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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
_________________________________________
FORM 10-Q
_________________________________
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended April 1, 2023
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to
Commission File Number: 001-11593
____________________________________ 
The Scotts Miracle-Gro Company

(Exact name of registrant as specified in its charter)
____________________________________________
Ohio31-1414921
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
14111 Scottslawn Road, Marysville, Ohio 43041
(Address of principal executive offices) (Zip Code)
(937) 644-0011
(Registrant’s telephone number, including area code)
_____________________________________________ 
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Shares, $0.01 stated valueSMGNYSE
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No   
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No   
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer  Accelerated filer
Non-accelerated filer  Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  
YesNo
As of May 5, 2023, there were 56,072,125 Common Shares outstanding.
1

Table of Contents
THE SCOTTS MIRACLE-GRO COMPANY
INDEX
  PAGE NO.

2

Table of Contents
PART I—FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS

THE SCOTTS MIRACLE-GRO COMPANY
Condensed Consolidated Statements of Operations
(In millions, except per share data)
(Unaudited)
 
 Three Months EndedSix Months Ended
 April 1,
2023
April 2,
2022
April 1,
2023
April 2,
2022
Net sales$1,531.5 $1,678.4 $2,058.1 $2,244.3 
Cost of sales1,000.1 1,084.7 1,420.7 1,532.0 
Cost of sales—impairment, restructuring and other 118.7 5.3 129.0 5.3 
Gross margin412.7 588.4 508.4 707.0 
Operating expenses:
Selling, general and administrative186.3 204.7 314.8 358.7 
Impairment, restructuring and other21.8 0.1 30.2 1.8 
Other income, net(1.6)(4.3)(1.0)(6.0)
Income from operations206.2 387.9 164.4 352.5 
Equity in loss of unconsolidated affiliates7.3 6.5 18.7 13.8 
Interest expense48.3 28.3 91.0 52.1 
Other non-operating (income) expense, net0.8 (1.9)(0.8)(3.7)
Income before income taxes149.8 355.0 55.5 290.3 
Income tax expense40.4 78.5 10.8 63.9 
Net income$109.4 $276.5 $44.7 $226.4 
Basic net income per common share$1.95 $4.98 $0.80 $4.08 
Diluted net income per common share$1.94 $4.94 $0.80 $4.02 
Weighted-average common shares outstanding during the period56.0 55.5 55.8 55.5 
Weighted-average common shares outstanding during the period plus dilutive potential common shares56.5 56.0 56.1 56.3 
See Notes to Condensed Consolidated Financial Statements.
3

Contents


THE SCOTTS MIRACLE-GRO COMPANY
Condensed Consolidated Statements of Comprehensive Income (Loss)
(In millions)
(Unaudited)
 Three Months EndedSix Months Ended
 April 1,
2023
April 2,
2022
April 1,
2023
April 2,
2022
Net income$109.4 $276.5 $44.7 $226.4 
Other comprehensive income (loss):
Net foreign currency translation adjustment1.1 (1.3)8.3 (5.6)
Net unrealized gain (loss) on derivative instruments, net of tax(4.8)16.2 (9.6)25.8 
Reclassification of net unrealized gains on derivative instruments to net income, net of tax(8.2)(4.3)(11.9)(4.5)
Net unrealized gain (loss) on securities, net of tax(5.6)0.1 (26.0)0.3 
Pension and other post-retirement benefit adjustments, net of tax(0.3)1.6 (3.2)2.1 
Total other comprehensive income (loss)(17.8)12.3 (42.4)18.1 
Comprehensive income$91.6 $288.8 $2.3 $244.5 
See Notes to Condensed Consolidated Financial Statements.

