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SEGMENT INFORMATION | 6 Months Ended
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Mar. 30, 2025
Segment Reporting [Abstract] |
SEGMENT INFORMATION | SEGMENT INFORMATION The Company identifies its segments based upon the internal organization that is used by management for making operating decisions, allocating capital and resources amongst the operations, and assessing performance as the source of its reportable segments. The Company manages its continuing operations in three vertically integrated, product-focused reporting segments: (i) GPC, which consists of the Company’s global pet care business; (ii) H&G, which consists of the Company’s home and garden, insect control and cleaning products business and (iii) HPC, which consists of the Company’s global small kitchen and personal care appliances businesses. Global strategic initiatives and financial objectives for each reportable segment are determined at the corporate level. Each segment is responsible for implementing defined strategic initiatives and achieving certain financial objectives and has a president responsible for the sales and marketing initiatives and financial results for product lines within the segment. Net sales relating to the segments for the three and six month periods ended March 30, 2025 and March 31, 2024, are as follows:
|  | Three Month Periods Ended |  | Six Month Periods Ended
(in millions) |  | March 30, 2025 |  | March 31, 2024 |  | March 30, 2025 |  | March 31, 2024
GPC |  | $ | 269.2 |  |  | $ | 289.9 |  |  | $ | 529.2 |  |  | $ | 566.8 |
H&G |  | 152.3 |  |  | 160.7 |  |  | 244.4 |  |  | 232.7 |
HPC |  | 254.2 |  |  | 267.9 |  |  | 602.3 |  |  | 611.2 |
Net sales |  | $ | 675.7 |  |  | $ | 718.5 |  |  | $ | 1,375.9 |  |  | $ | 1,410.7 |
The Chief Operating Decision Maker of the Company uses Adjusted EBITDA (Earnings Before Interest, Tax, Depreciation and Amortization) as the primary operating metric in evaluating the business and making operating decisions. EBITDA is calculated by excluding the Company’s income tax expense, interest expense, depreciation expense and amortization expense (from intangible assets) from net income. Adjusted EBITDA also excludes certain non-cash adjustments including share based compensation (See Note 11 - Share Based Compensation for further detail); impairment charges on property, plant and equipment, operating and finance lease assets, and goodwill and other intangible assets (See Note 5 - Property, Plant and Equipment and Note 6 - Goodwill and Intangible Assets and for further detail, as applicable); gain or loss from the early extinguishment of debt through the repurchase or early redemption of outstanding debt (See Note 7 - Debt for further detail, as applicable); and purchase accounting adjustments recognized in income subsequent to an acquisition attributable to the step-up in value on assets acquired, including, but not limited to, inventory or operating lease assets. Additionally, the Company will further recognize adjustments from Adjusted EBITDA for other costs, gains and losses that are considered significant, non-recurring, or otherwise not supporting the continuing operations and revenue generating activity of the segment or Company, including but not limited to, exit and disposal activities, or incremental costs associated with strategic transactions, restructuring and optimization initiatives such as the acquisition or divestiture of a business, related integration or separation costs, or the development and implementation of strategies to optimize or restructure the Company and its operations. The segments are supported through center-led corporate shared service operations which are enabling functions to the segments consisting of finance and accounting, information technology, legal and human resource, supply chain and commercial operations. Costs attributable to such shared service operations are allocated to the segments based upon various metrics which are considered representative to the use and support provided by such enabling functions to each of the segments. The Company also incurs costs attributable to corporate functions such as tax, treasury, internal audit, corporate finance, legal and corporate executive and board related governance costs which are considered corporate costs of the Company and not allocated to the segments. Interest costs attributable to external borrowings, including finance leases, are not recognized or allocated to segments. Interest income is generally not recognized or allocated to segments. Segment Adjusted EBITDA for the reportable segments for the three and six month periods ended March 30, 2025 and March 31, 2024, are as follows:
|  | Three Month Periods Ended |  | Six month periods ended
(in millions) |  | March 30, 2025 |  | March 31, 2024 |  | March 30, 2025 |  | March 31, 2024
GPC |  | $ | 50.0 |  |  | $ | 62.3 |  |  | $ | 101.5 |  |  | $ | 115.1 |
H&G |  | 26.7 |  |  | 29.2 |  |  | 36.0 |  |  | 28.5 |
HPC |  | 7.3 |  |  | 17.8 |  |  | 34.0 |  |  | 44.5 |
Total segment adjusted EBITDA |  | 84.0 |  |  | 109.3 |  |  | 171.5 |  |  | 188.1 |
Corporate |  | 13.1 |  |  | 14.5 |  |  | 25.4 |  |  | 32.4 |
Interest expense |  | 7.5 |  |  | 16.9 |  |  | 13.7 |  |  | 36.1 |
Interest income |  | (0.4) |  |  | (17.5) |  |  | (3.0) |  |  | (40.9) |
Depreciation |  | 14.0 |  |  | 14.3 |  |  | 28.0 |  |  | 28.8 |
Amortization |  | 10.5 |  |  | 11.1 |  |  | 21.0 |  |  | 22.2 |
Share based compensation |  | 5.2 |  |  | 4.5 |  |  | 9.9 |  |  | 8.4 |
Non-cash impairment charges |  | 15.7 |  |  | 39.5 |  |  | 15.7 |  |  | 43.5 |
Non-cash purchase accounting adjustments |  | — |  |  | 0.5 |  |  | — |  |  | 0.9 |
Gain from early extinguishment of debt |  | — |  |  | — |  |  | — |  |  | (4.7) |
Exit and disposal costs |  | 3.5 |  |  | 0.7 |  |  | 4.0 |  |  | 1.0 |
HHI separation costs 1 |  | 0.3 |  |  | 0.8 |  |  | 1.1 |  |  | 2.1 |
HPC separation initiatives 1 |  | (0.3) |  |  | 2.8 |  |  | 1.0 |  |  | 3.1 |
Global ERP transformation 1 |  | 2.3 |  |  | 3.9 |  |  | 4.8 |  |  | 6.9 |
HPC product recall 2 |  | — |  |  | 6.7 |  |  | — |  |  | 6.0 |
Representation and warranty insurance proceeds 3 |  | — |  |  | (65.0) |  |  | — |  |  | (65.0) |
Litigation costs 4 |  | 0.8 |  |  | 0.2 |  |  | 1.6 |  |  | 1.5 |
Other 5 |  | 0.4 |  |  | — |  |  | 0.5 |  |  | 0.5 |
Income from continuing operations before income taxes |  | $ | 11.4 |  |  | $ | 75.4 |  |  | $ | 47.8 |  |  | $ | 105.3 |
________________________________________ 1 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 2 Incremental net costs from product recalls in the HPC segment. See Note 14 - Commitments and Contingencies for further detail. 3 Gain from the receipt of insurance proceeds on representation and warranty policies during the prior year associated with the Tristar Business acquisition. See Note 14 - Commitments and Contingencies for further detail. 4 Litigation costs associated with the Tristar Business acquisition. See Note 14 - Commitments and Contingencies for further detail. 5 Other is attributable to other project costs associated with distribution center transitions and key executive severance and one-time compensatory costs.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards 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