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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended January 2, 2022
OR
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ______ to______
https://cdn.kscope.io/c4d32930f6e33e909d6f15d387446a10-spb-20220102_g1.jpg
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.
74-1339132
(a Delaware corporation)
3001 Deming Way
Middleton, WI 53562
(608) 275-3340
www.spectrumbrands.com
333-192634-03
SB/RH Holdings, LLC
27-2812840
(a Delaware limited liability company)
3001 Deming Way
Middleton, WI 53562
(608) 275-3340
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
☒
No
☐
SB/RH Holdings, LLC
Yes
☒
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
☒
No
☐
SB/RH Holdings, LLC
Yes
☒
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
☒
SB/RH Holdings, LLC
Yes
☐
No
☒
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
☒
SB/RH Holdings, LLC
Yes
☐
No
☒
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:
RegistrantTitle of Each ClassTrading SymbolName of Exchange On Which Registered
Spectrum Brands Holdings, Inc.Common Stock, $0.01 par valueSPBNew York Stock Exchange
As of February 1, 2022, there were 40,775,575 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).

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Forward-Looking Statements
We have made or implied certain forward-looking statements in this document. All statements, other than statements of historical facts included or incorporated by reference in this document, including the statements under Management’s Discussion and Analysis of Financial Condition and Results of Operations, without limitation, statements or expectations 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 are forward-looking statements. When used in this report, the words future, anticipate, pro forma, seek, intend, plan, envision, estimate, believe, belief, expect, project, forecast, outlook, goal, target, could, would, will, can, 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: 
•our ability to consummate the announced Tristar acquisition on expected terms, and within the anticipated time period, or at all, which is dependent on the parties' ability to satisfy certain closing conditions, and our ability to realize the benefits of the transaction;
•our ability to create an independent Global Appliances business on expected terms,and within the anticipated time period, or at all, and to realize the potential benefits of such business;
•our ability to successfully separate the Company's Home and Personal Care business and to realize the expected benefits of such separation terms, and within anticipated time period, or at all;
•our ability to create a pure play Company composed of our Global Pet Care and Home & Garden business and to realize the expected benefits of such creation, and within anticipated time period, or at all;
•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);
•the impact of the COVID-19 pandemic and economic, social and political conditions or civil unrest in the U.S. and other countries on our customers, employees (including our ability to retain and attract key personnel), 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 transportation and shipment costs, 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 Program), 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 our ability to respond to future natural disasters and pandemics and to meet our environmental, social and governance goals;
•the cost and effect of unanticipated legal, tax or regulatory proceedings or new laws or regulations (including environmental, public health and consumer protection regulations);
•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, including our failure to comply with new and increasingly complex global data privacy regulations;
•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;
•the ability to consummate the announced Hardware and Home Improvement ("HHI") divestiture on the expected terms and within the anticipated time period, or at all, which is dependent on the parties' ability to satisfy certain closing conditions and our ability to realize the benefits of the transaction, including reducing the leverage of the Company, invest in the organic growth of the Company, fund any future acquisitions, returning capital to shareholders, and/or maintain its quarterly dividends;
•the risk that regulatory approvals that are required to complete the proposed HHI divestiture may not be realized, may take longer than expected or may impose adverse conditions;
•our ability to realize the expected benefits of such transaction and to successfully separate the HHI business;
•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;
•the impact of economic, social and political conditions or civil unrest in the U.S. and other countries;
•the effects of political or economic conditions, terrorist attacks, acts of war, including any potential conflict in Ukraine, natural disasters, public health concerns or other unrest in international markets;

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•the ability to achieve our goals regarding environmental, social, and governance practices; and
•our increased reliance on third-party partners, suppliers, and distributors to achieve our business objectives.

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.

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SPECTRUM BRANDS HOLDINGS, INC.
SB/RH HOLDINGS, LLC
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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.
Page
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PART I. FINANCIAL INFORMATION
Item 1.     Financial Statements

SPECTRUM BRANDS HOLDINGS, INC.
Condensed Consolidated Statements of Financial Position
As of January 2, 2022, and September 30, 2021
(unaudited)
(in millions)
January 2, 2022September 30, 2021
Assets
Cash and cash equivalents$204.9 $187.9 
Trade receivables, net298.6 248.4 
Other receivables64.2 63.7 
Inventories648.4 562.8 
Prepaid expenses and other current assets62.6 40.8 
Current assets of business held for sale1,842.6 1,810.0 
Total current assets3,121.3 2,913.6 
Property, plant and equipment, net260.4 260.2 
Operating lease assets56.3 56.5 
Deferred charges and other74.9 38.8 
Goodwill866.8 867.2 
Intangible assets, net1,189.2 1,204.1 
Total assets$5,568.9 $5,340.4 
Liabilities and Shareholders' Equity
Current portion of long-term debt$12.1 $12.0 
Accounts payable347.5 388.6 
Accrued wages and salaries34.3 67.4 
Accrued interest35.0 29.9 
Other current liabilities208.0 211.9 
Current liabilities of business held for sale431.3 454.3 
Total current liabilities1,068.2 1,164.1 
Long-term debt, net of current portion2,946.9 2,494.3 
Long-term operating lease liabilities42.6 44.5 
Deferred income taxes70.7 59.5 
Other long-term liabilities92.6 99.0 
Total liabilities4,221.0 3,861.4 
Commitments and contingencies (Note 19)


