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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 December 31, 2023
OR
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ______ to______
| | | | | | | | | | | | | | |
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
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 |
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).
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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):
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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 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
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Spectrum Brands Holdings, Inc. | Yes | ☐ | No | ☒ |
SB/RH Holdings, LLC | Yes | ☐ | No | ☒ |
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
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Spectrum Brands Holdings, Inc. | Yes | ☐ | No | ☒ |
SB/RH Holdings, LLC | Yes | ☐ | No | ☒ |
As of February 5, 2024, there were 30,271,605 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 document and may make additional oral forward-looking statements from time to time. 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, inventory management, earnings power, projected synergies, prospects, plans and objectives of management, outcome of any litigation and 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, earnings framework, goal, target, could, would, will, can, should, may and similar expressions are 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 economic, social and political conditions or civil unrest, terrorist attacks, acts of war, natural disasters, other public health concerns or unrest in the United States ("U.S.") or the international markets impacting our business, customers, employees (including our ability to retain and attract key personnel), manufacturing facilities, suppliers, capital markets, 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 could negatively impact our business;
•the negative effect of the Russia-Ukraine war and the Israel-Hamas war and their impact on those regions and surrounding regions, including the Middle East, and on our operations and those operations 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 and optimization activities, including changes in inventory and 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 and financial leverage position 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 fluctuations;
•changes in foreign currency exchange rates that may impact our purchasing power, pricing and margin realization within international jurisdictions;
•the loss of, significant reduction in or dependence upon, sales to any significant retail customer(s), including their changes in retail inventory levels and management thereof;
•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;
•changes in consumer spending preferences and demand for our products, particularly in light of economic stress and the COVID-19 pandemic;
•our ability to develop and successfully introduce new products, protect intellectual property and avoid infringing the intellectual property of third parties;
•our ability to successfully identify, implement, achieve and sustain productivity improvements, cost efficiencies (including at our manufacturing and distribution operations) and cost savings;
•the seasonal nature of sales of certain of our products;
•the impact weather conditions may have on the 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 adopt, conduct, suspend or discontinue any share repurchase program or conduct any debt repayments, redemptions, repurchases or refinancing transactions (including our discretion to conduct purchases or repurchases, if any, in a variety of manners including open-market purchases, privately negotiated transactions, tender offers, redemptions, or otherwise);
•our ability to utilize net operating loss carry-forwards to offset tax liabilities;
•our ability to separate the Company's Home and Personal Care ("HPC") 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 consumer products company composed of our Global Pet Care ("GPC") and Home & Garden ("H&G") business and to realize the expected benefits of such creation, and within the anticipated time period, or at all;
•our ability to successfully implement, and realize the benefits of, acquisitions or dispositions and the impact of any such transactions on our financial performance;
•the impact of actions taken by significant shareholders; and
•the unanticipated loss of key members of senior management and the transition of new members of our management teams to their new roles.
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 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.
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
SPECTRUM BRANDS HOLDINGS, INC.
Condensed Consolidated Statements of Financial Position
As of December 31, 2023 and September 30, 2023
(unaudited)
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(in millions) | | December 31, 2023 | | September 30, 2023 |
Assets | | | | |
Cash and cash equivalents | | $ | 445.4 | | | $ | 753.9 | |
Short term investments | | 950.0 | | | 1,103.3 | |
Trade receivables, net | | 535.1 | | | 477.1 | |
Other receivables | | 75.6 | | | 84.5 | |
Inventories | | 457.0 | | | 462.8 | |
Prepaid expenses and other current assets | | 52.6 | | | 44.3 | |
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Total current assets | | 2,515.7 | | | 2,925.9 | |
Property, plant and equipment, net | | 271.2 | | | 275.1 | |
Operating lease assets | | 104.9 | | | 110.8 | |
Deferred charges and other | | 38.1 | | | 31.8 | |
Goodwill | | 860.1 | | | 854.7 | |
Intangible assets, net | | 1,056.3 | | | 1,060.1 | |
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Total assets | | $ | 4,846.3 | | | $ | 5,258.4 | |
Liabilities and Shareholders' Equity | | | | |
Current portion of long-term debt | | $ | 8.8 | | | $ | 8.6 | |
Accounts payable | | 382.7 | | | 396.6 | |
Accrued wages and salaries | | 33.4 | | | 46.1 | |
Accrued interest | | 17.0 | | | 20.6 | |
Income tax payable | | 125.1 | | | 114.5 | |
Other current liabilities | | 182.3 | | | 178.4 | |
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Total current liabilities | | 749.3 | | | 764.8 | |
Long-term debt, net of current portion | | 1,387.8 | | | 1,546.9 | |
Long-term operating lease liabilities | | 90.9 | | | 95.6 | |
Deferred income taxes | | 173.7 | | | 174.8 | |
Other long-term liabilities | | 142.9 | | | 158.0 | |
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Total liabilities | | 2,544.6 | | | 2,740.1 | |
Commitments and contingencies (Note 15) | |
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Shareholders' equity | | | | |
Common stock | | 0.5 | | | 0.5 | |
Additional paid-in capital | | 1,993.6 | | | 1,920.8 | |
Accumulated earnings | | 2,110.6 | | | 2,096.0 | |
Accumulated other comprehensive loss, net of tax | | (233.2) | | | (249.4) | |
Treasury stock | | (1,570.7) | | | (1,250.3) | |
Total shareholders' equity | | 2,300.8 | | | 2,517.6 | |
Non-controlling interest | | 0.9 | | | 0.7 | |
Total equity | | 2,301.7 | | | 2,518.3 | |
Total liabilities and equity | | $ | 4,846.3 | | | $ | 5,258.4 | |
See accompanying notes to the condensed consolidated financial statements
SPECTRUM BRANDS HOLDINGS, INC.
Condensed Consolidated Statements of Income
For the three month periods ended December 31, 2023 and January 1, 2023
(unaudited)
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| | Three Month Periods Ended | | |
(in millions, except per share) | | December 31, 2023 | | January 1, 2023 | | | | |
Net sales | | $ | 692.2 | | | $ | 713.3 | | | | | |
Cost of goods sold | | 447.3 | | | 511.4 | | | | | |
Gross profit | | 244.9 | | | 201.9 | | | | | |
Selling, general & administrative | | 219.9 | | | 222.1 | | | | | |
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Operating income (loss) | | 25.0 | | | (20.2) | | | | | |
Interest expense | | 19.2 | | | 33.4 | | | | | |
Interest income | | (23.4) | | | (0.1) | | | | | |
Gain from debt repurchase | | (4.7) | | | — | | | | | |
Other non-operating expense (income), net | | 4.0 | | | (1.4) | | | | | |
Income (loss) from continuing operations before income taxes | | 29.9 | | | (52.1) | | | | | |
Income tax expense (benefit) | | 12.4 | | | (12.1) | | | | | |
Net income (loss) from continuing operations | | 17.5 | | | (40.0) | | | | | |
Income from discontinued operations, net of tax | | 11.7 | | | 19.5 | | | | | |
Net income (loss) | | 29.2 | | | (20.5) | | | | | |
Net income from continuing operations attributable to non-controlling interest | | 0.1 | | | 0.3 | | | | | |
Income from discontinued operations attributable to non-controlling interest, net of tax | | — | | | 0.1 | | | | | |
Net income (loss) attributable to controlling interest | | $ | 29.1 | | | $ | (20.9) | | | | | |
Amounts attributable to controlling interest | | | | | | | | |
Net income (loss) from continuing operations attributable to controlling interest | | $ | 17.4 | | | $ | (40.3) | | | | | |
Income from discontinued operations attributable to controlling interest, net of tax | | 11.7 | | | 19.4 | | | | | |
Net income (loss) attributable to controlling interest | | $ | 29.1 | | | $ | (20.9) | | | | | |
Earnings Per Share | | | | | | | | |
Basic earnings per share from continuing operations | | $ | 0.51 | | | $ | (0.99) | | | | | |
Basic earnings per share from discontinued operations | | 0.34 | | | 0.48 | | | | | |
Basic earnings per share | | $ | 0.85 | | | $ | (0.51) | | | | | |
Diluted earnings per share from continuing operations | | $ | 0.51 | | | $ | (0.99) | | | | | |
Diluted earnings per share from discontinued operations | | 0.34 | | | 0.48 | | | | | |
Diluted earnings per share | | $ | 0.85 | | | $ | (0.51) | | | | | |
Dividend per share | | $ | 0.42 | | | $ | 0.42 | | | | | |
Weighted Average Shares Outstanding | | | | | | | | |
Basic | | 34.0 | | | 40.9 | | | | | |
Diluted | | 34.1 | | | 40.9 | | | | | |
See accompanying notes to the condensed consolidated financial statements
SPECTRUM BRANDS HOLDINGS, INC
Condensed Consolidated Statements of Comprehensive Income
For the three month periods ended December 31, 2023 and January 1, 2023
(unaudited)
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(in millions) | | December 31, 2023 | | January 1, 2023 | | | | |
Net income (loss) | | $ | 29.2 | | | $ | (20.5) | | | | | |
Other comprehensive income | | | | | | | | |
Foreign currency translation adjustment | | | | | | | | |
Foreign currency translation gain | | 36.7 | | | 60.5 | | | | | |
Unrealized loss from net investment hedge | | (21.3) | | | (33.9) | | | | | |
Foreign currency translation adjustment before tax | | 15.4 | | | 26.6 | | | | | |
Deferred tax effect | | 5.6 | | | 8.8 | | | | | |
Foreign currency translation adjustment, net | | 21.0 | | | 35.4 | | | | | |
Unrealized loss on derivative instruments | | | | | | | | |
Unrealized loss on hedging activity before reclassification | | (10.6) | | | (25.4) | | | | | |
Net reclassification for loss (gain) to income from continuing operations | | 5.1 | | | (2.5) | | | | | |
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Unrealized loss on hedging instruments after reclassification | | (5.5) | | | (27.9) | | | | | |
Deferred tax effect | | 1.5 | | | 7.2 | | | | | |
Net unrealized loss on hedging derivative instruments | | (4.0) | | | (20.7) | | | | | |
Defined benefit pension loss | | | | | | | | |
Defined benefit pension loss before reclassification | | (1.1) | | | (2.3) | | | | | |
Net reclassification for loss to income from continuing operations | | 0.2 | | | 0.9 | | | | | |
