SPECTRUM BRANDS HOLDINGS, INC. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL POSITION AND OPERATING RESULTS (Form 10-K)

The following is management's discussion of the financial results, liquidity and
other key items related to our performance and should be read in conjunction
with our Consolidated Financial Statements and related notes included elsewhere
in this Annual Report. The following is a combined report of SBH and SB/RH, and
the following discussion includes SBH and certain matters related to SB/RH as
signified below. Unless the context indicates otherwise, the terms the
"Company," "we," "our" or "us" are used to refer to SBH and its subsidiaries and
SB/RH and its subsidiaries, collectively.
Business Overview
The following section provides a general description of our business as well as
recent developments for the years ended September 30, 2021, 2020, and 2019,
which we believe are important to understanding our results of operations,
financial condition, and understanding anticipated future trends. Refer to Item
1 - Business and Note 1 - Description of Business in Notes to the Consolidated
Financial Statements, included elsewhere in this Annual Report for an overview
of our business.
COVID-19
The COVID-19 pandemic and the resulting regulations and other disruptions to
both demand and supply may have a substantial impact on the commercial
operations of the Company or impairment of the Company's net assets. Such
impacts may include, but are not limited to, volatility of demand for our
products, disruptions and cost implications in manufacturing and supply
arrangements, inability of third parties to meet obligations under existing
arrangements, and significant changes to the political and economic environments
in which we manufacture, sell, and distribute our products.
During the years ended September 30, 2020 and 2021, and as of the date of this
report, we have been and continue to be classified as an essential business in
the jurisdictions that have mandated closures of non-essential businesses, and
therefore have been allowed to remain open and continue to operate to the extent
possible under existing regulations with any limitation in production output
being short-term in nature. Despite the supply implications in the prior year,
the Company has experienced continued customer demand. While demand for our
products generally has not been negatively impacted, our teams continue to
monitor demand disruption and there can be no assurance as to the level of
demand that will prevail following the year ended September 30, 2021. A large
portion of our customers continue to operate and sell our products, with some
customers having experienced reduced operations due to closures or reduced store
hours. There have also been changes in consumer needs and spending during the
COVID-19 pandemic, which have resulted in a limited number of change orders and
reduced spending. Currently, we have not identified, and will continue to
monitor for, any substantive risk attributable to customer credit and have not
experienced a significant impact from store closures or retail bankruptcies. We
believe the severity and duration of the COVID-19 pandemic to be uncertain and
may contribute to retail volatility and consumer purchase behavior changes. The
magnitude of the financial impact on our results is highly dependent on the
duration of the COVID-19 pandemic and how quickly the U.S. and global economies
resume normal operations.
The COVID-19 pandemic has not, as of the date of this report, had a materially
negative impact on the Company's liquidity position. The sweeping nature of
COVID-19 pandemic makes it extremely difficult to predict the long-term
ramifications on our financial condition and results of operations. However, the
likely overall economic impact of the COVID-19 pandemic to the U.S. and global
economies remains uncertain. We continue to generate operating cash flows to
meet our short-term liquidity needs, and we expect to maintain access to the
capital markets, although there can be no assurance of our ability to do so. We
have also not observed any material impairments of our assets due to the
COVID-19 pandemic.
We expect the ultimate significance of the impact on our financial condition,
results of operations, and cash flows will be dictated by the length of time
that such circumstances continue, which will ultimately depend on the
unforeseeable duration and severity of the COVID-19 pandemic and any
governmental and public actions taken in response.
Acquisitions
The Company periodically evaluates strategic transactions that may result in the
acquisition of a business or assets that qualify as recognition of a business
combination. Acquisitions may impact the comparability of the consolidated or
segment financial information with the inclusion of operating results for the
acquired business in periods subsequent to acquisition date, the inclusion of
acquired assets, both tangible and intangible (including goodwill), and the
related amortization or depreciation of acquired assets. Moreover, the
comparability of consolidated or segment financial information may be impacted
by incremental costs to facilitate the transaction and supporting integration
activities of the acquired operations with the consolidated group.
During the year ended September 30, 2021, the Company entered into the following
acquisition activity:
•On May 28, 2021, the Company acquired all ownership interests in FLP for a
purchase price of $301.5 million. FLP is a leading manufacturer of household
cleaning, maintenance, and restoration products sold under the Rejuvenate®
brand. The net assets and operating results of FLP are included in the Company's
Consolidated Statements of Income and reported within the H&G reporting segment
for the year ended September 30, 2021, effective the acquisition date of May 28,
2021.
•On October 26, 2020, the Company completed the acquisition of Armitage for
$187.7 million. Armitage is a premium pet treats and toys business in
Nottingham, United Kingdom including a portfolio of brands that include
Armitage's dog treats brand, Good Boy®, cat treats brand, Meowee!®, and
Wildbird® bird feed products, among others, that are predominantly sold within
the United Kingdom. The net assets and results of operations of Armitage are
included in the Company's Consolidated Statements of Income and reported within
the GPC reporting segment for the year ended September 30, 2021, effective the
acquisition date of October 26, 2020.
During the year ended September 30, 2020, the Company entered into the following
acquisition activity:
•On March 10, 2020, the Company acquired Omega Sea, LLC ("Omega"), a
manufacturer and marketer of premium fish foods and consumable goods for the
home and commercial aquarium markets, primarily consisting of the Omega brand,
for a purchase price of approximately $16.9 million. The net assets and results
of operations of Omega are included in the Company's Consolidated Statements of
Income and reported within GPC reporting segment for the years ended September
30, 2020 and September 30, 2021, effective the acquisition date of March 10,
2020.
There was no acquisition activity during the year ended September 30, 2019. See
Note 4 - Acquisitions in the Notes to the Consolidated Financial Statements,
included elsewhere in this Annual Report, for further discussion pertaining to
the referenced acquisition activity.