Shareholders' equity
Common stock0.5 0.5 
Additional paid-in capital2,025.5 2,063.8 
Accumulated earnings350.4 359.9 
Accumulated other comprehensive loss, net of tax(231.3)(235.3)
Treasury stock(804.8)(717.0)
Total shareholders' equity1,340.3 1,471.9 
Non-controlling interest7.6 7.1 
Total equity1,347.9 1,479.0 
Total liabilities and equity$5,568.9 $5,340.4 
See accompanying notes to the condensed consolidated financial statements
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SPECTRUM BRANDS HOLDINGS, INC.
Condensed Consolidated Statements of Income
For the three month periods ended January 2, 2022 and January 3, 2021
(unaudited)
Three Month Periods Ended
(in millions, except per share)
January 2, 2022January 3, 2021
Net Sales$757.2 $736.2 
Cost of goods sold537.6 483.3 
Restructuring and related charges0.3 0.1 
Gross profit219.3 252.8 
Selling136.0 114.8 
General and administrative67.5 77.8 
Research and development7.6 6.5 
Restructuring and related charges17.1 8.9 
Transaction related charges14.9 19.0 
Total operating expenses243.1 227.0 
Operating (loss) income(23.8)25.8 
Interest expense21.8 23.1 
Other non-operating expense (income), net0.6 (8.9)
(Loss) income from continuing operations before income taxes(46.2)11.6 
Income tax benefit(16.0)(4.1)
Net (loss) income from continuing operations(30.2)15.7 
Income from discontinued operations, net of tax38.8 57.2 
Net income8.6 72.9 
Net income from continuing operations attributable to non-controlling interest— 1.0 
Net income (loss) from discontinued operations attributable to non-controlling interest0.4 (0.2)
Net income attributable to controlling interest$8.2 $72.1 
Amounts attributable to controlling interest
Net (loss) income from continuing operations attributable to controlling interest$(30.2)$14.7 
Net income from discontinued operations attributable to controlling interest38.4 57.4 
Net income attributable to controlling interest$8.2 $72.1 
Earnings Per Share
Basic earnings per share from continuing operations$(0.73)$0.34 
Basic earnings per share from discontinued operations0.93 1.34 
Basic earnings per share$0.20 $1.68 
Diluted earnings per share from continuing operations$(0.73)$0.34 
Diluted earnings per share from discontinued operations0.93 1.34 
Diluted earnings per share$0.20 $1.68 
Dividend per share$0.42 $0.42 
Weighted Average Shares Outstanding
Basic41.3 42.9 
Diluted41.3 43.0 
See accompanying notes to the condensed consolidated financial statements
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SPECTRUM BRANDS HOLDINGS, INC
Condensed Consolidated Statements of Comprehensive Income
For the three month periods ended January 2, 2022 and January 3, 2021
(unaudited)
Three Month Periods Ended
(in millions)
January 2, 2022January 3, 2021
Net income$8.6 $72.9 
Other comprehensive income
Foreign currency translation gain6.8 19.4 
Deferred tax effect(4.5)5.3 
Net unrealized gain on foreign currency translation2.3 24.7 
Unrealized gain (loss) on derivative instruments
Unrealized gain (loss) on hedging activity before reclassification1.2 (12.4)
Net reclassification for (gain) loss to income from continuing operations(2.1)2.6 
Net reclassification for (gain) loss to income from discontinued operations(0.5)0.1 
Unrealized loss on hedging instruments after reclassification(1.4)(9.7)
Deferred tax effect4.5 2.5 
Net unrealized gain (loss) on hedging derivative instruments3.1 (7.2)
Defined benefit pension loss
Defined benefit pension gain (loss) before reclassification0.6 (2.2)
Net reclassification for loss to income from continuing operations1.0 1.1 
Defined benefit pension gain (loss) after reclassification1.6 (1.1)
Deferred tax effect(2.9)0.2 
Net defined benefit pension loss(1.3)(0.9)
Net change to derive comprehensive income for the period4.1 16.6 
Comprehensive income12.7 89.5 
Comprehensive income from continuing operations attributable to non-controlling interest— 0.1 
Comprehensive income from discontinuing operations attributable to non-controlling interest0.1 0.3 
Comprehensive income attributable to controlling interest$12.6 $89.1 
See accompanying notes to the condensed consolidated financial statements
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SPECTRUM BRANDS HOLDINGS, INC
Condensed Consolidated Statements of Shareholder’s Equity
For the three month periods ended January 2, 2022 and January 3, 2021
(unaudited)
Three Month Period Ended January 2, 2022Common StockAdditional
Paid-in
Capital		Accumulated
Earnings		Accumulated
Other
Comprehensive
Loss		Treasury
Stock		Total
Shareholders'
Equity		Non-
controlling
Interest		Total
Equity
(in millions)SharesAmount
Balances at September 30, 202141.8 $0.5 $2,063.8 $359.9 $(235.3)$(717.0)$1,471.9 $7.1 $1,479.0 
Net loss from continuing operations— — — (30.2)— — (30.2)— (30.2)
Income from discontinued operations, net of tax— — — 38.4 — — 38.4 0.4 38.8 
Other comprehensive income, net of tax— — — — 4.0 — 4.0 0.1 4.1 
Treasury stock repurchases(1.1)— — — — (110.0)(110.0)— (110.0)
Restricted stock issued and related tax withholdings0.3 — (46.6)— — 22.2 (24.4)— (24.4)
Share based compensation— — 8.3 — — — 8.3 — 8.3 
Dividends declared— — — (17.7)— — (17.7)— (17.7)
Balances at January 2, 202241.0 $0.5 $2,025.5 $350.4 $(231.3)$(804.8)$1,340.3 $7.6 $1,347.9 

Three Month Period Ended January 3, 2021Common StockAdditional
Paid-in
Capital		Accumulated
Earnings		Accumulated
Other
Comprehensive
Loss		Treasury
Stock		Total
Shareholders'
Equity		Non-
controlling
Interest		Total
Equity
(in millions) SharesAmount
Balances at September 30, 202043.1 $0.5 $2,054.3 $243.9 $(284.7)$(606.5)$1,407.5 $8.3 $1,415.8 
Net income from continuing operations— — — 14.7 — — 14.7 1.0 15.7 
Income (loss) from discontinued operations, net of tax— — — 57.4 — — 57.4 (0.2)57.2 
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 withholdings0.2 — (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)
Dividends paid by subsidiary to NCI— — — — — — — (1.0)(1.0)
Balances at January 3, 202142.7 $0.5 $2,043.2 $297.6 $(268.5)$(637.1)$1,435.7 $8.5 $1,444.2 
            See accompanying notes to the condensed consolidated financial statements
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SPECTRUM BRANDS HOLDINGS, INC.
Condensed Consolidated Statements of Cash Flows
For the three month periods ended January 2, 2022 and January 3, 2021
(unaudited)
Three Month Periods Ended
(in millions)January 2, 2022January 3, 2021
Cash flows from operating activities
Net income$8.6 $72.9 
Income from discontinued operations, net of tax38.8 57.2 
Net (loss) income from continuing operations(30.2)15.7 
Adjustments to reconcile net (loss) income to net cash from operating activities:
Depreciation and amortization25.4 27.1 
Share based compensation5.6 6.4 
Gain on equity investment— (6.0)
Amortization of debt issuance costs and debt discount1.4 1.4 
Inventory acquisition step-up— 0.8 
Deferred tax benefit(27.3)(13.2)
Net changes in operating assets and liabilities(230.7)(142.9)
Net cash used by operating activities from continuing operations(255.8)(110.7)
Net cash (used) provided by operating activities from discontinued operations(15.3)0.6 
Net cash used by operating activities(271.1)(110.1)
Cash flows from investing activities
Purchases of property, plant and equipment(14.1)(7.6)
Proceeds from disposal of property, plant and equipment0.1 0.1 
Business acquisitions, net of cash acquired— (129.8)
Proceeds from sale of equity investment— 60.5 
Net cash used by investing activities from continuing operations(14.0)(76.8)
Net cash used by investing activities from discontinued operations(5.0)(4.2)
Net cash used by investing activities(19.0)(81.0)
Cash flows from financing activities
Payment of debt(3.2)(53.6)
Proceeds from issuance of debt465.0 0.1 
Treasury stock purchases(110.0)(42.3)
Dividends paid to shareholders(17.3)(17.8)
Share based award tax withholding payments, net of proceeds upon vesting(24.5)(7.1)
Other financing activity— 0.3 
Net cash provided (used) by financing activities from continuing operations310.0 (120.4)
Net cash used by financing activities from discontinued operations(0.4)(1.4)
Net cash provided (used) by financing activities309.6 (121.8)
Effect of exchange rate changes on cash and cash equivalents(2.5)5.8 
Net change in cash, cash equivalents and restricted cash in continuing operations17.0 (307.1)
Cash, cash equivalents, and restricted cash, beginning of period190.0 533.7 
Cash, cash equivalents, and restricted cash, end of period$207.0 $226.6 
Supplemental disclosure of cash flow information
Cash paid for interest associated with continued operations$14.7 $16.9 
Cash paid for interest associated with discontinued operations$12.1 $11.4 
Cash paid for taxes associated with continued operations$6.6 $6.2 
Cash paid for taxes associated with discontinued operations$6.4 $2.0 
Non cash investing activities
Acquisition of property, plant and equipment through finance leases$0.2 $0.1 
Non cash financing activities
Issuance of shares through stock compensation plan$33.4 $16.6 
See accompanying notes to the condensed consolidated financial statements
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SB/RH HOLDINGS, LLC
Condensed Consolidated Statements of Financial Position
As of January 2, 2022 and September 30, 2021
(unaudited)
(in millions)January 2, 2022September 30, 2021
Assets
Cash and cash equivalents$203.3 $186.2 
Trade receivables, net298.6 248.4 
Other receivables150.4 146.4 
Inventories648.4 562.8 
Prepaid expenses and other current assets62.6 40.8 
Current assets of business held for sale1,842.6 1,810.0 
Total current assets3,205.9 2,994.6 
Property, plant and equipment, net260.4 260.2 
Operating lease assets56.3 56.5 
Deferred charges and other49.6 35.1 
Goodwill866.8 867.2 
Intangible assets, net1,189.2 1,204.1 
Total assets$5,628.2 $5,417.7 
Liabilities and Shareholder's Equity
Current portion of long-term debt$12.1 $12.0 
Accounts payable347.7 388.8 
Accrued wages and salaries34.3 67.4 
Accrued interest35.0 29.9 
Other current liabilities203.3 214.4 
Current liabilities of business held for sale431.3 454.3 
Total current liabilities1,063.7 1,166.8 
Long-term debt, net of current portion2,946.9 2,494.3 
Long-term operating lease liabilities42.6 44.5 
Deferred income taxes264.0 272.4 
Other long-term liabilities100.1 106.3 
Total liabilities4,417.3 4,084.3 
Commitments and contingencies (Note 19)
Shareholder's equity
Other capital2,158.7 2,174.8 
Accumulated deficit(725.8)(614.9)
Accumulated other comprehensive loss, net of tax(231.2)(235.2)
Total shareholder's equity1,201.7 1,324.7 
Non-controlling interest9.2 8.7 
Total equity1,210.9 1,333.4 
Total liabilities and equity$5,628.2 $5,417.7 
See accompanying notes to the condensed consolidated financial statements
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SB/RH HOLDINGS, LLC
Condensed Consolidated Statements of Income
For the three month periods ended January 2, 2022 and January 3, 2021
(unaudited)
Three Month Periods Ended
(in millions)January 2, 2022January 3, 2021
Net Sales$757.2 $736.2 
Cost of goods sold537.6 483.3 
Restructuring and related charges0.3 0.1 
Gross profit219.3 252.8 
Selling136.0 114.8 
General and administrative67.2 77.2 
Research and development7.6 6.5 
Restructuring and related charges17.1 8.9 
Transaction related charges14.9 19.0 
Total operating expenses242.8 226.4 
Operating (loss) income(23.5)26.4 
Interest expense21.8 23.2 
Other non-operating expense (income), net0.6 (8.9)
(Loss) income from continuing operations before income taxes(45.9)12.1 
Income tax benefit(15.8)(4.0)
Net (loss) income from continuing operations(30.1)16.1 
Income from discontinued operations, net of tax38.8 57.2 
Net income8.7 73.3 
Net income from continuing operations attributable to non-controlling interest— 1.0 
Net income (loss) from discontinued operations attributable to non-controlling interest0.4 (0.2)
Net income attributable to controlling interest$8.3 $72.5 
Amounts attributable to controlling interest
Net (loss) income from continuing operations attributable to controlling interest$(30.1)$15.1 
Net income from discontinued operations attributable to controlling interest38.4 57.4 
Net income attributable to controlling interest$8.3 $72.5 
See accompanying notes to the condensed consolidated financial statements
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SB/RH HOLDINGS, LLC
Condensed Consolidated Statements of Comprehensive Income
For the three month periods ended January 2, 2022 and January 3, 2021
(unaudited)
Three Month Periods Ended
(in millions)
January 2, 2022January 3, 2021
Net income$8.7 $73.3 
Other comprehensive income
Foreign currency translation gain6.8 19.4 
Deferred tax effect(4.5)5.3 
Net unrealized gain on foreign currency translation2.3 24.7 
Unrealized gain (loss) on derivative instruments
Unrealized gain (loss) on hedging activity before reclassification1.2 (12.4)
Net reclassification for (gain) loss to income from continuing operations(2.1)2.6 
Net reclassification for (gain) loss to income from discontinued operations(0.5)