Document And Entity Information
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9 Months Ended | |
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Jun. 30, 2013
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Aug. 07, 2013
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Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2013 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2013 | |
Entity Registrant Name | Spectrum Brands, Inc. | |
Entity Central Index Key | 0001028985 | |
Current Fiscal Year End Date | --09-30 | |
Entity Filer Category | Non-accelerated Filer | |
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 0 |
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Carrying amount as of the balance sheet date, which is the cumulative amount paid and (if applicable) the fair value of any noncontrolling interest in the acquiree, adjusted for any amortization recognized prior to the adoption of any changes in generally accepted accounting principles (as applicable) and for any impairment charges, in excess of the fair value of net assets acquired in one or more business combination transactions, as well as valuations under fresh start reporting. No definition available.
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Condensed Consolidated Statements Of Operations (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 9 Months Ended | ||
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Jun. 30, 2013
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Jul. 01, 2012
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Jun. 30, 2013
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Jul. 01, 2012
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Income Statement [Abstract] | ||||
Net sales | $ 1,089,825 | $ 824,803 | $ 2,947,849 | $ 2,419,859 |
Cost of goods sold | 706,053 | 531,069 | 1,949,332 | 1,575,803 |
Restructuring and related charges | 13,245 | 3,896 | 27,736 | 15,890 |
Gross profit | 382,759 | 291,696 | 993,819 | 835,753 |
Selling | 165,178 | 129,851 | 464,961 | 391,522 |
General and administrative | 70,057 | 50,726 | 196,077 | 157,493 |
Research and development | 11,486 | 8,597 | 31,517 | 23,790 |
Acquisition and integration related charges | 7,747 | 5,274 | 40,558 | 20,625 |
Total operating expenses | 266,700 | 196,306 | 756,151 | 601,017 |
Operating income | 116,059 | 95,390 | 237,668 | 234,736 |
Interest expense | 61,516 | 39,686 | 185,652 | 150,169 |
Other expense, net | 2,613 | 2,224 | 7,941 | 2,225 |
Income from continuing operations before income taxes | 51,930 | 53,480 | 44,075 | 82,342 |
Income tax expense (benefit) | 15,169 | (5,371) | 54,928 | 38,772 |
Net income (loss) | 36,761 | 58,851 | (10,853) | 43,570 |
Less: Net income attributable to non-controlling interest | 263 | 0 | 8 | 0 |
Net (loss) income | 36,498 | 58,851 | (10,861) | 43,570 |
Cost of Sales [Member]
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Income Statement [Abstract] | ||||
Restructuring and related charges | 1,013 | 2,038 | 4,698 | 8,303 |
Operating Expense [Member]
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Income Statement [Abstract] | ||||
Restructuring and related charges | $ 12,232 | $ 1,858 | $ 23,038 | $ 7,587 |
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Condensed Consolidated Statements of Comprehensive Income (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2013
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Jul. 01, 2012
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Jun. 30, 2013
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Jul. 01, 2012
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Net income (loss) | $ 36,761 | $ 58,851 | $ (10,853) | $ 43,570 |
Foreign currency translation | (7,830) | (34,148) | (25,385) | (30,538) |
Unrealized gain on derivative instruments | 1,780 | 1,475 | 2,858 | 2,370 |
Defined benefit pension (loss) gain | (52) | 422 | (348) | 924 |
Other comprehensive loss, net of tax | (6,102) | (32,251) | (22,875) | (27,244) |
Comprehensive income (loss) | 30,659 | 26,600 | (33,728) | 16,326 |
Less: Comprehensive income attributable to non-controlling interest | 263 | 8 | ||
Comprehensive income (loss) attributable to controlling interest | 30,396 | 26,600 | (33,736) | 16,326 |
Pension Plans, Defined Benefit [Member]
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Defined benefit pension (loss) gain | (52) | 422 | (348) | 924 |
Selling and Marketing Expense [Member] | Pension Plans, Defined Benefit [Member]
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Net reclassification adjustment for losses included in General and administrative expenses | $ 41 | $ 19 | $ 122 | $ 40 |
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Carrying amount as of the balance sheet date, which is the cumulative amount paid and (if applicable) the fair value of any noncontrolling interest in the acquiree, adjusted for any amortization recognized prior to the adoption of any changes in generally accepted accounting principles (as applicable) and for any impairment charges, in excess of the fair value of net assets acquired in one or more business combination transactions, as well as valuations under fresh start reporting. No definition available.
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Guarantor Financial Statements Guarantor Statement of Operations (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2013
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Jul. 01, 2012
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Jun. 30, 2013
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Jul. 01, 2012
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Cash Equivalents, at Carrying Value | $ 98,904 | $ 98,904 | ||
Net sales | 1,089,825 | 824,803 | 2,947,849 | 2,419,859 |
Cost of Goods Sold | 706,053 | 531,069 | 1,949,332 | 1,575,803 |
Restructuring and related charges | 13,245 | 3,896 | 27,736 | 15,890 |
Total operating expenses | 266,700 | 196,306 | 756,151 | 601,017 |
Operating income | 116,059 | 95,390 | 237,668 | 234,736 |
Gross profit | 382,759 | 291,696 | 993,819 | 835,753 |
Interest expense | 61,516 | 39,686 | 185,652 | 150,169 |
Selling Expense | 165,178 | 129,851 | 464,961 | 391,522 |
General and Administrative Expense | 70,057 | 50,726 | 196,077 | 157,493 |
Research and Development Expense | 11,486 | 8,597 | 31,517 | 23,790 |
Acquisition and integration related charges | 7,747 | 5,274 | 40,558 | 20,625 |
Other expense, net | 2,613 | 2,224 | 7,941 | 2,225 |
Income from continuing operations before income taxes | 51,930 | 53,480 | 44,075 | 82,342 |
Income Tax Expense (Benefit) | 15,169 | (5,371) | 54,928 | 38,772 |
Net income (loss) | 36,761 | 58,851 | (10,853) | 43,570 |
Less: Net income attributable to non-controlling interest | 263 | 0 | 8 | 0 |
Net (loss) income | 36,498 | 58,851 | (10,861) | 43,570 |
Cost of Sales [Member]
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Restructuring and related charges | 1,013 | 2,038 | 4,698 | 8,303 |
Operating Expense [Member]
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Restructuring and related charges | 12,232 | 1,858 | 23,038 | 7,587 |
Parent Company [Member]
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Cash Equivalents, at Carrying Value | 682 | 682 | ||
Parent [Member]
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Net sales | 138,746 | 149,130 | 466,600 | 489,068 |
Cost of Goods Sold | 103,974 | 109,719 | 340,769 | 354,725 |
Total operating expenses | 46,979 | 29,674 | 156,710 | 114,985 |
Operating income | (12,207) | 9,737 | (30,879) | 19,358 |
Gross profit | 34,772 | 39,411 | 125,831 | 134,343 |
Interest expense | 55,686 | 35,204 | 168,808 | 136,257 |
Selling Expense | 17,018 | 18,348 | 56,222 | 56,103 |
General and Administrative Expense | 16,446 | 5,131 | 51,182 | 36,322 |
Research and Development Expense | 4,806 | 5,000 | 13,330 | 13,600 |
Acquisition and integration related charges | 5,294 | 1,055 | 32,099 | 7,364 |
Other expense, net | (87,536) | (66,677) | (170,869) | (150,859) |
Income from continuing operations before income taxes | 19,643 | 41,210 | (28,818) | 33,960 |
Income Tax Expense (Benefit) | (17,118) | (17,641) | (17,965) | (9,610) |
Net income (loss) | 36,761 | (10,853) | ||
Less: Net income attributable to non-controlling interest | 263 | 8 | ||
Net (loss) income | 36,498 | 58,851 | (10,861) | 43,570 |
Parent [Member] | Cost of Sales [Member]
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Restructuring and related charges | 0 | 0 | 0 | 0 |
Parent [Member] | Operating Expense [Member]
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Restructuring and related charges | 3,415 | 140 | 3,877 | 1,596 |
Guarantor Subsidiaries [Member]
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Cash Equivalents, at Carrying Value | 2,732 | 2,732 | ||
Net sales | 344,883 | 357,363 | 868,542 | 915,117 |
Cost of Goods Sold | 226,763 | 239,647 | 590,325 | 638,757 |
Total operating expenses | 64,255 | 67,906 | 184,328 | 194,773 |
Operating income | 53,590 | 49,006 | 92,035 | 77,992 |
Gross profit | 117,845 | 116,912 | 276,363 | 272,765 |
Interest expense | 980 | 1,401 | 3,132 | 3,760 |
Selling Expense | 37,834 | 40,096 | 107,418 | 115,730 |
General and Administrative Expense | 20,108 | 21,435 | 56,660 | 58,881 |
Research and Development Expense | 2,490 | 2,713 | 7,424 | 7,412 |
Acquisition and integration related charges | 967 | 3,003 | 3,631 | 8,931 |
Other expense, net | (54,320) | (16,711) | (121,518) | (86,912) |
Income from continuing operations before income taxes | 106,930 | 64,316 | 210,421 | 161,144 |
Income Tax Expense (Benefit) | 16,666 | 5,814 | 35,106 | 21,735 |
Net income (loss) | 90,264 | 175,315 | ||
Less: Net income attributable to non-controlling interest | 263 | 8 | ||
Net (loss) income | 90,001 | 58,502 | 175,307 | 139,409 |
Guarantor Subsidiaries [Member] | Cost of Sales [Member]
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Restructuring and related charges | 275 | 804 | 1,854 | 3,595 |
Guarantor Subsidiaries [Member] | Operating Expense [Member]
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Restructuring and related charges | 2,856 | 659 | 9,195 | 3,819 |
Non-Guarantor Subsidiaries [Member]
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Cash Equivalents, at Carrying Value | 95,490 | 95,490 | ||
Net sales | 870,895 | 433,024 | 2,256,031 | 1,411,931 |
Cost of Goods Sold | 638,178 | 296,558 | 1,656,965 | 977,269 |
Total operating expenses | 155,725 | 98,243 | 415,810 | 290,215 |
Operating income | 76,254 | 36,989 | 180,412 | 139,739 |
Gross profit | 231,979 | 135,232 | 596,222 | 429,954 |
Interest expense | 4,847 | 3,078 | 13,705 | 10,150 |
Selling Expense | 110,585 | 71,552 | 302,037 | 220,385 |
General and Administrative Expense | 33,503 | 23,532 | 88,216 | 60,550 |
Research and Development Expense | 4,190 | 884 | 10,763 | 2,778 |
Acquisition and integration related charges | 1,486 | 1,216 | 4,828 | 4,330 |
Other expense, net | 2,714 | 2,035 | 7,531 | 3,153 |
Income from continuing operations before income taxes | 68,693 | 31,876 | 159,176 | 126,436 |
Income Tax Expense (Benefit) | 15,637 | 6,333 | 38,419 | 26,690 |
Net income (loss) | 53,056 | 120,757 | ||
Less: Net income attributable to non-controlling interest | 263 | 8 | ||
Net (loss) income | 52,793 | 25,543 | 120,749 | 99,746 |
Non-Guarantor Subsidiaries [Member] | Cost of Sales [Member]
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Restructuring and related charges | 738 | 1,234 | 2,844 | 4,708 |
Non-Guarantor Subsidiaries [Member] | Operating Expense [Member]
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Restructuring and related charges | 5,961 | 1,059 | 9,966 | 2,172 |
Consolidation, Eliminations [Member]
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Cash Equivalents, at Carrying Value | 0 | 0 | ||
Net sales | (264,699) | (114,714) | (643,324) | (396,257) |
Cost of Goods Sold | (262,862) | (114,855) | (638,727) | (394,948) |
Total operating expenses | (259) | 483 | (697) | 1,044 |
Operating income | (1,578) | (342) | (3,900) | (2,353) |
Gross profit | (1,837) | 141 | (4,597) | (1,309) |
Interest expense | 3 | 3 | 7 | 2 |
Selling Expense | (259) | (145) | (716) | (696) |
General and Administrative Expense | 0 | 628 | 19 | 1,740 |
Research and Development Expense | 0 | 0 | 0 | 0 |
Acquisition and integration related charges | 0 | 0 | 0 | 0 |
Other expense, net | 141,755 | 83,577 | 292,797 | 236,843 |
Income from continuing operations before income taxes | (143,336) | (83,922) | (296,704) | (239,198) |
Income Tax Expense (Benefit) | (16) | 123 | (632) | (43) |
Net income (loss) | (143,320) | (296,072) | ||
Less: Net income attributable to non-controlling interest | (526) | (16) | ||
Net (loss) income | (142,794) | (84,045) | (296,056) | (239,155) |
Consolidation, Eliminations [Member] | Cost of Sales [Member]
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Restructuring and related charges | 0 | 0 | 0 | 0 |
Consolidation, Eliminations [Member] | Operating Expense [Member]
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Restructuring and related charges | $ 0 | $ 0 | $ 0 | $ 0 |
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Guarantor Financial Statements Guarantor Statement of Cash Flows (USD $)
In Thousands, unless otherwise specified |
9 Months Ended | |||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2013
|
Jul. 01, 2012
|
Jun. 30, 2013
Parent [Member]
|
Jul. 01, 2012
Parent [Member]
|
Jul. 01, 2012
Parent [Member]
Black Flag [Member]
|
Jun. 30, 2013
Parent [Member]
Shaser, Inc. [Member]
|
Jul. 01, 2012
Parent [Member]
FURminator [Member]
|
Jun. 30, 2013
Parent [Member]
HHI Business [Member]
|
Jun. 30, 2013
Guarantor Subsidiaries [Member]
|
Jul. 01, 2012
Guarantor Subsidiaries [Member]
|
Jul. 01, 2012
Guarantor Subsidiaries [Member]
Black Flag [Member]
|
Jun. 30, 2013
Guarantor Subsidiaries [Member]
Shaser, Inc. [Member]
|
Jul. 01, 2012
Guarantor Subsidiaries [Member]
FURminator [Member]
|
Jun. 30, 2013
Guarantor Subsidiaries [Member]
HHI Business [Member]
|
Jun. 30, 2013
Non-Guarantor Subsidiaries [Member]
|
Jul. 01, 2012
Non-Guarantor Subsidiaries [Member]
|
Jul. 01, 2012
Non-Guarantor Subsidiaries [Member]
Black Flag [Member]
|
Jun. 30, 2013
Non-Guarantor Subsidiaries [Member]
Shaser, Inc. [Member]
|
Jul. 01, 2012
Non-Guarantor Subsidiaries [Member]
FURminator [Member]
|
Jun. 30, 2013
Non-Guarantor Subsidiaries [Member]
HHI Business [Member]
|
Jun. 30, 2013
Consolidation, Eliminations [Member]
|
Jul. 01, 2012
Consolidation, Eliminations [Member]
|
Jul. 01, 2012
Consolidation, Eliminations [Member]
Black Flag [Member]
|
Jun. 30, 2013
Consolidation, Eliminations [Member]
Shaser, Inc. [Member]
|
Jul. 01, 2012
Consolidation, Eliminations [Member]
FURminator [Member]
|
Jun. 30, 2013
Consolidation, Eliminations [Member]
HHI Business [Member]
|
Jun. 30, 2013
Notes 6.375% due 2020 [Member]
Parent [Member]
|
Jun. 30, 2013
Notes 6.375% due 2020 [Member]
Guarantor Subsidiaries [Member]
|
Jun. 30, 2013
Notes 6.375% due 2020 [Member]
Non-Guarantor Subsidiaries [Member]
|
Jun. 30, 2013
Notes 6.375% due 2020 [Member]
Consolidation, Eliminations [Member]
|
Jun. 30, 2013
Notes 6.625% due 2022 [Member]
Parent [Member]
|
Jun. 30, 2013
Notes 6.625% due 2022 [Member]
Guarantor Subsidiaries [Member]
|
Jun. 30, 2013
Notes 6.625% due 2022 [Member]
Non-Guarantor Subsidiaries [Member]
|
Jun. 30, 2013
Notes 6.625% due 2022 [Member]
Consolidation, Eliminations [Member]
|
|
Net cash used by operating activities | $ (75,838) | $ (67,928) | $ (230,744) | $ (46,049) | $ 41,163 | $ 188,635 | $ 672,999 | $ 125,730 | $ (559,256) | $ (336,244) | ||||||||||||||||||||||||
Payments to Acquire Property, Plant, and Equipment | (45,236) | (33,117) | 14,857 | (14,321) | (5,958) | (9,719) | (24,421) | (9,077) | 0 | 0 | ||||||||||||||||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | 0 | 0 | 0 | 0 | (43,750) | 0 | (139,390) | (1,351,008) | 0 | (42,510) | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Payments for (Proceeds from) Other Investing Activities | (1,141) | (1,627) | 73 | 135 | (1,289) | (92) | 75 | (1,670) | 0 | 0 | ||||||||||||||||||||||||
Proceeds from issuance of 9.5% Notes, including premium | 0 | 217,000 | 0 | 0 | 0 | |||||||||||||||||||||||||||||
Net cash used by investing activities | (1,439,895) | (217,884) | (14,784) | (14,186) | (1,358,255) | (192,951) | (66,856) | (10,747) | 0 | 0 | ||||||||||||||||||||||||
Proceeds from issuance of Term Loan | 792,000 | 0 | 700,000 | 0 | 92,000 | 0 | ||||||||||||||||||||||||||||
Proceeds from issuance of 6.375% Notes | 0 | 300,000 | 300,000 | 0 | 0 | 0 | 520,000 | 0 | 0 | 0 | 570,000 | 0 | 0 | 0 | ||||||||||||||||||||
Payment of Notes, Including Tender and Call Premium | 0 | (270,431) | (270,431) | 0 | 0 | 0 | ||||||||||||||||||||||||||||
Repayments of Senior Debt | (406,904) | (4,091) | (406,904) | (4,091) | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||
Debt issuance costs | (44,469) | (11,163) | (42,333) | (11,163) | 0 | 0 | (2,136) | 0 | 0 | 0 | ||||||||||||||||||||||||
Other debt financing, net | 17,080 | 6,192 | 0 | 0 | 0 | 0 | 17,080 | 6,192 | 0 | 0 | ||||||||||||||||||||||||
Repayments of Other Debt | (1,970) | (27,992) | 0 | (25,000) | 0 | 0 | (1,970) | (2,992) | 0 | 0 | ||||||||||||||||||||||||
ABL revolving credit facility, net | 69,500 | 2,500 | 69,500 | 2,500 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||
Payments Related to Tax Withholding for Share-based Compensation | (20,141) | (3,936) | (20,141) | (3,936) | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||
Proceeds from (Payments for) Other Financing Activities | 0 | (953) | 0 | (953) | 0 | 0 | ||||||||||||||||||||||||||||
Capital contribution from parent | 28,562 | 0 | 28,562 | 0 | 0 | 0 | ||||||||||||||||||||||||||||
Cash dividends paid to parent | (61,842) | 0 | (61,842) | 0 | 0 | 0 | ||||||||||||||||||||||||||||
Proceeds from (Repayments of) Related Party Debt | 0 | 0 | (1,117,361) | (144,229) | 1,306,522 | (1,360) | (748,417) | (190,655) | 559,256 | 336,244 | ||||||||||||||||||||||||
Net cash provided by financing activities | 1,461,816 | 207,126 | 239,481 | 60,650 | 1,306,522 | (2,313) | (643,443) | (187,455) | 559,256 | 336,244 | ||||||||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents due to Venezuela devaluation | (1,870) | 0 | 0 | 0 | (1,870) | 0 | ||||||||||||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | (3,181) | (1,429) | 0 | 0 | 0 | 0 | (3,181) | (1,429) | 0 | 0 | ||||||||||||||||||||||||
Net decrease in cash and cash equivalents | (58,968) | (80,115) | (6,047) | 415 | (10,570) | (6,629) | (42,351) | (73,901) | 0 | 0 | ||||||||||||||||||||||||
Cash and cash equivalents | $ 98,904 | $ 62,299 | $ 682 | $ 464 | $ 2,732 | $ 2,160 | $ 95,490 | $ 59,675 | $ 0 | $ 0 |
X | ||||||||||
- Definition
Effect of exchange rate changes on cash and cash equivalents due to Venezuela hyperinflation No definition available.
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The cash outflow to repay long-term debt that is not secured by collateral, including the cash outflow for incremental, external costs directly pertaining to an early extinguishment of debt, including legal costs and prepayment penalties. No definition available.
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Description Of Business
|
9 Months Ended |
---|---|
Jun. 30, 2013
|
|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description Of Business | DESCRIPTION OF BUSINESS Spectrum Brands, Inc., a Delaware corporation (“Spectrum Brands” or the “Company”), is a global branded consumer products company. Spectrum Brands, Inc., is a wholly owned subsidiary of Spectrum Brands Holdings, Inc. ("SB Holdings"). SB Holdings' common stock trades on the New York Stock Exchange (the “NYSE”) under the symbol “SPB.” The Company’s operations include the worldwide manufacturing and marketing of alkaline, zinc carbon and hearing aid batteries, as well as aquariums and aquatic health supplies and the designing and marketing of rechargeable batteries, battery-powered lighting products, electric shavers and accessories, grooming products and hair care appliances. The Company’s operations also include the manufacturing and marketing of specialty pet supplies. The Company also manufactures and markets herbicides, insecticides and insect repellents in North America. The Company also designs, markets and distributes a broad range of branded small appliances and personal care products. The Company’s operations utilize manufacturing and product development facilities located in the United States ("U.S."), Europe, Latin America and Asia. On December 17, 2012, the Company acquired the residential hardware and home improvement business (the “HHI Business”) from Stanley Black & Decker, Inc. (“Stanley Black & Decker”), which includes (i) the equity interests of certain subsidiaries of Stanley Black & Decker engaged in the business and (ii) certain assets of Stanley Black & Decker used or held for use in connection with the business (the “Hardware Acquisition”). The HHI Business has a broad portfolio of recognized brand names, including Kwikset, Weiser, Baldwin, National Hardware, Stanley, FANAL and Pfister, as well as patented technologies such as Smartkey, a rekeyable lockset technology, and Smart Code Home Connect. On April 8, 2013, the Company completed the Hardware Acquisition, which included the acquisition of certain assets of Tong Lung Metal Industry Co. Ltd., a Taiwan Corporation ("TLM Taiwan”), which is involved in the production of residential locksets. For information pertaining to the Hardware Acquisition, see Note 15, “Acquisitions.” The Company sells its products in approximately 140 countries through a variety of trade channels, including retailers, wholesalers and distributors, hearing aid professionals, industrial distributors and original equipment manufacturers and enjoys name recognition in its markets under the Rayovac, VARTA and Remington brands, each of which has been in existence for more than 80 years, and under the Tetra, 8-in-1, Dingo, Nature's Miracle, Spectracide, Cutter, Hot Shot, Black & Decker, George Foreman, Russell Hobbs, Farberware, Black Flag, FURminator, the previously mentioned HHI Business brands and various other brands. The Company's global branded consumer products have positions in seven major product categories: consumer batteries; small appliances; pet supplies; electric shaving and grooming; electric personal care; home and garden controls; and hardware and home improvement, which consists of the recently acquired HHI Business. The Company manages the businesses in four vertically integrated, product-focused reporting segments: (i) Global Batteries & Appliances, which consists of the Company's worldwide battery, electric shaving and grooming, electric personal care and small appliances primarily in the kitchen and home product categories (“Global Batteries & Appliances”); (ii) Global Pet Supplies, which consists of the Company's worldwide pet supplies business (“Global Pet Supplies”); (iii) Home and Garden Business, which consists of the Company's home and garden and insect control business (the “Home and Garden Business”); and (iv) Hardware & Home Improvement, which consists of the recently acquired HHI Business (“Hardware & Home Improvement”). Management reviews the performance of the Company based on these segments, which also reflect the manner in which the Company's management monitors performance and allocates resources. For information pertaining to our business segments, see Note 12, “Segment Results.” |
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Significant Accounting Policies
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9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
|
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Significant Accounting Policies | SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation: The condensed consolidated financial statements include the accounts of SB Holdings and its subsidiaries and are prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”). All intercompany transactions have been eliminated. These condensed consolidated financial statements have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC") and, in the opinion of the Company, include all adjustments (which are normal and recurring in nature) necessary to present fairly the financial position of the Company at June 30, 2013, the results of operations for the three and nine month periods ended June 30, 2013 and July 1, 2012, the comprehensive income (loss) for the three and nine month periods ended June 30, 2013 and July 1, 2012 and the cash flows for the nine month periods ended June 30, 2013 and July 1, 2012. Certain information and footnote disclosures normally included in consolidated financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such SEC rules and regulations. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2012. Change in Accounting Principle: During the quarter ended June 30, 2013, the Company made a change in accounting principle to present tax withholdings for share-based payment awards paid to taxing authorities on behalf of an employee as a financing activity within its Condensed Consolidated Statement of Cash Flows. Such amounts were previously presented within operating activities in the Condensed Consolidated Statement of Cash Flows. The Company believes this change is preferable as the predominant characteristic of the transaction is a financing activity. The Company has reclassified the following amounts within its previously reported Condensed Consolidated Statements of Cash Flows on a retrospective basis to reflect this change in accounting principle:
Use of Estimates: The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Intangible Assets: Intangible assets are recorded at cost or at fair value if acquired in a purchase business combination. Customer relationships and proprietary technology intangibles are amortized, using the straight-line method, over their estimated useful lives. Excess of cost over fair value of net assets acquired (goodwill) and indefinite lived trade name intangibles are not amortized. Accounting Standards Codification (“ASC”) Topic 350: “Intangibles-Goodwill and Other,” requires that goodwill and indefinite-lived intangible assets be tested for impairment annually, or more often if an event or circumstance indicates that an impairment loss may have been incurred. Goodwill is tested for impairment at the reporting unit level, with such groupings being consistent with the Company’s reportable segments. If an impairment is indicated, a write-down to fair value (normally measured by discounting estimated future cash flows) is recorded. Indefinite lived trade name intangibles are tested for impairment at least annually by comparing the fair value with the carrying value. Any excess of carrying value over fair value is recognized as an impairment loss in income from operations. The Company’s annual impairment testing is completed at the August financial period end. Management uses its judgment in assessing whether assets may have become impaired between annual impairment tests. Indicators such as unexpected adverse business conditions, economic factors, unanticipated technological change or competitive activities, loss of key personnel, and acts by governments and courts may signal that an asset has become impaired. Shipping and Handling Costs: The Company incurred shipping and handling costs of $67,023 and $183,050 for the three and nine month periods ended June 30, 2013, respectively, and $48,797 and $148,383 for the three and nine month periods ended July 1, 2012, respectively. These costs are included in Selling expenses in the accompanying Condensed Consolidated Statements of Operations (Unaudited). Shipping and handling costs include costs incurred with third-party carriers to transport products to customers as well as salaries and overhead costs related to activities to prepare the Company’s products for shipment from its distribution facilities. Concentrations of Credit Risk: Trade receivables subject the Company to credit risk. Trade accounts receivable are carried at net realizable value. The Company extends credit to its customers based upon an evaluation of the customer’s financial condition and credit history, and generally does not require collateral. The Company monitors its customers’ credit and financial condition based on changing economic conditions and makes adjustments to credit policies as required. Provisions for losses on uncollectible trade receivables are determined based on ongoing evaluations of the Company’s receivables, principally on the basis of historical collection experience and evaluations of the risks of nonpayment for a given customer. The Company has a broad range of customers including many large retail outlet chains, one of which accounts for a significant percentage of its sales volume. This customer represented approximately 17% and 18% of the Company’s Net sales during the three and nine month periods ended June 30, 2013, respectively, and 23% of the Company’s Net sales during both the three and nine month periods ended July 1, 2012. This customer also represented approximately 10% and 13% of the Company’s Trade accounts receivable, net at June 30, 2013 and September 30, 2012, respectively. Approximately 37% and 41% of the Company’s Net sales during the three and nine month periods ended June 30, 2013, respectively, and 40% and 44% of the Company’s Net sales during the three and nine month periods ended July 1, 2012, respectively, occurred outside the U.S. These sales and related receivables are subject to varying degrees of credit, currency, political and economic risk. The Company monitors these risks and makes appropriate provisions for collectibility based on an assessment of the risks present. Stock-Based Compensation: The Company measures the cost of its stock-based compensation plans based on the fair value of its employee stock awards and recognizes these costs over the requisite service period of the awards. Total stock compensation expense associated with restricted stock awards and restricted stock units recognized by the Company during the three and nine month periods ended June 30, 2013 was $17,673 and $31,830, respectively. Total stock compensation expense associated with restricted stock awards and restricted stock units recognized by the Company during the three and nine month periods ended July 1, 2012 was $4,361 and $15,436, respectively. The Company granted approximately 30 and 644 restricted stock units during the three and nine month periods ended June 30, 2013, respectively. Of these grants, 90 are performance-based and vest over a one year period and 554 are performance and time-based and vest over a two year period. The total market value of the restricted stock units on the dates of the grants was approximately $29,319. The Company granted approximately 42 and 741 restricted stock units during the three and nine month periods ended July 1, 2012, respectively. Of these grants, 42 restricted stock units are time-based and vest over a two year period. The remaining 699 restricted stock units are performance and time-based and vest over a two year period. The total market value of the restricted stock units on the dates of the grants was approximately $20,293. The fair value of restricted stock awards and restricted stock units is determined based on the market price of the Company’s shares of common stock on the grant date. A summary of the activity in the Company’s non-vested restricted stock awards and restricted stock units during the nine months ended June 30, 2013 is as follows:
Acquisition and Integration Related Charges: Acquisition and integration related charges reflected in Operating expenses in the accompanying Condensed Consolidated Statements of Operations (Unaudited) include, but are not limited to, transaction costs such as banking, legal, accounting and other professional fees directly related to acquisitions, termination and related costs for transitional and certain other employees, integration related professional fees and other post business combination expenses associated with mergers and acquisitions. The following table summarizes acquisition and integration related charges incurred by the Company during the three and nine month periods ended June 30, 2013 and July 1, 2012:
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Comprehensive Income (Loss)
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Jun. 30, 2013
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Comprehensive Income (Loss) | COMPREHENSIVE INCOME (LOSS) Comprehensive income (loss) includes foreign currency translation gains and losses on assets and liabilities of foreign subsidiaries, effects of exchange rate changes on intercompany balances of a long-term nature and transactions designated as a hedge of a net investment in a foreign subsidiary, deferred gains and losses on derivative financial instruments designated as cash flow hedges and amortization of deferred gains and losses associated with the Company’s pension plans. The foreign currency translation gains and losses for the three and nine month periods ended June 30, 2013 and July 1, 2012 were primarily attributable to the impact of translation of the net assets of the Company’s European and Latin American operations, which primarily have functional currencies in Euros, Pounds Sterling and Brazilian Real. For information pertaining to the reclassification of unrealized gains and losses on derivative instruments, see Note 8, “Derivative Financial Instruments.” The components of Other comprehensive income (loss), net of tax, for the three and nine month periods ended June 30, 2013 and July 1, 2012 are as follows:
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Inventories
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Jun. 30, 2013
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Inventories | INVENTORIES Inventories for the Company, which are stated at the lower of cost or market, consist of the following:
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Goodwill And Intangible Assets
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Goodwill And Intangible Assets | GOODWILL AND INTANGIBLE ASSETS Goodwill and intangible assets of the Company consist of the following:
Intangible assets subject to amortization include proprietary technology, customer relationships and certain trade names, which were recognized in connection with acquisitions and from the application of fresh-start reporting during fiscal 2009. The useful lives of the Company’s intangible assets subject to amortization are 9 to 17 years for technology assets associated with the Global Batteries & Appliances segment, 8 to 9 years for technology assets related to the Hardware & Home Improvement segment, 4 to 9 years for technology assets related to the Global Pet Supplies segment, 15 to 20 years for customer relationships of the Global Batteries & Appliances segment, 20 years for customer relationships of the Hardware & Home Improvement segment, Home and Garden Business and Global Pet Supplies segments, 1 to 12 years for trade names within the Global Batteries & Appliances segment, 5 to 8 years for trade names within the Hardware & Home Improvement segment and 3 years for a trade name within the Global Pet Supplies segment. The carrying value and accumulated amortization for intangible assets subject to amortization are as follows:
Amortization expense for the three and nine month periods ended June 30, 2013 and July 1, 2012 is as follows:
The Company estimates annual amortization expense of intangible assets for the next five fiscal years will approximate $78,500 per year. |
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Debt
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Jun. 30, 2013
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Debt | DEBT Debt consists of the following:
Term Loan On December 17, 2012, the Company entered into a senior term loan facility, maturing December 17, 2019, which provides borrowings in an aggregate principal amount of $800,000, with $100,000 in Canadian dollar equivalents (the "Term Loan") in connection with the acquisition of the HHI Business. A portion of the Term Loan proceeds were used to refinance the former term loan facility, which was scheduled to mature on June 17, 2016, and had an aggregate amount outstanding of $370,175 prior to refinancing. In connection with the refinancing, the Company recorded accelerated amortization of portions of the unamortized discount and unamortized Debt issuance costs related to the former term loan facility totaling $5,485 as an adjustment to interest expense during the nine month period ended June 30, 2013. The Term Loan contains financial covenants with respect to debt, including, but not limited to, a fixed charge ratio. In addition, the Term Loan contains customary restrictive covenants, including, but not limited to, restrictions on the Company's ability to incur additional indebtedness, create liens, make investments or specified payments, give guarantees, pay dividends, make capital expenditures and merge or acquire or sell assets. Pursuant to a guarantee and collateral agreement, the Company, its domestic subsidiaries and its Canadian subsidiaries have guaranteed their respective obligations under the Term Loan and related loan documents and have pledged substantially all of their respective assets to secure such obligations. The Term Loan also provides for customary events of default, including payment defaults and cross-defaults on other material indebtedness. In connection with the issuance of the Term Loan, the Company recorded $201 and $19,328 of fees during the three and nine month periods ended June 30, 2013, respectively, of which $16,907 is classified as Debt issuance costs within the accompanying Condensed Consolidated Statements of Financial Position (Unaudited) and is being amortized as an adjustment to interest expense over the remaining life of the Term Loan, with the remainder of $2,421 reflected as an increase to interest expense during the nine month period ended June 30, 2013. 6.375% Notes and 6.625% Notes On December 17, 2012, in connection with the acquisition of the HHI Business, Spectrum Brands assumed $520,000 aggregate principal amount of 6.375% Notes at par value, due November 15, 2020 (the "6.375% Notes"), and $570,000 aggregate principal amount of 6.625% Notes at par value, due November 15, 2022 (the "6.625% Notes"), previously issued by Spectrum Brands Escrow Corporation. The 6.375% Notes and the 6.625% Notes are unsecured and guaranteed by Spectrum Brands’ parent company, SB/RH Holdings, LLC, as well as by existing and future domestic restricted subsidiaries. The Company may redeem all or a part of the 6.375% Notes and the 6.625% Notes, upon not less than 30 or more than 60 days notice, at specified redemption prices. Further, the indenture governing the 6.375% Notes and the 6.625% Notes (the “2020/22 Indenture”), requires the Company to make an offer, in cash, to repurchase all or a portion of the applicable outstanding notes for a specified redemption price, including a redemption premium, upon the occurrence of a change of control of the Company, as defined in such indenture. The 2020/22 Indenture contains customary covenants that limit, among other things, the incurrence of additional indebtedness, payment of dividends on or redemption or repurchase of equity interests, the making of certain investments, expansion into unrelated businesses, creation of liens on assets, merger or consolidation with another company, transfer or sale of all or substantially all assets, and transactions with affiliates. In addition, the 2020/22 Indenture provides for customary events of default, including failure to make required payments, failure to comply with certain agreements or covenants, failure to make payments when due or on acceleration of certain other indebtedness, and certain events of bankruptcy and insolvency. Events of default under the 2020/22 Indenture arising from certain events of bankruptcy or insolvency will automatically cause the acceleration of the amounts due under the 6.375% Notes and the 6.625% Notes. If any other event of default under the 2020/22 Indenture occurs and is continuing, the trustee for the 2020/22 Indenture or the registered holders of at least 25% in the then aggregate outstanding principal amount of the 6.375% Notes, or the 6.625% Notes, may declare the acceleration of the amounts due under those notes. The Company recorded $3 and $12,906 of fees in connection with the offering of the 6.375% Notes during the three and nine month periods ended June 30, 2013, respectively, and $4 and $14,127 of fees in connection with the offering of the 6.625% Notes during the three and nine month periods ended June 30, 2013, respectively. The fees are classified as Debt issuance costs within the accompanying Condensed Consolidated Statements of Financial Position (Unaudited) and are being amortized as an adjustment to interest expense over the respective remaining lives of the 6.375% Notes and the 6.625% Notes. ABL Facility On December 17, 2012 the Company exercised its option to increase its asset based lending revolving credit facility (the "ABL Facility") from $300,000 to $400,000 and extend the maturity to May 24, 2017. In connection with the increase and extension, the Company incurred $323 of fees during the nine month period ended June 30, 2013. The fees are classified as Debt issuance costs within the accompanying Condensed Consolidated Statements of Financial Position (Unaudited) and are being amortized as an adjustment to interest expense over the remaining life of the ABL Facility. On March 28, 2013, the Company amended its ABL Facility to conform certain provisions to reflect the acquisition of the HHI Business. In connection with the amendment, the Company incurred $98 and $206 of fees during the three and nine month periods ended June 30, 2013, respectively. The fees are classified as Debt issuance costs within the accompanying Condensed Consolidated Statements of Financial Position (Unaudited) and are being amortized as an adjustment to interest expense over the remaining life of the ABL Facility. As a result of borrowings and payments under the ABL Facility, at June 30, 2013, the Company had aggregate borrowing availability of approximately $228,055, net of lender reserves of $7,942 and outstanding letters of credit of $38,491. |
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Derivative Financial Instruments
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Financial Instruments | DERIVATIVE FINANCIAL INSTRUMENTS Derivative financial instruments are used by the Company principally in the management of its interest rate, foreign currency exchange rate and raw material price exposures. The Company does not hold or issue derivative financial instruments for trading purposes. Derivative instruments are reported at fair value in the Condensed Consolidated Statements of Financial Position (unaudited). When hedge accounting is elected at inception, the Company formally designates the financial instrument as a hedge of a specific underlying exposure and documents both the risk management objectives and strategies for undertaking the hedge. The Company formally assesses both at the inception and at least quarterly thereafter, whether the financial instruments that are used in hedging transactions are effective at offsetting changes in the forecasted cash flows of the related underlying exposure. Because of the high degree of effectiveness between the hedging instrument and the underlying exposure being hedged, fluctuations in the value of the derivative instruments are generally offset by changes in the forecasted cash flows of the underlying exposures being hedged. Any ineffective portion of a financial instrument’s change in fair value is immediately recognized in earnings. For derivatives that are not designated as cash flow hedges, or do not qualify for hedge accounting treatment, the change in the fair value is also immediately recognized in earnings. Fair Value of Derivative Instruments The Company discloses its derivative instruments and hedging activities in accordance with ASC Topic 815: “Derivatives and Hedging” (“ASC 815”). The fair value of the Company’s outstanding derivative contracts recorded as assets in the accompanying Condensed Consolidated Statements of Financial Position (Unaudited) are as follows:
The fair value of the Company’s outstanding derivative contracts recorded as liabilities in the accompanying Condensed Consolidated Statements of Financial Position (Unaudited) are as follows:
Changes in AOCI from Derivative Instruments For derivative instruments that are designated and qualify as cash flow hedges, the effective portion of the gain or loss on the derivative is reported as a component of Accumulated Other Comprehensive Income ("AOCI") and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. Gains and losses on derivatives representing either hedge ineffectiveness or hedge components excluded from the assessment of effectiveness are recognized in current earnings. See Note 3, "Comprehensive Income (Loss)" for further information. The following table summarizes the impact of derivative instruments on the accompanying Condensed Consolidated Statement of Operations (Unaudited) for the three month period ended June 30, 2013, pretax:
The following table summarizes the impact of derivative instruments on the accompanying Condensed Consolidated Statement of Operations (Unaudited) for the nine month period ended June 30, 2013, pretax:
The following table summarizes the impact of derivative instruments on the accompanying Condensed Consolidated Statement of Operations (Unaudited) for the three month period ended July 1, 2012, pretax:
The following table summarizes the impact of derivative instruments on the accompanying Condensed Consolidated Statement of Operations (Unaudited) for the nine month period ended July 1, 2012, pretax:
Other Changes in Fair Value of Derivative Contracts For derivative instruments that are used to economically hedge the fair value of the Company’s third party and intercompany foreign currency payments, commodity purchases and interest rate payments, the gain (loss) associated with the derivative contract is recognized in earnings in the period of change. During the three month periods ended June 30, 2013 and July 1, 2012, the Company recognized the following gains (losses) on these derivative contracts:
During the nine month periods ended June 30, 2013 and July 1, 2012, the Company recognized the following gains (losses) on these derivative contracts:
Credit Risk The Company is exposed to the risk of default by the counterparties with which it transacts and generally does not require collateral or other security to support financial instruments subject to credit risk. The Company monitors counterparty credit risk on an individual basis by periodically assessing each such counterparty’s credit rating exposure. The maximum loss due to credit risk equals the fair value of the gross asset derivatives that are concentrated with certain domestic and foreign financial institution counterparties. The Company considers these exposures when measuring its credit reserve on its derivative assets, which was $36 and $46 at June 30, 2013 and September 30, 2012, respectively. The Company’s standard contracts do not contain credit risk related contingent features whereby the Company would be required to post additional cash collateral as a result of a credit event. However, the Company is typically required to post collateral in the normal course of business to offset its liability positions. At June 30, 2013 and September 30, 2012, the Company had posted cash collateral of $450 and $50, respectively, related to such liability positions. In addition, at June 30, 2013 and September 30, 2012, the Company had no posted standby letters of credit related to such liability positions. The cash collateral is included in Current Assets—Receivables-Other within the accompanying Condensed Consolidated Statements of Financial Position (Unaudited). Derivative Financial Instruments Cash Flow Hedges When appropriate, the Company uses interest rate swaps to manage its interest rate risk. The swaps are designated as cash flow hedges with the changes in fair value recorded in AOCI and as a derivative hedge asset or liability, as applicable. The swaps settle periodically in arrears with the related amounts for the current settlement period payable to, or receivable from, the counter-parties included in accrued liabilities or receivables, respectively, and recognized in earnings as an adjustment to interest expense from the underlying debt to which the swap is designated. At June 30, 2013, the Company did not have any interest rate swaps outstanding. The Company periodically enters into forward foreign exchange contracts to hedge the risk from forecasted foreign currency denominated third party and intercompany sales or payments. These obligations generally require the Company to exchange foreign currencies for U.S. Dollars, Euros, Pounds Sterling, Australian Dollars, Brazilian Reals, Mexican Pesos, Canadian Dollars or Japanese Yen. These foreign exchange contracts are cash flow hedges of fluctuating foreign exchange related to sales of product or raw material purchases. Until the sale or purchase is recognized, the fair value of the related hedge is recorded in AOCI and as a derivative hedge asset or liability, as applicable. At the time the sale or purchase is recognized, the fair value of the related hedge is reclassified as an adjustment to Net sales or purchase price variance in Cost of goods sold. At June 30, 2013, the Company had a series of foreign exchange derivative contracts outstanding through September 2014 with a contract value of $228,419. The derivative net gain on these contracts recorded in AOCI by the Company at June 30, 2013 was $4,138, net of tax expense of $1,541. At June 30, 2013, the portion of derivative net gain estimated to be reclassified from AOCI into earnings by the Company over the next 12 months is $3,697, net of tax. The Company is exposed to risk from fluctuating prices for raw materials, specifically zinc and brass used in its manufacturing processes. The Company hedges a portion of the risk associated with the purchase of these materials through the use of commodity swaps. The hedge contracts are designated as cash flow hedges with the fair value changes recorded in AOCI and as a hedge asset or liability, as applicable. The unrecognized changes in fair value of the hedge contracts are reclassified from AOCI into earnings when the hedged purchase of raw materials also affects earnings. The swaps effectively fix the floating price on a specified quantity of raw materials through a specified date. At June 30, 2013, the Company had a series of zinc swap contracts outstanding through September 2014 for 10 tons with a contract value of $20,372. At June 30, 2013, the Company had a series of brass swap contracts outstanding through September 2014 for 1 ton with a contract value of $5,609. The derivative net loss on these contracts recorded in AOCI by the Company at June 30, 2013 was $1,068, net of tax benefit of $127. At June 30, 2013, the portion of derivative net loss estimated to be reclassified from AOCI into earnings by the Company over the next 12 months is $1,010, net of tax. Derivative Contracts The Company periodically enters into forward and swap foreign exchange contracts to economically hedge the risk from third party and intercompany payments resulting from existing obligations. These obligations generally require the Company to exchange foreign currencies for U.S. Dollars, Canadian Dollars, Euros or Australian Dollars. These foreign exchange contracts are fair value hedges of a related liability or asset recorded in the accompanying Condensed Consolidated Statements of Financial Position (Unaudited). The gain or loss on the derivative hedge contracts is recorded in earnings as an offset to the change in value of the related liability or asset at each period end. At June 30, 2013 and September 30, 2012, the Company had $112,737 and $172,581, respectively, of notional value for such foreign exchange derivative contracts outstanding. The Company periodically enters into commodity swap contracts to economically hedge the risk from fluctuating prices for raw materials, specifically the pass-through of market prices for silver used in manufacturing purchased watch batteries. The Company hedges a portion of the risk associated with these materials through the use of commodity swaps. The swap contracts are designated as economic hedges with the unrealized gain or loss recorded in earnings and as an asset or liability at each period end. The unrecognized changes in fair value of the hedge contracts are adjusted through earnings when the realized gains or losses affect earnings upon settlement of the hedges. The swaps effectively fix the floating price on a specified quantity of silver through a specified date. At June 30, 2013, the Company had a series of such swap contracts outstanding through April 2014 for 60 troy ounces with a contract value of $1,189. |
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Fair Value Of Financial Instruments
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Of Financial Instruments | FAIR VALUE OF FINANCIAL INSTRUMENTS The Company’s net derivative portfolio as of June 30, 2013, contains Level 2 instruments and consists of commodity and foreign exchange contracts. The fair values of these instruments as of June 30, 2013 were as follows:
The Company’s net derivative portfolio as of September 30, 2012, contains Level 2 instruments and consists of commodity and foreign exchange contracts. The fair values of these instruments as of September 30, 2012 were as follows:
The carrying values of cash and cash equivalents, accounts and notes receivable, accounts payable and non-publicly traded debt approximate fair value. The fair values of long-term publicly traded debt are based on unadjusted quoted market prices (Level 1) and derivative financial instruments are generally based on quoted or observed market prices (Level 2). The carrying values of goodwill, intangible assets and other long-lived assets are tested annually, or more frequently if an event occurs that indicates an impairment loss may have been incurred, using fair value measurements with unobservable inputs (Level 3). The carrying amounts and fair values of the Company’s financial instruments are summarized as follows ((liability)/asset):
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Employee Benefit Plans
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Jun. 30, 2013
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Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Employee Benefit Plans | EMPLOYEE BENEFIT PLANS Pension Benefits The Company has various defined benefit pension plans covering some of its employees in the U.S. and certain employees in other countries, including the United Kingdom, the Netherlands, Germany, Guatemala, Brazil, Mexico and Taiwan. These pension plans generally provide benefits of stated amounts for each year of service. The Company’s results of operations for the three and nine month periods ended June 30, 2013 and July 1, 2012 reflect the following pension and deferred compensation benefit costs:
The Company funds its U.S. pension plans in accordance with the Internal Revenue Service (“IRS”) defined guidelines and, where applicable, in amounts sufficient to satisfy the minimum funding requirements of applicable laws. Additionally, in compliance with the Company’s funding policy, annual contributions to non-U.S. defined benefit plans are equal to the actuarial recommendations or statutory requirements in the respective countries. The Company’s contributions to its pension and deferred compensation plans for the three and nine month periods ended June 30, 2013 and July 1, 2012 were as follows:
The Company sponsors a defined contribution pension plan for its domestic salaried employees, which allows participants to make contributions by salary reduction pursuant to Section 401(k) of the Internal Revenue Code. The Company also sponsors defined contribution pension plans for employees of certain foreign subsidiaries. Company contributions charged to operations, including discretionary amounts, for the three and nine month periods ended June 30, 2013 were $2,851 and $5,665, respectively. Company contributions charged to operations, including discretionary amounts, for the three and nine month periods ended July 1, 2012 were $545 and $1,694, respectively. |
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Income Taxes
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Jul. 01, 2012
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Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES The Company's effective tax rates for the three and nine month periods ended June 30, 2013 were 29% and 125%, respectively. The Company's effective tax rates for the three and nine month periods ended July 1, 2012 were (10)% and 47%, respectively. The Company's effective tax rates differ from the United States federal statutory rate of 35% principally due to: (i) losses in the U.S. and certain foreign jurisdictions for which no tax benefit can be recognized due to full valuation allowances that have been provided on the Company's net operating loss carryforward tax benefits and other deferred tax assets; (ii) deferred income tax expense related to the change in book versus tax basis of indefinite lived intangibles, which are amortized for tax purposes but not for book purposes, and (iii) the reversal of U.S. valuation allowances of $49,291 as a result of the HHI Business acquisition during the nine months ended June 30, 2013, and $13,915 as a result of the FURminator acquisition during the nine month period ended July 1, 2012. The Company recognizes in its consolidated financial statements the impact of a tax position if it concludes that the position is more likely than not sustainable upon audit, based on the technical merits of the position. At June 30, 2013 and September 30, 2012, the Company had $8,968 and $5,877, respectively, of unrecognized tax benefits related to uncertain tax positions. The Company also had approximately $3,787 and $3,564, respectively, of accrued interest and penalties related to the uncertain tax positions at those dates. Interest and penalties related to uncertain tax positions are reported in the consolidated financial statements as part of income tax expense. As of June 30, 2013, certain of the Company's legal entities in various jurisdictions are undergoing income tax audits. The Company cannot predict the ultimate outcome of the examinations; however, it is reasonably possible that during the next 12 months some portion of previously unrecognized tax benefits could be recognized. |
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Segment Results
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Jun. 30, 2013
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Results | SEGMENT RESULTS The Company manages its business in four vertically integrated, product-focused reporting segments: (i) Global Batteries & Appliances; (ii) Global Pet Supplies; (iii) Home and Garden Business; and (iv) Hardware & Home Improvement. The results of the HHI Business operations, excluding the TLM Business, since December 17, 2012 are included in the Company's Condensed Consolidated Statement of Operations (Unaudited). The results of the TLM Business operations since April 8, 2013 are included in the Company's Condensed Consolidated Statement of Operations (Unaudited). The financial results related to the HHI Business are reported as a separate business segment, Hardware & Home Improvement. Global strategic initiatives and financial objectives for each reportable segment are determined at the corporate level. Each reportable segment is responsible for implementing defined strategic initiatives and achieving certain financial objectives and has a general manager responsible for the sales and marketing initiatives and financial results for product lines within that segment. Net sales and Cost of goods sold from transactions with other business segments have been eliminated. The gross contribution of intersegment sales is included in the segment selling the product to the external customer. Segment net sales are based upon the segment from which the product is shipped. The operating segment profits do not include restructuring and related charges, acquisition and integration related charges, interest expense, interest income and income tax expense. Corporate expenses primarily include general and administrative expenses and global long-term incentive compensation plan costs which are evaluated on a consolidated basis and not allocated to the Company’s operating segments. All depreciation and amortization included in income from operations is related to operating segments or corporate expense. Costs are identified to operating segments or corporate expense according to the function of each cost center. All capital expenditures are related to operating segments. Variable allocations of assets are not made for segment reporting. Segment information for the three and nine month periods ended June 30, 2013 and July 1, 2012 is as follows:
On February 8, 2013, the Venezuelan government announced the formal devaluation of its currency, the Bolivar fuerte, relative to the U.S. dollar. As Venezuela continues to be considered a highly inflationary economy, the functional currency of the Company's Venezuelan subsidiary is the U.S. dollar. Therefore, the Company remeasured the local statement of financial position of its Venezuela entity as of February 8, 2013 to reflect the impact of the devaluation to the official exchange rate from 4.3 to 6.3 Bolivar fuerte per U.S. dollar. The effect of the devaluation of the Bolivar fuerte was recorded in other expense, net and resulted in a $1,953 reduction to the Company's pretax income during the nine month period ended June 30, 2013.
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Restructuring And Related Charges
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Jun. 30, 2013
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Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring And Related Charges | RESTRUCTURING AND RELATED CHARGES The Company reports restructuring and related charges associated with manufacturing and related initiatives in Cost of goods sold. Restructuring and related charges reflected in Cost of goods sold include, but are not limited to, termination, compensation and related costs associated with manufacturing employees, asset impairments relating to manufacturing initiatives, and other costs directly related to the restructuring or integration initiatives implemented. The Company reports restructuring and related charges relating to administrative functions in Operating expenses, such as initiatives impacting sales, marketing, distribution, or other non-manufacturing functions. Restructuring and related charges reflected in Operating expenses include, but are not limited to, termination and related costs, any asset impairments relating to the functional areas described above, and other costs directly related to the initiatives. The following table summarizes restructuring and related charges incurred by segment for the three and nine month periods ended June 30, 2013 and July 1, 2012:
Global Expense Rationalization Initiatives Summary During the third quarter of the fiscal year ending September 30, 2013, the Company implemented a series of initiatives throughout the Company to reduce operating costs (the “Global Expense Rationalization Initiatives”). These initiatives consist of headcount reductions in the Global Batteries & Appliances segment and Corporate. Costs associated with these initiatives, which are expected to be incurred through December 31, 2014, are currently projected to total approximately $10,500. The Company recorded $7,876 of pretax restructuring and related charges during the three and nine month periods ended June 30, 2013, and no pretax restructuring and related charges during the three and nine month periods ended July 1, 2012, related to the Global Cost Reduction Initiatives. The following table summarizes the remaining accrual balance associated with the Global Expense Rationalization Initiatives and the activity during the nine month period ended June 30, 2013:
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The following table summarizes the expenses incurred during the nine month period ended June 30, 2013, the cumulative amount incurred to date and the total future expected costs to be incurred associated with the Global Expense Rationalization Initiatives by operating segment:
Global Cost Reduction Initiatives Summary During the fiscal year ended September 30, 2009, the Company implemented a series of initiatives within the Global Batteries & Appliances segment, the Global Pet Supplies segment and the Home and Garden Business segment to reduce operating costs, and to evaluate opportunities to improve the Company’s capital structure (the “Global Cost Reduction Initiatives”). These initiatives included headcount reductions and the exit of certain facilities within each of the Company’s segments. These initiatives also included consultation, legal and accounting fees related to the evaluation of the Company’s capital structure. Costs associated with these initiatives, which are expected to be incurred through January 31, 2015, are projected to total approximately $104,500. The Company recorded $2,981 and $14,627 of pretax restructuring and related charges during the three and nine month periods ended June 30, 2013, respectively, and $3,768 and $15,070 of pretax restructuring and related charges during the three and nine month periods ended July 1, 2012, respectively, related to the Global Cost Reduction Initiatives. The following table summarizes the remaining accrual balance associated with the Global Cost Reduction Initiatives and the activity during the nine month period ended June 30, 2013:
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The following table summarizes the expenses incurred during the nine month period ended June 30, 2013, the cumulative amount incurred to date and the total future expected costs to be incurred associated with the Global Cost Reduction Initiatives by operating segment:
The Company recorded $2,342 and $5,023 of restructuring and related charges during the three and nine month periods ended June 30, 2013, respectively, related to initiatives implemented by the HHI Business prior to the Company's acquisition on December 17, 2012. In connection with other restructuring efforts, the Company recorded $46 and $210 of pretax restructuring and related charges during the three and nine month periods ended June 30, 2013, respectively, and $128 and $820 of pretax restructuring and related charges during the three and nine month periods ended July 1, 2012, respectively. |
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Commitments And Contingencies
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9 Months Ended |
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Jun. 30, 2013
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Commitments and Contingencies Disclosure [Abstract] | |
Commitments And Contingencies | COMMITMENTS AND CONTINGENCIES The Company has provided for the estimated costs associated with environmental remediation activities at some of its current and former manufacturing sites. The Company believes that any additional liability which may result from resolution of these matters in excess of the amounts provided of approximately $5,126, will not have a material adverse effect on the financial condition, results of operations or cash flows of the Company. The Company is a defendant in various other matters of litigation generally arising out of the ordinary course of business. The Company does not believe that the resolution of any other matters or proceedings presently pending will have a material adverse effect on its results of operations, financial condition, liquidity or cash flows. |
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New Accounting Pronouncements
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9 Months Ended |
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Jun. 30, 2013
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New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Description of New Accounting Pronouncements Not yet Adopted [Text Block] | NEW ACCOUNTING PRONOUNCEMENTS Presentation of Comprehensive Income In June 2011, the Financial Accounting Standards Board ("FASB") issued new accounting guidance which requires entities to present net income and other comprehensive income in either a single continuous statement or in two separate, but consecutive, statements of net income and other comprehensive income. The guidance requiring disclosure of the income statement location where gains and losses reclassified out of comprehensive income are included was deferred in December 2011. In November 2012, the FASB clarified its position on the reclassification disclosures, allowing disclosure of reclassification adjustments on the face of the comprehensive income statement or in the notes to the financial statements. The accounting guidance requiring a comprehensive income statement is now effective for the Company. The Company has implemented all required disclosures. |
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Condensed Consolidating Financial Statements (Notes)
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Condensed Consolidating Guarantor Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Guarantor Consolidating Financial Statements [Text Block] | CONSOLIDATING FINANCIAL STATEMENTS In connection with the combination with Russell Hobbs, Spectrum Brands, with its domestic subsidiaries and SB/RH Holdings, LLC as guarantors, issued the 9.5% Notes under the 2018 Indenture. (See Note 6, “Debt,” for further information on the the 9.5% Notes under the 2018 Indenture.) The following consolidating financial statements illustrate the components of the consolidated financial statements of the Company. Investments in subsidiaries are accounted for using the equity method for purposes of illustrating the consolidating presentation. Earnings of subsidiaries are therefore reflected in the Company’s and Guarantor Subsidiaries’ investment accounts and earnings. The elimination entries presented herein eliminate investments in subsidiaries and intercompany balances and transactions. Separate consolidated financial statements of the Guarantor Subsidiaries are not presented because management has determined that such financial statements would not be material to investors. SPECTRUM BRANDS, INC. AND SUBSIDIARIES Condensed Consolidating Statement of Financial Position June 30, 2013 (Unaudited) (Amounts in thousands)
SPECTRUM BRANDS, INC. AND SUBSIDIARIES Condensed Consolidating Statement of Financial Position September 30, 2012 (Unaudited) (Amounts in thousands)
SPECTRUM BRANDS, INC. AND SUBSIDIARIES Condensed Consolidating Statement of Operations Three Month Period Ended June 30, 2013 (Unaudited) (Amounts in thousands)
SPECTRUM BRANDS, INC. AND SUBSIDIARIES Condensed Consolidating Statement of Comprehensive Income Three Month Period Ended June 30, 2013 (Unaudited) (Amounts in thousands)
SPECTRUM BRANDS, INC. AND SUBSIDIARIES Condensed Consolidating Statement of Operations Three Month Period Ended July 1, 2012 (Unaudited) (Amounts in thousands)
SPECTRUM BRANDS, INC. AND SUBSIDIARIES Condensed Consolidating Statement of Comprehensive Income Three Month Period Ended July 1, 2012 (Unaudited) (Amounts in thousands)
SPECTRUM BRANDS, INC. AND SUBSIDIARIES Condensed Consolidating Statement of Operations Nine Month Period Ended June 30, 2013 (Unaudited) (Amounts in thousands)
SPECTRUM BRANDS, INC. AND SUBSIDIARIES Condensed Consolidating Statement of Comprehensive Income Nine Month Period Ended June 30, 2013 (Unaudited) (Amounts in thousands)
SPECTRUM BRANDS, INC. AND SUBSIDIARIES Condensed Consolidating Statement of Operations Nine Month Period Ended July 1, 2012 (Unaudited) (Amounts in thousands)
SPECTRUM BRANDS, INC. AND SUBSIDIARIES Condensed Consolidating Statement of Comprehensive Income Nine Month Period Ended July 1, 2012 (Unaudited) (Amounts in thousands)
SPECTRUM BRANDS, INC. AND SUBSIDIARIES Condensed Consolidating Statement of Cash Flows Nine Month Period Ended June 30, 2013 (Unaudited) (Amounts in thousands)
SPECTRUM BRANDS, INC. AND SUBSIDIARIES Condensed Consolidating Statement of Cash Flows Nine Month Period Ended July 1, 2012 (Unaudited) (Amounts in thousands)
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The consolidating financial statements for the company showing the entities which have/have not guaranteed the issue of securities by another subsidiary of the parent or have guaranteed the issue of securities by the parent. No definition available.
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Significant Accounting Policies (Policies)
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9 Months Ended |
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Jun. 30, 2013
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Accounting Policies [Abstract] | |
Acquisition and Related Charges Policy [Policy Text Block] | Acquisition and Integration Related Charges: Acquisition and integration related charges reflected in Operating expenses in the accompanying Condensed Consolidated Statements of Operations (Unaudited) include, but are not limited to, transaction costs such as banking, legal, accounting and other professional fees directly related to acquisitions, termination and related costs for transitional and certain other employees, integration related professional fees and other post business combination expenses associated with mergers and acquisitions. |
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] | Basis of Presentation: The condensed consolidated financial statements include the accounts of SB Holdings and its subsidiaries and are prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”). All intercompany transactions have been eliminated. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates: The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Goodwill and Intangible Assets, Intangible Assets, Policy [Policy Text Block] | Intangible Assets: Intangible assets are recorded at cost or at fair value if acquired in a purchase business combination. Customer relationships and proprietary technology intangibles are amortized, using the straight-line method, over their estimated useful lives. Excess of cost over fair value of net assets acquired (goodwill) and indefinite lived trade name intangibles are not amortized. Accounting Standards Codification (“ASC”) Topic 350: “Intangibles-Goodwill and Other,” requires that goodwill and indefinite-lived intangible assets be tested for impairment annually, or more often if an event or circumstance indicates that an impairment loss may have been incurred. Goodwill is tested for impairment at the reporting unit level, with such groupings being consistent with the Company’s reportable segments. If an impairment is indicated, a write-down to fair value (normally measured by discounting estimated future cash flows) is recorded. Indefinite lived trade name intangibles are tested for impairment at least annually by comparing the fair value with the carrying value. Any excess of carrying value over fair value is recognized as an impairment loss in income from operations. The Company’s annual impairment testing is completed at the August financial period end. Management uses its judgment in assessing whether assets may have become impaired between annual impairment tests. Indicators such as unexpected adverse business conditions, economic factors, unanticipated technological change or competitive activities, loss of key personnel, and acts by governments and courts may signal that an asset has become impaired. |
Shipping and Handling Cost, Policy [Policy Text Block] | Shipping and Handling Costs: The Company incurred shipping and handling costs of $67,023 and $183,050 for the three and nine month periods ended June 30, 2013, respectively, and $48,797 and $148,383 for the three and nine month periods ended July 1, 2012, respectively. These costs are included in Selling expenses in the accompanying Condensed Consolidated Statements of Operations (Unaudited). Shipping and handling costs include costs incurred with third-party carriers to transport products to customers as well as salaries and overhead costs related to activities to prepare the Company’s products for shipment from its distribution facilities. |
Receivables, Policy [Policy Text Block] | Concentrations of Credit Risk: Trade receivables subject the Company to credit risk. Trade accounts receivable are carried at net realizable value. The Company extends credit to its customers based upon an evaluation of the customer’s financial condition and credit history, and generally does not require collateral. The Company monitors its customers’ credit and financial condition based on changing economic conditions and makes adjustments to credit policies as required. Provisions for losses on uncollectible trade receivables are determined based on ongoing evaluations of the Company’s receivables, principally on the basis of historical collection experience and evaluations of the risks of nonpayment for a given customer. |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | The fair value of restricted stock awards and restricted stock units is determined based on the market price of the Company’s shares of common stock on the grant date. Stock-Based Compensation: The Company measures the cost of its stock-based compensation plans based on the fair value of its employee stock awards and recognizes these costs over the requisite service period of the awards. |
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The accounting policy for costs incurred to effect a business combination that have been expensed during the period. Such costs could include business integration costs, systems integration and conversion costs, and severance and other employee-related costs. No definition available.
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Derivative Financial Instruments Policies (Policies)
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9 Months Ended |
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Jun. 30, 2013
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Accounting Policies [Abstract] | |
Derivatives, Policy [Policy Text Block] | Other Changes in Fair Value of Derivative Contracts For derivative instruments that are used to economically hedge the fair value of the Company’s third party and intercompany foreign currency payments, commodity purchases and interest rate payments, the gain (loss) associated with the derivative contract is recognized in earnings in the period of change. DERIVATIVE FINANCIAL INSTRUMENTS Derivative financial instruments are used by the Company principally in the management of its interest rate, foreign currency exchange rate and raw material price exposures. The Company does not hold or issue derivative financial instruments for trading purposes. Derivative instruments are reported at fair value in the Condensed Consolidated Statements of Financial Position (unaudited). When hedge accounting is elected at inception, the Company formally designates the financial instrument as a hedge of a specific underlying exposure and documents both the risk management objectives and strategies for undertaking the hedge. The Company formally assesses both at the inception and at least quarterly thereafter, whether the financial instruments that are used in hedging transactions are effective at offsetting changes in the forecasted cash flows of the related underlying exposure. Because of the high degree of effectiveness between the hedging instrument and the underlying exposure being hedged, fluctuations in the value of the derivative instruments are generally offset by changes in the forecasted cash flows of the underlying exposures being hedged. Any ineffective portion of a financial instrument’s change in fair value is immediately recognized in earnings. For derivatives that are not designated as cash flow hedges, or do not qualify for hedge accounting treatment, the change in the fair value is also immediately recognized in earnings. Cash Flow Hedges When appropriate, the Company uses interest rate swaps to manage its interest rate risk. The swaps are designated as cash flow hedges with the changes in fair value recorded in AOCI and as a derivative hedge asset or liability, as applicable. The swaps settle periodically in arrears with the related amounts for the current settlement period payable to, or receivable from, the counter-parties included in accrued liabilities or receivables, respectively, and recognized in earnings as an adjustment to interest expense from the underlying debt to which the swap is designated. At June 30, 2013, the Company did not have any interest rate swaps outstanding. The Company periodically enters into forward foreign exchange contracts to hedge the risk from forecasted foreign currency denominated third party and intercompany sales or payments. These obligations generally require the Company to exchange foreign currencies for U.S. Dollars, Euros, Pounds Sterling, Australian Dollars, Brazilian Reals, Mexican Pesos, Canadian Dollars or Japanese Yen. These foreign exchange contracts are cash flow hedges of fluctuating foreign exchange related to sales of product or raw material purchases. Until the sale or purchase is recognized, the fair value of the related hedge is recorded in AOCI and as a derivative hedge asset or liability, as applicable. At the time the sale or purchase is recognized, the fair value of the related hedge is reclassified as an adjustment to Net sales or purchase price variance in Cost of goods sold. At June 30, 2013, the Company had a series of foreign exchange derivative contracts outstanding through September 2014 with a contract value of $228,419. The derivative net gain on these contracts recorded in AOCI by the Company at June 30, 2013 was $4,138, net of tax expense of $1,541. At June 30, 2013, the portion of derivative net gain estimated to be reclassified from AOCI into earnings by the Company over the next 12 months is $3,697, net of tax. The Company is exposed to risk from fluctuating prices for raw materials, specifically zinc and brass used in its manufacturing processes. The Company hedges a portion of the risk associated with the purchase of these materials through the use of commodity swaps. The hedge contracts are designated as cash flow hedges with the fair value changes recorded in AOCI and as a hedge asset or liability, as applicable. The unrecognized changes in fair value of the hedge contracts are reclassified from AOCI into earnings when the hedged purchase of raw materials also affects earnings. The swaps effectively fix the floating price on a specified quantity of raw materials through a specified date. At June 30, 2013, the Company had a series of zinc swap contracts outstanding through September 2014 for 10 tons with a contract value of $20,372. At June 30, 2013, the Company had a series of brass swap contracts outstanding through September 2014 for 1 ton with a contract value of $5,609. The derivative net loss on these contracts recorded in AOCI by the Company at June 30, 2013 was $1,068, net of tax benefit of $127. At June 30, 2013, the portion of derivative net loss estimated to be reclassified from AOCI into earnings by the Company over the next 12 months is $1,010, net of tax. Derivative Contracts The Company periodically enters into forward and swap foreign exchange contracts to economically hedge the risk from third party and intercompany payments resulting from existing obligations. These obligations generally require the Company to exchange foreign currencies for U.S. Dollars, Canadian Dollars, Euros or Australian Dollars. These foreign exchange contracts are fair value hedges of a related liability or asset recorded in the accompanying Condensed Consolidated Statements of Financial Position (Unaudited). The gain or loss on the derivative hedge contracts is recorded in earnings as an offset to the change in value of the related liability or asset at each period end. At June 30, 2013 and September 30, 2012, the Company had $112,737 and $172,581, respectively, of notional value for such foreign exchange derivative contracts outstanding. Changes in AOCI from Derivative Instruments For derivative instruments that are designated and qualify as cash flow hedges, the effective portion of the gain or loss on the derivative is reported as a component of Accumulated Other Comprehensive Income ("AOCI") and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. Gains and losses on derivatives representing either hedge ineffectiveness or hedge components excluded from the assessment of effectiveness are recognized in current earnings. |
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Significant Accounting Policies (Tables)
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Jun. 30, 2013
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | Change in Accounting Principle: During the quarter ended June 30, 2013, the Company made a change in accounting principle to present tax withholdings for share-based payment awards paid to taxing authorities on behalf of an employee as a financing activity within its Condensed Consolidated Statement of Cash Flows. Such amounts were previously presented within operating activities in the Condensed Consolidated Statement of Cash Flows. The Company believes this change is preferable as the predominant characteristic of the transaction is a financing activity. The Company has reclassified the following amounts within its previously reported Condensed Consolidated Statements of Cash Flows on a retrospective basis to reflect this change in accounting principle:
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Business Acquisition, Integration, Restructuring and Other Related Costs [Text Block] | The following table summarizes acquisition and integration related charges incurred by the Company during the three and nine month periods ended June 30, 2013 and July 1, 2012:
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Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | A summary of the activity in the Company’s non-vested restricted stock awards and restricted stock units during the nine months ended June 30, 2013 is as follows:
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Comprehensive Income (Loss) Statement (Tables)
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Jun. 30, 2013
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Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The components of Other comprehensive income (loss), net of tax, for the three and nine month periods ended June 30, 2013 and July 1, 2012 are as follows:
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Inventories Balance By Type (Tables)
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Jun. 30, 2013
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Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Inventory, Current [Table Text Block] | Inventories for the Company, which are stated at the lower of cost or market, consist of the following:
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Goodwill And Intangible Assets (Tables)
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Jun. 30, 2013
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Intangible Assets and Goodwill [Table Text Block] | Goodwill and intangible assets of the Company consist of the following:
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Schedule of Finite-Lived Intangible Assets [Table Text Block] | The carrying value and accumulated amortization for intangible assets subject to amortization are as follows:
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Amortization of Intangible Assets [Table Text Block] | Amortization expense for the three and nine month periods ended June 30, 2013 and July 1, 2012 is as follows:
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The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets broken down by class of intangible asset. No definition available.
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Debt (Tables)
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Jun. 30, 2013
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Debt [Table Text Block] | Debt consists of the following:
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Derivative Financial Instruments (Tables)
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Jun. 30, 2013
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | The fair value of the Company’s outstanding derivative contracts recorded as assets in the accompanying Condensed Consolidated Statements of Financial Position (Unaudited) are as follows:
The fair value of the Company’s outstanding derivative contracts recorded as liabilities in the accompanying Condensed Consolidated Statements of Financial Position (Unaudited) are as follows:
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Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Table Text Block] | The following table summarizes the impact of derivative instruments on the accompanying Condensed Consolidated Statement of Operations (Unaudited) for the three month period ended June 30, 2013, pretax:
The following table summarizes the impact of derivative instruments on the accompanying Condensed Consolidated Statement of Operations (Unaudited) for the nine month period ended June 30, 2013, pretax:
The following table summarizes the impact of derivative instruments on the accompanying Condensed Consolidated Statement of Operations (Unaudited) for the three month period ended July 1, 2012, pretax:
The following table summarizes the impact of derivative instruments on the accompanying Condensed Consolidated Statement of Operations (Unaudited) for the nine month period ended July 1, 2012, pretax:
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Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] | During the three month periods ended June 30, 2013 and July 1, 2012, the Company recognized the following gains (losses) on these derivative contracts:
During the nine month periods ended June 30, 2013 and July 1, 2012, the Company recognized the following gains (losses) on these derivative contracts:
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Fair Value Of Financial Instruments (Tables)
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Jun. 30, 2013
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements, Nonrecurring [Table Text Block] | The Company’s net derivative portfolio as of June 30, 2013, contains Level 2 instruments and consists of commodity and foreign exchange contracts. The fair values of these instruments as of June 30, 2013 were as follows:
The Company’s net derivative portfolio as of September 30, 2012, contains Level 2 instruments and consists of commodity and foreign exchange contracts. The fair values of these instruments as of September 30, 2012 were as follows:
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Fair Value, by Balance Sheet Grouping [Table Text Block] | The carrying amounts and fair values of the Company’s financial instruments are summarized as follows ((liability)/asset):
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Employee Benefit Plans (Tables)
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Jun. 30, 2013
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Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Net Benefit Costs [Table Text Block] | The Company’s results of operations for the three and nine month periods ended June 30, 2013 and July 1, 2012 reflect the following pension and deferred compensation benefit costs:
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Pension Contributions [Table Text Block] | The Company’s contributions to its pension and deferred compensation plans for the three and nine month periods ended June 30, 2013 and July 1, 2012 were as follows:
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Segment Results (Tables)
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Jun. 30, 2013
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Segment information for the three and nine month periods ended June 30, 2013 and July 1, 2012 is as follows:
On February 8, 2013, the Venezuelan government announced the formal devaluation of its currency, the Bolivar fuerte, relative to the U.S. dollar. As Venezuela continues to be considered a highly inflationary economy, the functional currency of the Company's Venezuelan subsidiary is the U.S. dollar. Therefore, the Company remeasured the local statement of financial position of its Venezuela entity as of February 8, 2013 to reflect the impact of the devaluation to the official exchange rate from 4.3 to 6.3 Bolivar fuerte per U.S. dollar. The effect of the devaluation of the Bolivar fuerte was recorded in other expense, net and resulted in a $1,953 reduction to the Company's pretax income during the nine month period ended June 30, 2013.
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Restructuring And Related Charges (Tables)
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Jun. 30, 2013
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Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Restructuring and Related Costs [Table Text Block] |
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Schedule of Restructuring Reserve by Type of Cost [Table Text Block] |
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Acquisitions Purchase Price Allocation (Tables)
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Jun. 30, 2013
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Jul. 01, 2012
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Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition, Pro Forma Information [Table Text Block] | The following reflects the Company's pro forma results had the results of the HHI Business been included for all periods presented.
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Schedule of Business Acquisitions, by Acquisition [Table Text Block] | Shaser On November 8, 2012, SB Holdings completed the cash acquisition of approximately a 56% interest in Shaser Biosciences, Inc. ("Shaser"), of which the Company purchased 49%. Shaser is a global technology leader in developing energy-based, aesthetic dermatological technology for home use devices. This acquisition was not significant individually. The following table summarizes the preliminary consideration paid for Shaser:
HHI Business On December 17, 2012, the Company completed the cash acquisition of the HHI Business from Stanley Black & Decker. A portion of the HHI Business, consisting of the purchase of certain assets of TLM Taiwan, closed on April 8, 2013. The following table summarizes the preliminary consideration paid for the HHI Business:
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The preliminary valuation of the assets acquired and liabilities assumed for the HHI Business, including a reconciliation to the preliminary valuation reported as of December 30, 2012, is as follows:
The preliminary fair values recorded for the assets acquired and liabilities assumed for Shaser, including a reconciliation to the preliminary valuation reported as of December 30, 2012, are as follows:
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Condensed Consolidating Financial Statements (Tables)
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9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
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Condensed Consolidating Guarantor Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Condensed Financial Statements [Table Text Block] | SPECTRUM BRANDS, INC. AND SUBSIDIARIES Condensed Consolidating Statement of Financial Position June 30, 2013 (Unaudited) (Amounts in thousands)
SPECTRUM BRANDS, INC. AND SUBSIDIARIES Condensed Consolidating Statement of Financial Position September 30, 2012 (Unaudited) (Amounts in thousands)
SPECTRUM BRANDS, INC. AND SUBSIDIARIES Condensed Consolidating Statement of Operations Three Month Period Ended June 30, 2013 (Unaudited) (Amounts in thousands)
SPECTRUM BRANDS, INC. AND SUBSIDIARIES Condensed Consolidating Statement of Comprehensive Income Three Month Period Ended June 30, 2013 (Unaudited) (Amounts in thousands)
SPECTRUM BRANDS, INC. AND SUBSIDIARIES Condensed Consolidating Statement of Operations Three Month Period Ended July 1, 2012 (Unaudited) (Amounts in thousands)
SPECTRUM BRANDS, INC. AND SUBSIDIARIES Condensed Consolidating Statement of Comprehensive Income Three Month Period Ended July 1, 2012 (Unaudited) (Amounts in thousands)
SPECTRUM BRANDS, INC. AND SUBSIDIARIES Condensed Consolidating Statement of Operations Nine Month Period Ended June 30, 2013 (Unaudited) (Amounts in thousands)
SPECTRUM BRANDS, INC. AND SUBSIDIARIES Condensed Consolidating Statement of Comprehensive Income Nine Month Period Ended June 30, 2013 (Unaudited) (Amounts in thousands)
SPECTRUM BRANDS, INC. AND SUBSIDIARIES Condensed Consolidating Statement of Operations Nine Month Period Ended July 1, 2012 (Unaudited) (Amounts in thousands)
SPECTRUM BRANDS, INC. AND SUBSIDIARIES Condensed Consolidating Statement of Comprehensive Income Nine Month Period Ended July 1, 2012 (Unaudited) (Amounts in thousands)
SPECTRUM BRANDS, INC. AND SUBSIDIARIES Condensed Consolidating Statement of Cash Flows Nine Month Period Ended June 30, 2013 (Unaudited) (Amounts in thousands)
SPECTRUM BRANDS, INC. AND SUBSIDIARIES Condensed Consolidating Statement of Cash Flows Nine Month Period Ended July 1, 2012 (Unaudited) (Amounts in thousands)
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- Definition
No authoritative reference available. No definition available.
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Description Of Business (Details)
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Jun. 30, 2013
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1 Description of Business [Abstract] | |
Number of Countries in which Entity Operates | 140 |
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- Details
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- Definition
No authoritative reference available. No definition available.
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Significant Accounting Policies Shipping and Handling Costs (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2013
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Jul. 01, 2012
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Jun. 30, 2013
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Jul. 01, 2012
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Accounting Policies [Abstract] | ||||
Shipping and Handling Costs | $ 67,023 | $ 48,797 | $ 183,050 | $ 148,383 |
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- Definition
No authoritative reference available. No definition available.