                                       28

————————————————– ——————————

Contents

Disposals

The Company periodically evaluates strategic transactions that may result in the
divestiture of a business or assets that may impact the comparability of
consolidated or segment financial information. Certain divestitures may be
classified separately from continuing operations if they are considered a
strategic shift to the consolidated group, which results in the operating
results and any realized gain or loss from the divestiture to be presented as a
component of income from discontinued operations for all comparable periods in
the Consolidated Financial Statements. Divestitures that do not qualify as
discontinued operations result in he gain or loss from the divestiture being
recognized as part of continuing operations. Further, the comparability of
consolidated or segment financial information may be impacted by incremental
costs to facilitate the transaction and related separation activities of the
divested business, including any subsequent restructuring of the consolidated
group.
During the year ended September 30, 2021, the Company entered into the following
divestiture activity:
•On September 8, 2021, the Company entered into the Purchase Agreement with ASSA
to sell its HHI segment for cash proceeds of $4.3 billion, subject to customary
purchase price adjustments. The consummation of the transaction is subject to
customary conditions, including the absence of a material adverse effect of HHI
and certain antitrust conditions or other governmental restrictions, amongst
others, and is anticipated to be consummated during the year ended September 30,
2022. The Company's assets and liabilities associated with HHI have been
classified as held for sale and the HHI operations have been classified as
discontinued operations and are reported separately for all periods presented.
During the year ended September 30, 2020, the Company entered into the following
divestiture activity:
•On March 29, 2020, the Company completed the sale of its DCF production
facility and distribution center in Coevorden, Netherlands with United Petfood
Producers NV ("UPP") for cash proceeds of $29.0 million, resulting in a loss on
assets held for sale of $26.8 million during the year ended September 30, 2020.
The loss was recognized as a component of continuing operations and operating
income within the Company's GPC segment. The Company continues to operate its
commercial DCF business following the divestiture and is supplied by UPP through
a manufacturing agreement and distribution agreement. Additionally, the Company
recognized an impairment on intangible assets of $7.6 million due to the
incremental cash flow risk associated with the commercial DCF business following
the divestiture.
During the year ended September 30, 2019, the Company entered into the following
divestiture activity:
•On January 2, 2019, the Company completed the sale of its GBL business pursuant
to the GBL acquisition agreement with Energizer for cash proceeds of
$1,956.2 million, resulting in the recognition of a pre-tax gain on sale of
$989.8 million during the year ended September 30, 2019. The results of
operations and gain on sale for disposal of the GBL business are recognized as a
component of income from discontinued operations for all comparable periods.
Prior to the completion of the GBL divestiture, the Company changed its plan to
sell its GBA segment, consisting of both the GBL and HPC businesses, and
recognized the net assets of HPC as held for use and included component of
continuing operations as a separate reporting segment for all comparable
periods. As a result, the Company recognized $29.0 million of incremental
depreciation and amortization for cumulative depreciation and amortization on
HPC long-lived assets not previously recognized while held for sale.
•On January 28, 2019, the Company completed the sale of its GAC business
pursuant to the GAC acquisition agreement with Energizer for $1.2 billion,
consisting of $938.7 million in cash proceeds and $242.1 million in stock
consideration of common stock of Energizer, resulting in the loss on sale of
business of $111.0 million. The results of operations and write-down of net
assets held for sale for the disposal of the GAC business were recognized as a
component of discontinued operations. Realized and unrealized gains and losses
on the common stock investment in Energizer was recognized as Other
Non-Operating Expense (Income), net on the Company's Consolidated Statement of
Income.
See Note 3 - Divestitures in Notes to the Consolidated Financial Statements,
included elsewhere in this Annual Report, for further discussion pertaining to
the referenced divestiture activity.
Restructuring Activity
We continually seek to improve our operational efficiency, match our
manufacturing capacity and product costs to market demand and better utilize our
manufacturing resources. We have undertaken various initiatives to reduce
manufacturing and operating costs, which may have a significant impact on the
comparability of financial results on the consolidated financial statements. The
most significant of these initiatives is the Global Productivity Improvement
Program, which began during the year ended September 30, 2019 and is anticipated
to continue through the fiscal year ending September 30, 2022. See Note 5 -
Restructuring and Related Charges in the Notes to the Consolidated Financial
Statements, included elsewhere in this Annual Report, for further discussion
pertaining to restructuring and related activity.
Refinancing Activity
The following recent financing activity has a significant impact on the
comparability of financial results on the consolidated financial statements.
•During the year ended September 30, 2021, the Company completed its offering of
$500.0 million aggregate principal amount of its 3.875% Notes and entered into a
new Term Loan Facility in the aggregate principal amount of $400.0 million on
March 3, 2021. The Company also redeemed $250.0 million of the 6.125% Notes and
$550.0 million of the 5.75% Notes, with a call premium of $23.4 million and
non-cash write-off of unamortized debt issuance costs of $7.9 million recognized
as interest expense.
•During the year ended September 30, 2020, the Company (1) entered into the
Amended and Restated Credit Agreement (the "Credit Agreement"), which refinanced
the Company's previously existing credit facility, extending the maturity,
reducing the revolving facility under the Credit Agreement from $890 million to
$600 million, and changing interest rate margins; (2) issued $300 million of its
5.50% Senior Unsecured Notes; and (3) completed the tender and call of its
6.625% Notes with an outstanding principal of $117.4 million initiated in the
previous year, with a premium of $1.5 million and non-cash write-off of
unamortized debt issue costs of $1.1 million recognized as interest expense.
•During the year ended September 30, 2019, the Company (1) repaid $452.6 million
of its 6.625% Notes with an outstanding principal of $570.0 million, consisting
of a repayment of $285.0 million on March 31, 2019 plus a repayment of $167.6
million on September 24, 2019 using proceeds from the GAC divestitures, with a
premium of $9.2 million and non-cash write-off of unamortized debt issue cost of
$5.0 million recognized as interest expense; (2) issued $300.0 million of 5.00%
Senior Unsecured Notes due September 2029; (3) repaid $890.0 million of its
7.75% Senior Unsecured Notes in full on January 30, 2019 using proceeds received
from the GBL and GAC divestitures with a premium of $17.2 million and non-cash
write-off of unamortized debt issue costs and discounts of $24.0 million
recognized as interest expense; (4) repaid its USD Term Loan in full on January
4, 2019 using proceeds received from the divestiture of GBL with a non-cash
write-off of unamortized debt issue costs of $6.6 million recognized as interest
expense; and (5) repaid its CAD Term Loan in full on October 31, 2018.

                                       29

————————————————– ——————————

Contents

See Note 12 - Debt in the Notes to the Consolidated Financial Statements,
included elsewhere in this Annual Report, for additional detail regarding debt
and refinancing activity.
Salus CLO
During the year ended September 30, 2020, the non-recourse debt under Salus CLO
were effectively discharged resulting in the recognition of a non-cash gain on
extinguishment of debt of $76.2 million. See Note 12 - Debt in Notes to the
Consolidated Financial Statements, included elsewhere in this Annual Report, for
more information.
Non-GAAP Measurements
Our consolidated and segment results contain non-GAAP metrics such as organic
net sales and Adjusted EBITDA (earnings before interest, taxes, depreciation,
amortization). While we believe organic net sales and Adjusted EBITDA are useful
supplemental information, such adjusted results are not intended to replace our
financial results in accordance with Accounting Principles Generally Accepted in
the United States ("GAAP") and should be read in conjunction with those GAAP
results.
Organic Net Sales. We define organic net sales as net sales excluding the effect
of changes in foreign currency exchange rates and/or impact from acquisitions
(where applicable). We believe this non-GAAP measure provides useful information
to investors because it reflects regional and operating segment performance from
our activities without the effect of changes in currency exchange rate and/or
acquisitions. We use organic net sales as one measure to monitor and evaluate
our regional and segment performance. Organic growth is calculated by comparing
organic net sales to net sales in the prior year. The effect of changes in
currency exchange rates is determined by translating the period's net sales
using the currency exchange rates that were in effect during the prior
comparative period. Net sales are attributed to the geographic regions based on
the country of destination. We exclude net sales from acquired businesses in the
current year for which there are no comparable sales in the prior period.
The following is a reconciliation of net sales to organic net sales of SBH and
SB/RH for the year ended September 30, 2021 compared to net sales for the year
ended September 30, 2020:


                                                                            September 30, 2021
                                                                               Net Sales
                                                        Effect of          Excluding Effect                                                      Net Sales
                                                        Changes in           of Changes in             Effect of             Organic           September 30,
(in millions, except %)             Net Sales            Currency              Currency              Acquisitions           Net Sales              2020                    Variance
HPC                                $ 1,260.1          $     (31.1)         $      1,229.0          $            -          $ 1,229.0          $    1,107.6          $ 121.4        11.0  %
GPC                                  1,129.9                (18.4)                1,111.5                   (99.5)           1,012.0                 962.6             49.4         5.1  %
H&G                                    608.1                    -                   608.1                   (23.2)             584.9                 551.9             33.0         6.0  %
Total                              $ 2,998.1          $     (49.5)         $      2,948.6          $       (122.7)         $ 2,825.9          $    2,622.1          $ 203.8         7.8  %



The following is a reconciliation of net sales to organic net sales of SBH and
SB/RH for the year ended September 30, 2020 compared to net sales for the year
ended September 30, 2019:


                                                                           September 30, 2020
                                                                               Net Sales
                                                        Effect of          Excluding Effect                                                      Net Sales
                                                       Changes in            of Changes in             Effect of             Organic           September 30,
(in millions, except %)            Net Sales            Currency               Currency              Acquisitions           Net Sales              2019                   Variance
HPC                               $ 1,107.6          $       18.9          $      1,126.5          $            -          $ 1,126.5          $    1,068.1          $  58.4        5.5  %
GPC                                   962.6                   1.1                   963.7                    (7.5)             956.2                 870.2             86.0        9.9  %
H&G                                   551.9                   0.1                   552.0                       -              552.0                 508.1             43.9        8.6  %
Total                             $ 2,622.1          $       20.1          $      2,642.2          $         (7.5)         $ 2,634.7          $    2,446.4          $ 188.3        7.7  %




