2019 Q1 Form 10-Q Financial Statement

#000010917719000028 Filed on May 08, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 Q1
Revenue $906.7M $882.6M
YoY Change 2.73% 1.57%
Cost Of Revenue $601.0M $494.8M
YoY Change 21.46% 11.04%
Gross Profit $305.5M $306.0M
YoY Change -0.16% -4.82%
Gross Profit Margin 33.69% 34.67%
Selling, General & Admin $4.000M $10.70M
YoY Change -62.62% -95.06%
% of Gross Profit 1.31% 3.5%
Research & Development $11.20M $11.50M
YoY Change -2.61%
% of Gross Profit 3.67% 3.76%
Depreciation & Amortization $36.60M $30.10M
YoY Change 21.59% 88.13%
% of Gross Profit 11.98% 9.84%
Operating Expenses $263.9M $274.7M
YoY Change -3.93% 26.88%
Operating Profit $41.60M $31.30M
YoY Change 32.91% -67.16%
Interest Expense -$76.80M $67.60M
YoY Change -213.61% -13.0%
% of Operating Profit -184.62% 215.97%
Other Income/Expense, Net -$24.10M $200.0K
YoY Change -12150.0% -114.29%
Pretax Income -$76.70M -$36.40M
YoY Change 110.71% -324.69%
Income Tax -$22.70M -$1.700M
% Of Pretax Income
Net Earnings $728.6M -$28.90M
YoY Change -2621.11% -64.76%
Net Earnings / Revenue 80.36% -3.27%
Basic Earnings Per Share $14.07 -$0.89
Diluted Earnings Per Share $14.07 -$0.89
COMMON SHARES
Basic Shares Outstanding 51.80M 32.50M
Diluted Shares Outstanding 51.80M 32.50M

Balance Sheet

Concept 2019 Q1 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $176.0M $759.0M
YoY Change -76.81% 136.45%
Cash & Equivalents $176.2M $758.8M
Short-Term Investments
Other Short-Term Assets $74.00M $2.038B
YoY Change -96.37% 25375.0%
Inventory $776.2M $610.5M
Prepaid Expenses
Receivables $470.5M $338.0M
Other Receivables $95.50M $62.20M
Total Short-Term Assets $1.585B $3.805B
YoY Change -58.36% 118.57%
LONG-TERM ASSETS
Property, Plant & Equipment $469.8M $504.5M
YoY Change -6.88% -23.76%
Goodwill $1.449B $2.280B
YoY Change -36.44% -7.83%
Intangibles $1.584B $1.590B
YoY Change -0.36% -31.26%
Long-Term Investments $238.0M
YoY Change
Other Assets $161.0M $61.00M
YoY Change 163.93% -99.79%
Total Long-Term Assets $3.902B $4.435B
YoY Change -12.02% -87.31%
TOTAL ASSETS
Total Short-Term Assets $1.585B $3.805B
Total Long-Term Assets $3.902B $4.435B
Total Assets $5.487B $8.240B
YoY Change -33.42% -77.54%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $450.4M $360.0M
YoY Change 25.11% -57.5%
Accrued Expenses $84.00M $104.0M
YoY Change -19.23%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $70.30M
YoY Change -100.0%
Long-Term Debt Due $16.10M $70.00M
YoY Change -77.0% 95.53%
Total Short-Term Liabilities $991.8M $1.223B
YoY Change -18.87% -52.56%
LONG-TERM LIABILITIES
Long-Term Debt $2.342B $5.248B
YoY Change -55.38% -6.08%
Other Long-Term Liabilities $135.6M $140.0M
YoY Change -3.14% -99.46%
Total Long-Term Liabilities $2.478B $5.248B
YoY Change -52.79% -6.08%
TOTAL LIABILITIES
Total Short-Term Liabilities $991.8M $1.223B
Total Long-Term Liabilities $2.478B $5.248B
Total Liabilities $3.558B $6.897B
YoY Change -48.41% -80.26%
SHAREHOLDERS EQUITY
Retained Earnings $387.6M -$455.6M
YoY Change -185.07% -49.48%
Common Stock $2.018B $1.273B
YoY Change 58.59% -9.92%
Preferred Stock
YoY Change
Treasury Stock (at cost) $264.2M
YoY Change
Treasury Stock Shares
Shareholders Equity $1.919B $691.6M
YoY Change
Total Liabilities & Shareholders Equity $5.487B $8.240B
YoY Change -33.42% -77.54%

Cashflow Statement

Concept 2019 Q1 2018 Q1
OPERATING ACTIVITIES
Net Income $728.6M -$28.90M
YoY Change -2621.11% -64.76%
Depreciation, Depletion And Amortization $36.60M $30.10M
YoY Change 21.59% 88.13%
Cash From Operating Activities -$221.8M -$124.4M
YoY Change 78.3% -42.83%
INVESTING ACTIVITIES
Capital Expenditures $13.60M $17.80M
YoY Change -23.6% 11.25%
Acquisitions
YoY Change
Other Investing Activities $2.854B $24.50M
YoY Change 11549.8% -113.46%
Cash From Investing Activities $2.841B $6.700M
YoY Change 42297.01% -103.38%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -2.695B -774.5M
YoY Change 247.95% -296.37%
NET CHANGE
Cash From Operating Activities -221.8M -124.4M
Cash From Investing Activities 2.841B 6.700M
Cash From Financing Activities -2.695B -774.5M
Net Change In Cash -76.10M -892.2M
YoY Change -91.47% 4108.49%
FREE CASH FLOW
Cash From Operating Activities -$221.8M -$124.4M
Capital Expenditures $13.60M $17.80M
Free Cash Flow -$235.4M -$142.2M
YoY Change 65.54% -39.13%

Facts In Submission

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<div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:0pt;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">NOTE 1</font><a name="NotesToFinancialStatements"></a><font style="display: inline;font-weight:bold;font-size:8pt;"> - </font><font style="display: inline;font-weight:bold;font-size:8pt;">DESCRIPTION OF BUSINESS</font> </p> <p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-size:8pt;">&#xFEFF;</font> </p> <p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-size:8pt;">We are a diversified global branded consumer products company. The Company manages the business in vertically integrated, product-focused segments: (i) Hardware &amp; Home Improvement (&#x201C;HHI&#x201D;), (ii) Home and Personal Care (&#x201C;HPC&#x201D;), (iii) Pet Supplies (&#x201C;PET&#x201D;), and (iv)&nbsp;Home and Garden (&#x201C;H&amp;G&#x201D;). The Company manufactures, markets and/or distributes its products in the North America (&#x201C;NA&#x201D;), Europe, Middle East &amp; Africa (&#x201C;EMEA&#x201D;), Latin America (&#x201C;LATAM&#x201D;) and Asia-Pacific (&#x201C;APAC&#x201D;) regions through a variety of trade channels, including retailers, wholesalers and distributors, and construction companies. We enjoy strong name recognition in our regions with our various brands and patented technologies in several product categories and types. Global and geographic strategic initiatives and financial objectives are determined at the corporate level. Each segment is responsible for implementing defined strategic initiatives and achieving certain financial objectives and has a president or general manager responsible for sales and marketing initiatives and the financial results for all product lines within that segment.&nbsp;&nbsp;See </font><font style="display: inline;font-style:italic;font-size:8pt;">Note 19 - Segment Information</font><font style="display: inline;font-size:8pt;"> for more information pertaining to Spectrum&#x2019;s segments of continuing operations.&nbsp;&nbsp;The following table summarizes the respective product types, brands, and regions for each of the segments of continuing operations:</font> </p> <p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-size:8pt;">&#xFEFF;</font> </p> <div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:05.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&#xFEFF;</font></p> </td> <td valign="bottom" style="width:01.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:56.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:35.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:05.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">&#xFEFF;</font><font style="display: inline;font-weight:bold;font-size:8pt;">Segment</font></p> </td> <td valign="bottom" style="width:01.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:56.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">Products</font></p> </td> <td valign="bottom" style="width:01.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:35.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">Brands</font></p> </td> </tr> <tr> <td valign="top" style="width:05.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-size:8pt;">&#xFEFF;</font><font style="display: inline;font-size:8pt;">HHI</font></p> </td> <td valign="top" style="width:01.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="top" style="width:56.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-style:italic;font-size:8pt;">Residential Locksets: </font><font style="display: inline;font-size:8pt;">Residential locksets and door hardware including knobs, levers, deadbolts, handle sets, and electronic and connected keyless entry locks for residential and commercial applications.</font><br /><font style="display: inline;font-size:8pt;"></font><font style="display: inline;font-style:italic;font-size:8pt;">Plumbing &amp; Accessories: </font><font style="display: inline;font-size:8pt;">Kitchen, bath and shower faucets and plumbing products.</font><br /><font style="display: inline;font-size:8pt;"></font><font style="display: inline;font-style:italic;font-size:8pt;">Builders' Hardware: </font><font style="display: inline;font-size:8pt;">Hinges, metal shapes, security hardware, wire goods, track and sliding door hardware, screen and storm door products, garage door hardware, gate hardware, window hardware and floor protection.</font></p> </td> <td valign="top" style="width:01.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="top" style="width:35.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-style:italic;font-size:8pt;">Residential Locksets: </font><font style="display: inline;font-size:8pt;">Kwikset&#xAE;, Weiser&#xAE;, Baldwin&#xAE;, EZSET&#xAE;, and Tell Manufacturing&#xAE;</font><br /><font style="display: inline;font-size:8pt;"></font><font style="display: inline;font-style:italic;font-size:8pt;">Plumbing &amp; Accessories: </font><font style="display: inline;font-size:8pt;">Pfister&#xAE;</font><br /><font style="display: inline;font-size:8pt;"></font><font style="display: inline;font-style:italic;font-size:8pt;">Builders' Hardware: </font><font style="display: inline;font-size:8pt;">National Hardware&#xAE;, FANAL&#xAE;, Stanley&#xAE; and Black and Decker&#xAE; </font></p> </td> </tr> <tr> <td valign="top" style="width:05.