Commission File No.
|
Name of Registrant, State of Incorporation,
Address of Principal Offices, and Telephone No.
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IRS Employer Identification No.
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||||||||||||
1-4219 |
Spectrum Brands Holdings, Inc.
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74-1339132 |
333-192634-03 |
SB/RH Holdings, LLC
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27-2812840 |
Spectrum Brands Holdings, Inc.
|
Yes
|
☒
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No
|
☐
|
||||||||||
SB/RH Holdings, LLC
|
Yes
|
☒
|
No
|
☐
|
Spectrum Brands Holdings, Inc.
|
Yes
|
☒
|
No
|
☐
|
||||||||||
SB/RH Holdings, LLC
|
Yes
|
☒
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No
|
☐
|
Registrant
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Large Accelerated Filer
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Accelerated Filer
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Non-accelerated Filer
|
Smaller Reporting Company
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||||||||||||||||||||||
Spectrum Brands Holdings, Inc.
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X
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SB/RH Holdings, LLC
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X
|
Spectrum Brands Holdings, Inc.
|
Yes
|
☐
|
No
|
☒
|
||||||||||
SB/RH Holdings, LLC
|
Yes
|
☐
|
No
|
☒
|
Spectrum Brands Holdings, Inc.
|
Yes
|
☐
|
No
|
☒
|
||||||||||
SB/RH Holdings, LLC
|
Yes
|
☐
|
No
|
☒
|
Spectrum Brands Holdings, Inc.
|
☐
|
|||||||||||||
SB/RH Holdings, LLC
|
☐
|
Registrant | Title of Each Class | Trading Symbol | Name of Exchange On Which Registered | |||||||||||||||||
Spectrum Brands Holdings, Inc. | Common Stock, $0.01 par value | SPB | New York Stock Exchange |
Page
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(in millions)
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April 4, 2021 | September 30, 2020 | ||||||||||||
Assets | ||||||||||||||
Cash and cash equivalents | $ | 290.0 | $ | 531.6 | ||||||||||
Trade receivables, net | 524.9 | 501.1 | ||||||||||||
Other receivables | 88.5 | 74.2 | ||||||||||||
Inventories | 812.1 | 557.7 | ||||||||||||
Prepaid expenses and other current assets | 83.2 | 63.5 | ||||||||||||
Total current assets | 1,798.7 | 1,728.1 | ||||||||||||
Property, plant and equipment, net | 392.6 | 396.5 | ||||||||||||
Operating lease assets | 103.0 | 103.8 | ||||||||||||
Deferred charges and other | 49.2 | 115.2 | ||||||||||||
Goodwill | 1,434.6 | 1,332.0 | ||||||||||||
Intangible assets, net | 1,496.4 | 1,431.7 | ||||||||||||
Total assets | $ | 5,274.5 | $ | 5,107.3 | ||||||||||
Liabilities and Shareholders' Equity | ||||||||||||||
Current portion of long-term debt | $ | 18.6 | $ | 15.3 | ||||||||||
Accounts payable | 548.6 | 557.5 | ||||||||||||
Accrued wages and salaries | 76.6 | 95.0 | ||||||||||||
Accrued interest | 11.7 | 38.5 | ||||||||||||
Other current liabilities | 270.9 | 238.6 | ||||||||||||
Total current liabilities | 926.4 | 944.9 | ||||||||||||
Long-term debt, net of current portion | 2,551.6 | 2,461.0 | ||||||||||||
Long-term operating lease liabilities | 86.2 | 88.8 | ||||||||||||
Deferred income taxes | 86.8 | 65.4 | ||||||||||||
Other long-term liabilities | 128.7 | 131.4 | ||||||||||||
Total liabilities | 3,779.7 | 3,691.5 | ||||||||||||
Commitments and contingencies (Note 19) |
|
|
||||||||||||
Shareholders' equity | ||||||||||||||
Common stock | 0.5 | 0.5 | ||||||||||||
Additional paid-in capital | 2,051.6 | 2,054.3 | ||||||||||||
Accumulated earnings | 315.9 | 243.9 | ||||||||||||
Accumulated other comprehensive loss, net of tax | (243.4) | (284.7) | ||||||||||||
Treasury stock | (637.0) | (606.5) | ||||||||||||
Total shareholders' equity | 1,487.6 | 1,407.5 | ||||||||||||
Non-controlling interest | 7.2 | 8.3 | ||||||||||||
Total equity | 1,494.8 | 1,415.8 | ||||||||||||
Total liabilities and equity | $ | 5,274.5 | $ | 5,107.3 |
Three Month Periods Ended | Six Month Periods Ended | |||||||||||||||||||||||||
(in millions, except per share)
|
April 4, 2021 | March 29, 2020 | April 4, 2021 | March 29, 2020 | ||||||||||||||||||||||
Net Sales | $ | 1,149.8 | $ | 937.8 | $ | 2,294.7 | $ | 1,809.3 | ||||||||||||||||||
Cost of goods sold | 744.5 | 606.0 | 1,467.0 | 1,198.5 | ||||||||||||||||||||||
Restructuring and related charges | 1.3 | 2.9 | 1.4 | 12.8 | ||||||||||||||||||||||
Gross profit | 404.0 | 328.9 | 826.3 | 598.0 | ||||||||||||||||||||||
Selling | 173.2 | 150.0 | 340.0 | 296.1 | ||||||||||||||||||||||
General and administrative | 89.0 | 81.9 | 180.9 | 162.2 | ||||||||||||||||||||||
Research and development | 12.5 | 10.1 | 22.9 | 19.9 | ||||||||||||||||||||||
Restructuring and related charges | 2.8 | 19.0 | 11.9 | 36.6 | ||||||||||||||||||||||
Transaction related charges | 9.7 | 7.2 | 30.3 | 11.3 | ||||||||||||||||||||||
(Gain) loss on assets held for sale | — | (7.0) | — | 25.7 | ||||||||||||||||||||||
Write-off from impairment of intangible assets | — | — | — | 24.2 | ||||||||||||||||||||||
Total operating expenses | 287.2 | 261.2 | 586.0 | 576.0 | ||||||||||||||||||||||
Operating income | 116.8 | 67.7 | 240.3 | 22.0 | ||||||||||||||||||||||
Interest expense | 65.5 | 35.5 | 102.2 | 70.4 | ||||||||||||||||||||||
Other non-operating (income) expense, net | (1.2) | 110.4 | (7.4) | 66.8 | ||||||||||||||||||||||
Income (loss) from continuing operations before income taxes | 52.5 | (78.2) | 145.5 | (115.2) | ||||||||||||||||||||||
Income tax expense (benefit) | 15.7 | (19.0) | 35.5 | (18.3) | ||||||||||||||||||||||
Net income (loss) from continuing operations | 36.8 | (59.2) | 110.0 | (96.9) | ||||||||||||||||||||||
(Loss) income from discontinued operations, net of tax | (1.1) | 1.4 | (1.4) | 4.3 | ||||||||||||||||||||||
Net income (loss) | 35.7 | (57.8) | 108.6 | (92.6) | ||||||||||||||||||||||
Net (loss) income attributable to non-controlling interest | (0.9) | (0.8) | (0.1) | 0.1 | ||||||||||||||||||||||
Net income (loss) attributable to controlling interest | $ | 36.6 | $ | (57.0) | $ | 108.7 | $ | (92.7) | ||||||||||||||||||
Amounts attributable to controlling interest | ||||||||||||||||||||||||||
Net income (loss) from continuing operations attributable to controlling interest | $ | 37.7 | $ | (58.4) | $ | 110.1 | $ | (97.0) | ||||||||||||||||||
Net (loss) income from discontinued operations attributable to controlling interest | (1.1) | 1.4 | (1.4) | 4.3 | ||||||||||||||||||||||
Net income (loss) attributable to controlling interest | $ | 36.6 | $ | (57.0) | $ | 108.7 | $ | (92.7) | ||||||||||||||||||
Earnings Per Share | ||||||||||||||||||||||||||
Basic earnings per share from continuing operations | $ | 0.88 | $ | (1.29) | $ | 2.57 | $ | (2.09) | ||||||||||||||||||
Basic earnings per share from discontinued operations | (0.02) | 0.03 | (0.03) | 0.09 | ||||||||||||||||||||||
Basic earnings per share | $ | 0.86 | $ | (1.26) | $ | 2.54 | $ | (2.00) | ||||||||||||||||||
Diluted earnings per share from continuing operations | $ | 0.88 | $ | (1.29) | $ | 2.56 | $ | (2.09) | ||||||||||||||||||
Diluted earnings per share from discontinued operations | (0.03) | 0.03 | (0.03) | 0.09 | ||||||||||||||||||||||
Diluted earnings per share | $ | 0.85 | $ | (1.26) | $ | 2.53 | $ | (2.00) | ||||||||||||||||||
Dividend per share | $ | 0.42 | $ | 0.42 | $ | 0.84 | $ | 0.84 | ||||||||||||||||||
Weighted Average Shares Outstanding | ||||||||||||||||||||||||||
Basic | 42.6 | 45.1 | 42.8 | 46.4 | ||||||||||||||||||||||
Diluted | 42.9 | 45.1 | 43.0 | 46.4 |
Three Month Periods Ended
|
Six Month Periods Ended | |||||||||||||||||||||||||
(in millions)
|
April 4, 2021 | March 29, 2020 | April 4, 2021 | March 29, 2020 | ||||||||||||||||||||||
Net income (loss) | $ | 35.7 | $ | (57.8) | $ | 108.6 | $ | (92.6) | ||||||||||||||||||
Other comprehensive income (loss) | ||||||||||||||||||||||||||
Foreign currency translation gain (loss) | 22.2 | (47.4) | 41.6 | (20.8) | ||||||||||||||||||||||
Deferred tax effect | (5.0) | 0.3 | 0.3 | 0.2 | ||||||||||||||||||||||
Net unrealized gain (loss) on foreign currency translation | 17.2 | (47.1) | 41.9 | (20.6) | ||||||||||||||||||||||
Unrealized gain (loss) on derivative instruments | ||||||||||||||||||||||||||
Unrealized gain (loss) on hedging activity before reclassification | 5.8 | 7.8 | (6.6) | 1.6 | ||||||||||||||||||||||
Net reclassification for loss (gain) to income from continuing operations | 3.0 | (1.7) | 5.7 | (4.3) | ||||||||||||||||||||||
Unrealized gain (loss) on hedging instruments after reclassification | 8.8 | 6.1 | (0.9) | (2.7) | ||||||||||||||||||||||
Deferred tax effect | (2.4) | (1.6) | 0.1 | 1.1 | ||||||||||||||||||||||
Net unrealized gain (loss) on hedging derivative instruments | 6.4 | 4.5 | (0.8) | (1.6) | ||||||||||||||||||||||
Defined benefit pension gain | ||||||||||||||||||||||||||
Defined benefit pension gain (loss) before reclassification | 0.9 | 0.9 | (1.3) | 3.7 | ||||||||||||||||||||||
Net reclassification for loss to income from continuing operations | 1.1 | 1.0 | 2.2 | 2.1 | ||||||||||||||||||||||
Defined benefit pension gain after reclassification | 2.0 | 1.9 | 0.9 | 5.8 | ||||||||||||||||||||||
Deferred tax effect | (0.6) | (0.4) | (0.4) | (0.4) | ||||||||||||||||||||||
Net defined benefit pension gain | 1.4 | 1.5 | 0.5 | 5.4 | ||||||||||||||||||||||
Deconsolidation of discontinued operations and assets held for sale | — | 8.1 | — | 8.1 | ||||||||||||||||||||||
Net change to derive comprehensive income for the periods | 25.0 | (33.0) | 41.6 | (8.7) | ||||||||||||||||||||||
Comprehensive income (loss) | 60.7 | (90.8) | 150.2 | (101.3) | ||||||||||||||||||||||
Comprehensive (loss) income attributable to non-controlling interest | (0.1) | (0.1) | 0.3 | — | ||||||||||||||||||||||
Comprehensive income (loss) attributable to controlling interest | $ | 60.8 | $ | (90.7) | $ | 149.9 | $ | (101.3) |
Six Month Period Ended April 4, 2021 | Common Stock |
Additional
Paid-in Capital |
Accumulated
Earnings |
Accumulated
Other Comprehensive Loss |
Treasury
Stock |
Total
Shareholders' Equity |
Non-
controlling Interest |
Total
Equity |
||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances at September 30, 2020 | 43.1 | $ | 0.5 | $ | 2,054.3 | $ | 243.9 | $ | (284.7) | $ | (606.5) | $ | 1,407.5 | $ | 8.3 | $ | 1,415.8 | |||||||||||||||||||||||||||||||||||||||
Net income from continuing operations | — | — | — | 72.6 | — | — | 72.6 | 0.8 | 73.4 | |||||||||||||||||||||||||||||||||||||||||||||||
Loss from discontinued operations, net of tax | — | — | — | (0.3) | — | — | (0.3) | — | (0.3) | |||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | — | 16.2 | — | 16.2 | 0.4 | 16.6 | |||||||||||||||||||||||||||||||||||||||||||||||
Treasury stock repurchases | (0.6) | — | — | — | — | (42.3) | (42.3) | — | (42.3) | |||||||||||||||||||||||||||||||||||||||||||||||
Restricted stock issued and related tax withholdings | 0.2 | — | (18.6) | — | — | 11.7 | (6.9) | — | (6.9) | |||||||||||||||||||||||||||||||||||||||||||||||
Share based compensation | — | — | 7.5 | — | — | — | 7.5 | — | 7.5 | |||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared | — | — | — | (18.4) | — | — | (18.4) | — | (18.4) | |||||||||||||||||||||||||||||||||||||||||||||||
Dividend paid by subsidiary to NCI | — | — | — | — | — | — | — | (1.0) | (1.0) | |||||||||||||||||||||||||||||||||||||||||||||||
Balances as of January 3, 2021 | 42.7 | 0.5 | 2,043.2 | 297.8 | (268.5) | (637.1) | 1,435.9 | 8.5 | 1,444.4 | |||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) from continuing operations | — | — | — | 37.7 | — | — | 37.7 | (0.9) | 36.8 | |||||||||||||||||||||||||||||||||||||||||||||||
Loss from discontinued operations, net of tax | — | — | — | (1.1) | — | — | (1.1) | — | (1.1) | |||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | — | — | — | — | 25.1 | — | 25.1 | (0.1) | 25.0 | |||||||||||||||||||||||||||||||||||||||||||||||
Restricted stock issued and related tax withholdings | — | — | (0.1) | — | — | 0.1 | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Share based compensation | — | — | 8.5 | — | — | — | 8.5 | — | 8.5 | |||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared | — | — | — | (18.5) | — | — | (18.5) | — | (18.5) | |||||||||||||||||||||||||||||||||||||||||||||||
Dividend paid by subsidiary to NCI | — | — | — | — | — | — | — | (0.3) | (0.3) | |||||||||||||||||||||||||||||||||||||||||||||||
Balances at April 4, 2021 | 42.7 | $ | 0.5 | $ | 2,051.6 | $ | 315.9 | $ | (243.4) | $ | (637.0) | $ | 1,487.6 | $ | 7.2 | $ | 1,494.8 |
Six Month Period Ended March 29, 2020 | Common Stock |
Additional
Paid-in Capital |
Accumulated
Earnings |
Accumulated
Other Comprehensive Loss |
Treasury
Stock |
Total
Shareholders' Equity |
Non-
controlling Interest |
Total
Equity |
||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances at September 30, 2019 | 48.8 | $ | 0.5 | $ | 2,031.1 | $ | 223.8 | $ | (273.6) | $ | (260.9) | $ | 1,720.9 | $ | 8.0 | $ | 1,728.9 | |||||||||||||||||||||||||||||||||||||||
Net (loss) income from continuing operations | — | — | — | (38.6) | — | — | (38.6) | 0.9 | (37.7) | |||||||||||||||||||||||||||||||||||||||||||||||
Income from discontinued operations, net of tax | — | — | — | 2.8 | — | — | 2.8 | — | 2.8 | |||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | — | 24.2 | — | 24.2 | 0.1 | 24.3 | |||||||||||||||||||||||||||||||||||||||||||||||
Treasury stock repurchases | (1.5) | — | — | — | — | (90.6) | (90.6) | — | (90.6) | |||||||||||||||||||||||||||||||||||||||||||||||
Accelerated share repurchase pending final settlement | (1.7) | — | (18.7) | — | — | (106.3) | (125.0) | — | (125.0) | |||||||||||||||||||||||||||||||||||||||||||||||
Restricted stock issued and related tax withholdings | 0.5 | — | (13.3) | — | — | 18.2 | 4.9 | — | 4.9 | |||||||||||||||||||||||||||||||||||||||||||||||
Share based compensation | — | — | 8.5 | — | — | — | 8.5 | — | 8.5 | |||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared | — | — | — | (20.2) | — | — | (20.2) | — | (20.2) | |||||||||||||||||||||||||||||||||||||||||||||||
Cumulative adjustment for adoption of new accounting standards | — | — | — | (0.3) | 0.3 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Balances as of December 29, 2019 | 46.1 | 0.5 | 2,007.6 | 167.5 | (249.1) | (439.6) | 1,486.9 | 9.0 | 1,495.9 | |||||||||||||||||||||||||||||||||||||||||||||||
Net loss from continuing operations | — | — | — | (58.4) | — | — | (58.4) | (0.8) | (59.2) | |||||||||||||||||||||||||||||||||||||||||||||||
Income from discontinued operations, net of tax | — | — | — | 1.4 | — | — | 1.4 | — | 1.4 | |||||||||||||||||||||||||||||||||||||||||||||||
Sale and deconsolidation of assets held for sale | — | — | — | — | 8.1 | — | 8.1 | — | 8.1 | |||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax | — | — | — | — | (41.0) | — | (41.0) | (0.1) | (41.1) | |||||||||||||||||||||||||||||||||||||||||||||||
Treasury stock repurchases | (2.7) | — | — | — | — | (149.2) | (149.2) | — | (149.2) | |||||||||||||||||||||||||||||||||||||||||||||||
Accelerated share repurchase final settlement | (0.3) | — | 18.5 | — | — | (18.5) | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Restricted stock issued and related tax withholdings | — | — | (0.7) | — | — | 0.4 | (0.3) | — | (0.3) | |||||||||||||||||||||||||||||||||||||||||||||||
Share based compensation | — | — | 8.9 | — | — | — | 8.9 | — | 8.9 | |||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared | — | — | — | (19.7) | — | — | (19.7) | — | (19.7) | |||||||||||||||||||||||||||||||||||||||||||||||
Balances at March 29, 2020 | 43.1 | $ | 0.5 | $ | 2,034.3 | $ | 90.8 | $ | (282.0) | $ | (606.9) | $ | 1,236.7 | $ | 8.1 | $ | 1,244.8 |
Six Month Periods Ended | ||||||||||||||
(in millions) | April 4, 2021 | March 29, 2020 | ||||||||||||
Cash flows from operating activities | ||||||||||||||
Net income (loss) | $ | 108.6 | $ | (92.6) | ||||||||||
(Loss) income from discontinued operations, net of tax | (1.4) | 4.3 | ||||||||||||
Net income (loss) from continuing operations | 110.0 | (96.9) | ||||||||||||
Adjustments to reconcile net income (loss) to net cash from operating activities: | ||||||||||||||
Depreciation and amortization | 74.4 | 78.0 | ||||||||||||
Share based compensation | 16.0 | 26.0 | ||||||||||||
(Gain) loss on equity investments | (6.9) | 68.3 | ||||||||||||
Loss on assets held for sale | — | 25.7 | ||||||||||||
Write-off from impairment of intangible assets | — | 24.2 | ||||||||||||
Amortization of debt issuance costs and debt discount | 2.9 | 3.2 | ||||||||||||
Write-off of unamortized discount and debt issuance costs | 7.9 | 1.1 | ||||||||||||
Inventory acquisition step-up | 3.4 | — | ||||||||||||
Deferred tax expense | 3.8 | 22.0 | ||||||||||||
Net changes in operating assets and liabilities | (275.4) | (336.2) | ||||||||||||
Net cash used by operating activities from continuing operations | (63.9) | (184.6) | ||||||||||||
Net cash used by operating activities from discontinued operations | (15.9) | — | ||||||||||||
Net cash used by operating activities | (79.8) | (184.6) | ||||||||||||
Cash flows from investing activities | ||||||||||||||
Purchases of property, plant and equipment | (28.1) | (31.7) | ||||||||||||
Proceeds from disposal of property, plant and equipment | — | 0.6 | ||||||||||||
Business acquisitions, net of cash acquired | (129.8) | (17.0) | ||||||||||||
Proceeds from sale of equity investment | 73.1 | 28.6 | ||||||||||||
Other investing activity | (0.3) | 2.5 | ||||||||||||
Net cash used by investing activities | (85.1) | (17.0) | ||||||||||||
Cash flows from financing activities | ||||||||||||||
Payment of debt, including premium on extinguishment | (880.3) | (130.0) | ||||||||||||
Proceeds from issuance of debt | 899.0 | 780.0 | ||||||||||||
Payment of debt issuance costs | (12.6) | (0.8) | ||||||||||||
Payment of contingent consideration | — | (197.0) | ||||||||||||
Treasury stock purchases | (42.3) | (239.8) | ||||||||||||
Accelerated share repurchase | — | (125.0) | ||||||||||||
Dividends paid to shareholders | (35.7) | (39.1) | ||||||||||||
Dividends paid by subsidiary to non-controlling interest | (1.3) | — | ||||||||||||
Share based award tax withholding payments, net of proceeds upon vesting | (7.2) | (12.6) | ||||||||||||
Other financing activities, net | 0.3 | — | ||||||||||||
Net cash (used) provided by financing activities | (80.1) | 35.7 | ||||||||||||
Effect of exchange rate changes on cash and cash equivalents | 3.4 | (0.5) | ||||||||||||
Net change in cash, cash equivalents and restricted cash in continuing operations | (241.6) | (166.4) | ||||||||||||
Cash, cash equivalents, and restricted cash, beginning of period | 533.8 | 627.1 | ||||||||||||
Cash, cash equivalents, and restricted cash, end of period | $ | 292.2 | $ | 460.7 | ||||||||||
Supplemental disclosure of cash flow information | ||||||||||||||
Cash paid for interest | $ | 95.0 | $ | 57.5 | ||||||||||
Cash paid for taxes | $ | 20.1 | $ | 30.8 | ||||||||||
Non cash investing activities | ||||||||||||||
Acquisition of property, plant and equipment through finance leases | $ | 0.6 | $ | 3.0 | ||||||||||
Non cash financing activities | ||||||||||||||
Issuance of shares through stock compensation plan | $ | 16.6 | $ | 39.1 |
(in millions) | April 4, 2021 | September 30, 2020 | ||||||||||||
Assets | ||||||||||||||
Cash and cash equivalents | $ | 288.3 | $ | 527.6 | ||||||||||
Trade receivables, net | 524.9 | 501.1 | ||||||||||||
Other receivables | 169.1 | 155.2 | ||||||||||||
Inventories | 812.1 | 557.7 | ||||||||||||
Prepaid expenses and other current assets | 83.1 | 63.5 | ||||||||||||
Total current assets | 1,877.5 | 1,805.1 | ||||||||||||
Property, plant and equipment, net | 392.6 | 396.5 | ||||||||||||
Operating lease assets | 103.0 | 103.8 | ||||||||||||
Deferred charges and other | 49.2 | 115.2 | ||||||||||||
Goodwill | 1,434.6 | 1,332.0 | ||||||||||||
Intangible assets, net | 1,496.4 | 1,431.7 | ||||||||||||
Total assets | $ | 5,353.3 | $ | 5,184.3 | ||||||||||
Liabilities and Shareholder's Equity | ||||||||||||||
Current portion of long-term debt | $ | 18.6 | $ | 15.3 | ||||||||||
Accounts payable | 548.8 | 557.5 | ||||||||||||
Accrued wages and salaries | 76.6 | 95.0 | ||||||||||||
Accrued interest | 11.7 | 38.5 | ||||||||||||
Other current liabilities | 282.3 | 236.0 | ||||||||||||
Total current liabilities | 938.0 | 942.3 | ||||||||||||
Long-term debt, net of current portion | 2,551.6 | 2,461.0 | ||||||||||||
Long-term operating lease liabilities | 86.2 | 88.8 | ||||||||||||
Deferred income taxes | 294.3 | 288.7 | ||||||||||||
Other long-term liabilities | 136.0 | 138.3 | ||||||||||||
Total liabilities | 4,006.1 | 3,919.1 | ||||||||||||
Commitments and contingencies (Note 19) | ||||||||||||||
Shareholder's equity | ||||||||||||||
Other capital | 2,162.5 | 2,154.1 | ||||||||||||
Accumulated deficit | (580.8) | (614.2) | ||||||||||||
Accumulated other comprehensive loss, net of tax | (243.3) | (284.6) | ||||||||||||
Total shareholder's equity | 1,338.4 | 1,255.3 | ||||||||||||
Non-controlling interest | 8.8 | 9.9 | ||||||||||||
Total equity | 1,347.2 | 1,265.2 | ||||||||||||
Total liabilities and equity | $ | 5,353.3 | $ | 5,184.3 |
Three Month Periods Ended | Six Month Periods Ended | |||||||||||||||||||||||||
(in millions) | April 4, 2021 | March 29, 2020 | April 4, 2021 | March 29, 2020 | ||||||||||||||||||||||
Net Sales | $ | 1,149.8 | $ | 937.8 | $ | 2,294.7 | $ | 1,809.3 | ||||||||||||||||||
Cost of goods sold | 744.5 | 606.0 | 1,467.0 | 1,198.5 | ||||||||||||||||||||||
Restructuring and related charges | 1.3 | 2.9 | 1.4 | 12.8 | ||||||||||||||||||||||
Gross profit | 404.0 | 328.9 | 826.3 | 598.0 | ||||||||||||||||||||||
Selling | 173.2 | 150.0 | 340.0 | 296.1 | ||||||||||||||||||||||
General and administrative | 88.2 | 78.0 | 179.4 | 157.5 | ||||||||||||||||||||||
Research and development | 12.5 | 10.1 | 22.9 | 19.9 | ||||||||||||||||||||||
Restructuring and related charges | 2.8 | 19.0 | 11.9 | 36.6 | ||||||||||||||||||||||
Transaction related charges | 9.7 | 7.2 | 30.3 | 11.3 | ||||||||||||||||||||||
(Gain) loss on assets held for sale | — | (7.0) | — | 25.7 | ||||||||||||||||||||||
Write-off from impairment of intangible assets | — | — | — | 24.2 | ||||||||||||||||||||||
Total operating expenses | 286.4 | 257.3 | 584.5 | 571.3 | ||||||||||||||||||||||
Operating income | 117.6 | 71.6 | 241.8 | 26.7 | ||||||||||||||||||||||
Interest expense | 65.6 | 35.3 | 102.4 | 70.0 | ||||||||||||||||||||||
Other non-operating (income) expense, net | (1.2) | 110.4 | (7.4) | 66.8 | ||||||||||||||||||||||
Income (loss) from continuing operations before income taxes | 53.2 | (74.1) | 146.8 | (110.1) | ||||||||||||||||||||||
Income tax expense (benefit) | 15.9 | (17.5) | 35.8 | (16.6) | ||||||||||||||||||||||
Net income (loss) from continuing operations | 37.3 | (56.6) | 111.0 | (93.5) | ||||||||||||||||||||||
(Loss) income from discontinued operations, net of tax | (1.1) | 1.4 | (1.4) | 4.3 | ||||||||||||||||||||||
Net income (loss) | 36.2 | (55.2) | 109.6 | (89.2) | ||||||||||||||||||||||
Net (loss) income attributable to non-controlling interest | (0.9) | (0.8) | (0.1) | 0.1 | ||||||||||||||||||||||
Net income (loss) attributable to controlling interest | $ | 37.1 | $ | (54.4) | $ | 109.7 | $ | (89.3) | ||||||||||||||||||
Amounts attributable to controlling interest | ||||||||||||||||||||||||||
Net income (loss) from continuing operations attributable to controlling interest | $ | 38.2 | $ | (55.8) | $ | 111.1 | $ | (93.6) | ||||||||||||||||||
Net (loss) income from discontinued operations attributable to controlling interest | (1.1) | 1.4 | (1.4) | 4.3 | ||||||||||||||||||||||
Net income (loss) attributable to controlling interest | $ | 37.1 | $ | (54.4) | $ | 109.7 | $ | (89.3) |
Three Month Periods Ended
|
Six Month Periods Ended | |||||||||||||||||||||||||
(in millions)
|
April 4, 2021 | March 29, 2020 | April 4, 2021 | March 29, 2020 | ||||||||||||||||||||||
Net income (loss) | $ | 36.2 | $ | (55.2) | $ | 109.6 | $ | (89.2) | ||||||||||||||||||
Other comprehensive income (loss) | ||||||||||||||||||||||||||
Foreign currency translation gain (loss) | 22.2 | (47.4) | 41.6 | (20.8) | ||||||||||||||||||||||
Deferred tax effect | (5.0) | 0.3 | 0.3 | 0.2 | ||||||||||||||||||||||
Net unrealized gain (loss) on foreign currency translation | 17.2 | (47.1) | 41.9 | (20.6) | ||||||||||||||||||||||
Unrealized gain (loss) on derivative instruments | ||||||||||||||||||||||||||
Unrealized gain (loss) on hedging activity before reclassification | 5.8 | 7.8 | (6.6) | 1.6 | ||||||||||||||||||||||
Net reclassification for loss (gain) to income from continuing operations | 3.0 | (1.7) | 5.7 | (4.3) | ||||||||||||||||||||||
Unrealized gain (loss) on hedging instruments after reclassification | 8.8 | 6.1 | (0.9) | (2.7) | ||||||||||||||||||||||
Deferred tax effect | (2.4) | (1.6) | 0.1 | 1.1 | ||||||||||||||||||||||
Net unrealized gain (loss) on hedging derivative instruments | 6.4 | 4.5 | (0.8) | (1.6) | ||||||||||||||||||||||
Defined benefit pension gain | ||||||||||||||||||||||||||
Defined benefit pension gain (loss) before reclassification | 0.9 | 0.9 | (1.3) | 3.7 | ||||||||||||||||||||||
Net reclassification for loss to income from continuing operations | 1.1 | 1.0 | 2.2 | 2.1 | ||||||||||||||||||||||
Defined benefit pension gain after reclassification | 2.0 | 1.9 | 0.9 | 5.8 | ||||||||||||||||||||||
Deferred tax effect | (0.6) | (0.4) | (0.4) | (0.4) | ||||||||||||||||||||||
Net defined benefit pension gain | 1.4 | 1.5 | 0.5 | 5.4 | ||||||||||||||||||||||
Deconsolidation of discontinued operations and assets held for sale | — | 8.1 | — | 8.1 | ||||||||||||||||||||||
