the European based Varta® consumer battery business in the EMEA region to Varta AG, which also transferred TSAs and reverse TSAs associated with the divested entities to be assumed by Varta AG. As a result, a portion of the TSA and reverse TSA charges with Energizer were transferred to Varta AG. The TSAs and reverse TSAs have an overall expected time period of 12 months following the close of the transactions with some variability in expiration dependent upon the completed transition of the respective service or function and its geographic location and provide up to 12 additional months for a total duration of up to 24 months. The Company has exited all outstanding TSAs and reverse TSAs with Energizer and Varta in January 2021. During the three month period ended April 4, 2021, the Company recognized net gain of $0.1 million, consisting of TSA charges of $0.1 million. During the six month period ended April 4, 2021, the Company recognized net loss of $1.7 million, consisting of TSA charges of $0.9 million and reverse TSA costs of $2.6 million. During the three month period ended March 29, 2020, the Company recognized net loss of $1.5 million, consisting of TSA charges of $2.2 million and reverse TSA costs of $3.7 million. During the six month period ended March 29, 2020, the Company recognized net gain of $0.1 million, consisting of TSA charges of $6.6 million and reverse TSA costs of and $6.5 million. In addition to the TSAs and reverse TSAs, the Company, Energizer and Varta AG will receive cash and/or make payments on behalf of the respective counterparty’s operations as part of the shared administrative functions, resulting in cash flow being commingled with the operating cash flow of the Company. The Company recognizes a net payable or receivable with Energizer and Varta AG for any outstanding TSA and reverse TSA related services and net working capital attributable to commingled cash flow. As of April 4, 2021 and September 30, 2020, the Company had net receivable of $2.1 million and $5.4 million, respectively, with Energizer included in Other Receivables on the Company’s Condensed Statements of Financial Position. As of April 4, 2021 and September 30, 2020, the Company had net payable of $1.1 million and $1.0 million, respectively, with Varta AG included in Other Current Liabilities on the Company’s Condensed Consolidated Statements of Financial Position. The Company’s H&G segment continued to manufacture certain GAC related products at its facilities and sell the products to Energizer as a third-party supplier on an ongoing basis, at inventory cost plus contracted markup, as agreed upon in the supply agreement. The supply agreement had a contracted term of 24 months, and expired in January 2021 with no renewal. Material and inventory on hand to support the supply agreement is recognized as inventory of the Company. During the three and six month periods ended April 4, 2021 the Company recognized $1.9 million and $6.0 million, respectively, of revenue attributable to the Energizer supply agreement as a component of H&G revenue after completion of the GAC divestiture. During the three and six month periods ended March 29, 2020, the Company recognized $5.6 million and $10.9 million of revenue attributable to the Energizer supply agreement. As of April 4, 2021 and September 30, 2020, the Company had outstanding receivables of $0.1 million and $4.4 million, respectively, from Energizer in Trade Receivables, Net on the Company’s Condensed Statements of Financial Position associated with the H&G supply agreement. See Note 13 – Fair value of Financial Instruments for additional discussion on the Company’s investment in Energizer common stock. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Apr. 04, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES The Company is a defendant in various litigation matters generally arising out of the ordinary course of business. Based on information currently available, the Company does not believe that any additional matters or proceedings presently pending will have a material adverse effect on its results of operations, financial condition, liquidity or cash flows. Shareholder Litigation. On July 12, 2019, an amended consolidated class action complaint filed earlier in 2018 was filed in the United States District Court for the Western District of Wisconsin (the “Court”) by the Public School Teachers’ Pension & Retirement Fund of Chicago and the Cambridge Retirement against Spectrum Brands’ Legacy, Inc. (“Spectrum Legacy”). The complaint alleges that the defendants violated the Securities Exchange Act of 1934. The amended complaint added HRG Group, Inc. (“HRG”), the predecessor to the Company, as a defendant and asserted additional claims against the Company on behalf of a purported class of HRG shareholders. The class period of the consolidated amended complaint is from January 26, 2017 to November 19, 2018, and the plaintiffs seek an unspecified amount of compensatory damages, interest, attorneys’ and expert fees and costs. During the year ended September 30, 2020, the Company reached a proposed settlement resulting in an insignificant loss, net of third-party insurance coverage and payment, pending final approval by the Court. In February 2021, the Court declined to approve the proposed settlement without prejudice because the Court determined that as a procedural matter the plaintiff’s counsel had not taken the appropriate actions to be appointed to represent the purported class of HRG shareholders. The parties are discussing appropriate actions that could address the procedural deficiency, but there can be no assurance that it will be addressed or that a settlement on the same terms, or any other terms, will ultimately be reached and approved by the Court. In the event a settlement is not reached and approved, the Company intends to vigorously defend the litigation. Environmental. The Company has provided for an estimated cost of $11.6 million as of April 4, 2021 and September 30, 2020, associated with environmental remediation activities at some of its current and former manufacturing sites, included in Other Long-Term Liabilities on the Condensed Consolidated Statements of Financial Position. The Company believes that any additional liability in excess of the amounts provided that may result from resolution of these matters, will not have a material adverse effect on the consolidated financial condition, results of operations, or cash flows of the Company. Product Liability. The Company may be named as a defendant in lawsuits involving product liability claims. The Company has recorded and maintains an estimated liability in the amount of management’s estimate for aggregate exposure for such liabilities based upon probable loss from loss reports, individual cases, and losses incurred but not reported. As of April 4, 2021 and September 30, 2020, the Company recognized $4.4 million and $5.1 million in product liability, respectively, included in Other Current Liabilities on the Condensed Consolidated Statements 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 $11.4 million and $10.9 million of warranty accruals as of April 4, 2021 and September 30, 2020, respectively, included in Other Current Liabilities on the Condensed Consolidated Statements of Financial Position. |
Segment Information
Segment Information | 6 Months Ended |
Apr. 04, 2021 | |
Segment Reporting [Abstract] | |
SEGMENT INFORMATION | SEGMENT INFORMATION Net sales relating to the segments for the three and six month periods ended April 4, 2021 and March 29, 2020 are as follows: Three Month Periods Ended Six Month Periods Ended (in millions) April 4, 2021 March 29, 2020 April 4, 2021 March 29, 2020 HHI $ 389.5 $ 329.1 $ 798.2 $ 626.8 HPC 297.9 232.7 676.4 554.8 GPC 293.6 236.9 569.1 442.7 H&G 168.8 139.1 251.0 185.0 Net sales $ 1,149.8 $ 937.8 $ 2,294.7 $ 1,809.3 The Chief Operating Decision Maker of the Company uses Adjusted EBITDA as the primary operating metric in evaluating the business and making operating decisions. EBITDA is calculated by excluding the Company’s income tax expense, interest expense, depreciation expense and amortization expense (from intangible assets) from net income. Adjusted EBITDA further excludes: • Stock based and other incentive compensation costs that consist of costs associated with long-term compensation arrangements and other equity based compensation based upon achievement of long-term performance metrics; and generally consist of non-cash, stock-based compensation. During the six month period ended April 4, 2021 and three and six month periods ended March 29, 2020, other incentive compensation includes certain incentive bridge awards issued due to changes in the Company’s LTIP that allow for cash based payment upon employee election but do not qualify for shared-based compensation. All bridge awards fully vested in November 2020. See Note 16 - Share Based Compensation in the Notes to the Condensed Consolidated Financial Statements, included elsewhere in this Quarterly Report, for further details; • Restructuring and related charges, which consist of project costs associated with the restructuring initiatives across the Company's segments. See Note 4 - Restructuring and Related Charges in the Notes to the Condensed Consolidated Financial Statements, included elsewhere in this Quarterly Report, for further details; • Transaction related charges that consist of (1) transaction costs from qualifying acquisition transactions during the period, or subsequent integration related project costs directly associated with an acquired business; and (2) divestiture related transaction costs that are recognized in continuing operations and post-divestiture separation costs consisting of incremental costs to facilitate separation of shared operations, including development of transferred shared service operations, platforms and personnel transferred and exiting of transition service arrangements (TSAs) and reverse TSAs. See Note 1 – Basis of Presentation & Significant Accounting Policies in the Notes to the Condensed Consolidated Financial Statements, included elsewhere in this Quarterly Report, for further details; • Gains and losses attributable to the Company’s investment in Energizer common stock. During the three month period ended April 4, 2021, the Company sold its remaining shares in Energizer common stock. See Note 13 – Fair Value of Financial Instruments in the Notes to the Condensed Consolidated Financial Statements, included elsewhere in this Quarterly Report, for further details; • Non-cash purchase accounting inventory adjustments recognized in earnings from continuing operations subsequent to an acquisition (when applicable); • Non-cash asset impairments or write-offs realized and recognized in earnings from continuing operations (when applicable); • Other adjustments primarily consisting of costs attributable to (1) proposed settlement on outstanding litigation matters at our H&G division attributable to significant and unusual non-recurring claims with no previous history or precedent realized during the six month period ended April 4, 2021; (2) legal and litigation costs associated with Salus during the three and six month periods ended April 4, 2021 and March 29, 2020 as they are not considered a component of the continuing commercial products company; (3) foreign currency attributable to multicurrency loans for the three and six month periods ended March 29, 2020, that were entered into with foreign subsidiaries in exchange for receipt of divestiture proceeds by the parent company and the distribution of the respective foreign subsidiaries’ net assets as part of the GBL and GAC divestitures; (4) expenses and cost recovery for flood damage at Company facilities in Middleton, Wisconsin during the three and six month periods ended March 29, 2020 and (5) incremental costs for separation of a key executive during the three and six month periods ended March 29, 2020; Segment Adjusted EBITDA for the reportable segments for SBH for the three and six month periods ended April 4, 2021 and March 29, 2020, are as follows: Three Month Periods Ended Six Month Periods Ended SBH (in millions) April 4, 2021 March 29, 2020 April 4, 2021 March 29, 2020 HHI $ 73.4 $ 69.5 $ 171.6 $ 112.3 HPC 25.4 8.0 76.3 44.4 GPC 55.6 40.0 109.2 71.5 H&G 34.8 28.4 45.3 25.1 Total Segment Adjusted EBITDA 189.2 145.9 402.4 253.3 Corporate 8.3 5.5 17.5 10.8 Interest expense 65.5 35.5 102.2 70.4 Depreciation and amortization 38.7 36.4 74.4 78.0 Share and incentive based compensation 8.5 14.6 16.7 29.1 Restructuring and related charges 4.1 21.9 13.3 49.4 Transaction related charges 9.7 7.2 30.3 11.3 (Gain) loss on Energizer investment (0.9) 106.8 (6.9) 68.3 (Gain) loss on assets held for sale — (7.0) — 25.7 Write-off from impairment of intangible assets — — — 24.2 Inventory acquisition step-up 2.6 — 3.4 — Other 0.2 3.2 6.0 1.3 Income (loss) from operations before income taxes $ 52.5 $ (78.2) $ 145.5 $ (115.2) Segment Adjusted EBITDA for reportable segments for SB/RH for the three and six month periods ended April 4, 2021 and March 29, 2020 are as follows: Three Month Periods Ended Six Month Periods Ended SB/RH (in millions) April 4, 2021 March 29, 2020 April 4, 2021 March 29, 2020 HHI $ 73.4 $ 69.5 $ 171.6 $ 112.3 HPC 25.4 8.0 76.3 44.4 GPC 55.6 40.0 109.2 71.5 H&G 34.8 28.4 45.3 25.1 Total Segment Adjusted EBITDA 189.2 145.9 402.4 253.3 Corporate 8.1 2.3 16.7 7.2 Interest expense 65.6 35.3 102.4 70.0 Depreciation and amortization 38.7 36.4 74.4 78.0 Share and incentive based compensation 8.0 14.1 16.1 28.5 Restructuring and related charges 4.1 21.9 13.3 49.4 Transaction related charges 9.7 7.2 30.3 11.3 (Gain) loss on Energizer investment (0.9) 106.8 (6.9) 68.3 (Gain) loss on assets held for sale — (7.0) — 25.7 Write-off from impairment of intangible assets — — — 24.2 Inventory acquisition step-up 2.6 — 3.4 — Other 0.1 3.0 5.9 0.8 Income (loss) from operations before income taxes $ 53.2 $ (74.1) $ 146.8 $ (110.1) |