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-size:8pt;">&#xFEFF;</font><font style="display: inline;font-size:8pt;">HPC </font></p> </td> <td valign="top" style="width:01.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="top" style="width:56.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-style:italic;font-size:8pt;">Home Appliances: </font><font style="display: inline;font-size:8pt;">Small kitchen appliances including toaster ovens, coffeemakers, slow cookers, blenders, hand mixers, grills, food processors, juicers, toasters, breadmakers, and irons. </font><br /><font style="display: inline;font-size:8pt;"></font><font style="display: inline;font-style:italic;font-size:8pt;">Personal Care: </font><font style="display: inline;font-size:8pt;">Hair dryers, flat irons and straighteners, rotary and foil electric shavers, personal groomers, mustache and beard trimmers, body groomers, nose and ear trimmers, women's shavers, haircut kits and intense pulsed light hair removal systems.</font></p> </td> <td valign="top" style="width:01.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="top" style="width:35.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-style:italic;font-size:8pt;">Home Appliances: </font><font style="display: inline;font-size:8pt;">Black &amp; Decker&#xAE;, Russell Hobbs&#xAE;, George Foreman&#xAE;, Toastmaster&#xAE;, Juiceman&#xAE;, Farberware&#xAE;, and Breadman&#xAE;</font><br /><font style="display: inline;font-size:8pt;"></font><font style="display: inline;font-style:italic;font-size:8pt;">Personal Care: </font><font style="display: inline;font-size:8pt;">Remington&#xAE;, LumaBella&#xAE; </font></p> </td> </tr> <tr> <td valign="top" style="width:05.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-size:8pt;">&#xFEFF;</font><font style="display: inline;font-size:8pt;">PET</font></p> </td> <td valign="top" style="width:01.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="top" style="width:56.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-style:italic;font-size:8pt;">Companion Animal: </font><font style="display: inline;font-size:8pt;">Rawhide chews, dog and cat clean-up, training, health and grooming products, small animal food and care products, rawhide-free dog treats, and wet and dry pet food for dogs and cats.</font><br /><font style="display: inline;font-size:8pt;"></font><font style="display: inline;font-style:italic;font-size:8pt;">Aquatics: </font><font style="display: inline;font-size:8pt;">Consumer and commercial aquarium kits, stand-alone tanks; aquatics equipment such as filtration systems, heaters and pumps; and aquatics consumables such as fish food, water management and care</font></p> </td> <td valign="top" style="width:01.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="top" style="width:35.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-style:italic;font-size:8pt;">Companion Animal: </font><font style="display: inline;font-size:8pt;">8IN1&#xAE; (8-in-1), Dingo&#xAE;, Nature's Miracle&#xAE;, Wild Harvest&#x2122;, Littermaid&#xAE;, Jungle&#xAE;, Excel&#xAE;, FURminator&#xAE;, IAMS&#xAE; (Europe only), Eukanuba&#xAE; (Europe only), Healthy-Hide&#xAE;, DreamBone&#xAE;, SmartBones&#xAE;, GloFish&#xAE;, ProSense&#xAE;, Perfect Coat&#xAE;, eCOTRITION&#xAE;, Birdola&#xAE; and Digest-eeze&#xAE;.</font><br /><font style="display: inline;font-size:8pt;"></font><font style="display: inline;font-style:italic;font-size:8pt;">Aquatics: </font><font style="display: inline;font-size:8pt;">Tetra&#xAE;, Marineland&#xAE;, Whisper&#xAE; and Instant Ocean&#xAE;.</font></p> </td> </tr> <tr> <td valign="top" style="width:05.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-size:8pt;">&#xFEFF;</font><font style="display: inline;font-size:8pt;">H&amp;G</font></p> </td> <td valign="top" style="width:01.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="top" style="width:56.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-style:italic;font-size:8pt;">Household: </font><font style="display: inline;font-size:8pt;">Household pest control solutions such as spider and scorpion killers; ant and roach killers; flying insect killers; insect foggers; wasp and hornet killers; and bedbug, flea and tick control products.</font><br /><font style="display: inline;font-size:8pt;"></font><font style="display: inline;font-style:italic;font-size:8pt;">Controls: </font><font style="display: inline;font-size:8pt;">Outdoor insect and weed control solutions, and animal repellents such as aerosols, granules, and ready-to-use sprays or hose-end ready-to-sprays.</font><br /><font style="display: inline;font-size:8pt;"></font><font style="display: inline;font-style:italic;font-size:8pt;">Repellents: </font><font style="display: inline;font-size:8pt;">Personal use pesticides and insect repellent products, including aerosols, lotions, pump sprays and wipes, yard sprays and citronella candles.