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Defined benefit pension loss after reclassification | | (0.9) | | | (1.4) | | | | | |
Deferred tax effect | | 0.2 | | | 1.2 | | | | | |
Net defined benefit pension loss | | (0.7) | | | (0.2) | | | | | |
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Net change to derive comprehensive income for the period | | 16.3 | | | 14.5 | | | | | |
Comprehensive income (loss) | | 45.5 | | | (6.0) | | | | | |
Comprehensive income from continuing operations attributable to non-controlling interest | | 0.1 | | | 0.2 | | | | | |
Comprehensive income from discontinued operations attributable to non-controlling interest | | — | | | 0.1 | | | | | |
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Comprehensive income (loss) attributable to controlling interest | | $ | 45.4 | | | $ | (6.3) | | | | | |
See accompanying notes to the condensed consolidated financial statements
SPECTRUM BRANDS HOLDINGS, INC
Condensed Consolidated Statements of Shareholders' Equity
For the three month period ended December 31, 2023
(unaudited)
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| | 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, 2023 | | 35.3 | | | $ | 0.5 | | | $ | 1,920.8 | | | $ | 2,096.0 | | | $ | (249.4) | | | $ | (1,250.3) | | | $ | 2,517.6 | | | $ | 0.7 | | | $ | 2,518.3 | |
Net income from continuing operations | | — | | | — | | | — | | | 17.4 | | | — | | | — | | | 17.4 | | | 0.1 | | | 17.5 | |
Income from discontinued operations, net of tax | | — | | | — | | | — | | | 11.7 | | | — | | | — | | | 11.7 | | | — | | | 11.7 | |
Other comprehensive income, net of tax | | — | | | — | | | — | | | — | | | 16.2 | | | — | | | 16.2 | | | 0.1 | | | 16.3 | |
Accelerated share repurchase | | (1.3) | | | — | | | 83.2 | | | — | | | — | | | (83.2) | | | — | | | — | | | — | |
Treasury stock repurchases | | (3.3) | | | — | | | — | | | — | | | — | | | (243.0) | | | (243.0) | | | — | | | (243.0) | |
Excise tax on net share repurchases | | — | | | — | | | — | | | — | | | — | | | (3.1) | | | (3.1) | | | — | | | (3.1) | |
Restricted stock issued and related tax withholdings | | 0.1 | | | — | | | (14.3) | | | — | | | — | | | 8.9 | | | (5.4) | | | — | | | (5.4) | |
Share based compensation | | — | | | — | | | 3.9 | | | — | | | — | | | — | | | 3.9 | | | — | | | 3.9 | |
Dividends declared | | — | | | — | | | — | | | (14.5) | | | — | | | — | | | (14.5) | | | — | | | (14.5) | |
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Balances as of December 31, 2023 | | 30.8 | | | $ | 0.5 | | | $ | 1,993.6 | | | $ | 2,110.6 | | | $ | (233.2) | | | $ | (1,570.7) | | | $ | 2,300.8 | | | $ | 0.9 | | | $ | 2,301.7 | |
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See accompanying notes to the condensed consolidated financial statements
SPECTRUM BRANDS HOLDINGS, INC
Condensed Consolidated Statements of Shareholders' Equity
For the three month period ended January 1, 2023
(unaudited)
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| | 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, 2022 | | 40.8 | | | $ | 0.5 | | | $ | 2,032.5 | | | $ | 362.1 | | | $ | (303.1) | | | $ | (828.8) | | | $ | 1,263.2 | | | $ | 5.9 | | | $ | 1,269.1 | |
Net (loss) income from continuing operations | | — | | | — | | | — | | | (40.3) | | | — | | | — | | | (40.3) | | | 0.3 | | | (40.0) | |
Income from discontinued operations, net of tax | | — | | | — | | | — | | | 19.4 | | | — | | | — | | | 19.4 | | | 0.1 | | | 19.5 | |
Other comprehensive income, net of tax | | — | | | — | | | — | | | — | | | 14.2 | | | — | | | 14.2 | | | 0.3 | | | 14.5 | |
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Restricted stock issued and related tax withholdings | | 0.2 | | | — | | | (25.1) | | | — | | | — | | | 14.6 | | | (10.5) | | | — | | | (10.5) | |
Share based compensation | | — | | | — | | | 4.1 | | | — | | | — | | | — | | | 4.1 | | | — | | | 4.1 | |
Dividends declared | | — | | | — | | | — | | | (17.3) | | | — | | | — | | | (17.3) | | | — | | | (17.3) | |
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Balances as of January 1, 2023 | | 41.0 | | | $ | 0.5 | | | $ | 2,011.5 | | | $ | 323.9 | | | $ | (288.9) | | | $ | (814.2) | | | $ | 1,232.8 | | | $ | 6.6 | | | $ | 1,239.4 | |
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See accompanying notes to the condensed consolidated financial statements
SPECTRUM BRANDS HOLDINGS, INC.
Condensed Consolidated Statements of Cash Flows
For the three month periods ended December 31, 2023 and January 1, 2023
(unaudited)
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(in millions) | | December 31, 2023 | | January 1, 2023 |
Cash flows from operating activities | | | | |
Net income (loss) | | $ | 29.2 | | | $ | (20.5) | |
Income from discontinued operations, net of tax | | 11.7 | | | 19.5 | |
Net income (loss) from continuing operations | | 17.5 | | | (40.0) | |
Adjustments to reconcile net income (loss) to net cash from operating activities: | | | | |
Depreciation | | 14.4 | | | 12.2 | |
Amortization | | 11.1 | | | 10.4 | |
Share based compensation | | 3.9 | | | 3.3 | |
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Impairment of intangible assets | | 4.0 | | | — | |
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Gain from debt repurchase | | (4.7) | | | — | |
Non-cash purchase accounting adjustments | | 0.5 | | | 0.5 | |
Amortization of debt issuance costs and debt discount | | 0.9 | | | 2.0 | |
Write-off of unamortized discount and debt issuance costs | | 0.3 | | | — | |
Gain from remeasurement of contingent consideration liability | | — | | | (1.5) | |
Deferred tax benefit | | (0.8) | | | (18.4) | |
Net changes in operating assets and liabilities | | (29.0) | | | (25.5) | |
Net cash provided (used) by operating activities from continuing operations | | 18.1 | | | (57.0) | |
Net cash used by operating activities from discontinued operations | | (22.4) | | | (7.2) | |
Net cash used by operating activities | | (4.3) | | | (64.2) | |
Cash flows from investing activities | | | | |
Purchases of property, plant and equipment | | (8.4) | | | (10.0) | |
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Purchases of short term investments | | (700.0) | | | — | |
Proceeds from sale of short term investments | | 842.0 | | | — | |
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Net cash provided (used) by investing activities from continuing operations | | 133.6 | | | (10.0) | |
Net cash used by investing activities from discontinued operations | | — | | | (3.6) | |
Net cash provided (used) by investing activities | | 133.6 | | | (13.6) | |
Cash flows from financing activities | | | | |
Payment of debt | | (174.1) | | | (3.3) | |
Proceeds from issuance of debt | | — | | | 90.0 | |
Payment of debt issuance costs | | (3.2) | | | (2.3) | |
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Treasury stock purchases | | (243.0) | | | — | |
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Dividends paid to shareholders | | (14.1) | | | (17.1) | |
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Share based award tax withholding payments, net of proceeds upon vesting | | (5.4) | | | (10.5) | |
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Net cash (used) provided by financing activities from continuing operations | | (439.8) | | | 56.8 | |
Net cash used by financing activities from discontinued operations | | — | | | (0.4) | |
Net cash (used) provided by financing activities | | (439.8) | | | 56.4 | |
Effect of exchange rate changes on cash and cash equivalents | | 2.0 | | | 5.7 | |
Net change in cash, cash equivalents and restricted cash in continuing operations | | (308.5) | | | (15.7) | |
Cash, cash equivalents, and restricted cash, beginning of period | | 753.9 | | | 243.9 | |
Cash, cash equivalents, and restricted cash, end of period | | $ | 445.4 | | | $ | 228.2 | |
Supplemental disclosure of cash flow information | | | | |
Cash paid for interest associated with continued operations | | $ | 21.8 | | | $ | 16.6 | |
Cash paid for interest associated with discontinued operations | | — | | | 8.9 | |
Cash paid for taxes associated with continued operations | | 3.4 | | | 6.1 | |
Cash paid for taxes associated with discontinued operations | | — | | | 6.0 | |
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 | | $ | 14.0 | | | $ | 27.2 | |
See accompanying notes to the condensed consolidated financial statements
SB/RH HOLDINGS, LLC
Condensed Consolidated Statements of Financial Position
As of December 31, 2023 and September 30, 2023
(unaudited)
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(in millions) | | December 31, 2023 | | September 30, 2023 |
Assets | | | | |
Cash and cash equivalents | | $ | 444.3 | | | $ | 752.7 | |
Short term investments | | 950.0 | | | 1,103.3 | |
Trade receivables, net | | 535.1 | | | 477.1 | |
Other receivables | | 166.5 | | | 174.6 | |
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Inventories | | 457.0 | | | 462.8 | |
Prepaid expenses and other current assets | | 52.6 | | | 44.3 | |
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Total current assets | | 2,605.5 | | | 3,014.8 | |
Property, plant and equipment, net | | 271.2 | | | 275.1 | |
Operating lease assets | | 104.9 | | | 110.8 | |
Deferred charges and other | | 38.6 | | | 31.8 | |
Goodwill | | 860.1 | | | 854.7 | |
Intangible assets, net | | 1,056.3 | | | 1,060.1 | |
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Total assets | | $ | 4,936.6 | | | $ | 5,347.3 | |
Liabilities and Shareholder's Equity | | | | |
Current portion of long-term debt | | $ | 8.8 | | | $ | 8.6 | |
Accounts payable | | 382.7 | | | 396.7 | |
Accrued wages and salaries | | 33.3 | | | 46.0 | |
Accrued interest | | 17.0 | | | 20.6 | |
Income tax payable | | 36.3 | | | 36.8 | |
Other current liabilities | | 173.4 | | | 172.2 | |
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Total current liabilities | | 651.5 | | | 680.9 | |
Long-term debt, net of current portion | | 1,387.8 | | | 1,546.9 | |
Long-term operating lease liabilities | | 90.9 | | | 95.6 | |
Deferred income taxes | | 175.4 | | | 176.3 | |
Other long-term liabilities | | 142.8 | | | 157.9 | |
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Total liabilities | | 2,448.4 | | | 2,657.6 | |
Commitments and contingencies (Note 15) | | | | |
Shareholder's equity | | | | |
Other capital | | 2,167.3 | | | 2,168.9 | |
Accumulated earnings | | 551.5 | | | 767.8 | |
Accumulated other comprehensive loss, net of tax | | (233.1) | | | (249.3) | |
Total shareholder's equity | | 2,485.7 | | | 2,687.4 | |
Non-controlling interest | | 2.5 | | | 2.3 | |
Total equity | | 2,488.2 | | | 2,689.7 | |
Total liabilities and equity | | $ | 4,936.6 | | | $ | 5,347.3 | |
See accompanying notes to the condensed consolidated financial statements
SB/RH HOLDINGS, LLC
Condensed Consolidated Statements of Income
For the three month periods ended December 31, 2023 and January 1, 2023
(unaudited)
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| | Three Month Periods Ended | | |
(in millions) | | December 31, 2023 | | January 1, 2023 | | | | |
Net sales | | $ | 692.2 | | | $ | 713.3 | | | | | |
Cost of goods sold | | 447.3 | | | 511.4 | | | | | |
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Gross profit | | 244.9 | | | 201.9 | | | | | |
Selling, general and administrative | | 219.4 | | | 222.0 | | | | | |
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Operating income (loss) | | 25.5 | | | (20.1) | | | | | |
Interest expense | | 19.2 | | | 33.4 | | | | | |
Interest income | | (23.4) | | | (0.1) | | | | | |
Gain from debt repurchase | | (4.7) | | | — | | | | | |
Other non-operating expense (income), net | | 4.0 | | | (1.4) | | | | | |
Income (loss) from continuing operations before income taxes | | 30.4 | | | (52.0) | | | | | |
Income tax expense (benefit) | | 12.2 | | | (12.2) | | | | | |
Net income (loss) from continuing operations | | 18.2 | | | (39.8) | | | | | |
Income from discontinued operations, net of tax | | 11.7 | | | 19.5 | | | | | |
Net income (loss) | | 29.9 | | | (20.3) | | | | | |
Net income from continuing operations attributable to non-controlling interest | | 0.1 | | | 0.3 | | | | | |
Income from discontinued operations attributable to non-controlling interest, net of tax | | — | | | 0.1 | | | | | |
Net income (loss) attributable to controlling interest | | $ | 29.8 | | | $ | (20.7) | | | | | |
Amounts attributable to controlling interest | | | | | | | | |
Net income (loss) from continuing operations attributable to controlling interest | | $ | 18.1 | | | $ | (40.1) | | | | | |
Income from discontinued operations attributable to controlling interest, net of tax | | 11.7 | | | 19.4 | | | | | |
Net income (loss) attributable to controlling interest | | $ | 29.8 | | | $ | (20.7) | | | | | |
See accompanying notes to the condensed consolidated financial statements
SB/RH HOLDINGS, LLC
Condensed Consolidated Statements of Comprehensive Income
For the three month periods ended December 31, 2023 and January 1, 2023
(unaudited)
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| | Three Month Periods Ended | | |
(in millions) | | December 31, 2023 | | January 1, 2023 | | | | |
Net income (loss) | | $ | 29.9 | | | $ | (20.3) | | | | | |
Other comprehensive income | | | | | | | | |
Foreign currency translation adjustment | | | | | | | | |
Foreign currency translation gain | | 36.7 | | | 60.5 | | | | | |
Unrealized loss from net investment hedge | | (21.3) | | | (33.9) | | | | | |
Foreign currency translation adjustment before tax | | 15.4 | | | 26.6 | | | | | |
Deferred tax effect | | 5.6 | | | 8.8 | | | | | |
Foreign currency translation adjustment, net | | 21.0 | | | 35.4 | | | | | |
Unrealized loss on derivative instruments | | | | | | | | |
Unrealized loss on hedging activity before reclassification | | (10.6) | | | (25.4) | | | | | |
Net reclassification for loss (gain) to income from continuing operations | | 5.1 | | | (2.5) | | | | | |
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Unrealized loss on hedging instruments after reclassification | | (5.5) | | | (27.9) | | | | | |
Deferred tax effect | | 1.5 | | | 7.2 | | | | | |
Net unrealized loss on hedging derivative instruments | | (4.0) | | | (20.7) | | | | | |
Defined benefit pension loss | | | | | | | | |
Defined benefit pension loss before reclassification | | (1.1) | | | (2.3) | | | | | |
Net reclassification for loss to income from continuing operations | | 0.2 | | | 0.9 | | | | | |
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Defined benefit pension loss after reclassification | | (0.9) | | | (1.4) | | | | | |
Deferred tax effect | | 0.2 | | | 1.2 | | | | | |
Net defined benefit pension loss | | (0.7) | | | (0.2) | | | | | |
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Net change to derive comprehensive income for the period | | 16.3 | | | 14.5 | | | | | |
Comprehensive income (loss) | | 46.2 | | | (5.8) | | | | | |
Comprehensive income from continuing operations attributable to non-controlling interest | | 0.1 | | | 0.2 | | | | | |
Comprehensive income from discontinued operations attributable to non-controlling interest | | — | | | 0.1 | | | | | |
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Comprehensive income (loss) attributable to controlling interest | | $ | 46.1 | | | $ | (6.1) | | | | | |
See accompanying notes to the condensed consolidated financial statements
SB/RH HOLDINGS, LLC
Condensed Consolidated Statements of Shareholder's Equity
For the three month period ended December 31, 2023
(unaudited)
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(in millions) | | Other Capital | | Accumulated Earnings | | Accumulated Other Comprehensive Loss | | Total Shareholder's Equity | | Non- controlling Interest | | Total Equity |
Balances at September 30, 2023 | | $ | 2,168.9 | | | $ | 767.8 | | | $ | (249.3) | | | $ | 2,687.4 | | | $ | 2.3 | | | $ | 2,689.7 | |
Net income from continuing operations | | — | | | 18.1 | | | — | | | 18.1 | | | 0.1 | | | 18.2 | |
Income from discontinued operations, net of tax | | — | | | 11.7 | | | — | | | 11.7 | | | — | | | 11.7 | |
Other comprehensive income, net of tax | | — | | | — | | | 16.2 | | | 16.2 | | | 0.1 | | | 16.3 | |
Restricted stock issued and related tax withholdings | | (5.4) | | | — | | | — | | | (5.4) | | | — | | | (5.4) | |
Share based compensation | | 3.8 | | | — | | | — | | | 3.8 | | | — | | | 3.8 | |
Dividends paid to parent | | — | | | (246.1) | | | — | | | (246.1) | | | — | | | (246.1) | |
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Balances as of December 31, 2023 | | $ | 2,167.3 | | | $ | 551.5 | | | $ | (233.1) | | | $ | 2,485.7 | | | $ | 2.5 | | | $ | 2,488.2 | |
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See accompanying notes to the condensed consolidated financial statements
SB/RH HOLDINGS, LLC
Condensed Consolidated Statements of Shareholder's Equity
For the three month period ended January 1, 2023