Net change to derive comprehensive income (loss) for the period | 25.0 | (33.0) | 41.6 | (8.7) | ||||||||||||||||||||||
Comprehensive income (loss) | 61.2 | (88.2) | 151.2 | (97.9) | ||||||||||||||||||||||
Comprehensive (loss) income attributable to non-controlling interest | (0.1) | (0.1) | 0.3 | — | ||||||||||||||||||||||
Comprehensive income (loss) attributable to controlling interest | $ | 61.3 | $ | (88.1) | $ | 150.9 | $ | (97.9) |
Six Month Period Ended April 4, 2021 (in millions) |
Other
Capital |
Accumulated
Deficit |
Accumulated
Other Comprehensive Loss |
Total
Shareholder's Equity |
Non-
controlling Interest |
Total Equity | ||||||||||||||||||||||||||||||||
Balances at September 30, 2020 | $ | 2,154.1 | $ | (614.2) | $ | (284.6) | $ | 1,255.3 | $ | 9.9 | $ | 1,265.2 | ||||||||||||||||||||||||||
Net income from continuing operations | — | 72.8 | — | 72.8 | 0.8 | 73.6 | ||||||||||||||||||||||||||||||||
Loss from discontinued operations, net of tax | — | (0.3) | — | (0.3) | — | (0.3) | ||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax | — | — | 16.2 | 16.2 | 0.4 | 16.6 | ||||||||||||||||||||||||||||||||
Restricted stock issued and related tax withholdings | (7.1) | — | — | (7.1) | — | (7.1) | ||||||||||||||||||||||||||||||||
Share based compensation | 7.5 | — | — | 7.5 | — | 7.5 | ||||||||||||||||||||||||||||||||
Dividends paid to parent | — | (60.1) | — | (60.1) | — | (60.1) | ||||||||||||||||||||||||||||||||
Dividend paid by subsidiary to NCI | — | — | — | — | (1.0) | (1.0) | ||||||||||||||||||||||||||||||||
Balances as of January 3, 2021 | 2,154.5 | (601.8) | (268.4) | 1,284.3 | 10.1 | 1,294.4 | ||||||||||||||||||||||||||||||||
Net income (loss) from continuing operations | — | 38.2 | — | 38.2 | (0.9) | 37.3 | ||||||||||||||||||||||||||||||||
Loss from discontinued operations, net of tax | — | (1.1) | — | (1.1) | — | (1.1) | ||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | — | — | 25.1 | 25.1 | (0.1) | 25.0 | ||||||||||||||||||||||||||||||||
Share based compensation | 8.0 | — | — | 8.0 | — | 8.0 | ||||||||||||||||||||||||||||||||
Dividends paid to parent | — | (16.1) | — | (16.1) | — | (16.1) | ||||||||||||||||||||||||||||||||
Dividend paid by subsidiary to NCI | — | — | — | — | (0.3) | (0.3) | ||||||||||||||||||||||||||||||||
Balances at April 4, 2021 | $ | 2,162.5 | $ | (580.8) | $ | (243.3) | $ | 1,338.4 | $ | 8.8 | $ | 1,347.2 |
Six Month Period Ended March 29, 2020 (in millions) |
Other
Capital |
Accumulated
Deficit |
Accumulated
Other Comprehensive Loss |
Total
Shareholder's Equity |
Non-
controlling Interest |
Total Equity | ||||||||||||||||||||||||||||||||
Balances at September 30, 2019 | $ | 2,113.3 | $ | (414.7) | $ | (273.5) | $ | 1,425.1 | $ | 9.6 | $ | 1,434.7 | ||||||||||||||||||||||||||
Net (loss) income from continuing operations | — | (37.7) | — | (37.7) | 0.9 | (36.8) | ||||||||||||||||||||||||||||||||
Income from discontinued operations, net of tax | — | 2.8 | — | 2.8 | — | 2.8 | ||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax | — | — | 24.2 | 24.2 | 0.1 | 24.3 | ||||||||||||||||||||||||||||||||
Restricted stock issued and related tax withholdings | 4.9 | — | — | 4.9 | — | 4.9 | ||||||||||||||||||||||||||||||||
Share based compensation | 8.5 | — | — | 8.5 | — | 8.5 | ||||||||||||||||||||||||||||||||
Dividends paid to parent | — | (36.7) | — | (36.7) | — | (36.7) | ||||||||||||||||||||||||||||||||
Cumulative adjustment for adoption of new accounting standards | — | (0.3) | 0.3 | — | — | — | ||||||||||||||||||||||||||||||||
Balances as of December 29, 2019 | 2,126.7 | (486.6) | (249.0) | 1,391.1 | 10.6 | 1,401.7 | ||||||||||||||||||||||||||||||||
Net loss from continuing operations | — | (55.8) | — | (55.8) | (0.8) | (56.6) | ||||||||||||||||||||||||||||||||
Income from discontinued operations, net of tax | — | 1.4 | — | 1.4 | — | 1.4 | ||||||||||||||||||||||||||||||||
Sale and deconsolidation of assets held for sale | — | — | 8.1 | 8.1 | — | 8.1 | ||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax | — | — | (41.0) | (41.0) | (0.1) | (41.1) | ||||||||||||||||||||||||||||||||
Restricted stock issued and related tax withholdings | (0.3) | — | — | (0.3) | — | (0.3) | ||||||||||||||||||||||||||||||||
Share based compensation | 8.3 | — | — | 8.3 | — | 8.3 | ||||||||||||||||||||||||||||||||
Dividends paid to parent | — | (168.2) | — | (168.2) | — | (168.2) | ||||||||||||||||||||||||||||||||
Balances at March 29, 2020 | $ | 2,134.7 | $ | (709.2) | $ | (281.9) | $ | 1,143.6 | $ | 9.7 | $ | 1,153.3 |
Six Month Periods Ended | ||||||||||||||
(in millions) | April 4, 2021 | March 29, 2020 | ||||||||||||
Cash flows from operating activities | ||||||||||||||
Net income (loss) | $ | 109.6 | $ | (89.2) | ||||||||||
(Loss) income from discontinued operations, net of tax | (1.4) | 4.3 | ||||||||||||
Net income (loss) from continuing operations | 111.0 | (93.5) | ||||||||||||
Adjustments to reconcile net income to net cash from operating activities: | ||||||||||||||
Depreciation and amortization | 74.4 | 78.0 | ||||||||||||
Share based compensation | 15.5 | 25.4 | ||||||||||||
(Gain) loss on equity investments | (6.9) | 68.3 | ||||||||||||
Loss on assets held for sale | — | 25.7 | ||||||||||||
Write-off from impairment of intangible assets | — | 24.2 | ||||||||||||
Amortization of debt issuance costs and debt discount | 2.9 | 2.7 | ||||||||||||
Write-off of unamortized discount and debt issuance costs | 7.9 | 1.1 | ||||||||||||
Inventory acquisition step-up | 3.4 | — | ||||||||||||
Deferred tax expense | 4.0 | 20.3 | ||||||||||||
Net changes in operating assets and liabilities | (282.5) | (547.5) | ||||||||||||
Net cash used by operating activities from continuing operations | (70.3) | (395.3) | ||||||||||||
Net cash used by operating activities from discontinued operations | (15.9) | — | ||||||||||||
Net cash used by operating activities | (86.2) | (395.3) | ||||||||||||
Cash flows from investing activities | ||||||||||||||
Purchases of property, plant and equipment | (28.1) | (31.7) | ||||||||||||
Proceeds from disposal of property, plant and equipment | — | 0.6 | ||||||||||||
Business acquisitions, net of cash acquired | (129.8) | (17.0) | ||||||||||||
Proceeds from sale of equity investment | 73.1 | 28.6 | ||||||||||||
Other investing activities | (0.3) | 2.5 | ||||||||||||
Net cash used by investing activities from continuing operations | (85.1) | (17.0) | ||||||||||||
Net cash used by investing activities from discontinued operations | — | — | ||||||||||||
Net cash used by investing activities | (85.1) | (17.0) | ||||||||||||
Cash flows from financing activities | ||||||||||||||
Payment of debt, including premium on extinguishment | (880.3) | (130.0) | ||||||||||||
Proceeds from issuance of debt | 899.0 | 780.0 | ||||||||||||
Payment of debt issuance costs | (12.6) | (0.8) | ||||||||||||
Payment of contingent consideration | — | (197.0) | ||||||||||||
Payment of cash dividends to parent | (76.2) | (204.9) | ||||||||||||
Dividends paid by subsidiary to non-controlling interest | (1.3) | — | ||||||||||||
Net cash (used) provided by financing activities from continuing operations | (71.4) | 247.3 | ||||||||||||
Net cash used by financing activities from discontinued operations | — | — | ||||||||||||
Net cash (used) provided by financing activities | (71.4) | 247.3 | ||||||||||||
Effect of exchange rate changes on cash and cash equivalents | 3.4 | (0.5) | ||||||||||||
Net change in cash, cash equivalents and restricted cash | (239.3) | (165.5) | ||||||||||||
Cash, cash equivalents, and restricted cash, beginning of period | 529.8 | 621.9 | ||||||||||||
Cash, cash equivalents, and restricted cash, end of period | $ | 290.5 | $ | 456.4 | ||||||||||
Supplemental disclosure of cash flow information | ||||||||||||||
Cash paid for interest | $ | 95.0 | $ | 57.5 | ||||||||||
Cash paid for taxes | $ | 20.1 | $ | 30.8 | ||||||||||
Non cash investing activities | ||||||||||||||
Acquisition of property, plant and equipment through finance leases | $ | 0.6 | $ | 3.0 |
Three Month Periods Ended | Six Month Periods Ended | |||||||||||||||||||||||||
(in millions) | April 4, 2021 | March 29, 2020 | April 4, 2021 | March 29, 2020 | ||||||||||||||||||||||
Armitage acquisition and integration | $ | 2.0 | $ | — | $ | 6.8 | $ | — | ||||||||||||||||||
Coevorden operations divestiture and separation | 2.0 | 1.5 | 4.8 | 1.7 | ||||||||||||||||||||||
GBL divestiture and separation | 0.9 | 2.7 | 2.7 | 5.1 | ||||||||||||||||||||||
Omega Sea acquisition and integration | 0.1 | 1.3 | 0.2 | 1.3 | ||||||||||||||||||||||
Other | 4.7 | 1.7 | 15.8 | 3.2 | ||||||||||||||||||||||
Total transaction-related charges | $ | 9.7 | $ | 7.2 | $ | 30.3 | $ | 11.3 |
Three Month Periods Ended | Six Month Periods Ended | |||||||||||||||||||||||||
(in millions) | April 4, 2021 | March 29, 2020 | April 4, 2021 | March 29, 2020 | ||||||||||||||||||||||
(Loss) income from discontinued operations before income taxes | $ | (1.0) | $ | 1.4 | $ | (1.3) | $ | 3.8 | ||||||||||||||||||
Income tax expense (benefit) from discontinued operations | 0.1 | — | 0.1 | (0.5) | ||||||||||||||||||||||
(Loss) income from discontinued operations, net of tax | (1.1) | 1.4 | (1.4) | 4.3 | ||||||||||||||||||||||
(Loss) income from discontinued operations attributable to controlling interest, net of tax | $ | (1.1) | $ | 1.4 | $ | (1.4) | $ | 4.3 |
(in millions) | Amount | |||||||
Cash paid | $ | 187.7 | ||||||
Debt assumed | 51.0 | |||||||
Cash consideration | $ | 136.7 |
(in millions) | Purchase Price Allocation | |||||||
Cash and cash equivalents | $ | 6.9 | ||||||
Trade receivables, net | 16.7 | |||||||
Other receivables | 1.9 | |||||||
Inventories | 16.3 | |||||||
Prepaid expenses and other current assets | 0.2 | |||||||
Property, plant and equipment, net | 3.0 | |||||||
Operating lease assets | 0.1 | |||||||
Deferred charges and other | 0.9 | |||||||
Goodwill | 90.7 | |||||||
Intangible assets, net | 88.6 | |||||||
Accounts payable | (9.2) | |||||||
Accrued wages and salaries | (1.5) | |||||||
Other current liabilities | (7.0) | |||||||
Long-term debt, net of current portion | (51.0) | |||||||
Long-term operating lease liabilities | (0.1) | |||||||
Deferred income taxes | (18.0) | |||||||
Other long-term liabilities | (1.8) | |||||||
Net assets acquired | $ | 136.7 |
(in millions) | Carrying Amount | Weighted Average Useful Life (Years) | ||||||||||||
Tradenames | $ | 74.3 | Indefinite | |||||||||||
Customer relationships | 14.3 | 12 years | ||||||||||||
Total intangibles acquired | $ | 88.6 |
Three Month Periods Ended | Six Month Periods Ended | |||||||||||||||||||||||||
(in millions)
|
April 4, 2021 | March 29, 2020 | April 4, 2021 | March 29, 2020 | ||||||||||||||||||||||
Global productivity improvement program | $ | 1.7 | $ | 21.2 | $ | 10.9 | $ | 47.9 | ||||||||||||||||||
Other restructuring activities | 2.4 | 0.7 | 2.4 | 1.5 | ||||||||||||||||||||||
Total restructuring and related charges | $ | 4.1 | $ | 21.9 | $ | 13.3 | $ | 49.4 | ||||||||||||||||||
Reported as: | ||||||||||||||||||||||||||
Cost of goods sold | $ | 1.3 | $ | 2.9 | $ | 1.4 | $ | 12.8 | ||||||||||||||||||
Operating expense | 2.8 | 19.0 | 11.9 | 36.6 |
(in millions) |
Termination
Benefits |
Other
Costs |
Total | |||||||||||||||||
For the three month period ended April 4, 2021 | $ | 0.3 | $ | 3.8 | $ | 4.1 | ||||||||||||||
For the three month period ended March 29, 2020 | 6.2 | 15.7 | 21.9 | |||||||||||||||||
For the six month period ended April 4, 2021 | 3.2 | 10.1 | 13.3 | |||||||||||||||||
For the six month period ended March 29, 2020 | 11.4 | 38.0 | 49.4 | |||||||||||||||||
Cumulative costs through April 4, 2021 | 23.6 | 112.7 | 136.3 | |||||||||||||||||
Estimated future costs to be incurred | 2.0 | 29.6 | 31.6 |
(in millions) |
Termination
Benefits |
Other
Costs |
Total | |||||||||||||||||
Accrual balance at September 30, 2020 | $ | 4.1 | $ | 6.4 | $ | 10.5 | ||||||||||||||
Provisions | 1.5 | 6.4 | 7.9 | |||||||||||||||||
Cash expenditures | (1.9) | (12.1) | (14.0) | |||||||||||||||||
Non-cash items | — | 0.1 | 0.1 | |||||||||||||||||
Accrual balance at April 4, 2021 | $ | 3.7 | $ | 0.8 | $ | 4.5 |
(in millions) | HHI | HPC | GPC | H&G | Corporate | Total | ||||||||||||||||||||||||||||||||
For the three month period ended April 4, 2021 | $ | (0.2) | $ | 1.5 | $ | 0.6 | $ | — | $ | 2.2 | $ | 4.1 | ||||||||||||||||||||||||||
For the three month period ended March 29, 2020 | 0.2 | 1.7 | 6.4 | 0.2 | 13.4 | 21.9 | ||||||||||||||||||||||||||||||||
For the six month period ended April 4, 2021 | — | 4.1 | 2.1 | — | 7.1 | 13.3 | ||||||||||||||||||||||||||||||||
For the six month period ended March 29, 2020 | 0.7 | 2.8 | 16.7 | 0.4 | 28.8 | 49.4 | ||||||||||||||||||||||||||||||||
Cumulative costs through April 4, 2021 | 1.5 | 15.7 | 22.8 | 2.2 | 94.1 | 136.3 | ||||||||||||||||||||||||||||||||