</font></p> </td> <td valign="top" style="width:01.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="top" style="width:35.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-style:italic;font-size:8pt;">Household: </font><font style="display: inline;font-size:8pt;">Hot Shot&#xAE;, Black Flag&#xAE;, Real-Kill&#xAE;, Ultra Kill&#xAE;, The Ant Trap&#xAE; (TAT), and Rid-A-Bug&#xAE;.</font><br /><font style="display: inline;font-size:8pt;"></font><font style="display: inline;font-style:italic;font-size:8pt;">Controls: </font><font style="display: inline;font-size:8pt;">Spectracide&#xAE;, Garden Safe&#xAE;, Liquid Fence&#xAE;, and EcoLogic&#xAE;.</font><br /><font style="display: inline;font-size:8pt;"></font><font style="display: inline;font-style:italic;font-size:8pt;">Repellents: </font><font style="display: inline;font-size:8pt;">Cutter&#xAE; and Repel&#xAE;.</font></p> </td> </tr> </table></div> <p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-size:8pt;">&#xFEFF;</font> </p> <p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-size:8pt;">On January 2, 2019, the Company completed the sale of its GBL business pursuant to the GBL acquisition agreement with Energizer for cash proceeds of $1,956.2 million, subject to customary purchase price adjustments for working capital and assumed indebtedness, recognition of tax and legal indemnifications under the acquisition agreement and an estimated </font><font style="display: inline;font-size:8pt;">$200.0</font><font style="display: inline;font-size:8pt;"> million contingent purchase price adjustment for the settlement of the planned divestiture of the Varta consumer batteries business by Energizer in accordance with the GBL acquisition agreement.&nbsp;&nbsp;The results of operations and gain on sale for disposal of the GBL business are recognized as a component of discontinued operations.</font> </p> <p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-size:8pt;">&#xFEFF;</font> </p> <p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-size:8pt;">On January 28, 2019, the Company completed the sale of its GAC business pursuant to the GAC acquisition agreement with Energizer for $938.7 million in cash proceeds and $242.1 million in stock consideration of Energizer common stock, subject to customary purchase price adjustments for working capital and assumed indebtedness, and recognition of tax and legal indemnifications in accordance with the GAC acquisition agreement.&nbsp;&nbsp;The results of operations and write-down of net assets held for sale for the disposal of the GAC business are recognized as a component of discontinued operations.</font> </p> <p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-style:italic;font-size:8pt;">&#xFEFF;</font> </p> <p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-size:8pt;">See </font><font style="display: inline;font-style:italic;font-size:8pt;">Note 3 &#x2013; Divestitures</font><font style="display: inline;font-size:8pt;"> and </font><font style="display: inline;font-style:italic;font-size:8pt;">Note 17 &#x2013; Related Party Transactions </font><font style="display: inline;font-size:8pt;">in Notes to the Condensed Consolidated Financial Statements for more information on the divestitures.&nbsp; </font> </p> <p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-style:italic;font-size:8pt;">&#xFEFF;</font> </p> <p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-style:italic;font-size:8pt;">SB/RH Holdings, LLC</font> </p> <p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-style:italic;font-size:8pt;">&#xFEFF;</font> </p> <p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-size:8pt;">SB/RH is a wholly owned subsidiary of Spectrum and ultimately, SBH. Spectrum Brands, Inc., a wholly-owned subsidiary of SB/RH (&#x201C;SBI&#x201D;) incurred certain debt guaranteed by SB/RH and domestic subsidiaries of SBI.&nbsp;&nbsp;See </font><font style="display: inline;font-style:italic;font-size:8pt;">Note 11 - Debt</font><font style="display: inline;font-size:8pt;"> for more information pertaining to debt.&nbsp;&nbsp;The reportable segments of SB/RH are consistent with the segments of SBH.</font> </p> <p><font size="1"> </font></p> </div> </div>
CY2018Q3 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
478000000
CY2019Q1 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
625400000
CY2018Q3 us-gaap Inventory Net
InventoryNet
583600000
CY2019Q1 us-gaap Inventory Net
InventoryNet
776200000
CY2018Q3 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
70300000
CY2019Q1 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
89400000
us-gaap Inventory Recall Expense
InventoryRecallExpense
11100000
CY2018Q1 us-gaap Inventory Recall Expense
InventoryRecallExpense
3900000
us-gaap Inventory Recall Expense
InventoryRecallExpense
600000