Earnings Per Share - SBH
Earnings Per Share - SBH | 6 Months Ended |
Apr. 04, 2021 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE - SBH | 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 six month periods ended April 4, 2021 and March 29, 2020 are as follows: Three Month Periods Ended Six Month Periods Ended (in millions, except per share amounts) April 4, 2021 March 29, 2020 April 4, 2021 March 29, 2020 Numerator Net income (loss) from continuing operations attributable to controlling interest $ 37.7 $ (58.4) $ 110.1 $ (97.0) (Loss) income from discontinued operations attributable to controlling interest (1.1) 1.4 (1.4) 4.3 Net income (loss) attributable to controlling interest $ 36.6 $ (57.0) $ 108.7 $ (92.7) Denominator Weighted average shares outstanding - basic 42.6 45.1 42.8 46.4 Dilutive shares 0.3 — 0.2 — Weighted average shares outstanding - diluted 42.9 45.1 43.0 46.4 Earnings per share Basic earnings per share from continuing operations $ 0.88 $ (1.29) $ 2.57 $ (2.09) Basic earnings per share from discontinued operations (0.02) 0.03 (0.03) 0.09 Basic earnings per share $ 0.86 $ (1.26) $ 2.54 $ (2.00) Diluted earnings per share from continuing operations $ 0.88 $ (1.29) $ 2.56 $ (2.09) Diluted earnings per share from discontinued operations (0.03) 0.03 (0.03) 0.09 Diluted earnings per share $ 0.85 $ (1.26) $ 2.53 $ (2.00) Weighted average number of anti-dilutive shares excluded from denominator — 0.1 — 0.1 |
Basis of Presentation and Sig_2
Basis of Presentation and Significant Accounting Policies (Policies) | 6 Months Ended |
Apr. 04, 2021 | |
Accounting Policies [Abstract] | |
Principles of Consolidation and Fiscal Period-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 consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2020. SBH’s and SB/RH’s fiscal year ends September 30 and the Company 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 six month periods included within this Quarterly Report for the Company, are April 4, 2021 and March 29, 2020. |
Newly Adopted Accounting Standards | Newly Adopted Accounting Standards In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments , which was further updated and clarified by the FASB through the issuance of additional related ASUs. The ASU introduces a forward-looking approach, based on expected losses, to estimate credit losses on certain types of financial instruments, including trade receivables. The estimate of expected credit losses will require entities to incorporate considerations of historical information, current information, and reasonable and supportable forecasts. This ASU also expands the disclosure requirements to enable users of financial statements to understand the entity’s assumptions, models, and methods for estimating expected credit losses. The guidance is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2019. The Company adopted ASU 2016-13 on a modified retrospective basis effective October 1, 2020. The adoption of ASU 2016-13 did not have a material impact on the Company’s condensed consolidated financial statements. Refer to Note 6 - Receivables and Concentration of Credit Risk for further discussion on the Company's receivables and allowance for uncollectible receivables. In August 2018, the FASB issued ASU 2018-15, Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract . This standard provides guidance on accounting for costs of implementation activities performed in a cloud computing arrangement that is a service contract. ASU 2018-15 aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software and hosting arrangements that include an internal-use software license. ASU 2018-15 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2019. The Company adopted ASU 2018-15 prospectively to all implementation costs incurred after October 1, 2020, the date of adoption. Before the adoption of the standard, the implementation costs in cloud computing arrangements were expensed as incurred. The adoption of ASU 2018-15 did not have a material impact on the Company’s condensed consolidated financial statements. Recently Issued Accounting Standards In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. This ASU provides optional expedient and exceptions for applying generally accepted accounting principles to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. In response to the concerns about structural risks of interbank offered rates (“IBORs”) and, particularly, the risk of cessation of the London Interbank Offered Rate (“LIBOR”), regulators in several jurisdictions around the world have undertaken reference rate reform initiatives to identify alternative reference rates that are more observable or transaction based and less susceptible to manipulation. The ASU provides companies with optional guidance to ease the potential accounting burden associated with transitioning away from reference rates that are expected to be discontinued. In January 2021, the FASB issued ASU 2021-01, which adds implementation guidance to clarify certain optional expedients in Topic 848. The ASUs can be adopted no later than December 31, 2022 with early adoption permitted. The Company is evaluating the effect of adopting this new accounting guidance. |
Transaction Related Charges | Transaction related chargesTransaction related charges consist of transaction costs from (1) qualifying acquisition transactions, whether or not consummated, associated with 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; (2) subsequent integration related project costs directly associated with an acquired business including costs for integration of acquired operations into the Company’s shared service platforms, termination of redundant positions and locations, employee transition costs, integration related professional fees and other post business combination expenses; and (3) divestiture support and separation costs consisting of incremental costs incurred by the continuing operations after completion of the transaction to facilitate separation of shared operations, development of transferred shared service operations, platforms and personnel transferred under the transaction. Divestiture-related charges prior to completion of the transaction qualifying as discontinued operations are recognized as a component of Income from Discontinued Operations, net of tax. Qualifying cost types include, but are not limited to, banking, advisory, legal, accounting, valuation, and other professional fees directly related to the respective transactions. |
Basis of Presentation and Sig_3
Basis of Presentation and Significant Accounting Policies (Tables) | 6 Months Ended |
Apr. 04, 2021 | |
Accounting Policies [Abstract] | |
Schedule Of Transaction Related Charges | The following table summarizes transaction related charges incurred by the Company during the three and six month periods ended April 4, 2021 and March 29, 2020: Three Month Periods Ended Six Month Periods Ended (in millions) April 4, 2021 March 29, 2020 April 4, 2021 March 29, 2020 Armitage acquisition and integration $ 2.0 $ — $ 6.8 $ — Coevorden operations divestiture and separation 2.0 1.5 4.8 1.7 GBL divestiture and separation 0.9 2.7 2.7 5.1 Omega Sea acquisition and integration 0.1 1.3 0.2 1.3 Other 4.7 1.7 15.8 3.2 Total transaction-related charges $ 9.7 $ 7.2 $ 30.3 $ 11.3 |
Divestitures (Tables)
Divestitures (Tables) | 6 Months Ended |
Apr. 04, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Summary of Components of Income From Discontinued Operations, Net of Tax | The following table summarizes the components of Income from Discontinued Operations, Net of Tax in the accompanying Condensed Consolidated Statements of Income for the three and six month periods ended April 4, 2021 and March 29, 2020: Three Month Periods Ended Six Month Periods Ended (in millions) April 4, 2021 March 29, 2020 April 4, 2021 March 29, 2020 (Loss) income from discontinued operations before income taxes $ (1.0) $ 1.4 $ (1.3) $ 3.8 Income tax expense (benefit) from discontinued operations 0.1 — 0.1 (0.5) (Loss) income from discontinued operations, net of tax (1.1) 1.4 (1.4) 4.3 (Loss) income from discontinued operations attributable to controlling interest, net of tax $ (1.1) $ 1.4 $ (1.4) $ 4.3 |
Acquisitions (Tables)
Acquisitions (Tables) | 6 Months Ended |
Apr. 04, 2021 | |
Business Combinations [Abstract] | |
Schedule of Purchase Price Allocation | The calculation of purchase price and purchase price allocation is as follows: (in millions) Amount Cash paid $ 187.7 Debt assumed 51.0 Cash consideration $ 136.7 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | (in millions) Purchase Price Allocation Cash and cash equivalents $ 6.9 Trade receivables, net 16.7 Other receivables 1.9 Inventories 16.3 Prepaid expenses and other current assets 0.2 Property, plant and equipment, net 3.0 Operating lease assets 0.1 Deferred charges and other 0.9 Goodwill 90.7 Intangible assets, net 88.6 Accounts payable (9.2) Accrued wages and salaries (1.5) Other current liabilities (7.0) Long-term debt, net of current portion (51.0) Long-term operating lease liabilities (0.1) Deferred income taxes (18.0) Other long-term liabilities (1.8) Net assets acquired $ 136.7 |
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination | The values allocated to intangible assets and the weighted average useful lives are as follows: (in millions) Carrying Amount Weighted Average Useful Life (Years) Tradenames $ 74.3 Indefinite Customer relationships 14.3 12 years Total intangibles acquired $ 88.6 |
Restructuring And Related Cha_2
Restructuring And Related Charges (Tables) | 6 Months Ended |
Apr. 04, 2021 | |
Restructuring and Related Activities [Abstract] | |
Summary of Restructuring and Related Charges | The following summarizes restructuring and related charges for the three and six month periods ended April 4, 2021 and March 29, 2020: Three Month Periods Ended Six Month Periods Ended (in millions) April 4, 2021 March 29, 2020 April 4, 2021 March 29, 2020 Global productivity improvement program $ 1.7 $ 21.2 $ 10.9 $ 47.9 Other restructuring activities 2.4 0.7 2.4 1.5 Total restructuring and related charges $ 4.1 $ 21.9 $ 13.3 $ 49.4 Reported as: Cost of goods sold $ 1.3 $ 2.9 $ 1.4 $ 12.8 Operating expense 2.8 19.0 11.9 36.6 |
Summary of Costs Incurred and Cumulative Costs By Cost Type | The following is a summary of restructuring and related charges for the three and six month periods ended April 4, 2021 and March 29, 2020, cumulative costs for current restructuring initiatives, and estimated future costs to be incurred as of April 4, 2021, by cost type. (in millions) Termination Other Total For the three month period ended April 4, 2021 $ 0.3 $ 3.8 $ 4.1 For the three month period ended March 29, 2020 6.2 15.7 21.9 For the six month period ended April 4, 2021 3.2 10.1 13.3 For the six month period ended March 29, 2020 11.4 38.0 49.4 Cumulative costs through April 4, 2021 23.6 112.7 136.3 Estimated future costs to be incurred 2.0 29.6 31.6 |
Rollforward of Restructuring Accrual | The following is a rollforward of the accrual related to all restructuring and related activities, included within Other Current Liabilities, by cost type for the six month period ended April 4, 2021. (in millions) Termination Other Total Accrual balance at September 30, 2020 $ 4.1 $ 6.4 $ 10.5 Provisions 1.5 6.4 7.9 Cash expenditures (1.9) (12.1) (14.0) Non-cash items — 0.1 0.1 Accrual balance at April 4, 2021 $ 3.7 $ 0.8 $ 4.5 |
Summary of Costs Incurred By Reporting Segment | The following summarizes restructuring and related charges by segment for the three and six month periods ended April 4, 2021 and March 29, 2020, cumulative costs incurred through April 4, 2021, and estimated future costs to be incurred by the Company’s segments: (in millions) HHI HPC GPC H&G Corporate Total For the three month period ended April 4, 2021 $ (0.2) $ 1.5 $ 0.6 $ — $ 2.2 $ 4.1 For the three month period ended March 29, 2020 0.2 1.7 6.4 0.2 13.4 21.9 For the six month period ended April 4, 2021 — 4.1 2.1 — 7.1 13.3 For the six month period ended March 29, 2020 0.7 2.8 16.7 0.4 28.8 49.4 Cumulative costs through April 4, 2021 1.5 15.7 22.8 2.2 94.1 136.3 Estimated future costs to be incurred 0.8 2.9 3.5 2.1 22.3 31.6 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 6 Months Ended |
Apr. 04, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation Of Revenue | The following table disaggregates our revenue for the three and six month periods ended April 4, 2021 and March 29, 2020, by the Company’s key revenue streams, segments and geographic region (based upon destination): Three Month Period Ended April 4, 2021 (in millions) HHI HPC GPC H&G Total Product Sales NA $ 378.6 $ 115.3 $ 182.4 $ 166.8 $ 843.1 EMEA — 123.3 94.2 — 217.5 LATAM 10.0 40.6 4.4 1.5 56.5 APAC 0.7 15.9 8.8 — 25.4 Licensing 0.2 2.8 2.1 0.5 5.6 Other — — 1.7 — 1.7 Total Revenue $ 389.5 $ 297.9 $ 293.6 $ 168.8 $ 1,149.8 Three Month Period Ended March 29, 2020 (in millions) HHI HPC GPC H&G Total Product Sales NA $ 313.6 $ 98.7 $ 166.3 $ 137.8 $ 716.4 EMEA 0.3 92.2 57.9 — 150.4 LATAM 9.9 28.3 3.3 0.9 42.4 APAC 5.0 12.6 6.2 — 23.8 Licensing 0.3 0.9 2.0 0.4 3.6 Other — — 1.2 — 1.2 Total Revenue $ 329.1 $ 232.7 $ 236.9 $ 139.1 $ 937.8 Six Month Period Ended April 4, 2021 (in millions) HHI HPC GPC H&G Total Product Sales NA $ 776.1 $ 257.9 $ 360.5 $ 247.0 $ 1,641.5 EMEA — 290.9 175.5 — 466.4 LATAM 20.4 83.0 8.4 3.2 115.0 APAC 1.1 38.2 17.9 — 57.2 Licensing 0.6 6.4 3.9 0.8 11.7 Other — — 2.9 — 2.9 Total Revenue $ 798.2 $ 676.4 $ 569.1 $ 251.0 $ 2,294.7 Six Month Period Ended March 29, 2020 (in millions) HHI HPC GPC H&G Total Product Sales NA $ 595.1 $ 215.1 $ 304.8 $ 182.0 $ 1,297.0 EMEA 0.4 241.4 111.8 — 353.6 LATAM 20.4 64.2 6.6 2.2 93.4 APAC 10.3 30.1 13.3 — 53.7 Licensing 0.6 4.0 3.8 0.8 9.2 Other — — 2.4 — 2.4 Total Revenue $ 626.8 $ 554.8 $ 442.7 $ 185.0 $ 1,809.3 |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Apr. 04, 2021 | |
Inventory Disclosure [Abstract] | |
Schedule Of Inventories | Inventories consist of the following: (in millions) April 4, 2021 September 30, 2020 Raw materials $ 102.0 $ 67.8 Work-in-process 78.1 60.8 Finished goods 632.0 429.1 $ 812.1 $ 557.7 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 6 Months Ended |
Apr. 04, 2021 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | Property, plant and equipment consist of the following: (in millions) April 4, 2021 September 30, 2020 Land, buildings and improvements $ 132.0 $ 134.8 Machinery, equipment and other 554.4 520.0 Finance leases 202.0 200.8 Construction in progress 31.0 29.8 Property, plant and equipment 919.4 885.4 Accumulated depreciation (526.8) (488.9) Property, plant and equipment, net $ 392.6 $ 396.5 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 6 Months Ended |
Apr. 04, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Changes in the Carrying Amount of Goodwill by Reporting Segment | Goodwill consists of the following: (in millions) HHI GPC H&G Total As of September 30, 2020 $ 704.8 $ 431.6 $ 195.6 $ 1,332.0 Foreign currency impact 6.3 5.6 — 11.9 Armitage acquisition (Note 3) — 90.7 — 90.7 As of April 4, 2021 $ 711.1 $ 527.9 $ 195.6 $ 1,434.6 |
Schedule of Carrying Value and Accumulated Amortization for Intangible Assets | The carrying value of indefinite-lived intangibles and definite-lived intangibles assets subject to amortization and accumulated amortization are as follows: April 4, 2021 September 30, 2020 (in millions) Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net Amortizable Intangible Assets: Customer relationships $ 710.2 $ (389.4) $ 320.8 $ 692.1 $ (367.9) $ 324.2 Technology assets 153.6 (91.7) 61.9 175.7 (104.1) 71.6 Tradenames 158.1 (136.8) 21.3 161.0 (132.6) 28.4 Total Amortizable Intangible Assets 1,021.9 (617.9) 404.0 1,028.8 (604.6) 424.2 Indefinite-lived Intangible Assets - Tradenames 1,092.4 — 1,092.4 1,007.5 — 1,007.5 Total Intangible Assets $ 2,114.3 $ (617.9) $ 1,496.4 $ 2,036.3 $ (604.6) $ 1,431.7 |
Schedule of Future Amortization Expense | 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 2021 $ 76.3 2022 56.0 2023 45.9 2024 45.8 2025 43.7 |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Apr. 04, 2021 | |
Debt Disclosure [Abstract] | |
Schedule Of Debt | Debt consists of the following: April 4, 2021 September 30, 2020 (in millions) Amount Rate Amount Rate Spectrum Brands Inc. Revolver Facility, variable rate, expiring June 30, 2025 $ — — % $ — — % Term Loan Facility, variable rate, due March 3, 2028 400.0 2.5 % — — % 6.125% Notes, due December 15, 2024 — — % 250.0 6.1 % 5.75% Notes, due July 15, 2025 450.0 5.8 % 1,000.0 5.8 % 4.00% Notes, due October 1, 2026 500.6 4.0 % 499.1 4.0 % 5.00% Notes, due October 1, 2029 300.0 5.0 % 300.0 5.0 % 5.50% Notes, due July 15, 2030 300.0 5.5 % 300.0 5.5 % 3.875% Notes, due March 15, 2031 500.0 3.9 % — — % Other notes and obligations 2.6 7.7 % 3.2 7.6 % Obligations under capital leases 156.4 5.7 % 160.5 5.6 % Total Spectrum Brands, Inc. debt 2,609.6 2,512.8 Unamortized discount on debt (1.0) — Debt issuance costs (38.4) (36.5) Less current portion (18.6) (15.3) Long-term debt, net of current portion $ 2,551.6 $ 2,461.0 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Apr. 04, 2021 | |
Leases [Abstract] | |
Summary of Leases Related to Consolidated Statement of Financial Position | The following is a summary of the leases recognized on the Company’s Condensed Consolidated Statements of Financial Position as of April 4, 2021 and September 30, 2020: (in millions) Line Item April 4, 2021 September 30, 2020 Assets Operating Operating lease assets $ 103.0 $ 103.8 Finance Property, plant and equipment, net 129.8 136.3 Total leased assets $ 232.8 $ 240.1 Liabilities Current Operating Other current liabilities $ 24.9 $ 22.4 Finance Current portion of long-term debt 12.0 12.1 Long-term Operating Long-term operating lease liabilities 86.2 88.8 Finance Long-term debt, net of current portion 144.4 148.4 Total lease liabilities $ 267.5 $ 271.7 |
Schedule of Lease Costs, Cash Paid, Weighted-Average Lease Term and Discount Rate | The components of lease costs recognized in the Condensed Consolidated Statements of Income for the three and six month periods ended April 4, 2021 and March 29, 2020 are as follows: Three Month Periods Ended Six Month Periods Ended (in millions) April 4, 2021 March 29, 2020 April 4, 2021 March 29, 2020 Operating lease cost $ 7.6 $ 6.1 $ 15.4 $ 12.6 Finance lease cost Amortization of leased assets 3.9 3.4 7.7 7.0 Interest on lease liability 2.3 2.2 4.7 4.5 Variable lease cost 3.2 3.3 5.9 5.8 Total lease cost $ 17.0 $ 15.0 $ 33.7 $ 29.9 The following is a summary of the Company’s cash paid for amounts included in the measurement of lease liabilities recognized in the Condensed Consolidated Statement of Cash Flow, including supplemental non-cash activity related to operating leases, for the three and six month periods ending April 4, 2021 and March 29, 2020: Three Month Periods Ended Six Month Periods Ended (in millions) April 4, 2021 March 29, 2020 April 4, 2021 March 29, 2020 Operating cash flow from operating leases $ 7.8 $ 5.4 $ 14.9 $ 11.8 Operating cash flows from finance leases 2.3 2.3 4.7 4.6 Financing cash flows from finance leases 3.2 3.5 6.3 6.9 Supplemental non-cash flow disclosure Acquisition of operating lease asset through lease obligations 2.1 1.8 11.0 4.3 The following is a summary of weighted-average lease term and discount rate at April 4, 2021 and September 30, 2020: April 4, 2021 September 30, 2020 Weighted average remaining lease term Operating leases 6.1 years 6.6 years Finance leases 15.4 years 15.6 years Weighted average discount rate Operating leases 4.6 % 4.7 % Finance leases 5.7 % 5.6 % |
Schedule of Future Lease Payments Under Operating Leases | At April 4, 2021, future lease payments under operating and finance leases were as follows: (in millions) Finance Leases Operating Leases 2021 remaining balance $ 10.4 $ 13.9 2022 18.5 25.5 2023 17.4 23.7 2024 17.0 15.1 2025 19.9 12.3 Thereafter 162.5 38.5 Total lease payments 245.7 129.0 Amount representing interest (89.3) (17.9) Total minimum lease payments $ 156.4 $ 111.1 |
Schedule of Future Lease Payments Under Finance Leases | At April 4, 2021, future lease payments under operating and finance leases were as follows: (in millions) Finance Leases Operating Leases 2021 remaining balance $ 10.4 $ 13.9 2022 18.5 25.5 2023 17.4 23.7 2024 17.0 15.1 2025 19.9 12.3 Thereafter 162.5 38.5 Total lease payments 245.7 129.0 Amount representing interest (89.3) (17.9) Total minimum lease payments $ 156.4 $ 111.1 |
Derivatives (Tables)
Derivatives (Tables) | 6 Months Ended |
Apr. 04, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Commodity Swap Contracts Outstanding | The Company had the following commodity swap contracts outstanding as of April 4, 2021 and September 30, 2020: April 4, 2021 September 30, 2020 (in millions, except Notional) Notional Contract Value Notional Contract Value Brass swap contracts 718.7 Metric Tons $ 4.0 949.0 Metric Tons $ 4.4 Zinc swap contracts 2,883.0 Metric Tons $ 7.7 1,552.0 Metric Tons $ 3.4 |
Summary of Impact of Designated Hedges and Gain (Loss) | The following table summarizes the impact of designated cash flow hedges and the pre-tax gain (loss) recognized in the Condensed Consolidated Statements of Income for the three and six month periods ended April 4, 2021 and March 29, 2020, respectively: For the three month period ended April 4, 2021 (in millions) Gain (Loss) Reclassified to Continuing Operations Line Item Gain (Loss) Commodity swaps $ 0.5 Cost of goods sold $ 0.8 Foreign exchange contracts 0.1 Net sales — Foreign exchange contracts 5.2 Cost of goods sold (3.8) Total $ 5.8 $ (3.0) For the three month period ended March 29, 2020 (in millions) Gain (Loss) Reclassified to Continuing Operations Line Item Gain (Loss) Commodity swaps $ (0.9) Cost of goods sold $ (0.1) Foreign exchange contracts (0.1) Net sales — Foreign exchange contracts 8.8 Cost of goods sold 1.8 Total $ 7.8 $ 1.7 For the six month period ended April 4, 2021 (in millions) Gain (Loss) Reclassified to Continuing Operations Line Item Gain (Loss) Commodity swaps $ 1.4 Cost of goods sold $ 1.1 Foreign exchange contracts 0.1 Net sales — Foreign exchange contracts (8.1) Cost of goods sold (6.8) Total $ (6.6) $ (5.7) For the six month period ended March 29, 2020 (in millions) Gain (Loss) Reclassified to Continuing Operations Line Item Gain (Loss) Commodity swaps $ (0.7) Cost of goods sold $ (0.1) Foreign exchange contracts — Net sales (0.1) Foreign exchange contracts 2.3 Cost of goods sold 4.5 Total $ 1.6 $ 4.3 Three Month Periods Ended Six Month Periods Ended Gain (loss) in OCI (in millions) April 4, 2021 March 29, 2020 April 4, 2021 March 29, 2020 Net investment hedge $ 20.1 $ 2.2 $ (1.4) $ (2.8) |
Summary of Impact of Derivative Instruments | The following summarizes the impact of derivative instruments on the accompanying Condensed Consolidated Statements of Income for the three and six month periods ended April 4, 2021 and March 29, 2020, pre-tax: Three Month Periods Ended Six Month Periods Ended (in millions) Line Item April 4, 2021 March 29, 2020 April 4, 2021 March 29, 2020 Foreign exchange contracts Other non-operating (income) expense $ (5.1) $ 22.9 $ (8.4) $ (2.2) |
Schedule of Fair Value of Outstanding 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 April 4, 2021 September 30, 2020 Derivative Assets Commodity swaps - designated as hedge Other receivables $ 1.3 $ 0.7 Commodity swaps - designated as hedge Deferred charges and other — 0.1 Foreign exchange contracts - designated as hedge Other receivables 1.3 — Foreign exchange contracts - designated as hedge Deferred charges and other 0.4 — Foreign exchange contracts - not designated as hedge Other receivables 2.8 0.4 Total Derivative Assets $ 5.8 $ 1.2 Derivative Liabilities Commodity swaps - designated as hedge Accounts payable $ 0.1 $ — Foreign exchange contracts - designated as hedge Accounts payable 7.2 3.8 Foreign exchange contracts - designated as hedge Other long term liabilities 0.1 0.3 Foreign exchange contracts - not designated as hedge Accounts payable 2.4 10.1 Total Derivative Liabilities $ 9.8 $ 14.2 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Apr. 04, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of Carrying Values and Fair Values for Financial Instruments | The carrying value and estimated fair value of financial and derivative instruments as of April 4, 2021 and September 30, 2020 according to the fair value hierarchy are as follows. April 4, 2021 September 30, 2020 (in millions) Level 1 Level 2 Level 3 Fair Value Carrying Level 1 Level 2 Level 3 Fair Value Carrying Investments $ — $ — $ — $ — $ — $ 66.9 $ — $ — $ 66.9 $ — Derivative Assets — 5.8 — 5.8 — — 1.2 — 1.2 — Derivative Liabilities — 9.8 — 9.8 — — 14.2 — 14.2 — Debt - SBH — 2,665.5 — 2,665.5 2,570.2 — 2,595.4 — 2,595.4 2,476.3 Debt - SB/RH — 2,665.5 — 2,665.5 2,570.2 — 2,595.4 — 2,595.4 2,476.3 |