Estimated future costs to be incurred | 0.8 | 2.9 | 3.5 | 2.1 | 22.3 | 31.6 |
Three Month Period Ended April 4, 2021 | ||||||||||||||||||||||||||||||||
(in millions)
|
HHI
|
HPC
|
GPC
|
H&G
|
Total
|
|||||||||||||||||||||||||||
Product Sales
|
||||||||||||||||||||||||||||||||
NA
|
$ | 378.6 | $ | 115.3 | $ | 182.4 | $ | 166.8 | $ | 843.1 | ||||||||||||||||||||||
EMEA
|
— | 123.3 | 94.2 | — | 217.5 | |||||||||||||||||||||||||||
LATAM
|
10.0 | 40.6 | 4.4 | 1.5 | 56.5 | |||||||||||||||||||||||||||
APAC
|
0.7 | 15.9 | 8.8 | — | 25.4 | |||||||||||||||||||||||||||
Licensing
|
0.2 | 2.8 | 2.1 | 0.5 | 5.6 | |||||||||||||||||||||||||||
Other
|
— | — | 1.7 | — | 1.7 | |||||||||||||||||||||||||||
Total Revenue
|
$ | 389.5 | $ | 297.9 | $ | 293.6 | $ | 168.8 | $ | 1,149.8 |
Three Month Period Ended March 29, 2020 | ||||||||||||||||||||||||||||||||
(in millions)
|
HHI
|
HPC
|
GPC
|
H&G
|
Total
|
|||||||||||||||||||||||||||
Product Sales
|
||||||||||||||||||||||||||||||||
NA
|
$ | 313.6 | $ | 98.7 | $ | 166.3 | $ | 137.8 | $ | 716.4 | ||||||||||||||||||||||
EMEA
|
0.3 | 92.2 | 57.9 | — | 150.4 | |||||||||||||||||||||||||||
LATAM
|
9.9 | 28.3 | 3.3 | 0.9 | 42.4 | |||||||||||||||||||||||||||
APAC
|
5.0 | 12.6 | 6.2 | — | 23.8 | |||||||||||||||||||||||||||
Licensing
|
0.3 | 0.9 | 2.0 | 0.4 | 3.6 | |||||||||||||||||||||||||||
Other
|
— | — | 1.2 | — | 1.2 | |||||||||||||||||||||||||||
Total Revenue
|
$ | 329.1 | $ | 232.7 | $ | 236.9 | $ | 139.1 | $ | 937.8 |
Six Month Period Ended April 4, 2021 | ||||||||||||||||||||||||||||||||
(in millions) | HHI | HPC | GPC | H&G | Total | |||||||||||||||||||||||||||
Product Sales | ||||||||||||||||||||||||||||||||
NA | $ | 776.1 | $ | 257.9 | $ | 360.5 | $ | 247.0 | $ | 1,641.5 | ||||||||||||||||||||||
EMEA | — | 290.9 | 175.5 | — | 466.4 | |||||||||||||||||||||||||||
LATAM | 20.4 | 83.0 | 8.4 | 3.2 | 115.0 | |||||||||||||||||||||||||||
APAC | 1.1 | 38.2 | 17.9 | — | 57.2 | |||||||||||||||||||||||||||
Licensing | 0.6 | 6.4 | 3.9 | 0.8 | 11.7 | |||||||||||||||||||||||||||
Other | — | — | 2.9 | — | 2.9 | |||||||||||||||||||||||||||
Total Revenue | $ | 798.2 | $ | 676.4 | $ | 569.1 | $ | 251.0 | $ | 2,294.7 |
Six Month Period Ended March 29, 2020 | ||||||||||||||||||||||||||||||||
(in millions) | HHI | HPC | GPC | H&G | Total | |||||||||||||||||||||||||||
Product Sales | ||||||||||||||||||||||||||||||||
NA | $ | 595.1 | $ | 215.1 | $ | 304.8 | $ | 182.0 | $ | 1,297.0 | ||||||||||||||||||||||
EMEA | 0.4 | 241.4 | 111.8 | — | 353.6 | |||||||||||||||||||||||||||
LATAM | 20.4 | 64.2 | 6.6 | 2.2 | 93.4 | |||||||||||||||||||||||||||
APAC | 10.3 | 30.1 | 13.3 | — | 53.7 | |||||||||||||||||||||||||||
Licensing | 0.6 | 4.0 | 3.8 | 0.8 | 9.2 | |||||||||||||||||||||||||||
Other | — | — | 2.4 | — | 2.4 | |||||||||||||||||||||||||||
Total Revenue | $ | 626.8 | $ | 554.8 | $ | 442.7 | $ | 185.0 | $ | 1,809.3 |
(in millions)
|
April 4, 2021 | September 30, 2020 | ||||||||||||
Raw materials
|
$ | 102.0 | $ | 67.8 | ||||||||||
Work-in-process
|
78.1 | 60.8 | ||||||||||||
Finished goods
|
632.0 | 429.1 | ||||||||||||
$ | 812.1 | $ | 557.7 |
(in millions) | April 4, 2021 | September 30, 2020 | ||||||||||||
Land, buildings and improvements | $ | 132.0 | $ | 134.8 | ||||||||||
Machinery, equipment and other | 554.4 | 520.0 | ||||||||||||
Finance leases | 202.0 | 200.8 | ||||||||||||
Construction in progress | 31.0 | 29.8 | ||||||||||||
Property, plant and equipment | 919.4 | 885.4 | ||||||||||||
Accumulated depreciation | (526.8) | (488.9) | ||||||||||||
Property, plant and equipment, net | $ | 392.6 | $ | 396.5 |
(in millions)
|
HHI
|
GPC
|
H&G
|
Total
|
||||||||||||||||||||||
As of September 30, 2020 | $ | 704.8 | $ | 431.6 | $ | 195.6 | $ | 1,332.0 | ||||||||||||||||||
Foreign currency impact | 6.3 | 5.6 | — | 11.9 | ||||||||||||||||||||||
Armitage acquisition (Note 3) | — | 90.7 | — | 90.7 | ||||||||||||||||||||||
As of April 4, 2021 | $ | 711.1 | $ | 527.9 | $ | 195.6 | $ | 1,434.6 |
April 4, 2021 | September 30, 2020 | |||||||||||||||||||||||||||||||||||||
(in millions) | Gross Carrying Amount | Accumulated Amortization | Net | Gross Carrying Amount | Accumulated Amortization | Net | ||||||||||||||||||||||||||||||||
Amortizable Intangible Assets: | ||||||||||||||||||||||||||||||||||||||
Customer relationships | $ | 710.2 | $ | (389.4) | $ | 320.8 | $ | 692.1 | $ | (367.9) | $ | 324.2 | ||||||||||||||||||||||||||
Technology assets | 153.6 | (91.7) | 61.9 | 175.7 | (104.1) | 71.6 | ||||||||||||||||||||||||||||||||
Tradenames | 158.1 | (136.8) | 21.3 | 161.0 | (132.6) | 28.4 | ||||||||||||||||||||||||||||||||
Total Amortizable Intangible Assets | 1,021.9 | (617.9) | 404.0 | 1,028.8 | (604.6) | 424.2 | ||||||||||||||||||||||||||||||||
Indefinite-lived Intangible Assets - Tradenames | 1,092.4 | — | 1,092.4 | 1,007.5 | — | 1,007.5 | ||||||||||||||||||||||||||||||||
Total Intangible Assets | $ | 2,114.3 | $ | (617.9) | $ | 1,496.4 | $ | 2,036.3 | $ | (604.6) | $ | 1,431.7 |
(in millions) | Amortization | |||||||
2021 | $ | 76.3 | ||||||
2022 | 56.0 | |||||||
2023 | 45.9 | |||||||
2024 | 45.8 | |||||||
2025 | 43.7 |
April 4, 2021 | September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | Amount | Rate | Amount | Rate | ||||||||||||||||||||||||||||||||||||||||||||||
Spectrum Brands Inc. | ||||||||||||||||||||||||||||||||||||||||||||||||||
Revolver Facility, variable rate, expiring June 30, 2025 | $ | — | — | % | $ | — | — | % | ||||||||||||||||||||||||||||||||||||||||||
Term Loan Facility, variable rate, due March 3, 2028 | 400.0 | 2.5 | % | — | — | % | ||||||||||||||||||||||||||||||||||||||||||||
6.125% Notes, due December 15, 2024
|
— | — | % | 250.0 | 6.1 | % | ||||||||||||||||||||||||||||||||||||||||||||
5.75% Notes, due July 15, 2025
|
450.0 | 5.8 | % | 1,000.0 | 5.8 | % | ||||||||||||||||||||||||||||||||||||||||||||
4.00% Notes, due October 1, 2026
|
500.6 | 4.0 | % | 499.1 | 4.0 | % | ||||||||||||||||||||||||||||||||||||||||||||
5.00% Notes, due October 1, 2029
|
300.0 | 5.0 | % | 300.0 | 5.0 | % | ||||||||||||||||||||||||||||||||||||||||||||
5.50% Notes, due July 15, 2030
|
300.0 | 5.5 | % | 300.0 | 5.5 | % | ||||||||||||||||||||||||||||||||||||||||||||
3.875% Notes, due March 15, 2031
|
500.0 | 3.9 | % | — | — | % | ||||||||||||||||||||||||||||||||||||||||||||
Other notes and obligations | 2.6 | 7.7 | % | 3.2 | 7.6 | % | ||||||||||||||||||||||||||||||||||||||||||||
Obligations under capital leases | 156.4 | 5.7 | % | 160.5 | 5.6 | % | ||||||||||||||||||||||||||||||||||||||||||||
Total Spectrum Brands, Inc. debt | 2,609.6 | 2,512.8 | ||||||||||||||||||||||||||||||||||||||||||||||||
Unamortized discount on debt | (1.0) | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Debt issuance costs | (38.4) | (36.5) | ||||||||||||||||||||||||||||||||||||||||||||||||
Less current portion | (18.6) | (15.3) | ||||||||||||||||||||||||||||||||||||||||||||||||
Long-term debt, net of current portion | $ | 2,551.6 | $ | 2,461.0 |
(in millions) | Line Item | April 4, 2021 | September 30, 2020 | |||||||||||||||||
Assets | ||||||||||||||||||||
Operating | Operating lease assets | $ | 103.0 | $ | 103.8 | |||||||||||||||
Finance | Property, plant and equipment, net | 129.8 | 136.3 | |||||||||||||||||
Total leased assets | $ | 232.8 | $ | 240.1 | ||||||||||||||||
Liabilities | ||||||||||||||||||||
Current | ||||||||||||||||||||
Operating | Other current liabilities | $ | 24.9 | $ | 22.4 | |||||||||||||||
Finance | Current portion of long-term debt | 12.0 | 12.1 | |||||||||||||||||
Long-term | ||||||||||||||||||||
Operating | Long-term operating lease liabilities | 86.2 | 88.8 | |||||||||||||||||
Finance | Long-term debt, net of current portion | 144.4 | 148.4 | |||||||||||||||||
Total lease liabilities | $ | 267.5 | $ | 271.7 |
Three Month Periods Ended | Six Month Periods Ended | |||||||||||||||||||||||||
(in millions) | April 4, 2021 | March 29, 2020 | April 4, 2021 | March 29, 2020 | ||||||||||||||||||||||
Operating lease cost | $ | 7.6 | $ | 6.1 | $ | 15.4 | $ | 12.6 | ||||||||||||||||||
Finance lease cost | ||||||||||||||||||||||||||
Amortization of leased assets | 3.9 | 3.4 | 7.7 | 7.0 | ||||||||||||||||||||||
Interest on lease liability | 2.3 | 2.2 | 4.7 | 4.5 | ||||||||||||||||||||||
Variable lease cost | 3.2 | 3.3 | 5.9 | 5.8 | ||||||||||||||||||||||
Total lease cost | $ | 17.0 | $ | 15.0 | $ | 33.7 | $ | 29.9 |
Three Month Periods Ended | Six Month Periods Ended | |||||||||||||||||||||||||
(in millions) | April 4, 2021 | March 29, 2020 | April 4, 2021 | March 29, 2020 | ||||||||||||||||||||||
Operating cash flow from operating leases | $ | 7.8 | $ | 5.4 | $ | 14.9 | $ | 11.8 | ||||||||||||||||||
Operating cash flows from finance leases | 2.3 | 2.3 | 4.7 | 4.6 | ||||||||||||||||||||||
Financing cash flows from finance leases | 3.2 | 3.5 | 6.3 | 6.9 | ||||||||||||||||||||||
Supplemental non-cash flow disclosure | ||||||||||||||||||||||||||
Acquisition of operating lease asset through lease obligations | 2.1 | 1.8 | 11.0 | 4.3 |
April 4, 2021 | September 30, 2020 | |||||||||||||
Weighted average remaining lease term | ||||||||||||||
Operating leases | 6.1 years | 6.6 years | ||||||||||||
Finance leases | 15.4 years | 15.6 years | ||||||||||||
Weighted average discount rate | ||||||||||||||
Operating leases | 4.6 | % | 4.7 | % | ||||||||||
Finance leases | 5.7 | % | 5.6 | % |
(in millions) | Finance Leases | Operating Leases | ||||||||||||
2021 remaining balance | $ | 10.4 | $ | 13.9 | ||||||||||
2022 | 18.5 | 25.5 | ||||||||||||
2023 | 17.4 | 23.7 | ||||||||||||
2024 | 17.0 | 15.1 | ||||||||||||
2025 | 19.9 | 12.3 | ||||||||||||
Thereafter | 162.5 | 38.5 | ||||||||||||
Total lease payments | 245.7 | 129.0 | ||||||||||||
Amount representing interest | (89.3) | (17.9) | ||||||||||||
Total minimum lease payments | $ | 156.4 | $ | 111.1 | ||||||||||
April 4, 2021 | September 30, 2020 | |||||||||||||||||||||||||
(in millions, except Notional) | Notional | Contract Value | Notional | Contract Value | ||||||||||||||||||||||
Brass swap contracts | 718.7 | Metric Tons | $ | 4.0 | 949.0 | Metric Tons | $ | 4.4 | ||||||||||||||||||
Zinc swap contracts | 2,883.0 | Metric Tons | $ | 7.7 | 1,552.0 | Metric Tons | $ | 3.4 |
For the three month period ended April 4, 2021
(in millions)
|
Gain (Loss)
in OCI |
Reclassified to Continuing Operations | ||||||||||||||||||
Line Item | Gain (Loss) | |||||||||||||||||||
Commodity swaps | $ | 0.5 | Cost of goods sold | $ | 0.8 | |||||||||||||||
Foreign exchange contracts | 0.1 | Net sales | — | |||||||||||||||||
Foreign exchange contracts | 5.2 | Cost of goods sold | (3.8) | |||||||||||||||||
Total | $ | 5.8 | $ | (3.0) |
For the three month period ended March 29, 2020
(in millions)
|
Gain (Loss)
in OCI |
Reclassified to Continuing Operations | ||||||||||||||||||
Line Item | Gain (Loss) | |||||||||||||||||||
Commodity swaps | $ | (0.9) | Cost of goods sold | $ | (0.1) | |||||||||||||||
Foreign exchange contracts | (0.1) | Net sales | — | |||||||||||||||||
Foreign exchange contracts | 8.8 | Cost of goods sold | 1.8 | |||||||||||||||||
Total | $ | 7.8 | $ | 1.7 |
For the six month period ended April 4, 2021
(in millions)
|
Gain (Loss)
in OCI |
Reclassified to Continuing Operations | ||||||||||||||||||
Line Item | Gain (Loss) | |||||||||||||||||||
Commodity swaps | $ | 1.4 | Cost of goods sold | $ | 1.1 | |||||||||||||||
Foreign exchange contracts | 0.1 | Net sales | — | |||||||||||||||||
Foreign exchange contracts | (8.1) | Cost of goods sold | (6.8) | |||||||||||||||||
Total | $ | (6.6) | $ | (5.7) |
For the six month period ended March 29, 2020
(in millions)
|
Gain (Loss)
in OCI |
Reclassified to Continuing Operations | ||||||||||||||||||
Line Item | Gain (Loss) | |||||||||||||||||||
Commodity swaps | $ | (0.7) | Cost of goods sold | $ | (0.1) | |||||||||||||||
Foreign exchange contracts | — | Net sales | (0.1) | |||||||||||||||||
Foreign exchange contracts | 2.3 | Cost of goods sold | 4.5 | |||||||||||||||||
Total | $ | 1.6 | $ | 4.3 |
Three Month Periods Ended | Six Month Periods Ended | |||||||||||||||||||||||||||||||
(in millions) | Line Item | April 4, 2021 | March 29, 2020 | April 4, 2021 | March 29, 2020 | |||||||||||||||||||||||||||
Foreign exchange contracts | Other non-operating (income) expense | $ | (5.1) | $ | 22.9 | $ | (8.4) | $ | (2.2) |
(in millions) | Line Item | April 4, 2021 | September 30, 2020 | |||||||||||||||||
Derivative Assets | ||||||||||||||||||||
Commodity swaps - designated as hedge | Other receivables | $ | 1.3 | $ | 0.7 | |||||||||||||||
Commodity swaps - designated as hedge | Deferred charges and other | — | 0.1 | |||||||||||||||||
Foreign exchange contracts - designated as hedge | Other receivables | 1.3 | — | |||||||||||||||||
Foreign exchange contracts - designated as hedge | Deferred charges and other | 0.4 | — | |||||||||||||||||
