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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 March 31, 2024
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/91a1c22621c6472e39ed86d7f87e6ece-SPB_Logo_NO_Tag.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
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
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 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
☒
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
☒
As of May 6, 2024, there were 29,150,694 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 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;
•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.

Table of Contents
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.
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1
Table of Contents
PART I. FINANCIAL INFORMATION
Item 1.     Financial Statements

SPECTRUM BRANDS HOLDINGS, INC.
Condensed Consolidated Statements of Financial Position
As of March 31, 2024 and September 30, 2023
(unaudited)
(in millions)
March 31, 2024September 30, 2023
Assets
Cash and cash equivalents$745.7 $753.9 
Short term investments500.0 1,103.3 
Trade receivables, net601.3 477.1 
Other receivables113.5 84.5 
Inventories454.3 462.8 
Prepaid expenses and other current assets45.9 44.3 
Total current assets2,460.7 2,925.9 
Property, plant and equipment, net269.5 275.1 
Operating lease assets119.2 110.8 
Deferred charges and other46.6 31.8 
Goodwill858.3 854.7 
Intangible assets, net1,002.3 1,060.1 
Total assets$4,756.6 $5,258.4 
Liabilities and Shareholders' Equity
Current portion of long-term debt$9.0 $8.6 
Accounts payable375.5 396.6 
Accrued wages and salaries48.1 46.1 
Accrued interest19.0 20.6 
Income tax payable33.3 114.5 
Other current liabilities174.0 178.4 
Total current liabilities658.9 764.8 
Long-term debt, net of current portion1,374.4 1,546.9 
Long-term operating lease liabilities101.3 95.6 
Deferred income taxes189.6 174.8 
Other long-term liabilities174.9 158.0 
Total liabilities2,499.1 2,740.1 
Commitments and contingencies (Note 15)


Shareholders' equity
Common stock0.5 0.5 
Additional paid-in capital1,998.1 1,920.8 
Accumulated earnings2,158.8 2,096.0 
Accumulated other comprehensive loss, net of tax(231.2)(249.4)
Treasury stock(1,669.3)(1,250.3)
Total shareholders' equity2,256.9 2,517.6 
Non-controlling interest0.6 0.7 
Total equity2,257.5 2,518.3 
Total liabilities and equity$4,756.6 $5,258.4 
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 March 31, 2024 and April 2, 2023
(unaudited)
Three Month Periods EndedSix Month Periods Ended
(in millions, except per share)
March 31, 2024April 2, 2023March 31, 2024April 2, 2023
Net sales$718.5 $729.2 $1,410.7 $1,442.5 
Cost of goods sold445.1 514.7 892.3 1,026.1 
Gross profit273.4 214.5 518.4 416.4 
Selling, general & administrative223.5 224.5 439.4 448.1 
Impairment of intangible assets39.0 67.0 43.0 67.0 
Representation and warranty insurance proceeds(65.0)— (65.0)— 
Gain from remeasurement of contingent consideration liability— — — (1.5)
Total operating expenses197.5 291.5 417.4 513.6 
Operating income (loss)75.9 (77.0)101.0 (97.2)
Interest expense16.9 31.6 36.1 65.0 
Interest income(17.5)(0.2)(40.9)(0.4)
Gain from debt repurchase— — (4.7)— 
Other non-operating expense, net1.1 1.4 5.2 0.1 
Income (loss) from continuing operations before income taxes75.4 (109.8)105.3 (161.9)
Income tax expense (benefit)25.5 (34.8)37.9 (46.9)
Net income (loss) from continuing operations49.9 (75.0)67.4 (115.0)
Income from discontinued operations, net of tax11.0 21.4 22.7 40.9 
Net income (loss)60.9 (53.6)90.1 (74.1)
Net (loss) income from continuing operations attributable to non-controlling interest(0.2)0.1 (0.1)0.3 
Income from discontinued operations attributable to non-controlling interest, net of tax— — — 0.2 