Summary of Income Recognized from Equity Investments | The following is a summary of income from equity investments recognized as a component of Other Non-Operating Income in the Company's Condensed Consolidated Statements of Income: Three Month Periods Ended Six Month Periods Ended (in millions) April 4, 2021 March 29, 2020 April 4, 2021 March 29, 2020 Unrealized loss on equity investments held $ — $ (84.5) $ — $ (53.3) Realized gain (loss) on equity investments sold 0.9 (22.3) 6.9 (15.0) Gain (loss) on equity investments 0.9 (106.8) 6.9 (68.3) Dividend income from equity investments — 1.6 0.2 3.2 Gain (loss) from equity investments $ 0.9 $ (105.2) $ 7.1 $ (65.1) |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 6 Months Ended |
Apr. 04, 2021 | |
Retirement Benefits [Abstract] | |
Components of Net Periodic Benefit Cost | The net periodic benefit cost for defined benefit plans for the three and six month periods ended April 4, 2021 and March 29, 2020 are as follows: U.S. Plans Non U.S. Plans (in millions) April 4, 2021 March 29, 2020 April 4, 2021 March 29, 2020 Three Month Periods Ended Service cost $ 0.1 $ 0.2 $ 0.5 $ 0.6 Interest cost 0.5 0.5 0.6 0.6 Expected return on assets (0.9) (1.0) (1.0) (0.9) Recognized net actuarial loss 0.3 0.2 0.8 0.8 Net periodic benefit cost $ — $ (0.1) $ 0.9 $ 1.1 Six Month Periods Ended Service cost $ 0.2 $ 0.3 $ 1.1 $ 1.1 Interest cost 0.9 1.1 1.2 1.2 Expected return on assets (1.8) (2.1) (2.0) (1.8) Settlement and curtailment — 0.9 — — Recognized net actuarial loss 0.7 0.5 1.5 1.6 Net periodic benefit cost $ — $ 0.7 $ 1.8 $ 2.1 Weighted average assumptions Discount rate 2.46% 3.07% 0.50 - 6.90% 0.75 - 7.70% Expected return on plan assets 6.00% 6.50% 0.50 - 3.40% 0.75 - 3.40% Rate of compensation increase N/A N/A 2.25 - 6.00% 2.25 - 6.00% |
Shareholder's Equity (Tables)
Shareholder's Equity (Tables) | 6 Months Ended |
Apr. 04, 2021 | |
Equity [Abstract] | |
Summary of Activity of Common Stock Repurchase Program | The following summarizes the activity of common stock repurchases under the program for the three and six month periods ended April 4, 2021 and March 29, 2020: April 4, 2021 March 29, 2020 Three Month Periods Ended (in millions except per share data) Number of Shares Repurchased Average Price Per Share Amount Number of Shares Repurchased Average Price Per Share Amount Open Market Purchases — $ — $ — 2.7 $ 54.54 $ 149.2 Private Purchases — — — — — — ASR — — — 0.3 59.69 18.5 Total Purchases — $ — $ — 3.0 $ 55.06 $ 167.7 April 4, 2021 March 29, 2020 Six Month Periods Ended (in millions except per share data) Number of Average Amount Number of Average Amount Open Market Purchases — $ — $ — 4.0 $ 56.97 $ 230.6 Private Purchases 0.6 65.27 42.3 0.2 62.30 9.2 ASR — — — 2.0 61.47 124.8 Total Purchases 0.6 $ 65.27 $ 42.3 6.2 $ 58.57 $ 364.6 |
Share Based Compensation (Table
Share Based Compensation (Tables) | 6 Months Ended |
Apr. 04, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Summary of Share Based Compensation Expense | The following is a summary of share based compensation expense for the three and six month periods ended April 4, 2021 and March 29, 2020 for SBH and SB/RH, respectively. Three Month Periods Ended Six Month Periods Ended (in millions) April 4, 2021 March 29, 2020 April 4, 2021 March 29, 2020 SBH $ 8.5 $ 13.1 $ 16.0 $ 26.0 SB/RH $ 8.0 $ 12.6 $ 15.5 $ 25.4 |
Summary of Activity of the RSUs Granted | The following is a summary of the activity in the Company RSUs during the six month period ended April 4, 2021: SBH SB/RH (in millions, except per share data) Units Weighted Fair Units Weighted Fair Time-based grants Vesting in less than 24 months 0.1 $ 74.43 $ 7.7 0.1 $ 74.45 $ 6.3 Vesting in more than 24 months 0.1 74.37 7.7 0.1 74.37 7.6 Total time-based grants 0.2 $ 74.40 $ 15.4 0.2 $ 74.41 $ 13.9 Performance-based grants Vesting in more than 24 months 0.3 $ 74.36 $ 22.3 0.3 $ 74.36 $ 22.3 Total performance-based grants 0.3 $ 74.36 $ 22.3 0.3 $ 74.36 $ 22.3 Total grants 0.5 $ 74.38 $ 37.7 0.5 $ 74.38 $ 36.2 |
Summary of RSU Activity | SBH SB/RH (in millions, except per share data) Shares Weighted Fair Shares Weighted Fair At September 30, 2020 1.4 $ 56.41 $ 79.3 1.4 $ 56.33 $ 77.7 Granted 0.5 74.38 37.7 0.5 74.38 36.2 Forfeited (0.1) 61.24 (1.0) (0.1) 61.24 (1.0) Vested (0.3) 53.06 (17.1) (0.3) 52.35 (15.8) At April 4, 2021 1.5 $ 62.83 $ 98.9 1.5 $ 62.73 $ 97.1 |
Income Taxes (Tables)
Income Taxes (Tables) | 6 Months Ended |
Apr. 04, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule of Effective Tax Rate | The effective tax rate for the three and six month periods ended April 4, 2021 and March 29, 2020 was as follows: Three Month Periods Ended Six Month Periods Ended Effective tax rate April 4, 2021 March 29, 2020 April 4, 2021 March 29, 2020 SBH 29.9 % 24.3 % 24.4 % 15.9 % SB/RH 29.9 % 23.5 % 24.4 % 15.0 % |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Apr. 04, 2021 | |
Segment Reporting [Abstract] | |
Net Sales Relating to Segments | Net sales relating to the segments for the three and six month periods ended April 4, 2021 and March 29, 2020 are as follows: Three Month Periods Ended Six Month Periods Ended (in millions) April 4, 2021 March 29, 2020 April 4, 2021 March 29, 2020 HHI $ 389.5 $ 329.1 $ 798.2 $ 626.8 HPC 297.9 232.7 676.4 554.8 GPC 293.6 236.9 569.1 442.7 H&G 168.8 139.1 251.0 185.0 Net sales $ 1,149.8 $ 937.8 $ 2,294.7 $ 1,809.3 |
Schedule of Segment Information | Segment Adjusted EBITDA for the reportable segments for SBH for the three and six month periods ended April 4, 2021 and March 29, 2020, are as follows: Three Month Periods Ended Six Month Periods Ended SBH (in millions) April 4, 2021 March 29, 2020 April 4, 2021 March 29, 2020 HHI $ 73.4 $ 69.5 $ 171.6 $ 112.3 HPC 25.4 8.0 76.3 44.4 GPC 55.6 40.0 109.2 71.5 H&G 34.8 28.4 45.3 25.1 Total Segment Adjusted EBITDA 189.2 145.9 402.4 253.3 Corporate 8.3 5.5 17.5 10.8 Interest expense 65.5 35.5 102.2 70.4 Depreciation and amortization 38.7 36.4 74.4 78.0 Share and incentive based compensation 8.5 14.6 16.7 29.1 Restructuring and related charges 4.1 21.9 13.3 49.4 Transaction related charges 9.7 7.2 30.3 11.3 (Gain) loss on Energizer investment (0.9) 106.8 (6.9) 68.3 (Gain) loss on assets held for sale — (7.0) — 25.7 Write-off from impairment of intangible assets — — — 24.2 Inventory acquisition step-up 2.6 — 3.4 — Other 0.2 3.2 6.0 1.3 Income (loss) from operations before income taxes $ 52.5 $ (78.2) $ 145.5 $ (115.2) Segment Adjusted EBITDA for reportable segments for SB/RH for the three and six month periods ended April 4, 2021 and March 29, 2020 are as follows: Three Month Periods Ended Six Month Periods Ended SB/RH (in millions) April 4, 2021 March 29, 2020 April 4, 2021 March 29, 2020 HHI $ 73.4 $ 69.5 $ 171.6 $ 112.3 HPC 25.4 8.0 76.3 44.4 GPC 55.6 40.0 109.2 71.5 H&G 34.8 28.4 45.3 25.1 Total Segment Adjusted EBITDA 189.2 145.9 402.4 253.3 Corporate 8.1 2.3 16.7 7.2 Interest expense 65.6 35.3 102.4 70.0 Depreciation and amortization 38.7 36.4 74.4 78.0 Share and incentive based compensation 8.0 14.1 16.1 28.5 Restructuring and related charges 4.1 21.9 13.3 49.4 Transaction related charges 9.7 7.2 30.3 11.3 (Gain) loss on Energizer investment (0.9) 106.8 (6.9) 68.3 (Gain) loss on assets held for sale — (7.0) — 25.7 Write-off from impairment of intangible assets — — — 24.2 Inventory acquisition step-up 2.6 — 3.4 — Other 0.1 3.0 5.9 0.8 Income (loss) from operations before income taxes $ 53.2 $ (74.1) $ 146.8 $ (110.1) |
Earnings Per Share - SBH (Table
Earnings Per Share - SBH (Tables) | 6 Months Ended |
Apr. 04, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share | The reconciliation of the numerator and denominator of the basic and diluted earnings per share calculation and the anti-dilutive shares for the three and six month periods ended April 4, 2021 and March 29, 2020 are as follows: Three Month Periods Ended Six Month Periods Ended (in millions, except per share amounts) April 4, 2021 March 29, 2020 April 4, 2021 March 29, 2020 Numerator Net income (loss) from continuing operations attributable to controlling interest $ 37.7 $ (58.4) $ 110.1 $ (97.0) (Loss) income from discontinued operations attributable to controlling interest (1.1) 1.4 (1.4) 4.3 Net income (loss) attributable to controlling interest $ 36.6 $ (57.0) $ 108.7 $ (92.7) Denominator Weighted average shares outstanding - basic 42.6 45.1 42.8 46.4 Dilutive shares 0.3 — 0.2 — Weighted average shares outstanding - diluted 42.9 45.1 43.0 46.4 Earnings per share Basic earnings per share from continuing operations $ 0.88 $ (1.29) $ 2.57 $ (2.09) Basic earnings per share from discontinued operations (0.02) 0.03 (0.03) 0.09 Basic earnings per share $ 0.86 $ (1.26) $ 2.54 $ (2.00) Diluted earnings per share from continuing operations $ 0.88 $ (1.29) $ 2.56 $ (2.09) Diluted earnings per share from discontinued operations (0.03) 0.03 (0.03) 0.09 Diluted earnings per share $ 0.85 $ (1.26) $ 2.53 $ (2.00) Weighted average number of anti-dilutive shares excluded from denominator — 0.1 — 0.1 |
Basis of Presentation and Sig_4
Basis of Presentation and Significant Accounting Policies - Summary Of Transactions Related Charges (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Apr. 04, 2021 | Mar. 29, 2020 | Apr. 04, 2021 | Mar. 29, 2020 | |
Business Acquisition [Line Items] | ||||
Total transaction-related charges | $ 9.7 | $ 7.2 | $ 30.3 | $ 11.3 |
Armitage acquisition and integration | ||||
Business Acquisition [Line Items] | ||||
Total transaction-related charges | 2 | 0 | 6.8 | 0 |
Omega Sea acquisition and integration | ||||
Business Acquisition [Line Items] | ||||
Total transaction-related charges | 0.1 | 1.3 | 0.2 | 1.3 |
Other | ||||
Business Acquisition [Line Items] | ||||
Total transaction-related charges | 4.7 | 1.7 | 15.8 | 3.2 |
Coevorden operations divestiture and separation | ||||
Business Acquisition [Line Items] | ||||
Total transaction-related charges | 2 | 1.5 | 4.8 | 1.7 |
GBL divestiture and separation | ||||
Business Acquisition [Line Items] | ||||
Total transaction-related charges | $ 0.9 | $ 2.7 | $ 2.7 | $ 5.1 |
Divestitures - Summary of Compo
Divestitures - Summary of Components of Income From Discontinued Operations, Net of Tax (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Apr. 04, 2021 | Jan. 03, 2021 | Mar. 29, 2020 | Dec. 29, 2019 | Apr. 04, 2021 | Mar. 29, 2020 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
(Loss) income from discontinued operations, net of tax | $ (1.1) | $ (0.3) | $ 1.4 | $ 2.8 | $ (1.4) | $ 4.3 |
(Loss) income from discontinued operations attributable to controlling interest, net of tax | (1.1) | 1.4 | (1.4) | 4.3 | ||
Discontinued Operations, Held-for-sale or Disposed of by Sale | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
(Loss) income from discontinued operations before income taxes | (1) | 1.4 | (1.3) | 3.8 | ||
Income tax expense (benefit) from discontinued operations | 0.1 | 0 | 0.1 | (0.5) | ||
(Loss) income from discontinued operations, net of tax | (1.1) | 1.4 | (1.4) | 4.3 | ||
(Loss) income from discontinued operations attributable to controlling interest, net of tax | $ (1.1) | $ 1.4 | $ (1.4) | $ 4.3 |
Divestitures - Narrative (Detai
Divestitures - Narrative (Details) - USD ($) $ in Millions | Mar. 29, 2020 | Apr. 04, 2021 | Mar. 29, 2020 | Apr. 04, 2021 | Mar. 29, 2020 | Sep. 30, 2020 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Loss on assets held for sale | $ 0 | $ (7) | $ 0 | $ 25.7 | ||
GBL | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Indemnifications, acquisition agreement | 36.1 | 36.1 | $ 51.6 | |||
GBL | Indemnification payable | Energizer | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Net settlement payable | 17 | 17 | 33 | |||
GBL | Other Long-Term Liabilities | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Net settlement payable | $ 19.1 | $ 19.1 | 18.6 | |||
Coevorden Operations | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Cash proceeds | 29 | |||||