Foreign exchange contracts - not designated as hedge | Other receivables | 2.8 | 0.4 | |||||||||||||||||
Total Derivative Assets | $ | 5.8 | $ | 1.2 | ||||||||||||||||
Derivative Liabilities | ||||||||||||||||||||
Commodity swaps - designated as hedge | Accounts payable | $ | 0.1 | $ | — | |||||||||||||||
Foreign exchange contracts - designated as hedge | Accounts payable | 7.2 | 3.8 | |||||||||||||||||
Foreign exchange contracts - designated as hedge | Other long term liabilities | 0.1 | 0.3 | |||||||||||||||||
Foreign exchange contracts - not designated as hedge | Accounts payable | 2.4 | 10.1 | |||||||||||||||||
Total Derivative Liabilities | $ | 9.8 | $ | 14.2 |
Three Month Periods Ended | Six Month Periods Ended | |||||||||||||||||||||||||
Gain (loss) in OCI (in millions) | April 4, 2021 | March 29, 2020 | April 4, 2021 | March 29, 2020 | ||||||||||||||||||||||
Net investment hedge | $ | 20.1 | $ | 2.2 | $ | (1.4) | $ | (2.8) |
April 4, 2021 | September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | Level 1 | Level 2 | Level 3 | Fair Value |
Carrying
Amount |
Level 1 | Level 2 | Level 3 | Fair Value |
Carrying
Amount |
||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 66.9 | $ | — | $ | — | $ | 66.9 | $ | — | ||||||||||||||||||||||||||||||||||||||||||
Derivative Assets | — | 5.8 | — | 5.8 | — | — | 1.2 | — | 1.2 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Liabilities | — | 9.8 | — | 9.8 | — | — | 14.2 | — | 14.2 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt - SBH | — | 2,665.5 | — | 2,665.5 | 2,570.2 | — | 2,595.4 | — | 2,595.4 | 2,476.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt - SB/RH | — | 2,665.5 | — | 2,665.5 | 2,570.2 | — | 2,595.4 | — | 2,595.4 | 2,476.3 |
Three Month Periods Ended | Six Month Periods Ended | |||||||||||||||||||||||||
(in millions) | April 4, 2021 | March 29, 2020 | April 4, 2021 | March 29, 2020 | ||||||||||||||||||||||
Unrealized loss on equity investments held | $ | — | $ | (84.5) | $ | — | $ | (53.3) | ||||||||||||||||||
Realized gain (loss) on equity investments sold | 0.9 | (22.3) | 6.9 | (15.0) | ||||||||||||||||||||||
Gain (loss) on equity investments | 0.9 | (106.8) | 6.9 | (68.3) | ||||||||||||||||||||||
Dividend income from equity investments | — | 1.6 | 0.2 | 3.2 | ||||||||||||||||||||||
Gain (loss) from equity investments | $ | 0.9 | $ | (105.2) | $ | 7.1 | $ | (65.1) |
U.S. Plans | Non U.S. Plans | |||||||||||||||||||||||||
(in millions) | April 4, 2021 | March 29, 2020 | April 4, 2021 | March 29, 2020 | ||||||||||||||||||||||
Three Month Periods Ended | ||||||||||||||||||||||||||
Service cost | $ | 0.1 | $ | 0.2 | $ | 0.5 | $ | 0.6 | ||||||||||||||||||
Interest cost | 0.5 | 0.5 | 0.6 | 0.6 | ||||||||||||||||||||||
Expected return on assets | (0.9) | (1.0) | (1.0) | (0.9) | ||||||||||||||||||||||
Recognized net actuarial loss | 0.3 | 0.2 | 0.8 | 0.8 | ||||||||||||||||||||||
Net periodic benefit cost | $ | — | $ | (0.1) | $ | 0.9 | $ | 1.1 | ||||||||||||||||||
Six Month Periods Ended | ||||||||||||||||||||||||||
Service cost | $ | 0.2 | $ | 0.3 | $ | 1.1 | $ | 1.1 | ||||||||||||||||||
Interest cost | 0.9 | 1.1 | 1.2 | 1.2 | ||||||||||||||||||||||
Expected return on assets | (1.8) | (2.1) | (2.0) | (1.8) | ||||||||||||||||||||||
Settlement and curtailment | — | 0.9 | — | — | ||||||||||||||||||||||
Recognized net actuarial loss | 0.7 | 0.5 | 1.5 | 1.6 | ||||||||||||||||||||||
Net periodic benefit cost | $ | — | $ | 0.7 | $ | 1.8 | $ | 2.1 | ||||||||||||||||||
Weighted average assumptions | ||||||||||||||||||||||||||
Discount rate | 2.46% | 3.07% |
0.50 - 6.90%
|
0.75 - 7.70%
|
||||||||||||||||||||||
Expected return on plan assets | 6.00% | 6.50% |
0.50 - 3.40%
|
0.75 - 3.40%
|
||||||||||||||||||||||
Rate of compensation increase | N/A | N/A |
2.25 - 6.00%
|
2.25 - 6.00%
|
April 4, 2021 | March 29, 2020 | |||||||||||||||||||||||||||||||||||||
Three Month Periods Ended
(in millions except per share data)
|
Number of
Shares
Repurchased
|
Average
Price
Per Share
|
Amount
|
Number of
Shares
Repurchased
|
Average
Price
Per Share
|
Amount
|
||||||||||||||||||||||||||||||||
Open Market Purchases | — | $ | — | $ | — | 2.7 | $ | 54.54 | $ | 149.2 | ||||||||||||||||||||||||||||
Private Purchases | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
ASR | — | — | — | 0.3 | 59.69 | 18.5 | ||||||||||||||||||||||||||||||||
Total Purchases | — | $ | — | $ | — | 3.0 | $ | 55.06 | $ | 167.7 |
April 4, 2021 | March 29, 2020 | |||||||||||||||||||||||||||||||||||||
Six Month Periods Ended
(in millions except per share data)
|
Number of
Shares Repurchased |
Average
Price Per Share |
Amount |
Number of
Shares Repurchased |
Average
Price Per Share |
Amount | ||||||||||||||||||||||||||||||||
Open Market Purchases | — | $ | — | $ | — | 4.0 | $ | 56.97 | $ | 230.6 | ||||||||||||||||||||||||||||
Private Purchases | 0.6 | 65.27 | 42.3 | 0.2 | 62.30 | 9.2 | ||||||||||||||||||||||||||||||||
ASR | — | — | — | 2.0 | 61.47 | 124.8 | ||||||||||||||||||||||||||||||||
Total Purchases | 0.6 | $ | 65.27 | $ | 42.3 | 6.2 | $ | 58.57 | $ | 364.6 |
Three Month Periods Ended | Six Month Periods Ended | |||||||||||||||||||||||||
(in millions) | April 4, 2021 | March 29, 2020 | April 4, 2021 | March 29, 2020 | ||||||||||||||||||||||
SBH | $ | 8.5 | $ | 13.1 | $ | 16.0 | $ | 26.0 | ||||||||||||||||||
SB/RH | $ | 8.0 | $ | 12.6 | $ | 15.5 | $ | 25.4 |
SBH | SB/RH | |||||||||||||||||||||||||||||||||||||
(in millions, except per share data) | Units |
Weighted
Average Grant Date Fair Value |
Fair
Value at Grant Date |
Units |
Weighted
Average Grant Date Fair Value |
Fair
Value at Grant Date |
||||||||||||||||||||||||||||||||
Time-based grants | ||||||||||||||||||||||||||||||||||||||
Vesting in less than 24 months | 0.1 | $ | 74.43 | $ | 7.7 | 0.1 | $ | 74.45 | $ | 6.3 | ||||||||||||||||||||||||||||
Vesting in more than 24 months | 0.1 | 74.37 | 7.7 | 0.1 | 74.37 | 7.6 | ||||||||||||||||||||||||||||||||
Total time-based grants | 0.2 | $ | 74.40 | $ | 15.4 | 0.2 | $ | 74.41 | $ | 13.9 | ||||||||||||||||||||||||||||
Performance-based grants | ||||||||||||||||||||||||||||||||||||||
Vesting in more than 24 months | 0.3 | $ | 74.36 | $ | 22.3 | 0.3 | $ | 74.36 | $ | 22.3 | ||||||||||||||||||||||||||||
Total performance-based grants | 0.3 | $ | 74.36 | $ | 22.3 | 0.3 | $ | 74.36 | $ | 22.3 | ||||||||||||||||||||||||||||
Total grants | 0.5 | $ | 74.38 | $ | 37.7 | 0.5 | $ | 74.38 | $ | 36.2 |
SBH | SB/RH | |||||||||||||||||||||||||||||||||||||
(in millions, except per share data) | Shares |
Weighted
Average Grant Date Fair Value |
Fair
Value at Grant Date |
Shares |
Weighted
Average Grant Date Fair Value |
Fair
Value at Grant Date |
||||||||||||||||||||||||||||||||
At September 30, 2020 | 1.4 | $ | 56.41 | $ | 79.3 | 1.4 | $ | 56.33 | $ | 77.7 | ||||||||||||||||||||||||||||
Granted | 0.5 | 74.38 | 37.7 | 0.5 | 74.38 | 36.2 | ||||||||||||||||||||||||||||||||
Forfeited | (0.1) | 61.24 | (1.0) | (0.1) | 61.24 | (1.0) | ||||||||||||||||||||||||||||||||
Vested | (0.3) | 53.06 | (17.1) | (0.3) | 52.35 | (15.8) | ||||||||||||||||||||||||||||||||
At April 4, 2021 | 1.5 | $ | 62.83 | $ | 98.9 | 1.5 | $ | 62.73 | $ | 97.1 |
Three Month Periods Ended | Six Month Periods Ended | |||||||||||||||||||||||||
Effective tax rate | April 4, 2021 | March 29, 2020 | April 4, 2021 | March 29, 2020 | ||||||||||||||||||||||
SBH | 29.9 | % | 24.3 | % | 24.4 | % | 15.9 | % | ||||||||||||||||||
SB/RH | 29.9 | % | 23.5 | % | 24.4 | % | 15.0 | % |
Three Month Periods Ended | Six Month Periods Ended | |||||||||||||||||||||||||
(in millions) | April 4, 2021 | March 29, 2020 | April 4, 2021 | March 29, 2020 | ||||||||||||||||||||||
HHI | $ | 389.5 | $ | 329.1 | $ | 798.2 | $ | 626.8 | ||||||||||||||||||
HPC | 297.9 | 232.7 | 676.4 | 554.8 | ||||||||||||||||||||||
GPC | 293.6 | 236.9 | 569.1 | 442.7 | ||||||||||||||||||||||
H&G | 168.8 | 139.1 | 251.0 | 185.0 | ||||||||||||||||||||||
Net sales | $ | 1,149.8 | $ | 937.8 | $ | 2,294.7 | $ | 1,809.3 |
Three Month Periods Ended | Six Month Periods Ended | |||||||||||||||||||||||||
SBH (in millions) | April 4, 2021 | March 29, 2020 | April 4, 2021 | March 29, 2020 | ||||||||||||||||||||||
HHI | $ | 73.4 | $ | 69.5 | $ | 171.6 | $ | 112.3 | ||||||||||||||||||
HPC | 25.4 | 8.0 | 76.3 | 44.4 | ||||||||||||||||||||||
GPC | 55.6 | 40.0 | 109.2 | 71.5 | ||||||||||||||||||||||
H&G | 34.8 | 28.4 | 45.3 | 25.1 | ||||||||||||||||||||||
Total Segment Adjusted EBITDA | 189.2 | 145.9 | 402.4 | 253.3 | ||||||||||||||||||||||
Corporate | 8.3 | 5.5 | 17.5 | 10.8 | ||||||||||||||||||||||
Interest expense | 65.5 | 35.5 | 102.2 | 70.4 | ||||||||||||||||||||||
Depreciation and amortization | 38.7 | 36.4 | 74.4 | 78.0 | ||||||||||||||||||||||
Share and incentive based compensation | 8.5 | 14.6 | 16.7 | 29.1 | ||||||||||||||||||||||
Restructuring and related charges | 4.1 | 21.9 | 13.3 | 49.4 | ||||||||||||||||||||||
Transaction related charges | 9.7 | 7.2 | 30.3 | 11.3 | ||||||||||||||||||||||
(Gain) loss on Energizer investment | (0.9) | 106.8 | (6.9) | 68.3 | ||||||||||||||||||||||
(Gain) loss on assets held for sale | — | (7.0) | — | 25.7 | ||||||||||||||||||||||
Write-off from impairment of intangible assets | — | — | — | 24.2 | ||||||||||||||||||||||
Inventory acquisition step-up | 2.6 | — | 3.4 | — | ||||||||||||||||||||||
Other | 0.2 | 3.2 | 6.0 | 1.3 | ||||||||||||||||||||||
Income (loss) from operations before income taxes | $ | 52.5 | $ | (78.2) | $ | 145.5 | $ | (115.2) |
Three Month Periods Ended | Six Month Periods Ended | |||||||||||||||||||||||||
SB/RH (in millions)
|
April 4, 2021 | March 29, 2020 | April 4, 2021 | March 29, 2020 | ||||||||||||||||||||||
HHI | $ | 73.4 | $ | 69.5 | $ | 171.6 | $ | 112.3 | ||||||||||||||||||
HPC | 25.4 | 8.0 | 76.3 | 44.4 | ||||||||||||||||||||||
GPC | 55.6 | 40.0 | 109.2 | 71.5 | ||||||||||||||||||||||
H&G | 34.8 | 28.4 | 45.3 | 25.1 | ||||||||||||||||||||||
Total Segment Adjusted EBITDA | 189.2 | 145.9 | 402.4 | 253.3 | ||||||||||||||||||||||
Corporate | 8.1 | 2.3 | 16.7 | 7.2 | ||||||||||||||||||||||
Interest expense | 65.6 | 35.3 | 102.4 | 70.0 | ||||||||||||||||||||||
Depreciation and amortization | 38.7 | 36.4 | 74.4 | 78.0 | ||||||||||||||||||||||
Share and incentive based compensation | 8.0 | 14.1 | 16.1 | 28.5 | ||||||||||||||||||||||
Restructuring and related charges | 4.1 | 21.9 | 13.3 | 49.4 | ||||||||||||||||||||||
Transaction related charges | 9.7 | 7.2 | 30.3 | 11.3 | ||||||||||||||||||||||
(Gain) loss on Energizer investment | (0.9) | 106.8 | (6.9) | 68.3 | ||||||||||||||||||||||
(Gain) loss on assets held for sale | — | (7.0) | — | 25.7 | ||||||||||||||||||||||
Write-off from impairment of intangible assets | — | — | — | 24.2 | ||||||||||||||||||||||
Inventory acquisition step-up | 2.6 | — | 3.4 | — | ||||||||||||||||||||||
Other | 0.1 | 3.0 | 5.9 | 0.8 | ||||||||||||||||||||||
Income (loss) from operations before income taxes | $ | 53.2 | $ | (74.1) | $ | 146.8 | $ | (110.1) |
Three Month Periods Ended | Six Month Periods Ended | |||||||||||||||||||||||||
(in millions, except per share amounts)
|
April 4, 2021 | March 29, 2020 | April 4, 2021 | March 29, 2020 | ||||||||||||||||||||||
Numerator | ||||||||||||||||||||||||||
Net income (loss) from continuing operations attributable to controlling interest | $ | 37.7 | $ | (58.4) | $ | 110.1 | $ | (97.0) | ||||||||||||||||||
(Loss) income from discontinued operations attributable to controlling interest | (1.1) | 1.4 | (1.4) | 4.3 | ||||||||||||||||||||||
Net income (loss) attributable to controlling interest | $ | 36.6 | $ | (57.0) | $ | 108.7 | $ | (92.7) | ||||||||||||||||||
Denominator | ||||||||||||||||||||||||||
Weighted average shares outstanding - basic | 42.6 | 45.1 | 42.8 | 46.4 | ||||||||||||||||||||||
Dilutive shares | 0.3 | — | 0.2 | — | ||||||||||||||||||||||
Weighted average shares outstanding - diluted | 42.9 | 45.1 | 43.0 | 46.4 | ||||||||||||||||||||||
Earnings per share | ||||||||||||||||||||||||||
Basic earnings per share from continuing operations | $ | 0.88 | $ | (1.29) | $ | 2.57 | $ | (2.09) | ||||||||||||||||||
Basic earnings per share from discontinued operations | (0.02) | 0.03 | (0.03) | 0.09 | ||||||||||||||||||||||
Basic earnings per share | $ | 0.86 | $ | (1.26) | $ | 2.54 | $ | (2.00) | ||||||||||||||||||
Diluted earnings per share from continuing operations | $ | 0.88 | $ | (1.29) | $ | 2.56 | $ | (2.09) | ||||||||||||||||||
Diluted earnings per share from discontinued operations | (0.03) | 0.03 | (0.03) | 0.09 | ||||||||||||||||||||||
Diluted earnings per share | $ | 0.85 | $ | (1.26) | $ | 2.53 | $ | (2.00) | ||||||||||||||||||
Weighted average number of anti-dilutive shares excluded from denominator | — | 0.1 | — | 0.1 |
Segment
|
Products
|
Brands
|
||||||||||||
HHI
|
Security: Residential locksets and door hardware including knobs, levers, deadbolts, handle sets, including electronic and connected locks.