                                       30

————————————————– ——————————

Contents

Adjusted EBITDA. Adjusted EBITDA is a non-GAAP metric used by management that we
believe provides useful information to investors because it reflects the ongoing
operating performance and trends of our segments, excluding certain non-cash
based expenses and/or non-recurring items during each of the comparable periods.
It also facilitates comparisons between peer companies since interest, taxes,
depreciation and amortization can differ greatly between organizations as a
result of differing capital structures and tax strategies. Adjusted EBITDA is
also used for determining compliance with the Company's debt covenants. See Note
12 - Debt in the Notes to the Consolidated Financial Statements, included
elsewhere in this Annual Report, for additional detail.
EBITDA is calculated by excluding the Company's income tax expense, interest
expense, depreciation expense and amortization expense (from intangible assets)
from net income. Adjusted EBITDA further excludes:
•Stock based and other incentive compensation costs that consist of costs
associated with long-term compensation arrangements and other equity based
compensation based upon achievement of long-term performance metrics under the
Company's Long-Term Incentive Plan ("LTIP"); and generally consist of non-cash,
stock-based compensation. During the years ended September 30, 2021, 2020, and
2019, other incentive compensation also includes incentive bridge awards issued
due to changes in the Company's LTIP that allowed for cash based payment upon
employee election but does not qualify for share-based compensation. All bridge
awards fully vested in November 2020. See Note 19 - Share Based Compensation in
Notes to the Consolidated Financial Statements, included elsewhere in this
Annual Report, for further details;
•Restructuring and related charges, which consist of project costs associated
with the restructuring initiatives across the Company's segments. See Note 5 -
Restructuring and Related Charges in Notes to the Consolidated Financial
Statements, included elsewhere in this Annual Report, for further details;
•Transaction related charges that consist of (1) transaction costs from
acquisitions or subsequent project costs directly associated with integration of
an acquired business with the consolidated group; and (2) transaction costs from
divestitures and subsequent project costs to facilitate separation of shared
operations, including development of transferred shared service operations,
platforms and personnel transferred, and exiting of transition service
arrangements (TSAs) and reverse TSAs. See Note 2 - Significant Accounting
Policies and Practices in Notes to the Consolidated Financial Statements,
included elsewhere in this Annual Report, for further details;
•Unallocated shared costs associated with discontinued operations from certain
shared and center-led administrative functions supporting the Company's business
units excluded from income from discontinued operations as they are not a direct
cost of the discontinued business but a result of indirect allocations,
including but not limited to, information technology, human resources, finance
and accounting, supply chain, and commercial operations. Amounts attributable to
unallocated shared costs would be mitigated through subsequent strategic or
restructuring initiatives, TSAs, elimination of extraneous costs or
re-allocation or absorption by existing continuing operations following the
completed sale of the discontinued operations. See Note 3 - Divestitures in
Notes to the Consolidated Financial Statements, included elsewhere in this
Annual Report for further details;
•Gains and losses attributable to the Company's investment in Energizer common
stock. During the year ended September 30, 2021, the Company sold its remaining
shares in Energizer common stock. See Note 7 - Fair Value of Financial
Instruments in Notes to the Consolidated Financial Statements, included
elsewhere in this Annual Report, for further details;
•Non-cash asset impairments or write-offs realized and recognized in earnings
from continuing operations;
•Non-cash purchase accounting inventory adjustments recognized in earnings from
continuing operations after an acquisition;
•Incremental reserves for non-recurring litigation or environmental remediation
activity including (1) proposed settlement on outstanding litigation matters at
our H&G division attributable to significant and unusual nonrecurring claims
with no previous history or precedent recognized during the year ended September
30, 2021, (2) environmental remediation reserves realized during the year ended
September 30, 2019 on legacy properties and former manufacturing sites assumed
by the organization which had previously been exited by the Company, and (3)
legal settlement costs associated with retained litigation from the Company's
divested GAC operations realized during the year ended September 30, 2019. See
Note 21 - Commitments and Contingencies in Notes to the Consolidated Financial
Statements included elsewhere in this Annual Report for further detail;
•Incremental costs realized under a three-year tolling agreement entered into
with the buyer in consideration with the divestiture of the Coevorden Operations
on March 29, 2020, for the continued production of dog and cat food products
purchased to support GPC commercial operations and distribution in Europe. See
Note 3 - Divestitures in Notes to the Consolidated Financial Statements,
included elsewhere in this Annual Report, for further detail;
•Gain on extinguishment of the Salus CLO debt due to the discharge of the
obligation during the year ended September 30, 2020. See Note 12 - Debt in Notes
to the Consolidated Financial Statements, included elsewhere in this Annual
Report, for further details;
•Foreign currency gains and losses attributable to multicurrency loans for the
year ended September 30, 2020 and 2019, that were entered into with foreign
subsidiaries in exchange for the receipt of divestiture proceeds by the parent
company and the distribution of the respective foreign subsidiaries' net assets
as part of the GBL and GAC divestitures; and
•Other adjustments primarily consisting of costs attributable to (1) incremental
fines and penalties realized for delayed shipments following the transition of a
third-party logistics service provider in GPC during the year ended September
30, 2021; (2) costs associated with Salus operations during the years ended
September 30, 2021, 2020 and 2019 as they are not considered a component of
continuing commercial products company; (3) expenses and cost recovery for flood
damage at the Company's facilities in Middleton, Wisconsin recognized during the
years ended September 30, 2020 and 2019; (4) incremental costs for separation of
a key executives during the years ended September 30, 2020 and 2019; (5) costs
associated with a safety recall in GPC during the year ended September 30, 2019;
(6) operating margin on H&G sales to GAC discontinued operations during the year
ended September 30, 2019; and (7) certain fines and penalties for delayed
shipments following the completion of a GPC distribution center consolidation in
EMEA during the year ended September 30, 2019.

                                       31

————————————————– ——————————

Contents

The following is a reconciliation of net income to Adjusted EBITDA for the years
ended September 30, 2021, 2020 and 2019 for SBH:
SPECTRUM BRANDS HOLDINGS, INC. (in
millions)                                       HPC                GPC                H&G            Corporate          Consolidated
Year Ended September 30, 2021
Net income from continuing operations       $    46.1          $   127.7          $   83.7          $  (242.2)         $       15.3
Income tax benefit                                  -                  -                 -              (26.4)                (26.4)
Interest expense                                    -                  -                 -              116.5                 116.5
Depreciation and amortization                    44.0               39.3              19.2               14.5                 117.0
EBITDA                                           90.1              167.0             102.9             (137.6)                222.4
Share and incentive based
compensation                                        -                  -                 -               29.4                  29.4
Restructuring and related charges                 9.1               15.2               0.4               15.6                  40.3
Transaction related charges                       3.4               16.5              10.8               25.6                  56.3
Unallocated shared costs                            -                  -                 -               26.9                  26.9
Gain on Energizer investment                        -                  -                 -               (6.9)                 (6.9)
Inventory acquisition step-up                       -                3.4               3.9                  -                   7.3
Legal and environmental remediation
reserves                                            -                  -               6.0                  -                   6.0
Coevorden tolling related charges                   -                6.2                 -                  -                   6.2
Other                                               -                3.8                 -                0.1                   3.9
Adjusted EBITDA                             $   102.6          $   212.1          $  124.0          $   (46.9)         $      391.8
Net Sales                                   $ 1,260.1          $ 1,129.9          $  608.1          $       -          $    2,998.1
Adjusted EBITDA Margin                            8.1  %            18.8  %           20.4  %               -                  13.1  %
Year Ended September 30, 2020
Net income (loss) from continuing
operations                                  $    42.9          $    44.9          $   91.2          $  (231.4)         $      (52.4)
Income tax expense                                  -                  -                 -               27.3                  27.3
Interest expense                                    -                  -                 -               93.7                  93.7
Depreciation and amortization                    35.2               44.4              20.4               14.7                 114.7
EBITDA                                           78.1               89.3             111.6              (95.7)                183.3
Share and incentive based
compensation                                        -                  -                 -               36.1                  36.1
Restructuring and related charges                 4.6               20.8               0.5               45.7                  71.6
Transaction related charges                       8.8               10.8                 -                3.5                  23.1
Unallocated shared costs                            -                  -                 -               17.4                  17.4
Loss on Energizer investment                        -                  -                 -               16.8                  16.8
Loss on sale of Coevorden operations                -               26.8                 -                  -                  26.8
Write-off from impairment of
intangible assets                                   -               24.2                 -                  -                  24.2
Foreign currency loss on
multicurrency divestiture loans                   0.6                  -                 -                3.2                   3.8
Salus CLO debt extinguishment                       -                  -                 -              (76.2)                (76.2)
Other                                             0.1                0.1                 -               (3.2)                 (3.0)
Adjusted EBITDA                             $    92.2          $   172.0          $  112.1          $   (52.4)         $      323.9
Net Sales                                   $ 1,107.6          $   962.6          $  551.9          $       -          $    2,622.1
Adjusted EBITDA Margin                            8.3  %            17.9  %           20.3  %               -                  12.4  %
Year Ended September 30, 2019
Net (loss) income from continuing
operations                                  $  (127.8)         $    63.4          $   84.9          $  (322.7)         $     (302.2)
Income tax benefit                                  -                  -                 -              (52.0)                (52.0)
Interest expense                                    -                  -                 -              158.4                 158.4
Depreciation and amortization                    64.6               48.8              19.3               14.6                 147.3
EBITDA                                          (63.2)             112.2             104.2             (201.7)                (48.5)
Share and incentive based
compensation                                        -                  -                 -               47.6                  47.6
Restructuring and related charges                 8.1                7.6               1.8               43.5                  61.0
Transaction related charges                       7.4                2.5                 -               11.0                  20.9
Unallocated shared cost                             -                  -                 -               15.7                  15.7
Loss on Energizer investment                        -                  -                 -               12.1                  12.1
Write-off from impairment of goodwill           116.0                  -                 -                  -                 116.0
Write-off from impairment of
intangible assets                                18.8               16.6                 -                  -                  35.4
Legal and environmental remediation
reserves                                            -                  -                 -               10.0                  10.0
Foreign currency loss on
multicurrency divestiture loans                     -                  -                 -               36.2                  36.2
Other                                             0.1                3.7              (0.5)               3.6                   6.9
Adjusted EBITDA                             $    87.2          $   142.6          $  105.5          $   (22.0)         $      313.3
Net Sales                                   $ 1,068.1          $   870.2          $  508.1          $       -          $    2,446.4
Adjusted EBITDA Margin                            8.2  %            16.4  %           20.8  %               -                  12.8  %


