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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 April 3, 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/c7ddebf9c5cfee93179f1f5a95f4d23a-spb-20220403_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 May 3, 2022, there were 40,776,213 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).


Table of Contents
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: 
the COVID-19 pandemic, economic, social and political conditions or civil unrest, terrorist attacks, acts of war, natural disasters, other public health concerns or unrest in international markets impacting our business, 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 a number of local, regional and global uncertainties that could negatively impact our business, including: reduced market growth rates; increased inflation rates and cost of goods; increased fuel and employee costs; higher interest rates; tighter credit markets; changes in government policies, including the imposition of tariffs or import costs; the deterioration of economic relations between countries or regions; the escalation or continuation of armed conflict, hostilities or economic sanctions between countries or regions, and continued supply chain challenges;
the negative effect of the armed conflict between Russia and Ukraine and its impact on those regions and surrounding regions, including on our operations and on those of our customers, suppliers, and other stakeholders;
our increased reliance on third-party partners, suppliers, and distributors to achieve our business objectives;
the impact of expenses resulting from the implementation of new business strategies, divestitures or current and proposed restructuring activities, including distribution center changes which are complicated and involve coordination among a number of stakeholders, including our suppliers and transportation and logistics handlers;
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, fuel 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 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);
our ability to utilize net operating loss carry-forwards to offset tax liabilities from future taxable income;
our 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, return capital to shareholders, and/or maintain its quarterly dividends;


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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 successfully integrate the Tristar Business into the Company's Home and Personal Care business and realize the benefits of this acquisition;
our ability to separate the Company's Home and Personal Care business and 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 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 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 impact of economic, social and political conditions or civil unrest in the U.S. and other countries.

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.
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PART I. FINANCIAL INFORMATION
Item 1.     Financial Statements

SPECTRUM BRANDS HOLDINGS, INC.
Condensed Consolidated Statements of Financial Position
As of April 3, 2022, and September 30, 2021
(unaudited)
(in millions)
April 3, 2022September 30, 2021
Assets
Cash and cash equivalents$193.7 $187.9 
Trade receivables, net349.5 248.4 
Other receivables125.3 63.7 
Inventories800.6 562.8 
Prepaid expenses and other current assets54.9 40.8 
Current assets of business held for sale1,919.8 1,810.0 
Total current assets3,443.8 2,913.6 
Property, plant and equipment, net256.4 260.2 
Operating lease assets74.3 56.5 
Deferred charges and other80.7 38.8 
Goodwill967.0 867.2 
Intangible assets, net1,263.7 1,204.1 
Total assets$6,085.9 $5,340.4 
Liabilities and Shareholders' Equity
Current portion of long-term debt$12.1 $12.0 
Accounts payable522.2 388.6 
Accrued wages and salaries43.4 67.4 
Accrued interest15.7 29.9 
Other current liabilities235.0 211.9 
Current liabilities of business held for sale475.7 454.3 
Total current liabilities1,304.1 1,164.1 
Long-term debt, net of current portion3,236.3 2,494.3 
Long-term operating lease liabilities48.1 44.5 
Deferred income taxes74.7 59.5 
Other long-term liabilities94.1 99.0 
Total liabilities4,757.3 3,861.4 
Commitments and contingencies (Note 17)


Shareholders' equity
Common stock0.5 0.5 
Additional paid-in capital2,033.2 2,063.8 
Accumulated earnings348.7 359.9 
Accumulated other comprehensive loss, net of tax(231.3)(235.3)
Treasury stock(828.8)(717.0)
Total shareholders' equity1,322.3 1,471.9 
Non-controlling interest6.3 7.1 
Total equity1,328.6 1,479.0 
Total liabilities and equity$6,085.9 $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 and six month periods ended April 3, 2022 and April 4, 2021
(unaudited)
Three Month Periods EndedSix Month Periods Ended
(in millions, except per share)
April 3, 2022April 4, 2021April 3, 2022April 4, 2021
Net Sales$807.8 $760.3 $1,565.0 $1,496.5 
Cost of goods sold551.0 498.0 1,088.6 981.3 
Restructuring and related charges1.2 1.3 1.5 1.4 
Gross profit255.6 261.0 474.9 513.8 
Selling144.1 121.9 280.1 236.6 
General and administrative76.0 74.8 143.6 152.5 
Research and development8.2 7.8 15.8 14.4 
Restructuring and related charges15.2 3.0 32.3 11.9 
Transaction related charges20.2 8.2 35.1 27.2 
Total operating expenses263.7 215.7 506.9 442.6 
Operating (loss) income(8.1)45.3 (32.0)71.2 
Interest expense24.7 52.8 46.4 76.0 
Other non-operating income, net(0.9)(2.2)(0.3)(11.1)
(Loss) income from continuing operations before income taxes(31.9)(5.3)(78.1)6.3 
Income tax benefit(6.8)(0.7)(22.8)(4.8)
Net (loss) income from continuing operations(25.1)(4.6)(55.3)11.1 
Income from discontinued operations, net of tax41.1 40.3 79.9 97.5 
Net income16.0 35.7 24.6 108.6 
Net (loss) income from continuing operations attributable to non-controlling interest (0.9) 0.1 
Net income (loss) from discontinued operations attributable to non-controlling interest0.1  0.5 (0.2)
Net income attributable to controlling interest$15.9 $36.6 $24.1 $108.7 
Amounts attributable to controlling interest
Net (loss) income from continuing operations attributable to controlling interest$(25.1)$(3.7)$(55.3)$11.0 
Net income from discontinued operations attributable to controlling interest41.0 40.3 79.4 97.7 
Net income attributable to controlling interest$15.9 $36.6 $24.1 $108.7 
Earnings Per Share
Basic earnings per share from continuing operations$(0.61)$(0.09)$(1.35)$0.26 
Basic earnings per share from discontinued operations1.00 0.95 1.94 2.28 
Basic earnings per share$0.39 $0.86 $0.59 $2.54 
Diluted earnings per share from continuing operations$(0.61)$(0.09)$(1.35)$0.26 
Diluted earnings per share from discontinued operations1.00 0.95 1.94 2.27 
Diluted earnings per share$0.39 $0.86 $0.59 $2.53 
Dividend per share$0.42 $0.42 $0.84 $0.84 
Weighted Average Shares Outstanding
Basic40.8 42.6 41.1 42.8 
Diluted40.8 42.6 41.1 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 and six month periods ended April 3, 2022 and April 4, 2021
(unaudited)
Three Month Periods Ended
Six Month Periods Ended
(in millions)
April 3, 2022April 4, 2021April 3, 2022April 4, 2021
Net income$16.0 $35.7 $24.6 $108.6 
Other comprehensive (loss) income
Foreign currency translation (loss) gain(1.6)22.2 5.1 41.6 
Deferred tax effect(3.1)(5.0)(7.6)0.3 
Net unrealized (loss) gain on foreign currency translation(4.7)17.2 (2.5)41.9 
Unrealized gain (loss) on derivative instruments
Unrealized gain (loss) on hedging activity before reclassification6.4 5.8 7.6 (6.6)
Net reclassification for (gain) loss to income from continuing operations(1.5)3.1 (3.6)5.8 
Net reclassification for gain to income from discontinued operations(0.7)(0.1)(1.2)(0.1)
Unrealized gain (loss) on hedging instruments after reclassification4.2 8.8 2.8 (0.9)
Deferred tax effect(1.0)(2.4)3.5 0.1 
Net unrealized gain (loss) on hedging derivative instruments3.2 6.4 6.3 (0.8)
Defined benefit pension gain
Defined benefit pension gain (loss) before reclassification1.0 0.9 1.7 (1.3)
Net reclassification for loss to income from continuing operations1.0 1.1 2.0 2.2 
Defined benefit pension gain after reclassification2.0 2.0 3.7 0.9 
Deferred tax effect(0.6)(0.6)(3.5)(0.4)
Net defined benefit pension gain1.4 1.4 0.2 0.5 
Net change to derive comprehensive income for the period(0.1)25.0 4.0 41.6 
Comprehensive income15.9 60.7 28.6 150.2 
Comprehensive loss from continuing operations attributable to non-controlling interest(0.1)(0.1)(0.1) 
Comprehensive income from discontinuing operations attributable to non-controlling interest  0.1 0.3 
Comprehensive income attributable to controlling interest$16.0 $60.8 $28.6 $149.9 
See accompanying notes to the condensed consolidated financial statements                                                                        
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SPECTRUM BRANDS HOLDINGS, INC
Condensed Consolidated Statements of Shareholders' Equity
For the six month period ended April 3, 2022
(unaudited)
Six Month Period Ended April 3, 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 as of January 2, 202241.0 0.5 2,025.5 350.4 (231.3)(804.8)1,340.3 7.6 1,347.9 
Net loss from continuing operations— — — (25.1)— — (25.1) (25.1)
Income from discontinued operations, net of tax— — — 41.0 — — 41.0 0.1 41.1 
Other comprehensive loss, net of tax— — — —  —  (0.1)(0.1)
Treasury stock repurchases(0.2)— — — — (24.0)(24.0)— (24.0)
Restricted stock issued and related tax withholdings— — (0.1)— —  (0.1)— (0.1)
Share based compensation— — 7.8 — — — 7.8 — 7.8 
Dividends declared— — — (17.6)— — (17.6)— (17.6)
Distribution of equity by subsidiary to NCI— — — — — — — (1.3)(1.3)
Balances at April 3, 202240.8 $0.5 $2,033.2 $348.7 $(231.3)$(828.8)$1,322.3 $6.3 $1,328.6 
See accompanying notes to the condensed consolidated financial statements
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SPECTRUM BRANDS HOLDINGS, INC
Condensed Consolidated Statements of Shareholders' Equity
For the six month period ended April 4, 2021
(unaudited)
Six Month Period Ended April 4, 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 as of January 3, 202142.7 0.5 2,043.2 297.6 (268.5)(637.1)1,435.7 8.5 1,444.2 
Net loss from continuing operations— — — (3.7)— — (3.7)(0.9)(4.6)
Income from discontinued operations, net of tax— — — 40.3 — — 40.3 — 40.3 
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)