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Significant Accounting Policies Stock Compensation Activity (Details) (USD $)
In Thousands, except Per Share data, unless otherwise specified |
3 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2013
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Jul. 01, 2012
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Jun. 30, 2013
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Jul. 01, 2012
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Jun. 30, 2013
Restricted Stock Units (RSUs) [Member]
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Sep. 30, 2012
Restricted Stock Units (RSUs) [Member]
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Jun. 30, 2013
Restricted Stock [Member]
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Sep. 30, 2012
Restricted Stock [Member]
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Jun. 30, 2013
Performance Based RSUs 1 Year Vesting [Member]
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Jun. 30, 2013
Performance Based RSUs 2 Year Vesting [Member]
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Jul. 01, 2012
Performance Based RSUs 2 Year Vesting [Member]
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Jul. 01, 2012
Time Based RSUs 2 Year Vesting [Member]
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Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Amortization of unearned restricted stock compensation | $ 17,673 | $ 4,361 | $ 31,830 | $ 15,436 | ||||||||
Granted Shares | 30 | 42 | 644 | 741 | 90 | 554 | 699 | 42 | ||||
Nonvested Awards Outstanding, Shares | 1,169 | 1,931 | 0 | 13 | ||||||||
Nonvested Awards Outstanding, Weighted Average Grant Date Fair Value | $ 37.75 | $ 28.45 | $ 0.00 | $ 28.00 | ||||||||
Nonvested Awards Outstanding, Grant Date Fair Value | 44,128 | 54,931 | 0 | 364 | ||||||||
Granted, Shares | 644 | |||||||||||
Granted, Weighted Average Grant Date Fair Value | $ 45.53 | |||||||||||
Granted, Grant Date Fair Value | 29,319 | 20,293 | 29,319 | |||||||||
Vested, Shares | (1,116) | (13) | ||||||||||
Vested, Weighted Average Grant Date Fair Value | $ 28.21 | $ 28.00 | ||||||||||
Vested, Grant Date Fair Value | (31,485) | (364) | ||||||||||
Forfeited, Shares | (290) | |||||||||||
Forfeited, Weighted Average Grant Date Fair Value | $ 29.78 | |||||||||||
Forfeited, Fair Value at Grant Date | $ (8,637) |
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- Definition
The grant date fair value of equity-based payment equity instruments, excluding stock or unit options, forfeited during the reporting period. No definition available.
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- Definition
The grant date fair value of nonvested awards on equity-based plans excluding excluding stock or unit options, outstanding as of the end of the reporting period. No definition available.
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- Definition
The grant date fair value of equity-based payment equity instruments, excluding stock or unit options, vested during the reporting period. No definition available.
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- Definition
No authoritative reference available. No definition available.
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- Definition
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- Definition
This element represents acquisition and integration related costs incurred to effect a business combination, which have been expensed during the period. Acquisition related costs include finder's fees; advisory, legal, accounting, valuation, and other professional or consulting fees; general administrative costs, including the costs of maintaining an internal acquisitions department; and may include costs of registering and issuing debt and equity securities. Integration related costs could include business integration costs, systems integration and conversion costs, and severance and other employee-related costs. No definition available.
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X | ||||||||||
- Definition
Employee termination costs incurred to effect a business combinations which have been expensed during the period. No definition available.
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- Definition
Costs incurred to effect a business combinations which have been expensed during the period. Such costs could include business integration costs, systems integration and coversion costs. No definition available.
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- Definition
No authoritative reference available. No definition available.
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Significant Accounting Policies Concentration of Risk (Details)
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3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2013
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Jul. 01, 2012
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Jun. 30, 2013
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Jul. 01, 2012
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Sep. 30, 2012
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Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Concentration Risk, Percentage | 37.00% | 40.00% | 41.00% | 44.00% | |
Entity-Wide Revenue, Major Customer, Percentage | 17.00% | 23.00% | 18.00% | ||
Accounts Receivable, Major Customer, Percentage | 10.00% | 10.00% | 13.00% |
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- Definition
The percentage of accounts receivable outstanding due from a major customer who accounts for more than 10% of the company's revenues. No definition available.
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- Definition
The percentage of revenues from external customers attributed to all foreign countries from which the entity derives revenues. No definition available.
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- Definition
No authoritative reference available. No definition available.
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- Details
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Significant Accounting Policies Change in Accounting Principle (Details) (USD $)
In Thousands, unless otherwise specified |
9 Months Ended | |
---|---|---|
Jun. 30, 2013
|
Jul. 01, 2012
|
|
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Increase (Decrease) in Operating Capital | $ 260,148 | $ 212,965 |
Payments Related to Tax Withholding for Share-based Compensation | (20,141) | (3,936) |
Restatement Adjustment [Member]
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||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Increase (Decrease) in Operating Capital | (17,946) | (3,936) |
Payments Related to Tax Withholding for Share-based Compensation | $ (17,946) | $ (3,936) |
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- Definition
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- Definition
Adjustment to reverse the tax effects recorded in AOCI elements where a deferred tax valuation allowance exists on the corresponding assets and liabilities. No definition available.
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Inventories Balance By Type (Details) (USD $)
In Thousands, unless otherwise specified |
Jun. 30, 2013
|
Sep. 30, 2012
|
---|---|---|
Inventory, Net, Items Net of Reserve Alternative [Abstract] | ||
Raw materials | $ 108,284 | $ 58,515 |
Work-in-process | 53,461 | 23,434 |
Finished goods | 545,595 | 370,684 |
Inventory, Net | $ 707,340 | $ 452,633 |
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- Definition
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- Definition
Amount of amortization expense expected to be recognized annually during each of the next 5 fiscal years following the latest fiscal year for assets, excluding financial assets and goodwill, lacking physical substance with a finite life. No definition available.
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- Definition
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Goodwill And Intangible Assets Schedule of Goodwill (Details) (USD $)
In Thousands, unless otherwise specified |
9 Months Ended | |
---|---|---|
Jun. 30, 2013
|
Sep. 30, 2012
|
|
Goodwill [Line Items] | ||
Goodwill | $ 1,470,180 | $ 694,245 |
Additions | 787,687 | |
Effect of translation | (11,752) | |
Global Pet Supplies [Member]
|
||
Goodwill [Line Items] | ||
Goodwill | 237,429 | 237,932 |
Additions | 0 | |
Effect of translation | (503) | |
Home and Garden Business [Member]
|
||
Goodwill [Line Items] | ||
Goodwill | 188,936 | 187,757 |
Additions | 1,179 | |
Effect of translation | 0 | |
Global Batteries & Appliances [Member]
|
||
Goodwill [Line Items] | ||
Goodwill | 328,742 | 268,556 |
Additions | 65,618 | |
Effect of translation | (5,432) | |
Hardware & Home Improvement [Member]
|
||
Goodwill [Line Items] | ||
Goodwill | 715,073 | 0 |
Additions | 720,890 | |
Effect of translation | $ (5,817) |
X | ||||||||||
- Definition
Carrying amount as of the balance sheet date, which is the cumulative amount paid and (if applicable) the fair value of any noncontrolling interest in the acquiree, adjusted for any amortization recognized prior to the adoption of any changes in generally accepted accounting principles (as applicable) and for any impairment charges, in excess of the fair value of net assets acquired in one or more business combination transactions, as well as valuations under fresh start reporting. No definition available.
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Schedule of Debt Instruments (Details) (USD $)
In Thousands, unless otherwise specified |
Jun. 30, 2013
|
Sep. 30, 2012
|
---|---|---|
Debt Instrument [Line Items] | ||
Gross Debt Obligations | $ 3,229,784 | $ 1,664,917 |
Current maturities of long-term debt | 40,783 | 16,414 |
Original Issuance Premiums (Discounts) on Debt | (3,730) | 4,383 |
Long-term debt, net of current maturities | 3,185,271 | 1,652,886 |
Senior Notes [Member]
|
||
Debt Instrument [Line Items] | ||
Debt Balance | 757,457 | 370,175 |
Interest Rate | 4.60% | 5.10% |
Secured Debt [Member]
|
||
Debt Instrument [Line Items] | ||
Debt Balance | 950,000 | 950,000 |
Interest Rate | 9.50% | 9.50% |
Revolving Credit Facility [Member]
|
||
Debt Instrument [Line Items] | ||
Debt Balance | 69,500 | 0 |
Interest Rate | 2.10% | 4.30% |
Other Debt Obligations [Member]
|
||
Debt Instrument [Line Items] | ||
Debt Balance | 32,966 | 18,059 |
Interest Rate | 8.30% | 10.90% |
Capital Lease Obligations [Member]
|
||
Debt Instrument [Line Items] | ||
Debt Balance | 29,861 | 26,683 |
Interest Rate | 6.20% | 6.20% |
Notes 6.375% due 2020 [Member] | Unsecured Debt [Member]
|
||
Debt Instrument [Line Items] | ||
Debt Balance | 520,000 | 0 |
Interest Rate | 6.40% | 0.00% |
Notes 6.625% due 2022 [Member] | Unsecured Debt [Member]
|
||
Debt Instrument [Line Items] | ||
Debt Balance | 570,000 | 0 |
Interest Rate | 6.60% | 0.00% |
6.75% Notes [Member] | Unsecured Debt [Member]
|
||
Debt Instrument [Line Items] | ||
Debt Balance | $ 300,000 | $ 300,000 |
Interest Rate | 6.80% | 6.80% |
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Debt Additional Details (Details) (USD $)
In Thousands, unless otherwise specified |
9 Months Ended | 9 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2013
|
Jul. 01, 2012
|
Jun. 30, 2013
Senior Notes [Member]
|
Sep. 30, 2012
Senior Notes [Member]
|
Jun. 30, 2013
Revolving Credit Facility [Member]
|
Sep. 30, 2012
Revolving Credit Facility [Member]
|
Jun. 30, 2013
Unsecured Debt [Member]
|
Jun. 30, 2013
Secured Debt [Member]
|
Sep. 30, 2012
Secured Debt [Member]
|
Jun. 30, 2013
Notes 6.375% due 2020 [Member]
|
Jun. 30, 2013
Notes 6.375% due 2020 [Member]
|
Jun. 30, 2013
Notes 6.375% due 2020 [Member]
Unsecured Debt [Member]
|
Sep. 30, 2012
Notes 6.375% due 2020 [Member]
Unsecured Debt [Member]
|
Jul. 01, 2012
Senior Notes [Member]
|
Jun. 30, 2013
Senior Notes [Member]
|
Jun. 30, 2013
6.75% Notes [Member]
Unsecured Debt [Member]
|
Sep. 30, 2012
6.75% Notes [Member]
Unsecured Debt [Member]
|
Jun. 30, 2013
Notes 6.625% due 2022 [Member]
|
Jun. 30, 2013
Notes 6.625% due 2022 [Member]
|
Jun. 30, 2013
Notes 6.625% due 2022 [Member]
Unsecured Debt [Member]
|
Sep. 30, 2012
Notes 6.625% due 2022 [Member]
Unsecured Debt [Member]
|
Jun. 30, 2013
Canada, Dollars
Senior Notes [Member]
|
Jun. 30, 2013
HHI Business [Member]
Revolving Credit Facility [Member]
|
Jun. 30, 2013
HHI Business [Member]
Revolving Credit Facility [Member]
|
|
Debt Instrument [Line Items] | ||||||||||||||||||||||||
Secured Debt | $ 950,000 | $ 950,000 | ||||||||||||||||||||||
Unsecured Debt | 520,000 | 0 | 300,000 | 300,000 | 570,000 | 0 | ||||||||||||||||||
Additional Borrowings, Par Value | 520,000 | 800,000 | 570,000 | 100,000 | ||||||||||||||||||||
Debt Issuance Cost | 44,469 | 11,163 | 323 | 3 | 12,906 | 16,907 | 4 | 14,127 | 0 | 206 | ||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 400,000 | 300,000 | ||||||||||||||||||||||
Payments of Debt Extinguishment Costs | 2,421 | |||||||||||||||||||||||
Write off of debt issuance costs | 4,600 | 2,945 | 5,485 | |||||||||||||||||||||
Payments of Financing Costs | 201 | 19,328 | ||||||||||||||||||||||
Senior Notes | 757,457 | 370,175 | ||||||||||||||||||||||
Percentage of Holders Needed to Accelerate Bonds | 25.00% | |||||||||||||||||||||||
Line of Credit Facility, Current Borrowing Capacity | 228,055 | |||||||||||||||||||||||
Line of Credit Lender Restrictions | 7,942 | |||||||||||||||||||||||
Letters of Credit Outstanding, Amount | $ 38,491 |
X | ||||||||||
- Definition
Total of all current restrictions on the amount that could be borrowed as set by the lenders in the governing credit agreement. No definition available.
|
X | ||||||||||
- Definition
Percentage of holders who must declare the acceleration of bonds under an event of default in order to force accelerated payment. No definition available.
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X | ||||||||||
- Details
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X | ||||||||||
- Definition
No authoritative reference available. No definition available.
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- Definition
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- Definition
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- Definition
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- Definition
No authoritative reference available. No definition available.
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- Definition
No authoritative reference available. No definition available.
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X | ||||||||||
- Definition
The tax effect included within the net accumulated other comprehensive income balance on the statement of financial position. No definition available.
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- Definition
No authoritative reference available. No definition available.