                                       32

————————————————– ——————————

Contents

The following is a reconciliation of net income to Adjusted EBITDA for the years ended. September 30, 2021, 2020 and 2019 for SB / RH:
SB / RH HOLDINGS, LLC (in millions)

              HPC                GPC                H&G            Corporate         Consolidated
Year Ended September 30, 2021
Net income from continuing
operations                                 $    46.1          $   127.7          $   83.7          $ (240.2)         $       17.3
Income tax benefit                                 -                  -                 -             (25.0)                (25.0)
Interest expense                                   -                  -                 -             116.8                 116.8
Depreciation and amortization                   44.0               39.3              19.2              14.5                 117.0
EBITDA                                          90.1              167.0             102.9            (133.9)                226.1
Share and incentive based
compensation                                       -                  -                 -              27.7                  27.7
Restructuring and related charges                9.1               15.2               0.4              15.6                  40.3
Transaction related charges                      3.4               16.5              10.8              25.6                  56.3
Unallocated shared costs                           -                  -                 -              26.9                  26.9
Gain on Energizer investment                       -                  -                 -              (6.9)                 (6.9)
Inventory acquisition step-up                      -                3.4               3.9                 -                   7.3
Legal and environmental remediation
reserves                                           -                  -               6.0                 -                   6.0
Coevorden tolling related charges                  -                6.2                 -                 -                   6.2
Other                                              -                3.8                 -               0.1                   3.9
Adjusted EBITDA                            $   102.6          $   212.1          $  124.0          $  (44.9)         $      393.8
Net Sales                                  $ 1,260.1          $ 1,129.9    

$ 608.1 $ – $ 2,998.1
Adjusted EBITDA margin

                           8.1  %            18.8  %           20.4  %              -                  13.1  %
Year Ended September 30, 2020
Net income (loss) from continuing
operations                                 $    42.9          $    44.9          $   91.2          $ (287.4)         $     (108.4)
Income tax expense                                 -                  -                 -              14.5                  14.5
Interest expense                                   -                  -                 -              93.2                  93.2
Depreciation and amortization                   35.2               44.4              20.4              14.7                 114.7
EBITDA                                          78.1               89.3             111.6            (165.0)                114.0
Share and incentive based
compensation                                       -                  -                 -              34.8                  34.8
Restructuring and related charges                4.6               20.8               0.5              45.7                  71.6
Transaction related charges                      8.8               10.8                 -               3.5                  23.1
Unallocated shared costs                           -                  -                 -              17.4                  17.4
Loss on Energizer investment                       -                  -                 -              16.8                  16.8
Loss on sale of Coevorden operations               -               26.8                 -                 -                  26.8
Write-off from impairment of
intangible assets                                  -               24.2                 -                 -                  24.2
Foreign currency loss on
multicurrency divestiture loans                  0.6                  -                 -               3.2                   3.8
Other                                            0.1                0.1                 -              (3.9)                 (3.7)
Adjusted EBITDA                            $    92.2          $   172.0          $  112.1          $  (47.5)         $      328.8
Net Sales                                  $ 1,107.6          $   962.6    

$ 551.9 $ – $ 2,622.1
Adjusted EBITDA margin

                           8.3  %            17.9  %           20.3  %              -  %               12.5  %
Year Ended September 30, 2019
Net (loss) income from continuing
operations                                 $  (127.8)         $    63.4          $   84.9          $ (281.8)         $     (261.3)
Income tax benefit                                 -                  -                 -             (36.1)                (36.1)
Interest expense                                   -                  -                 -             106.1                 106.1
Depreciation and amortization                   64.6               48.8              19.3              14.6                 147.3
EBITDA                                         (63.2)             112.2             104.2            (197.2)                (44.0)
Share and incentive based
compensation                                       -                  -                 -              47.2                  47.2
Restructuring and related charges                8.1                7.6               1.8              43.5                  61.0
Transaction related charges                      7.4                2.5                 -              11.0                  20.9
Unallocated shared cost                            -                  -                 -              15.7                  15.7
Loss on Energizer investment                       -                  -                 -              12.1                  12.1
Write-off from impairment of
goodwill                                       116.0                  -                 -                 -                 116.0
Write-off from impairment of
intangible assets                               18.8               16.6                 -                 -                  35.4
Legal and environmental remediation
reserves                                           -                  -                 -              10.0                  10.0
Foreign currency loss on
multicurrency divestiture loans                    -                  -                 -              36.2                  36.2
Other                                            0.1                3.7              (0.5)              0.8                   4.1
Adjusted EBITDA                            $    87.2          $   142.6          $  105.5          $  (20.7)         $      314.6
Net Sales                                  $ 1,068.1          $   870.2          $  508.1          $      -          $    2,446.4
Adjusted EBITDA Margin                           8.2  %            16.4  %           20.8  %              -                  12.9  %


                                       33

————————————————– ——————————

Contents

Consolidated Results of Operations
The following section provides an analysis of our operations for the years ended
September 30, 2021, 2020 and 2019.
SBH
The following is summarized consolidated results of operations for SBH for the
years ended September 30, 2021, 2020 and 2019, respectively:
(in millions, except %)               2021               2020                  Variance                  2020               2019                  Variance
Net sales                         $ 2,998.1          $ 2,622.1          $ 376.0        14.3  %       $ 2,622.1          $ 2,446.4          $ 175.7         7.2  %
Gross profit                        1,034.6              878.1            156.5        17.8  %           878.1              819.6             58.5         7.1  %
Gross profit margin                    34.5  %            33.5  %           100    bps                    33.5  %            33.5  %             -    

bps

Operating expenses                    937.5              869.5             68.0         7.8  %           869.5              972.0           (102.5)      (10.5) %
Interest expense                      116.5               93.7             22.8        24.3  %            93.7              158.4            (64.7)      (40.8) %
Other non-operating
(income) expense, net                  (8.3)              16.2            (24.5)           n/m            16.2               43.4            (27.2)      (62.7) %
Income tax (benefit)
expense                               (26.4)              27.3            (53.7)           n/m            27.3              (52.0)            79.3    

n / m

Net income (loss) from
continuing operations                  15.3              (52.4)            67.7            n/m           (52.4)            (302.2)           249.8     

n / m

Income from discontinued
operations, net of tax                174.3              150.9             23.4        15.5  %           150.9              798.0           (647.1)      (81.1) %
Net income                            189.6               98.5             91.1        92.5  %            98.5              495.8           (397.3)      (80.1) %
n/m = not meaningful


Net Sales. The following is a summary of net sales by segment for the years
ended September 30, 2021, 2020 and 2019 and the principal components of changes
in net sales for the respective periods.
(in millions, except %)                     2021               2020                  Variance                  2020               2019                  Variance
HPC                                     $ 1,260.1          $ 1,107.6          $ 152.5        13.8  %       $ 1,107.6          $ 1,068.1          $  39.5         3.7  %
GPC                                       1,129.9              962.6            167.3        17.4  %           962.6              870.2             92.4        10.6  %
H&G                                         608.1              551.9             56.2        10.2  %           551.9              508.1             43.8         8.6  %
Net Sales                               $ 2,998.1          $ 2,622.1            376.0        14.3  %       $ 2,622.1          $ 2,446.4            175.7         7.2  %


(in millions)                                                            2021               2020
Net Sales for the year ended September 30, 2020 and 2019,
respectively                                                         $ 2,622.1          $ 2,446.4
Increase due to acquisition                                              122.7                7.5
Increase in HPC                                                          121.4               58.4
Increase in GPC                                                           49.4               86.0
Increase in H&G                                                           33.0               43.9
Foreign currency impact, net                                              49.5              (20.1)

Net sales for the year ended September 30, 2021 and 2020, respectively

                                                         $ 

2 998.1 $ 2,622.1


Gross Profit. Gross profit for the year ended September 30, 2021 increased
primarily due to higher sales volume with increased productivity, favorable mix
with incremental product and input costs partially offset by pricing
adjustments. Gross profit for the year ended September 30, 2020 increased with
no change in margin, primarily due to increased sales volume with incremental
product and input costs including tariffs, offset by productivity, favorable
product mix and pricing adjustments.
Operating Expenses. Operating expenses for the year ended September 30, 2021
increased due to higher selling expenses of $78.3 million attributable to higher
freight and distribution costs and higher marketing and advertising spend,
increased general and administrative costs of $26.3 million and increased
transaction related charges of $33.2 million due to strategic acquisition and
divestiture activities; offset by a decrease in restructuring costs of $19.4
million with loss from sale of Coevorden facility of $26.8 million and
impairment of related intangible assets of $24.2 million in the prior year.
Operating expenses for the year ended September 30, 2020 decreased due to the
impairment of HPC goodwill of $116.0 million and impairment of intangible assets
of $35.4 million in the previous year with offsets by the recognition of loss
from sale of Coevorden facility of $26.8 million and impairment of related
intangible assets $24.2 million. See Note 2 - Significant Accounting Policies
and Practices and Note 5 - Restructuring and Related Charges in the Notes to the
Consolidated Financial Statements included elsewhere in this Annual Report for
additional detail on transaction and restructuring related charges.
Interest Expense. Interest expense for the year ended September 30, 2021
increased due to one-time refinancing charges offset by lower average borrowing
rates. Interest expense for the year ended September 30, 2020 decreased due to
lower borrowings and average interest rates during the period. See Note 12 -
Debt in Notes to the Consolidated Financial Statements included elsewhere in
this Annual Report.
Other Non-Operating Expense, Net. Other non-operating expense, net for the year
ended September 30, 2021 decreased due to realized gains on the investment in
Energizer common stock which was fully liquidated in January 2021. Other
non-operating expense, net for the year ended September 30, 2020 decreased
primarily due to foreign currency losses in the previous year related to
multicurrency loans with foreign subsidiaries associated with the GBL and GAC
divestitures and realized and unrealized losses on the investment in Energizer
common stock. See Note 7 - Fair Value of Financial Instruments in the Notes to
the Consolidated Financial Statements included elsewhere in this Annual Report
for additional detail.

                                       34

————————————————– ——————————

Contents

Income Taxes. The effective tax rate was 237.8% for the year ended September 30,
2021 compared to 108.8% for the year ended September 30, 2020 and 14.7% for the
year ended September 30, 2019. Pretax income from continuing operations in the
year ended September 30, 2021 was close to breakeven and therefore many items
have a sizeable impact on the effective tax rate. Our annual effective tax rate
is significantly impacted by income earned outside the U.S. that is subject to
U.S. tax including the U.S. tax on global intangible low taxed income, certain
nondeductible expenses, state income taxes, and foreign rates that differ from
the U.S. federal statutory rate. The year ended September 30, 2021 tax expense
was significantly impacted by valuation allowance release, tax expense due to an
increase to the United Kingdom's future tax rate, and tax benefits from
retroactive law changes for global intangible low taxed income. See Note 16 -
Income Taxes in Notes to the Consolidated Financial Statements, included
elsewhere in this Annual Report for additional detail.
Income From Discontinued Operations. Discontinued operations includes the
results of operations, financial position and cash flows for the GBL and GAC
divisions sold during the year ended September 30, 2019, effective January 2,
2019 and January 28, 2019, respectively, plus the operations, financial position
and cash flows for HHI for all comparable periods, with the HHI disposal group
being held for sale as of September 30, 2021.
Income from discontinued operations, net of tax increased during the year ended
September 30, 2021 due to increased income from operations of HHI driven by
strong consumer demand and new product innovation driving sales growth across
retail, e-commerce and new build channels coupled with fulfillment of prior year
retail inventory rebuild when the prior year was impacted by COVID-19 supply
related disruptions; partially offset by higher freight and input cost inflation
and higher marketing investments.
Income from discontinued operations, net of tax, decreased during the year ended
September 30, 2020 due to the net gain realized from the disposition of the GBL
and GAC divestitures during the year ended September 30, 2019, offset by the
decrease in income from operations of HHI. Decrease in HHI operations was
attributable to lower sales volumes driven by COVID-19 supply constraints
coupled with higher input costs and tariffs, offset by improved productivity,
pricing and mix, retrospective tariff exclusions and reduced restructuring
spend; and lower allocation of interest costs from corporate debt allocated to
discontinued operations attributable to the paydown of debt following the
disposition of the GBL and GAC divestitures.
See Note 3 - Divestitures in Notes to the Consolidated Financial Statements,
included elsewhere in this Annual Report, for more information on the
divestitures and the assets and liabilities classified as held for sale.
Noncontrolling Interest. The net income attributable to noncontrolling interest
reflects the share of the net income of our subsidiaries, which are not
wholly-owned, attributable to the accounting interest. Such amount varies in
relation to such subsidiary's net income or loss for the period and the
percentage interest not owned by SBH.
SB/RH
The following is summarized consolidated results of operations for SB/RH for the
years ended September 30, 2021, 2020 and 2019:
(in millions, except %)               2021               2020                  Variance                  2020               2019                  Variance
Net sales                         $ 2,998.1          $ 2,622.1          $ 376.0        14.3  %       $ 2,622.1          $ 2,446.4          $ 175.7         7.2  %
Gross profit                        1,034.6              878.1            156.5        17.8  %           878.1              819.6             58.5         7.1  %
Gross profit margin                    34.5  %            33.5  %           100    bps                    33.5  %            33.5  %             -    

bps

Operating expenses                    933.8              862.5             71.3         8.3  %           862.5              967.3           (104.8)      (10.8  %)
Interest expense                      116.8               93.2             23.6        25.3  %            93.2              106.1            (12.9)      (12.2  %)
Other non-operating
(income) expense, net                  (8.3)              16.3            (24.6)           n/m            16.3               43.6            (27.3)      (62.6  %)
Income tax (benefit)
expense                               (25.0)              14.5            (39.5)           n/m            14.5              (36.1)            50.6    

n / m

Net income (loss) from
continuing operations                  17.3             (108.4)           125.7            n/m          (108.4)            (261.3)           152.9       (58.5  %)
Income from discontinued
operations, net of tax                174.3              150.9             23.4        15.5  %           150.9              803.9           (653.0)      (81.2  %)
Net income                            191.6               42.5            149.1       350.8  %            42.5              542.6           (500.1)      (92.2  %)
n/m = not meaningful



For the years ended September 30, 2021 and 2020, the change in net sales, gross
profit, operating expenses and other non-operating expenses are primarily
attributable to changes in SBH previously discussed. The change in interest
expense is primarily attributable to the changes in SBH previously discussed
except for the non-cash gain on extinguishment of Salus CLO debt. Income from
discontinued operations is attributable to SBH previously discussed.
The effective tax rate was 324.7% for the year ended September 30, 2021 compared
to (15.4%) for the year ended September 30, 2020 and 12.1% for the year ended
September 30, 2019. The change in tax rate is primarily attributable to the
changes in SBH previously discussed.


                                       35

————————————————– ——————————

Contents

Segment Financial Data
This section provides an analysis of our results of reportable segments for the
years ended September 30, 2021 and 2020. For a discussion of our fiscal 2019
results, please refer to Item 7, "Management's Discussion and Analysis of
Financial Condition and Results of Operations" for the Company's Annual Report
on Form 10-K for the year ended September 30, 2020 filed with the SEC on
November 15, 2019.
Home & Personal Care (HPC)
(in millions, except %)                   2021               2020                  Variance                  2020               2019                 Variance
Net sales                             $ 1,260.1          $ 1,107.6          $ 152.5        13.8  %       $ 1,107.6          $ 1,068.1          $  39.5        3.7  %
Operating income (loss)                    46.4               42.9              3.5         8.2  %            42.9             (127.5)           170.4           n/m
Operating income margin                     3.7  %             3.9  %           (20)   bps                     3.9  %           (11.9) %         1,580    bps
Adjusted EBITDA                       $   102.6          $    92.2          $  10.4        11.3  %       $    92.2          $    87.2          $   5.0        5.7  %
Adjusted EBITDA margin                      8.1  %             8.3  %           (20)   bps                     8.3  %             8.2  %            10    bps
n/m = not meaningful