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THE SCOTTS MIRACLE-GRO COMPANY
Condensed Consolidated Statements of Cash Flows
(In millions)
(Unaudited)
 Six Months Ended
 April 1,
2023
April 2,
2022
OPERATING ACTIVITIES
Net income$44.7 $226.4 
Adjustments to reconcile net income to net cash used in operating activities:
Impairment, restructuring and other44.4 4.5 
Deferred taxes17.5 (0.2)
Share-based compensation expense58.3 23.2 
Depreciation33.6 32.4 
Amortization14.1 19.3 
Equity in loss of unconsolidated affiliates18.7 13.8 
Other, net0.2 (4.1)
Changes in assets and liabilities, net of acquisitions:
Accounts receivable(1,075.6)(945.6)
Inventories205.3 (436.4)
Prepaid and other current assets(47.5)(37.6)
Accounts payable7.2 (73.7)
Other current liabilities123.0 37.4 
Other non-current items(14.1)(2.3)
Other, net3.3 0.3 
Net cash used in operating activities(566.9)(1,142.6)
INVESTING ACTIVITIES
Proceeds from sale of long-lived assets0.7 8.5 
Investments in property, plant and equipment(51.8)(66.0)
Proceeds from loans receivable37.0  
Payment for acquisitions, net of cash acquired (202.8)
Other investing, net(6.5)4.5 
Net cash used in investing activities(20.6)(255.8)
FINANCING ACTIVITIES
Borrowings under revolving and bank lines of credit and term loans1,193.2 1,609.7 
Repayments under revolving and bank lines of credit and term loans(583.8)(96.2)
Dividends paid(74.9)(93.2)
Purchase of Common Shares(6.4)(256.4)
Cash received from exercise of stock options1.2 1.8 
Other financing, net(4.0)5.6 
Net cash provided by financing activities525.3 1,171.3 
Effect of exchange rate changes on cash0.4 0.1 
Net decrease in cash and cash equivalents(61.8)(227.0)
Cash and cash equivalents at beginning of period86.8 244.1 
Cash and cash equivalents at end of period$25.0 $17.1 
See Notes to Condensed Consolidated Financial Statements.
5

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THE SCOTTS MIRACLE-GRO COMPANY
Condensed Consolidated Balance Sheets
(In millions, except per share data)
(Unaudited)
 
April 1,
2023
April 2,
2022
September 30,
2022
ASSETS
Current assets:
Cash and cash equivalents$25.0 $17.1 $86.8 
Accounts receivable, less allowances of $22.2, $16.5 and $14.4, respectively
1,035.7 990.1 299.0 
Accounts receivable pledged422.2 444.5 79.8 
Inventories1,127.6 1,594.1 1,343.5 
Prepaid and other current assets231.9 208.6 172.8 
Total current assets2,842.4 3,254.4 1,981.9 
Investment in unconsolidated affiliates174.2 193.2 193.8 
Property, plant and equipment, net of accumulated depreciation of $793.5, $764.9 and $777.9, respectively
588.9 621.0 606.0 
Goodwill254.3 688.1 254.0 
Intangible assets, net565.5 799.9 580.2 
Other assets562.8 650.9 680.9 
Total assets$4,988.1 $6,207.5 $4,296.8 
LIABILITIES AND EQUITY
Current liabilities:
Current portion of debt$435.4 $459.7 $144.3 
Accounts payable415.5 507.5 422.6 
Other current liabilities521.6 503.1 397.0 
Total current liabilities1,372.5 1,470.3 963.9 
Long-term debt3,138.0 3,350.0 2,826.2 
Other liabilities340.1 412.2 359.0 
Total liabilities4,850.6 5,232.5 4,149.1 
Commitments and contingencies (Note 11)
Equity:
Common shares and capital in excess of $0.01 stated value per share; shares outstanding of 56.0, 55.4 and 55.5, respectively
374.3 361.8 364.0 
Retained earnings990.3 1,758.8 1,020.1 
Treasury shares, at cost; 12.1, 12.8 and 12.8 shares, respectively
(1,040.0)(1,097.2)(1,091.8)
Accumulated other comprehensive loss(187.1)(48.4)(144.6)
Total equity137.5 975.0 147.7 
Total liabilities and equity$4,988.1 $6,207.5 $4,296.8 
See Notes to Condensed Consolidated Financial Statements.
6

THE SCOTTS MIRACLE-GRO COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(Dollars in millions, except per share data)

NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Nature of Operations
The Scotts Miracle-Gro Company (“Scotts Miracle-Gro”) and its subsidiaries (collectively, with Scotts Miracle-Gro, the “Company”) are engaged in the manufacturing, marketing and sale of products for lawn and garden care and indoor and hydroponic gardening. The Company’s products are sold in North America, Europe and Asia.
The Company’s North America consumer lawn and garden business is highly seasonal, with approximately 75% of its annual net sales occurring in the second and third fiscal quarters. The Company’s Hawthorne segment sales are also impacted by seasonal patterns for certain product categories due to the timing of outdoor growing in North America during the second and third fiscal quarters, and the timing of certain controlled agricultural lighting project sales during the third and fourth fiscal quarters.
Organization and Basis of Presentation
The Company’s unaudited condensed consolidated financial statements for the three and six months ended April 1, 2023 and April 2, 2022 are presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The condensed consolidated financial statements include the accounts of Scotts Miracle-Gro and its subsidiaries. All intercompany transactions and accounts have been eliminated in consolidation. The Company’s consolidation criteria are based on majority ownership (as evidenced by a majority voting interest in the entity) and an objective evaluation and determination of effective management control. The results of businesses acquired or disposed of are included in the condensed consolidated financial statements from the date of each acquisition or up to the date of disposal, respectively. In the opinion of management, interim results reflect all normal and recurring adjustments and are not necessarily indicative of results for a full year.
Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been omitted or condensed pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, this Quarterly Report on Form 10-Q for the fiscal quarter ended April 1, 2023 (this “Form 10-Q”) should be read in conjunction with Scotts Miracle-Gro’s Annual Report on Form 10-K for the fiscal year ended September 30, 2022 (the “2022 Annual Report”), which includes a complete set of footnote disclosures, including the Company’s significant accounting policies.
The Company’s Condensed Consolidated Balance Sheet at September 30, 2022 has been derived from the Company’s audited Consolidated Balance Sheet at that date, but does not include all of the information and footnotes required by GAAP for complete financial statements.
Long-Lived Assets
The Company had non-cash investing activities of $15.3 and $13.0 during the six months ended April 1, 2023 and April 2, 2022, respectively, representing unpaid liabilities to acquire property, plant and equipment.
Statements of Cash Flows
Supplemental cash flow information was as follows:
Six Months Ended
April 1,
2023
April 2,
2022
Interest paid$87.4 $58.9 
Income tax refunds(21.1)(7.0)
Cash flow from operating activities for the six months ended April 1, 2023 was favorably impacted by extended payment terms with vendors for payments originally due in the final weeks of the second quarter of fiscal 2023 that were paid in the third quarter of fiscal 2023. The Company also received proceeds of $37.0 during the six months ended April 1, 2023 related to the payoff of seller financing that the Company provided in connection with a fiscal 2017 divestiture, which was classified as an investing activity in the Condensed Consolidated Statements of Cash Flows.
7

THE SCOTTS MIRACLE-GRO COMPANY
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) — (Continued)
(Dollars in millions, except per share data)
NOTE 2. ACQUISITIONS AND INVESTMENTS
Cyco
On April 28, 2022, the Company’s Hawthorne segment completed the acquisition of substantially all of the assets of S.J. Enterprises PTY LTD, d.b.a. Cyco (“Cyco”), an Australia-based provider of premium nutrients, additives and growing media products for indoor growing sold mostly in the United States, for an estimated purchase price of $37.3. The purchase price includes contingent consideration, a non-cash investing activity, with an initial fair value of $3.1 and a maximum payout of $10.0, which will be paid by the Company based on the achievement of certain performance metrics through December 31, 2024. Prior to the transaction, the Company served as the exclusive distributor of Cyco’s products in the United States. The valuation of the acquired assets included (i) $1.3 of inventory, (ii) $10.5 of finite-lived identifiable intangible assets and (iii) $25.6 of tax-deductible goodwill. Identifiable intangible assets included trade names, customer relationships and non-compete agreements with useful lives ranging between 5 and 25 years. The estimated fair values of the identifiable intangible assets were determined using an income-based approach, which includes market participant expectations of cash flows that an asset will generate over the remaining useful life discounted to present value using an appropriate discount rate.
Luxx Lighting
On December 30, 2021, the Company’s Hawthorne segment completed the acquisition of substantially all of the assets of Luxx Lighting, Inc., a provider of lighting products for indoor growing. The purchase price was $213.2, a portion of which was paid by the issuance of 0.1 million common shares of Scotts Miracle-Gro (“Common Shares”), a non-cash investing and financing activity, with a fair value of $21.0 based on the share price at the time of payment. The valuation of the acquired assets included (i) $32.8 of inventory and accounts receivable, (ii) $5.7 of other current assets, (iii) $24.2 of current liabilities, (iv) $47.3 of finite-lived identifiable intangible assets and (v) $151.6 of tax-deductible goodwill. Identifiable intangible assets included trade names, customer relationships and non-compete agreements with useful lives ranging between 5 and 25 years. The estimated fair values of the identifiable intangible assets were determined using an income-based approach, which includes market participant expectations of cash flows that an asset will generate over the remaining useful life discounted to present value using an appropriate discount rate.
True Liberty Bags
On December 23, 2021, the Company’s Hawthorne segment completed the acquisition of substantially all of the assets of True Liberty Bags, a leading provider of liners and storage solutions to dry and cure plant products, for $10.1. The valuation of the acquired assets included (i) $1.1 of inventory, (ii) $5.8 of finite-lived identifiable intangible assets and (iii) $3.2 of tax-deductible goodwill. Identifiable intangible assets included trade names and customer relationships with useful lives of 15 years. The estimated fair values of the identifiable intangible assets were determined using an income-based approach, which includes market participant expectations of cash flows that an asset will generate over the remaining useful life discounted to present value using an appropriate discount rate.
NOTE 3. INVESTMENT IN UNCONSOLIDATED AFFILIATES
On December 31, 2020, the Company acquired a 50% equity interest in Bonnie Plants, LLC, a joint venture with Alabama Farmers Cooperative, Inc. (“AFC”) focused on planting, growing, developing, distributing, marketing and selling live plants. During the three months ended December 31, 2022, the Company and AFC agreed to amend the joint venture agreement to allow AFC to make an additional equity contribution to Bonnie Plants, LLC, and, subsequent to this contribution by AFC, the Company now owns a 45% equity interest in Bonnie Plants, LLC. The Company’s interest is accounted for using the equity method of accounting, with the Company’s proportionate share of Bonnie Plants, LLC’s earnings reflected in the Condensed Consolidated Statements of Operations. During the three and six months ended April 1, 2023, the Company recorded equity in loss of unconsolidated affiliates associated with Bonnie Plants, LLC of $7.3 and $18.7, respectively, as compared to $6.5 and $13.8 during the three and six months ended April 2, 2022, respectively.
8

THE SCOTTS MIRACLE-GRO COMPANY
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) — (Continued)
(Dollars in millions, except per share data)
NOTE 4. IMPAIRMENT, RESTRUCTURING AND OTHER
Activity described herein is classified within the “Cost of sales—impairment, restructuring and other” and “Impairment, restructuring and other” lines in the Condensed Consolidated Statements of Operations. The following table details impairment, restructuring and other charges for each of the periods presented:
Three Months EndedSix Months Ended
April 1,
2023
April 2,
2022
April 1,
2023
April 2,
2022
Cost of sales—impairment, restructuring and other:
Restructuring and other charges, net$99.9 $2.5 $105.6 $2.5 
Right-of-use asset impairments14.1  15.4  
Property, plant and equipment impairments4.7 2.8 8.0 2.8 
Operating expenses:
Restructuring and other charges, net21.8 0.1 30.2 1.8 
Total impairment, restructuring and other charges$140.5 $5.4 $159.2 $7.1 
The following table summarizes the activity related to liabilities associated with restructuring activities during the six months ended April 1, 2023:
Amounts accrued at September 30, 2022$31.5 
Restructuring charges21.3 
Payments(21.7)
Amounts accrued at April 1, 2023$31.1 
As of April 1, 2023, restructuring accruals include $9.7 that is classified as long-term.
During fiscal 2022, the Company began implementing a series of Company-wide organizational changes and initiatives intended to create operational and management-level efficiencies. As part of this restructuring initiative, the Company is reducing the size of its supply chain network, reducing staffing levels and implementing other cost-reduction initiatives. During the second quarter of fiscal 2023, the Company accelerated the optimization of its Hawthorne supply chain network by announcing the closure of four additional distribution centers. In order to reduce on hand inventory to align with the optimized network capacity, the Company sold its non-core HurricaneTM branded fans business for $5.0 and commenced plans to accelerate the reduction of certain other Hawthorne inventory, primarily lighting, growing environments and hardware products. During the three and six months ended April 1, 2023, the Company incurred costs of $136.8 and $151.4, respectively, associated with this restructuring initiative primarily related to inventory write-down charges, employee termination benefits, facility closure costs and impairment of right-of-use assets and property, plant and equipment. The Company incurred costs of $0.2 and $1.2 in its U.S. Consumer segment and $118.5 and $127.0 in its Hawthorne segment in the “Cost of sales—impairment, restructuring and other” line in the Condensed Consolidated Statements of Operations during the three and six months ended April 1, 2023, respectively. The Company incurred costs of $0.1 and $0.3 in its U.S. Consumer segment, $17.1 and $18.2 in its Hawthorne segment, $0.1 and $0.2 in its Other segment and $0.8 and $4.5 at Corporate in the “Impairment, restructuring and other” line in the Condensed Consolidated Statements of Operations during the three and six months ended April 1, 2023, respectively. Costs incurred from the inception of this restructuring initiative through April 1, 2023 were $180.3 for the Hawthorne segment, $23.1 for the U.S. Consumer segment, $0.9 for the Other segment and $12.2 for Corporate.
NOTE 5. INVENTORIES
Inventories consisted of the following for each of the periods presented:
April 1,
2023
April 2,
2022
September 30,
2022
Finished goods$759.0 $1,153.2 $926.2 
Raw materials279.0 332.5 293.2 
Work-in-process89.6 108.4 124.1 
Total$1,127.6 $1,594.1 $1,343.5 
9

THE SCOTTS MIRACLE-GRO COMPANY
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) — (Continued)
(Dollars in millions, except per share data)
NOTE 6. MARKETING AGREEMENT
The Scotts Company LLC (“Scotts LLC”) is the exclusive agent of Monsanto Company, a subsidiary of Bayer AG (“Monsanto”), for the marketing and distribution of certain of Monsanto’s consumer Roundup® branded products in the United States and certain other specified countries. The annual commission payable under the Third Amended and Restated Exclusive Agency and Marketing Agreement (the “Third Restated Agreement”) is equal to 50% of the actual earnings before interest and income taxes of Monsanto’s consumer Roundup® business for each program year in the markets covered by the Third Restated Agreement (“Program EBIT”). The Third Restated Agreement also requires the Company to make annual payments of $18.0 to Monsanto as a contribution against the overall expenses of its consumer Roundup® business, subject to reduction pursuant to the Third Restated Agreement for any program year in which the Program EBIT does not equal or exceed $36.0.
Unless Monsanto terminates the Third Restated Agreement due to an event of default by the Company, termination rights under the Third Restated Agreement include the following:
The Company may terminate the Third Restated Agreement upon the insolvency or bankruptcy of Monsanto;
Monsanto may terminate the Third Restated Agreement in the event that Monsanto decides to decommission the permits, licenses and registrations needed for, and the trademarks, trade names, packages, copyrights and designs used in, the sale of the Roundup® products in the lawn and garden market (a “Brand Decommissioning Termination”); and
Each party may terminate the Third Restated Agreement if Program EBIT falls below $50.0 and, in such case, no termination fee would be payable to either party.
The termination fee structure requires Monsanto to pay a termination fee to the Company in an amount equal to (i) $375.0 upon a Brand Decommissioning Termination, and (ii) the greater of $175.0 or four times an amount equal to the average of the Program EBIT for the three program years before the year of termination, minus $186.4, if Monsanto or its successor terminates the Third Restated Agreement as a result of a Roundup Sale or Change of Control of Monsanto (each, as defined in the Third Restated Agreement).
The elements of the net commission and reimbursements earned under the Third Restated Agreement and included in the “Net sales” line in the Condensed Consolidated Statements of Operations are as follows:
 Three Months EndedSix Months Ended
 April 1,
2023
April 2,
2022
April 1,
2023
April 2,
2022
Gross commission$48.9 $46.7 $58.5 $52.4 
Contribution expenses(4.5)(4.5)(9.0)(9.0)
Net commission44.4 42.2 49.5 43.4 
Reimbursements associated with Roundup® marketing agreement
27.2 22.0 42.4 41.6 
Total net sales associated with Roundup® marketing agreement
$71.6 $64.2 $91.9 $85.0 
10

THE SCOTTS MIRACLE-GRO COMPANY
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) — (Continued)
(Dollars in millions, except per share data)
NOTE 7. DEBT
The components of debt are as follows:
April 1,
2023
April 2,
2022
September 30,
2022
Credit Facilities:
Revolving loans$642.5 $1,135.0 $300.5 
Term loans950.0 650.0 975.0 
Senior Notes due 2031 – 4.000%
500.0 500.0 500.0 
Senior Notes due 2032 – 4.375%
400.0 400.0 400.0 
Senior Notes due 2029 – 4.500%
450.0 450.0 450.0 
Senior Notes due 2026 – 5.250%
250.0 250.0 250.0 
Receivables facility380.0 400.0 75.0 
Finance lease obligations17.9 30.5 28.9 
Other3.1 13.6 12.7 
Total debt3,593.5 3,829.1 2,992.1 
Less current portions435.4 459.7 144.3 
Less unamortized debt issuance costs20.1 19.4 21.6 
Long-term debt$3,138.0 $3,350.0 $2,826.2 
Credit Facilities
On April 8, 2022, the Company entered into a sixth amended and restated credit agreement (the “Sixth A&R Credit Agreement”), providing the Company and certain of its subsidiaries with five-year senior secured loan facilities in the aggregate principal amount of $2,500.0, comprised of a revolving credit facility of $1,500.0 and a term loan in the original principal amount of $1,000.0 (the “Sixth A&R Credit Facilities”). The Sixth A&R Credit Agreement will terminate on April 8, 2027. The Sixth A&R Credit Facilities are available for the issuance of letters of credit up to $100.0. The terms of the Sixth A&R Credit Agreement include customary representations and warranties, affirmative and negative covenants, financial covenants, and events of default.
Under the terms of the Sixth A&R Credit Agreement, loans bear interest, at the Company’s election, at a rate per annum equal to either (i) the Alternate Base Rate plus the Applicable Spread (each, as defined in the Sixth A&R Credit Agreement) or (ii) the Adjusted Term SOFR Rate for the Interest Period in effect for such borrowing plus the Applicable Spread (all as defined in the Sixth A&R Credit Agreement). Swingline Loans bear interest at the applicable Swingline Rate set forth in the Sixth A&R Credit Agreement. Interest rates for other select non-U.S. dollar borrowings, including borrowings denominated in euro, Pounds Sterling and Canadian dollars, are based on separate interest rate indices, as set forth in the Sixth A&R Credit Agreement. The Sixth A&R Credit Agreement is secured by (i) a perfected first priority security interest in all of the accounts receivable, inventory and equipment of Scotts Miracle-Gro and certain of its domestic subsidiaries and (ii) the pledge of all of the capital stock of certain of Scotts Miracle-Gro’s domestic subsidiaries and a portion of the capital stock of certain of its foreign subsidiaries. The collateral does not include any of the Company’s intellectual property.
On June 8, 2022, the Company entered into Amendment No. 1 (the “Amendment”) to the Sixth A&R Credit Agreement. The Amendment increases the maximum permitted leverage ratio for the quarterly leverage covenant until the earlier of (i) April 1, 2024 and (ii) subject to certain conditions specified in the Amendment, the termination by the Company of such increase (such period, the “Leverage Adjustment Period”). The Amendment also increases the interest rate applicable to borrowings under the revolving credit facility by 35 bps and the term loan facility by 50 bps, and increases the annual facility fee rate on the revolving credit facility by 15 bps, in each case, when the Company’s quarterly-tested leverage ratio exceeds 4.75. Additionally, the Amendment limits the Company’s ability to declare or pay any discretionary dividends, distributions or other restricted payments during the Leverage Adjustment Period to only the payment of (i) regularly scheduled cash dividends to holders of its Common Shares in an aggregate amount not to exceed $225.0 per fiscal year and (ii) other dividends, distributions or other restricted payments in an aggregate amount not to exceed $25.0. The Amendment also requires pro forma compliance with certain leverage levels specified in the Amendment with respect to the Company’s ability to consummate certain acquisitions and incur debt.
11

