Guarantor Statements - SB/RH (Tables)

3 Months Ended

Dec. 30, 2018

Guarantor Statements - SB/RH [Abstract]

Statement Of Financial Position

Statement of Financial Position			Guarantor		Nonguarantor
As of December 30, 2018 (in millions)	Parent		Subsidiaries		Subsidiaries		Eliminations		Consolidated
Assets
Cash and cash equivalents	$	5.5	$	1.9	$	193.2	$	—	$	200.6
Trade receivables, net		151.7		65.4		196.8		—		413.9
Intercompany receivables		—		1,550.5		299.1		(1,849.6)		—
Other receivables		94.0		2.1		32.8		—		128.9
Inventories		270.8		231.1		233.5		(12.2)		723.2
Prepaid expenses and other		31.0		6.3		24.7		0.4		62.4
Current assets of business held for sale		544.9		1,276.3		471.8		(9.6)		2,283.4
Total current assets		1,097.9		3,133.6		1,451.9		(1,871.0)		3,812.4
Property, plant and equipment, net		196.2		121.6		159.9		—		477.7
Long-term intercompany receivables		316.4		65.6		11.2		(393.2)		—
Deferred charges and other		161.2		0.6		25.4		(142.3)		44.9
Goodwill		562.7		611.4		273.3		—		1,447.4
Intangible assets, net		748.1		601.3		253.7		—		1,603.1
Investments in subsidiaries		4,795.4		1,236.3		(2.9)		(6,028.8)		—
Total assets	$	7,877.9	$	5,770.4	$	2,172.5	$	(8,435.3)	$	7,385.5
Liabilities and Shareholder's Equity
Current portion of long-term debt	$	1,753.9	$	4.3	$	10.1	$	(0.1)	$	1,768.2
Accounts payable		156.6		90.7		224.1		—		471.4
Intercompany accounts payable		1,727.3		—		88.4		(1,815.7)		—
Accrued wages and salaries		21.6		2.5		24.0		—		48.1
Accrued interest		50.6		—		0.1		—		50.7
Other current liabilities		94.9		16.2		90.0		—		201.1
Current liabilities of business held for sale		58.3		141.2		263.7		—		463.2
Total current liabilities		3,863.2		254.9		700.4		(1,815.8)		3,002.7
Long-term debt, net of current portion		2,470.7		56.1		12.5		—		2,539.3
Long-term intercompany debt		11.2		299.3		116.2		(426.7)		—
Deferred income taxes		—		361.4		62.0		(147.9)		275.5
Other long-term liabilities		71.3		3.2		45.2		—		119.7
Total liabilities		6,416.4		974.9		936.3		(2,390.4)		5,937.2
Shareholder's equity:
Other capital		2,110.4		800.7		(1,354.4)		530.4		2,087.1
Accumulated (deficit) earnings		(402.1)		4,218.2		2,797.5		(7,015.7)		(402.1)
Accumulated other comprehensive loss		(246.8)		(223.4)		(217.0)		440.4		(246.8)
Total shareholder's equity		1,461.5		4,795.5		1,226.1		(6,044.9)		1,438.2
Non-controlling interest		—		—		10.1		—		10.1
Total equity		1,461.5		4,795.5		1,236.2		(6,044.9)		1,448.3
Total liabilities and equity	$	7,877.9	$	5,770.4	$	2,172.5	$	(8,435.3)	$	7,385.5

NOTE 21 - GUARANTOR STATEMENTS – SB/RH (continued)

