XML 26 R10.htm IDEA: XBRL DOCUMENT
v3.10.0.1

Restructuring And Related Charges | 9 Months Ended
--- | ---
Jun. 30, 2018
Restructuring And Related Charges [Abstract] |
Restructuring And Related Charges | NOTE 5 - RESTRUCTURING AND RELATED CHARGES ﻿ PET Rightsizing Initiative – During the second quarter of the year ended September 30, 2017, the Company implemented a rightsizing initiative within Spectrum’s PET segment to streamline certain operations and reduce operating costs. The initiative includes headcount reductions and the rightsizing of certain facilities. Total costs associated with this initiative are expected to be approximately $16 million, of which $15.3 million has been incurred to date. The balance is anticipated to be incurred through September 30, 2018. ﻿ HHI Distribution Center Consolidation – During the second quarter of the year ended September 30, 2017, the Company implemented an initiative within Spectrum’s HHI segment to consolidate certain operations and reduce operating costs. The initiative includes headcount reductions and the exit of certain facilities. Total costs associated with the initiative are expected to be approximately $77 million, of which $67.8 million has been incurred to date. The balance is anticipated to be incurred through September 30, 2018. ﻿ GAC Business Rationalization Initiatives – During the third quarter of the year ended September 30, 2016, the Company implemented a series of initiatives within Spectrum’s GAC segment to consolidate certain operations and reduce operating costs. These initiatives included headcount reductions and the exit of certain facilities. Total costs associated with these initiatives are expected to be approximately $48 million, of which $43.1 million has been incurred to date. The balance is anticipated to be incurred through September 30, 2018. ﻿ Other Restructuring Activities – The Company is entering or may enter into small, less significant initiatives and restructuring activities to reduce costs and improve margins throughout the organization. Individually these activities are not substantial, and occur over a shorter time period (less than 12 months). ﻿ The following summarizes restructuring and related charges for the three and nine month periods ended June 30, 2018 and 2017: ﻿
﻿ |  |  |  |  |  |  |  |  |  |  |  |
﻿ |  | Three Month Periods Ended |  | Nine Month Periods Ended
﻿(in millions) |  | June 30, 2018 |  | June 30, 2017 |  | June 30, 2018 |  | June 30, 2017
﻿HHI distribution center consolidation |  | $ | 11.6 |  | $ | 9.0 |  | $ | 40.4 |  | $ | 9.1
﻿GAC business rationalization initiative |  |  | 6.3 |  |  | 12.8 |  |  | 13.5 |  |  | 19.8
﻿PET rightsizing initiative |  |  | 3.1 |  |  | 2.2 |  |  | 7.1 |  |  | 2.8
﻿Other restructuring activities |  |  | 4.4 |  |  | (2.8) |  |  | 8.0 |  |  | (0.4)
﻿Total restructuring and related charges |  | $ | 25.4 |  | $ | 21.2 |  | $ | 69.0 |  | $ | 31.3
﻿Reported as: |  |  |  |  |  |  |  |  |  |  |  |
﻿Cost of goods sold |  | $ | 4.9 |  | $ | 11.2 |  | $ | 9.9 |  | $ | 16.4
﻿Operating expense |  |  | 20.5 |  |  | 10.0 |  |  | 59.1 |  |  | 14.9
﻿ The following is a summary of restructuring and related charges for the three and nine month periods ended June 30, 2018 and 2017 and cumulative costs for current restructuring initiatives as of June 30, 2018, by cost type:
﻿ |  |  |  |  |  |  |  |  |
﻿ |  | Termination |  | Other |  |
﻿(in millions) |  | Benefits |  | Costs |  | Total
﻿For the three month period ended June 30, 2018 |  | $ | 1.6 |  | $ | 23.8 |  | $ | 25.4
﻿For the three month period ended June 30, 2017 |  |  | 2.4 |  |  | 18.8 |  |  | 21.2
﻿For the nine month period ended June 30, 2018 |  |  | 6.8 |  |  | 62.2 |  |  | 69.0
﻿For the nine month period ended June 30, 2017 |  |  | 4.5 |  |  | 26.8 |  |  | 31.3
﻿Cumulative costs through June 30, 2018 |  |  | 17.8 |  |  | 116.8 |  |  | 134.6
﻿Future costs to be incurred |  |  | 0.4 |  |  | 16.0 |  |  | 16.4
﻿ Termination costs consist of involuntary employee termination benefits and severance pursuant to a one-time benefit arrangement recognized as part of a restructuring initiative. Other costs consist of non-termination type costs related to restructuring initiatives such as incremental costs to consolidate or close facilities, relocate employees, cost to retrain employees to use newly deployed assets or systems, lease termination costs, and redundant or incremental transitional operating costs and customer fines and penalties during transition, among others. ﻿ The following is a rollforward of the accrual related to all restructuring and related activities, included within Other Current Liabilities, by cost type for the nine month periods ended June 30, 2018.
﻿ |  |  |  |  |  |  |  |  |
﻿ |  | Termination |  | Other |  |
﻿(in millions) |  | Benefits |  | Costs |  | Total
﻿Accrual balance at September 30, 2017 |  | $ | 7.2 |  | $ | 9.8 |  | $ | 17.0
﻿Provisions |  |  | 4.4 |  |  | 2.6 |  |  | 7.0
﻿Cash expenditures |  |  | (7.8) |  |  | (8.2) |  |  | (16.0)
﻿Non-cash items |  |  | — |  |  | — |  |  | —
﻿Accrual balance at June 30, 2018 |  | $ | 3.8 |  | $ | 4.2 |  | $ | 8.0
﻿ The following summarizes restructuring and related charges by segment for the three and nine month periods ended June 30, 2018 and 2017, cumulative costs incurred through June 30, 2018, and future expected costs to be incurred by Spectrum’s segments of continuing operations: ﻿ ﻿ ﻿ ﻿ ﻿ ﻿ ﻿
﻿ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿(in millions) |  | HHI |  | PET |  | H&G |  | GAC |  | Corporate |  | Total
﻿For the three month period ended June 30, 2018 |  | $ | 12.0 |  | $ | 3.7 |  | $ | 0.1 |  | $ | 7.6 |  | $ | 2.0 |  | $ | 25.4
﻿For the three month period ended June 30, 2017 |  |  | 6.2 |  |  | 2.0 |  |  | — |  |  | 12.8 |  |  | 0.2 |  |  | 21.2
﻿For the nine month period ended June 30, 2018 |  |  | 40.8 |  |  | 8.1 |  |  | 0.3 |  |  | 14.7 |  |  | 5.1 |  |  | 69.0
﻿For the nine month period ended June 30, 2017 |  |  | 7.7 |  |  | 3.7 |  |  | — |  |  | 19.8 |  |  | 0.1 |  |  | 31.3
﻿Cumulative costs through June 30, 2018 |  |  | 68.2 |  |  | 16.3 |  |  | 0.3 |  |  | 44.3 |  |  | 5.5 |  |  | 134.6
﻿Future costs to be incurred |  |  | 10.1 |  |  | 0.5 |  |  | — |  |  | 4.5 |  |  | 1.3 |  |  | 16.4
﻿ ﻿

X
- References No definition available. + Details
Name: | us-gaap_RestructuringAndRelatedActivitiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -URI http://asc.fasb.org/topic&trid=2175745 + Details
Name: | us-gaap_RestructuringAndRelatedActivitiesDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration