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Revenue Recognition | 9 Months Ended
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Jun. 30, 2019
Revenue from Contract with Customer [Abstract] |
Revenue Recognition | Revenue Recognition Effective for the Company October 1, 2018, ASU 2014-09, Revenue from Contracts with Customers, introduced a five-step model for revenue recognition. In this new model, each contract should be reviewed and analyzed to determine its performance obligations, items affecting the transaction price, how to allocate the transaction price to the performance obligations and when to recognize revenue. The Company performed a review of its contracts and accounting policies considering the new revenue model. Through this review the Company determined that there was no material impact to our financial statements. The Company's revenue recognition policy, controls and processes have been updated to align with the new revenue recognition model. Nature of Our Business The Company, through its operating subsidiaries, is one of the world’s largest manufacturers, marketers and distributors of household batteries, specialty batteries and lighting products, and a leading designer and marketer of automotive fragrance, appearance, performance and air conditioning recharge products. We distribute our products to consumers through numerous retail locations worldwide, including mass merchandisers and warehouse clubs, food, drug and convenience stores, electronics specialty stores and department stores, hardware and automotive centers, e-commerce and military stores. We sell to our customers through a combination of a direct sales force and exclusive and non-exclusive third-party distributors and wholesalers. Our Americas segment sales are comprised of North America and Latin America market groups. North America sales are generally through large retailers with nationally or regionally recognized brands. Latin America sales are generally through distributors or sales by wholesalers or small retailers who may not have national or regional presence. Our International segment sales are comprised of modern trade, developing and distributor market groups. Modern trade, which is most prevalent in Western Europe and more developed economies throughout the world, generally refers to sales through large retailers with nationally or regionally recognized brands. Developing markets generally include sales by wholesalers or small retailers who may not have a national or regional presence. Distributors are utilized in other markets where the Company does not have a direct sales force. Each market's determination is based on the predominant customer type or sales strategy utilized in the market. Supplemental product and market information is presented below for revenues from external customers for the quarter and nine months ended June 30, 2019 and 2018:
| For the Quarter Ended June 30, |  | For the Nine Months Ended June 30,
Net Sales | 2019 |  | 2018 |  | 2019 |  | 2018
Batteries | $ | 457.2 |  |  | $ | 350.1 |  |  | $ | 1,398.5 |  |  | $ | 1,204.9 |
Auto Care | 160.8 |  |  | 24.1 |  |  | 289.9 |  |  | 68.9 |
Lights and Licensing | 29.2 |  |  | 18.6 |  |  | 87.1 |  |  | 66.7 |
Total Net Sales | $ | 647.2 |  |  | $ | 392.8 |  |  | $ | 1,775.5 |  |  | $ | 1,340.5 |
| For the Quarter Ended June 30, |  | For the Nine Months Ended June 30,
| 2019 |  | 2018 |  | 2019 |  | 2018
Net Sales |  |  |  |  |  |  |
North America | $ | 410.3 |  |  | $ | 216.5 |  |  | $ | 1,075.2 |  |  | $ | 748.1 |
Latin America | 54.8 |  |  | 24.8 |  |  | 145.0 |  |  | 90.4 |
Americas | 465.1 |  |  | 241.3 |  |  | 1,220.2 |  |  | 838.5 |
Modern Markets | 101.9 |  |  | 81.3 |  |  | 331.8 |  |  | 295.1 |
Developing Markets | 47.6 |  |  | 44.9 |  |  | 142.2 |  |  | 136.2 |
Distributors Markets | 32.6 |  |  | 25.3 |  |  | 81.3 |  |  | 70.7 |
International | 182.1 |  |  | 151.5 |  |  | 555.3 |  |  | 502.0 |
Total Net Sales | $ | 647.2 |  |  | $ | 392.8 |  |  | $ | 1,775.5 |  |  | $ | 1,340.5 |
When Performance Obligations are Satisfied The Company’s revenue is primarily generated from the sale of finished product to customers. Sales predominantly contain a single delivery element, or performance obligation, and revenue is recognized at a single point in time when title, ownership and risk of loss pass to the customer. This typically occurs when finished goods are delivered to the customer or when finished goods are picked up by a customer or customer’s carrier, depending on contract terms. Transaction Price In accordance with the guidance, the Company measures revenue as the amount of consideration for which it expects to be entitled in exchange for transferring goods. Net sales reflect the transaction prices for contracts, which include units shipped at selling list prices reduced by variable consideration as determined by the terms of each individual contract. Discounts are offered to customers for early payment and an estimate of the discount is recorded as a reduction of net sales in the same period as the sale. The Company offers a variety of programs, primarily to its retail customers, designed to promote sales of its products. Such programs require periodic payments and allowances based on estimated results of specific programs. These programs are considered variable consideration and are recorded as a reduction to net sales at the time revenue is recognized. Methodologies for determining these provisions are dependent on specific customer pricing and promotional practices, which range from contractually fixed percentage price reductions to reimbursement based on actual occurrence or performance. Where applicable, future reimbursements are estimated based on a combination of historical patterns and future expectations regarding specific in-market product performance. The Company accrues, at the time of sale, the estimated total payments and allowances associated with each transaction. Customers redeem trade promotions in the form of payments from the accrued trade allowances or invoice credits against trade receivables. Additionally, the Company offers programs directly to consumers to promote the sale of its products. The Company continually assesses the adequacy of accruals for customer and consumer promotional program costs not yet paid. To the extent total program payments differ from estimates, adjustments may be necessary. Historically, these adjustments have not been material. Our standard sales terms generally include payments within 30 to 60 days and are final with returns or exchanges not permitted unless a special exception is made. Reserves are established based on historical data and recorded in cases where the right of return does exist for a particular sale. The Company does not offer warranties on products. The Company’s contracts with customers do not have significant financing components or non-cash consideration and the Company does not have unbilled revenue or significant amounts of prepayments from customers. Revenue is recorded net of the taxes we collect on behalf of governmental authorities which are generally included in the price to the customer. Shipping and handling activities are accounted for as contract fulfillment costs and recorded in Cost of products sold.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -URI http://asc.fasb.org/topic&trid=49130388 + Details
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