Statement of Financial Position			Guarantor		Nonguarantor
As of September 30, 2018  (in millions)	Parent		Subsidiaries		Subsidiaries		Eliminations		Consolidated
Assets
Cash and cash equivalents	$	276.6	$	1.8	$	227.0	$	—	$	505.4
Trade receivables, net		108.8		42.9		165.2		—		316.9
Intercompany receivables		—		1,648.3		283.0		(1,931.3)		—
Other receivables		65.7		1.8		27.8		—		95.3
Inventories		228.5		162.6		204.6		(12.1)		583.6
Prepaid expenses and other		35.3		4.0		23.6		—		62.9
Current assets of business held for sale		550.8		1,382.1		483.4		(10.0)		2,406.3
Total current assets		1,265.7		3,243.5		1,414.6		(1,953.4)		3,970.4
Property, plant and equipment, net		223.4		122.1		153.6		—		499.1
Long-term intercompany receivables		321.3		70.3		11.6		(403.2)		—
Deferred charges and other		452.2		0.6		68.9		(447.6)		74.1
Goodwill		557.4		611.4		285.9		—		1,454.7
Intangible assets, net		770.3		609.5		262.0		—		1,641.8
Investments in subsidiaries		4,900.7		1,262.5		(2.9)		(6,160.3)		—
Total assets	$	8,491.0	$	5,919.9	$	2,193.7	$	(8,964.5)	$	7,640.1
Liabilities and Shareholder's Equity
Current portion of long-term debt	$	535.0	$	4.3	$	7.8	$	(0.2)	$	546.9
Accounts payable		222.3		124.1		238.6		—		585.0
Intercompany accounts payable		1,878.0		—		35.1		(1,913.1)		—
Accrued wages and salaries		24.5		1.5		29.5		—		55.5
Accrued interest		55.0		—		—		—		55.0
Other current liabilities		58.7		15.3		77.7		—		151.7
Current liabilities of business held for sale		82.4		160.7		296.0		—		539.1
Total current liabilities		2,855.9		305.9		684.7		(1,913.3)		1,933.2
Long-term debt, net of current portion		3,615.3		57.3		13.8		—		3,686.4
Long-term intercompany debt		11.6		294.9		114.8		(421.3)		—
Deferred income taxes		311.2		358.0		72.1		(452.9)		288.4
Other long-term liabilities		71.5		3.1		45.8		—		120.4
Total liabilities		6,865.5		1,019.2		931.2		(2,787.5)		6,028.4
Shareholder's equity:
Other capital		2,096.8		803.7		(1,361.9)		534.4		2,073.0
Accumulated (deficit) earnings		(235.6)		4,303.0		2,814.5		(7,117.4)		(235.5)
Accumulated other comprehensive loss		(235.7)		(206.0)		(200.0)		406.0		(235.7)
Total shareholder's equity		1,625.5		4,900.7		1,252.6		(6,177.0)		1,601.8
Non-controlling interest		—		—		9.9		—		9.9
Total equity		1,625.5		4,900.7		1,262.5		(6,177.0)		1,611.7
Total liabilities and equity	$	8,491.0	$	5,919.9	$	2,193.7	$	(8,964.5)	$	7,640.1

Statement Of Income

Statement of Income			Guarantor		Nonguarantor
Three month period ended December 30, 2018 (in millions)	Parent		Subsidiaries		Subsidiaries		Eliminations		Consolidated
Net sales	$	428.0	$	287.2	$	531.9	$	(372.5)	$	874.6
Cost of goods sold		313.5		219.3		408.1		(372.5)		568.4
Restructuring and related charges		—		—		0.9		—		0.9
Gross profit		114.5		67.9		122.9		—		305.3
Selling		61.3		27.3		67.0		—		155.6
General and administrative		71.1		19.1		13.1		(0.7)		102.6
Research and development		5.7		2.4		3.0		—		11.1
Acquisition and integration related charges		0.4		0.7		0.5		—		1.6
Restructuring and related charges		4.2		0.6		3.4		—		8.2
Total operating expense		142.7		50.1		87.0		(0.7)		279.1
Operating income		(28.2)		17.8		35.9		0.7		26.2
Interest expense		36.8		5.5		0.9		—		43.2
Other non-operating (income) expense, net		(23.1)		(23.4)		0.6		46.7		0.8
Income from operations before income taxes		(41.9)		35.7		34.4		(46.0)		(17.8)
Income tax (benefit) expense		(22.1)		13.2		10.9		(0.4)		1.6
Net (loss) income from continuing operations		(19.8)		22.5		23.5		(45.6)		(19.4)
(Loss) Income from discontinued operations, net of tax		(83.4)		(76.0)		3.4		73.2		(82.8)
Net (loss) income		(103.2)		(53.5)		26.9		27.6		(102.2)
Net income attributable to non-controlling interest		—		—		0.2		—		0.2
Net (loss) income attributable to controlling interest	$	(103.2)	$	(53.5)	$	26.7	$	27.6	$	(102.4)