Net income (loss) attributable to controlling interest$61.1 $(53.7)$90.2 $(74.6)
Amounts attributable to controlling interest
Net income (loss) from continuing operations attributable to controlling interest$50.1 $(75.1)$67.5 $(115.3)
Income from discontinued operations attributable to controlling interest, net of tax11.0 21.4 22.7 40.7 
Net income (loss) attributable to controlling interest$61.1 $(53.7)$90.2 $(74.6)
Earnings Per Share
Basic earnings per share from continuing operations$1.66 $(1.83)$2.10 $(2.82)
Basic earnings per share from discontinued operations0.37 0.52 0.71 1.00 
Basic earnings per share$2.03 $(1.31)$2.81 $(1.82)
Diluted earnings per share from continuing operations$1.65 $(1.83)$2.09 $(2.82)
Diluted earnings per share from discontinued operations0.36 0.52 0.71 1.00 
Diluted earnings per share$2.01 $(1.31)$2.80 $(1.82)
Dividend per share$0.42 $0.42 $0.84 $0.84 
Weighted Average Shares Outstanding
Basic30.2 41.0 32.1 40.9 
Diluted30.4 41.0 32.2 40.9 
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 March 31, 2024 and April 2, 2023
(unaudited)
Three Month Periods Ended
Six Month Periods Ended
(in millions)
March 31, 2024April 2, 2023March 31, 2024April 2, 2023
Net income (loss)$60.9 $(53.6)$90.1 $(74.1)
Other comprehensive income
Foreign currency translation adjustment
Foreign currency translation (loss) gain(12.0)27.1 24.8 87.6 
Unrealized income (loss) from net investment hedge11.6 (12.5)(9.7)(46.4)
Foreign currency translation adjustment before tax(0.4)14.6 15.1 41.2 
Deferred tax effect(2.9)3.7 2.7 12.5 
Foreign currency translation adjustment, net(3.3)18.3 17.8 53.7 
Unrealized gain (loss) on derivative instruments
Unrealized gain (loss) on derivative instruments before reclassification1.4 (7.1)(9.2)(32.5)
Net reclassification for loss to income from continuing operations4.8 4.9 9.9 2.4 
Net reclassification for gain to income from discontinued operations— (0.1)— (0.1)
Unrealized gain (loss) on derivative instruments after reclassification6.2 (2.3)0.7 (30.2)
Deferred tax effect(1.6)0.7 (0.1)7.8 
Net unrealized gain (loss) on derivative instruments4.6 (1.6)0.6 (22.4)
Defined benefit pension gain (loss)
Defined benefit pension gain (loss) before reclassification0.3 0.1 (0.9)(2.1)
Net reclassification for loss (gain) to income from continuing operations0.2 (0.7)0.4 0.2 
Defined benefit pension gain (loss) after reclassification0.5 (0.6)(0.5)(1.9)
Deferred tax effect0.1 0.1 0.3 1.3 
Net defined benefit pension gain (loss)0.6 (0.5)(0.2)(0.6)
Net change to derive comprehensive income for the period1.9 16.2 18.2 30.7 
Comprehensive income (loss)62.8 (37.4)108.3 (43.4)
Comprehensive (loss) income from continuing operations attributable to non-controlling interest(0.1)0.1 — 0.3 
Comprehensive income from discontinued operations attributable to non-controlling interest— 0.1 — 0.2 
Comprehensive income (loss) attributable to controlling interest$62.9 $(37.6)$108.3 $(43.9)
See accompanying notes to the condensed consolidated financial statements
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Table of Contents
SPECTRUM BRANDS HOLDINGS, INC
Condensed Consolidated Statements of Shareholders' Equity
For the six month period ended March 31, 2024
(unaudited)
Common 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, 202335.3 $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 withholdings0.1 — (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)
Balances as of December 31, 202330.8 0.5 1,993.6 2,110.6 (233.2)(1,570.7)2,300.8 0.9 2,301.7 
Net income (loss) from continuing operations— — — 50.1 — — 50.1 (0.2)49.9 
Income from discontinued operations, net of tax— — — 11.0 — — 11.0 — 11.0 
Other comprehensive income (loss), net of tax— — — — 2.0 — 2.0 (0.1)1.9 
Treasury stock repurchases(1.2)— — — — (97.6)(97.6)— (97.6)
Excise tax on net share repurchases— — — — — (1.0)(1.0)— (1.0)
Share based compensation— — 4.5 — — — 4.5 — 4.5 
Dividends declared— — — (12.9)— — (12.9)— (12.9)
Balances as of March 31, 202429.6 $0.5 $1,998.1 $2,158.8 $(231.2)$(1,669.3)$2,256.9 $0.6 $2,257.5 
See accompanying notes to the condensed consolidated financial statements



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Table of Contents
SPECTRUM BRANDS HOLDINGS, INC
Condensed Consolidated Statements of Shareholders' Equity
For the six month period ended April 2, 2023
(unaudited)
Common 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, 202240.8 $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 
Restricted stock issued and related tax withholdings0.2 — (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)
Balances as of January 1, 202341.0 $0.5 2,011.5 323.9 (288.9)(814.2)1,232.8 6.6 1,239.4 
Net (loss) income from continuing operations— — — (75.1)— — (75.1)0.1 (75.0)
Income from discontinued operations, net of tax— — — 21.4 — — 21.4 — 21.4 
Other comprehensive income, net of tax— — — — 16.0 — 16.0 0.2 16.2 
Share based compensation— — 4.7 — — — 4.7 — 4.7 
Dividends declared— — — (17.6)— — (17.6)— (17.6)
Balances as of April 2, 202341.0 $0.5 $2,016.2 $252.6 $(272.9)$(814.2)$1,182.2 $6.9 $1,189.1 
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 six month periods ended March 31, 2024 and April 2, 2023
(unaudited)
Six Month Periods Ended
(in millions)March 31, 2024April 2, 2023
Cash flows from operating activities
Net income (loss)$90.1 $(74.1)
Income from discontinued operations, net of tax22.7 40.9 
Net income (loss) from continuing operations67.4 (115.0)
Adjustments to reconcile net income (loss) from continuing operations to net cash provided by operating activities from continuing operations:
Depreciation 28.8 24.1 
Amortization22.2 20.9 
Share based compensation8.4 7.7 
Impairment of intangible assets43.0 67.0 
Impairment of property, plant and equipment and operating lease assets0.5 4.5 
Gain from debt repurchase(4.7)— 
Non-cash purchase accounting adjustments0.9 0.9 
Non-cash accrual for representation and warranty proceeds(15.0)— 
Amortization of debt issuance costs and debt discount1.7 4.0 
Write-off of unamortized discount and debt issuance costs0.3 — 
Gain from remeasurement of contingent consideration liability— (1.5)
Deferred tax benefit10.9 (62.0)
Net changes in operating assets and liabilities(83.7)198.0 
Net cash provided by operating activities from continuing operations80.7 148.6 
Net cash (used) provided by operating activities from discontinued operations(81.5)29.0 
Net cash (used) provided by operating activities(0.8)177.6 
Cash flows from investing activities
Purchases of property, plant and equipment(20.9)(25.9)
Purchases of short term investments(700.0)— 
Proceeds from sale of short term investments1,292.0 — 
Purchase price settlement from sale of HHI(26.9)— 
Other investing activity(0.1)— 
Net cash provided (used) by investing activities from continuing operations544.1 (25.9)
Net cash used by investing activities from discontinued operations— (7.9)
Net cash provided (used) by investing activities544.1 (33.8)
Cash flows from financing activities
Payment of debt(177.9)(21.7)
Payment of debt issuance costs(3.2)(2.3)
Treasury stock purchases(340.5)— 
Dividends paid to shareholders(26.8)(34.4)
Share based award tax withholding payments, net of proceeds upon vesting(5.4)(10.5)
Net cash used by financing activities from continuing operations(553.8)(68.9)
Net cash used by financing activities from discontinued operations— (0.7)
Net cash used by financing activities(553.8)(69.6)
Effect of exchange rate changes on cash and cash equivalents2.3 9.7 
Net change in cash, cash equivalents and restricted cash in continuing operations(8.2)83.9 
Cash, cash equivalents, and restricted cash, beginning of period753.9 243.9 
