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INCOME TAXES (Tables)

12 Months Ended

Sep. 30, 2023

Income Tax Disclosure [Abstract]

Schedule of Income Tax Expense

Income tax expense (benefit) was calculated based upon the following components of income (loss) from continuing operations before income taxes for the years ended September 30, 2023, 2022 and 2021:

						SBH																		SB/RH
(in millions)						2023						2022						2021						2023						2022						2021
United States						$	(399.8)					$	(263.0)					$	(147.2)					$	(391.0)					$	(260.6)					$	(143.8)
Outside the United States						109.6						172.7						136.1						109.6						172.7						136.1
Loss from continuing operations before income taxes						$	(290.2)					$	(90.3)					$	(11.1)					$	(281.4)					$	(87.9)					$	(7.7)

Schedule of Components of Income Tax Expense

The components of income tax expense (benefit) for the years ended September 30, 2023, 2022 and 2021 are as follows:

						SBH																		SB/RH
(in millions)						2023						2022						2021						2023						2022						2021
Current tax expense:
U.S. Federal						$	81.8					$	7.7					$	3.0					$	81.8					$	7.7					$	3.0
Foreign						44.9						24.7						32.6						44.9						24.7						32.6
State and local						(0.4)						(1.1)						2.4						(0.4)						(1.1)						2.4
Total current tax expense						126.3						31.3						38.0						126.3						31.3						38.0
Deferred tax (benefit) expense:
U.S. Federal						(197.7)						(26.5)						(64.8)						(196.3)						(25.8)						(63.4)
Foreign						5.0						(1.2)						5.9						5.0						(1.2)						5.9
State and local						9.9						(16.9)						(5.5)						9.9						(17.2)						(5.5)
Total deferred tax benefit						(182.8)						(44.6)						(64.4)						(181.4)						(44.2)						(63.0)
Income tax benefit						$	(56.5)					$	(13.3)					$	(26.4)					$	(55.1)					$	(12.9)					$	(25.0)

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)						2023						2022						2021						2023						2022						2021
U.S. Statutory federal income tax benefit						$	(60.9)					$	(19.0)					$	(2.3)					$	(59.1)					$	(18.5)					$	(1.6)
Permanent items						5.0						(1.7)						13.9						5.0						(1.7)						13.9
Goodwill impairment						2.8						—						—						2.8						—						—
Foreign statutory rate vs. U.S. statutory rate						(1.6)						(4.7)						(6.2)						(1.6)						(4.7)						(6.2)
State income taxes, net of federal effect						(14.5)						(8.3)						(8.7)						(14.5)						(8.6)						(8.7)
State effective rate change						(4.0)						1.2						2.6						(4.0)						1.2						2.6
UK effective rate change						—						—						8.2						—						—						8.2
GILTI						2.1						16.5						4.9						2.1						16.5						4.9
GILTI impact of retroactive law changes						—						(3.2)						(18.1)						—						(3.2)						(18.1)
Residual tax on foreign earnings						1.5						4.8						2.6						1.5						4.8						2.6
Change in valuation allowance						0.2						3.6						(27.1)						0.2						4.3						(27.1)
Unrecognized tax expense						3.8						2.2						0.2						3.8						2.2						0.2
Share based compensation adjustments						0.3						(5.6)						(0.7)						0.4						(5.3)						0.1
Research and development tax credits						(1.8)						(1.9)						(2.4)						(1.8)						(1.9)						(2.4)
Partnership outside basis adjustment						7.0						1.2						5.5						7.0						1.2						5.5
Return to provision adjustments and other, net						3.6						1.6						1.2						3.1						0.8						1.1
Income tax benefit						$	(56.5)					$	(13.3)					$	(26.4)					$	(55.1)					$	(12.9)					$	(25.0)

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, 2023 and 2022 are as follows:

						SBH												SB/RH
(in millions)						2023						2022						2023						2022
Deferred tax assets
Employee benefits						$	22.9					$	25.9					$	21.6					$	25.9
Inventories and receivables						31.9						42.0						31.9						42.0
Marketing and promotional accruals						5.3						16.0						5.3						16.0
Property, plant and equipment						2.8						0.9						2.8						0.9
Unrealized losses						30.5						31.9						30.5						31.9
Intangibles						9.3						11.1						9.3						11.1
Operating lease liabilities						27.6						23.0						27.6						23.0
Net operating loss and other carry forwards						331.6						577.4						227.9						255.6
Other						17.0						29.4						16.5						27.5
Total deferred tax assets						478.9						757.6						373.4						433.9
Deferred tax liabilities
Property, plant and equipment						7.9						18.1						7.9						18.1
Unrealized gains						11.1						24.4						11.1						24.4
Intangibles						167.2						303.3						167.2						303.3
Operating lease assets						24.6						22.4						24.6						22.4
Investment in partnership						80.3						73.7						80.1						73.4
Taxes on unremitted foreign earnings						1.2						2.0						1.2						2.0
Other						13.0						12.0						13.0						12.0
Total deferred tax liabilities						305.3						455.9						305.1						455.6
Net deferred tax liabilities						173.6						301.7						68.3						(21.7)
Valuation allowance						(333.4)						(337.4)						(229.6)						(233.7)
Net deferred tax liabilities, net valuation allowance						$	(159.8)					$	(35.7)					$	(161.3)					$	(255.4)
Reported as:
Deferred charges and other						$	15.0					$	24.4					$	15.0					$	23.9
Deferred taxes (noncurrent liability)						174.8						60.1						176.3						279.3

Schedule of Unrecognized Tax Benefits

The following table summarizes the changes to the amount of unrecognized tax benefits for the years ended September 30, 2023, 2022 and 2021:

(in millions)						2023						2022						2021
Unrecognized tax benefits, beginning of year						$	100.9					$	18.0					$	13.8
Gross increase – tax positions in prior period						21.5						84.4						4.1
Gross decrease – tax positions in prior period						(34.4)						(2.9)						(0.2)
Gross increase – tax positions in current period						33.4						1.7						1.2
Settlements						—						—						(0.2)
Lapse of statutes of limitations						(0.3)						(0.3)						(0.7)
Unrecognized tax benefits, end of year						$	121.1					$	100.9					$	18.0

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