Plumbing & Accessories: Kitchen and bath faucets and accessories.
Builders' Hardware: Hinges, metal shapes, security hardware, track and sliding door hardware, gate hardware.
|
Security: Kwikset®, Weiser®, Baldwin®, Tell Manufacturing®, and EZSET®
Plumbing & Accessories: Pfister®
Builders' Hardware: National Hardware®, FANAL®
|
||||||||||||
HPC
|
Home Appliances: Small kitchen appliances including toaster ovens, coffeemakers, slow cookers, blenders, hand mixers, grills, food processors, juicers, toasters, bread makers, and irons.
Personal Care: Hair dryers, flat irons and straighteners, rotary and foil electric shavers, personal groomers, mustache and beard trimmers, body groomers, nose and ear trimmers, women's shavers, haircut kits and intense pulsed light hair removal systems.
|
Home Appliances: Black & Decker®, Russell Hobbs®, George Foreman®, Toastmaster®, Juiceman®, Farberware®, and Breadman®
Personal Care: Remington®, and LumaBella®
|
||||||||||||
GPC
|
Companion Animal: Rawhide chews, dog and cat clean-up, training, health and grooming products, small animal food and care products, rawhide-free dog treats, and wet and dry pet food for dogs and cats.
Aquatics: Consumer and commercial aquarium kits, stand-alone tanks; aquatics equipment such as filtration systems, heaters and pumps; and aquatics consumables such as fish food, water management and care
|
Companion Animal: 8IN1® (8-in-1), Dingo®, Nature's Miracle®, Wild Harvest™, Littermaid®, Jungle®, Excel®, FURminator®, IAMS® (Europe only), Eukanuba® (Europe only), Healthy-Hide®, DreamBone®, SmartBones®, ProSense®, Perfect Coat®, eCOTRITION®, Birdola®, Digest-eeze®, Good Boy®, Meowee!®, Wildbird®, and Wafcol®
Aquatics: Tetra®, Marineland®, Whisper®, Instant Ocean®, GloFish®, OmegaOne® and OmegaSea®
|
||||||||||||
H&G
|
Household: Household pest control solutions such as spider and scorpion killers; ant and roach killers; flying insect killers; insect foggers; wasp and hornet killers; and bedbug, flea and tick control products.
Controls: Outdoor insect and weed control solutions, and animal repellents such as aerosols, granules, and ready-to-use sprays or hose-end ready-to-sprays.
Repellents: Personal use pesticides and insect repellent products, including aerosols, lotions, pump sprays and wipes, yard sprays and citronella candles.
|
Household: Hot Shot®, Black Flag®, Real-Kill®, Ultra Kill®, The Ant Trap® (TAT), and Rid-A-Bug®.
Controls: Spectracide®, Garden Safe®, Liquid Fence®, and EcoLogic®.
Repellents: Cutter® and Repel®.
|
Three Month Periods Ended
(in millions, except %) |
April 4, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||
Net Sales
|
Effect of Changes in Currency
|
Net Sales Excluding Effect of Changes in Currency
|
Effect of Acquisitions
|
Organic
Net Sales
|
Net Sales
March 29, 2020
|
Variance
|
||||||||||||||||||||||||||||||||||||||||||||
HHI
|
$ | 389.5 | $ | (3.2) | $ | 386.3 | $ | — | $ | 386.3 | $ | 329.1 | $ | 57.2 | 17.4 | % | ||||||||||||||||||||||||||||||||||
HPC
|
297.9 | (8.7) | 289.2 | — | 289.2 | 232.7 | 56.5 | 24.3 | % | |||||||||||||||||||||||||||||||||||||||||
GPC
|
293.6 | (6.1) | 287.5 | (26.8) | 260.7 | 236.9 | 23.8 | 10.0 | % | |||||||||||||||||||||||||||||||||||||||||
H&G
|
168.8 | — | 168.8 | — | 168.8 | 139.1 | 29.7 | 21.4 | % | |||||||||||||||||||||||||||||||||||||||||
Total
|
$ | 1,149.8 | $ | (18.0) | $ | 1,131.8 | $ | (26.8) | $ | 1,105.0 | $ | 937.8 | 167.2 | 17.8 | % |
Six Month Periods Ended
(in millions, except %)
|
April 4, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||
Net Sales
|
Effect of Changes in Currency
|
Net Sales Excluding Effect of Changes in Currency
|
Effect of Acquisitions
|
Organic
Net Sales
|
Net Sales
March 29, 2020
|
Variance
|
||||||||||||||||||||||||||||||||||||||||||||
HHI
|
$ | 798.2 | $ | (4.7) | $ | 793.5 | $ | — | $ | 793.5 | $ | 626.8 | $ | 166.7 | 26.6 | % | ||||||||||||||||||||||||||||||||||
HPC
|
676.4 | (14.2) | 662.2 | — | 662.2 | 554.8 | 107.4 | 19.4 | % | |||||||||||||||||||||||||||||||||||||||||
GPC
|
569.1 | (10.3) | 558.8 | (47.1) | 511.7 | 442.7 | 69.0 | 15.6 | % | |||||||||||||||||||||||||||||||||||||||||
H&G
|
251.0 | — | 251.0 | — | 251.0 | 185.0 | 66.0 | 35.7 | % | |||||||||||||||||||||||||||||||||||||||||
Total
|
$ | 2,294.7 | $ | (29.2) | $ | 2,265.5 | $ | (47.1) | $ | 2,218.4 | $ | 1,809.3 | 409.1 | 22.6 | % |
SPECTRUM BRANDS HOLDINGS, INC.
(in millions) |
HHI | HPC | GPC | H&G | Corporate | Consolidated | ||||||||||||||||||||||||||||||||
Three Month Period Ended April 4, 2021 | ||||||||||||||||||||||||||||||||||||||
Net income from continuing operations | $ | 65.0 | $ | 11.0 | $ | 38.7 | $ | 29.9 | $ | (107.8) | $ | 36.8 | ||||||||||||||||||||||||||
Income tax expense | — | — | — | — | 15.7 | 15.7 | ||||||||||||||||||||||||||||||||
Interest expense | — | — | — | — | 65.5 | 65.5 | ||||||||||||||||||||||||||||||||
Depreciation and amortization | 8.6 | 11.8 | 9.6 | 4.9 | 3.8 | 38.7 | ||||||||||||||||||||||||||||||||
EBITDA | 73.6 | 22.8 | 48.3 | 34.8 | (22.8) | 156.7 | ||||||||||||||||||||||||||||||||
Share and incentive based compensation | — | — | — | — | 8.5 | 8.5 | ||||||||||||||||||||||||||||||||
Restructuring and related charges | (0.2) | 1.5 | 0.6 | — | 2.2 | 4.1 | ||||||||||||||||||||||||||||||||
Transaction related charges | — | 1.1 | 4.1 | — | 4.5 | 9.7 | ||||||||||||||||||||||||||||||||
Gain on Energizer investment | — | — | — | — | (0.9) | (0.9) | ||||||||||||||||||||||||||||||||
Inventory acquisition step-up | — | — | 2.6 | — | — | 2.6 | ||||||||||||||||||||||||||||||||
Other | — | — | — | — | 0.2 | 0.2 | ||||||||||||||||||||||||||||||||
Adjusted EBITDA | $ | 73.4 | $ | 25.4 | $ | 55.6 | $ | 34.8 | $ | (8.3) | $ | 180.9 | ||||||||||||||||||||||||||
Net Sales | $ | 389.5 | $ | 297.9 | $ | 293.6 | $ | 168.8 | $ | — | $ | 1,149.8 | ||||||||||||||||||||||||||
Adjusted EBITDA Margin | 18.8 | % | 8.5 | % | 18.9 | % | 20.6 | % | — | 15.7 | % | |||||||||||||||||||||||||||
Three Month Period Ended March 29, 2020 | ||||||||||||||||||||||||||||||||||||||
Net income (loss) from continuing operations | $ | 60.8 | $ | (6.2) | $ | 27.2 | $ | 23.0 | $ | (164.0) | $ | (59.2) | ||||||||||||||||||||||||||
Income tax benefit | — | — | — | — | (19.0) | (19.0) | ||||||||||||||||||||||||||||||||
Interest expense | — | — | — | — | 35.5 | 35.5 | ||||||||||||||||||||||||||||||||
Depreciation and amortization | 8.5 | 9.0 | 9.8 | 5.2 | 3.9 | 36.4 | ||||||||||||||||||||||||||||||||
EBITDA | 69.3 | 2.8 | 37.0 | 28.2 | (143.6) | (6.3) | ||||||||||||||||||||||||||||||||
Share and incentive based compensation | — | — | — | — | 14.6 | 14.6 | ||||||||||||||||||||||||||||||||
Restructuring and related charges | 0.2 | 1.7 | 6.4 | 0.2 | 13.4 | 21.9 | ||||||||||||||||||||||||||||||||
Transaction related charges | — | 2.7 | 3.6 | — | 0.9 | 7.2 | ||||||||||||||||||||||||||||||||
Loss on Energizer investment | — | — | — | — | 106.8 | 106.8 | ||||||||||||||||||||||||||||||||
Gain on assets held for sale | — | — | (7.0) | — | — | (7.0) | ||||||||||||||||||||||||||||||||
Other | — | 0.8 | — | — | 2.4 | 3.2 | ||||||||||||||||||||||||||||||||
Adjusted EBITDA | $ | 69.5 | $ | 8.0 | $ | 40.0 | $ | 28.4 | $ | (5.5) | $ | 140.4 | ||||||||||||||||||||||||||
Net Sales | $ | 329.1 | $ | 232.7 | $ | 236.9 | $ | 139.1 | $ | — | $ | 937.8 | ||||||||||||||||||||||||||
Adjusted EBITDA Margin | 21.1 | % | 3.4 | % | 16.9 | % | 20.4 | % | — | 15.0 | % |
SPECTRUM BRANDS HOLDINGS, INC.