CY2018Q3 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
35300000
CY2019Q1 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
61400000
us-gaap Inventory Write Down
InventoryWriteDown
1600000
CY2018Q3 us-gaap Liabilities
Liabilities
6209400000
CY2019Q1 us-gaap Liabilities
Liabilities
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CY2018Q3 us-gaap Liabilities And Stockholders Equity
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OtherReceivablesNetCurrent
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OtherReceivablesNetCurrent
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us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
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us-gaap Payments For Restructuring
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us-gaap Payments Of Dividends Common Stock
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us-gaap Payments Related To Tax Withholding For Share Based Compensation
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us-gaap Payments To Acquire Property Plant And Equipment
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us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
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CY2018Q3 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
63200000
CY2019Q1 us-gaap Prepaid Expense And Other Assets Current
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us-gaap Proceeds From Divestiture Of Businesses
ProceedsFromDivestitureOfBusinesses
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10000000
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
900000
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
100000
us-gaap Profit Loss
ProfitLoss
555500000
CY2018Q1 us-gaap Profit Loss
ProfitLoss
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us-gaap Profit Loss
ProfitLoss
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PropertyPlantAndEquipmentGross
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PropertyPlantAndEquipmentGross
898100000
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PropertyPlantAndEquipmentNet
500000000
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PropertyPlantAndEquipmentNet
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us-gaap Repayments Of Long Term Debt
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998000000
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
2479900000
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
23000000
CY2018Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
11500000
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
22300000
CY2019Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
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CY2017Q4 us-gaap Restricted Stock Value Shares Issued Net Of Tax Withholdings
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CY2018Q1 us-gaap Restricted Stock Value Shares Issued Net Of Tax Withholdings
RestrictedStockValueSharesIssuedNetOfTaxWithholdings
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CY2018Q4 us-gaap Restricted Stock Value Shares Issued Net Of Tax Withholdings
RestrictedStockValueSharesIssuedNetOfTaxWithholdings
11200000
CY2019Q1 us-gaap Restricted Stock Value Shares Issued Net Of Tax Withholdings
RestrictedStockValueSharesIssuedNetOfTaxWithholdings
200000
CY2019Q1 us-gaap Restructuring And Related Cost Cost Incurred To Date1
RestructuringAndRelatedCostCostIncurredToDate1
109400000
CY2019Q1 us-gaap Restructuring And Related Cost Expected Cost Remaining1
RestructuringAndRelatedCostExpectedCostRemaining1
11100000
us-gaap Restructuring Charges
RestructuringCharges
37500000
CY2018Q1 us-gaap Restructuring Charges
RestructuringCharges
20300000
us-gaap Restructuring Charges
RestructuringCharges
21500000
CY2019Q1 us-gaap Restructuring Charges
RestructuringCharges
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CY2018Q3 us-gaap Restructuring Reserve
RestructuringReserve
7800000
CY2019Q1 us-gaap Restructuring Reserve
RestructuringReserve
15900000
us-gaap Restructuring Reserve Settled Without Cash2
RestructuringReserveSettledWithoutCash2
800000
CY2018Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
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CY2019Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
387600000
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
1804900000
CY2018Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
882600000
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
1787000000
CY2019Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
906700000
us-gaap Revenue Practical Expedient Initial Application And Transition Qualitative Assessment
RevenuePracticalExpedientInitialApplicationAndTransitionQualitativeAssessment
