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)202420232022
GPC$1,151.5 $1,139.0 $1,175.3 
H&G578.6 536.5 587.1 
HPC1,233.8 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)202420232022
GPC$216.1 $190.6 $168.6 
H&G90.8 72.5 86.2 
HPC75.3 43.1 69.6 
Total segment adjusted EBITDA382.2 306.2 324.4 
Interest expense58.5 116.1 99.4 
Depreciation57.3 48.9 49.0 
Amortization44.5 42.3 50.3 
Corporate costs66.1 41.1 41.3 
Unallocated shared service costs— 18.0 27.6 
Interest income1
(55.7)(37.9)— 
Share based compensation17.5 17.2 10.2 
Non-cash impairment charges50.3 242.6 — 
Non-cash purchase accounting adjustments1.2 1.9 8.3 
(Gain) loss from early extinguishment of debt(2.6)3.0 — 
Exit and disposal costs1.0 9.3 10.4 
HHI separation costs2
3.9 8.4 6.3 
HPC separation initiatives2
13.4 4.2 19.1 
Global ERP transformation2
15.0 11.4 13.1 
Tristar Business acquisition and integration2
— 11.5 24.3 
Rejuvenate integration2
— — 6.8 
Armitage integration2
— — 1.4 
Omega production integration2
— — 4.6 
Coevorden operations divestiture2
— 2.7 8.8 
GPC distribution center transition2
— — 35.8 
HPC brand portfolio transition2
— 2.5 1.3 
HPC product recall3
6.9 7.7 5.5 
Gain from remeasurement of contingent consideration liability4
— (1.5)(28.5)
Representation and warranty insurance proceeds5
(65.0)— — 
Litigation charges6
2.9 3.0 1.5 
HPC product disposal7
— 20.6 — 
Other8
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)
202420232022
GPC$36.7 $37.4 $37.4 
H&G19.4 18.8 18.6 
HPC21.4 20.4 28.7 
Total segments77.5 76.6 84.7 
Corporate and shared operations24.3 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)20242023
GPC$159.4 $171.8 
H&G85.6 90.7 
HPC217.1 200.3 
Total segment assets462.1 462.8 
Other current assets1,116.5 2,463.1 
Non-current assets2,263.7 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)
202420232022
United States$1,715.8 $1,722.4 $1,901.6 
Europe/MEA885.2 830.7 820.0 
Latin America211.8 206.8 243.3 
Asia-Pacific99.4 106.6 108.5 
North America - Other51.7 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)
20242023
United States$285.7 $321.4 
Europe/MEA73.0 53.7 
Latin America2.4 2.6 
North America - Other1.3 — 
Asia-Pacific6.1 8.2 
Total long-lived assets$368.5 $385.9