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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

xQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 29, 2020

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ______ to______

\

Picture 1

Commission File No.

Name of Registrant, State of Incorporation,

Address of Principal Offices, and Telephone No.

IRS Employer Identification No.

1-4219

Spectrum Brands Holdings, Inc.

(a Delaware corporation)

3001 Deming Way

Middleton, WI 53562

(608) 275-3340

www.spectrumbrands.com

74-1339132

333-192634-03

SB/RH Holdings, LLC

(a Delaware limited liability company)

3001 Deming Way

Middleton, WI 53562

(608) 275-3340

27-2812840

Indicate by check mark whether the registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Spectrum Brands Holdings, Inc.

Yes

x

No

SB/RH Holdings, LLC

Yes

x

No

Indicate by check mark whether the registrants have submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). 

Spectrum Brands Holdings, Inc.

Yes

x

No

SB/RH Holdings, LLC

Yes

x

No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):

Registrant

Large Accelerated Filer

Accelerated Filer

Non-accelerated Filer

Smaller Reporting Company

Spectrum Brands Holdings, Inc.

X

SB/RH Holdings, LLC

X

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

 

Spectrum Brands Holdings, Inc.

Yes

No

x

SB/RH Holdings, LLC

Yes

No

x

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§232.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter

Spectrum Brands Holdings, Inc.

Yes

No

x

SB/RH Holdings, LLC

Yes

No

x

If an emerging growth company, indicate by checkmark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Spectrum Brands Holdings, Inc.

SB/RH Holdings, LLC

Securities registered pursuant to Section 12(b) of the Exchange Act:

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

As of May 1, 2020, there were 43,056,296 shares outstanding of Spectrum Brands Holdings, Inc.’s common stock, par value $0.01 per share.

SB/RH Holdings, LLC meets the conditions set forth in General Instruction H(1)(a) and (b) of Form 10-Q and is therefore filing this report with a reduced disclosure format as permitted by general instruction H(2).



Forward-Looking Statements

We have made or implied certain forward-looking statements in this report. All statements, other than statements of historical facts included in this report, including the statements under Management’s Discussion and Analysis of Financial Condition and Results of Operations, regarding our business strategy, future operations, financial condition, estimated revenues, projected costs, projected synergies, prospects, plans and objectives of management, information concerning expected actions of third parties, and statements regarding the expected impact of the COVID-19 pandemic are forward-looking statements. When used in this report, the words anticipate, intend, plan, estimate, believe, expect, project, could, will, should, may and similar expressions are also intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words.

Since these forward-looking statements are based upon our current expectations of future events and projections and are subject to a number of risks and uncertainties, many of which are beyond our control and some of which may change rapidly, actual results or outcomes may differ materially from those expressed or implied herein, and you should not place undue reliance on these statements. Important factors that could cause our actual results to differ materially from those expressed or implied herein include, without limitation: 

the impact of the COVID-19 pandemic on our customers, employees, manufacturing facilities, suppliers, capital markets and our financial condition, and results of operations, all of which tend to aggravate the other risks and uncertainties we face;

the impact of our indebtedness on our business, financial condition, and results of operations;

the impact of restrictions in our debt instruments on our ability to operate our business, finance our capital needs or pursue or expand business strategies;

any failure to comply with financial covenants and other provisions and restrictions of our debt instruments;

the effects of general economic conditions, including the impact of, and changes to tariffs and trade policies, inflation, recession or fears of a recession, depression or fears of a depression, labor costs and stock market volatility or monetary or fiscal policies in the countries where we do business;

the impact of fluctuations in commodity prices, costs or availability of raw materials or terms and conditions available from suppliers, including suppliers’ willingness to advance credit;

interest rate and exchange rate fluctuations;

the loss of, significant reduction in, or dependence upon, sales to any significant retail customer(s);

competitive promotional activity or spending by competitors, or price reductions by competitors;

the introduction of new product features or technological developments by competitors and/or the development of new competitors or competitive brands;

the impact of actions taken by significant stockholders;

changes in consumer spending preferences and demand for our products, particularly in light of the COVID-19 pandemic and economic stress;

our ability to develop and successfully introduce new products, protect our intellectual property and avoid infringing the intellectual property of third parties;

