XML 84 R55.htm IDEA: XBRL DOCUMENT
v3.24.3

SEGMENT INFORMATION (Tables) | 12 Months Ended
--- | ---
Sep. 30, 2024
Segment Reporting [Abstract] |
Schedule of Net Sales Relating to Segments | Net sales consists of revenue generated by contracts with external customers. The segments do not have significant or material intrasegment revenues. Net sales relating to the segments for the years ended September 30, 2024, 2023 and 2022 are as follows. See Note 5 - Revenue Recognition for revenue from product sales, licensing and service and other revenue streams, by segment.
(in millions) |  | 2024 |  | 2023 |  | 2022
GPC |  | $ | 1,151.5 |  |  | $ | 1,139.0 |  |  | $ | 1,175.3 |
H&G |  | 578.6 |  |  | 536.5 |  |  | 587.1 |
HPC |  | 1,233.8 |  |  | 1,243.3 |  |  | 1,370.1 |
Net sales |  | $ | 2,963.9 |  |  | $ | 2,918.8 |  |  | $ | 3,132.5 |
Schedule of Segment Information | The following is a summary of segment Adjusted EBITDA reconciled to the Company’s pre-tax operating income from continuing operation for the years ended September 30, 2024, 2023 and 2022.
(in millions) |  | 2024 |  | 2023 |  | 2022
GPC |  | $ | 216.1 |  |  | $ | 190.6 |  |  | $ | 168.6 |
H&G |  | 90.8 |  |  | 72.5 |  |  | 86.2 |
HPC |  | 75.3 |  |  | 43.1 |  |  | 69.6 |
Total segment adjusted EBITDA |  | 382.2 |  |  | 306.2 |  |  | 324.4 |
Interest expense |  | 58.5 |  |  | 116.1 |  |  | 99.4 |
Depreciation |  | 57.3 |  |  | 48.9 |  |  | 49.0 |
Amortization |  | 44.5 |  |  | 42.3 |  |  | 50.3 |
Corporate costs |  | 66.1 |  |  | 41.1 |  |  | 41.3 |
Unallocated shared service costs |  | — |  |  | 18.0 |  |  | 27.6 |
Interest income 1 |  | (55.7) |  |  | (37.9) |  |  | — |
Share based compensation |  | 17.5 |  |  | 17.2 |  |  | 10.2 |
Non-cash impairment charges |  | 50.3 |  |  | 242.6 |  |  | — |
Non-cash purchase accounting adjustments |  | 1.2 |  |  | 1.9 |  |  | 8.3 |
(Gain) loss from early extinguishment of debt |  | (2.6) |  |  | 3.0 |  |  | — |
Exit and disposal costs |  | 1.0 |  |  | 9.3 |  |  | 10.4 |
HHI separation costs 2 |  | 3.9 |  |  | 8.4 |  |  | 6.3 |
HPC separation initiatives 2 |  | 13.4 |  |  | 4.2 |  |  | 19.1 |
Global ERP transformation 2 |  | 15.0 |  |  | 11.4 |  |  | 13.1 |
Tristar Business acquisition and integration 2 |  | — |  |  | 11.5 |  |  | 24.3 |
Rejuvenate integration 2 |  | — |  |  | — |  |  | 6.8 |
Armitage integration 2 |  | — |  |  | — |  |  | 1.4 |
Omega production integration 2 |  | — |  |  | — |  |  | 4.6 |
Coevorden operations divestiture 2 |  | — |  |  | 2.7 |  |  | 8.8 |
GPC distribution center transition 2 |  | — |  |  | — |  |  | 35.8 |
HPC brand portfolio transition 2 |  | — |  |  | 2.5 |  |  | 1.3 |
HPC product recall 3 |  | 6.9 |  |  | 7.7 |  |  | 5.5 |
Gain from remeasurement of contingent consideration liability 4 |  | — |  |  | (1.5) |  |  | (28.5) |
Representation and warranty insurance proceeds 5 |  | (65.0) |  |  | — |  |  | — |
Litigation charges 6 |  | 2.9 |  |  | 3.0 |  |  | 1.5 |
HPC product disposal 7 |  | — |  |  | 20.6 |  |  | — |
Other 8 |  | 3.4 |  |  | 23.4 |  |  | 18.2 |
Income (loss) from continuing operations before income taxes |  | $ | 163.6 |  |  | $ | (290.2) |  |  | $ | (90.3) |
________________________________________ 1 Interest income is primarily associated with the corporate investment of cash proceeds from the HHI divestiture in June 2023. 2 Incremental costs associated with strategic transactions, restructuring and optimization initiatives, including, but not limited to, the acquisition or divestiture of a business, related integration or separation costs, or the development and implementation of strategies to optimize or restructure operations. 3 Incremental net costs from product recalls in the HPC segment. See Note 20 - Commitment and Contingencies for further detail. 4 Non-cash gain from the remeasurement of a contingent consideration liability associated with the Tristar Business acquisition during the years ended September 30, 2023 and 2022. 5 Gain from the receipt of insurance proceeds on representation and warranty policies associated with the Tristar Business acquisition. See Note 20 Commitment and Contingencies for further detail. 6 Litigation costs primarily associated with the Tristar Business acquisition. See Note 20 - Commitment and Contingencies for further detail. 7 Non-cash write-off from disposal of HPC inventory. See Note 8 - Inventory for further details. 8 Other is attributable to (1) other costs associated with strategic transaction, restructuring and optimization initiatives; (2) other foreign currency loss from the liquidation and deconsolidation of the Company's Russia operating entity during the year ended September 30, 2024; (3) key executive severance and other one-time compensatory costs, (4) non-recurring insurable losses, net insurance proceeds; and (5) impact from the early settlement of foreign currency cash flow hedges during September 30, 2023 and 2022, as previously reported.
