Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Dec. 31, 2020 | Jan. 31, 2021 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Dec. 31, 2020 | |
Document Transition Report | false | |
Entity File Number | 001-15401 | |
Entity Registrant Name | EDGEWELL PERSONAL CARE COMPANY | |
Entity Incorporation, State or Country Code | MO | |
Entity Tax Identification Number | 43-1863181 | |
Entity Address, Address Line One | 6 Research Drive | |
Entity Address, City or Town | Shelton, | |
Entity Address, State or Province | CT | |
Entity Address, Postal Zip Code | 06484 | |
City Area Code | (203) | |
Local Phone Number | 944-5500 | |
Title of 12(b) Security | Common Stock, par value $0.01 per share | |
Trading Symbol | EPC | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 54,277,953 | |
Entity Central Index Key | 0001096752 | |
Current Fiscal Year End Date | --09-30 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Earnings and Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Income Statement [Abstract] | ||
Net sales | $ 451.1 | $ 454 |
Cost of products sold | 257.8 | 260.9 |
Gross profit | 193.3 | 193.1 |
Selling, general and administrative expense | 93.1 | 95 |
Advertising and sales promotion expense | 41.2 | 41.1 |
Research and development expense | 13.7 | 13.8 |
Restructuring charges | 3.7 | 6.1 |
Operating income | 41.6 | 37.1 |
Gain on sale of Infant and Pet Care business | 0 | (5.2) |
Interest expense associated with debt | 17.4 | 14.3 |
Other income, net | (1) | (1.6) |
Earnings before income taxes | 25.2 | 29.6 |
Income tax provision | 7.5 | 7.2 |
Net earnings | $ 17.7 | $ 22.4 |
Basic net earnings per share | $ 0.33 | $ 0.41 |
Diluted net earnings per share | $ 0.32 | $ 0.41 |
Condensed Consolidated Statements of Comprehensive Income | ||
Net earnings | $ 17.7 | $ 22.4 |
Other comprehensive income, net of tax | ||
Foreign currency translation adjustments | 33.7 | 21.5 |
Pension and postretirement activity, net of tax | (2) | (1.5) |
Deferred loss on hedging activity, net of tax | (1.8) | (1.3) |
Total other comprehensive income, net of tax | 29.9 | 18.7 |
Total comprehensive income | $ 47.6 | $ 41.1 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Earnings and Comprehensive Income (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Income Statement [Abstract] | ||
Pension and postretirement activity, tax | $ (0.8) | $ (0.6) |
Deferred loss on hedging activity, tax | $ (0.8) | $ (0.6) |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2020 | Sep. 30, 2020 |
Current assets | ||
Cash and cash equivalents | $ 280.8 | $ 364.7 |
Trade receivables, less allowance for doubtful accounts | 167 | 158.8 |
Inventories | 337 | 314.1 |
Other current assets | 148.6 | 146 |
Total current assets | 933.4 | 983.6 |
Property, plant and equipment, net | 368.9 | 370.9 |
Goodwill | 1,167.7 | 1,159.7 |
Other intangible assets, net | 927.5 | 928.1 |
Other assets | 98.6 | 98.6 |
Total assets | 3,496.1 | 3,540.9 |
Current liabilities | ||
Notes payable | 24.1 | 21.1 |
Accounts payable | 182.7 | 181.9 |
Other current liabilities | 222.1 | 307.5 |
Total current liabilities | 428.9 | 510.5 |
Long-term debt | 1,238.4 | 1,237.9 |
Deferred income tax liabilities | 103.9 | 102.5 |
Other liabilities | 259.7 | 257.1 |
Liabilities, Total | 2,030.9 | 2,108 |
Shareholders’ equity | ||
Preferred shares | 0 | 0 |
Common shares | 0.7 | 0.7 |
Additional paid-in capital | 1,618.8 | 1,631.8 |
Retained earnings | 791.6 | 782.4 |
Common shares in treasury at cost | (784.2) | (790.4) |
Accumulated other comprehensive loss | (161.7) | (191.6) |
Total shareholders’ equity | 1,465.2 | 1,432.9 |
Total liabilities and shareholders’ equity | $ 3,496.1 | $ 3,540.9 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2020 | Sep. 30, 2020 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 7.6 | $ 8.2 |
Preferred shares, par value (in usd per share) | $ 0.01 | $ 0.01 |
Preferred shares, authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred shares, issued (in shares) | 0 | 0 |
Preferred shares, outstanding (in shares) | 0 | 0 |
Common shares, par value (in usd per share) | $ 0.01 | $ 0.01 |
Common shares, authorized (in shares) | 300,000,000 | 300,000,000 |
Common shares, issued (in shares) | 65,251,989 | 65,251,989 |
Common shares, outstanding (in shares) | 54,275,037 | 54,355,183 |
Treasury shares (in shares) | 10,976,952 | 10,896,806 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Cash Flow from Operating Activities | ||
Net earnings | $ 17.7 | $ 22.4 |
Depreciation and amortization | 22.2 | 22.5 |
Share-based compensation expense | 5.3 | 4.9 |
Loss on sale of assets | 0.2 | 0.2 |
Gain on sale of Infant and Pet Care business | 0 | (5.2) |
Deferred compensation payments | (0.2) | (1.9) |
Deferred income taxes | 0 | (16.7) |
Other, net | 1 | 5.4 |
Change in operating assets and liabilities | (128.7) | (78.5) |
Net cash used by operating activities | (82.5) | (46.9) |
Cash Flow from Investing Activities | ||
Capital expenditures | (10.2) | (7.6) |
Proceeds from sale of Infant and Pet Care business | 7.5 | 95.8 |
Acquisitions, net of cash acquired | (0.3) | 0 |
Collection of deferred purchase price on accounts receivable sold | 1.5 | 2.8 |
Payments for other investing activities | (0.8) | (1.3) |
Net Cash Provided by (Used in) Investing Activities, Total | (2.3) | 89.7 |
Cash Flow from Financing Activities | ||
Cash proceeds from debt with original maturities greater than 90 days | 0 | 50 |
Cash payments on debt with original maturities greater than 90 days | 0 | (167) |
Net increase (decrease) in debt with original maturities of 90 days or less | 2.5 | (0.1) |
Repurchase of shares | (9.2) | 0 |
Net financing inflow (outflow) from the Accounts Receivable Facility | 4.2 | (14.9) |
Employee shares withheld for taxes | (3) | (1.5) |
Proceeds (payments) for other financing activities | 0 | (2.4) |
Net cash used by financing activities | (5.5) | (135.9) |
Effect of exchange rate changes on cash | 6.4 | 3.3 |
Net decrease in cash and cash equivalents | (83.9) | (89.8) |
Cash and cash equivalents, beginning of period | 364.7 | 341.6 |
Cash and cash equivalents, end of period | $ 280.8 | $ 251.8 |
Condensed Consolidated Statem_4
Condensed Consolidated Statement of Changes in Shareholders' Equity Statement - USD ($) $ in Millions | Total | Common shares | Treasury shares | Additional paid-in capital | Retained earnings | Accumulated other comprehensive loss |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Treasury shares (in shares) | (11,000,000) | |||||
Common shares, issued (in shares) | 65,200,000 | |||||
Total shareholders' equity at Sep. 30, 2019 | $ 1,303.5 | $ 0.7 | $ (803.8) | $ 1,627.7 | $ 714.8 | $ (235.9) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net earnings | 22.4 | 22.4 | ||||
Foreign currency translation adjustments | 21.5 | 21.5 | ||||
Pension and postretirement activity, net of tax | (1.5) | 1.5 | ||||
Deferred loss on hedging activity, net of tax | (1.3) | (1.3) | ||||
Activity under share plans (in shares) | 100,000 | |||||
Activity under share plans (in usd) | (3.5) | $ (8.5) | (5) | 0 | ||
Total shareholders' equity at Dec. 31, 2019 | $ 1,348.1 | $ 0.7 | $ (795.3) | 1,622.7 | 737.2 | (217.2) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Treasury shares (in shares) | (10,900,000) | |||||
Common shares, issued (in shares) | 65,200,000 | |||||
Treasury shares (in shares) | 10,896,806 | (10,900,000) | ||||
Common shares, issued (in shares) | 65,251,989 | 65,200,000 | ||||
Total shareholders' equity at Sep. 30, 2020 | $ 1,432.9 | $ 0.7 | $ (790.4) | 1,631.8 | 782.4 | (191.6) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net earnings | 17.7 | 17.7 | ||||
Foreign currency translation adjustments | 33.7 | 33.7 | ||||
Pension and postretirement activity, net of tax | (2) | (2) | ||||
Deferred loss on hedging activity, net of tax | (1.8) | (1.8) | ||||
Dividends declared to common shareholders ($0.15 per share) | (8.5) | (8.5) | ||||
Treasury shares repurchased (in usd) | $ (9.2) | $ (9.2) | ||||
Treasury shares repurchased (in shares) | (300,000) | (300,000) | ||||
Activity under share plans (in shares) | 200,000 | |||||
Activity under share plans (in usd) | $ (2.4) | $ (15.4) | (13) | 0 | ||
Total shareholders' equity at Dec. 31, 2020 | $ 1,465.2 | $ 0.7 | $ (784.2) | $ 1,618.8 | $ 791.6 | $ (161.7) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Treasury shares (in shares) | 10,976,952 | (11,000,000) | ||||
Common shares, issued (in shares) | 65,251,989 | 65,200,000 |
Background and Basis of Present
Background and Basis of Presentation | 3 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Background and Basis of Presentation | Background and Basis of Presentation Background Edgewell Personal Care Company, and its subsidiaries (collectively, “Edgewell” or the “Company”), is one of the world’s largest manufacturers and marketers of personal care products in the wet shave, sun and skin care, and feminine care categories. Edgewell operates in more than 20 countries with extensive retail reach across 50 markets. The Company conducts its business in the following three segments: • Wet Shave consists of products sold under the Schick®, Wilkinson Sword®, Edge®, Skintimate®, Shave Guard® and Personna® brands, as well as non-branded products. The Company’s wet shave products include razor handles and refillable blades, disposable shave products, and shaving gels and creams. • Sun and Skin Care consists of Banana Boat® and Hawaiian Tropic® sun care products, Jack Black®, Bulldog® and Cremo® men’s grooming products, and Wet Ones® wipes. • Feminine Care includes tampons, pads, and liners sold under the Playtex Gentle Glide® and Sport®, Stayfree®, Carefree®, and o.b.® brands. Through December 2019, the Company also conducted business in its All Other segment which included infant care products, such as bottles, cups, and pacifiers, sold under the Playtex®, OrthoPro® and Binky® brand names, as well as the Diaper Genie® and Litter Genie® disposal systems. The Company completed the sale of the Infant and Pet Care business in December 2019. Basis of Presentation The accompanying unaudited Condensed Consolidated Financial Statements include the accounts of the Company and its controlled subsidiaries and have been prepared in accordance with United States (“U.S.”) generally accepted accounting principles (“GAAP”), under the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”). The preparation of the unaudited Condensed Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities, disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses. Actual results may differ materially from those estimates. All intercompany balances and transactions have been eliminated in consolidation and, in the opinion of management, all normal recurring adjustments considered necessary for a fair presentation have been included in the interim results reported. The fiscal year-end balance sheet data was derived from audited consolidated financial statements, but do not include all of the annual disclosures required by GAAP; accordingly, these unaudited Condensed Consolidated Financial Statements should be read in conjunction with the Company’s audited annual consolidated financial statements included in its Annual Report on Form 10-K filed with the SEC on November 20, 2020. Recently Adopted Accounting Pronouncements. In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13 intended to improve financial reporting by requiring timelier recording of credit losses on loans and other financial instruments held by financial institutions and other organizations. The new guidance applies to all financial instruments, including trade receivables, and requires the measurement of all expected credit losses for financial assets held at a reporting date to be based on historical experience, current conditions and reasonable and supportable forecasts. Previous guidance did not include forward-looking information. The Company adopted the standard effective October 1, 2020. The adoption of the guidance did not have a material impact on the Company’s financial statements. The Company evaluates the creditworthiness of customers when negotiating contracts and, as trade receivables are short term in nature, the timing between recognition of a credit loss under existing guidance and the new guidance is not expected to differ materially. In August 2018, the FASB issued ASU 2018-15, which 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. The amendments in this standard require an entity that is the customer in a hosting arrangement to follow the guidance on internal-use software to determine which implementation costs to capitalize and which costs to expense. The standard also requires a customer to expense the capitalized implementation costs of a hosting arrangement over the term of the hosting arrangement. The new guidance requires an entity to present the expense related to the capitalized implementation costs in the same line item in the statement of income as the fees associated with the hosting element of the arrangement and classify payments for capitalized implementation costs in the statement of cash flows in the same manner as payments made for fees associated with the hosting element. The entity is also required to present the capitalized implementation costs in the statement of financial position in the same line item that a prepayment for the fees of the associated hosting arrangement would be presented. The Company adopted the standard effective October 1, 2020 on a prospective basis. The Company does not expect the guidance to have a material impact on its financial statements in fiscal 2021. In October 2020, the FASB issued ASU 2020-09, which amends the codification pursuant to SEC Final Rule No. 33-10762 which was released in March 2020. The standard amends the disclosure requirements in the codification to align with SEC Regulation S-X, Rule 3-10, which permits entities to provide summarized financial information of the parent company and each issuer and guarantor in either a note to the financial statements or in management's discussion and analysis. The Company adopted the final rule effective the second quarter of fiscal 2020. |
Business Combinations and Dives
Business Combinations and Divestitures | 3 Months Ended |
Dec. 31, 2020 | |
Business Combinations [Abstract] | |
Business Combinations and Divestitures | Business Combinations and Divestitures Cremo Holding Company, LLC On September 2, 2020, the Company completed the acquisition of Cremo Holding Company, LLC (“Cremo”). The Company accounted for the acquisition of Cremo utilizing the acquisition method of accounting, which requires assets and liabilities to be recognized based on estimates of their acquisition date fair values. The determination of the values of the acquired assets and assumed liabilities, including goodwill and other intangible assets, requires significant judgement. We have calculated fair values of assets and liabilities acquired from Cremo including goodwill and intangible assets and working capital. The Company completed the final fair value determination of the Cremo acquisition in the first quarter of fiscal year 2021. The changes in the fair value made during the first quarter of fiscal 2021 were not material. The Company used variations of the income approach in determining the fair value of intangible assets acquired in the acquisition of Cremo. Specifically, we utilized the multi-period excess earnings method to determine the fair value of the definite lived customer relationships acquired and the relief from royalty method to determine the fair value of the definite lived trade name and proprietary technology acquired. Our determination of the fair value of the intangible assets acquired involved the use of significant estimates and assumptions related to revenue growth rates, discount rates, customer attrition rates, and royalty rates. Edgewell believes that the fair value assigned to the assets acquired and liabilities assumed are based on reasonable assumptions and estimates that marketplace participants would use. The Company’s purchase price allocation for Cremo included net assets of $234.6 and consisted of working capital and other net assets of $11.5 (including cash of $0.7), other intangible assets of $95.1 and goodwill of $128.0, representing the value of expansion into new markets and channels of trade. Goodwill is deductible for tax purposes. The intangible assets acquired consisted primarily of the Cremo trade name, customer relationships and product formulations with a weighted average useful life of 17 years. All assets are included in the Company’s Sun and Skin Care segment. The Company noted that the net sales and net earnings of Cremo from the beginning of the period through the acquisition date were not material relative to the total net sales and net earnings of the Company during fiscal 2020, and thus pro-forma results for Cremo were not disclosed in accordance with Accounting Standards Codification 805. Acquisition and integration costs related to Cremo totaling $1.7 for the three months ended December 31, 2020 were included in Selling, general and administrative expense (“SG&A”) on the Condensed Consolidated Statements of Earnings and Comprehensive Income. Additionally, acquisition costs of $1.3 were included in Cost of products sold for the three months ended December 31, 2020. |
Restructuring Charges
Restructuring Charges | 3 Months Ended |
Dec. 31, 2020 | |
Restructuring Charges [Abstract] | |
Restructuring Charges | Restructuring Charges Project Fuel Project Fuel is an enterprise-wide transformational initiative that was launched in the second quarter of fiscal 2018 to address all aspects of our business and cost structure, simplifying and transforming our organization, structure and key processes. Project Fuel is facilitating further re-investment in our growth strategy while enabling us to achieve our desired future state operations. In addition to the expected cost savings, Project Fuel is designed to strengthen our challenger culture and reinforce our consumer-centric organizational focus. It is also designed to simplify the organization and streamline ways of working to increase competitiveness, speed and agility, and ensure we have the skills, capabilities and investments needed to compete in a rapidly changing world. The Company does not include Project Fuel restructuring costs in the results of its reportable segments. The estimated impact of allocating such charges to segment results for the three months ended December 31, 2020 and 2019 would have been as follows: Three Months Ended December 31, 2020 Wet Shave Sun and Skin Care Feminine Care Corporate Total Project Fuel Severance and related benefit costs $ 0.5 $ — $ — $ 1.8 $ 2.3 Asset impairment and accelerated depreciation 0.1 — — — 0.1 Consulting, project implementation and management, and other exit costs 0.5 — — 1.5 2.0 Total Restructuring $ 1.1 $ — $ — $ 3.3 $ 4.4 Three Months Ended December 31, 2019 Wet Shave Sun and Skin Care Feminine Care Corporate Total Project Fuel Severance and related benefit costs $ — $ — $ — $ 1.3 $ 1.3 Asset impairment and accelerated depreciation — — — — — Consulting, project implementation and management, and other exit costs 2.8 — — 3.9 6.7 Total Restructuring $ 2.8 $ — $ — $ 5.2 $ 8.0 Pre-tax SG&A of $0.6 and $1.9 for the three months ended December 31, 2020 and 2019, respectively, associated with certain information technology enablement expenses and compensation expenses related to Project Fuel were included in Consulting, project implementation and management, and other exit costs. Pre-tax Cost of products sold of $0.1 for the three months ended December 31, 2020 related to inventory write-offs associated with Project Fuel, were included in Asset impairment and accelerated depreciation. The following table summarizes the Restructuring activities and related accrual (excluding certain obsolescence charges related to the restructuring) for fiscal 2021: Utilized October 1, 2020 Charge to Other (1) Cash Non-Cash December 31, Restructuring Severance and related benefit costs $ 4.3 $ 2.3 $ 0.1 $ (5.8) $ — $ 0.9 Asset impairment and accelerated depreciation — 0.1 — — (0.1) — Consulting, project implementation and management, and other exit costs 1.1 2.0 — (2.1) — 1.0 Total Restructuring $ 5.4 $ 4.4 $ 0.1 $ (7.9) $ (0.1) $ 1.9 (1) Includes the impact of currency translation. |
Income Taxes
Income Taxes | 3 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes For the three months ended December 31, 2020, the Company had income tax expense of $7.5 on Earnings before income taxes of $25.2. The effective tax rate for the three months ended December 31, 2020 was 29.7%. The difference between the federal statutory rate and the effective rate for the three months ended December 31, 2020 is primarily due to the unfavorable mix of earnings in higher tax rate jurisdictions. For the three months ended December 31, 2019, the Company had income tax expense of $7.2 on Earnings before income taxes of $29.6. The effective tax rate for the three months ended December 31, 2019 was 24.4%. The difference between the federal statutory rate and the effective rate is primarily due to the unfavorable impact of the Infant and Pet Care sale. |
Earnings per Share
Earnings per Share | 3 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Earnings per Share | Earnings per Share Basic earnings per share is based on the weighted-average number of common shares outstanding during the period. Diluted earnings per share is based on the number of shares used for the basic earnings per share calculation, adjusted for the dilutive effect of share options and restricted share equivalent (“RSE”) awards. The following is the reconciliation between the number of weighted-average shares used in the basic and diluted earnings per share calculation: Three Months Ended 2020 2019 Basic weighted-average shares outstanding 54.4 54.3 Effect of dilutive securities: RSE awards 0.4 0.1 Total dilutive securities 0.4 0.1 Diluted weighted-average shares outstanding 54.8 54.4 For the three months ended December 31, 2020, the calculation of diluted weighted-average shares outstanding excludes 1.0 of share options and 0.1 of RSE awards because the effect of including these awards was anti-dilutive. For the three months ended December 31, 2019, the calculation of diluted weighted-average shares outstanding excludes 0.7 of share options and 0.1 of RSE awards because the effect of including these awards was anti-dilutive. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 3 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Goodwill and Intangible Assets The following table sets forth goodwill by segment: Wet Sun and Skin Feminine Total Gross balance at October 1, 2020 $ 967.2 $ 356.8 $ 206.7 $ 1,530.7 Accumulated goodwill impairment (369.0) (2.0) — (371.0) Net balance at October 1, 2020 $ 598.2 $ 354.8 $ 206.7 $ 1,159.7 Changes in the three-month period ended December 31, 2020 Cremo acquisition measurement period adjustment — 0.3 — 0.3 Cumulative translation adjustment 4.8 1.0 1.9 7.7 Gross balance at December 31, 2020 $ 972.0 $ 358.1 $ 208.6 $ 1,538.7 Accumulated goodwill impairment (369.0) (2.0) — (371.0) Net balance at December 31, 2020 $ 603.0 $ 356.1 $ 208.6 $ 1,167.7 The following table sets forth definite-lived intangible assets by class: December 31, 2020 September 30, 2020 Gross Accumulated Net Gross Accumulated Net Trade names and brands $ 256.4 $ 48.7 $ 207.7 $ 256.2 $ 45.4 $ 210.8 Technology and patents 79.5 75.8 3.7 79.1 75.3 3.8 Customer related and other 222.2 111.3 110.9 219.9 107.8 112.1 Total amortizable intangible assets $ 558.1 $ 235.8 $ 322.3 $ 555.2 $ 228.5 $ 326.7 Amortization expense was $5.5 and $4.3 for the three months ended December 31, 2020 and 2019, respectively. Estimated amortization expense for amortizable intangible assets for the remainder of fiscal 2021 and for fiscal 2022, 2023, 2024, 2025 and 2026 is $16.6, $22.0, $22.0, $21.9, $21.9 and $21.7, respectively, and $196.2 thereafter. The Company had indefinite-lived intangible assets of $605.2 ($186.3 in Wet Shave, $389.0 in Sun and Skin Care, and $29.9 in Feminine Care) at December 31, 2020, an increase of $3.8 from September 30, 2020, which was the result of foreign currency fluctuations. The Company had indefinite-lived trade names and brands of $601.4 ($183.1 in Wet Shave, $388.4 in Sun and Skin Care, and $29.9 in Feminine Care) at September 30, 2020. Goodwill and intangible assets deemed to have an indefinite life are not amortized but are instead reviewed annually for impairment of value or when indicators of a potential impairment are present. The Company’s annual impairment testing date is July 1. The Company continuously monitors events which could trigger an interim impairment analysis, such as changing business conditions and environmental factors, which included the impact of the ongoing novel coronavirus 2019 (“COVID-19”) pandemic. The Company determined there was no triggering event requiring an interim impairment analysis during the three months ended December 31, 2020. The qualitative analysis performed by the Company concluded that it was more likely than not that the goodwill and intangible assets had fair values greater than the carrying values. However, the continued duration and severity of COVID-19 may result in future impairment charges as the prolonged pandemic could have an additional impact on the results of the Company’s operations due to changes in consumer habits. This could result in changes to the assumptions utilized in the annual impairment analysis to determine the estimated fair value of the Company’s goodwill and indefinite-lived intangible assets, including long term growth rates and discount rates. Refer to the sensitivity analysis in Management's Discussion and Analysis in the Company’s Annual Report on Form 10-K filed with the SEC on November 20, 2020. |
Supplemental Balance Sheet Info
Supplemental Balance Sheet Information | 3 Months Ended |
Dec. 31, 2020 | |
Supplemental Balance Sheet Information [Abstract] | |
Supplemental Balance Sheet Information | Supplemental Balance Sheet Information December 31, September 30, Inventories Raw materials and supplies $ 61.6 $ 58.5 Work in process 73.0 71.5 Finished products 202.4 184.1 Total inventories $ 337.0 $ 314.1 Other Current Assets Miscellaneous receivables $ 25.8 $ 23.3 Inventory returns receivable 0.9 1.0 Prepaid expenses 69.6 64.8 Value added tax collectible from customers 19.9 20.4 Income taxes receivable 23.9 26.3 Other 8.5 10.2 Total other current assets $ 148.6 $ 146.0 Property, Plant and Equipment Land $ 19.6 $ 19.3 Buildings 144.3 142.2 Machinery and equipment 1,029.9 1,014.2 Capitalized software costs 55.1 53.6 Construction in progress 37.1 32.7 Total gross property, plant and equipment 1,286.0 1,262.0 Accumulated depreciation and amortization (917.1) (891.1) Total property, plant and equipment, net $ 368.9 $ 370.9 Other Current Liabilities Accrued advertising, sales promotion and allowances $ 34.2 $ 49.4 Accrued trade allowances 29.1 30.8 Accrued salaries, vacations and incentive compensation 33.4 62.6 Income taxes payable 2.1 13.4 Returns reserve 27.7 44.8 Restructuring reserve 1.9 5.4 Value added tax payable 5.1 6.8 Deferred compensation 8.4 5.9 Short term lease obligation 9.1 9.1 Customer advance payments 0.7 1.4 Dividends payable 8.5 — Other 61.9 77.9 Total other current liabilities $ 222.1 $ 307.5 Other Liabilities Pensions and other retirement benefits $ 122.2 $ 121.0 Deferred compensation 27.6 28.2 Long term lease obligation 35.4 34.6 Other non-current liabilities 74.5 73.3 Total other liabilities $ 259.7 $ 257.1 |
Leases
Leases | 3 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Leases | Leases A lease is defined as a contract, or part of a contract, that conveys the right to control the use of identified property, plant or equipment over a contracted period in exchange for payment. The Company evaluates if an arrangement is a lease at the effective date of the agreement. For operating leases entered into prior to October 1, 2019, the right of use (“ROU”) assets and operating lease liabilities are recognized on the balance sheet based on the present value of the remaining future minimum payments over the lease term from the implementation date. Certain leases include an option to either renew or terminate the lease. For purposes of calculating lease liabilities, these options are included within the lease term when it has become reasonably certain that the Company will exercise such options. Leases entered into subsequent to the implementation date calculate the operating lease ROU asset and operating lease liabilities based on the present value of minimum payments over the lease term at the effective date of the lease. The Company leases certain offices and manufacturing facilities, warehouses, employee vehicles and certain manufacturing related equipment. Leases with an initial term of 12 months or less are not recorded on the Consolidated Balance Sheet. All recorded leases are classified as operating leases, and lease expense is recognized on a straight-line basis over the lease term. The Company has elected to utilize the package of practical expedients which allows it to carryforward its historical lease classification, its assessment on whether a contract was or contains a lease, and its assessment of initial direct costs for any leases that existed prior to October 1, 2019. Additionally, the Company has elected as an accounting policy not to separate non-lease components from lease components and, instead, account for these components as a single lease component. The Company has made an accounting policy election not to recognize ROU assets and lease liabilities for leases that, at the commencement date, are for 12 months or less. For leases that do not provide an implicit rate, the Company uses its secured incremental borrowing rate, based on the information available for leases, including the lease term and interest rate environment in the country in which the lease exists, to calculate the present value of the future lease payments. A summary of the Company's lease information is as follows: December 31, September 30, Assets Classification Right of use assets Other assets $ 44.3 $ 43.5 Liabilities Current lease liabilities Other current liabilities $ 9.1 $ 9.1 Long-term lease liabilities Other liabilities 35.4 34.6 Total lease liabilities $ 44.5 $ 43.7 Other information Weighted-average remaining lease term (years) 11 12 Weighted-average incremental borrowing rate 7.2 % 7.2 % Three Months Ended December 31, 2020 Three Months Ended December 31, 2019 Statement of Earnings Lease cost (1) $ 3.9 $ 3.7 Other information Leased assets obtained in exchange for new lease liabilities $ 3.9 $ 0.1 Cash paid for amounts included in the measurement of lease liabilities $ 4.0 $ 3.8 (1) Lease expense is included in Cost of products sold or SG&A expense based on the nature of the lease. Short-term lease expense is excluded from this amount and is not material. The Company's future lease payments including reasonably assured renewal options under lease agreements are as follows: Lease liability repayments December 31, 2020 Remainder of fiscal 2021 $ 8.3 2022 9.0 2023 7.3 2024 5.3 2025 4.4 2026 and thereafter 36.8 Total future minimum lease commitments 71.1 Less: Imputed interest (26.6) Present value of lease liabilities $ 44.5 |
Accounts Receivable Facility
Accounts Receivable Facility | 3 Months Ended |
Dec. 31, 2020 | |
Transfers and Servicing [Abstract] | |
Accounts receivable facility | Accounts Receivable Facility On September 15, 2017, the Company entered into a $150 uncommitted master accounts receivable purchase agreement with The Bank of Tokyo-Mitsubishi UFJ, Ltd., New York Branch, as the purchaser (the “Accounts Receivable Facility”). Transfers under the Accounts Receivable Facility are accounted for as sales of receivables, resulting in the receivables being de-recognized from the Consolidated Balance Sheet. The purchaser assumes the credit risk at the time of sale and has the right at any time to assign, transfer, or participate any of its rights under the purchased receivables to another bank or financial institution. The purchase and sale of receivables under the Accounts Receivable Facility is intended to be an absolute and irrevocable transfer without recourse by the purchaser to the Company for the creditworthiness of any obligor. The Company continues to have collection and servicing responsibilities for the receivables sold and receives separate compensation for their servicing. The compensation received is considered acceptable servicing compensation and, as such, the Company does not recognize a servicing asset or liability. As of December 31, 2020, the discount rate used to determine the purchase price for the subject receivables is based upon LIBOR plus a margin applicable to the specified obligor. |
Debt
Debt | 3 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Debt | Debt The detail of long-term debt was as follows: December 31, September 30, Senior notes, fixed interest rate of 4.7%, due 2022 500.0 500.0 Senior notes, fixed interest rate of 5.5%, due 2028 750.0 750.0 Total long-term debt, including current maturities 1,250.0 1,250.0 Less unamortized debt issuance costs and discount (1) (2) 11.6 12.1 Total long-term debt $ 1,238.4 $ 1,237.9 (1) At December 31, 2020, the balance for the Senior Notes due 2022 and the Senior Notes due 2028 are reflected net of debt issuance costs of $0.5 and $10.9, respectively. At September 30, 2020, the balance for the Senior Notes due 2022 and the Senior Notes due 2028 are reflected net of debt issuance costs of $0.6 and $11.3, respectively. (2) At December 31, 2020 and September 30, 2020, the balance for the Senior Notes due 2022 was reflected net of discount of $0.2 and $0.2, respectively. |
Retirement Plans
Retirement Plans | 3 Months Ended |
Dec. 31, 2020 | |
Retirement Benefits [Abstract] | |
Retirement Plans | Retirement Plans The Company has several defined benefit pension plans covering employees in the U.S. and certain employees in other countries, which are included in the information presented below. The plans provide retirement benefits based on years of service and compensation. The Company also sponsors or participates in several other non-U.S. pension and postretirement arrangements, including various retirement and termination benefit plans, some of which are required by local law or coordinated with government-sponsored plans, which are not significant in the aggregate and, therefore, are not included in the information presented below. The Company’s net periodic pension and postretirement costs for these plans for the three months ended December 31 were as follows: Three Months Ended 2020 2019 Service cost $ 1.1 $ 1.1 Interest cost 2.5 3.4 Expected return on plan assets (5.6) (5.8) Recognized net actuarial loss 2.3 2.3 Settlement loss recognized — 0.2 Net periodic cost $ 0.3 $ 1.2 The service cost component of the net periodic cost associated with the Company’s retirement plans is recorded to Cost of products sold and SG&A on the Condensed Consolidated Statement of Earnings. The remaining net periodic cost is recorded to Other income, net on the Condensed Consolidated Statement of Earnings. |