our ability to successfully identify, implement, achieve and sustain productivity improvements (including our Global Productivity Improvement Plan), cost efficiencies (including at our manufacturing and distribution operations), and cost savings;

the seasonal nature of sales of certain of our products;

the effects of climate change and unusual weather activity as well as further natural disasters and pandemics;

the cost and effect of unanticipated legal, tax or regulatory proceedings or new laws or regulations (including environmental, public health and consumer protection regulations);

our discretion to conduct, suspend or discontinue our share repurchase program (including our discretion to conduct purchases, if any, in a variety of manners including open-market purchases or privately negotiated transactions)

public perception regarding the safety of products that we manufacture and sell, including the potential for environmental liabilities, product liability claims, litigation and other claims related to products manufactured by us and third parties;

the impact of existing, pending or threatened litigation, government regulation or other requirements or operating standards applicable to our business;

the impact of cybersecurity breaches or our actual or perceived failure to protect company and personal data;

changes in accounting policies applicable to our business;

our ability to utilize net operating loss carry-forwards to offset tax liabilities from future taxable income;

the impact of expenses resulting from the implementation of new business strategies, divestitures or current and proposed restructuring activities;

our ability to successfully implement further acquisitions or dispositions and the impact of any such transactions on our financial performance;

the unanticipated loss of key members of senior management and the transition of new members of our management teams to their new roles; and

the effects of political or economic conditions, terrorist attacks, acts of war, natural disasters, public health concerns or other unrest in international markets;

Some of the above-mentioned factors are described in further detail in the sections entitled Risk Factors in our annual and quarterly reports (including this report), as applicable. You should assume the information appearing in this report is accurate only as of the end of the period covered by this report, or as otherwise specified, as our business, financial condition, results of operations and prospects may have changed since that date. Except as required by applicable law, including the securities laws of the United States (“U.S.”) and the rules and regulations of the United States Securities and Exchange Commission (“SEC”), we undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, to reflect actual results or changes in factors or assumptions affecting such forward-looking statements.


SPECTRUM BRANDS HOLDINGS, INC.

SB/RH HOLDINGS, LLC

TABLE OF CONTENTS

This report is a combined report of Spectrum Brands Holdings, Inc. and SB/RH Holdings, LLC. The combined notes to the condensed consolidated financial statements include notes representing Spectrum Brands Holdings, Inc. and SB/RH Holdings, LLC and certain notes related specifically to SB/RH Holdings, LLC.

PART I

FINANCIAL INFORMATION

Page

Item 1.

Financial Statements

2

Spectrum Brands Holdings, Inc. Condensed Consolidated Financial Statements (Unaudited)

Condensed Consolidated Statements of Financial Position as of March 29, 2020 and September 30, 2019

2

Condensed Consolidated Statements of Income for the three and six month periods ended March 29, 2020 and March 31, 2019

3

Condensed Consolidated Statements of Comprehensive Income for the three and six month periods ended March 29, 2020 and March 31, 2019

4

Condensed Consolidated Statement of Shareholders’ Equity for the six month periods ended March 29, 2020 and March 31, 2019

5

Condensed Consolidated Statements of Cash Flows for the six month periods ended March 29, 2020 and March 31, 2019

6

SB/RH Holdings, LLC Condensed Consolidated Financial Statements (Unaudited)

Condensed Consolidated Statements of Financial Position as of March 29, 2020 and September 30, 2019

7

Condensed Consolidated Statements of Income for the three and six month periods ended March 29, 2020 and March 31, 2019

8

Condensed Consolidated Statements of Comprehensive Income for the three and six month periods ended March 29, 2020 and March 31, 2019

9

Condensed Consolidated Statement of Shareholder’s Equity for the six month periods ended March 29, 2020 and March 31, 2019

10

Condensed Consolidated Statements of Cash Flows for the six month periods ended March 29, 2020 and March 31, 2019

11

Spectrum Brands Holdings, Inc. and SB/RH Holdings, LLC Combined (Unaudited)

Combined Notes to Condensed Consolidated Financial Statements

13

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

31

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

44

Item 4.

Controls and Procedures

44

PART II

OTHER INFORMATION

Item 1.

Legal Proceedings

45

Item 1A.

Risk Factors

45

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

46

Item 5.

Other Information

46

Item 6.

Exhibits

46

Signatures

48

1


PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

SPECTRUM BRANDS HOLDINGS, INC.

Condensed Consolidated Statements of Financial Position

As of March 29, 2020, and September 30, 2019

(unaudited)

(in millions)

March 29, 2020

September 30, 2019

Assets

Cash and cash equivalents

$

457.8 

$

627.1 

Trade receivables, net

465.9 

356.7 

Other receivables

99.5 

74.2 

Inventories

607.9 

548.4 

Prepaid expenses and other current assets

60.1 

53.5 

Total current assets

1,691.2 

1,659.9 

Property, plant and equipment, net

396.2 

452.9 

Operating lease assets

93.6 

Investments

134.0 

230.8 

Deferred charges and other

102.8 

51.7 

Goodwill

1,324.1 

1,328.1 

Intangible assets, net

1,453.3 

1,507.1 

Total assets

$

5,195.2 

$

5,230.5 

Liabilities and Shareholders' Equity

Current portion of long-term debt

$

13.3 

$

136.9 

Accounts payable

387.4 

456.8 

Accrued wages and salaries

47.7 

72.1 

Accrued interest

36.7 

29.3 

Indemnification payable to Energizer

31.7 

230.8 

Other current liabilities

190.1 

216.0 

Total current liabilities

706.9 

1,141.9 

Long-term debt, net of current portion

2,999.1 

2,214.4 

Long-term operating lease liabilities

79.7 

Deferred income taxes

77.2 

55.9 

Other long-term liabilities

110.1 

112.0 

Total liabilities

3,973.0 

3,524.2 

Commitments and contingencies (Note 19)

 

 

Shareholders' equity

Common stock

0.5 

0.5 

Additional paid-in capital

2,034.3 

2,031.1 

Accumulated earnings

68.2 

201.2 

Accumulated other comprehensive loss, net of tax

(282.0)

(273.6)

Treasury stock

(606.9)

(260.9)

Total shareholders' equity

1,214.1 

1,698.3 

Non-controlling interest

8.1 

8.0 

Total equity

1,222.2 

1,706.3 

Total liabilities and equity

$

5,195.2 

$

5,230.5 

See accompanying notes to the condensed consolidated financial statements


2


SPECTRUM BRANDS HOLDINGS, INC.

Condensed Consolidated Statements of Income

For the three and six month periods ended March 29, 2020 and March 31, 2019

(unaudited)

Three Month Periods Ended

Six Month Periods Ended

(in millions, except per share)

March 29, 2020

March 31, 2019

March 29, 2020

March 31, 2019

Net Sales

$

937.8 

$

906.7 

$

1,809.3 

$

1,787.0 

Cost of goods sold

606.0 

601.0 

1,198.5 

1,174.7 

Restructuring and related charges

2.9 

0.2 

12.8 

1.0 

Gross profit

328.9 

305.5 

598.0 

611.3 

Selling

150.0 

151.4 

296.1 

306.9 

General and administrative

81.9 

83.6 

162.2 

183.0 

Research and development

10.1 

11.2 

19.9 

22.3 

Restructuring and related charges

19.0 

12.4 

36.6 

20.5 

Transaction related charges

7.2 

5.3 

11.3 

11.6 

(Gain) loss on assets held for sale

(7.0)

25.7 

Write-off from impairment of intangible assets

24.2 

Total operating expenses

261.2 

263.9 

576.0 

544.3 

Operating income

67.7 

41.6 

22.0 

67.0 

Interest expense

35.5 

94.2 

70.4 

151.2 

Other non-operating expense, net

110.4 

24.1 

66.8 

24.8 

Loss from continuing operations before income taxes

(78.2)

(76.7)

(115.2)

(109.0)

Income tax benefit

(19.0)

(22.7)

(18.3)

(26.0)

Net loss from continuing operations

(59.2)

(54.0)

(96.9)

(83.0)

Income from discontinued operations, net of tax

1.4 

783.6 

4.3 

700.4 

Net (loss) income

(57.8)

729.6 

(92.6)

617.4 

Net (loss) income attributable to non-controlling interest

(0.8)

1.0 

0.1 

1.2 

Net (loss) income attributable to controlling interest

$

(57.0)

$