(in millions) |
HHI | HPC | GPC | H&G | Corporate | Consolidated | ||||||||||||||||||||||||||||||||
Six Month Period Ended April 4, 2021 | ||||||||||||||||||||||||||||||||||||||
Net income from continuing operations | $ | 154.5 | $ | 49.2 | $ | 72.7 | $ | 29.4 | $ | (195.8) | $ | 110.0 | ||||||||||||||||||||||||||
Income tax expense | — | — | — | — | 35.5 | 35.5 | ||||||||||||||||||||||||||||||||
Interest expense | — | — | — | — | 102.2 | 102.2 | ||||||||||||||||||||||||||||||||
Depreciation and amortization | 17.1 | 20.6 | 19.3 | 9.9 | 7.5 | 74.4 | ||||||||||||||||||||||||||||||||
EBITDA | 171.6 | 69.8 | 92.0 | 39.3 | (50.6) | 322.1 | ||||||||||||||||||||||||||||||||
Share and incentive based compensation | — | — | — | — | 16.7 | 16.7 | ||||||||||||||||||||||||||||||||
Restructuring and related charges | — | 4.1 | 2.1 | — | 7.1 | 13.3 | ||||||||||||||||||||||||||||||||
Transaction related charges | — | 2.4 | 11.7 | — | 16.2 | 30.3 | ||||||||||||||||||||||||||||||||
Gain on Energizer investment | — | — | — | — | (6.9) | (6.9) | ||||||||||||||||||||||||||||||||
Inventory acquisition step-up | — | — | 3.4 | — | — | 3.4 | ||||||||||||||||||||||||||||||||
Other | — | — | — | 6.0 | — | 6.0 | ||||||||||||||||||||||||||||||||
Adjusted EBITDA | $ | 171.6 | $ | 76.3 | $ | 109.2 | $ | 45.3 | $ | (17.5) | $ | 384.9 | ||||||||||||||||||||||||||
Net Sales | $ | 798.2 | $ | 676.4 | $ | 569.1 | $ | 251.0 | $ | — | $ | 2,294.7 | ||||||||||||||||||||||||||
Adjusted EBITDA Margin | 21.5 | % | 11.3 | % | 19.2 | % | 18.0 | % | — | 16.8 | % | |||||||||||||||||||||||||||
Six Month Period Ended March 29, 2020 | ||||||||||||||||||||||||||||||||||||||
Net income (loss) from continuing operations | $ | 95.0 | $ | 18.8 | $ | (26.0) | $ | 14.4 | $ | (199.1) | $ | (96.9) | ||||||||||||||||||||||||||
Income tax benefit | — | — | — | — | (18.3) | (18.3) | ||||||||||||||||||||||||||||||||
Interest expense | — | — | — | — | 70.4 | 70.4 | ||||||||||||||||||||||||||||||||
Depreciation and amortization | 16.6 | 17.8 | 25.9 | 10.3 | 7.4 | 78.0 | ||||||||||||||||||||||||||||||||
EBITDA | 111.6 | 36.6 | (0.1) | 24.7 | (139.6) | 33.2 | ||||||||||||||||||||||||||||||||
Share and incentive based compensation | — | — | — | — | 29.1 | 29.1 | ||||||||||||||||||||||||||||||||
Restructuring and related charges | 0.7 | 2.8 | 16.7 | 0.4 | 28.8 | 49.4 | ||||||||||||||||||||||||||||||||
Transaction related charges | — | 4.3 | 5.0 | — | 2.0 | 11.3 | ||||||||||||||||||||||||||||||||
Loss on Energizer investment | — | — | — | — | 68.3 | 68.3 | ||||||||||||||||||||||||||||||||
Loss on assets held for sale | — | — | 25.7 | — | — | 25.7 | ||||||||||||||||||||||||||||||||
Write-off from impairment of intangible assets | — | — | 24.2 | — | — | 24.2 | ||||||||||||||||||||||||||||||||
Other | — | 0.7 | — | — | 0.6 | 1.3 | ||||||||||||||||||||||||||||||||
Adjusted EBITDA | $ | 112.3 | $ | 44.4 | $ | 71.5 | $ | 25.1 | $ | (10.8) | $ | 242.5 | ||||||||||||||||||||||||||
Net Sales | $ | 626.8 | $ | 554.8 | $ | 442.7 | $ | 185.0 | $ | — | $ | 1,809.3 | ||||||||||||||||||||||||||
Adjusted EBITDA Margin | 17.9 | % | 8.0 | % | 16.2 | % | 13.6 | % | — | 13.4 | % |
SB/RH HOLDINGS, LLC
(in millions) |
HHI | HPC | GPC | H&G | Corporate | Consolidated | ||||||||||||||||||||||||||||||||
Three Month Period Ended April 4, 2021 | ||||||||||||||||||||||||||||||||||||||
Net income from continuing operations | $ | 65.0 | $ | 11.0 | $ | 38.7 | $ | 29.9 | $ | (107.3) | $ | 37.3 | ||||||||||||||||||||||||||
Income tax expense | — | — | — | — | 15.9 | 15.9 | ||||||||||||||||||||||||||||||||
Interest expense | — | — | — | — | 65.6 | 65.6 | ||||||||||||||||||||||||||||||||
Depreciation and amortization | 8.6 | 11.8 | 9.6 | 4.9 | 3.8 | 38.7 | ||||||||||||||||||||||||||||||||
EBITDA | 73.6 | 22.8 | 48.3 | 34.8 | (22.0) | 157.5 | ||||||||||||||||||||||||||||||||
Share and incentive based compensation | — | — | — | — | 8.0 | 8.0 | ||||||||||||||||||||||||||||||||
Restructuring and related charges | (0.2) | 1.5 | 0.6 | — | 2.2 | 4.1 | ||||||||||||||||||||||||||||||||
Transaction related charges | — | 1.1 | 4.1 | — | 4.5 | 9.7 | ||||||||||||||||||||||||||||||||
Gain on Energizer investment | — | — | — | — | (0.9) | (0.9) | ||||||||||||||||||||||||||||||||
Inventory acquisition step-up | — | — | 2.6 | — | — | 2.6 | ||||||||||||||||||||||||||||||||
Other | — | — | — | — | 0.1 | 0.1 | ||||||||||||||||||||||||||||||||
Adjusted EBITDA | $ | 73.4 | $ | 25.4 | $ | 55.6 | $ | 34.8 | $ | (8.1) | $ | 181.1 | ||||||||||||||||||||||||||
Net Sales | $ | 389.5 | $ | 297.9 | $ | 293.6 | $ | 168.8 | $ | — | $ | 1,149.8 | ||||||||||||||||||||||||||
Adjusted EBITDA Margin | 18.8 | % | 8.5 | % | 18.9 | % | 20.6 | % | — | 15.8 | % | |||||||||||||||||||||||||||
Three Month Period Ended March 29, 2020 | ||||||||||||||||||||||||||||||||||||||
Net income (loss) from continuing operations | $ | 60.8 | $ | (6.2) | $ | 27.2 | $ | 23.0 | $ | (161.4) | $ | (56.6) | ||||||||||||||||||||||||||
Income tax benefit | — | — | — | — | (17.5) | (17.5) | ||||||||||||||||||||||||||||||||
Interest expense | — | — | — | — | 35.3 | 35.3 | ||||||||||||||||||||||||||||||||
Depreciation and amortization | 8.5 | 9.0 | 9.8 | 5.2 | 3.9 | 36.4 | ||||||||||||||||||||||||||||||||
EBITDA | 69.3 | 2.8 | 37.0 | 28.2 | (139.7) | (2.4) | ||||||||||||||||||||||||||||||||
Share and incentive based compensation | — | — | — | — | 14.1 | 14.1 | ||||||||||||||||||||||||||||||||
Restructuring and related charges | 0.2 | 1.7 | 6.4 | 0.2 | 13.4 | 21.9 | ||||||||||||||||||||||||||||||||
Transaction related charges | — | 2.7 | 3.6 | — | 0.9 | 7.2 | ||||||||||||||||||||||||||||||||
Loss on Energizer investment | — | — | — | — | 106.8 | 106.8 | ||||||||||||||||||||||||||||||||
Gain on assets held for sale | — | — | (7.0) | — | — | (7.0) | ||||||||||||||||||||||||||||||||
Other | — | 0.8 | — | — | 2.2 | 3.0 | ||||||||||||||||||||||||||||||||
Adjusted EBITDA | $ | 69.5 | $ | 8.0 | $ | 40.0 | $ | 28.4 | $ | (2.3) | $ | 143.6 | ||||||||||||||||||||||||||
Net Sales | $ | 329.1 | $ | 232.7 | $ | 236.9 | $ | 139.1 | $ | — | $ | 937.8 | ||||||||||||||||||||||||||
Adjusted EBITDA Margin | 21.1 | % | 3.4 | % | 16.9 | % | 20.4 | % | — | 15.3 | % |
SB/RH HOLDINGS, LLC
(in millions) |
HHI | HPC | GPC | H&G | Corporate | Consolidated | ||||||||||||||||||||||||||||||||
Six Month Period Ended April 4, 2021 | ||||||||||||||||||||||||||||||||||||||
Net income from continuing operations | $ | 154.5 | $ | 49.2 | $ | 72.7 | $ | 29.4 | $ | (194.8) | $ | 111.0 | ||||||||||||||||||||||||||
Income tax expense | — | — | — | — | 35.8 | 35.8 | ||||||||||||||||||||||||||||||||
Interest expense | — | — | — | — | 102.4 | 102.4 | ||||||||||||||||||||||||||||||||
Depreciation and amortization | 17.1 | 20.6 | 19.3 | 9.9 | 7.5 | 74.4 | ||||||||||||||||||||||||||||||||
EBITDA | 171.6 | 69.8 | 92.0 | 39.3 | (49.1) | 323.6 | ||||||||||||||||||||||||||||||||
Share based compensation | — | — | — | — | 16.1 | 16.1 | ||||||||||||||||||||||||||||||||
Restructuring and related charges | — | 4.1 | 2.1 | — | 7.1 | 13.3 | ||||||||||||||||||||||||||||||||
Transaction related charges | — | 2.4 | 11.7 | — | 16.2 | 30.3 | ||||||||||||||||||||||||||||||||
Gain on Energizer investment | — | — | — | — | (6.9) | (6.9) | ||||||||||||||||||||||||||||||||
Inventory acquisition step-up | — | — | 3.4 | — | — | 3.4 | ||||||||||||||||||||||||||||||||
Other | — | — | — | 6.0 | (0.1) | 5.9 | ||||||||||||||||||||||||||||||||
Adjusted EBITDA | $ | 171.6 | $ | 76.3 | $ | 109.2 | $ | 45.3 | $ | (16.7) | $ | 385.7 | ||||||||||||||||||||||||||
Net Sales | $ | 798.2 | $ | 676.4 | $ | 569.1 | $ | 251.0 | $ | — | $ | 2,294.7 | ||||||||||||||||||||||||||
Adjusted EBITDA Margin | 21.5 | % | 11.3 | % | 19.2 | % | 18.0 | % | — | 16.8 | % | |||||||||||||||||||||||||||
Six Month Period Ended March 29, 2020 | ||||||||||||||||||||||||||||||||||||||
Net income (loss) from continuing operations | $ | 95.0 | $ | 18.8 | $ | (26.0) | $ | 14.4 | $ | (195.7) | $ | (93.5) | ||||||||||||||||||||||||||
Income tax benefit | — | — | — | — | (16.6) | (16.6) | ||||||||||||||||||||||||||||||||
Interest expense | — | — | — | — | 70.0 | 70.0 | ||||||||||||||||||||||||||||||||
Depreciation and amortization | 16.6 | 17.8 | 25.9 | 10.3 | 7.4 | 78.0 | ||||||||||||||||||||||||||||||||
EBITDA | 111.6 | 36.6 | (0.1) | 24.7 | (134.9) | 37.9 | ||||||||||||||||||||||||||||||||
Share and incentive based compensation | — | — | — | — | 28.5 | 28.5 | ||||||||||||||||||||||||||||||||
Restructuring and related charges | 0.7 | 2.8 | 16.7 | 0.4 | 28.8 | 49.4 | ||||||||||||||||||||||||||||||||
Transaction related charges | — | 4.3 | 5.0 | — | 2.0 | 11.3 | ||||||||||||||||||||||||||||||||
Loss on Energizer investment | — | — | — | — | 68.3 | 68.3 | ||||||||||||||||||||||||||||||||
Loss on assets held for sale | — | — | 25.7 | — | — | 25.7 | ||||||||||||||||||||||||||||||||
Write-off from impairment of intangible assets | — | — | 24.2 | — | — | 24.2 | ||||||||||||||||||||||||||||||||
Other | — | 0.7 | — | — | 0.1 | 0.8 | ||||||||||||||||||||||||||||||||
Adjusted EBITDA | $ | 112.3 | $ | 44.4 | $ | 71.5 | $ | 25.1 | $ | (7.2) | $ | 246.1 | ||||||||||||||||||||||||||
Net Sales | $ | 626.8 | $ | 554.8 | $ | 442.7 | $ | 185.0 | $ | — | $ | 1,809.3 | ||||||||||||||||||||||||||
Adjusted EBITDA Margin | 17.9 | % | 8.0 | % | 16.2 | % | 13.6 | % | — | 13.6 | % |
(in millions, except %)
|
Three Month Periods Ended |
Variance
|
Six Month Periods Ended |
Variance
|
||||||||||||||||||||||||||||||||||||||||||||||
April 4, 2021 | March 29, 2020 | April 4, 2021 | March 29, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
Net sales | $ | 1,149.8 | $ | 937.8 | $ | 212.0 | 22.6 | % | $ | 2,294.7 | $ | 1,809.3 | $ | 485.4 | 26.8 | % | ||||||||||||||||||||||||||||||||||
Gross profit | 404.0 | 328.9 | 75.1 | 22.8 | % | 826.3 | 598.0 | 228.3 | 38.2 | % | ||||||||||||||||||||||||||||||||||||||||
Gross profit margin | 35.1 | % | 35.1 | % | — | bps | 36.0 | % | 33.1 | % | 290 | bps | ||||||||||||||||||||||||||||||||||||||
Operating expenses | 287.2 | 261.2 | 26.0 | 10.0 | % | 586.0 | 576.0 | 10.0 | 1.7 | % | ||||||||||||||||||||||||||||||||||||||||
Interest expense | 65.5 | 35.5 | 30.0 | 84.5 | % | 102.2 | 70.4 | 31.8 | 45.2 | % | ||||||||||||||||||||||||||||||||||||||||
Other non-operating (income) expense, net | (1.2) | 110.4 | (111.6) | n/m | (7.4) | 66.8 | (74.2) | n/m | ||||||||||||||||||||||||||||||||||||||||||
Income tax expense (benefit) | 15.7 | (19.0) | 34.7 | n/m | 35.5 | (18.3) | 53.8 | n/m | ||||||||||||||||||||||||||||||||||||||||||
Net income (loss) from continuing operations | 36.8 | (59.2) | 96.0 | n/m | 110.0 | (96.9) | 206.9 | n/m | ||||||||||||||||||||||||||||||||||||||||||
(Loss) income from discontinued operations, net of tax | (1.1) | 1.4 | (2.5) | n/m | (1.4) | 4.3 | (5.7) | n/m | ||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | 35.7 | (57.8) | 93.5 | n/m | 108.6 | (92.6) | 201.2 | n/m | ||||||||||||||||||||||||||||||||||||||||||
n/m = not meaningful |
(in millions, except %)
|
Three Month Periods Ended |
Variance
|
Six Month Periods Ended |
Variance
|
||||||||||||||||||||||||||||||||||||||||||||||
April 4, 2021 | March 29, 2020 | April 4, 2021 | March 29, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
HHI
|
$ | 389.5 | $ | 329.1 | $ | 60.4 | 18.4 | % | $ | 798.2 | $ | 626.8 | $ | 171.4 | 27.3 | % | ||||||||||||||||||||||||||||||||||
HPC
|
297.9 | 232.7 | 65.2 | 28.0 | % | 676.4 | 554.8 | 121.6 | 21.9 | % | ||||||||||||||||||||||||||||||||||||||||
GPC
|
293.6 | 236.9 | 56.7 | 23.9 | % | 569.1 | 442.7 | 126.4 | 28.6 | % | ||||||||||||||||||||||||||||||||||||||||
H&G
|
168.8 | 139.1 | 29.7 | 21.4 | % | 251.0 | 185.0 | 66.0 | 35.7 | % | ||||||||||||||||||||||||||||||||||||||||
Net Sales
|
$ | 1,149.8 | $ | 937.8 | 212.0 | 22.6 | % | $ | 2,294.7 | $ | 1,809.3 | 485.4 | 26.8 | % |
(in millions)
|
Three Month Periods Ended | Six Month Periods Ended | ||||||||||||
Net Sales for the period ended March 29, 2020
|
$ | 937.8 | $ | 1,809.3 | ||||||||||
Increase in HHI
|
57.2 | 166.7 | ||||||||||||
Increase in HPC
|
56.5 | 107.4 | ||||||||||||
Increase in GPC
|
23.8 | 69.0 | ||||||||||||
Increase in H&G | 29.7 | 66.0 | ||||||||||||
Acquisition sales
|
26.8 | 47.1 | ||||||||||||
Foreign currency impact, net
|
18.0 | 29.2 | ||||||||||||
Net Sales for the period ended April 4, 2021
|
$ | 1,149.8 | $ | 2,294.7 |
(in millions, except %)
|
Three Month Periods Ended |
Variance
|
Six Month Periods Ended |
Variance
|
||||||||||||||||||||||||||||||||||||||||||||||
April 4, 2021 | March 29, 2020 | April 4, 2021 | March 29, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
Net sales | $ | 1,149.8 | $ | 937.8 | $ | 212.0 | 22.6 | % | $ | 2,294.7 | $ | 1,809.3 | $ | 485.4 | 26.8 | % | ||||||||||||||||||||||||||||||||||
Gross profit | 404.0 | 328.9 | 75.1 | 22.8 | % | 826.3 | 598.0 | 228.3 | 38.2 | % | ||||||||||||||||||||||||||||||||||||||||
Gross profit margin | 35.1 | % | 35.1 | % | — | bps | 36.0 | % | 33.1 | % | 290 | bps | ||||||||||||||||||||||||||||||||||||||
Operating expenses | 286.4 | 257.3 | 29.1 | 11.3 | % | 584.5 | 571.3 | 13.2 | 2.3 | % | ||||||||||||||||||||||||||||||||||||||||
Interest expense | 65.6 | 35.3 | 30.3 | 85.8 | % | 102.4 | 70.0 | 32.4 | 46.3 | % | ||||||||||||||||||||||||||||||||||||||||
Other non-operating (income) expense, net | (1.2) | 110.4 | (111.6) | n/m | (7.4) | 66.8 | (74.2) | n/m | ||||||||||||||||||||||||||||||||||||||||||
Income tax expense (benefit) | 15.9 | (17.5) | 33.4 | n/m | 35.8 | (16.6) | 52.4 | n/m | ||||||||||||||||||||||||||||||||||||||||||
Net income (loss) from continuing operations | 37.3 | (56.6) | 93.9 | n/m | 111.0 | (93.5) | 204.5 | n/m | ||||||||||||||||||||||||||||||||||||||||||
(Loss) income from discontinued operations, net of tax | (1.1) | 1.4 | (2.5) | n/m | (1.4) | 4.3 | (5.7) | n/m | ||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | 36.2 | (55.2) | 91.4 | n/m | 109.6 | (89.2) | 198.8 | n/m | ||||||||||||||||||||||||||||||||||||||||||
n/m = not meaningful |
(in millions, except %)
|
Three Month Periods Ended
|
Variance
|
Six Month Periods Ended |
Variance
|
||||||||||||||||||||||||||||||||||||||||||||||
April 4, 2021 | March 29, 2020 | April 4, 2021 | March 29, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
Net sales
|
$ | 389.5 | $ | 329.1 | $ | 60.4 | 18.4 | % | $ | 798.2 | $ | 626.8 | $ | 171.4 | 27.3 | % | ||||||||||||||||||||||||||||||||||
Operating income
|
66.0 | 61.0 | 5.0 | 8.2 | % | 158.2 | 95.5 | 62.7 | 65.7 | % | ||||||||||||||||||||||||||||||||||||||||
Operating income margin
|
16.9 | % | 18.5 | % | (160) | bps | 19.8 | % | 15.2 | % | 460 | bps | ||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA
|
$ | 73.4 | $ | 69.5 | $ | 3.9 | 5.6 | % | $ | 171.6 | $ | 112.3 | $ | 59.3 | 52.8 | % | ||||||||||||||||||||||||||||||||||
Adjusted EBITDA margin
|
18.8 | % | 21.1 | % | (230) | bps | 21.5 | % | 17.9 | % | 360 | bps | ||||||||||||||||||||||||||||||||||||||
n/m = not meaningful
|
(in millions, except %)
|
Three Month Periods Ended
|
Variance
|
Six Month Periods Ended |
Variance
|
||||||||||||||||||||||||||||||||||||||||||||||
April 4, 2021 | March 29, 2020 | April 4, 2021 | March 29, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
Net sales
|
$ | 297.9 | $ | 232.7 | $ | 65.2 | 28.0 | % | $ | 676.4 | $ | 554.8 | $ | 121.6 | 21.9 | % | ||||||||||||||||||||||||||||||||||
Operating income (loss) | 11.5 | (3.5) | 15.0 | n/m | 48.2 | 20.2 | 28.0 | 138.6 | % | |||||||||||||||||||||||||||||||||||||||||
Operating income (loss) margin | 3.9 | % | (1.5 | %) | 540 | bps | 7.1 | % | 3.6 | % | 350 | bps | ||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA
|
$ | 25.4 | $ | 8.0 | $ | 17.4 | 217.5 | % | $ | 76.3 | $ | 44.4 | $ | 31.9 | 71.8 | % | ||||||||||||||||||||||||||||||||||
Adjusted EBITDA margin
|
8.5 | % | 3.4 | % | 510 | bps | 11.3 | % | 8.0 | % | 330 | bps | ||||||||||||||||||||||||||||||||||||||
n/m = not meaningful
|
(in millions, except %)
|
Three Month Periods Ended |
Variance
|
Six Month Periods Ended |
Variance
|
||||||||||||||||||||||||||||||||||||||||||||||
April 4, 2021 | March 29, 2020 | April 4, 2021 | March 29, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
Net sales
|
$ | 293.6 | $ | 236.9 | $ | 56.7 | 23.9 | % | $ | 569.1 | $ | 442.7 | $ | 126.4 | 28.6 | % | ||||||||||||||||||||||||||||||||||
Operating income (loss) | 39.8 | 28.2 | 11.6 | 41.1 | % | 74.0 | (24.7) | 98.7 | n/m | |||||||||||||||||||||||||||||||||||||||||
Operating income (loss) margin | 13.6 | % | 11.9 | % | 170 | bps | 13.0 | % | (5.6) | % | 1,860 | bps | ||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA
|
$ | 55.6 | $ | 40.0 | $ | 15.6 | 39.0 | % | $ | 109.2 | $ | 71.5 | $ | 37.7 | 52.7 | % | ||||||||||||||||||||||||||||||||||
Adjusted EBITDA margin
|
18.9 | % | 16.9 | % | 200 | bps | 19.2 | % | 16.2 | % | 300 | bps | ||||||||||||||||||||||||||||||||||||||
n/m = not meaningful
|
(in millions, except %)
|
Three Month Periods Ended |
Variance
|
Six Month Periods Ended |
Variance
|
||||||||||||||||||||||||||||||||||||||||||||||
April 4, 2021 | March 29, 2020 | April 4, 2021 | March 29, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
Net sales
|
$ | 168.8 | $ | 139.1 | $ | 29.7 | 21.4 | % | $ | 251.0 | $ | 185.0 | $ | 66.0 | 35.7 | % | ||||||||||||||||||||||||||||||||||
Operating income | 29.9 | 23.0 | 6.9 | 30.0 | % | 29.4 | 14.4 | 15.0 | 104.2 | % | ||||||||||||||||||||||||||||||||||||||||
Operating income margin | 17.7 | % | 16.5 | % | 120 | bps | 11.7 | % | 7.8 | % | 390 | bps | ||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA
|
$ | 34.8 | $ | 28.4 | $ | 6.4 | 22.5 | % | $ | 45.3 | $ | 25.1 | $ | 20.2 | 80.5 | % | ||||||||||||||||||||||||||||||||||
Adjusted EBITDA margin
|
20.6 | % | 20.4 | % | 20 | bps | 18.0 | % | 13.6 | % | 440 | bps | ||||||||||||||||||||||||||||||||||||||
n/m = not meaningful
|
SBH
|
SB/RH
|
|||||||||||||||||||||||||
Six Month Periods Ended (in millions)
|
April 4, 2021 | March 29, 2020 | April 4, 2021 | March 29, 2020 | ||||||||||||||||||||||
Operating activities
|
$ | (63.9) | $ | (184.6) | $ | (70.3) | $ | (395.3) | ||||||||||||||||||
Investing activities
|
$ | (85.1) | $ | (17.0) | $ | (85.1) | $ | (17.0) | ||||||||||||||||||
Financing activities
|
$ | (80.1) | $ | 35.7 | $ | (71.4) | $ | 247.3 |
Six Month Period Ended | Year Ended | |||||||||||||
(in millions) | April 4, 2021 | September 30, 2020 | ||||||||||||
Statements of Operations Data | ||||||||||||||
Third party net sales | $ | 1,565.2 | $ | 2,868.5 | ||||||||||
Intercompany net sales to non-guarantor subsidiaries | 41.0 | 63.5 | ||||||||||||
Total net sales | 1,606.2 | 2,932.0 | ||||||||||||
Gross profit | 524.6 | 938.0 | ||||||||||||
Operating income | 114.3 | 187.4 | ||||||||||||
Net income (loss) from continuing operations | 6.2 | (46.8) | ||||||||||||
Net income (loss) | 4.9 | (32.8) | ||||||||||||
Net income (loss) attributable to controlling interest | 4.9 | (32.8) | ||||||||||||
Statements of Financial Position Data | ||||||||||||||
Current Assets | $ | 1,415.1 | $ | 1,342.0 | ||||||||||
Noncurrent Assets | 2,709.4 | 2,804.6 | ||||||||||||
Current Liabilities | 840.0 | 881.7 | ||||||||||||
Noncurrent Liabilities | 3,053.7 | 3,020.4 |
(in millions) | April 4, 2021 | September 30, 2020 | ||||||||||||
Statements of Financial Position Data | ||||||||||||||
Current receivables from non-guarantor subsidiaries | $ | 325.2 | $ | 161.1 | ||||||||||
Long-term receivable from non-guarantor subsidiaries | 13.0 | — | ||||||||||||
Current payable to non-guarantor subsidiaries | 327.3 | 368.4 | ||||||||||||
Long-term debt with non-guarantor subsidiaries | 172.8 | 212.0 |
Total Number
of Shares
Purchased
|
Average
Price Paid
Per Share
|
Total Number
of Shares Purchased
as Part of Plan
|
Approximate Dollar Value
of Shares that may
Yet Be Purchased
|
|||||||||||||||||||||||
As of September 30, 2020 | 10,686,937 | $ | 56.66 | 10,686,937 | $ | 394,436,227 | ||||||||||||||||||||
October 1, 2020 to November 1, 2020 | — | — | — | 394,436,227 | ||||||||||||||||||||||
November 2, 2020 to November 29, 2020 | 647,498 | 65.27 | 647,498 | 352,176,858 | ||||||||||||||||||||||
November 30, 2020 to January 3, 2021 | — | — | — | 352,176,858 | ||||||||||||||||||||||
As of January 3, 2021 | 11,334,435 | 57.16 | 11,334,435 | 352,176,858 | ||||||||||||||||||||||
January 4, 2021 to January 31, 2021 | — | — | — | 352,176,858 | ||||||||||||||||||||||
February 1, 2021 to February 28, 2021 | — | — | — | 352,176,858 | ||||||||||||||||||||||
March 1, 2021 to April 4, 2021 | — | — | — | 352,176,858 | ||||||||||||||||||||||
As of April 4, 2021 | 11,334,435 | $ | 57.16 | 11,334,435 | $ | 352,176,858 |
Date: May 7, 2021 | ||||||||
SPECTRUM BRANDS HOLDINGS, INC.
|
||||||||
By:
|
/s/ Jeremy W. Smeltser
|
|||||||
Jeremy W. Smeltser
|
||||||||
Executive Vice President and Chief Financial Officer
(Principal Financial Officer)
|
Date: May 7, 2021 | ||||||||
SB/RH HOLDINGS, LLC
|
||||||||
By:
|
/s/ Jeremy W. Smeltser
|
|||||||
Jeremy W. Smeltser
|
||||||||
Executive Vice President and Chief Financial Officer
(Principal Financial Officer)
|
Exhibit 4.1 |
Indenture governing the 3.875% Senior Notes due 2031, dated as of March 3, 2021, among Spectrum Brands, Inc., the guarantors party thereto and US Bank National Association, as trustee (incorporated herein by reference to Exhibit 4.1 to the Current Report on Form 8-K filed with the SEC by Spectrum Brands Holdings, Inc. on March 3, 2021 (File No. 001-4219).
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Exhibit 10.1 | |||||
Exhibit 10.2 | |||||
Exhibit 10.3 | |||||
Exhibit 10.4 | |||||
Exhibit 10.5 | |||||
Exhibit 10.6 | |||||
Exhibit 21.1
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Exhibit 31.1
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Exhibit 31.2
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Exhibit 31.3
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Exhibit 31.4
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Exhibit 32.1
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Exhibit 32.2
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Exhibit 32.3
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Exhibit 32.4
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101.INS
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XBRL Instance Document**
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101.SCH
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XBRL Taxonomy Extension Schema Document**
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101.CAL
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XBRL Taxonomy Extension Calculation Linkbase Document**
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101.DEF
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XBRL Taxonomy Extension Definition Linkbase Document**
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101.LAB
|
XBRL Taxonomy Extension Label Linkbase Document**
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101.PRE
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XBRL Taxonomy Extension Presentation Linkbase Document**
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* Filed herewith
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** In accordance with Regulation S-T, the XBRL-related information in Exhibit 101 to this Quarterly Report on Form 10-Q shall be deemed to be "furnished" and not "filed."
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Adjusted EBITDA Target Attained | Percentage of Base Award Vesting on Performance Vesting Date | ||||
0% | |||||
8.33% | |||||
16.66% | |||||
25.00% | |||||
33.33% |
Adjusted Free Cash Flow Target Attained | Percentage of Base Award Vesting on Performance Vesting Date | ||||
0% | |||||
8.33% | |||||
16.66% | |||||
25.00% | |||||
33.33% |
Adjusted Return on Average Equity Target Attained |
Percentage of Base Award Vesting on Performance
Vesting Date
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||||
0% | |||||
8.33% | |||||
16.66% | |||||
25.00% | |||||
33.33% |
Maximum % of Additional Award | ||||||||
Adjusted EBITDA Target Attained |
Greater than $[ ]
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33.33% | ||||||
Adjusted Free Cash Flow Attained |
Greater than $[ ]
|
33.33% | ||||||
Adjusted Return on Average Equity Attained |
Greater than [ ]%
|
33.33% |
Name* | State or Other Jurisdiction of Incorporation or Organization | Primary Standard Industrial Classification Code Number | I.R.S. Employer Identification Number | |||||||||||||||||
Applica Mexico Holdings, Inc. | Delaware | 3,690 | 74-3100872 | |||||||||||||||||
Alaska Merger Acquisition Corp. | Delaware | 3,690 | 82-1316914 | |||||||||||||||||
Glofish LLC | Delaware | 3,690 | 82-1484807 | |||||||||||||||||
National Manufacturing Mexico A LLC | Delaware | 3,690 | N/A | |||||||||||||||||
National Manufacturing Mexico B LLC | Delaware | 3,690 | N/A | |||||||||||||||||
National Openings, LLC | Pennsylvania | 3,690 | 46-2516338 | |||||||||||||||||
Spectrum Brands Pet LLC | New York | 3,690 | 26-1757404 | |||||||||||||||||
ROV Holding, Inc. | Delaware | 3,690 | 22-2423555 | |||||||||||||||||
ROV International Holdings LLC | Delaware | 3,690 | N/A | |||||||||||||||||
Salix Animal Health, LLC | Florida | 3,690 | 65-0965477 | |||||||||||||||||
SB/RH Holdings, LLC | Delaware | 3,690 | 27-2812840 | |||||||||||||||||
Schultz Company | Missouri | 3,690 | 43-0625762 | |||||||||||||||||
Shaser, Inc. | Delaware | 3,690 | 20-2000219 | |||||||||||||||||
Spectrum Brands Pet Group Inc. | Delaware | 3,690 | 82-2201953 | |||||||||||||||||
United Industries Corporation | Delaware | 3,690 | 43-1025604 | |||||||||||||||||
*The address of each additional registrant’s principal executive office is c/o Spectrum Brands, Inc., 3001 Deming Way, Middleton, Wisconsin 53562, (608) 275-3340. | ||||||||||||||||||||
**Single member LLC disregarded for U.S. tax purposes. |
/s/ David M. Maura
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David M. Maura | |||||
Chief Executive Officer |
/s/ Jeremy W. Smeltser
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Jeremy W. Smeltser
|
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Chief Financial Officer |
/s/ David M. Maura
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David M. Maura | |||||
Chief Executive Officer |
/s/ Jeremy W. Smeltser
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Jeremy W. Smeltser | |||||
Chief Financial Officer |
/s/ David M. Maura
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Name:
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David M. Maura | |||||||
Title: | Chief Executive Officer | |||||||
Date: | May 7, 2021 |
/s/ Jeremy W. Smeltser | ||||||||
Name: | Jeremy W. Smeltser | |||||||
Title: | Chief Financial Officer | |||||||
Date: | May 7, 2021 |
/s/ David M. Maura
|
||||||||
Name: | David M. Maura | |||||||
Title: | Chief Executive Officer | |||||||
Date: | May 7, 2021 |
/s/ Jeremy W. Smeltser
|
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Name: | Jeremy W. Smeltser | |||||||
Title: | Chief Financial Officer | |||||||
Date: | May 7, 2021 |