Equity
Equity | 3 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Shareholders' Equity | Shareholders’ EquityIn January 2018, the Board approved an authorization to repurchase up to 10.0 shares of the Company’s common stock, replacing the previous share repurchase authorization from May 2015. The Company repurchased 0.3 shares of its common stock for $9.2 during the three months ended December 31, 2020. The Company has 9.7 shares of its common stock available for repurchase in the future under the Board’s authorization. Any future share repurchases may be made in the open market, privately negotiated transactions, or otherwise, in such amounts and at such times as the Company deems appropriate based upon prevailing market conditions, business needs, and other factors.On November 20, 2020, the Company’s Board of Directors declared a cash dividend of $0.15 per share of common stock outstanding, payable on January 6, 2021 to holders of record as of the close of business on December 10, 2020. Dividends declared during the three months ended December 31, 2020 totaled $8.5. There were no payments made on dividends during the three months ended December 31, 2020.On February 9, 2021, the Company’s Board of Directors declared a cash dividend of $0.15 per share of common stock outstanding. The dividend is payable April 6, 2021 to holders of record as of the close of business on March 5, 2021. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 3 Months Ended |
Dec. 31, 2020 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss The following table presents the changes in accumulated other comprehensive loss (“AOCI”), net of tax, by component: Foreign Pension and Hedging Total Balance at October 1, 2020 $ (47.4) $ (142.1) $ (2.1) $ (191.6) OCI before reclassifications (1) 33.7 (3.7) (2.8) 27.2 Reclassifications to earnings — 1.7 1.0 2.7 Balance at December 31, 2020 $ (13.7) $ (144.1) $ (3.9) $ (161.7) Foreign Pension and Hedging Total Balance at October 1, 2019 $ (77.3) $ (159.8) $ 1.2 $ (235.9) OCI before reclassifications (1) 21.5 (3.3) (0.7) 17.5 Reclassifications to earnings — 1.8 (0.6) 1.2 Balance at December 31, 2019 $ (55.8) $ (161.3) $ (0.1) $ (217.2) (1) OCI is defined as other comprehensive income (loss). The following table presents the reclassifications out of AOCI: Three Months Ended Affected Line Item in the Details of AOCI Components 2020 2019 Gain / (Loss) on cash flow hedges Foreign exchange contracts $ (1.4) $ 0.9 Other income, net (1.4) 0.9 (0.4) 0.3 Income tax provision (1.0) 0.6 Amortization of defined benefit pension and postretirement items Actuarial losses $ (2.3) $ (2.3) (1) Settlements — (0.2) (1) (2.3) (2.5) (0.6) (0.7) Income tax provision (1.7) (1.8) Total reclassifications for the period $ (2.7) $ (1.2) (1) These AOCI components are included in the computation of net periodic cost. See Note 11 of Notes to Condensed Consolidated Financial Statements. |
Financial Instruments and Risk
Financial Instruments and Risk Management | 3 Months Ended |
Dec. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Financial Instruments and Risk Management | Financial Instruments and Risk Management In the course of business, the Company enters into contractual arrangements (also referred to as derivatives) to reduce its exposure to foreign currency. The Company has master netting agreements with all of its counterparties that allow for the settlement of contracts in an asset position with contracts in a liability position in the event of default. The Company manages counterparty risk through the utilization of investment grade commercial banks, diversification of counterparties, and its counterparty netting arrangements. The section below outlines the types of derivatives that existed at December 31, 2020 and September 30, 2020, as well as the Company’s objectives and strategies for holding derivative instruments. Foreign Currency Risk A significant share of the Company’s sales is tied to currencies other than the U.S. dollar, the Company’s reporting currency. As such, a weakening of currencies relative to the U.S. dollar can have a negative impact on reported earnings. Conversely, strengthening of currencies relative to the U.S. dollar can improve reported results. The primary currencies to which the Company is exposed include the euro, the Japanese yen, the British pound, the Canadian dollar, and the Australian dollar. Additionally, the Company’s foreign subsidiaries enter into internal and external transactions that create non-functional currency balance sheet positions at the foreign subsidiary level. These exposures are generally the result of intercompany purchases, intercompany loans and, to a lesser extent, external purchases and are revalued in the foreign subsidiary’s local currency at the end of each period. Changes in the value of the non-functional currency balance sheet positions in relation to the foreign subsidiary’s local currency results in an exchange gain or loss recorded in Other income, net. The primary currency to which the Company’s foreign subsidiaries are exposed is the U.S. dollar. Cash Flow Hedges At December 31, 2020, the Company maintained a cash flow hedging program related to foreign currency risk. These derivative instruments have a high correlation to the underlying exposure being hedged and have been deemed highly effective by the Company for accounting purposes in offsetting the associated risk. The Company entered into a series of forward currency contracts to hedge cash flow uncertainty associated with currency fluctuations. These transactions are accounted for as cash flow hedges. The Company had unrealized pre-tax losses of $5.6 and $3.0 at December 31, 2020 and September 30, 2020, respectively, on these forward currency contracts, which are accounted for as cash flow hedges and included in AOCI. Assuming foreign exchange rates versus the U.S. dollar remain at December 31, 2020 levels over the next 12 months, most of the pre-tax gain included in AOCI at December 31, 2020 is expected to be included in Other income, net. Contract maturities for these hedges extend into fiscal 2022. At December 31, 2020, there were 64 open foreign currency contracts with a total notional value of $128.4. Derivatives not Designated as Hedges The Company entered into foreign currency derivative contracts which are not designated as cash flow hedges for accounting purposes to hedge balance sheet exposures. Any gains or losses on these contracts are expected to be offset by exchange gains or losses on the underlying exposures and thus are not subject to significant market risk. The change in the estimated fair value of the foreign currency contracts for the three months ended December 31, 2020 resulted in a loss of $1.1, compared to a gain of $0.3 for the three months ended December 31, 2019, and was recorded in Other income, net in the Condensed Consolidated Statements of Earnings. At December 31, 2020, there were six open foreign currency derivative contracts not designated as cash flow hedges with a total notional value of $45.0. The following table provides estimated fair values of derivative instruments: Fair Value of Asset (Liability) (1) December 31, September 30, Derivatives designated as cash flow hedging relationships: Foreign currency contracts $ (5.6) $ (3.0) Derivatives not designated as cash flow hedging relationships: Foreign currency contracts $ (0.9) $ (0.6) (1) All derivative assets are presented in Other current assets or Other assets. All derivative liabilities are presented in Other current liabilities or Other liabilities. The following table provides the amounts of gains and losses on derivative instruments: Three Months Ended 2020 2019 Derivatives designated as cash flow hedging relationships: Foreign currency contracts Gain (loss) recognized in OCI (1) $ (4.0) $ (0.9) Gain reclassified from AOCI into income (1) (2) (1.4) 0.9 Derivatives not designated as cash flow hedging relationships: Foreign currency contracts Gain (loss) recognized in income (2) $ (1.1) $ 0.3 (1) Each of these derivative instruments had a high correlation to the underlying exposure being hedged for the periods indicated and have been deemed highly effective by the Company in offsetting associated risk. (2) Gain (loss) was recorded in Other income, net. The following table provides financial assets and liabilities for balance sheet offsetting: At December 31, 2020 At September 30, 2020 Assets (1) Liabilities (2) Assets (1) Liabilities (2) Foreign currency contracts Gross amounts of recognized assets (liabilities) $ — $ (6.5) $ — $ (3.7) Gross amounts offset in the balance sheet — — — 0.1 Net amounts of assets (liabilities) presented in the balance sheet $ — $ (6.5) $ — $ (3.6) (1) All derivative assets are presented in Other current assets or Other assets. (2) All derivative liabilities are presented in Other current liabilities or Other liabilities. Fair Value Hierarchy Accounting guidance on fair value measurements for certain financial assets and liabilities requires that assets and liabilities carried at fair value be classified in one of the following three categories: Level 1: Quoted market prices in active markets for identical assets or liabilities. Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data. Level 3: Unobservable inputs reflecting the reporting entity’s own assumptions or external inputs from inactive markets. The following table sets forth the Company’s financial assets and liabilities, which are carried at fair value and measured on a recurring basis during the period, all of which are classified as Level 2 within the fair value hierarchy: December 31, September 30, Liabilities at estimated fair value: Deferred compensation $ (36.0) $ (33.9) Derivatives - foreign currency contracts (6.5) (3.6) Net liabilities at estimated fair value $ (42.5) $ (37.5) The estimated fair value of the deferred compensation liability is determined based upon the quoted market prices of the investment options that are offered under the plan. At December 31, 2020, the estimated fair value of foreign currency contracts is the amount that the Company would receive or pay to terminate the contracts, considering first the quoted market prices of comparable agreements or, in the absence of quoted market prices, factors such as interest rates, currency exchange rates, and remaining maturities. At December 31, 2020 and September 30, 2020 the Company had no Level 1 financial assets or liabilities, other than pension plan assets, and no Level 3 financial assets or liabilities at December 31, 2020 and at September 30, 2020. At December 31, 2020 and September 30, 2020 the fair market value of fixed rate long-term debt was $1,356.7 and $1,323.1, respectively, compared to its carrying value of $1,250.0. The estimated fair value of the long-term debt was estimated using yields obtained from independent pricing sources for similar types of borrowing arrangements. The estimated fair value of long-term debt, excluding revolving credit facilities, have been determined based on Level 2 inputs. Due to the nature of cash and cash equivalents and short-term borrowings, including notes payable, carrying amounts on the balance sheets approximate fair value. Additionally, the carrying amounts of the Company’s revolving credit facilities, which are classified as long-term debt on the balance sheet, approximate fair value due to the revolving nature of the balances. The estimated fair value of cash and cash equivalents, short-term borrowings, and the revolving credit agreement have been determined based on Level 2 inputs. |
Segment Data
Segment Data | 3 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Segment Data | Segment Data For an overview of the Company’s segments, refer to Note 1 to Notes to Condensed Consolidated Financial Statements. Segment performance is evaluated based on segment profit, exclusive of general corporate expenses, share-based compensation costs, restructuring charges, and certain costs deemed non-recurring in nature, including evaluation, acquisition and integration costs, gains or losses on the sale of businesses, and the amortization of intangible assets. Financial items, such as interest income and expense, are managed on a global basis at the corporate level. The exclusion of such charges from segment results reflects management’s view on how it evaluates segment performance. The Company completed the sale of its Infant and Pet Care business in December 2019. As a result, no additional Net Sales or Segment Profit will be reported for the All Other segment in subsequent periods. The Company’s operating model includes some shared business functions across the segments, including product warehousing and distribution, transaction processing functions and, in most cases, combined sales force and management teams. The Company applies a fully allocated cost basis in which shared business functions are allocated between the segments. Segment net sales and profitability are presented below: Three Months Ended 2020 2019 Net Sales Wet Shave $ 279.1 $ 277.0 Sun and Skin Care 103.0 75.1 Feminine Care 69.0 75.1 All Other — 26.8 Total net sales $ 451.1 $ 454.0 Segment Profit Wet Shave $ 52.6 $ 52.9 Sun and Skin Care 5.2 0.1 Feminine Care 8.8 13.1 All Other — 3.1 Total segment profit 66.6 69.2 General corporate and other expenses (12.1) (13.3) Restructuring and related costs (1) (4.4) (8.0) Acquisition and integration costs (2) (3.0) (6.2) Gain on sale of Infant and Pet Care business — 5.2 Feminine and Infant Care evaluation costs (3) — (0.3) Amortization of intangibles (5.5) (4.3) Interest and other expense, net (16.4) (12.7) Total earnings before income taxes $ 25.2 $ 29.6 (1) Includes pre-tax SG&A of $0.6 and $1.9 for the three months ended December 31, 2020 and 2019, respectively, associated with certain information technology enablement expenses and incentive and retention compensation expenses for Project Fuel. Additionally, pre-tax Cost of products sold of $0.1 for the three months ended December 31, 2020 related to inventory write-offs associated with Project Fuel is included. (2) Includes pre-tax SG&A of $1.7 and $6.2 for the three months ended December 31, 2020 and 2019, respectively, related to acquisition and integration costs. Additionally, Cost of products sold of $1.3 related to the valuation of acquired inventory for three months ended December 31, 2020 is included. (3) Includes pre-tax SG&A of $0.3 for the three months ended December 31, 2019. The following table presents the Company’s net sales by geographic area: Three Months Ended 2020 2019 Net Sales to Customers United States $ 250.8 $ 251.1 International 200.3 202.9 Total net sales $ 451.1 $ 454.0 Supplemental product information is presented below for net sales: Three Months Ended 2020 2019 Razors and blades $ 246.3 $ 244.3 Tampons, pads, and liners 69.0 75.1 Sun care products 28.8 37.2 Grooming products 43.1 23.3 Wipes and other skin care 31.1 14.6 Shaving gels and creams 32.8 32.7 Infant care and other — 26.8 Total net sales $ 451.1 $ 454.0 |
Restructuring Charges (Tables)
Restructuring Charges (Tables) | 3 Months Ended |
Dec. 31, 2020 | |
Restructuring Charges [Abstract] | |
Schedule of Charges Related to Restructuring Activities | The Company does not include Project Fuel restructuring costs in the results of its reportable segments. The estimated impact of allocating such charges to segment results for the three months ended December 31, 2020 and 2019 would have been as follows: Three Months Ended December 31, 2020 Wet Shave Sun and Skin Care Feminine Care Corporate Total Project Fuel Severance and related benefit costs $ 0.5 $ — $ — $ 1.8 $ 2.3 Asset impairment and accelerated depreciation 0.1 — — — 0.1 Consulting, project implementation and management, and other exit costs 0.5 — — 1.5 2.0 Total Restructuring $ 1.1 $ — $ — $ 3.3 $ 4.4 Three Months Ended December 31, 2019 Wet Shave Sun and Skin Care Feminine Care Corporate Total Project Fuel Severance and related benefit costs $ — $ — $ — $ 1.3 $ 1.3 Asset impairment and accelerated depreciation — — — — — Consulting, project implementation and management, and other exit costs 2.8 — — 3.9 6.7 Total Restructuring $ 2.8 $ — $ — $ 5.2 $ 8.0 Pre-tax SG&A of $0.6 and $1.9 for the three months ended December 31, 2020 and 2019, respectively, associated with certain information technology enablement expenses and compensation expenses related to Project Fuel were included in Consulting, project implementation and management, and other exit costs. Pre-tax Cost of products sold of $0.1 for the three months ended December 31, 2020 related to inventory write-offs associated with Project Fuel, were included in Asset impairment and accelerated depreciation. |
Schedule of Restructuring Activities and Related Accruals | The following table summarizes the Restructuring activities and related accrual (excluding certain obsolescence charges related to the restructuring) for fiscal 2021: Utilized October 1, 2020 Charge to Other (1) Cash Non-Cash December 31, Restructuring Severance and related benefit costs $ 4.3 $ 2.3 $ 0.1 $ (5.8) $ — $ 0.9 Asset impairment and accelerated depreciation — 0.1 — — (0.1) — Consulting, project implementation and management, and other exit costs 1.1 2.0 — (2.1) — 1.0 Total Restructuring $ 5.4 $ 4.4 $ 0.1 $ (7.9) $ (0.1) $ 1.9 (1) Includes the impact of currency translation. |
Earnings per Share (Tables)
Earnings per Share (Tables) | 3 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Schedule of Weighted-Average Shares Outstanding | The following is the reconciliation between the number of weighted-average shares used in the basic and diluted earnings per share calculation: Three Months Ended 2020 2019 Basic weighted-average shares outstanding 54.4 54.3 Effect of dilutive securities: RSE awards 0.4 0.1 Total dilutive securities 0.4 0.1 Diluted weighted-average shares outstanding 54.8 54.4 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 3 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The following table sets forth goodwill by segment: Wet Sun and Skin Feminine Total Gross balance at October 1, 2020 $ 967.2 $ 356.8 $ 206.7 $ 1,530.7 Accumulated goodwill impairment (369.0) (2.0) — (371.0) Net balance at October 1, 2020 $ 598.2 $ 354.8 $ 206.7 $ 1,159.7 Changes in the three-month period ended December 31, 2020 Cremo acquisition measurement period adjustment — 0.3 — 0.3 Cumulative translation adjustment 4.8 1.0 1.9 7.7 Gross balance at December 31, 2020 $ 972.0 $ 358.1 $ 208.6 $ 1,538.7 Accumulated goodwill impairment (369.0) (2.0) — (371.0) Net balance at December 31, 2020 $ 603.0 $ 356.1 $ 208.6 $ 1,167.7 |
Schedule of Amortizable Intangible Assets | The following table sets forth definite-lived intangible assets by class: December 31, 2020 September 30, 2020 Gross Accumulated Net Gross Accumulated Net Trade names and brands $ 256.4 $ 48.7 $ 207.7 $ 256.2 $ 45.4 $ 210.8 Technology and patents 79.5 75.8 3.7 79.1 75.3 3.8 Customer related and other 222.2 111.3 110.9 219.9 107.8 112.1 Total amortizable intangible assets $ 558.1 $ 235.8 $ 322.3 $ 555.2 $ 228.5 $ 326.7 |
Supplemental Balance Sheet In_2
Supplemental Balance Sheet Information (Tables) | 3 Months Ended |
Dec. 31, 2020 | |
Supplemental Balance Sheet Information [Abstract] | |
Supplement Balance Sheet Information | December 31, September 30, Inventories Raw materials and supplies $ 61.6 $ 58.5 Work in process 73.0 71.5 Finished products 202.4 184.1 Total inventories $ 337.0 $ 314.1 Other Current Assets Miscellaneous receivables $ 25.8 $ 23.3 Inventory returns receivable 0.9 1.0 Prepaid expenses 69.6 64.8 Value added tax collectible from customers 19.9 20.4 Income taxes receivable 23.9 26.3 Other 8.5 10.2 Total other current assets $ 148.6 $ 146.0 Property, Plant and Equipment Land $ 19.6 $ 19.3 Buildings 144.3 142.2 Machinery and equipment 1,029.9 1,014.2 Capitalized software costs 55.1 53.6 Construction in progress 37.1 32.7 Total gross property, plant and equipment 1,286.0 1,262.0 Accumulated depreciation and amortization (917.1) (891.1) Total property, plant and equipment, net $ 368.9 $ 370.9 Other Current Liabilities Accrued advertising, sales promotion and allowances $ 34.2 $ 49.4 Accrued trade allowances 29.1 30.8 Accrued salaries, vacations and incentive compensation 33.4 62.6 Income taxes payable 2.1 13.4 Returns reserve 27.7 44.8 Restructuring reserve 1.9 5.4 Value added tax payable 5.1 6.8 Deferred compensation 8.4 5.9 Short term lease obligation 9.1 9.1 Customer advance payments 0.7 1.4 Dividends payable 8.5 — Other 61.9 77.9 Total other current liabilities $ 222.1 $ 307.5 Other Liabilities Pensions and other retirement benefits $ 122.2 $ 121.0 Deferred compensation 27.6 28.2 Long term lease obligation 35.4 34.6 Other non-current liabilities 74.5 73.3 Total other liabilities $ 259.7 $ 257.1 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Summary of Lease Information | A summary of the Company's lease information is as follows: December 31, September 30, Assets Classification Right of use assets Other assets $ 44.3 $ 43.5 Liabilities Current lease liabilities Other current liabilities $ 9.1 $ 9.1 Long-term lease liabilities Other liabilities 35.4 34.6 Total lease liabilities $ 44.5 $ 43.7 Other information Weighted-average remaining lease term (years) 11 12 Weighted-average incremental borrowing rate 7.2 % 7.2 % Three Months Ended December 31, 2020 Three Months Ended December 31, 2019 Statement of Earnings Lease cost (1) $ 3.9 $ 3.7 Other information Leased assets obtained in exchange for new lease liabilities $ 3.9 $ 0.1 Cash paid for amounts included in the measurement of lease liabilities $ 4.0 $ 3.8 |
Lessee, Operating Lease, Liability, Maturity | The Company's future lease payments including reasonably assured renewal options under lease agreements are as follows: Lease liability repayments December 31, 2020 Remainder of fiscal 2021 $ 8.3 2022 9.0 2023 7.3 2024 5.3 2025 4.4 2026 and thereafter 36.8 Total future minimum lease commitments 71.1 Less: Imputed interest (26.6) Present value of lease liabilities $ 44.5 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt | The detail of long-term debt was as follows: December 31, September 30, Senior notes, fixed interest rate of 4.7%, due 2022 500.0 500.0 Senior notes, fixed interest rate of 5.5%, due 2028 750.0 750.0 Total long-term debt, including current maturities 1,250.0 1,250.0 Less unamortized debt issuance costs and discount (1) (2) 11.6 12.1 Total long-term debt $ 1,238.4 $ 1,237.9 (1) At December 31, 2020, the balance for the Senior Notes due 2022 and the Senior Notes due 2028 are reflected net of debt issuance costs of $0.5 and $10.9, respectively. At September 30, 2020, the balance for the Senior Notes due 2022 and the Senior Notes due 2028 are reflected net of debt issuance costs of $0.6 and $11.3, respectively. (2) At December 31, 2020 and September 30, 2020, the balance for the Senior Notes due 2022 was reflected net of discount of $0.2 and $0.2, respectively. |
Retirement Plans (Tables)
Retirement Plans (Tables) | 3 Months Ended |
Dec. 31, 2020 | |
Retirement Benefits [Abstract] | |
Schedule of Net Periodic Pension and Postretirement Cost (Benefit) | The Company’s net periodic pension and postretirement costs for these plans for the three months ended December 31 were as follows: Three Months Ended 2020 2019 Service cost $ 1.1 $ 1.1 Interest cost 2.5 3.4 Expected return on plan assets (5.6) (5.8) Recognized net actuarial loss 2.3 2.3 Settlement loss recognized — 0.2 Net periodic cost $ 0.3 $ 1.2 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended |
Dec. 31, 2020 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule of Changes in Accumulated Other Comprehensive Loss | The following table presents the changes in accumulated other comprehensive loss (“AOCI”), net of tax, by component: Foreign Pension and Hedging Total Balance at October 1, 2020 $ (47.4) $ (142.1) $ (2.1) $ (191.6) OCI before reclassifications (1) 33.7 (3.7) (2.8) 27.2 Reclassifications to earnings — 1.7 1.0 2.7 Balance at December 31, 2020 $ (13.7) $ (144.1) $ (3.9) $ (161.7) Foreign Pension and Hedging Total Balance at October 1, 2019 $ (77.3) $ (159.8) $ 1.2 $ (235.9) OCI before reclassifications (1) 21.5 (3.3) (0.7) 17.5 Reclassifications to earnings — 1.8 (0.6) 1.2 Balance at December 31, 2019 $ (55.8) $ (161.3) $ (0.1) $ (217.2) (1) OCI is defined as other comprehensive income (loss). |
Schedule of Reclassifications out of Accumulated Other Comprehensive Loss | The following table presents the reclassifications out of AOCI: Three Months Ended Affected Line Item in the Details of AOCI Components 2020 2019 Gain / (Loss) on cash flow hedges Foreign exchange contracts $ (1.4) $ 0.9 Other income, net (1.4) 0.9 (0.4) 0.3 Income tax provision (1.0) 0.6 Amortization of defined benefit pension and postretirement items Actuarial losses $ (2.3) $ (2.3) (1) Settlements — (0.2) (1) (2.3) (2.5) (0.6) (0.7) Income tax provision (1.7) (1.8) Total reclassifications for the period $ (2.7) $ (1.2) (1) These AOCI components are included in the computation of net periodic cost. See Note 11 of Notes to Condensed Consolidated Financial Statements. |
Financial Instruments and Ris_2
Financial Instruments and Risk Management (Tables) | 3 Months Ended |
Dec. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Fair Values of Derivative Instruments | The following table provides estimated fair values of derivative instruments: Fair Value of Asset (Liability) (1) December 31, September 30, Derivatives designated as cash flow hedging relationships: Foreign currency contracts $ (5.6) $ (3.0) Derivatives not designated as cash flow hedging relationships: Foreign currency contracts $ (0.9) $ (0.6) (1) All derivative assets are presented in Other current assets or Other assets. All derivative liabilities are presented in Other current liabilities or Other liabilities. |
Schedule of Gains and Losses on Derivative Instruments | The following table provides the amounts of gains and losses on derivative instruments: Three Months Ended 2020 2019 Derivatives designated as cash flow hedging relationships: Foreign currency contracts Gain (loss) recognized in OCI (1) $ (4.0) $ (0.9) Gain reclassified from AOCI into income (1) (2) (1.4) 0.9 Derivatives not designated as cash flow hedging relationships: Foreign currency contracts Gain (loss) recognized in income (2) $ (1.1) $ 0.3 (1) Each of these derivative instruments had a high correlation to the underlying exposure being hedged for the periods indicated and have been deemed highly effective by the Company in offsetting associated risk. |
Schedule of Offsetting Assets and Liabilities | The following table provides financial assets and liabilities for balance sheet offsetting: At December 31, 2020 At September 30, 2020 Assets (1) Liabilities (2) Assets (1) Liabilities (2) Foreign currency contracts Gross amounts of recognized assets (liabilities) $ — $ (6.5) $ — $ (3.7) Gross amounts offset in the balance sheet — — — 0.1 Net amounts of assets (liabilities) presented in the balance sheet $ — $ (6.5) $ — $ (3.6) (1) All derivative assets are presented in Other current assets or Other assets. (2) All derivative liabilities are presented in Other current liabilities or Other liabilities. |
Schedule of Fair Value of Assets and Liabilities Measured on Recurring Basis | The following table sets forth the Company’s financial assets and liabilities, which are carried at fair value and measured on a recurring basis during the period, all of which are classified as Level 2 within the fair value hierarchy: December 31, September 30, Liabilities at estimated fair value: Deferred compensation $ (36.0) $ (33.9) Derivatives - foreign currency contracts (6.5) (3.6) Net liabilities at estimated fair value $ (42.5) $ (37.5) |
Segment Data (Tables)
Segment Data (Tables) | 3 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Schedule of Segment Sales and Profitability | Segment net sales and profitability are presented below: Three Months Ended 2020 2019 Net Sales Wet Shave $ 279.1 $ 277.0 Sun and Skin Care 103.0 75.1 Feminine Care 69.0 75.1 All Other — 26.8 Total net sales $ 451.1 $ 454.0 Segment Profit Wet Shave $ 52.6 $ 52.9 Sun and Skin Care 5.2 0.1 Feminine Care 8.8 13.1 All Other — 3.1 Total segment profit 66.6 69.2 General corporate and other expenses (12.1) (13.3) Restructuring and related costs (1) (4.4) (8.0) Acquisition and integration costs (2) (3.0) (6.2) Gain on sale of Infant and Pet Care business — 5.2 Feminine and Infant Care evaluation costs (3) — (0.3) Amortization of intangibles (5.5) (4.3) Interest and other expense, net (16.4) (12.7) Total earnings before income taxes $ 25.2 $ 29.6 (1) Includes pre-tax SG&A of $0.6 and $1.9 for the three months ended December 31, 2020 and 2019, respectively, associated with certain information technology enablement expenses and incentive and retention compensation expenses for Project Fuel. Additionally, pre-tax Cost of products sold of $0.1 for the three months ended December 31, 2020 related to inventory write-offs associated with Project Fuel is included. (2) Includes pre-tax SG&A of $1.7 and $6.2 for the three months ended December 31, 2020 and 2019, respectively, related to acquisition and integration costs. Additionally, Cost of products sold of $1.3 related to the valuation of acquired inventory for three months ended December 31, 2020 is included. (3) Includes pre-tax SG&A of $0.3 for the three months ended December 31, 2019. |
Schedule of Sales by Geographic Area | The following table presents the Company’s net sales by geographic area: Three Months Ended 2020 2019 Net Sales to Customers United States $ 250.8 $ 251.1 International 200.3 202.9 Total net sales $ 451.1 $ 454.0 |
Schedule of Supplemental Product Information | Supplemental product information is presented below for net sales: Three Months Ended 2020 2019 Razors and blades $ 246.3 $ 244.3 Tampons, pads, and liners 69.0 75.1 Sun care products 28.8 37.2 Grooming products 43.1 23.3 Wipes and other skin care 31.1 14.6 Shaving gels and creams 32.8 32.7 Infant care and other — 26.8 Total net sales $ 451.1 $ 454.0 |
Background and Basis of Prese_2
Background and Basis of Presentation (Details) | Dec. 31, 2020country |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of countries in which Edgewell operates | 20 |
Number of countries with retail operations | 50 |
Business Combinations and Div_2
Business Combinations and Divestitures (Details) - USD ($) $ in Millions | Sep. 02, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 17, 2020 | Sep. 30, 2020 | Dec. 17, 2019 | |
Business Acquisition [Line Items] | |||||||
Acquisition close date | Sep. 2, 2020 | ||||||
Goodwill acquired | $ 1,167.7 | $ 1,159.7 | |||||
Acquisition and integration costs | [1] | 3 | $ 6.2 | ||||
Divestiture | |||||||
Gain on sale of Infant and Pet Care business | 0 | $ (5.2) | |||||
Infant and Pet Care | Disposal group, not discontinued operations | |||||||
Divestiture | |||||||
Divestiture, sale price | $ 122.5 | ||||||
Proceeds from sale of Infant and Pet Care business | $ 115 | ||||||
Proceeds from sale receivable, current | 5 | ||||||
Disposal, inventory | 18.8 | ||||||
Disposal, fixed assets | 3.6 | ||||||
Disposal, goodwill and intangible assets | $ 77.8 | ||||||
Gain on sale of Infant and Pet Care business | $ 4.1 | ||||||
Cremo [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Business combinations, net assets acquired | $ 234.6 | ||||||
Business Combinations, working capital and other net assets | 11.5 | ||||||
Business combinations, cash acquired | 0.7 | ||||||
Business combinations, intangible assets acquired | 95.1 | ||||||
Goodwill acquired | $ 128 | ||||||
Weighted average useful life of acquired intangible assets | 17 years | ||||||
Cremo [Member] | Selling, general and administrative expenses | |||||||
Business Acquisition [Line Items] | |||||||
Acquisition and integration costs | 1.7 | ||||||
Cremo [Member] | Cost of products sold | |||||||
Business Acquisition [Line Items] | |||||||
Acquisition and integration costs | $ 1.3 | ||||||
[1] | Includes pre-tax SG&A of $1.7 and $6.2 for the three months ended December 31, 2020 and 2019, respectively, related to acquisition and integration costs. Additionally, Cost of products sold of $1.3 related to the valuation of acquired inventory for three months ended December 31, 2020 is included. |
Restructuring Charges (Schedule
Restructuring Charges (Schedule of Charges Related to Restructuring Activities) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | ||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges, Including Amounts in Selling, General and Administrative Expenses and Cost of Product Sold | [1] | $ 4.4 | $ 8 |
Project Fuel | |||
Restructuring Cost and Reserve [Line Items] | |||
Severance Costs | 2.3 | 1.3 | |
Asset Impairment and Accelerated Depreciation | 0.1 | 0 | |
Other Restructuring Costs | 2 | 6.7 | |
Restructuring Charges, Including Amounts in Selling, General and Administrative Expenses and Cost of Product Sold | 4.4 | 8 | |
Project Fuel | Wet Shave | |||
Restructuring Cost and Reserve [Line Items] | |||
Severance Costs | 0.5 | 0 | |
Asset Impairment and Accelerated Depreciation | 0.1 | 0 | |
Other Restructuring Costs | 0.5 | 2.8 | |
Restructuring Charges, Including Amounts in Selling, General and Administrative Expenses and Cost of Product Sold | 1.1 | 2.8 | |
Project Fuel | Sun and Skin Care | |||
Restructuring Cost and Reserve [Line Items] | |||
Severance Costs | 0 | 0 | |
Asset Impairment and Accelerated Depreciation | 0 | 0 | |
Other Restructuring Costs | 0 | 0 | |
Restructuring Charges, Including Amounts in Selling, General and Administrative Expenses and Cost of Product Sold | 0 | 0 | |
Project Fuel | Feminine Care | |||
Restructuring Cost and Reserve [Line Items] | |||
Severance Costs | 0 | 0 | |
Asset Impairment and Accelerated Depreciation | 0 | 0 | |
Other Restructuring Costs | 0 | 0 | |
Restructuring Charges, Including Amounts in Selling, General and Administrative Expenses and Cost of Product Sold | 0 | 0 | |
Project Fuel | Corporate | |||
Restructuring Cost and Reserve [Line Items] | |||
Severance Costs | 1.8 | 1.3 | |
Asset Impairment and Accelerated Depreciation | 0 | 0 | |
Other Restructuring Costs | 1.5 | 3.9 | |
Restructuring Charges, Including Amounts in Selling, General and Administrative Expenses and Cost of Product Sold | 3.3 | 5.2 | |
IT enablement | Selling, general and administrative expenses | Project Fuel | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges, Including Amounts in Selling, General and Administrative Expenses and Cost of Product Sold | 0.6 | $ 1.9 | |
Inventory obsolescence | Cost of products sold | Project Fuel | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges, Including Amounts in Selling, General and Administrative Expenses and Cost of Product Sold | $ 0.1 | ||
[1] | Includes pre-tax SG&A of $0.6 and $1.9 for the three months ended December 31, 2020 and 2019, respectively, associated with certain information technology enablement expenses and incentive and retention compensation expenses for Project Fuel. Additionally, pre-tax Cost of products sold of $0.1 for the three months ended December 31, 2020 related to inventory write-offs associated with Project Fuel is included. |
Restructuring Charges (Schedu_2
Restructuring Charges (Schedule of Restructuring Activities and Related Accruals) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | ||
Restructuring Reserve [Roll Forward] | |||
Restructuring and related costs | [1] | $ 4.4 | $ 8 |
Project Fuel | |||
Restructuring Reserve [Roll Forward] | |||
Beginning Balance | 5.4 | ||
Restructuring and related costs | 4.4 | $ 8 | |
Other | [2] | 0.1 | |
Utilized - Cash Payments | (7.9) | ||
Utilized - Non-Cash | (0.1) | ||
Ending Balance | 1.9 | ||
Employee Severance [Member] | Project Fuel | |||
Restructuring Reserve [Roll Forward] | |||
Beginning Balance | 4.3 | ||
Restructuring and related costs | 2.3 | ||
Other | [2] | 0.1 | |
Utilized - Cash Payments | (5.8) | ||
Utilized - Non-Cash | 0 | ||
Ending Balance | 0.9 | ||
Asset Impairment and Accelerated Depreciation [Member] | Project Fuel | |||
Restructuring Reserve [Roll Forward] | |||
Beginning Balance | 0 | ||
Restructuring and related costs | 0.1 | ||
Other | [2] | 0 | |
Utilized - Cash Payments | 0 | ||
Utilized - Non-Cash | (0.1) | ||
Ending Balance | 0 | ||
Other Restructuring [Member] | Project Fuel | |||
Restructuring Reserve [Roll Forward] | |||
Beginning Balance | 1.1 | ||
Restructuring and related costs | 2 | ||
Other | [2] | 0 | |
Utilized - Cash Payments | (2.1) | ||
Utilized - Non-Cash | 0 | ||
Ending Balance | $ 1 | ||
[1] | Includes pre-tax SG&A of $0.6 and $1.9 for the three months ended December 31, 2020 and 2019, respectively, associated with certain information technology enablement expenses and incentive and retention compensation expenses for Project Fuel. Additionally, pre-tax Cost of products sold of $0.1 for the three months ended December 31, 2020 related to inventory write-offs associated with Project Fuel is included. | ||
[2] | Includes the impact of currency translation. |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | ||
Income tax provision | $ 7.5 | $ 7.2 |
Earnings before income taxes | $ 25.2 | $ 29.6 |
Effective tax rate | 29.70% | 24.40% |
Earnings per Share (Schedule of
Earnings per Share (Schedule of Weighted-Average Shares Outstanding) (Details) - shares shares in Millions | 3 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule Of Weighted Average Number Of Shares [Line Items] | ||
Basic weighted-average shares outstanding (in shares) | 54.4 | 54.3 |
Effect of dilutive securities (in shares) | 0.4 | 0.1 |
Diluted weighted-average shares outstanding (in shares) | 54.8 | 54.4 |
RSE awards | ||
Schedule Of Weighted Average Number Of Shares [Line Items] | ||
Effect of dilutive securities (in shares) | 0.4 | 0.1 |
RSE awards | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive awards excluded from the calculation of diluted weighted-average shares outstanding (in shares) | 0.1 | 0.1 |
Share options | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive awards excluded from the calculation of diluted weighted-average shares outstanding (in shares) | 1 | 0.7 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets (Schedule of Goodwill) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2020 | Sep. 30, 2020 | |
Goodwill [Line Items] | ||
Goodwill, Gross | $ 1,538.7 | $ 1,530.7 |
Accumulated goodwill impairment loss | 371 | 371 |
Goodwill [Roll Forward] | ||
Beginning balance | 1,159.7 | |
Goodwill, Acquired During Period | 0.3 | |
Cumulative translation adjustment | (7.7) | |
Ending balance | 1,167.7 | |
Wet Shave | ||
Goodwill [Line Items] | ||
Goodwill, Gross | 972 | 967.2 |
Accumulated goodwill impairment loss | 369 | 369 |
Goodwill [Roll Forward] | ||
Beginning balance | 598.2 | |
Goodwill, Acquired During Period | 0 | |
Cumulative translation adjustment | (4.8) | |
Ending balance | 603 | |
Sun and Skin Care | ||
Goodwill [Line Items] | ||
Goodwill, Gross | 358.1 | 356.8 |
Accumulated goodwill impairment loss | 2 | 2 |
Goodwill [Roll Forward] | ||
Beginning balance | 354.8 | |
Goodwill, Acquired During Period | 0.3 | |
Cumulative translation adjustment | (1) | |
Ending balance | 356.1 | |
Feminine Care | ||
Goodwill [Line Items] | ||
Goodwill, Gross | 208.6 | 206.7 |
Accumulated goodwill impairment loss | 0 | $ 0 |
Goodwill [Roll Forward] | ||
Beginning balance | 206.7 | |
Goodwill, Acquired During Period | 0 | |
Cumulative translation adjustment | (1.9) | |
Ending balance | $ 208.6 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets (Schedule of Amortizable Intangible Assets) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2020 | |
Finite-Lived Intangible Assets [Line Items] | |||
Amortizable intangible assets, gross carrying amount | $ 558.1 | $ 555.2 | |
Amortizable intangible assets, accumulated amortization | 235.8 | 228.5 | |
Amortizable intangible assets, net | 322.3 | 326.7 | |
Amortization of intangibles | 5.5 | $ 4.3 | |
Amortizable intangible assets, amortization expense, remainder of 2021 | 16.6 | ||
Amortizable intangible assets, amortization expense, fiscal 2022 | 22 | ||
Amortizable intangible assets, amortization expense, fiscal 2023 | 22 | ||
Amortizable intangible assets, amortization expense, fiscal 2024 | 21.9 | ||
Amortizable intangible assets, amortization expense, fiscal 2025 | 21.9 | ||
Amortizable intangible assets, amortization expense, fiscal 2026 | 21.7 | ||
Amortizable intangible assets, amortization expense, after fiscal 2026 | 196.2 | ||
Trade names and brands | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortizable intangible assets, gross carrying amount | 256.4 | 256.2 | |
Amortizable intangible assets, accumulated amortization | 48.7 | 45.4 | |
Amortizable intangible assets, net | 207.7 | 210.8 | |
Technology and patents | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortizable intangible assets, gross carrying amount | 79.5 | 79.1 | |
Amortizable intangible assets, accumulated amortization | 75.8 | 75.3 | |
Amortizable intangible assets, net | 3.7 | 3.8 | |
Customer related and other | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortizable intangible assets, gross carrying amount | 222.2 | 219.9 | |
Amortizable intangible assets, accumulated amortization | 111.3 | 107.8 | |
Amortizable intangible assets, net | $ 110.9 | $ 112.1 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2020 | Sep. 30, 2020 | |
Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite-lived intangible assets | $ 605.2 | $ 601.4 |
Indefinite-lived intangible assets, increase | 3.8 | |
Wet Shave | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite-lived intangible assets | 186.3 | 183.1 |
Sun and Skin Care | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite-lived intangible assets | 389 | 388.4 |
Feminine Care | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite-lived intangible assets | $ 29.9 | $ 29.9 |
Supplemental Balance Sheet In_3
Supplemental Balance Sheet Information (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Sep. 30, 2020 |
Inventories | ||
Raw materials and supplies | $ 61.6 | $ 58.5 |
Work in process | 73 | 71.5 |
Finished products | 202.4 | 184.1 |
Total inventories | 337 | 314.1 |
Other Current Assets | ||
Miscellaneous receivables | 25.8 | 23.3 |
Inventory returns receivable | 0.9 | 1 |
Prepaid expenses | 69.6 | 64.8 |
Value added tax collectible from customers | 19.9 | 20.4 |
Income taxes receivable | 23.9 | 26.3 |
Other | 8.5 | 10.2 |
Total other current assets | 148.6 | 146 |
Property, Plant and Equipment | ||
Land | 19.6 | 19.3 |
Buildings | 144.3 | 142.2 |
Machinery and equipment | 1,029.9 | 1,014.2 |
Capitalized software costs | 55.1 | 53.6 |
Construction in progress | 37.1 | 32.7 |
Total gross property, plant and equipment | 1,286 | 1,262 |
Accumulated depreciation and amortization | (917.1) | (891.1) |
Total property, plant and equipment, net | 368.9 | 370.9 |
Other Current Liabilities | ||
Accrued advertising, sales promotion and allowances | 34.2 | 49.4 |
Accrued trade allowances | 29.1 | 30.8 |
Accrued salaries, vacations and incentive compensation | 33.4 | 62.6 |
Income taxes payable | 2.1 | 13.4 |
Returns reserve | 27.7 | 44.8 |
Restructuring reserve | 1.9 | 5.4 |
Value added tax payable | 5.1 | 6.8 |
Deferred compensation | 8.4 | 5.9 |
Short term lease obligation | 9.1 | 9.1 |
Customer advance payments | 0.7 | 1.4 |
Dividends payable | 8.5 | 0 |
Other | 61.9 | 77.9 |
Total other current liabilities | 222.1 | 307.5 |
Other Liabilities | ||
Pensions and other retirement benefits | 122.2 | 121 |
Deferred compensation | 27.6 | 28.2 |
Noncurrent lease obligation | 35.4 | 34.6 |
Other non-current liabilities | 74.5 | 73.3 |
Total other liabilities | $ 259.7 | $ 257.1 |
Leases (Summary of Lease Inform
Leases (Summary of Lease Information) (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2020 | ||
Leases [Abstract] | ||||
Operating lease, right-of-use asset | $ 44.3 | $ 43.5 | ||
Short term lease obligation | 9.1 | 9.1 | ||
Noncurrent lease obligation | 35.4 | 34.6 | ||
Total lease obligation | $ 44.5 | $ 43.7 | ||
Operating lease, weighted average remaining lease term | 11 years | 12 years | ||
Operating lease, weighted average discount rate, percent | 7.20% | 7.20% | ||
Operating lease, expense | $ 3.9 | [1] | $ 3.7 | |
Right-of-use asset obtained in exchange for operating lease liability | 3.9 | 0.1 | ||
Operating lease, payments | $ 4 | $ 3.8 | ||
[1] | Lease expense is included in Cost of products sold or SG&A expense based on the nature of the lease. Short-term lease expense is excluded from this amount and is not material. |
Leases (Operating Lease Payment
Leases (Operating Lease Payment Schedule) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Sep. 30, 2020 |
Leases [Abstract] | ||
Lessee, operating lease, payment due current year | $ 8.3 | |
Lessee, operating lease, payment due year two | 9 | |
Lessee, operating lease, payment due year three | 7.3 | |
Lessee, operating lease, payment due year four | 5.3 | |
Lessee, operating lease, payment due year five | 4.4 | |
Lessee, operating lease, payment due after year five | 36.8 | |
Lessee, operating lease, payments due | 71.1 | |
Lessee, operating lease, undiscounted excess amount | 26.6 | |
Total lease obligation | $ 44.5 | $ 43.7 |
Accounts Receivable Facility (N
Accounts Receivable Facility (Narrative) (Details) - Accounts receivable sales agreement - USD ($) $ in Millions | 3 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2020 | |
Transfer of Financial Assets Accounted for as Sales [Line Items] | |||
Accounts receivable sold through AR Facility | $ 138.4 | $ 181.7 | |
Transfer of accounts receivable, sales amount derecognized | 67.7 | $ 77 | |
Loss on sale of accounts receivable | $ 0.2 | $ 0.5 |
Debt (Details)
Debt (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Sep. 30, 2020 | |
Debt Instrument [Line Items] | |||
Total long-term debt, including current maturities | $ 1,250 | $ 1,250 | |
Unamortized discount and debit issuance costs | [1],[2] | 11.6 | 12.1 |
Long-term debt | 1,238.4 | 1,237.9 | |
Notes payable | 24.1 | 21.1 | |
Senior notes | Senior Notes, Due 2022 | |||
Debt Instrument [Line Items] | |||
Total long-term debt, including current maturities | 500 | 500 | |
Unamortized debt issuance costs | 0.5 | 0.6 | |
Unamortized discount | 0.2 | 0.2 | |
Senior notes | Senior Notes, Due 2028 | |||
Debt Instrument [Line Items] | |||
Total long-term debt, including current maturities | 750 | 750 | |
Unamortized debt issuance costs | $ 10.9 | $ 11.3 | |
[1] | At December 31, 2020 and September 30, 2020, the balance for the Senior Notes due 2022 was reflected net of discount of $0.2 and $0.2, respectively. | ||
[2] | At December 31, 2020, the balance for the Senior Notes due 2022 and the Senior Notes due 2028 are reflected net of debt issuance costs of $0.5 and $10.9, respectively. At September 30, 2020, the balance for the Senior Notes due 2022 and the Senior Notes due 2028 are reflected net of debt issuance costs of $0.6 and $11.3, respectively. |
Retirement Plans (Details)
Retirement Plans (Details) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Retirement Benefits [Abstract] | ||
Service cost | $ 1.1 | $ 1.1 |
Interest cost | 2.5 | 3.4 |
Expected return on plan assets | (5.6) | (5.8) |
Recognized net actuarial loss | 2.3 | 2.3 |
Settlement loss recognized | 0 | 0.2 |
Net periodic cost | $ 0.3 | $ 1.2 |
Equity (Details)
Equity (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | Nov. 20, 2020 | Dec. 31, 2020 | Jan. 26, 2018 |
Equity [Abstract] | |||
Share repurchase authorization | 10 | ||
Treasury shares repurchased (in shares) | 0.3 | ||
Treasury shares repurchased (in usd) | $ 9.2 | ||
Share repurchase authorization, remaining | 9.7 | ||
Dividends declared (per share) | $ 0.15 | ||
Dividends declared | $ 8.5 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss (Schedule of Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | $ (191.6) | $ (235.9) | |
OCI before reclassifications | [1] | 27.2 | 17.5 |
Reclassifications to earnings | 2.7 | 1.2 | |
Ending balance | (161.7) | (217.2) | |
Foreign Currency Translation Adjustments | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | (47.4) | (77.3) | |
OCI before reclassifications | [1] | 33.7 | 21.5 |
Reclassifications to earnings | 0 | 0 | |
Ending balance | (13.7) | (55.8) | |
Pension and Post-retirement Activity | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | (142.1) | (159.8) | |
OCI before reclassifications | [1] | (3.7) | (3.3) |
Reclassifications to earnings | 1.7 | 1.8 | |
Ending balance | (144.1) | (161.3) | |
Hedging Activity | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | (2.1) | 1.2 | |
OCI before reclassifications | [1] | (2.8) | (0.7) |
Reclassifications to earnings | 1 | (0.6) | |
Ending balance | $ (3.9) | $ (0.1) | |
[1] | OCI is defined as other comprehensive income (loss). |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Loss (Schedule of Reclassifications out of Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Reclassifications to earnings | $ (2.7) | $ (1.2) |
Reclassification out of Accumulated Other Comprehensive Income | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Gains and losses on cash flow hedges, foreign exchange contracts, before tax | (1.4) | 0.9 |
Gains and losses on cash flow hedges, foreign exchange contracts, tax | (0.4) | 0.3 |
Gains and losses on cash flow hedges, foreign exchange contracts, after tax | (1) | 0.6 |
Amortization of defined benefit pension and postretirement items, actuarial losses, before tax | (2.3) | (2.3) |
Amortization of defined benefit pension and postretirement items, settlement loss, before tax | 0 | 0.2 |
Amortization of defined benefit pension and postretirement items, before tax | (2.3) | (2.5) |
Amortization of defined benefit pension and postretirement items, tax | (0.6) | (0.7) |
Amortization of defined benefit pension and postretirement items, after tax | (1.7) | (1.8) |
Reclassifications to earnings | (2.7) | (1.2) |
Other expense (income), net | Reclassification out of Accumulated Other Comprehensive Income | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Gains and losses on cash flow hedges, foreign exchange contracts, before tax | $ (1.4) | $ 0.9 |
Financial Instruments and Ris_3
Financial Instruments and Risk Management (Narrative) (Details) $ in Millions | 3 Months Ended | |||
Dec. 31, 2020USD ($)contracts | Dec. 31, 2019USD ($) | Sep. 30, 2020USD ($) | ||
Derivative [Line Items] | ||||
Long-term debt | $ 1,250 | $ 1,250 | ||
Fixed rate | ||||
Derivative [Line Items] | ||||
Long-term debt | 1,250 | 1,250 | ||
Fair value of long-term debt | $ 1,356.7 | 1,323.1 | ||
Not designated as hedge | FX contract | ||||
Derivative [Line Items] | ||||
Open foreign currency contracts | contracts | 6 | |||
Derivative, notional amount | $ 45 | |||
Cash flow hedge | Designated as hedge | FX contract | ||||
Derivative [Line Items] | ||||
Estimated fair value of derivative | $ (5.6) | $ (3) | ||
Open foreign currency contracts | contracts | 64 | |||
Derivative, notional amount | $ 128.4 | |||
Other expense (income), net | Not designated as hedge | FX contract | ||||
Derivative [Line Items] | ||||
Gain (loss) recognized in income | [1] | $ (1.1) | $ 0.3 | |
[1] | Gain (loss) was recorded in Other income, net. |
Financial Instruments and Ris_4
Financial Instruments and Risk Management (Schedule of Fair Values of Derivative Instruments) (Details) - FX contract - USD ($) $ in Millions | Dec. 31, 2020 | Sep. 30, 2020 | |
Not designated as hedge | |||
Derivatives, Fair Value [Line Items] | |||
Estimated fair value of derivatives | [1] | $ (0.9) | $ (0.6) |
Cash flow hedge | Designated as hedge | |||
Derivatives, Fair Value [Line Items] | |||
Estimated fair value of derivatives | [1] | $ (5.6) | $ (3) |
[1] | All derivative assets are presented in Other current assets or Other assets. All derivative liabilities are presented in Other current liabilities or Other liabilities. |
Financial Instruments and Ris_5
Financial Instruments and Risk Management (Schedule of Gains and Losses on Derivative Instruments) (Details) - FX contract - USD ($) $ in Millions | 3 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | ||
Designated as hedge | Cash flow hedge | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) recognized in OCI | [1] | $ (4) | $ (0.9) |
Other expense (income), net | Designated as hedge | Cash flow hedge | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) reclassified from AOCI into income (effective portion) | [1],[2] | (1.4) | 0.9 |
Other expense (income), net | Not designated as hedge | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) recognized in income | [2] | $ 1.1 | $ (0.3) |
[1] | Each of these derivative instruments had a high correlation to the underlying exposure being hedged for the periods indicated and have been deemed highly effective by the Company in offsetting associated risk. | ||
[2] | Gain (loss) was recorded in Other income, net. |
Financial Instruments and Ris_6
Financial Instruments and Risk Management (Schedule of Offsetting Assets and Liabilities) (Details) - FX contract - USD ($) $ in Millions | Dec. 31, 2020 | Sep. 30, 2020 | |
Derivative [Line Items] | |||
Gross amounts of recognized assets | [1] | $ 0 | $ 0 |
Gross amounts of recognized liabilities | [2] | (6.5) | (3.7) |
Gross amounts offset in the balance sheet | [1] | 0 | 0 |
Gross amounts offset in the balance sheet | [2] | 0 | 0.1 |
Net amounts of assets presented in the balance sheet | [1] | 0 | 0 |
Net amounts of liabilities presented in the balance sheet | [2] | $ (6.5) | $ (3.6) |
[1] | All derivative assets are presented in Other current assets or Other assets. | ||
[2] | All derivative liabilities are presented in Other current liabilities or Other liabilities. |
Financial Instruments and Ris_7
Financial Instruments and Risk Management (Schedule of Fair Value of Assets and Liabilities Measured on Recurring Basis) (Details) - Recurring fair value measurement - Level 2 - USD ($) $ in Millions | Dec. 31, 2020 | Sep. 30, 2020 |
Derivative [Line Items] | ||
Deferred compensation | $ (36) | $ (33.9) |
Derivatives - foreign currency contracts | (6.5) | (3.6) |
Net liabilities at estimated fair value | $ (42.5) | $ (37.5) |
Segment Data (Schedule of Segme
Segment Data (Schedule of Segment Sales and Profitability) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | ||
Segment Reporting Information [Line Items] | |||
Net sales | $ 451.1 | $ 454 | |
Segment profit | 41.6 | 37.1 | |
Restructuring and related costs | [1] | 4.4 | 8 |
Acquisition and integration costs | [2] | 3 | 6.2 |
Gain on sale of Infant and Pet Care business | 0 | (5.2) | |
Feminine and Infant Care evaluation costs | [3] | 0 | 0.3 |
Amortization of intangibles | 5.5 | 4.3 | |
Interest and other expense, net | 16.4 | 12.7 | |
Earnings before income taxes | 25.2 | 29.6 | |
Wet Shave | |||
Segment Reporting Information [Line Items] | |||
Net sales | 279.1 | 277 | |
Segment profit | 52.6 | 52.9 | |
Sun and Skin Care | |||
Segment Reporting Information [Line Items] | |||
Net sales | 103 | 75.1 | |
Segment profit | 5.2 | 0.1 | |
Feminine Care | |||
Segment Reporting Information [Line Items] | |||
Net sales | 69 | 75.1 | |
Segment profit | 8.8 | 13.1 | |
All Other | |||
Segment Reporting Information [Line Items] | |||
Net sales | 0 | 26.8 | |
Segment profit | 0 | 3.1 | |
Total Segments | |||
Segment Reporting Information [Line Items] | |||
Segment profit | 66.6 | 69.2 | |
Corporate | |||
Segment Reporting Information [Line Items] | |||
General corporate and other expenses | 12.1 | 13.3 | |
Project Fuel | |||
Segment Reporting Information [Line Items] | |||
Restructuring and related costs | 4.4 | 8 | |
Project Fuel | Wet Shave | |||
Segment Reporting Information [Line Items] | |||
Restructuring and related costs | 1.1 | 2.8 | |
Project Fuel | Sun and Skin Care | |||
Segment Reporting Information [Line Items] | |||
Restructuring and related costs | 0 | 0 | |
Project Fuel | Feminine Care | |||
Segment Reporting Information [Line Items] | |||
Restructuring and related costs | 0 | 0 | |
Project Fuel | Corporate | |||
Segment Reporting Information [Line Items] | |||
Restructuring and related costs | 3.3 | 5.2 | |
IT enablement | Project Fuel | Selling, general and administrative expenses | |||
Segment Reporting Information [Line Items] | |||
Restructuring and related costs | 0.6 | $ 1.9 | |
Inventory obsolescence | Project Fuel | Cost of products sold | |||
Segment Reporting Information [Line Items] | |||
Restructuring and related costs | $ 0.1 | ||
[1] | Includes pre-tax SG&A of $0.6 and $1.9 for the three months ended December 31, 2020 and 2019, respectively, associated with certain information technology enablement expenses and incentive and retention compensation expenses for Project Fuel. Additionally, pre-tax Cost of products sold of $0.1 for the three months ended December 31, 2020 related to inventory write-offs associated with Project Fuel is included. | ||
[2] | Includes pre-tax SG&A of $1.7 and $6.2 for the three months ended December 31, 2020 and 2019, respectively, related to acquisition and integration costs. Additionally, Cost of products sold of $1.3 related to the valuation of acquired inventory for three months ended December 31, 2020 is included. | ||
[3] | Includes pre-tax SG&A of $0.3 for the three months ended December 31, 2019. |
Segment Data Segment Data (Sche
Segment Data Segment Data (Schedule of Sales by Geographical Area) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Revenue from External Customer [Line Items] | ||
Net sales | $ 451.1 | $ 454 |
United States | ||
Revenue from External Customer [Line Items] | ||
Net sales | 250.8 | 251.1 |
International | ||
Revenue from External Customer [Line Items] | ||
Net sales | $ 200.3 | $ 202.9 |
Segment Data (Schedule of Suppl
Segment Data (Schedule of Supplemental Product Information) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Revenue from External Customer [Line Items] | ||
Net sales | $ 451.1 | $ 454 |
Razors and blades | ||
Revenue from External Customer [Line Items] | ||
Net sales | 246.3 | 244.3 |
Tampons, pads and liners | ||
Revenue from External Customer [Line Items] | ||
Net sales | 69 | 75.1 |
Sun care products | ||
Revenue from External Customer [Line Items] | ||
Net sales | 28.8 | 37.2 |
Grooming products | ||
Revenue from External Customer [Line Items] | ||
Net sales | 43.1 | 23.3 |
Wipes and other skin care products | ||
Revenue from External Customer [Line Items] | ||
Net sales | 31.1 | 14.6 |
Shaving gels and creams | ||
Revenue from External Customer [Line Items] | ||
Net sales | 32.8 | 32.7 |
Infant care and other | ||
Revenue from External Customer [Line Items] | ||
Net sales | $ 0 | $ 26.8 |