In the course of ordinary business, the Company enters into contractual arrangements (also referred to as derivatives) to reduce its exposure to foreign currency. The Company has master netting agreements with all of its counterparties that allow for the settlement of contracts in an asset position with contracts in a liability position in the event of default. The Company manages counterparty risk through the utilization of investment grade commercial banks, diversification of counterparties, and its counterparty netting arrangements. The section below outlines the types of derivatives that existed at September 30, 2025 and 2024, respectively, as well as the Company’s objectives and strategies for holding derivative instruments.

A significant share of the Company’s sales is tied to currencies other than the U.S. dollar, the Company’s reporting currency. As such, a weakening of currencies relative to the U.S. dollar can have a negative impact to reported earnings. Conversely, strengthening of currencies relative to the U.S. dollar can improve reported results. The primary currencies to which the Company is exposed include the euro, the Japanese yen, the British pound, the Canadian dollar and the Australian dollar.

Additionally, the Company’s foreign subsidiaries enter into internal and external transactions that create non-functional currency balance sheet positions at the foreign subsidiary level. These exposures are generally the result of intercompany purchases, intercompany loans and, to a lesser extent, external purchases, and are revalued in the foreign subsidiary’s local currency at the end of each period. Changes in the value of the non-functional currency balance sheet positions in relation to the foreign subsidiary’s local currency results in an exchange gain or loss recorded in Other expense (income), net in the Consolidated Statement of Earnings and Comprehensive Income. The primary currency to which the Company’s foreign subsidiaries are exposed is the U.S. dollar.

The Company has interest rate risk with respect to interest expense on variable rate debt. At September 30, 2025, the Company had $140.0 of variable rate debt outstanding, which consisted primarily of outstanding borrowings under the Revolving Credit Facility in the U.S.

Customer Concentration. Financial instruments that potentially subject the Company to concentrations of credit risk primarily consist of accounts receivable. The Company generally does not require collateral from customers. The Company’s largest customer, Walmart Inc. and its affiliates (collectively, “Walmart”), accounted for approximately 17.4% of consolidated net sales in fiscal 2025. No other customer accounted for more than 10% of the Company’s consolidated net sales. Purchases by Walmart included products from all of the Company’s segments. Additionally, in fiscal 2025, Target Corporation represented approximately 9.2% of consolidated net sales for the Sun and Skin Care segment and 10.1% of consolidated net sales for the Feminine Care segment, respectively.

Product Concentration. Within the Wet Shave segment, the Company’s razor and blades represented 49.7%, 49.3% and 49.0% of consolidated net sales during fiscal 2025, 2024 and 2023, respectively, and within the Sun and Skin Care segment, sun care products represented 20.6%, 21.5%, and 20.0% of consolidated net sales during 2025, 2024 and 2023, respectively.

At September 30, 2025, the Company maintained a cash flow hedging program related to foreign currency risk. These derivative instruments have a high correlation to the underlying exposure being hedged and have been deemed highly effective by the Company for accounting purposes in offsetting the associated risk.

The Company entered into a series of forward currency contracts to hedge cash flow uncertainty associated with currency fluctuations. These transactions are accounted for as cash flow hedges. The Company had unrealized pre-tax losses of $1.4 and $2.4 at September 30, 2025 and 2024, respectively, on these forward currency contracts, that are accounted for as cash flow hedges included in AOCI. Assuming foreign exchange rates versus the U.S. dollar remain at September 30, 2025 levels over the next 12 months, the majority of the pre-tax loss included in AOCI at September 30, 2025 is expected to be included in Other (income) expense, net in the Consolidated Statement of Earnings and Comprehensive Income. Contract maturities for these hedges extend into fiscal year 2027. At September 30, 2025, there were 64 open foreign currency contracts with a total notional value of $125.2.

The Company has entered into foreign currency derivative contracts, which are not designated as cash flow hedges for accounting purposes to hedge balance sheet exposures and, thus, are not subject to significant market risk. The change in estimated fair value of the foreign currency contracts resulted in gains of $0.6, $0.4, and $3.0 for fiscal 2025, 2024 and 2023, respectively, which were recorded in Other expense (income), net in the Consolidated Statements of Earnings and Comprehensive Income. At September 30, 2025, there was one open foreign currency derivative contract not designated as a cash flow hedge with a total notional value of $9.0.