Statement of Income			Guarantor		Nonguarantor
Three month period ended December 31, 2017 (in millions)	Parent		Subsidiaries		Subsidiaries		Eliminations		Consolidated
Net sales	$	462.2	$	218.7	$	546.2	$	(307.5)	$	919.6
Cost of goods sold		346.8		154.8		406.3		(307.0)		600.9
Restructuring and related charges		—		—		0.3		—		0.3
Gross profit		115.4		63.9		139.6		(0.5)		318.4
Selling		61.4		26.7		65.7		—		153.8
General and administrative		30.7		20.7		17.6		—		69.0
Research and development		5.8		2.2		3.5		—		11.5
Acquisition and integration related charges		2.8		1.3		1.2		—		5.3
Restructuring and related charges		15.9		—		0.9		—		16.8
Total operating expense		116.6		50.9		88.9		—		256.4
Operating income		(1.2)		13.0		50.7		(0.5)		62.0
Interest expense		33.6		4.4		0.5		—		38.5
Other non-operating (income) expense, net		(85.7)		(40.8)		—		128.0		1.5
Income from operations before income taxes		50.9		49.4		50.2		(128.5)		22.0
Income tax (benefit) expense		(96.8)		(36.4)		7.9		(0.4)		(125.7)
Net income from continuing operations		147.7		85.8		42.3		(128.1)		147.7
Income from discontinued operations, net of tax		18.8		21.0		17.5		(35.6)		21.7
Net income		166.5		106.8		59.8		(163.7)		169.4
Net income attributable to non-controlling interest		—		—		0.9		—		0.9
Net income attributable to controlling interest	$	166.5	$	106.8	$	58.9	$	(163.7)	$	168.5

Statement Of Comprehensive Income

Statement of Comprehensive Income			Guarantor		Nonguarantor
Three month period ended December 30, 2018 (in millions)	Parent		Subsidiaries		Subsidiaries		Eliminations		Consolidated
Net (loss) income	$	(103.2)	$	(53.5)	$	26.9	$	27.6	$	(102.2)
Other comprehensive income, net of tax:
Foreign currency translation loss		(20.9)		(21.5)		(21.2)		42.8		(20.8)
Unrealized gain on derivative instruments		8.3		3.0		3.1		(6.1)		8.3
Defined benefit pension gain		1.5		1.1		1.1		(2.3)		1.4
Other comprehensive income		(11.1)		(17.4)		(17.0)		34.4		(11.1)
Comprehensive (loss) income		(114.3)		(70.9)		9.9		62.0		(113.3)
Comprehensive income attributable to non-controlling interest		—		—		—		—		—
Comprehensive (loss) income attributable to controlling interest	$	(114.3)	$	(70.9)	$	9.9	$	62.0	$	(113.3)

Statement of Comprehensive Income			Guarantor		Nonguarantor
Three month period ended December 31, 2017 (in millions)	Parent		Subsidiaries		Subsidiaries		Eliminations		Consolidated
Net income	$	166.5	$	106.8	$	59.8	$	(163.7)	$	169.4
Other comprehensive (loss) income, net of tax:
Net unrealized loss on foreign currency translation		(2.0)		(2.0)		(2.2)		4.2		(2.0)
Unrealized gain on hedging derivative instruments		1.8		4.3		4.3		(8.6)		1.8
Defined benefit pension gain		0.1		0.1		0.1		(0.2)		0.1
Other comprehensive (loss) income		(0.1)		2.4		2.2		(4.6)		(0.1)
Comprehensive income		166.4		109.2		62.0		(168.3)		169.3
Comprehensive income attributable to non-controlling interest		—		—		0.2		—		0.2
Comprehensive income attributable to controlling interest	$	166.4	$	109.2	$	61.8	$	(168.3)	$	169.1

Statement Of Cash Flows

Statement of Cash Flows			Guarantor		Nonguarantor
Three Month Period Ended December 30, 2018 (in millions)	Parent		Subsidiaries		Subsidiaries		Eliminations		Consolidated
Net cash (used) provided by operating activities from continuing operations	$	(308.0)	$	3.8	$	1,378.2	$	(1,375.5)	$	(301.5)
Net cash provided (used) by operating activities from discontinued operations		2.2		2.3		2.9		(35.3)		(27.9)
Net cash (used) provided by operating activities		(305.8)		6.1		1,381.1		(1,410.8)		(329.4)
Cash flows from investing activities		.
Purchases of property, plant and equipment		(6.6)		(3.4)		(3.5)		—		(13.5)
Proceeds from sales of property, plant and equipment		—		—		0.1		—		0.1
Net cash used by investing activities from continuing operations		(6.6)		(3.4)		(3.4)		—		(13.4)
Net cash used by investing activities from discontinued operations		(1.1)		(2.3)		(1.7)		—		(5.1)
Net cash used by investing activities		(7.7)		(5.7)		(5.1)		—		(18.5)
Cash flows from financing activities
Proceeds from issuance of debt		114.0		—		10.3		—		124.3
Payment of debt		(35.7)		—		(9.9)		—		(45.6)
Payment of cash dividends to parent		(30.4)		—		—		—		(30.4)
Advances related to intercompany transactions		(4.4)		(0.3)		(1,406.1)		1,410.8		—
Net cash provided (used) by financing activities from continuing operations		43.5		(0.3)		(1,405.7)		1,410.8		48.3
Net cash used by financing activities from discontinued operations		(1.1)		—		(1.2)				(2.3)
Net cash provided (used) by financing activities		42.4		(0.3)		(1,406.9)		1,410.8		46.0
Effect of exchange rate changes on cash and cash equivalents		—		—		(2.9)		—		(2.9)
Net (decrease) increase in cash, cash equivalents and restricted cash		(271.1)		0.1		(33.8)		—		(304.8)
Cash, cash equivalents and restricted cash, beginning of period		285.5		1.8		227.0		—		514.3
Cash, cash equivalents and restricted cash, end of period	$	14.4	$	1.9	$	193.2	$	—	$	209.5

Statement of Cash Flows			Guarantor		Nonguarantor
Three Month Period Ended December 31, 2017 (in millions)	Parent		Subsidiaries		Subsidiaries		Eliminations		Consolidated
Net cash (used) provided by operating activities from continuing operations	$	(188.1)	$	(36.8)	$	61.7	$	(42.7)	$	(205.9)
Net cash provided by operating activities from discontinued operations		1.4		1.5		0.6		19.3		22.8
Net cash (used) provided by operating activities		(186.7)		(35.3)		62.3		(23.4)		(183.1)
Cash flows from investing activities
Purchases of property, plant and equipment		(7.4)		(2.3)		(10.6)		—		(20.3)
Proceeds from sales of property, plant and equipment		0.7		0.1		0.1		—		0.9
Net cash used by investing activities from continuing operations		(6.7)		(2.2)		(10.5)		—		(19.4)
Net cash used by investing activities from discontinued operations		(1.4)		(1.5)		(1.9)		—		(4.8)
Net cash used by investing activities		(8.1)		(3.7)		(12.4)		—		(24.2)
Cash flows from financing activities
Proceeds from issuance of debt		226.0		—		5.4		—		231.4
Payment of debt		(30.2)		—		(1.0)		—		(31.2)
Payment of debt issuance costs		(0.1)		—		—		—		(0.1)
Payment of cash dividends to parent		(24.2)		—		—		—		(24.2)
Advances related to intercompany transactions		20.9		34.9		(79.2)		23.4		—
Net cash provided (used) by financing activities from continuing operations		192.4		34.9		(74.8)		23.4		175.9
Net cash used by financing activities from discontinued operations		—		—		1.3		—		1.3
Net cash provided (used) by financing activities		192.4		34.9		(73.5)		23.4		177.2
Effect of exchange rate changes on cash and cash equivalents		—		—		(0.2)		—		(0.2)
Net increase (decrease) in cash, cash equivalents and restricted cash		(2.4)		(4.1)		(23.8)		—		(30.3)
Cash, cash equivalents and restricted cash, beginning of period		21.3		4.8		157.4		—		183.5
Cash, cash equivalents and restricted cash, end of period	$	18.9	$	0.7	$	133.6	$	—	$	153.2