Practical Expedients and ExemptionsThe Company accounts for shipping and handling activities which occur after control of the related goods transfers as fulfillment activities instead of assessing such activities as performance obligations. The use of the practical expedient did not impact the accounting for the adoption of Topic 606.The Company does not adjust the promised amount of consideration for the effects of a significant financing component, as the period between the transfer of a promised good or service to a customer and the customer's payment for the good or service is one year or less.The Company does not assess whether promised goods or services are performance obligations if they are immaterial in the context of the contract with the customer. The Company does not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less and (ii) contracts for which we recognize revenue at the amount to which we have the right to invoice for services performed. The estimated revenue expected to be recognized in the future related to performance obligations that are unsatisfied or partially unsatisfied at the end of the reporting period is immaterial.The Company generally expenses sales commissions and other contract and fulfillment costs when the amortization period is less than one year. The Company records these costs within selling, general and administrative expenses. For costs amortized over a period longer than one year, such as fixtures which are much more permanent in nature, the Company defers and amortizes over the supportable period based upon historical assumptions and analysis. The costs for permanent displays are incorporated into the pricing of product sold to customer.The Company excludes all sales taxes that are assessed by a governmental authority from the transaction price.
CY2018Q1 us-gaap Sale Of Stock Price Per Share
SaleOfStockPricePerShare
56.02
us-gaap Selling Expense
SellingExpense
306100000
CY2018Q1 us-gaap Selling Expense
SellingExpense
152400000
us-gaap Selling Expense
SellingExpense
306900000
CY2019Q1 us-gaap Selling Expense
SellingExpense
151400000
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
19100000
CY2018Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
10700000
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
11500000
CY2019Q1 us-gaap Selling General And Administrative Expense
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4000000
us-gaap Share Based Compensation
ShareBasedCompensation
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us-gaap Share Based Compensation
ShareBasedCompensation
21800000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
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1500000
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ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
53.05
CY2018Q3 us-gaap Standard Product Warranty Accrual
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7800000
CY2019Q1 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
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CY2018Q3 us-gaap Stockholders Equity
StockholdersEquity
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CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
1919100000
CY2017Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2017Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
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CY2018Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
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CY2018Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
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CY2018Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
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CY2019Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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us-gaap Stock Issued1
StockIssued1
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us-gaap Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
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CY2019Q1 us-gaap Treasury Stock Value
TreasuryStockValue
264200000
CY2018Q4 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
18500000
CY2019Q1 us-gaap Treasury Stock Value Acquired Cost Method
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250000000
us-gaap Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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32700000
CY2018Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
32500000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
52600000
CY2019Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
51800000
us-gaap Weighted Average Number Of Shares Outstanding Basic
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32400000
CY2018Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
32500000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
52600000
CY2019Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
51800000

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