(unaudited) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(in millions) | | Other Capital | | Accumulated Deficit | | Accumulated Other Comprehensive Loss | | Total Shareholder's Equity | | Non- controlling Interest | | Total Equity |
Balances at September 30, 2022 | | $ | 2,164.6 | | | $ | (736.0) | | | $ | (303.0) | | | $ | 1,125.6 | | | $ | 7.5 | | | $ | 1,133.1 | |
Net (loss) income from continuing operations | | — | | | (40.1) | | | — | | | (40.1) | | | 0.3 | | | (39.8) | |
Income from discontinued operations, net of tax | | — | | | 19.4 | | | — | | | 19.4 | | | 0.1 | | | 19.5 | |
Other comprehensive income, net of tax | | — | | | — | | | 14.2 | | | 14.2 | | | 0.3 | | | 14.5 | |
Restricted stock issued and related tax withholdings | | (10.5) | | | — | | | — | | | (10.5) | | | — | | | (10.5) | |
Share based compensation | | 3.9 | | | — | | | — | | | 3.9 | | | — | | | 3.9 | |
Dividends paid to parent | | — | | | (17.1) | | | — | | | (17.1) | | | — | | | (17.1) | |
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Balances as of January 1, 2023 | | $ | 2,158.0 | | | $ | (773.8) | | | $ | (288.8) | | | $ | 1,095.4 | | | $ | 8.2 | | | $ | 1,103.6 | |
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See accompanying notes to the condensed consolidated financial statements
SB/RH HOLDINGS, LLC
Condensed Consolidated Statements of Cash Flows
For the three month periods ended December 31, 2023 and January 1, 2023
(unaudited)
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| | Three Month Periods Ended |
(in millions) | | December 31, 2023 | | January 1, 2023 |
Cash flows from operating activities | | | | |
Net income (loss) | | $ | 29.9 | | | $ | (20.3) | |
Income from discontinued operations, net of tax | | 11.7 | | | 19.5 | |
Net income (loss) from continuing operations | | 18.2 | | | (39.8) | |
Adjustments to reconcile net income (loss) to net cash from operating activities: | | | | |
Depreciation | | 14.4 | | | 12.2 | |
Amortization | | 11.1 | | | 10.4 | |
Share based compensation | | 3.8 | | | 3.1 | |
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Impairment of intangible assets | | 4.0 | | | — | |
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Non-cash purchase accounting adjustments | | 0.5 | | | 0.5 | |
Gain from debt repurchase | | (4.7) | | | — | |
Amortization of debt issuance costs and debt discount | | 0.9 | | | 2.0 | |
Write-off of unamortized discount and debt issuance costs | | 0.3 | | | — | |
Gain from remeasurement of contingent consideration liability | | — | | | (1.5) | |
Deferred tax benefit | | (1.1) | | | (18.5) | |
Net changes in operating assets and liabilities | | (45.6) | | | (36.0) | |
Net cash provided (used) by operating activities from continuing operations | | 1.8 | | | (67.6) | |
Net cash used by operating activities from discontinued operations | | (22.4) | | | (7.1) | |
Net cash used by operating activities | | (20.6) | | | (74.7) | |
Cash flows from investing activities | | | | |
Purchases of property, plant and equipment | | (8.4) | | | (10.0) | |
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Purchases of short term investments | | (700.0) | | | — | |
Proceeds from sale of short term investments | | 842.0 | | | — | |
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Net cash provided (used) by investing activities from continuing operations | | 133.6 | | | (10.0) | |
Net cash used by investing activities from discontinued operations | | — | | | (3.6) | |
Net cash provided (used) by investing activities | | 133.6 | | | (13.6) | |
Cash flows from financing activities | | | | |
Payment of debt | | (174.1) | | | (3.3) | |
Proceeds from issuance of debt | | — | | | 90.0 | |
Payment of debt issuance costs | | (3.2) | | | (2.3) | |
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Payment of cash dividends to parent | | (246.1) | | | (17.1) | |
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Net cash (used) provided by financing activities from continuing operations | | (423.4) | | | 67.3 | |
Net cash used by financing activities from discontinued operations | | — | | | (0.4) | |
Net cash (used) provided by financing activities | | (423.4) | | | 66.9 | |
Effect of exchange rate changes on cash and cash equivalents | | 2.0 | | | 5.7 | |
Net change in cash, cash equivalents and restricted cash | | (308.4) | | | (15.7) | |
Cash, cash equivalents, and restricted cash, beginning of period | | 752.7 | | | 242.6 | |
Cash, cash equivalents, and restricted cash, end of period | | $ | 444.3 | | | $ | 226.9 | |
Supplemental disclosure of cash flow information | | | | |
Cash paid for interest associated with continued operations | | $ | 21.8 | | | $ | 16.6 | |
Cash paid for interest associated with discontinued operations | | — | | | 8.9 | |
Cash paid for taxes associated with continued operations | | 3.4 | | | 6.1 | |
Cash paid for taxes associated with discontinued operations | | — | | | 6.0 | |
Non cash investing activities | | | | |
Acquisition of property, plant and equipment through finance leases | | $ | 0.2 | | | $ | 0.1 | |
See accompanying notes to the condensed consolidated financial statements
SPECTRUM BRANDS HOLDINGS, INC.
SB/RH HOLDINGS, LLC
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(in millions, unaudited)
This report is a combined report of Spectrum Brands Holdings, Inc. (“SBH”) and SB/RH Holdings, LLC (“SB/RH”) (collectively, the “Company”). The notes to the condensed consolidated financial statements that follow include both consolidated SBH and SB/RH Notes, unless otherwise indicated below.
NOTE 1– BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
Principles of Consolidation and Fiscal Period-End
The accompanying unaudited condensed consolidated financial statements have been prepared by the Company and its majority owned subsidiaries in accordance with accounting principles for interim financial information generally accepted in the United States and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all the information and notes necessary for a comprehensive presentation of financial position and results of operations. It is management’s opinion, however, that all material adjustments have been made which are necessary for a fair financial statement presentation. For further information, refer to the consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2023.
