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REVENUE RECOGNITION
 9 Months Ended
Jun. 30, 2024
Revenue from Contract with Customer [Abstract]  
REVENUE RECOGNITION REVENUE RECOGNITION
The Company generates all of its revenue from contracts with customers. The following table disaggregates our revenue for the three and nine month periods ended June 30, 2024 and July 2, 2023, by the Company’s key revenue streams, segments and geographic region (based upon destination):
Three Month Period Ended June 30, 2024Three Month Period Ended July 2, 2023
(in millions)
GPC
H&G
HPC
Total
GPC
H&G
HPC
Total
Product Sales
NA
$173.4 $207.5 $115.7 $496.6 $167.9 $184.1 $105.4 $457.4 
EMEA
93.7 — 108.6 202.3 88.0 — 104.2 192.2 
LATAM
3.9 2.6 44.5 51.0 4.7 1.5 47.4 53.6 
APAC
7.5 — 15.7 23.2 7.5 — 17.4 24.9 
Licensing
2.4 0.9 1.6 4.9 2.8 1.0 2.0 5.8 
Service and other1.3 — 0.1 1.4 1.4 — 0.2 1.6 
Total revenue$282.2 $211.0 $286.2 $779.4 $272.3 $186.6 $276.6 $735.5 
Nine Month Period Ended June 30, 2024Nine Month Period Ended July 2, 2023
(in millions)GPCH&GHPCTotalGPC
H&G
HPCTotal
Product Sales
NA$521.3 $436.0 $355.9 $1,313.2 $530.1 $404.3 $391.6 $1,326.0 
EMEA286.7 — 353.8 640.5 269.0 — 340.7 609.7 
LATAM9.8 5.8 132.6 148.2 12.4 5.0 128.0 145.4 
APAC20.2 — 49.6 69.8 24.3 — 52.6 76.9 
Licensing7.1 1.9 5.2 14.2 7.8 2.0 6.3 16.1 
Service and other3.9 — 0.4 4.3 2.9 — 1.1 4.0 
Total revenue$849.0 $443.7 $897.5 $2,190.2 $846.5 $411.3 $920.3 $2,178.1 
The Company has a broad range of customers, including many large retail customers. During the three month periods ended June 30, 2024 and July 2, 2023, there were two large retail customers, each exceeding 10% of consolidated Net Sales and representing 37.7% and 33.4% of consolidated Net Sales, respectively in each period. During the nine month periods ended June 30, 2024 and July 2, 2023, there were two large retail customers exceeding 10% of consolidated Net Sales and
representing 36.4% and 34.3% of consolidated Net Sales, respectively. All segments sell products to the two large retail customers exceeding 10% of consolidated Net Sales.
A significant portion of our product sales from our HPC segment are subject to the continued use and access to the Black & Decker® ("B+D") brand through a trademark license agreement with Stanley Black and Decker ("SBD"). Net sales from B+D product sales consisted of $86.4 million, or 11.1% of consolidated net sales, and $84.2 million, or 11.4% of consolidated Net Sales, for the three month periods ended June 30, 2024 and July 2, 2023, respectively. Net sales from B+D product sales consisted of $257.6 million, or 11.8%, and $256.0 million, or 11.8%, of consolidated Net Sales for the nine month periods ended June 30, 2024 and July 2, 2023, respectively. All other significant brands and tradenames used in the Company’s commercial operations are directly owned and not subject to further restrictions.
In May 2024, the Company and its HPC segment entered into a new trademark license agreement (the "License Agreement") with SBD which terminates the previous arrangement, with an effective date of January 1, 2024. Pursuant to the License Agreement, the Company will license the B+D brand in North America, Latin America (excluding Brazil) and the Caribbean for four categories of household appliance: beverage products, food preparation products, garment care products and cooking products. The License Agreement has an initial four-year term ending December 31, 2027, with two subsequent four-year renewal rights each based upon meeting certain sales targets at the end of each renewal period, extending the total contract term to December 31, 2035. The License Agreement does not renew if these targets are not satisfied. Under the terms of the License Agreement, the Company agrees to pay SBD royalties based on a percentage of sales, with a minimum annual royalty payment of $11.7 million for the first year in the initial term, with decreases in subsequent years in the initial term down to $10.2 million and is subject to adjustment with each renewal period. The License Agreement also requires us to comply with maximum annual returns rates for products and promotional spending commitments.
In the normal course of business, the Company may allow customers to return products or take credit for product returns per the provisions in a sale agreement. Estimated product returns are recorded as a reduction in revenues at the time of sale based upon historical product return experience, adjusted for known trends, to arrive at the amount of consideration expected to be received. The allowance for product returns as of June 30, 2024 and September 30, 2023 was $13.9 million and $12.8 million, respectively. The increase in the allowance for product returns are attributable to the additional returns estimated for the recently re-issued product recalls with the HPC segment in collaboration with the U.S. Consumer Product Safety Commission ("CPSC"), further discussed in Note 15 - Commitments and Contingencies.