Net sales for the year ended September 30, 2021 increased driven by strong
growth in hair care products as part of the personal care appliance category and
strong growth in cooking, food preparation and garment within the small home
appliance category; coupled with a strong holiday season earlier in the year,
new product introductions, continued e-commerce growth, expanded distribution in
LATAM markets, re-opening of traditional retail channels and pricing adjustments
in response to higher material input costs partially mitigated by supply chain
constraints limiting distribution. Organic net sales increased $121.4 million,
or 11.0%, excluding favorable foreign exchange impact.
Operating income and Adjusted EBITDA for the year ended September 30, 2021
increased with a decrease in margin due to increased sales from volume and
pricing with favorable foreign currency offset by increased material and input
cost inflation, freight costs and increased marketing investments; with higher
depreciation and amortization expense impacting operating income and margin.
Net sales for the year ended September 30, 2020 increased driven by growth in
both small appliances and personal care including strong net sales growth in the
U.S. from e-commerce and mass channels with continued strength in convenience
cooking including new product introductions from George Foreman grills, holiday
season promotional volumes, coupled with demand increase partially offset by
supply constraints and store closures in response to the COVID-19 pandemic.
Organic net sales increased $58.4 million or 5.5% excluding unfavorable foreign
exchange impact.
Operating income and Adjusted EBITDA for the year ended September 30, 2020
increased with an increase in margin due to higher sales volumes with favorable
product mix and productivity with benefit from retrospective tariff exclusions,
offset by incremental input costs driven by tariffs, increased marketing and
advertising spend, plus incremental foreign currency transaction loss. Operating
income and margin for the year ended September 30, 2019 was further impacted by
the recognition of goodwill impairment of $116.0 million, write-off of
indefinite lived intangible assets of $18.8 million, and incremental
depreciation and amortization of $29.0 million in the prior year associated with
HPC business being de-recognized from held for sale.
Global Pet Care (GPC)
(in millions, except %)                   2021              2020                 Variance                 2020             2019                 Variance
Net sales                             $ 1,129.9          $ 962.6          $ 167.3        17.4  %       $ 962.6          $ 870.2          $  92.4        10.6  %
Operating income                          129.9             47.1             82.8       175.8  %          47.1             65.6            (18.5)      (28.2) %
Operating income margin                    11.5  %           4.9  %           660    bps                   4.9  %           7.5  %          (260)   bps
Adjusted EBITDA                       $   212.1          $ 172.0          $  40.1        23.3  %       $ 172.0          $ 142.6          $  29.4        20.6  %
Adjusted EBITDA margin                     18.8  %          17.9  %            90    bps                  17.9  %          16.4  %           150    bps


Net sales for the year ended September 30, 2021 increased due to acquisition
sales of $99.5 million coupled with continued growth in aquatics and companion
animal categories highlighted by dog chews and treats, with strong development
across distribution channels led by expanded e-commerce, partially mitigated by
lower than anticipated fulfillment levels attributable to distribution center
transitions during the year. Organic net sales increased $49.4 million, or 5.1%
excluding favorable foreign exchange impact and acquisition sales.
Operating income and Adjusted EBITDA for the year ended September 30, 2021
increased with an increase in margins due to higher volume, favorable product
mix, pricing and productivity, offset by higher material input costs, freight
and distribution costs, and incremental costs and inefficiencies with
distribution center transition, including higher than normal customer fines and
penalties further impacting operating income and margin.
Net sales for the year ended September 30, 2020 increased due to continued
growth in aquatics and companion animal products driven by broad based demand
across all aquatic product types, including significant demand for hard goods
through e-commerce and pet specialty channels, plus growth in companion animal
categories driven by strong consumables demand in the dollar, mass and
e-commerce channels and increased consumer demand experienced during the
COVID-19 pandemic. Organic net sales increased $86.0 million or 9.9% due to
unfavorable foreign exchange impact and acquisition sales.
Operating income for the year ended September 30, 2020 decreased with a decline
in margin due to the recognition of a loss on assets held for sale of $26.8
million associated with the Coevorden Operations divestiture, and a $24.2
million write-off from impairment of intangible assets; incremental transaction
costs associated with the Omega acquisition and Coevorden Operations
divestiture, plus restructuring costs and accelerated depreciation as part of
the Global Productivity Improvement Program, tariffs and additional investment
in marketing and advertising, offset by increased sales volume, product cost
improvements, and positive pricing. Adjusted EBITDA increased with an increase
in margin due to increased sales volume, productivity, and positive pricing,
offset by tariffs and additional investment in marketing and advertising.
                                       36

————————————————– ——————————

  Table of Contents

Home & Garden (H&G)
(in millions, except %)                  2021             2020                 Variance                 2020             2019                Variance
Net sales                             $ 608.1          $ 551.9          $ 56.2        10.2  %        $ 551.9          $ 508.1          $  43.8        8.6  %
Operating income                         83.7             91.2            (7.5)       (8.2  %)          91.2             85.0              6.2        7.3  %
Operating income margin                  13.8  %          16.5  %         (270)   bps                   16.5  %          16.7  %           (20)   bps
Adjusted EBITDA                       $ 124.0          $ 112.1          $ 11.9        10.6  %        $ 112.1          $ 105.5          $   6.6        6.3  %
Adjusted EBITDA margin                   20.4  %          20.3  %           10    bps                   20.3  %          20.8  %           (50)   bps


Net sales for the year ended September 30, 2021 increased across product
categories driven by strong early season orders across channels and strong early
season POS coupled with strong late season consumer demand and acquisition
sales. Organic net sales increased $33.0 million, or 6.0% excluding acquisition
sales.
Operating income for the year ended September 30, 2021 decreased with a decline
in margin due to increased material input costs, advertising and marketing
investment, and higher distribution expenses, partially offset by higher sales
volumes and positive pricing and productivity improvements; with increased
acquisition related costs and legal reserves. Adjusted EBITDA increased with an
increase in margin attributable to increased material input costs, advertising
and marketing investment, and higher distribution expenses, partially offset by
higher sales volumes and positive pricing and productivity improvements
Net sales for the year ended September 30, 2020 increased driven by growth
across all three major product categories of controls, household insecticides
and repellents; and benefited from strong point of sale and replenishment as
retailers supported the extended selling season.
Operating income and Adjusted EBITDA for the year ended September 30, 2020
increased with a decline in margin due to increased sales volume offset by
higher material and input costs including tariffs, plus higher marketing and
advertising investment spending.
Liquidity and Capital Resources
This section provides a discussion of our financial condition and an analysis of
our cash flows for the years ended September 30, 2021, 2020, and 2019. This
section also provides a discussion of our contractual operations and other
commercial commitments as well as our ability to fund future commitments and
operating activities through sources of capital as of September 30, 2021.
The following is a summary of the Company's net cash flows from continuing
operations for the years ended September 30, 2021, 2020, and 2019:
                                                SBH                                        SB/RH
   (in millions)                 2021          2020           2019           2021          2020           2019

Operating activities $ 89.2 $ 201.8 $ (42.6) $

81.7 $ (8.3) $ (34.9)

Investment activities (400.7) $ $ 125.2 $ 2,820.9 (400.7) $ $ 125.2 $ 2,820.9

Fundraising activities $ (206.9) $ (495.1) $ (2,721.6) $ (197.1) $ (283.8) $ (2,693.4)


Cash flows from operating activities
Cash flows from operating activities by SBH continuing operations for the year
ended September 30, 2021 decreased $112.6 million. primarily attributable to the
increased use in cash spend towards working capital, particularly from inventory
build-up, and cash paid towards strategic transaction activity with increased
cash generated by operations from continuing operations and lower spending on
restructuring activities
Cash flows from operating activities by SBH continuing operations for the year
ended September 30, 2020 increased $244.4 million due to cash provided by
continuing operations with cash contributed by working capital primarily
attributable to timing of accounts payable, reduction in cash paid for interest
and taxes, lower spending towards strategic transaction, offset by increase in
cash used towards restructuring activities during the year.
Changes in cash flows from operating activities by SB/RH continuing operations
are primarily due to the SBH items discussed above except for an incremental
operating cash outflow to its parent company for payments to SBH for the use of
federal net operating losses, as provided under the Company's tax sharing
agreement.
Cash flows from investing activities
Cash flows used in investing activities by SBH continuing operations for the
year ended September 30, 2021 increased $525.9 million primarily due to increase
in cash used for acquisitions of $413.0 million from the acquisitions of
Rejuvenate and Armitage and higher cash proceeds in the prior year from
divestiture activity of $32.6 million attributable to the Coevorden Facility,
and the sale of Energizer common stock of $74.0 million, The Company sold its
remaining investment in Energizer common stock in January 2021. Cash flow from
investing activities for SB/RH continuing operations for the year ended
September 30, 2021 are primarily due to the SBH items previously discussed.
Cash flows from investing activities by SBH continuing operations for the year
ended September 30, 2020 decreased $2,695.7 million primarily due to higher
proceeds in the prior year from divestitures of $2,826.9 million attributable to
the divestitures of GBL and GAC, offset by the cash proceeds from the Coevorden
Operations divestiture, increase in cash used for acquisition of $16.9 million
from the acquisition of Omega, offset by proceeds from the sale of Energizer
common stock of $147.1 million. Capital expenditures increased $3.7 million
primarily towards investment in higher return cost reduction projects and
related restructuring initiatives. Cash flows from investing activities for
SB/RH continuing operations for the year ended September 30, 2020 are primarily
due to the SBH items previously discussed.