SBH’s and SB/RH’s fiscal year ends September 30 and the Company reports its results using fiscal quarters whereby each three month quarterly reporting period is approximately thirteen weeks in length and ends on a Sunday. The exceptions are the first quarter, which begins on October 1, and the fourth quarter, which ends on September 30. As a result, the fiscal period end date for the three month periods included within this Quarterly Report for the Company are December 31, 2023 and January 1, 2023, respectively.
Newly Adopted Accounting Standards
In September 2022, the FASB issued ASU 2022-04, Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations to enhance transparency about the use of supplier finance programs. Under the ASU, the buyer in a supplier finance program is required to disclose information about the key terms of the program, outstanding confirmed amounts as of the end of the period, a roll-forward of such amounts during each annual period, and a description of where in the financial statements outstanding amounts are presented. The amendments in ASU 2022-04 are effective for all entities for fiscal years beginning after December 15, 2022, including interim periods within those financial years, except for the disclosure of roll-forward information, which is effective for fiscal years beginning after December 15, 2023. We adopted the ASU in fiscal 2023, except for the disclosure of roll-forward information, which was adopted during the first quarter of fiscal 2024. The following table summarizes the roll-forward of the supplier finance program for the three month period ended December 31, 2023:
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(in millions) | | Amount |
Outstanding payment obligations as of September 30, 2023 | | $ | 17.9 | |
Invoices confirmed during the period | | 18.8 | |
Confirmed invoices paid during the period | | (20.1) | |
Outstanding payment obligations as of December 31, 2023 | | $ | 16.6 | |
The outstanding payment obligations under the supplier finance program are included in Accounts Payable in the Company's Condensed Statement of Financial Position.
Recently Issued Accounting Standards
In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which provides updates to qualitative and quantitative reportable segment disclosure requirements, including enhanced disclosures about significant segment expenses and increased interim disclosure requirements, among others. The amendments in ASU 2023-07 are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted, and the amendments should be applied retrospectively. This ASU will be effective for our Form 10-K for fiscal 2025 and our Form 10-Q for the first quarter of fiscal 2026. We are currently evaluating the impact this ASU may have on our consolidated financial statement disclosures.
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which provides qualitative and quantitative updates to the rate reconciliation and income taxes paid disclosures, among others, in order to enhance the transparency of income tax disclosures, including consistent categories and greater disaggregation of information in the rate reconciliation and disaggregation by jurisdiction of income taxes paid. The amendments in ASU 2023-09 are effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The amendments should be applied prospectively; however, retrospective application is also permitted. This ASU will be effective for our Form 10-K for fiscal 2026. We are currently evaluating the impact this ASU may have on our consolidated financial statement disclosures.
SPECTRUM BRANDS HOLDINGS, INC.
SB/RH HOLDINGS, LLC
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(in millions, unaudited)
NOTE 2 – DIVESTITURES
The following table summarizes the components of Income from Discontinued Operations, Net of Tax in the Condensed Consolidated Statements of Income for the three month periods ended December 31, 2023 and January 1, 2023:
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| | Three Month Periods Ended | | |
(in millions) | | December 31, 2023 | | January 1, 2023 | | | | |
Income from discontinued operations before income taxes – HHI | | $ | — | | | $ | 45.0 | | | | | |
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Income (loss) from discontinued operations before income taxes – Other | | 10.3 | | | (0.6) | | | | | |
Interest expense on corporate debt allocated to discontinued operations | | — | | | 16.3 | | | | | |
Income from discontinued operations before income taxes | | 10.3 | | | 28.1 | | | | | |
Income tax (benefit) expense from discontinued operations | | (1.4) | | | 8.6 | | | | | |
Income from discontinued operations, net of tax | | 11.7 | | | 19.5 | | | | | |
Income from discontinued operations attributable to noncontrolling interest, net of tax | | — | | | 0.1 | | | | | |
Income from discontinued operations attributable to controlling interest, net of tax | | $ | 11.7 | | | $ | 19.4 | | | | | |
Interest from corporate debt allocated to discontinued operations in the prior year includes interest expense from Term Loans, which was paid down following the close of the HHI divestiture on June 20, 2023, and interest expense from corporate debt not directly attributable to or related to other operations based on the ratio of net assets of the disposal group held for sale to the consolidated net assets of the Company plus consolidated debt, excluding debt assumed in the transaction, required to be repaid, or directly attributable to other operations of the Company.
Hardware and Home Improvement ("HHI")
On September 8, 2021, the Company entered into a definitive Asset and Stock Purchase Agreement (the "Purchase Agreement") with ASSA ABLOY AB ("ASSA") to sell its HHI segment for cash proceeds of $4.3 billion, subject to customary purchase price adjustments. On June 20, 2023, the Company completed its divestiture of its HHI segment. The Company and ASSA have made customary representations and warranties and have agreed to customary covenants relating to the acquisition. The Company and ASSA have agreed to indemnify each other for losses arising from certain breaches of the Purchase Agreement and for certain other matters. In particular, the Company has agreed to indemnify ASSA for certain liabilities relating to the assets retained by the Company, and ASSA has agreed to indemnify the Company for certain liabilities assumed by ASSA, in each case as described in the Purchase Agreement. The Company and ASSA have agreed to enter into related agreements ancillary to the acquisition that became effective upon the consummation of the acquisition, including a customary transition services agreements ("TSA") and providing for both forward and reverse transition services. The consummation of the acquisition was not subject to any financing condition.
The following table summarizes the components of income from discontinued operations before income taxes associated with the HHI divestiture for the three month period ended January 1, 2023:
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(in millions) | | | | January 1, 2023 | | | | |
Net sales | | | | $ | 362.9 | | | | | |
Cost of goods sold | | | | 244.8 | | | | | |
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Gross profit | | | | 118.1 | | | | | |
Operating expenses | | | | 71.1 | | | | | |
Operating income | | | | 47.0 | | | | | |
Interest expense | | | | 0.8 | | | | | |
Other non-operating expense, net | | | | 1.2 | | | | | |
Income from discontinued operations before income taxes | | | | $ | 45.0 | | | | | |
Interest expense consists of interest from debt directly attributable to HHI operations that primarily consist of interest from finance leases. The following table presents significant non-cash items and capital expenditures of discontinued operations from the HHI divestiture for the three month period ended January 1, 2023:
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(in millions) | | | | January 1, 2023 | | | | |
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Share based compensation | | | | $ | 0.9 | | | | | |
Purchases of property, plant and equipment | | | | 3.6 | | | | | |
SPECTRUM BRANDS HOLDINGS, INC.
SB/RH HOLDINGS, LLC
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(in millions, unaudited)
NOTE 2 – DIVESTITURES (continued)
The Company and ASSA entered into customary TSAs that became effective upon the consummation of the transaction. The TSA supports various shared back office administrative functions, including finance, sales and marketing, information technology, human resources, real estate and supply chain, customer service and procurement; supporting both the transferred HHI operations and the continuing operations of the Company. Charges associated with TSAs are recognized as bundled service costs under a fixed fee structure by the respective service or function and also include one time pass-through charges including warehousing, freight, among others. TSA charges are settled periodically between the Company and ASSA on a net basis. Charges to ASSA are recognized as a reduction of the respective operating expense incurred and charges from ASSA are recognized as an operating expense depending upon the function supported by ASSA. The TSA has an overall expected time period of 12 months following the close of the transaction with variability in expiration dependent upon the completed transition of the respective service or function, and may provide up to 12 additional months for a total duration of up to 24 months. During the three month period ended December 31, 2023 the Company recognized a net income of $7.9 million associated with TSA charges. Additionally, the Company and ASSA will receive cash and make payments on behalf of the respective counterparty's operations as part of the shared administrative functions, resulting in cash flow being commingled with the operating cash flow of the Company. The Company recognizes a net payable or receivable with ASSA for any outstanding TSA charges and net working capital attributable to commingled cash flow. As of December 31, 2023 and September 30, 2023, the Company had a net receivable of $7.0 million and $4.0 million, respectively, included in Other Receivables on the Company's Condensed Consolidated Statement of Financial Position consisting of amounts due from ASSA for cash flow settlement from commingled operations and net TSA charges, including amounts subject to repayment by the Company.
Further, the Company has recognized payables to ASSA for outstanding settlements associated with the purchase agreement, including tax indemnifications for outstanding settlements with tax authorities and uncertain tax benefit obligations, among others. As of December 31, 2023, the Company recognized $26.9 million, included within Accounts Payable, and $2.6 million, included within Other Long-Term Liabilities, on the Company’s Condensed Consolidated Statements of Financial Position. As of September 30, 2023, the Company recognized $27.3 million, included within Accounts Payable, and $2.6 million, included within Other Long-Term Liabilities, on the Company’s Consolidated Statements of Financial Position.
Other
Income from discontinued operations before income taxes – other includes incremental pre-tax loss for changes to tax and legal indemnifications and other agreed-upon funding under the acquisition agreements for the sale and divestiture of the Global Batteries & Lighting ("GBL") and Global Auto Care ("GAC") divisions to Energizer Holdings, Inc. ("Energizer") during the year ended September 30, 2019. The Company and Energizer agreed to indemnify each other for losses arising from certain breaches of the acquisition agreement and for certain other matters, in each case as described in the acquisition agreements. Subsequently, effective January 2, 2020, Energizer closed its divestitures of the European based Varta® consumer battery business in the EMEA region to Varta AG and transferred all respective rights and indemnifications attributable to the Varta® consumer battery business provided by the GBL sale to Varta AG. During the three month period ended December 31, 2023, the Company realized gain within the income from discontinued operations from the reversal of certain tax indemnification liabilities following the receipt of audit results and other tax settlements associated with entities transferred as part of the GBL divestiture and for periods prior to the sale for which the Company has indemnified. As of December 31, 2023 and September 30, 2023, the Company recognized $14.8 million and $25.3 million, respectively, related to indemnification payables in accordance with the acquisition agreements, primarily attributable to uncertain tax benefit obligations and outstanding settlements with tax authorities that were transferred and indemnified in accordance with the acquisition agreement, including $14.2 million and $8.6 million within Other Current Liabilities, respectively, and $0.6 million and $16.7 million, within Other Long-Term Liabilities, respectively, on the Company’s Condensed Consolidated Statements of Financial Position.
NOTE 3 – REVENUE RECOGNITION
The Company generates all of its revenue from contracts with customers. The following table disaggregates our revenue for the three month periods ended December 31, 2023 and January 1, 2023, by the Company’s key revenue streams, segments and geographic region (based upon destination):
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| | Three Month Period Ended December 31, 2023 | | Three Month Period Ended January 1, 2023 |
(in millions) | | GPC | | H&G | | HPC | | Total | | GPC | | H&G | | HPC | | Total |
Product Sales | | | | | | | | | | | | | | | | |
NA | | $ | 168.6 | | | $ | 70.0 | | | $ | 135.0 | | | $ | 373.6 | | | $ | 174.3 | | | $ | 69.0 | | | $ | 164.5 | | | $ | 407.8 | |
EMEA | | |