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INCOME TAXES (Tables)

12 Months Ended

Sep. 30, 2022

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, 2022, 2021 and 2020:

						SBH																		SB/RH
(in millions)						2022						2021						2020						2022						2021						2020
United States						$	(263.0)					$	(147.2)					$	(42.0)					$	(260.6)					$	(143.8)					$	(110.8)
Outside the United States						172.7						136.1						16.9						172.7						136.1						16.9
Loss from continuing operations before income taxes						$	(90.3)					$	(11.1)					$	(25.1)					$	(87.9)					$	(7.7)					$	(93.9)

Schedule of Components of Income Tax Expense

The components of income tax expense for the years ended September 30, 2022, 2021 and 2020 are as follows:

						SBH																		SB/RH
(in millions)						2022						2021						2020						2022						2021						2020
Current tax expense:
U.S. Federal						$	7.7					$	3.0					$	0.3					$	7.7					$	3.0					$	0.3
Foreign						24.7						32.6						2.2						24.7						32.6						2.2
State and local						(1.1)						2.4						0.2						(1.1)						2.4						0.2
Total current tax expense						31.3						38.0						2.7						31.3						38.0						2.7
Deferred tax (benefit) expense:
U.S. Federal						(26.5)						(64.8)						9.1						(25.8)						(63.4)						(5.1)
Foreign						(1.2)						5.9						1.1						(1.2)						5.9						1.1
State and local						(16.9)						(5.5)						14.4						(17.2)						(5.5)						15.8
Total deferred tax (benefit) expense						(44.6)						(64.4)						24.6						(44.2)						(63.0)						11.8
Income tax (benefit) expense						$	(13.3)					$	(26.4)					$	27.3					$	(12.9)					$	(25.0)					$	14.5

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)						2022						2021						2020						2022						2021						2020
U.S. Statutory federal income tax benefit						$	(19.0)					$	(2.3)					$	(5.3)					$	(18.5)					$	(1.6)					$	(19.7)
Permanent items						(1.7)						13.9						13.6						(1.7)						13.9						13.6
Goodwill impairment						—						—						2.8						—						—						2.8
Foreign statutory rate vs. U.S. statutory rate						(4.7)						(6.2)						(13.8)						(4.7)						(6.2)						(13.8)
State income taxes, net of federal effect						(8.3)						(8.7)						(0.6)						(8.6)						(8.7)						(3.1)
State effective rate change						1.2						2.6						7.2						1.2						2.6						7.8
UK effective rate change						—						8.2						—						—						8.2						—
GILTI						16.5						4.9						3.7						16.5						4.9						3.7
GILTI impact of retroactive law changes						(3.2)						(18.1)						—						(3.2)						(18.1)						—
Residual tax on foreign earnings						4.8						2.6						6.0						4.8						2.6						6.0
Change in valuation allowance						3.6						(27.1)						9.9						4.3						(27.1)						9.8
Unrecognized tax expense (benefit)						2.2						0.2						(8.5)						2.2						0.2						(8.5)
Share based compensation adjustments						(5.6)						(0.7)						0.1						(5.3)						0.1						0.5
Research and development tax credits						(1.9)						(2.4)						(1.6)						(1.9)						(2.4)						(1.6)
Foreign rate differential on intercompany transfer of intangibles						—						—						4.6						—						—						4.6
Partnership outside basis adjustment						1.2						5.5						5.9						1.2						5.5						5.9
Return to provision adjustments and other, net						1.6						1.2						3.3						0.8						1.1						6.5
Income tax (benefit) expense						$	(13.3)					$	(26.4)					$	27.3					$	(12.9)					$	(25.0)					$	14.5

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, 2022 and 2021 are as follows:

						SBH												SB/RH
(in millions)						2022						2021						2022						2021
Deferred tax assets
Employee benefits						$	25.9					$	36.7					$	25.9					$	36.6
Inventories and receivables						42.0						25.1						42.0						25.1
Marketing and promotional accruals						16.0						17.0						16.0						17.0
Property, plant and equipment						0.9						0.6						0.9						0.6
Unrealized losses						31.9						19.1						31.9						19.1
Intangibles						11.1						10.0						11.1						10.0
Operating lease liabilities						23.0						25.9						23.0						25.9
Net operating loss and other carry forwards						577.4						563.5						255.6						245.5
Other						29.4						36.1						27.5						32.9
Total deferred tax assets						757.6						734.0						433.9						412.7
Deferred tax liabilities
Property, plant and equipment						18.1						9.4						18.1						9.4
Unrealized gains						24.4						10.5						24.4						10.5
Intangibles						303.3						287.9						303.3						287.9
Operating lease assets						22.4						23.5						22.4						23.5
Investment in partnership						73.7						69.6						73.4						69.3
Taxes on unremitted foreign earnings						2.0						1.8						2.0						1.8
Other						12.0						24.1						12.0						24.0
Total deferred tax liabilities						455.9						426.8						455.6						426.4
Net deferred tax liabilities						301.7						307.2						(21.7)						(13.7)
Valuation allowance						(337.4)						(349.4)						(233.7)						(245.1)
Net deferred tax liabilities, net valuation allowance						$	(35.7)					$	(42.2)					$	(255.4)					$	(258.8)
Reported as:
Deferred charges and other						$	24.4					$	17.3					$	23.9					$	13.6
Deferred taxes (noncurrent liability)						60.1						59.5						279.3						272.4

Schedule of Unrecognized Tax Benefits

The following table summarizes the changes to the amount of unrecognized tax benefits for the years ended September 30, 2022, 2021 and 2020:

(in millions)						2022						2021						2020
Unrecognized tax benefits, beginning of year						$	18.0					$	13.8					$	20.7
Gross increase – tax positions in prior period						84.4						4.1						1.0
Gross decrease – tax positions in prior period						(2.9)						(0.2)						(4.4)
Gross increase – tax positions in current period						1.7						1.2						2.4
Settlements						—						(0.2)						(1.6)
Lapse of statutes of limitations						(0.3)						(0.7)						(4.3)
Unrecognized tax benefits, end of year						$	100.9					$	18.0					$	13.8

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