Goodwill | $ 10.6 | |||||
Loss on assets held for sale | $ 25.7 | |||||
Coevorden Operations | Maximum | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Period of lease and operate distribution center | 18 months |
Acquisitions - Narrative (Detai
Acquisitions - Narrative (Details) $ in Millions | Oct. 26, 2020USD ($) | Jun. 30, 2021USD ($) | Apr. 04, 2021USD ($) | Sep. 30, 2020USD ($) |
Business Acquisition [Line Items] | ||||
Goodwill | $ 1,434.6 | $ 1,332 | ||
Armitage | ||||
Business Acquisition [Line Items] | ||||
Cash consideration | $ 187.7 | |||
Goodwill | $ 90.7 | |||
Armitage | Measurement Input, Royalty Rate | Valuation, Income Approach | Good Boy Trade Name | ||||
Business Acquisition [Line Items] | ||||
Intangible asset, measurement input | 0.08 | |||
Armitage | Measurement Input, Royalty Rate | Valuation, Income Approach | Wildbird Trade Name | ||||
Business Acquisition [Line Items] | ||||
Intangible asset, measurement input | 0.03 | |||
Armitage | Measurement Input, Discount Rate | Valuation Technique, Discounted Cash Flow | ||||
Business Acquisition [Line Items] | ||||
Intangible asset, measurement input | 0.11 | |||
For Life Products, LLC | Forecast | ||||
Business Acquisition [Line Items] | ||||
Cash consideration | $ 300 |
Acquisitions - Purchase Price A
Acquisitions - Purchase Price Allocation (Details) - Armitage $ in Millions | Oct. 26, 2020USD ($) |
Business Acquisition [Line Items] | |
Cash paid | $ 187.7 |
Debt assumed | 51 |
Cash consideration | $ 136.7 |
Acquisitions - Assets Acquired
Acquisitions - Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions | Apr. 04, 2021 | Oct. 26, 2020 | Sep. 30, 2020 |
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | |||
Goodwill | $ 1,434.6 | $ 1,332 | |
Armitage | |||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | |||
Cash and cash equivalents | $ 6.9 | ||
Trade receivables, net | 16.7 | ||
Other receivables | 1.9 | ||
Inventories | 16.3 | ||
Prepaid expenses and other current assets | 0.2 | ||
Property, plant and equipment, net | 3 | ||
Operating lease assets | 0.1 | ||
Deferred charges and other | 0.9 | ||
Goodwill | 90.7 | ||
Intangible assets, net | 88.6 | ||
Accounts payable | (9.2) | ||
Accrued wages and salaries | (1.5) | ||
Other current liabilities | (7) | ||
Long-term debt, net of current portion | (51) | ||
Long-term operating lease liabilities | (0.1) | ||
Deferred income taxes | (18) | ||
Other long-term liabilities | (1.8) | ||
Net assets acquired | $ 136.7 |
Acquisitions - Intangible Asset
Acquisitions - Intangible Assets (Details) - Armitage $ in Millions | Oct. 26, 2020USD ($) |
Business Acquisition [Line Items] | |
Tradenames | $ 74.3 |
Customer relationships | 14.3 |
Total intangibles acquired | $ 88.6 |
Weighted Average Useful Life (Years) | 12 years |
Restructuring and Related Cha_3
Restructuring and Related Charges - Narrative (Details) - Global Productivity Improvement Plan - USD ($) $ in Millions | Sep. 30, 2022 | Apr. 04, 2021 |
Restructuring Cost and Reserve [Line Items] | ||
Cumulative costs incurred | $ 136.3 | |
Forecast | ||
Restructuring Cost and Reserve [Line Items] | ||
Cumulative costs incurred | $ 31.6 |
Restructuring and Related Cha_4
Restructuring and Related Charges - Summary of Restructuring and Related Charges (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Apr. 04, 2021 | Mar. 29, 2020 | Apr. 04, 2021 | Mar. 29, 2020 | |
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and related charges | $ 4.1 | $ 21.9 | $ 13.3 | $ 49.4 |
Global productivity improvement program | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and related charges | 1.7 | 21.2 | 10.9 | 47.9 |
Other restructuring activities | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and related charges | 2.4 | 0.7 | 2.4 | 1.5 |
Cost of goods sold | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and related charges | 1.3 | 2.9 | 1.4 | 12.8 |
Operating expense | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and related charges | $ 2.8 | $ 19 | $ 11.9 | $ 36.6 |
Restructuring and Related Cha_5
Restructuring and Related Charges - Summary of Costs Incurred and Cumulative Costs By Cost Type (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Apr. 04, 2021 | Mar. 29, 2020 | Apr. 04, 2021 | Mar. 29, 2020 | |
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and related charges | $ 4.1 | $ 21.9 | $ 13.3 | $ 49.4 |
Cumulative costs | 136.3 | 136.3 | ||
Estimated future costs to be incurred | 31.6 | 31.6 | ||
Termination Benefits | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and related charges | 0.3 | 6.2 | 3.2 | 11.4 |
Cumulative costs | 23.6 | 23.6 | ||
Estimated future costs to be incurred | 2 | 2 | ||
Other Costs | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and related charges | 3.8 | $ 15.7 | 10.1 | $ 38 |
Cumulative costs | 112.7 | 112.7 | ||
Estimated future costs to be incurred | $ 29.6 | $ 29.6 |
Restructuring and Related Cha_6
Restructuring and Related Charges - Rollforward of Restructuring Accrual (Details) $ in Millions | 6 Months Ended |
Apr. 04, 2021USD ($) | |
Restructuring Reserve [Roll Forward] | |
Accrual balance at beginning | $ 10.5 |
Provisions | 7.9 |
Cash expenditures | (14) |
Non-cash items | 0.1 |
Accrual balance at ending | 4.5 |
Termination Benefits | |
Restructuring Reserve [Roll Forward] | |
Accrual balance at beginning | 4.1 |
Provisions | 1.5 |
Cash expenditures | (1.9) |
Non-cash items | 0 |
Accrual balance at ending | 3.7 |
Other Costs | |
Restructuring Reserve [Roll Forward] | |
Accrual balance at beginning | 6.4 |
Provisions | 6.4 |
Cash expenditures | (12.1) |
Non-cash items | 0.1 |
Accrual balance at ending | $ 0.8 |
Restructuring and Related Cha_7
Restructuring and Related Charges - Summary of Costs Incurred By Reporting Segment (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Apr. 04, 2021 | Mar. 29, 2020 | Apr. 04, 2021 | Mar. 29, 2020 | |
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and related charges | $ 4.1 | $ 21.9 | $ 13.3 | $ 49.4 |
Cumulative costs | 136.3 | 136.3 | ||
Estimated future costs to be incurred | 31.6 | 31.6 | ||
Corporate | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and related charges | 2.2 | 13.4 | 7.1 | 28.8 |
Cumulative costs | 94.1 | 94.1 | ||
Estimated future costs to be incurred | 22.3 | 22.3 | ||
HHI | Operating Segments | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and related charges | (0.2) | 0.2 | 0 | 0.7 |
Cumulative costs | 1.5 | 1.5 | ||
Estimated future costs to be incurred | 0.8 | 0.8 | ||
HPC | Operating Segments | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and related charges | 1.5 | 1.7 | 4.1 | 2.8 |
Cumulative costs | 15.7 | 15.7 | ||
Estimated future costs to be incurred | 2.9 | 2.9 | ||
GPC | Operating Segments | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and related charges | 0.6 | 6.4 | 2.1 | 16.7 |
Cumulative costs | 22.8 | 22.8 | ||
Estimated future costs to be incurred | 3.5 | 3.5 | ||
H&G | Operating Segments | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and related charges | 0 | $ 0.2 | 0 | $ 0.4 |
Cumulative costs | 2.2 | 2.2 | ||
Estimated future costs to be incurred | $ 2.1 | $ 2.1 |
Revenue Recognition - Disaggreg
Revenue Recognition - Disaggregation Of Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Apr. 04, 2021 | Mar. 29, 2020 | Apr. 04, 2021 | Mar. 29, 2020 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 1,149.8 | $ 937.8 | $ 2,294.7 | $ 1,809.3 |
Licensing | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 5.6 | 3.6 | 11.7 | 9.2 |
Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 1.7 | 1.2 | 2.9 | 2.4 |
NA | Product Sales | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 843.1 | 716.4 | 1,641.5 | 1,297 |
EMEA | Product Sales | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 217.5 | 150.4 | 466.4 | 353.6 |
LATAM | Product Sales | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 56.5 | 42.4 | 115 | 93.4 |
APAC | Product Sales | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 25.4 | 23.8 | 57.2 | 53.7 |
HHI | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 389.5 | 329.1 | 798.2 | 626.8 |
HHI | Licensing | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 0.2 | 0.3 | 0.6 | 0.6 |
HHI | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 0 | 0 | 0 | 0 |
HHI | NA | Product Sales | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 378.6 | 313.6 | 776.1 | 595.1 |
HHI | EMEA | Product Sales | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 0 | 0.3 | 0 | 0.4 |
HHI | LATAM | Product Sales | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 10 | 9.9 | 20.4 | 20.4 |
HHI | APAC | Product Sales | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 0.7 | 5 | 1.1 | 10.3 |
HPC | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 297.9 | 232.7 | 676.4 | 554.8 |
HPC | Licensing | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 2.8 | 0.9 | 6.4 | 4 |
HPC | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 0 | 0 | 0 | 0 |
HPC | NA | Product Sales | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 115.3 | 98.7 | 257.9 | 215.1 |
HPC | EMEA | Product Sales | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 123.3 | 92.2 | 290.9 | 241.4 |
HPC | LATAM | Product Sales | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 40.6 | 28.3 | 83 | 64.2 |
HPC | APAC | Product Sales | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 15.9 | 12.6 | 38.2 | 30.1 |
GPC | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 293.6 | 236.9 | 569.1 | 442.7 |
GPC | Licensing | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 2.1 | 2 | 3.9 | 3.8 |
GPC | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 1.7 | 1.2 | 2.9 | 2.4 |
GPC | NA | Product Sales | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 182.4 | 166.3 | 360.5 | 304.8 |
GPC | EMEA | Product Sales | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 94.2 | 57.9 | 175.5 | 111.8 |
GPC | LATAM | Product Sales | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 4.4 | 3.3 | 8.4 | 6.6 |
GPC | APAC | Product Sales | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 8.8 | 6.2 | 17.9 | 13.3 |
H&G | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 168.8 | 139.1 | 251 | 185 |
H&G | Licensing | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 0.5 | 0.4 | 0.8 | 0.8 |
H&G | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 0 | 0 | 0 | 0 |
H&G | NA | Product Sales | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 166.8 | 137.8 | 247 | 182 |
H&G | EMEA | Product Sales | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 0 | 0 | 0 | 0 |
H&G | LATAM | Product Sales | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 1.5 | 0.9 | 3.2 | 2.2 |
H&G | APAC | Product Sales | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 0 | $ 0 | $ 0 | $ 0 |
Revenue Recognition - Narrative
Revenue Recognition - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Apr. 04, 2021 | Mar. 29, 2020 | Apr. 04, 2021 | Mar. 29, 2020 | Sep. 30, 2020 | |
Concentration Risk [Line Items] | |||||
Allowance for product returns | $ 22.2 | $ 22.2 | $ 23.1 | ||
Customer Concentration Risk | Two Customers | Net Sales | |||||
Concentration Risk [Line Items] | |||||
Concentration risk percentage | 23.30% | ||||
Customer Concentration Risk | Three Customers | Net Sales | |||||
Concentration Risk [Line Items] | |||||
Concentration risk percentage | 33.70% | 37.20% | 34.10% |
Receivables and Concentration_2
Receivables and Concentration of Credit Risk (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Apr. 04, 2021 | Sep. 30, 2020 | |
Receivables [Line Items] | ||
Allowance for uncollectible receivables | $ 6.6 | $ 6.4 |
Two Customers | Trade Receivables | Customer Concentration Risk | ||
Receivables [Line Items] | ||
Concentration risk (as a percent) | 27.30% | 28.40% |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | Apr. 04, 2021 | Sep. 30, 2020 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 102 | $ 67.8 |
Work-in-process | 78.1 | 60.8 |
Finished goods | 632 | 429.1 |
Inventories | $ 812.1 | $ 557.7 |
Property, Plant and Equipment -
Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Millions | Apr. 04, 2021 | Sep. 30, 2020 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | $ 919.4 | $ 885.4 |
Finance leases | 202 | 200.8 |
Accumulated depreciation | (526.8) | (488.9) |
Property, plant and equipment, net | 392.6 | 396.5 |
Land, buildings and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | 132 | 134.8 |
Machinery, equipment and other | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | 554.4 | 520 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | $ 31 | $ 29.8 |
Property, Plant and Equipment_2
Property, Plant and Equipment - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Apr. 04, 2021 | Mar. 29, 2020 | Apr. 04, 2021 | Mar. 29, 2020 | |