Cash, cash equivalents, and restricted cash, end of period$745.7 $327.8 
Supplemental disclosure of cash flow information
Cash paid for interest associated with continued operations$35.9 $56.8 
Cash paid for interest associated with discontinued operations— 29.9 
Cash paid for taxes associated with continued operations17.8 11.7 
Cash paid for taxes associated with discontinued operations59.1 13.5 
Non cash investing activities
Acquisition of property, plant and equipment through finance leases$1.8 $2.4 
Non cash financing activities
Issuance of shares through stock compensation plan$14.0 $27.2 
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 March 31, 2024 and September 30, 2023
(unaudited)
(in millions)March 31, 2024September 30, 2023
Assets
Cash and cash equivalents$744.6 $752.7 
Short term investments500.0 1,103.3 
Trade receivables, net601.3 477.1 
Other receivables113.6 84.5 
Receivable due from parent180.3 90.1 
Inventories454.3 462.8 
Prepaid expenses and other current assets45.9 44.3 
Total current assets2,640.0 3,014.8 
Property, plant and equipment, net269.5 275.1 
Operating lease assets119.2 110.8 
Deferred charges and other46.5 31.8 
Goodwill858.3 854.7 
Intangible assets, net1,002.3 1,060.1 
Total assets$4,935.8 $5,347.3 
Liabilities and Shareholder's Equity
Current portion of long-term debt$9.0 $8.6 
Accounts payable375.5 396.7 
Accrued wages and salaries48.0 46.0 
Accrued interest19.0 20.6 
Income tax payable33.3 36.8 
Other current liabilities164.0 172.2 
Total current liabilities648.8 680.9 
Long-term debt, net of current portion1,374.4 1,546.9 
Long-term operating lease liabilities101.3 95.6 
Deferred income taxes191.0 176.3 
Other long-term liabilities174.9 157.9 
Total liabilities2,490.4 2,657.6 
Commitments and contingencies (Note 15)
Shareholder's equity
Other capital2,171.4 2,168.9 
Accumulated earnings502.9 767.8 
Accumulated other comprehensive loss, net of tax(231.1)(249.3)
Total shareholder's equity2,443.2 2,687.4 
Non-controlling interest2.2 2.3 
Total equity2,445.4 2,689.7 
Total liabilities and equity$4,935.8 $5,347.3 
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 and six month periods ended March 31, 2024 and April 2, 2023
(unaudited)
Three Month Periods EndedSix Month Periods Ended
(in millions)March 31, 2024April 2, 2023March 31, 2024April 2, 2023
Net sales$718.5 $729.2 $1,410.7 $1,442.5 
Cost of goods sold445.1 514.7 892.3 1,026.1 
Gross profit273.4 214.5 518.4 416.4 
Selling, general and administrative222.9 223.8 438.4 447.4 
Impairment of intangible assets39.0 67.0 43.0 67.0 
Representation and warranty insurance proceeds(65.0)— (65.0)— 
Gain from remeasurement of contingent consideration liability — — — (1.5)
Total operating expenses196.9 290.8 416.4 512.9 
Operating income (loss)76.5 (76.3)102.0 (96.5)
Interest expense16.9 31.7 36.1 65.1 
Interest income(17.5)(0.2)(40.9)(0.4)
Gain from debt repurchase— — (4.7)— 
Other non-operating expense, net1.1 1.4 5.2 0.1 
Income (loss) from continuing operations before income taxes76.0 (109.2)106.3 (161.3)
Income tax expense (benefit)25.6 (34.0)37.8 (46.3)
Net income (loss) from continuing operations50.4 (75.2)68.5 (115.0)
Income from discontinued operations, net of tax11.0 21.9 22.7 41.4 
Net income (loss)61.4 (53.3)91.2 (73.6)
Net (loss) income from continuing operations attributable to non-controlling interest(0.2)0.1 (0.1)0.3 
Income from discontinued operations attributable to non-controlling interest, net of tax— — — 0.2 
Net income (loss) attributable to controlling interest$61.6 $(53.4)$91.3 $(74.1)
Amounts attributable to controlling interest
Net income (loss) from continuing operations attributable to controlling interest$50.6 $(75.3)$68.6 $(115.3)
Income from discontinued operations attributable to controlling interest, net of tax