THE SCOTTS MIRACLE-GRO COMPANY
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) — (Continued)
(Dollars in millions, except per share data)
At April 1, 2023, the Company had letters of credit outstanding in the aggregate principal amount of $5.0 and had $852.5 of borrowing availability under the Sixth A&R Credit Agreement. The weighted average interest rates on average borrowings under the credit facilities, excluding the impact of interest rate swaps, were 7.0% and 1.8% for the six months ended April 1, 2023 and April 2, 2022, respectively.
The Sixth A&R Credit Agreement contains, among other obligations, an affirmative covenant regarding the Company’s leverage ratio determined as of the end of each of its fiscal quarters calculated as average total indebtedness, divided by the Company’s earnings before interest, taxes, depreciation and amortization, as adjusted pursuant to the terms of the Sixth A&R Credit Agreement (“Adjusted EBITDA”). Pursuant to the Amendment, the maximum permitted leverage ratio is (i) 6.50 for the second and third quarters of fiscal 2023, (ii) 6.25 for the fourth quarter of fiscal 2023 and the first quarter of fiscal 2024, (iii) 5.50 for the second quarter of fiscal 2024, and (iv) 4.50 for the third quarter of fiscal 2024 and thereafter. The Company’s leverage ratio was 6.01 at April 1, 2023. The Sixth A&R Credit Agreement also contains an affirmative covenant regarding the Company’s interest coverage ratio determined as of the end of each of its fiscal quarters. The interest coverage ratio is calculated as Adjusted EBITDA divided by interest expense, as described in the Sixth A&R Credit Agreement, and excludes costs related to refinancings. The minimum required interest coverage ratio is 3.00. The Company’s interest coverage ratio was 3.66 for the twelve months ended April 1, 2023.
As of April 1, 2023, the Company was in compliance with all applicable covenants in the agreements governing its debt. Based on the Company’s projections of its financial performance for the twelve-month period subsequent to the date of the filing of this Form 10-Q, the Company expects to remain in compliance with the financial covenants under the Sixth A&R Credit Agreement. However, the Company’s assessment of its ability to meet its future obligations is inherently subjective, judgment-based, and susceptible to change based on future events. A covenant violation may result in an event of default. Such a default would allow the lenders under the Sixth A&R Credit Agreement to accelerate the maturity of the indebtedness thereunder and would also implicate cross-default provisions under the Senior Notes, as defined below, and cause the Senior Notes to become due and payable at that time. As of April 1, 2023, the Company’s indebtedness under the Sixth A&R Credit Agreement and Senior Notes was $3,192.5. The Company does not have sufficient cash on hand or available liquidity that can be utilized to repay these outstanding amounts in the event of default.
As part of its contingency planning to address potential future circumstances that could result in noncompliance, the Company has contemplated alternative plans including additional restructuring activities to reduce operating expenses and certain cash management strategies that are within the Company’s control. Additionally, the Company has contemplated alternative plans that are subject to market conditions and not in the Company’s control, including, among others, discussions with its lenders to amend the terms of its financial covenants under the Sixth A&R Credit Agreement and generating cash by completing other financing transactions, which may include issuing equity. There is no assurance that the Company will be successful in implementing these alternative plans.
Senior Notes
On December 15, 2016, Scotts Miracle-Gro issued $250.0 aggregate principal amount of 5.250% Senior Notes due 2026 (the “5.250% Senior Notes”). The 5.250% Senior Notes represent general unsecured senior obligations and rank equal in right of payment with the Company’s existing and future unsecured senior debt. The 5.250% Senior Notes have interest payment dates of June 15 and December 15 of each year.
On October 22, 2019, Scotts Miracle-Gro issued $450.0 aggregate principal amount of 4.500% Senior Notes due 2029 (the “4.500% Senior Notes”). The 4.500% Senior Notes represent general unsecured senior obligations and rank equal in right of payment with the Company’s existing and future unsecured senior debt. The 4.500% Senior Notes have interest payment dates of April 15 and October 15 of each year.
On March 17, 2021, Scotts Miracle-Gro issued $500.0 aggregate principal amount of 4.000% Senior Notes due 2031 (the “4.000% Senior Notes”). The 4.000% Senior Notes represent general unsecured senior obligations and rank equal in right of payment with the Company’s existing and future unsecured senior debt. The 4.000% Senior Notes have interest payment dates of April 1 and October 1 of each year.
On August 13, 2021, Scotts Miracle-Gro issued $400.0 aggregate principal amount of 4.375% Senior Notes due 2032 (the “4.375% Senior Notes”). The 4.375% Senior Notes represent general unsecured senior obligations and rank equal in right of payment with the Company’s existing and future unsecured senior debt. The 4.375% Senior Notes have interest payment dates of February 1 and August 1 of each year.
Substantially all of Scotts Miracle-Gro’s directly and indirectly owned domestic subsidiaries serve as guarantors of the 5.250% Senior Notes, the 4.500% Senior Notes, the 4.000% Senior Notes and the 4.375% Senior Notes.
12