Property, Plant and Equipment [Abstract] | ||||
Depreciation expense | $ 18.9 | $ 19.4 | $ 37.4 | $ 44 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets (Changes in the Carrying Amount of Goodwill by Reporting Segment) (Details) $ in Millions | 6 Months Ended |
Apr. 04, 2021USD ($) | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | $ 1,332 |
Foreign currency impact | 11.9 |
Armitage acquisition (Note 3) | 90.7 |
Goodwill, ending balance | 1,434.6 |
HHI | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | 704.8 |
Foreign currency impact | 6.3 |
Armitage acquisition (Note 3) | 0 |
Goodwill, ending balance | 711.1 |
GPC | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | 431.6 |
Foreign currency impact | 5.6 |
Armitage acquisition (Note 3) | 90.7 |
Goodwill, ending balance | 527.9 |
H&G | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | 195.6 |
Foreign currency impact | 0 |
Armitage acquisition (Note 3) | 0 |
Goodwill, ending balance | $ 195.6 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Schedule of Carrying Value and Accumulated Amortization for Intangible Assets (Details) - USD ($) $ in Millions | Apr. 04, 2021 | Sep. 30, 2020 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 1,021.9 | $ 1,028.8 |
Accumulated Amortization | (617.9) | (604.6) |
Net | 404 | 424.2 |
Total Intangible Assets, Gross Carrying Amount | 2,114.3 | 2,036.3 |
Total Intangible Assets, Net | 1,496.4 | 1,431.7 |
Tradenames | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 1,092.4 | 1,007.5 |
Net | 1,092.4 | 1,007.5 |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 710.2 | 692.1 |
Accumulated Amortization | (389.4) | (367.9) |
Net | 320.8 | 324.2 |
Technology assets | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 153.6 | 175.7 |
Accumulated Amortization | (91.7) | (104.1) |
Net | 61.9 | 71.6 |
Tradenames | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 158.1 | 161 |
Accumulated Amortization | (136.8) | (132.6) |
Net | $ 21.3 | $ 28.4 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Apr. 04, 2021 | Mar. 29, 2020 | Apr. 04, 2021 | Mar. 29, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Amortization expense | $ 19.8 | $ 16.9 | $ 37 | $ 34 |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets - Schedule of Future Amortization Expense (Details) $ in Millions | Apr. 04, 2021USD ($) |
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract] | |
2021 | $ 76.3 |
2022 | 56 |
2023 | 45.9 |
2024 | 45.8 |
2025 | $ 43.7 |
Debt - Schedule Of Debt (Detail
Debt - Schedule Of Debt (Details) - USD ($) $ in Millions | Apr. 04, 2021 | Mar. 03, 2021 | Sep. 30, 2020 |
Debt Instrument [Line Items] | |||
Obligations under capital leases | $ 156.4 | $ 160.5 | |
Total debt | 2,609.6 | 2,512.8 | |
Unamortized discount on debt | (1) | 0 | |
Debt issuance costs | (38.4) | (36.5) | |
Less current portion | (18.6) | (15.3) | |
Long-term debt, net of current portion | $ 2,551.6 | $ 2,461 | |
Stated Rate | 5.70% | 5.60% | |
Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Revolver Facility | $ 0 | ||
Stated Rate | 0.00% | ||
Term Loan Facility Due March 2028 | |||
Debt Instrument [Line Items] | |||
Revolver Facility | $ 400 | ||
Stated Rate | 2.50% | ||
6.125% Notes, due December 15, 2024 | |||
Debt Instrument [Line Items] | |||
Senior notes | $ 250 | ||
Stated Rate | 6.125% | 6.125% | |
5.75% Notes, due July 15, 2025 | |||
Debt Instrument [Line Items] | |||
Senior notes | $ 450 | $ 1,000 | |
Stated Rate | 5.75% | 5.75% | 5.80% |
4.00% Notes, due October 1, 2026 | |||
Debt Instrument [Line Items] | |||
Senior notes | $ 500.6 | $ 499.1 | |
Stated Rate | 4.00% | 4.00% | |
5.00% Notes, due October 1, 2029 | |||
Debt Instrument [Line Items] | |||
Senior notes | $ 300 | $ 300 | |
Stated Rate | 5.00% | 5.00% | |
5.50% Notes, due July 15, 2030 | |||
Debt Instrument [Line Items] | |||
Senior notes | $ 300 | $ 300 | |
Stated Rate | 5.50% | 5.50% | |
3.875% Notes, due March 15, 2031 | |||
Debt Instrument [Line Items] | |||
Senior notes | $ 500 | $ 0 | |
Stated Rate | 3.875% | 0.00% | |
Other notes and obligations | |||
Debt Instrument [Line Items] | |||
Other notes and obligations | $ 2.6 | $ 3.2 | |
Stated Rate | 7.70% | 7.60% |
Debt - Narrative (Details)
Debt - Narrative (Details) - USD ($) | Mar. 03, 2021 | Apr. 04, 2021 | Apr. 04, 2021 | Mar. 29, 2020 | Sep. 30, 2020 |
Debt Instrument [Line Items] | |||||
Stated interest rate | 5.70% | 5.70% | 5.60% | ||
Payment of debt issuance costs | $ 12,600,000 | $ 800,000 | |||
3.875% Notes, due March 15, 2031 | |||||
Debt Instrument [Line Items] | |||||
Stated interest rate | 3.875% | 3.875% | 0.00% | ||
3.875% Notes, due March 15, 2031 | Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Face amount of debt | $ 500,000,000 | ||||
Stated interest rate | 3.875% | ||||
Offering fees | $ 7,600,000 | ||||
3.875% Notes, due March 15, 2031 | Senior Notes | Prior to March 15, 2026 | |||||
Debt Instrument [Line Items] | |||||
Redemption price (as a percent) | 100.00% | ||||
3.875% Notes, due March 15, 2031 | Senior Notes | Before March 15, 2024 | |||||
Debt Instrument [Line Items] | |||||
Redemption price (as a percent) | 35.00% | ||||
6.125% Notes, due December 15, 2024 | |||||
Debt Instrument [Line Items] | |||||
Stated interest rate | 6.125% | 6.125% | 6.125% | ||
Repayments of debt | $ 250,000,000 | $ 250,000,000 | |||
Term Loan Facility Due March 2028 | |||||
Debt Instrument [Line Items] | |||||
Stated interest rate | 2.50% | 2.50% | |||
5.75% Notes, due July 15, 2025 | |||||
Debt Instrument [Line Items] | |||||
Stated interest rate | 5.75% | 5.75% | 5.75% | 5.80% | |
Repayments of debt | $ 550,000,000 | ||||
5.50% Notes, due July 15, 2030 | |||||
Debt Instrument [Line Items] | |||||
Stated interest rate | 5.50% | 5.50% | 5.50% | ||
Make whole premium payment | 23,400,000 | ||||
Payment of debt issuance costs | $ 7,900,000 | $ 7,900,000 | |||
Revolving Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Aggregate borrowing availability | 576,600,000 | 576,600,000 | |||
Outstanding letters of credit | $ 23,400,000 | $ 23,400,000 | |||
Stated interest rate | 0.00% | 0.00% | |||
Revolving Credit Facility | LIBOR | |||||
Debt Instrument [Line Items] | |||||
Percentage over base variable rate | 0.75% | ||||
Line of Credit | Term Loan Facility Due March 2028 | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity | 400,000,000 | ||||
Unamortized discount on associated debt | 1,000,000 | ||||
Debt issuance costs | $ 5,100,000 | ||||
Line of Credit | LIBOR | Term Loan Facility Due March 2028 | |||||
Debt Instrument [Line Items] | |||||
Percentage over base variable rate | 2.00% | ||||
Line of Credit | Base Rate | Term Loan Facility Due March 2028 | |||||
Debt Instrument [Line Items] | |||||
Percentage over base variable rate | 1.00% | ||||
Minimum | Revolving Credit Facility | LIBOR | |||||
Debt Instrument [Line Items] | |||||
Percentage over base variable rate | 1.75% | ||||
Minimum | Revolving Credit Facility | Base Rate | |||||
Debt Instrument [Line Items] | |||||
Percentage over base variable rate | 0.75% | ||||
Minimum | Line of Credit | LIBOR | Term Loan Facility Due March 2028 | |||||
Debt Instrument [Line Items] | |||||
Percentage over base variable rate | 0.50% | ||||
Maximum | Revolving Credit Facility | LIBOR | |||||
Debt Instrument [Line Items] | |||||
Percentage over base variable rate | 2.75% | ||||
Maximum | Revolving Credit Facility | Base Rate | |||||
Debt Instrument [Line Items] | |||||
Percentage over base variable rate | 1.75% |
Leases - Summary of Leases Rela
Leases - Summary of Leases Related to Consolidated Statement of Financial Position (Details) - USD ($) $ in Millions | Apr. 04, 2021 | Sep. 30, 2020 |
Assets | ||
Operating | $ 103 | $ 103.8 |
Finance | 129.8 | 136.3 |
Total leased assets | 232.8 | 240.1 |
Current | ||
Operating | 24.9 | 22.4 |
Finance | 12 | 12.1 |
Long-term | ||
Operating | 86.2 | 88.8 |
Finance | 144.4 | 148.4 |
Total lease liabilities | $ 267.5 | $ 271.7 |
Finance Lease, Right-of-Use Asset, Statement of Financial Position | us-gaap:PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization | |
Operating Lease, Liability, Current, Statement of Financial Position | Other current liabilities | |
Finance Lease, Liability, Current, Statement of Financial Position | us-gaap:DebtCurrent | |
Finance Lease, Liability, Noncurrent, Statement of Financial Position | Long-term debt, net of current portion |
Leases - Narrative (Details)
Leases - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Apr. 04, 2021 | Mar. 29, 2020 | Apr. 04, 2021 | Mar. 29, 2020 | |
Leases [Abstract] | ||||
Commitments related to leases that have not yet commenced | $ 19.7 | $ 19.7 | ||
Lease and sublease income | $ 0.6 | $ 0.5 | $ 1.1 | $ 1 |
Leases - Schedule of Lease Cost
Leases - Schedule of Lease Costs (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Apr. 04, 2021 | Mar. 29, 2020 | Apr. 04, 2021 | Mar. 29, 2020 | |
Leases [Abstract] | ||||
Operating lease cost | $ 7.6 | $ 6.1 | $ 15.4 | $ 12.6 |
Finance lease cost | ||||
Amortization of leased assets | 3.9 | 3.4 | 7.7 | 7 |
Interest on lease liability | 2.3 | 2.2 | 4.7 | 4.5 |
Variable lease cost | 3.2 | 3.3 | 5.9 | 5.8 |
Total lease cost | $ 17 | $ 15 | $ 33.7 | $ 29.9 |
Leases - Summary of Cash Paid f
Leases - Summary of Cash Paid for Lease Liabilities (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Apr. 04, 2021 | Mar. 29, 2020 | Apr. 04, 2021 | Mar. 29, 2020 | |
Leases [Abstract] | ||||
Operating cash flow from operating leases | $ 7.8 | $ 5.4 | $ 14.9 | $ 11.8 |
Operating cash flows from finance leases | 2.3 | 2.3 | 4.7 | 4.6 |
Financing cash flows from finance leases | 3.2 | 3.5 | 6.3 | 6.9 |
Supplemental non-cash flow disclosure | ||||
Acquisition of operating lease asset through lease obligations | $ 2.1 | $ 1.8 | $ 11 | $ 4.3 |
Leases - Summary of Weighted-Av
Leases - Summary of Weighted-Average Lease Term and Discount Rate (Details) | Apr. 04, 2021 | Sep. 30, 2020 |
Weighted average remaining lease term | ||
Operating leases | 6 years 1 month 6 days | 6 years 7 months 6 days |
Finance leases | 15 years 4 months 24 days | 15 years 7 months 6 days |
Weighted average discount rate | ||
Operating leases | 4.60% | 4.70% |
Finance leases | 5.70% | 5.60% |
Leases - Schedule Of Future Lea
Leases - Schedule Of Future Lease Payments Under Operating And Finance Leases (Details) - USD ($) $ in Millions | Apr. 04, 2021 | Sep. 30, 2020 |
Finance Leases | ||
2021 remaining balance | $ 10.4 | |
2022 | 18.5 | |
2023 | 17.4 | |
2024 | 17 | |
2025 | 19.9 | |
Thereafter | 162.5 | |
Total lease payments | 245.7 | |
Amount representing interest | (89.3) | |
Total minimum lease payments | 156.4 | $ 160.5 |
Operating Leases | ||
2021 remaining balance | 13.9 | |
2022 | 25.5 | |
2023 | 23.7 | |
2024 | 15.1 | |
2025 | 12.3 | |
Thereafter | 38.5 | |
Total lease payments | 129 | |
Amount representing interest | (17.9) | |
Total minimum lease payments | $ 111.1 |
Derivatives - Narrative (Detail
Derivatives - Narrative (Details) € in Millions | 3 Months Ended | 6 Months Ended | ||||
Apr. 04, 2021USD ($) | Mar. 29, 2020USD ($) | Apr. 04, 2021USD ($) | Mar. 29, 2020USD ($) | Apr. 04, 2021EUR (€) | Sep. 30, 2020USD ($) | |
Derivative [Line Items] | ||||||
Stated interest rate | 5.70% | 5.70% | 5.70% | 5.60% | ||
4.00% Notes, due October 1, 2026 | ||||||
Derivative [Line Items] | ||||||
Aggregate principal amount | $ 500,600,000 | $ 500,600,000 | $ 499,100,000 | |||
Stated interest rate | 4.00% | 4.00% | 4.00% | 4.00% | ||
Cash Flow Hedge | Commodity Swaps | ||||||
Derivative [Line Items] | ||||||
Derivative net gain (loss) estimated to be reclassified from AOCI into earnings over the next 12 months | $ 900,000 | $ 900,000 | ||||
Cash Flow Hedge | Foreign Exchange Contracts | ||||||
Derivative [Line Items] | ||||||
Derivative net gain (loss) estimated to be reclassified from AOCI into earnings over the next 12 months | (4,600,000) | (4,600,000) | ||||
Notional value | 318,400,000 | 318,400,000 | $ 273,400,000 | |||
Fair Value Hedge | ||||||
Derivative [Line Items] | ||||||
Posted cash collateral | 0 | 0 | 0 | |||
Posted standby letters of credit | 0 | 0 | 0 | |||
Net Investment Hedge | ||||||
Derivative [Line Items] | ||||||
Pre-tax loss related to translation of undesignated debt obligation recognized in earnings | 0 | $ 500,000 | 0 | $ 1,200,000 | ||
Not Designated as Hedging | Foreign Exchange Contracts | ||||||
Derivative [Line Items] | ||||||
Notional value | $ 773,500,000 | $ 773,500,000 | $ 802,500,000 | |||
SBI | Net Investment Hedge | 4.00% Notes, due October 1, 2026 | ||||||
Derivative [Line Items] | ||||||
Aggregate principal amount | € | € 425 | |||||
Stated interest rate | 4.00% | 4.00% | 4.00% |
Derivatives - Schedule of Commo
Derivatives - Schedule of Commodity Swap Contracts Outstanding (Details) - Cash Flow Hedge $ in Millions | 6 Months Ended | 12 Months Ended |
Apr. 04, 2021USD ($)t | Sep. 30, 2020USD ($)t | |
Brass swap contracts | ||
Derivative [Line Items] | ||
Notional | t | 718.7 | 949 |
Contract Value | $ | $ 4 | $ 4.4 |
Zinc swap contracts | ||
Derivative [Line Items] | ||
Notional | t | 2,883 | 1,552 |
Contract Value | $ | $ 7.7 | $ 3.4 |
Derivatives - Summary of Impact
Derivatives - Summary of Impact of Designated Hedges and Gain (Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Apr. 04, 2021 | Mar. 29, 2020 | Apr. 04, 2021 | Mar. 29, 2020 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) in OCI | $ 5.8 | $ 7.8 | $ (6.6) | $ 1.6 |
Gain (Loss) Reclassified to Income (Loss) | (3) | 1.7 | (5.7) | 4.3 |
Commodity Swaps | Cost of goods sold | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) in OCI | 0.5 | (0.9) | 1.4 | (0.7) |
Gain (Loss) Reclassified to Income (Loss) | 0.8 | (0.1) | 1.1 | (0.1) |
Foreign Exchange Contracts | Cost of goods sold | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) in OCI | 5.2 | 8.8 | (8.1) | 2.3 |
Gain (Loss) Reclassified to Income (Loss) | (3.8) | 1.8 | (6.8) | 4.5 |
Foreign Exchange Contracts | Net sales | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) in OCI | 0.1 | (0.1) | 0.1 | 0 |
Gain (Loss) Reclassified to Income (Loss) | $ 0 | $ 0 | $ 0 | $ (0.1) |
Derivatives - Summary of Impa_2
Derivatives - Summary of Impact of Derivative Instruments (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Apr. 04, 2021 | Mar. 29, 2020 | Apr. 04, 2021 | Mar. 29, 2020 | |
Foreign Exchange Contracts | Other non-operating (income) expense | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on derivatives recognized in operations | $ (5.1) | $ 22.9 | $ (8.4) | $ (2.2) |
Derivatives - Schedule of Fair
Derivatives - Schedule of Fair Value of Outstanding Derivative Instruments (Details) - USD ($) $ in Millions | Apr. 04, 2021 | Sep. 30, 2020 |
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | $ 5.8 | $ 1.2 |
Derivative Liabilities | 9.8 | 14.2 |
Commodity Swaps | Other receivables | Designated as Hedging | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 1.3 | 0.7 |
Commodity Swaps | Deferred charges and other | Designated as Hedging | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 0 | 0.1 |
Commodity Swaps | Accounts payable | Designated as Hedging | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liabilities | 0.1 | 0 |
Foreign Exchange Contracts | Other receivables | Designated as Hedging | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 1.3 | 0 |
Foreign Exchange Contracts | Other receivables | Not Designated as Hedging | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 2.8 | 0.4 |
Foreign Exchange Contracts | Deferred charges and other | Designated as Hedging | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 0.4 | 0 |
Foreign Exchange Contracts | Accounts payable | Designated as Hedging | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liabilities | 7.2 | 3.8 |
Foreign Exchange Contracts | Accounts payable | Not Designated as Hedging | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liabilities | 2.4 | 10.1 |
Foreign Exchange Contracts | Other long term liabilities | Designated as Hedging | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liabilities | $ 0.1 | $ 0.3 |
Derivatives - Summary of Impa_3
Derivatives - Summary of Impact of Designated Hedges and Gain (Loss) - Net Investment Hedge (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Apr. 04, 2021 | Mar. 29, 2020 | Apr. 04, 2021 | Mar. 29, 2020 | |
Net Investment Hedge | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) in OCI | $ 20.1 | $ 2.2 | $ (1.4) | $ (2.8) |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Schedule of Carrying Values and Fair Values for Financial Instruments (Details) - USD ($) $ in Millions | Apr. 04, 2021 | Sep. 30, 2020 |
Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments | $ 0 | $ 66.9 |
Derivative Assets | 5.8 | 1.2 |
Derivative Liabilities | 9.8 | 14.2 |
Debt | 2,665.5 | 2,595.4 |
Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments | 0 | 0 |
Derivative Assets | 0 | 0 |
Derivative Liabilities | 0 | 0 |
Debt | 2,570.2 | 2,476.3 |
Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments | 0 | 66.9 |
Derivative Assets | 0 | 0 |
Derivative Liabilities | 0 | 0 |
Debt | 0 | 0 |
Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments | 0 | 0 |
Derivative Assets | 5.8 | 1.2 |
Derivative Liabilities | 9.8 | 14.2 |
Debt | 2,665.5 | 2,595.4 |
Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments | 0 | 0 |
Derivative Assets | 0 | 0 |
Derivative Liabilities | 0 | 0 |
Debt | 0 | 0 |
SB/RH | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt | 2,665.5 | 2,595.4 |
SB/RH | Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt | 2,570.2 | 2,476.3 |
SB/RH | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt | 0 | 0 |
SB/RH | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt | 2,665.5 | 2,595.4 |
SB/RH | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt | $ 0 | $ 0 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - Narrative (Details) - Common Stock - Energizer - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Apr. 04, 2021 | Mar. 29, 2020 | Apr. 04, 2021 | Mar. 29, 2020 | |
Fair Value Of Financial Instruments [Line Items] | ||||
Number of shares sold (in shares) | 0.3 | 1 | 1.7 | 1 |
Proceeds from sale of stock | $ 12.6 | $ 28.6 | $ 73.1 | $ 28.6 |
Number of shares held (in shares) | 0 | 0 |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments - Summary of Income Recognized from Equity Investments (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Apr. 04, 2021 | Mar. 29, 2020 | Apr. 04, 2021 | Mar. 29, 2020 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Realized gain (loss) on equity investments sold | $ 6.9 | $ (68.3) | ||
Gain (loss) on equity investments | $ 0.9 | $ (106.8) | 6.9 | (68.3) |
Energizer | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Unrealized loss on equity investments held | 0 | (84.5) | 0 | (53.3) |
Realized gain (loss) on equity investments sold | 0.9 | (22.3) | 6.9 | (15) |
Gain (loss) on equity investments | 0.9 | (106.8) | 6.9 | (68.3) |
Dividend income from equity investments | 0 | 1.6 | 0.2 | 3.2 |
Gain (loss) from equity investments | $ 0.9 | $ (105.2) | $ 7.1 | $ (65.1) |
Employee Benefit Plans - Compon
Employee Benefit Plans - Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Apr. 04, 2021 | Mar. 29, 2020 | Apr. 04, 2021 | Mar. 29, 2020 | |
U.S. Plans | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Service cost | $ 0.1 | $ 0.2 | $ 0.2 | $ 0.3 |
Interest cost | 0.5 | 0.5 | 0.9 | 1.1 |
Expected return on assets | (0.9) | (1) | (1.8) | (2.1) |
Settlement and curtailment | 0 | 0.9 | ||
Recognized net actuarial loss | 0.3 | 0.2 | 0.7 | 0.5 |
Net periodic benefit cost | 0 | (0.1) | $ 0 | $ 0.7 |
Weighted average assumptions | ||||
Discount rate | 2.46% | 3.07% | ||
Expected return on plan assets | 6.00% | 6.50% | ||
Non U.S. Plans | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Service cost | 0.5 | 0.6 | $ 1.1 | $ 1.1 |
Interest cost | 0.6 | 0.6 | 1.2 | 1.2 |
Expected return on assets | (1) | (0.9) | (2) | (1.8) |
Settlement and curtailment | 0 | 0 | ||
Recognized net actuarial loss | 0.8 | 0.8 | 1.5 | 1.6 |
Net periodic benefit cost | $ 0.9 | $ 1.1 | $ 1.8 | $ 2.1 |
Non U.S. Plans | Minimum | ||||
Weighted average assumptions | ||||
Discount rate | 0.50% | 0.75% | ||
Expected return on plan assets | 0.50% | 0.75% | ||
Rate of compensation increase | 2.25% | 2.25% | ||
Non U.S. Plans | Maximum | ||||
Weighted average assumptions | ||||
Discount rate | 6.90% | 7.70% | ||
Expected return on plan assets | 3.40% | 3.40% | ||
Rate of compensation increase | 6.00% | 6.00% |
Employee Benefit Plans - Narrat
Employee Benefit Plans - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Apr. 04, 2021 | Mar. 29, 2020 | Apr. 04, 2021 | Mar. 29, 2020 | |
Retirement Benefits [Abstract] | ||||
Company contributions to pension and defined benefit plans, including discretionary amounts | $ 0.9 | $ 0.7 | $ 3.7 | $ 1.5 |
Shareholder's Equity - Narrativ
Shareholder's Equity - Narrative (Details) - USD ($) $ / shares in Units, shares in Millions | May 04, 2021 | Feb. 24, 2020 | Nov. 18, 2019 | Jul. 24, 2018 | Apr. 04, 2021 | Jan. 03, 2021 | Mar. 29, 2020 | Dec. 29, 2019 | Apr. 04, 2021 | Mar. 29, 2020 | Sep. 30, 2020 |
Subsidiary, Sale of Stock [Line Items] | |||||||||||
Common stock repurchase program, approved amount | $ 1,000,000,000 | ||||||||||
Common stock repurchase program, authorization period | 36 months | ||||||||||
Shares repurchased (in shares) | 0 | 3 | 0.6 | 6.2 | |||||||
Repurchase amount, fair value | $ 42,300,000 | ||||||||||
Average cost per share (in dollars per share) | $ 0 | $ 55.06 | $ 65.27 | $ 58.57 | |||||||
Subsequent Event | |||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||
Common stock repurchase program, approved amount | $ 1,000,000,000 | ||||||||||
Common stock repurchase program, authorization period | 36 months | ||||||||||
ASR | |||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||
Repurchase payment | $ 125,000,000 | ||||||||||
Shares repurchased (in shares) | 0.3 | 1.7 | 0 | 0.3 | 0 | 2 | 2 | ||||
Percentage of total shares | 85.00% | ||||||||||
Repurchase amount, fair value | $ 18,500,000 | $ 106,300,000 | $ 0 | $ 125,000,000 | |||||||
Reduction to additional paid-in capital | $ 18,700,000 | ||||||||||
Average cost per share (in dollars per share) | $ 0 | $ 59.69 | $ 0 | $ 61.47 | $ 61.59 |
Shareholder's Equity - Summary
Shareholder's Equity - Summary of Activity of Common Stock Repurchase Program (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | Feb. 24, 2020 | Nov. 18, 2019 | Apr. 04, 2021 | Jan. 03, 2021 | Mar. 29, 2020 | Dec. 29, 2019 | Apr. 04, 2021 | Mar. 29, 2020 | Sep. 30, 2020 |
Equity, Class of Treasury Stock [Line Items] | |||||||||
Number of Shares Repurchased (in shares) | 0 | 3 | 0.6 | 6.2 | |||||
Average Price Per Share (in dollars per share) | $ 0 | $ 55.06 | $ 65.27 | $ 58.57 | |||||
Amount | $ 42.3 | ||||||||
Treasury Stock | |||||||||
Equity, Class of Treasury Stock [Line Items] | |||||||||
Amount | $ 0 | $ 42.3 | $ 167.7 | $ 42.3 | $ 364.6 | ||||
Open Market Purchases | |||||||||
Equity, Class of Treasury Stock [Line Items] | |||||||||
Number of Shares Repurchased (in shares) | 0 | 2.7 | 0 | 4 | |||||
Average Price Per Share (in dollars per share) | $ 0 | $ 54.54 | $ 0 | $ 56.97 | |||||
Amount | $ 149.2 | ||||||||
Open Market Purchases | Treasury Stock | |||||||||
Equity, Class of Treasury Stock [Line Items] | |||||||||
Amount | $ 0 | $ 149.2 | $ 0 | $ 230.6 | |||||
Private Purchases | |||||||||
Equity, Class of Treasury Stock [Line Items] | |||||||||
Number of Shares Repurchased (in shares) | 0 | 0 | 0.6 | 0.2 | |||||
Average Price Per Share (in dollars per share) | $ 0 | $ 0 | $ 65.27 | $ 62.30 | |||||
Private Purchases | Treasury Stock | |||||||||
Equity, Class of Treasury Stock [Line Items] | |||||||||
Amount | $ 0 | $ 0 | $ 42.3 | $ 9.2 | |||||
ASR | |||||||||
Equity, Class of Treasury Stock [Line Items] | |||||||||
Number of Shares Repurchased (in shares) | 0.3 | 1.7 | 0 | 0.3 | 0 | 2 | 2 | ||
Average Price Per Share (in dollars per share) | $ 0 | $ 59.69 | $ 0 | $ 61.47 | $ 61.59 | ||||
Amount | $ 18.5 | $ 106.3 | $ 0 | $ 125 | |||||
ASR | Treasury Stock | |||||||||
Equity, Class of Treasury Stock [Line Items] | |||||||||
Amount | $ 0 | $ 18.5 | $ 106.3 | $ 0 | $ 124.8 |
Share Based Compensation - Summ
Share Based Compensation - Summary Of Share Based Compensation Expense (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Apr. 04, 2021 | Mar. 29, 2020 | Apr. 04, 2021 | Mar. 29, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share based compensation expense | $ 8.5 | $ 13.1 | $ 16 | $ 26 |
SB/RH | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share based compensation expense | $ 8 | $ 12.6 | $ 15.5 | $ 25.4 |
Share Based Compensation - Narr
Share Based Compensation - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Apr. 04, 2021 | Mar. 29, 2020 | Apr. 04, 2021 | Mar. 29, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Remaining unrecognized pre-tax compensation cost | $ 59.2 | $ 59.2 | ||
SB/RH | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Remaining unrecognized pre-tax compensation cost | 58.3 | 58.3 | ||
Annual MIP | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share based compensation expense | $ 0 | $ 4.3 | $ 0 | $ 8.6 |
RSU | LTIP | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 3 years |
Share Based Compensation - Su_2
Share Based Compensation - Summary of Activity of the RSUs Granted (Details) $ / shares in Units, shares in Millions, $ in Millions | 6 Months Ended |