                                       37

————————————————– ——————————

Contents

Cash flows from financing activities
Cash flows used in financing activities by SBH continuing operations decreased
$288.2 million for the year ended September 30, 2021 primarily due to lower
stock repurchase activity, payment of contingent consideration associated with
the GBL divestiture of $197.0 million in the prior year; partially offset by
reduced cash inflow from debt financing of $157.9 million primarily due to
premiums and loss on extinguishment from refinancing activity. During the year
ended September 30, 2021, the Company realized $899.0 million of proceeds from
the new Term Loan Facility and issuance of the 3.875% Notes, net discount, with
payment of $891.2 million of outstanding principal on the 6.125% Notes and the
5.75% Notes including make whole premiums of $23.4 million, plus paydown of
assumed debt from the acquisition of Armitage. Refer to Note 12 - Debt in Notes
to Consolidated Financial Statements included elsewhere in this Annual Report
for additional information. There has been no issuance of common stock, other
than through the Company's share-based compensation plan, with reduced spending
on common stock repurchases of $239.0 million from the accelerated share
repurchase arrangement and open market purchases in the prior year. See Note 18
- Shareholder's Equity in Notes to Consolidated Financial Statements included
elsewhere in this Annual Report for additional information. Cash dividend
payments decreased due to lower shares outstanding with a consistent dividend
rate of $0.42 per shares. Cash flows from financing activities for SB/RH
continuing operations for the year ended September 30, 2021 are highly dependent
upon the financing cash flow activity of SBH.
Cash flows used in financing activities by SBH continuing operations decreased
$2,226.5 million for the year ended September 30, 2020 primarily due to the debt
repayment activity in the prior year following the GBL and GAC divestitures,
offset by the payment of the Varta contingent payment to Energizer subsequent to
the GBL divestiture and incremental treasury share repurchase activity. During
the year ended September 30, 2020, SBH recognized net proceeds of $300.0 million
from the issuance of 5.50% Notes. The proceeds from the issuance of the 5.50%
Notes were used for repayment of the Revolver Facility obligation. The Company
made $134.3 million payment on debts for the outstanding balance of 6.625% Notes
of $117.4 million with premium of early extinguishment of $1.3 million, and
other debt payments of $15.6 million. There has been no issuance of common
stock, other than through the Company's share-based compensation plan, with
increased spending on common stock repurchase activity of $364.8 million from
the accelerated share repurchase arrangement and open market purchases during
the year. See Note 18 - Shareholder's Equity in Notes to Consolidated Financial
Statements included elsewhere in this Annual Report for additional information.
Cash dividend payments decreased due to lower shares outstanding with a
consistent dividend rate of $0.42 per shares. Cash flows from financing
activities for SB/RH continuing operations are highly dependent upon the
financing cash flow activity of SBH.
Liquidity Outlook
Our ability to generate significant cash flow from operating activities coupled
with our expected ability to access the credit markets, enables us to execute
our growth strategies and return value to our shareholders. Our ability to make
principal and interest payments on borrowings under our debt agreements and our
ability to fund planned capital expenditures will depend on the ability to
generate cash in the future, which, to a certain extent, is subject to general
economic, financial, competitive, regulatory and other conditions. Based upon
our current level of operations, existing cash balances, the anticipated
proceeds from HHI divestitures and availability under our credit facility, we
expect cash flows from operations to be sufficient to meet our operating and
capital expenditure requirements for at least the next 12 months. Additionally,
we believe the availability under our credit facility and access to capital
markets are sufficient to achieve our longer-term strategic plans. As of
September 30, 2021, the Company had borrowing availability of $575.4 million,
net of outstanding letters of credit of $24.6 million, under our credit
facility. Liquidity and capital resources of SB/RH are highly dependent upon the
cash flow activities of SBH.
Short-term financing needs primarily consist of working capital requirements,
restructuring initiatives, capital spending, and periodic principal and interest
payments on our long-term debt. Long-term financing needs depend largely on
potential growth opportunities, including acquisition activity, repayment or
refinancing of our long-term obligations, and repurchases of our common stock.
We may, from time-to-time, seek to repurchase shares of our common stock. Such
repurchases, if any, will depend on prevailing market conditions, our liquidity
requirements, and other factors. During the fourth quarter ended September 30,
2021, SBH entered into a $150 million rule 10b5-1 repurchase to facilitate daily
market share repurchases through September 2022 or until the cap is reached or
agreement is terminated, of which $16.0 million was executed as of September 30,
2021. Our long-term liquidity may be influenced by our ability to borrow
additional funds, renegotiate existing debt, and raise equity under terms that
are favorable to us. We also have long-term obligations associated with defined
benefit plans with expected minimum required contributions that are not
considered significant to the consolidated group.
We maintain a capital structure that we believe provides us with sufficient
access to credit markets. When combined with strong levels of cash flow from
operations, our capital structure has provided the flexibility necessary to
pursue strategic growth opportunities and return value to our shareholders. The
Company's access to capital markets and financing costs may depend on the
Company's credit ratings. None of the Company's current borrowings are subject
to default or acceleration as a result of a downgrading of credit ratings,
although a downgrade of the Company's credit ratings could increase fees and
interest charges on future borrowings. At September 30, 2021, we were in
compliance with all covenants under the Credit Agreement and the indentures
governing the 3.875% Notes, 5.00% Notes, 5.50% Notes, 5.75% Notes, and 4.00%
Notes.
A portion of our cash balance is located outside the U.S. given our
international operations. We manage our worldwide cash requirements centrally by
reviewing available cash balances across our worldwide group and the cost
effectiveness with which this cash can be accessed. We generally repatriate cash
from non-U.S. subsidiaries, provided the cost of the repatriation is not
considered material. The counterparties that hold our deposits consist of major
financial institutions. At September 30, 2021, we believe there is approximately
$50-75 million of foreign cash available for repatriation.
The majority of our business is not considered seasonal with a year round
selling cycle that is overall consistent during the fiscal year with the
exception of our H&G segment. H&G sales typically peak during the first six
months of the calendar year (the Company's second and third fiscal quarters) due
to customer seasonal purchasing patterns and the timing of promotional activity.
This seasonality requires the Company to ship large quantities of product ahead
of peak consumer buying season that can impact cash flow demands to meet
manufacturing and inventory requirements earlier in the fiscal year, as well as
extended credit terms and/or promotional discounts throughout the peak season.
The Company enters into factoring agreements and customers' supply chain
financing arrangements to provide for the sale of certain trade receivables to
unrelated third-party financial institutions. The factored receivables are
accounted for as a sale without recourse, and the balance of the receivables
sold are removed from the Consolidated Balance Sheet at the time of the sales
transaction, with the proceeds received recognized as an operating cash flow.
Additionally, the Company facilitates a voluntary supply chain financing program
to provide certain of its suppliers with the opportunity to sell receivables due
from the Company (the Company's trade payables) to an unrelated third-party
financial institution under the sole discretion of the supplier and the
participating financial institution. There are no guarantees provided by the
Company or its subsidiaries and we do not enter into any agreements with the
suppliers regarding their participation. The Company's responsibility is limited
to payments on the original terms negotiated with its suppliers, regardless of
whether the suppliers sell their receivables to the financial institution, and
continue to be recognized as accounts payable on the Company's Consolidated
Balance Sheet with cash flow activity recognized as an operating cash flow.
                                       38