Schedule of Depreciation and Amortization Relating to Segments | Depreciation and amortization relating to the segments are as follows for the years ended September 30, 2024, 2023 and 2022:
(in millions) |  | 2024 |  | 2023 |  | 2022
GPC |  | $ | 36.7 |  |  | $ | 37.4 |  |  | $ | 37.4 |
H&G |  | 19.4 |  |  | 18.8 |  |  | 18.6 |
HPC |  | 21.4 |  |  | 20.4 |  |  | 28.7 |
Total segments |  | 77.5 |  |  | 76.6 |  |  | 84.7 |
Corporate and shared operations |  | 24.3 |  |  | 14.6 |  |  | 14.6 |
Total depreciation and amortization |  | $ | 101.8 |  |  | $ | 91.2 |  |  | $ | 99.3 |
Schedule of Segment Total Assets Relating to Segments | The following is a summary of segment assets and a reconciliation of segment assets to total assets of the Company were as follows as of September 30, 2024 and 2023:
Segment total assets (in millions) |  | 2024 |  | 2023
GPC |  | $ | 159.4 |  |  | $ | 171.8 |
H&G |  | 85.6 |  |  | 90.7 |
HPC |  | 217.1 |  |  | 200.3 |
Total segment assets |  | 462.1 |  |  | 462.8 |
Other current assets |  | 1,116.5 |  |  | 2,463.1 |
Non-current assets |  | 2,263.7 |  |  | 2,332.5 |
Total assets |  | $ | 3,842.3 |  |  | $ | 5,258.4 |
Schedule of Net Sales by Geographic Area | Net sales geographic regions (based upon destination) for the years ended September 30, 2024, 2023 and 2022 are as follows:
Net sales to external parties - Geographic Disclosure (in millions) |  | 2024 |  | 2023 |  | 2022
United States |  | $ | 1,715.8 |  |  | $ | 1,722.4 |  |  | $ | 1,901.6 |
Europe/MEA |  | 885.2 |  |  | 830.7 |  |  | 820.0 |
Latin America |  | 211.8 |  |  | 206.8 |  |  | 243.3 |
Asia-Pacific |  | 99.4 |  |  | 106.6 |  |  | 108.5 |
North America - Other |  | 51.7 |  |  | 52.3 |  |  | 59.1 |
Net sales |  | $ | 2,963.9 |  |  | $ | 2,918.8 |  |  | $ | 3,132.5 |
Schedule of Long-Lived Assets by Geographic Area | Long-lived asset information, consisting of Property Plant and Equipment, Net, and Operating Lease Assets, as of September 30, 2024 and 2023 by geographic area are as follows:
Long-lived assets - Geographic Disclosure (in millions) |  | 2024 |  | 2023
United States |  | $ | 285.7 |  |  | $ | 321.4 |
Europe/MEA |  | 73.0 |  |  | 53.7 |
Latin America |  | 2.4 |  |  | 2.6 |
North America - Other |  | 1.3 |  |  | — |
Asia-Pacific |  | 6.1 |  |  | 8.2 |
Total long-lived assets |  | $ | 368.5 |  |  | $ | 385.9 |

X
- Definition Tabular disclosure of long-lived assets, excluding financial instruments, long-term customer relationships of a financial institution, mortgage rights, deferred policy acquisition costs, and deferred tax assets, by geographic areas located in the entity's country of domicile and foreign countries in which the entity holds assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-41 + Details
Name: | us-gaap_LongLivedAssetsByGeographicAreasTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of all significant reconciling items in the reconciliation of total assets from reportable segments to the entity's consolidated assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-31 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
Name: | us-gaap_ReconciliationOfAssetsFromSegmentToConsolidatedTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of reconciliation of other items from reportable segments to their consolidated amount. Excludes reconciliation of revenue, profit (loss), and assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-31 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
Name: | us-gaap_ReconciliationOfOtherSignificantReconcilingItemsFromSegmentsToConsolidatedTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of all significant reconciling items in the reconciliation of total revenues from reportable segments to the entity's consolidated revenues. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-31 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
Name: | us-gaap_ReconciliationOfRevenueFromSegmentsToConsolidatedTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of revenue from external customers by geographic areas attributed to the entity's country of domicile and to foreign countries from which the entity derives revenue. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-41 + Details
Name: | us-gaap_RevenueFromExternalCustomersByGeographicAreasTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
Name: | us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration