Segment Data

3 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

Segment Data

Segment Data

For an overview of the Company’s segments, refer to Note 1 to Notes to Condensed Consolidated Financial Statements.

Segment performance is evaluated based on segment profit, exclusive of general corporate expenses, share-based compensation costs, restructuring charges, and certain costs deemed non-recurring in nature, including acquisition and integration costs, value-added tax (“VAT”) settlement costs, Sun Care reformulation costs, and the amortization of intangible assets. Financial items, such as interest income and expense, are managed on a global basis at the corporate level. The exclusion of such charges from segment results reflects management’s view on how it evaluates segment performance.

The Company’s operating model includes some shared business functions across the segments, including product warehousing and distribution, transaction processing functions and, in most cases, combined sales force and management teams. The Company applies a fully allocated cost basis in which shared business functions are allocated between the segments.

The Company completed the acquisition of Billie on November 29, 2021. As a result, Net Sales and Segment Profit associated with Billie products will be reported in the Wet Shave segment beginning on the acquisition date.

Segment net sales and profitability are presented below:

	Three Months Ended December 31,
	2021		2020
Net Sales
Wet Shave	$	286.1	$	279.1
Sun and Skin Care	104.8		103.0
Feminine Care	72.4		69.0
Total net sales	$	463.3	$	451.1
Segment Profit
Wet Shave	$	51.5	$	52.6
Sun and Skin Care	3.7		5.2
Feminine Care	8.4		8.8
Total segment profit	63.6		66.6
General corporate and other expenses	(10.8)		(12.1)
Restructuring and related costs	(2.2)		(4.4)
Acquisition and integration costs (1)	(6.0)		(3.0)
VAT settlement costs (2)	(3.4)		—
Sun Care reformulation costs (3)	(3.3)		—
Amortization of intangibles	(6.1)		(5.5)
Interest and other expense, net	(15.6)		(16.4)
Total earnings before income taxes	$	16.2	$	25.2

(1)Includes pre-tax SG&A of $5.7 and $1.7 for the three months ended December 31, 2021 and 2020, respectively. Additionally, Cost of products sold of $0.3 and $1.3 related to the valuation of acquired inventory for the three months ended December 31, 2021 and 2020, respectively, is included. Fiscal 2022 acquisition costs related to the Billie acquisition while Fiscal 2021 related primarily to Cremo which was acquired September 2, 2020.

(2)Includes pre-tax SG&A of $3.4 for the three months ended December 31, 2021 related to the estimated settlement of prior years’ value-added tax audits in Germany.

(3)Includes pre-tax COGS of $3.3 related to the recall and destruction of certain Sun Care products.

The following table presents the Company’s net sales by geographic area:

	Three Months Ended December 31,
	2021		2020
Net Sales to Customers
United States	$	262.5	$	250.8
International	200.8		200.3
Total net sales	$	463.3	$	451.1

Supplemental product information is presented below for net sales:

	Three Months Ended December 31,
	2021		2020
Razors and blades	$	255.7	$	246.3
Tampons, pads, and liners	72.4		69.0
Sun care products	40.2		28.8
Grooming products	46.3		43.1
Wipes and other skin care	18.3		31.1
Shaving gels and creams	30.4		32.8
Total net sales	$	463.3	$	451.1