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Restructuring and Related Charges

6 Months Ended

Apr. 04, 2021

Restructuring and Related Activities [Abstract]

RESTRUCTURING AND RELATED CHARGES

RESTRUCTURING AND RELATED CHARGES

Global Productivity Improvement Program – During the year ended September 30, 2019, the Company initiated a company-wide, multi-year program, which consists of various restructuring related initiatives to redirect resources and spending to drive growth, identify cost savings and pricing opportunities through standardization and optimization, develop organizational and operating optimization, and reduce overall operational complexity across the Company. Since the announcement of the project and completion of the Company’s divestitures of GBL and GAC during the year ended September 30, 2019, the project focus includes the transitioning of the Company’s continuing operations in a post-divestiture environment and separation from Energizer TSAs and reverse TSAs. Refer to Note 2 – Divestitures and Note 18 – Related Party Transactions for further discussion of continuing involvement with Energizer.  The initiative includes review of global processes and organization design and structures; headcount reductions and transfers; and rightsizing the Company’s shared operations and commercial business strategy in certain regions and local jurisdictions; among others. Total cumulative costs incurred associated with the project were $136.3 million as of April 4, 2021, with approximately $31.6 million forecasted in the foreseeable future. The project costs are anticipated to be incurred through the fiscal year ending September 30, 2022.

Other Restructuring Activities – The Company may enter into small, less significant initiatives and restructuring related activities to reduce costs and improve margins throughout the organization. Individually these activities are not substantial and occur over a shorter time period (generally less than 12 months).

The following summarizes restructuring and related charges for the three and six month periods ended April 4, 2021 and March 29, 2020:

						Three Month Periods Ended												Six Month Periods Ended
(in millions)						April 4, 2021						March 29, 2020						April 4, 2021						March 29, 2020
Global productivity improvement program						$	1.7					$	21.2					$	10.9					$	47.9
Other restructuring activities						2.4						0.7						2.4						1.5
Total restructuring and related charges						$	4.1					$	21.9					$	13.3					$	49.4
Reported as:
Cost of goods sold						$	1.3					$	2.9					$	1.4					$	12.8
Operating expense						2.8						19.0						11.9						36.6

The following is a summary of restructuring and related charges for the three and six month periods ended April 4, 2021 and March 29, 2020, cumulative costs for current restructuring initiatives, and estimated future costs to be incurred as of April 4, 2021, by cost type.

(in millions)						Termination Benefits						Other Costs						Total
For the three month period ended April 4, 2021						$	0.3					$	3.8					$	4.1
For the three month period ended March 29, 2020						6.2						15.7						21.9
For the six month period ended April 4, 2021						3.2						10.1						13.3
For the six month period ended March 29, 2020						11.4						38.0						49.4
Cumulative costs through April 4, 2021						23.6						112.7						136.3
Estimated future costs to be incurred						2.0						29.6						31.6

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 six month period ended April 4, 2021.

(in millions)						Termination Benefits						Other Costs						Total
Accrual balance at September 30, 2020						$	4.1					$	6.4					$	10.5
Provisions						1.5						6.4						7.9
Cash expenditures						(1.9)						(12.1)						(14.0)
Non-cash items						—						0.1						0.1
Accrual balance at April 4, 2021						$	3.7					$	0.8					$	4.5

The following summarizes restructuring and related charges by segment for the three and six month periods ended April 4, 2021 and March 29, 2020, cumulative costs incurred through April 4, 2021, and estimated future costs to be incurred by the Company’s segments:

(in millions)						HHI						HPC						GPC						H&G						Corporate						Total
For the three month period ended April 4, 2021						$	(0.2)					$	1.5					$	0.6					$	—					$	2.2					$	4.1
For the three month period ended March 29, 2020						0.2						1.7						6.4						0.2						13.4						21.9
For the six month period ended April 4, 2021						—						4.1						2.1						—						7.1						13.3
For the six month period ended March 29, 2020						0.7						2.8						16.7						0.4						28.8						49.4
Cumulative costs through April 4, 2021						1.5						15.7						22.8						2.2						94.1						136.3
Estimated future costs to be incurred						0.8						2.9						3.5						2.1						22.3						31.6

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- References

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- 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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 420
-URI http://asc.fasb.org/topic&trid=2175745

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