	Fair Value of Asset (Liability) (1)
Balance Sheet	September 30, 2025		September 30, 2024
Derivatives designated as cash flow hedging relationships:
Foreign currency contracts	$	(1.4)	$	(2.4)
Derivatives not designated as cash flow hedging relationships:
Foreign currency contracts	$	0.1	$	0.1


	Fiscal Year
	2025		2024		2023
Derivatives designated as cash flow hedging relationships:
Foreign currency contracts
Gain (loss) recognized in OCI (1)	$	4.0	$	(0.8)	$	1.1
Gain reclassified from AOCI into income (effective portion) (1) (2)	3.0		5.9		8.0
Derivatives not designated as cash flow hedging relationships:
Foreign currency contracts
Gain recognized in income (2)	$	0.6	$	0.4	$	3.0

(1)Each of these derivative instruments had a high correlation to the underlying exposure being hedged for the periods indicated and had been deemed highly effective in offsetting associated risk.


	As of September 30, 2025				As of September 30, 2024
	Assets (1)		Liabilities (2)		Assets (1)		Liabilities (2)
Foreign currency contracts
Gross amounts of recognized assets (liabilities)	$	0.7	$	(2.4)	$	0.1	$	(2.7)
Gross amounts offset in the balance sheet	—		0.3		—		0.3
Net amounts of assets (liabilities) presented in the balance sheet	$	0.7	$	(2.1)	$	0.1	$	(2.4)

Accounting guidance on fair value measurements for certain financial assets and liabilities requires that assets and liabilities carried at fair value be classified in one of the following three categories:

Under the fair value accounting guidance hierarchy, an entity is required to maximize the use of quoted market prices and minimize the use of unobservable inputs. The following table sets forth the Company’s financial assets and liabilities, which are carried at fair value, that are measured on a recurring basis during the period, all of which are classified as Level 2 within the fair value hierarchy:


	As of September 30,
	2025		2024
(Liabilities) Assets at estimated fair value:
Deferred compensation	$	(20.7)	$	(21.1)
Derivatives - foreign currency contracts	(1.4)		(2.3)
Net liabilities at estimated fair value	$	(22.1)	$	(23.4)

At September 30, 2025 and 2024, the Company had no Level 1 or Level 3 financial assets or liabilities, other than pension plan assets which contained certain assets classified as Level 1. Refer to Note 14 of Notes to Consolidated Financial Statements for the fair value hierarchy of the pension plan assets.

At September 30, 2025 and 2024, the fair market value of fixed rate long-term debt was $1,198.2 and $1,180.0, respectively, compared to its carrying value of $1,250.0 in each period. The estimated fair value of the fixed-rate long-term debt is estimated using yields obtained from independent pricing sources for similar types of borrowing arrangements. There was no variable rate debt excluding revolving credit facilities as of September 30, 2025. The estimated fair values of long-term debt, excluding the Revolving Credit Facility has been determined based on Level 2 inputs.

Due to the nature of cash and cash equivalents and short-term borrowings, including notes payable, carrying amounts on the balance sheets approximate fair value. Additionally, the carrying amount of the Revolving Credit Facility, which are classified as long-term debt on the balance sheet, approximate fair value due to the revolving nature of the balances. The estimated fair value of cash and cash equivalents, short-term borrowings and the Revolving Credit Facility have been determined based on Level 2 inputs.

As of September 30, 2025, the estimated fair value of foreign currency contracts is the amount that the Company would receive or pay to terminate the contracts, considering first the quoted market prices of comparable agreements or, in the absence of quoted market prices, factors such as interest rates, currency exchange rates and remaining maturities. The estimated fair value of the deferred compensation liability is determined based upon the quoted market prices of the investment options that are offered under the plan.

Our determination of the fair value of the Feminine Care reporting unit was based on a market approach which considered the purchase price of $340.0 which is a Level 3 fair value input for this non-financial asset measured at fair value. Refer to Note 2 of Notes to Consolidated Financial Statements for further discussion.