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Segment Information | 3 Months Ended
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Jan. 03, 2021
Segment Reporting [Abstract] |
Segment Information | SEGMENT INFORMATION Net sales relating to the segments for the three month periods ended January 3, 2021 and December 29, 2019 are as follows:
|  | Three Month Periods Ended |  |
(in millions) |  | January 3, 2021 |  | December 29, 2019 |  |  |  |
HHI |  | $ | 408.7 |  |  | $ | 297.7 |  |  |  |  |
HPC |  | 378.5 |  |  | 322.1 |  |  |  |  |
GPC |  | 275.5 |  |  | 205.8 |  |  |  |  |
H&G |  | 82.3 |  |  | 45.9 |  |  |  |  |
Net sales |  | $ | 1,145.0 |  |  | $ | 871.5 |  |  |  |  |
The Chief Operating Decision Maker of the Company uses Adjusted EBITDA as the primary operating metric in evaluating the business and making operating decisions. EBITDA is calculated by excluding the Company’s income tax expense, interest expense, depreciation expense and amortization expense (from intangible assets) from net income. Adjusted EBITDA further excludes: •Stock based and other incentive compensation costs that consist of costs associated with long-term compensation arrangements and other equity based compensation based upon achievement of long-term performance metrics; and generally consist of non-cash, stock-based compensation. During the three month periods ended January 3, 2021 and December 29, 2019, other incentive compensation includes certain incentive bridge awards issued due to changes in the Company’s LTIP that allow for cash based payment upon employee election but do not qualify for shared-based compensation. All bridge awards fully vested in November 2020. See Note 16 - Share Based Compensation in Notes to the Condensed Consolidated Financial Statements, included elsewhere in this Quarterly report, for further details; •Restructuring and related charges, which consist of project costs associated with the restructuring initiatives across the Company's segments. See Note 4 - Restructuring and Related Charges in Notes to the Condensed Consolidated Financial Statements, included elsewhere in this Quarterly report, for further details; •Transaction related charges that consist of (1) transaction costs from qualifying acquisition transactions during the period, or subsequent integration related project costs directly associated with an acquired business; and (2) divestiture related transaction costs that are recognized in continuing operations and post-divestiture separation costs consisting of incremental costs to facilitate separation of shared operations, including development of transferred shared service operations, platforms and personnel transferred as part of the divestitures and exiting of TSAs and reverse TSAs. See Note 1 – Basis of Presentation & Significant Accounting Policies i n Notes to the Condensed Consolidated Financial Statements, included elsewhere in this Quarterly report, for further details; •Gains and losses attributable to the Company’s investment in Energizer common stock. See Note 13 – Fair Value of Financial Instruments i n Notes to the Condensed Consolidated Financial Statements, included elsewhere in this Quarterly report, for further details; •Non-cash purchase accounting inventory adjustments recognized in earnings from continuing operations subsequent to an acquisition (when applicable); •Non-cash asset impairments or write-offs realized and recognized in earnings from continuing operations (when applicable); •Other adjustments primarily consisting of costs attributable to (1) proposed settlement on outstanding litigation matters at our H&G division attributable to significant and unusual non-recurring claims with no previous history or precedent, (2) legal and litigation costs associated with Salus during the three month periods ended January 3, 2021 and December 29, 2019 as they are not considered a component of the continuing commercial products company; (3) foreign currency attributable to multicurrency loans for the three month period ended December 29, 2019, that were entered into with foreign subsidiaries in exchange for receipt of divestiture proceeds by the parent company and the distribution of the respective foreign subsidiaries’ net assets as part of the GBL and GAC divestitures during the year ended September 30, 2019; (4) expenses and cost recovery for flood damage at Company facilities in Middleton, Wisconsin during the three month period ended December 29, 2019; and (5) incremental costs for separation of a key executive during the three month period ended December 29, 2019; Segment Adjusted EBITDA for the reportable segments for SBH for the three month periods ended January 3, 2021 and December 29, 2019, are as follows:
|  | Three Month Periods Ended |  |
SBH (in millions) |  | January 3, 2021 |  | December 29, 2019 |  |  |  |
HHI |  | $ | 98.2 |  |  | $ | 42.8 |  |  |  |  |
HPC |  | 50.9 |  |  | 36.4 |  |  |  |  |
GPC |  | 53.6 |  |  | 31.5 |  |  |  |  |
H&G |  | 10.4 |  |  | (3.3) |  |  |  |  |
Total Segment Adjusted EBITDA |  | 213.1 |  |  | 107.4 |  |  |  |  |
Corporate |  | 9.0 |  |  | 5.2 |  |  |  |  |
Interest expense |  | 36.7 |  |  | 34.8 |  |  |  |  |
Depreciation and amortization |  | 35.7 |  |  | 41.7 |  |  |  |  |
Share and incentive based compensation |  | 8.1 |  |  | 14.5 |  |  |  |  |
Restructuring and related charges |  | 9.2 |  |  | 27.4 |  |  |  |  |
Transaction related charges |  | 20.6 |  |  | 4.1 |  |  |  |  |
Gain on Energizer investment |  | (6.0) |  |  | (38.5) |  |  |  |  |
Loss on assets held for sale |  | — |  |  | 32.8 |  |  |  |  |
Write-off from impairment of intangible assets |  | — |  |  | 24.2 |  |  |  |  |
Inventory acquisition step-up |  | 0.8 |  |  | — |  |  |  |  |
Other |  | 6.0 |  |  | (1.8) |  |  |  |  |
Income (loss) from operations before income taxes |  | $ | 93.0 |  |  | $ | (37.0) |  |  |  |  |
Segment Adjusted EBITDA for reportable segments for SB/RH for the three month periods ended January 3, 2021 and December 29, 2019 are as follows:
|  | Three Month Periods Ended |  |
SB/RH (in millions) |  | January 3, 2021 |  | December 29, 2019 |  |  |  |
HHI |  | $ | 98.2 |  |  | $ | 42.8 |  |  |  |  |
HPC |  | 50.9 |  |  | 36.4 |  |  |  |  |
GPC |  | 53.6 |  |  | 31.5 |  |  |  |  |
H&G |  | 10.4 |  |  | (3.3) |  |  |  |  |
Total Segment Adjusted EBITDA |  | 213.1 |  |  | 107.4 |  |  |  |  |
Corporate |  | 8.5 |  |  | 4.9 |  |  |  |  |
Interest expense |  | 36.8 |  |  | 34.6 |  |  |  |  |
Depreciation and amortization |  | 35.7 |  |  | 41.7 |  |  |  |  |
Share and incentive based compensation |  | 8.1 |  |  | 14.4 |  |  |  |  |
Restructuring and related charges |  | 9.2 |  |  | 27.4 |  |  |  |  |
Transaction related charges |  | 20.6 |  |  | 4.1 |  |  |  |  |
Gain on Energizer investment |  | (6.0) |  |  | (38.5) |  |  |  |  |
Loss on assets held for sale |  | — |  |  | 32.8 |  |  |  |  |
Write-off from impairment of intangible assets |  | — |  |  | 24.2 |  |  |  |  |
Inventory acquisition step-up |  | 0.8 |  |  | — |  |  |  |  |
Other |  | 5.9 |  |  | (2.3) |  |  |  |  |
Income (loss) from operations before income taxes |  | $ | 93.5 |  |  | $ | (35.9) |  |  |  |  |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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