THE SCOTTS MIRACLE-GRO COMPANY
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) — (Continued)
(Dollars in millions, except per share data)
Receivables Facility
On April 7, 2017, the Company entered into a Master Repurchase Agreement (including the annexes thereto, the “Repurchase Agreement”) and a Master Framework Agreement, as amended (the “Framework Agreement” and, together with the Repurchase Agreement, the “Receivables Facility”). Under the Receivables Facility, the Company may sell a portfolio of available and eligible outstanding customer accounts receivable to the purchasers and simultaneously agree to repurchase the receivables on a weekly basis. The eligible accounts receivable consist of accounts receivable generated by sales to three specified customers. The eligible amount of customer accounts receivable which may be sold under the Receivables Facility is $400.0 and the commitment amount during the seasonal commitment period that began on February 24, 2023 and ends on June 16, 2023 is $160.0. The Receivables Facility expires on August 18, 2023.
The Company accounts for the sale of receivables under the Receivables Facility as short-term debt and continues to carry the receivables on its Condensed Consolidated Balance Sheets, primarily as a result of the Company’s requirement to repurchase receivables sold. As of April 1, 2023 and April 2, 2022, there were $380.0 and $400.0, respectively, in borrowings on receivables pledged as collateral under the Receivables Facility, and the carrying value of the receivables pledged as collateral was $422.2 and $444.5, respectively.
Interest Rate Swap Agreements
The Company enters into interest rate swap agreements with major financial institutions that effectively convert a portion of the Company’s variable-rate debt to a fixed rate. Interest payments made between the effective date and expiration date are hedged by the swap agreements. Swap agreements that were hedging interest payments as of April 1, 2023, April 2, 2022 and September 30, 2022 had a maximum total U.S. dollar equivalent notional amount of $800.0. On May 4, 2023, the Company executed $200.0 of fixed notional amount interest rate swap agreements with an average fixed rate of 3.36%, an effective date of June 7, 2023 and an expiration date of April 7, 2027. The notional amount, effective date, expiration date and rate of each of the swap agreements outstanding at April 1, 2023 are shown in the table below:
Notional
Amount ($)
 Effective
Date (a)
Expiration
Date
Fixed
Rate
100 12/21/20206/20/20231.36 %
300 
(b)
1/7/20216/7/20231.34 %
200 10/7/20216/7/20231.37 %
200 
(b)
1/20/20226/20/20240.58 %
200 6/7/20236/8/20260.85 %
(a)The effective date refers to the date on which interest payments are first hedged by the applicable swap agreement.
(b)Notional amount adjusts in accordance with a specified seasonal schedule. This represents the maximum notional amount at any point in time.
Weighted Average Interest Rate
The weighted average interest rates on the Company’s debt, including the impact of interest rate swaps, were 5.3% and 3.4% for the six months ended April 1, 2023 and April 2, 2022, respectively.
13

THE SCOTTS MIRACLE-GRO COMPANY
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) — (Continued)
(Dollars in millions, except per share data)
NOTE 8. EQUITY
The following tables provide a summary of the changes in equity for each of the periods indicated:
 Common Shares
and Capital in
Excess of Stated
Value
Retained
Earnings
Treasury
Shares
Accumulated Other
Comprehensive Loss
Total
Equity
Balance at September 30, 2022$364.0 $1,020.1 $(1,091.8)$(144.6)$147.7 
Net income (loss)— (64.7)— — (64.7)
Other comprehensive income (loss)— — — (24.6)(24.6)
Share-based compensation20.8 — — — 20.8 
Dividends declared ($0.66 per share)
— (37.5)— — (37.5)
Treasury share purchases— — (0.8)— (0.8)
Treasury share issuances(17.2)— 35.9 — 18.7 
Balance at December 31, 2022367.6 917.9 (1,056.7)(169.3)59.5 
Net income (loss)— 109.4 — — 109.4 
Other comprehensive income (loss)— — — (17.8)(17.8)
Share-based compensation37.2 — — — 37.2 
Dividends declared ($0.66 per share)
— (37.0)— — (37.0)
Treasury share purchases— — (5.6)— (5.6)
Treasury share issuances(30.4)— 22.3 — (8.1)
Balance at April 1, 2023$374.3 $990.3 $(1,040.0)$(187.1)$137.5 
The sum of the components may not equal due to rounding.

 Common Shares
and Capital in
Excess of Stated
Value
Retained
Earnings
Treasury
Shares
Accumulated Other
Comprehensive Loss
Total
Equity
Balance at September 30, 2021$477.0