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INCOME TAXES (Tables)

12 Months Ended

Sep. 30, 2021

Income Tax Disclosure [Abstract]

Schedule of Income Tax Expense

Income tax expense was calculated based upon the following components of income (loss) from operations before income taxes for the years ended September 30, 2021, 2020 and 2019:

						SBH																		SB/RH
(in millions)						2021						2020						2019						2021						2020						2019
United States						$	(147.2)					$	(42.0)					$	(369.7)					$	(143.8)					$	(110.8)					$	(312.9)
Outside the United States						136.1						16.9						15.5						136.1						16.9						15.5
Loss from continuing operations before income taxes						$	(11.1)					$	(25.1)					$	(354.2)					$	(7.7)					$	(93.9)					$	(297.4)

Schedule of Components of Income Tax Expense

The components of income tax expense for the years ended September 30, 2021, 2020 and 2019 are as follows:

						SBH																		SB/RH
(in millions)						2021						2020						2019						2021						2020						2019
Current tax expense (benefit):
U.S. Federal						$	3.0					$	0.3					$	(47.6)					$	3.0					$	0.3					$	(47.6)
Foreign						32.6						2.2						29.2						32.6						2.2						29.2
State and local						2.4						0.2						2.4						2.4						0.2						2.4
Total current tax expense (benefit)						38.0						2.7						(16.0)						38.0						2.7						(16.0)
Deferred tax (benefit) expense:
U.S. Federal						(64.8)						9.1						(19.6)						(63.4)						(5.1)						(7.1)
Foreign						5.9						1.1						(3.2)						5.9						1.1						(3.2)
State and local						(5.5)						14.4						(13.2)						(5.5)						15.8						(9.8)
Total deferred tax (benefit) expense						(64.4)						24.6						(36.0)						(63.0)						11.8						(20.1)
Income tax (benefit) expense						$	(26.4)					$	27.3					$	(52.0)					$	(25.0)					$	14.5					$	(36.1)

Schedule of Reconciliation of Income Tax Expense

The following reconciles the total income tax expense, based on the U.S. Federal statutory income tax rate of 21% with the Company’s recognized income tax expense:

						SBH																		SB/RH
(in millions)						2021						2020						2019						2021						2020						2019
U.S. Statutory federal income tax benefit						$	(2.3)					$	(5.3)					$	(74.4)					$	(1.6)					$	(19.7)					$	(62.4)
Permanent items						13.9						13.6						2.6						13.9						13.6						2.7
Goodwill impairment						—						2.8						12.2						—						2.8						12.2
Foreign statutory rate vs. U.S. statutory rate						(6.2)						(13.8)						(9.2)						(6.2)						(13.8)						(9.2)
State income taxes, net of federal effect						(8.7)						(0.6)						(17.6)						(8.7)						(3.1)						(14.7)
State effective rate change						2.6						7.2						4.6						2.6						7.8						4.6
UK effective rate change						8.2						—						—						8.2						—						—
GILTI						4.9						3.7						2.6						4.9						3.7						2.6
GILTI impact of retroactive law changes						(18.1)						—						—						(18.1)						—						—
Foreign dividend received deduction tax law change						—						—						95.9						—						—						95.9
Tax reform act - mandatory repatriation						—						—						(48.0)						—						—						(48.0)
Residual tax on foreign earnings						2.6						6.0						0.2						2.6						6.0						0.2
Change in valuation allowance						(27.1)						9.9						(29.9)						(27.1)						9.8						(30.0)
Unrecognized tax expense (benefit)						0.2						(8.5)						7.5						0.2						(8.5)						7.5
Share based compensation adjustments						(0.7)						0.1						4.3						0.1						0.5						4.3
Research and development tax credits						(2.4)						(1.6)						(3.1)						(2.4)						(1.6)						(3.1)
Foreign rate differential on intercompany transfer of intangibles						—						4.6						—						—						4.6						—
Partnership outside basis adjustment						5.5						5.9						2.1						5.5						5.9						2.4
Return to provision adjustments and other, net						1.2						3.3						(1.8)						1.1						6.5						(1.1)
Income tax (benefit) expense						$	(26.4)					$	27.3					$	(52.0)					$	(25.0)					$	14.5					$	(36.1)

Schedule of Deferred Tax Assets and Deferred Tax Liabilities

The tax effects of temporary differences that give rise to deferred tax assets and deferred tax liabilities as of September 30, 2021 and 2020 are as follows:

						SBH												SB/RH
(in millions)						2021						2020						2021						2020
Deferred tax assets
Employee benefits						$	36.7					$	34.8					$	36.6					$	33.2
Inventories and receivables						25.1						18.3						25.1						18.3
Marketing and promotional accruals						17.0						14.9						17.0						14.9
Property, plant and equipment						0.6						2.3						0.6						2.3
Unrealized losses						19.1						19.1						19.1						19.1
Intangibles						10.0						13.6						10.0						13.6
Operating lease liabilities						25.9						23.1						25.9						23.1
Net operating loss and other carry forwards						563.5						511.7						245.5						186.5
Other						36.1						39.1						32.9						38.1
Total deferred tax assets						734.0						676.9						412.7						349.1
Deferred tax liabilities
Property, plant and equipment						9.4						8.2						9.4						8.2
Unrealized gains						10.5						13.6						10.5						13.6
Intangibles						287.9						287.1						287.9						287.2
Operating lease assets						23.5						20.5						23.5						20.5
Investment in partnership						69.6						63.3						69.3						63.0
Taxes on unremitted foreign earnings						1.8						1.4						1.8						1.4
Other						24.1						16.6						24.0						16.6
Total deferred tax liabilities						426.8						410.7						426.4						410.5
Net deferred tax liabilities						307.2						266.2						(13.7)						(61.4)
Valuation allowance						(349.4)						(302.5)						(245.1)						(198.2)
Net deferred tax liabilities, net valuation allowance						$	(42.2)					$	(36.3)					$	(258.8)					$	(259.6)
Reported as:
Deferred charges and other						$	17.3					$	18.9					$	13.6					$	18.9
Deferred taxes (noncurrent liability)						59.5						55.2						272.4						278.5

Schedule of Unrecognized Tax Benefits

The following table summarizes the changes to the amount of unrecognized tax benefits for the years ended September 30, 2021, 2020 and 2019:

(in millions)						2021						2020						2019
Unrecognized tax benefits, beginning of year						$	13.8					$	20.7					$	13.8
Gross increase – tax positions in prior period						4.1						1.0						5.2
Gross decrease – tax positions in prior period						(0.2)						(4.4)						(0.4)
Gross increase – tax positions in current period						1.2						2.4						3.5
Settlements						(0.2)						(1.6)						—
Lapse of statutes of limitations						(0.7)						(4.3)						(1.4)
Unrecognized tax benefits, end of year						$	18.0					$	13.8					$	20.7

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