Apr. 04, 2021USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Units (in shares) | shares | 0.5 |
Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 74.38 |
Fair Value at Grant Date | $ | $ 37.7 |
RSU | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Units (in shares) | shares | 0.5 |
Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 74.38 |
Fair Value at Grant Date | $ | $ 37.7 |
Time-based grants | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Units (in shares) | shares | 0.2 |
Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 74.40 |
Fair Value at Grant Date | $ | $ 15.4 |
Time-based grants | Vesting in less than 24 months | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Units (in shares) | shares | 0.1 |
Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 74.43 |
Fair Value at Grant Date | $ | $ 7.7 |
Time-based grants | Vesting in more than 24 months | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Units (in shares) | shares | 0.1 |
Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 74.37 |
Fair Value at Grant Date | $ | $ 7.7 |
Performance-based grants | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Units (in shares) | shares | 0.3 |
Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 74.36 |
Fair Value at Grant Date | $ | $ 22.3 |
Performance-based grants | Vesting in more than 24 months | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Units (in shares) | shares | 0.3 |
Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 74.36 |
Fair Value at Grant Date | $ | $ 22.3 |
SB/RH | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Units (in shares) | shares | 0.5 |
Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 74.38 |
Fair Value at Grant Date | $ | $ 36.2 |
SB/RH | RSU | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Units (in shares) | shares | 0.5 |
Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 74.38 |
Fair Value at Grant Date | $ | $ 36.2 |
SB/RH | Time-based grants | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Units (in shares) | shares | 0.2 |
Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 74.41 |
Fair Value at Grant Date | $ | $ 13.9 |
SB/RH | Time-based grants | Vesting in less than 24 months | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Units (in shares) | shares | 0.1 |
Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 74.45 |
Fair Value at Grant Date | $ | $ 6.3 |
SB/RH | Time-based grants | Vesting in more than 24 months | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Units (in shares) | shares | 0.1 |
Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 74.37 |
Fair Value at Grant Date | $ | $ 7.6 |
SB/RH | Performance-based grants | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Units (in shares) | shares | 0.3 |
Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 74.36 |
Fair Value at Grant Date | $ | $ 22.3 |
SB/RH | Performance-based grants | Vesting in more than 24 months | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Units (in shares) | shares | 0.3 |
Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 74.36 |
Fair Value at Grant Date | $ | $ 22.3 |
Share Based Compensation (Summa
Share Based Compensation (Summary Of RSU Activity) (Details) $ / shares in Units, shares in Millions, $ in Millions | 6 Months Ended |
Apr. 04, 2021USD ($)$ / sharesshares | |
Shares | |
Granted (in shares) | shares | 0.5 |
Weighted Average Grant Date Fair Value | |
Granted (in dollars per share) | $ / shares | $ 74.38 |
Fair Value at Grant Date | |
Granted | $ | $ 37.7 |
RSU | |
Shares | |
Beginning balance (in shares) | shares | 1.4 |
Granted (in shares) | shares | 0.5 |
Forfeited (in shares) | shares | (0.1) |
Vested (in shares) | shares | (0.3) |
Ending balance (in shares) | shares | 1.5 |
Weighted Average Grant Date Fair Value | |
Beginning balance (in dollars per share) | $ / shares | $ 56.41 |
Granted (in dollars per share) | $ / shares | 74.38 |
Forfeited (in dollars per share) | $ / shares | 61.24 |
Vested (in dollars per share) | $ / shares | 53.06 |
Ending balance (in dollars per share) | $ / shares | $ 62.83 |
Fair Value at Grant Date | |
Beginning balance | $ | $ 79.3 |
Granted | $ | 37.7 |
Forfeited | $ | (1) |
Vested | $ | (17.1) |
Ending balance | $ | $ 98.9 |
SB/RH | |
Shares | |
Granted (in shares) | shares | 0.5 |
Weighted Average Grant Date Fair Value | |
Granted (in dollars per share) | $ / shares | $ 74.38 |
Fair Value at Grant Date | |
Granted | $ | $ 36.2 |
SB/RH | RSU | |
Shares | |
Beginning balance (in shares) | shares | 1.4 |
Granted (in shares) | shares | 0.5 |
Forfeited (in shares) | shares | (0.1) |
Vested (in shares) | shares | (0.3) |
Ending balance (in shares) | shares | 1.5 |
Weighted Average Grant Date Fair Value | |
Beginning balance (in dollars per share) | $ / shares | $ 56.33 |
Granted (in dollars per share) | $ / shares | 74.38 |
Forfeited (in dollars per share) | $ / shares | 61.24 |
Vested (in dollars per share) | $ / shares | 52.35 |
Ending balance (in dollars per share) | $ / shares | $ 62.73 |
Fair Value at Grant Date | |
Beginning balance | $ | $ 77.7 |
Granted | $ | 36.2 |
Forfeited | $ | (1) |
Vested | $ | (15.8) |
Ending balance | $ | $ 97.1 |
Income Taxes - Schedule Of Effe
Income Taxes - Schedule Of Effective Tax Rate (Details) | 3 Months Ended | 6 Months Ended | ||
Apr. 04, 2021 | Mar. 29, 2020 | Apr. 04, 2021 | Mar. 29, 2020 | |
Income Taxes [Line Items] | ||||
Effective tax rate | 29.90% | 24.30% | 24.40% | 15.90% |
SB/RH | ||||
Income Taxes [Line Items] | ||||
Effective tax rate | 29.90% | 23.50% | 24.40% | 15.00% |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |
Apr. 04, 2021 | Apr. 04, 2021 | Sep. 30, 2020 | |
Income Taxes [Line Items] | |||
U.S. Federal statutory income tax rate | 21.00% | 21.00% | |
Foreign Tax Authority | Netherlands | |||
Income Taxes [Line Items] | |||
Tax benefit from favorable settlement | $ 5.3 | ||
SB/RH | |||
Income Taxes [Line Items] | |||
Income taxes payable | $ 16 | $ 16 | $ 1.8 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Apr. 04, 2021 | Mar. 29, 2020 | Apr. 04, 2021 | Mar. 29, 2020 | Sep. 30, 2020 | |
Related Party Transaction [Line Items] | |||||
Net income (loss) | $ 36.6 | $ (57) | $ 108.7 | $ (92.7) | |
TSAs and reverse TSAs | |||||
Related Party Transaction [Line Items] | |||||
Net income (loss) | 0.1 | (1.5) | (1.7) | 0.1 | |
TSAs | |||||
Related Party Transaction [Line Items] | |||||
TSA charges | 0.1 | 2.2 | 0.9 | 6.6 | |
Reverse TSAs | |||||
Related Party Transaction [Line Items] | |||||
TSA charges | 3.7 | $ 2.6 | 6.5 | ||
Minimum | TSAs and reverse TSAs | |||||
Related Party Transaction [Line Items] | |||||
Overall expected time period of transition | 12 months | ||||
Maximum | TSAs and reverse TSAs | |||||
Related Party Transaction [Line Items] | |||||
Overall expected time period of transition | 24 months | ||||
Energizer | TSAs and reverse TSAs | |||||
Related Party Transaction [Line Items] | |||||
Net receivable | 2.1 | $ 2.1 | $ 5.4 | ||
Energizer | H&G supply agreement | |||||
Related Party Transaction [Line Items] | |||||
Net receivable | 0.1 | $ 0.1 | 4.4 | ||
Supply agreement contract term | 24 months | ||||
Revenue | 1.9 | $ 5.6 | $ 6 | $ 10.9 | |
Varta AG | TSAs and reverse TSAs | |||||
Related Party Transaction [Line Items] | |||||
Net payable | $ 1.1 | $ 1.1 | $ 1 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) $ in Millions | Apr. 04, 2021 | Sep. 30, 2020 |
Commitments and Contingencies Disclosure [Abstract] | ||
Estimated costs associated with environmental remediation activities | $ 11.6 | $ 11.6 |
Product liability accruals | 4.4 | 5.1 |
Product warranty accruals | 11.4 | $ 10.9 |
Accrual of probable loss | $ 6 |
Segment Information - Net Sales
Segment Information - Net Sales Relating to Segments (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Apr. 04, 2021 | Mar. 29, 2020 | Apr. 04, 2021 | Mar. 29, 2020 | |
Revenue from External Customer [Line Items] | ||||
Net sales | $ 1,149.8 | $ 937.8 | $ 2,294.7 | $ 1,809.3 |
HHI | ||||
Revenue from External Customer [Line Items] | ||||
Net sales | 389.5 | 329.1 | 798.2 | 626.8 |
HPC | ||||
Revenue from External Customer [Line Items] | ||||
Net sales | 297.9 | 232.7 | 676.4 | 554.8 |
GPC | ||||
Revenue from External Customer [Line Items] | ||||
Net sales | 293.6 | 236.9 | 569.1 | 442.7 |
H&G | ||||
Revenue from External Customer [Line Items] | ||||
Net sales | $ 168.8 | $ 139.1 | $ 251 | $ 185 |
Segment Information - Schedule
Segment Information - Schedule of Segment Information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Apr. 04, 2021 | Mar. 29, 2020 | Apr. 04, 2021 | Mar. 29, 2020 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Total Segment Adjusted EBITDA | $ 189.2 | $ 145.9 | $ 402.4 | $ 253.3 |
Corporate | 8.3 | 5.5 | 17.5 | 10.8 |
Interest expense | 65.5 | 35.5 | 102.2 | 70.4 |
Depreciation and amortization | 38.7 | 36.4 | 74.4 | 78 |
Share and incentive based compensation | 8.5 | 14.6 | 16.7 | 29.1 |
Restructuring and related charges | 4.1 | 21.9 | 13.3 | 49.4 |
Transaction related charges | 9.7 | 7.2 | 30.3 | 11.3 |
(Gain) loss on Energizer investment | (0.9) | 106.8 | (6.9) | 68.3 |
(Gain) loss on assets held for sale | 0 | (7) | 0 | 25.7 |
Write-off from impairment of intangible assets | 0 | 0 | 0 | 24.2 |
Inventory acquisition step-up | 2.6 | 0 | 3.4 | 0 |
Other | 0.2 | 3.2 | 6 | 1.3 |
Income (loss) from operations before income taxes | 52.5 | (78.2) | 145.5 | (115.2) |
HHI | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Total Segment Adjusted EBITDA | 73.4 | 69.5 | 171.6 | 112.3 |
HPC | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Total Segment Adjusted EBITDA | 25.4 | 8 | 76.3 | 44.4 |
GPC | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Total Segment Adjusted EBITDA | 55.6 | 40 | 109.2 | 71.5 |
H&G | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Total Segment Adjusted EBITDA | 34.8 | 28.4 | 45.3 | 25.1 |
SB/RH | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Total Segment Adjusted EBITDA | 189.2 | 145.9 | 402.4 | 253.3 |
Corporate | 8.1 | 2.3 | 16.7 | 7.2 |
Interest expense | 65.6 | 35.3 | 102.4 | 70 |
Depreciation and amortization | 38.7 | 36.4 | 74.4 | 78 |
Share and incentive based compensation | 8 | 14.1 | 16.1 | 28.5 |
Restructuring and related charges | 4.1 | 21.9 | 13.3 | 49.4 |
Transaction related charges | 9.7 | 7.2 | 30.3 | 11.3 |
(Gain) loss on Energizer investment | (0.9) | 106.8 | (6.9) | 68.3 |
(Gain) loss on assets held for sale | 0 | (7) | 0 | 25.7 |
Write-off from impairment of intangible assets | 0 | 0 | 0 | 24.2 |
Inventory acquisition step-up | 2.6 | 0 | 3.4 | 0 |
Other | 0.1 | 3 | 5.9 | 0.8 |
Income (loss) from operations before income taxes | 53.2 | (74.1) | $ 146.8 | $ (110.1) |
SB/RH | HHI | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Total Segment Adjusted EBITDA | 73.4 | 69.5 | ||
SB/RH | HPC | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Total Segment Adjusted EBITDA | 25.4 | 8 | ||
SB/RH | GPC | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Total Segment Adjusted EBITDA | 55.6 | 40 | ||
SB/RH | H&G | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Total Segment Adjusted EBITDA | $ 34.8 | $ 28.4 |
Earnings Per Share - SBH (Detai
Earnings Per Share - SBH (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Apr. 04, 2021 | Mar. 29, 2020 | Apr. 04, 2021 | Mar. 29, 2020 | |
Numerator | ||||
Net income (loss) from continuing operations attributable to controlling interest | $ 37.7 | $ (58.4) | $ 110.1 | $ (97) |
(Loss) income from discontinued operations attributable to controlling interest | (1.1) | 1.4 | (1.4) | 4.3 |
Net income (loss) attributable to controlling interest | $ 36.6 | $ (57) | $ 108.7 | $ (92.7) |
Denominator | ||||
Weighted average shares outstanding - basic (in shares) | 42.6 | 45.1 | 42.8 | 46.4 |
Dilutive shares (in shares) | 0.3 | 0 | 0.2 | 0 |
Weighted average shares outstanding - diluted (in shares) | 42.9 | 45.1 | 43 | 46.4 |
Earnings per share | ||||
Basic earnings per share from continuing operations (in dollars per share) | $ 0.88 | $ (1.29) | $ 2.57 | $ (2.09) |
Basic earnings per share from discontinued operations (in dollars per share) | (0.02) | 0.03 | (0.03) | 0.09 |
Basic earnings per share (in dollars per share) | 0.86 | (1.26) | 2.54 | (2) |
Diluted earnings per share from continuing operations (in dollars per share) | 0.88 | (1.29) | 2.56 | (2.09) |
Diluted earnings per share from discontinued operations (in dollars per share) | (0.03) | 0.03 | (0.03) | 0.09 |
Diluted earnings per share (in dollars per share) | $ 0.85 | $ (1.26) | $ 2.53 | $ (2) |
Weighted average number of anti-dilutive shares excluded from denominator (in shares) | 0 | 0.1 | 0 | 0.1 |