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- Definition
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- Definition
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- Definition
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- Definition
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- Details
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- Definition
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- Definition
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- Details
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- Definition
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- Definition
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- Definition
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- Definition
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- Definition
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- Definition
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- Definition
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- Definition
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- Definition
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- Definition
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- Definition
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- Definition
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- Definition
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- Definition
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- Definition
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- Details
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- Definition
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- Definition
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- Definition
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- Definition
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- Definition
No authoritative reference available. No definition available.
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- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
Employee Benefit Plans Summary (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2013
|
Jul. 01, 2012
|
Jun. 30, 2013
|
Jul. 01, 2012
|
|
Defined Contribution Pension [Member]
|
||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 2,851 | $ 545 | $ 5,665 | $ 1,694 |
Pension Plans, Defined Benefit [Member]
|
||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Service cost | 867 | 578 | 2,416 | 1,700 |
Interest cost | 2,498 | 2,552 | 7,326 | 7,030 |
Expected return on assets | (2,196) | (2,051) | (6,589) | (5,378) |
Recognized net actuarial loss | 519 | 242 | 1,557 | 508 |
Employee contributions | (46) | (46) | (137) | (139) |
Net periodic benefit cost | 1,642 | 1,275 | 4,573 | 3,721 |
Contributions made during period | $ 1,188 | $ 1,289 | $ 2,890 | $ 3,767 |
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
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X | ||||||||||
- Definition
No authoritative reference available. No definition available.
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X | ||||||||||
- Definition
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- Definition
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- Definition
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X | ||||||||||
- Definition
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|
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- Details
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X | ||||||||||
- Definition
No authoritative reference available. No definition available.
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X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Income Taxes Disclosures (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2013
|
Jul. 01, 2012
|
Jun. 30, 2013
|
Jul. 01, 2012
|
Sep. 30, 2012
|
|
Income Tax Disclosure [Abstract] | |||||
Effective Income Tax Rate, Continuing Operations | 29.00% | (10.00%) | 125.00% | 47.00% | |
Valuation Allowance, Deferred Tax Asset, Change in Amount | $ 49,291 | $ 13,915 | |||
Unrecognized Tax Benefits | 8,968 | 8,968 | 5,877 | ||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | $ 3,787 | $ 3,787 | $ 3,564 |
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
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X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Segment Results (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2013
|
Jul. 01, 2012
|
Jun. 30, 2013
|
Jul. 01, 2012
|
Sep. 30, 2012
|
|
Segment Reporting Information [Line Items] | |||||
Foreign Currency Exchange Rate, Translation | 6.3 | 6.3 | 4.3 | ||
Net sales | $ 1,089,825 | $ 824,803 | $ 2,947,849 | $ 2,419,859 | |
Acquisition and integration related charges | 7,747 | 5,274 | 40,558 | 20,625 | |
Restructuring and related charges | 13,245 | 3,896 | 27,736 | 15,890 | |
Interest expense | 61,516 | 39,686 | 185,652 | 150,169 | |
Other expense, net | 2,613 | 2,224 | 7,941 | 2,225 | |
Income from continuing operations before income taxes | 51,930 | 53,480 | 44,075 | 82,342 | |
Total assets | 5,540,672 | 5,540,672 | 3,753,511 | ||
Operating income | 116,059 | 95,390 | 237,668 | 234,736 | |
Global Batteries & Appliances [Member]
|
|||||
Segment Reporting Information [Line Items] | |||||
Net sales | 491,601 | 500,724 | 1,626,243 | 1,669,973 | |
Segment profit | 44,904 | 47,093 | 181,696 | 185,726 | |
Total assets | 2,213,741 | 2,213,741 | 2,243,472 | ||
Global Pet Supplies [Member]
|
|||||
Segment Reporting Information [Line Items] | |||||
Net sales | 156,440 | 157,495 | 456,639 | 448,962 | |
Segment profit | 26,560 | 22,470 | 62,833 | 57,778 | |
Total assets | 959,282 | 959,282 | 956,043 | ||
Home and Garden Business [Member]
|
|||||
Segment Reporting Information [Line Items] | |||||
Net sales | 156,568 | 166,584 | 289,091 | 300,924 | |
Segment profit | 43,117 | 44,224 | 59,648 | 60,509 | |
Total assets | 542,525 | 542,525 | 508,083 | ||
Hardware & Home Improvement [Member]
|
|||||
Segment Reporting Information [Line Items] | |||||
Net sales | 285,216 | 0 | 575,876 | 0 | |
Segment profit | 42,963 | 0 | 46,483 | 0 | |
Total assets | 1,787,178 | 1,787,178 | 0 | ||
Operating Segments [Member]
|
|||||
Segment Reporting Information [Line Items] | |||||
Segment profit | 157,544 | 113,787 | 350,660 | 304,013 | |
Total assets | 5,502,726 | 5,502,726 | 3,707,598 | ||
Corporate [Member]
|
|||||
Segment Reporting Information [Line Items] | |||||
Segment profit | 20,493 | 9,227 | 44,698 | 32,762 | |
Total assets | 37,946 | 37,946 | 45,913 | ||
Consumer Batteries [Member]
|
|||||
Segment Reporting Information [Line Items] | |||||
Net sales | 207,339 | 211,198 | 678,067 | 684,277 | |
Small Appliances [Member]
|
|||||
Segment Reporting Information [Line Items] | |||||
Net sales | 168,744 | 173,140 | 543,451 | 575,630 | |
Electric Shaving and Grooming Products [Member]
|
|||||
Segment Reporting Information [Line Items] | |||||
Net sales | 61,742 | 62,860 | 207,978 | 214,979 | |
Electric Personal Care Products [Member]
|
|||||
Segment Reporting Information [Line Items] | |||||
Net sales | 53,776 | 53,526 | 196,747 | 195,087 | |
Pension Plans, Defined Benefit [Member]
|
|||||
Segment Reporting Information [Line Items] | |||||
Service cost | 867 | 578 | 2,416 | 1,700 | |
Venezuela Hyperinflation [Member]
|
|||||
Segment Reporting Information [Line Items] | |||||
Operating income | $ 1,953 |
X | ||||||||||
- Definition
The net result after deducting operating expenses from operating revenues, excluding charges related to business acquisition, integration and restructuring and related activities. No definition available.
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X | ||||||||||
- Definition
No authoritative reference available. No definition available.
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X | ||||||||||
- Definition
No authoritative reference available. No definition available.
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- Definition
No authoritative reference available. No definition available.
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- Definition
No authoritative reference available. No definition available.
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- Definition
No authoritative reference available. No definition available.
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- Definition
No authoritative reference available. No definition available.
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- Definition
No authoritative reference available. No definition available.
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- Definition
No authoritative reference available. No definition available.
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- Definition
No authoritative reference available. No definition available.
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X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
the total expected restructuring costs, including the costs incurred since inception and the future costs expected to be charged against earnings. No definition available.
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- Definition
No authoritative reference available. No definition available.
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X | ||||||||||
- Definition
No authoritative reference available. No definition available.
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- Definition
No authoritative reference available. No definition available.
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- Definition
No authoritative reference available. No definition available.
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- Definition
No authoritative reference available. No definition available.
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- Definition
No authoritative reference available. No definition available.
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- Details
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- Definition
No authoritative reference available. No definition available.
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- Definition
No authoritative reference available. No definition available.
|
Commitments And Contingencies Environmental Reserves (Details) (USD $)
In Thousands, unless otherwise specified |
Jun. 30, 2013
|
---|---|
Commitments and Contingencies Disclosure [Abstract] | |
Accrual for Environmental Loss Contingencies | $ 5,126 |
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
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- Details
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X | ||||||||||
- Definition
The total purchase price negotiated with the seller for a business acquisition, subject to working capital adjustments. No definition available.
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X | ||||||||||
- Definition
The total purchase price negotiated with the seller for a business acquisition including adjustments to working capital adjustments. No definition available.
|
X | ||||||||||
- Definition
The total adjustment to property, plant and equipment acquired in a business acquisition to record the asset at fair value. No definition available.
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- Definition
Adjustments to the negotiated purchase price for an acquired business based on working capital and other changes from the date the purchase price was negotiated to the closing date of the transaction. No definition available.
|
X | ||||||||||
- Definition
This element represents acquisition and integration related costs incurred to effect a business combination, which have been expensed during the period. Acquisition related costs include finder's fees; advisory, legal, accounting, valuation, and other professional or consulting fees; general administrative costs, including the costs of maintaining an internal acquisitions department; and may include costs of registering and issuing debt and equity securities. Integration related costs could include business integration costs, systems integration and conversion costs, and severance and other employee-related costs. No definition available.
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- Definition
This element represents the amount of any measurement period adjustment (as defined) realized during the reporting period to accrued liabilities acquired in connection with a business combination for which the initial accounting was incomplete. No definition available.
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X | ||||||||||
- Definition
This element represents the amount of any measurement period adjustment (as defined) realized during the reporting period to cash and cash equivalents acquired in connection with a business combination for which the initial accounting was incomplete. No definition available.
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- Definition
This element represents the amount of any measurement period adjustment (as defined) realized during the reporting period to deferred tax liabilities, net current acquired in connection with a business combination for which the initial accounting was incomplete. No definition available.
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- Definition
This element represents the amount of any measurement period adjustment (as defined) realized during the reporting period to deferred tax liabilities, net noncurrent acquired in connection with a business combination for which the initial accounting was incomplete. No definition available.
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- Definition
This element represents the amount of any measurement period adjustment (as defined) realized during the reporting period to net identifiable assets acquired in connection with a business combination for which the initial accounting was incomplete. No definition available.
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- Definition
This element represents the amount of any measurement period adjustment (as defined) realized during the reporting period to other long-term assets acquired in connection with a business combination for which the initial accounting was incomplete. No definition available.
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- Definition
This element represents the amount of any measurement period adjustment (as defined) realized during the reporting period to other long-term liabilities acquired in connection with a business combination for which the initial accounting was incomplete. No definition available.
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- Definition
This element represents the amount of any measurement period adjustment (as defined) realized during the reporting period to total assets acquired in connection with a business combination for which the initial accounting was incomplete. No definition available.
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- Definition
This element represents the amount of any measurement period adjustment (as defined) realized during the reporting period to total liabilities assument in connection with a business combination for which the initial accounting was incomplete. No definition available.
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- Definition
This element represents the amount of any measurement period adjustment (as defined) realized during the reporting period toprepaid expenses and other acquired in connection with a business combination for which the initial accounting was incomplete. No definition available.
|
X | ||||||||||
- Definition
Amount of acquisition cost of a business combination allocated to current deferred tax assets net of valuation allowance and current deferred tax liabilities. No definition available.
|
X | ||||||||||
- Definition
Percentage of assumed customer retention, used as an input to measure fair value. No definition available.
|
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- Definition
Assumed income tax rate on future revenues, used as an input to measure fair value. No definition available.
|
X | ||||||||||
- Definition
Assumed royalty rates, used as an input to measure fair value using the relief from royalty method. No definition available.
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- Definition
No authoritative reference available. No definition available.
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- Details
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- Definition
No authoritative reference available. No definition available.
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- Definition
No authoritative reference available. No definition available.
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- Definition
No authoritative reference available. No definition available.
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- Definition
No authoritative reference available. No definition available.
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- Definition
No authoritative reference available. No definition available.
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- Definition
No authoritative reference available. No definition available.
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- Definition
No authoritative reference available. No definition available.
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- Definition
No authoritative reference available. No definition available.
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- Definition
No authoritative reference available. No definition available.
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- Definition
No authoritative reference available. No definition available.
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- Definition
No authoritative reference available. No definition available.
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- Definition
No authoritative reference available. No definition available.
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- Definition
No authoritative reference available. No definition available.
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- Definition
No authoritative reference available. No definition available.
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- Definition
No authoritative reference available. No definition available.
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- Definition
No authoritative reference available. No definition available.
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- Definition
No authoritative reference available. No definition available.
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- Definition
No authoritative reference available. No definition available.
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- Definition
No authoritative reference available. No definition available.
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- Definition
No authoritative reference available. No definition available.
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- Definition
No authoritative reference available. No definition available.
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- Definition
No authoritative reference available. No definition available.
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- Definition
No authoritative reference available. No definition available.
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- Definition
No authoritative reference available. No definition available.
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- Definition
No authoritative reference available. No definition available.
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- Definition
No authoritative reference available. No definition available.
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- Definition
No authoritative reference available. No definition available.
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- Definition
No authoritative reference available. No definition available.
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- Definition
No authoritative reference available. No definition available.
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- Definition
No authoritative reference available. No definition available.
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- Definition
No authoritative reference available. No definition available.
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- Definition
No authoritative reference available. No definition available.
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- Definition
No authoritative reference available. No definition available.
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- Definition
No authoritative reference available. No definition available.
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- Definition
No authoritative reference available. No definition available.
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- Definition
No authoritative reference available. No definition available.
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- Definition
No authoritative reference available. No definition available.
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- Definition
No authoritative reference available. No definition available.
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- Definition
No authoritative reference available. No definition available.
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- Definition
No authoritative reference available. No definition available.
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- Definition
No authoritative reference available. No definition available.
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- Definition
No authoritative reference available. No definition available.
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- Definition
No authoritative reference available. No definition available.
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- Definition
No authoritative reference available. No definition available.
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- Definition
No authoritative reference available. No definition available.
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- Definition
No authoritative reference available. No definition available.
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- Definition
No authoritative reference available. No definition available.
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- Definition
No authoritative reference available. No definition available.
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- Definition
No authoritative reference available. No definition available.
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- Definition
No authoritative reference available. No definition available.
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- Definition
No authoritative reference available. No definition available.
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