————————————————– ——————————

Contents

The COVID-19 pandemic has not, as of the date of this report, materially
impacted our operations or demand for our products and has not had a materially
negative impact on the Company's liquidity position. The Company has realized
supply chain disruptions which has impacted our cash flow to facilitate
increased investment in inventory to ensure timely supply to meet customer
demands along with shortened payment dates for some suppliers to account for
longer shipping cycles. There can be no assurance that it won't have a material
negative impact on us in the future. Nonetheless, we continue to actively
monitor our global cash balances and liquidity, and if necessary, could
reinitiate mitigating efforts to manage non-critical capital spend and assess
operating spend to preserve cash and liquidity, including the suspension of our
share repurchase activity. We continue to generate operating cash flows to meet
our short-term liquidity needs, and we expect to maintain access to the capital
markets, although there can be no assurance of our ability to do so. However,
the continued spread of COVID-19 has led to disruption and volatility in the
global capital markets, which, depending on future developments, could impact
our capital resources and liquidity in the future.
Debt obligations
Our debt obligations, excluding finance leases, have varying maturity dates with
no material outstanding principal payments due within the following 12 months.
Our Term Loan Facility is subject to quarterly amortizing payments of $1.0
million. Refer to Note 12-Debt in notes to Consolidated Financial Statements
included elsewhere in this Annual Report for expiration dates and maturity
schedules on outstanding debt obligations for the following 5 years and
thereafter. In addition to the outstanding principal on our debt, we anticipate
annual interest payments of $117.4 million in the aggregate and includes
interest under our: (i) Term Loan and Revolver Facility of $20.9 million,
subject to variable interest rates; (ii) 5.75% Notes of $25.9 million; (iii)
4.00% Notes of $19.7 million; (iv) 5.00% Notes of $15.0 million; (v) 5.50% Notes
of $16.5 million;(v) 3.875% Notes of $19.4 million. Interest on the notes is
payable semi-annually in arrears and interest under the Term Loan and Revolver
Facility is payable on various interest payment dates as provided in the Senior
Credit Agreement.
Lease obligations
The Company enters into leases primarily pertaining to real estate for
manufacturing facilities, distribution centers, office space, warehouses, and
various equipment including automobiles, machinery, computers, and office
equipment, amongst others. Lease obligations with a term in excess of 12 months
are recognized on the Company's Consolidated Statement of Financial Position.
See Note 13 - Leases of Notes to the Consolidated Financial Statement included
elsewhere in the Annual Report for further detail, including maturity schedule
on outstanding finance and operating lease obligations for the following 5 years
and thereafter, including imputed interest not reflected on the Consolidated
Statements of Financial Position.
Employee benefit plan obligations
The Company and its subsidiaries are sponsors to various defined benefit pension
plans covering some of its employees that provide post-employment benefits of
stated amounts for each year of service, including a number of other non-U.S.
pension arrangements, including various retirement and termination benefit
plans, some of which are covered by local law or coordinated with
government-sponsored plans. The Company's recognizes an actuarial determined
unfunded projected benefit obligation recognized as Other Long-Term Liabilities
on the Company's Consolidated Statement of Financial Position, net fair value of
dedicated plan assets. See Note 15 - Employee Benefit Plans of the Notes to the
Consolidated Financial Statements included elsewhere in this Annual Report for
further detail included projected payments towards the future obligation for the
following 5 years and thereafter. The Company anticipates that benefit
obligations will be predominantly paid through dedicated plan assets. Future
contributions to defined benefit plans are not expected to be material to the
operations and cash flow for the Company.
Other commitments and obligations
Other commitments and obligations include an outstanding mandatory repatriation
tax liability of $18.9 million that is payable over the next 5 years, with $2.0
million due and payable in the next 12 months but will be offset by previous
payments and credits. The remaining balance due is net of refundable tax credits
and overpayments that must be applied to the mandatory tax installments, and due
to the credits and overpayments, the Company does not expect to make an
additional payment for mandatory repatriation until Fiscal 2025. See Note 16 -
Income Taxes of Notes to the Consolidated Financial Statements included
elsewhere in this Annual Report.
Our Consolidated Statements of Financial Position also includes reserves for
uncertain tax positions; however, it is not possible to predict or estimate the
amount and timing of payments for uncertain tax positions and those liabilities
have been excluded from the obligations above. The Company cannot reasonably
predict the ultimate outcome of income tax audits currently in progress for
certain of our companies. It is reasonably possible that during the next 12
months, some portion of our unrecognized tax benefits could be recognized. See
Note 16 - Income Taxes of the Notes to the Consolidated Financial Statements
included elsewhere in this Annual Report for additional discussion on uncertain
tax positions.
The Company has recognized other payables associated with indemnifications
following divestitures, including tax indemnifications, that we cannot
reasonably predict the ultimate outcome of our obligation; however it is
reasonably possible that during the next 12 months, some portion of our
indemnification payable could be recognized. As of September 30, 2021, there are
$17.3 million of indemnification liabilities recognized as Other Current
Accruals and $19.2 million recognized as Other Long-Term Liabilities on the
Consolidated Statement of Financial Position. See Note 3 - Divestitures of the
Notes to the Consolidated Financial Statements included elsewhere in this Annual
Report.
                                       39

————————————————– ——————————

Contents

Guarantor Statements - SB/RH
SBI has issued the 5.75% Notes under the 2025 Indenture, the 4.00% Notes under
the 2026 Indenture, the 5.00% Notes under the 2029 Indenture, the 5.50% Notes
under the 2030 Indenture, and the 3.875% Notes under the 2031 Indentures
(collectively, the "Notes"). The Notes are unconditionally guaranteed, jointly
and severally, on a senior unsecured basis by SB/RH and SBI's domestic
subsidiaries. The Notes and the related guarantees rank equally in right of
payment with all of SBI and the guarantors' existing and future senior
indebtedness and rank senior in right of payment to all of SBI and the
guarantors' future indebtedness that expressively provide for its subordination
to the Notes and the related guarantees. Non-guarantor subsidiaries primarily
consist of SBI's foreign subsidiaries.
The following financial information consists of summarized financial information
of the Obligor, presented on a combined basis. The "Obligor" consists of the
financial statements of SBI as the debt issuer, SB/RH as a parent guarantor, and
the domestic subsidiaries of SBI as subsidiary guarantors. Intercompany balances
and transactions between SBI and the guarantors have been eliminated.
Investments in non-guarantor subsidiaries and the earnings or losses from those
non-guarantor subsidiaries have been excluded.
(in millions)                                                  2021
Statement of Operations Data
Third-party net sales                                       $ 1,774.2
Intercompany net sales to non-guarantor subsidiaries             18.8
Total net sales                                               1,793.0
Gross profit                                                    555.5
Operating loss                                                  (79.5)
Net loss from continuing operations                            (116.2)
Net income                                                       28.6
Net income attributable to controlling interest                  28.6
Statement of Financial Position Data
Current Assets                                              $ 1,999.1
Noncurrent Assets                                             2,090.2
Current Liabilities                                             936.1
Noncurrent Liabilities                                        2,881.7

Amounts owed by the debtor, due to non-guarantor subsidiaries at
September 30, 2021 are as follows: (in millions)

                                               2021

Data from the statement of financial position Current receivables of non-guarantor subsidiaries $ 9.5
Long-term receivables from non-guarantor subsidiaries 202.8 Current debts to non-guarantor subsidiaries

              266.2
Long-term debt with non-guarantor subsidiaries             123.3


                                       40

————————————————– ——————————

Contents

Critical Accounting Policies and Estimates
Our Consolidated Financial Statements have been prepared in accordance with GAAP
and fairly present our financial position and results of operations. The
preparation of the consolidated financial statements requires management to make
estimates and assumptions that affect the reported amounts of assets and
liabilities at the date of the financial statements and the reported amounts of
revenues and expenses during the reporting period. The Company bases its
accounting estimates on historical experience and on various other assumptions
that are believed to be reasonable under the circumstances and evaluates its
estimates on an ongoing basis. The following section identifies and summarizes
those accounting policies considered by management to be the most critical to
understanding the judgments that are involved in the preparation of our
consolidated financial statements and the uncertainties that could impact our
results of operations, financial position and cash flows. The application of
these accounting policies requires judgment and use of assumptions as to future
events and outcomes that are uncertain and, as a result, actual results could
differ from these estimates. Refer to Note 2 - Significant Accounting Policies
and Practices of Notes to the Consolidated Financial Statements for all relevant
accounting policies.
Goodwill, Intangible Assets and Other Long-Lived Assets
The Company's goodwill, intangible assets and tangible fixed assets are stated
at historical cost, net of depreciation and amortization, less any provision for
impairment. Intangible and tangible assets with determinable lives are amortized
or depreciated on a straight line basis over estimated useful lives. Refer to
Note 2 - Significant Accounting Policies and Practices of Notes to the
Consolidated Financial Statements for more information about useful lives.
On an annual basis, during the fourth quarter of the fiscal year, or more
frequently if triggering events occur, the Company tests for impairment of
goodwill by either performing a qualitative assessment or quantitative test for
some or all reporting units. Our reporting units are consistent with our
operating segments. See Note 22 - Segment Information of Notes to the
Consolidated Financial Statements for further discussion of operating and
reporting segments.
The Company evaluates qualitative factors to determine whether it is more likely
than not that the fair value of the reporting unit is less than its carrying
amount. In performing a qualitative assessment, the Company considers events and
circumstances, including, but not limited to macroeconomic conditions, industry
and market conditions, cost factors, overall financial performance, changes in
management or key personnel, changes in strategy, changes in customers, changes
in market value, composition or carrying amount of a reporting unit's net asset,
and considering change in the market price of the Company's common stock. If we
determine that it is more likely than not the carrying value is greater than the
fair value of a reporting unit after assessing the totality of facts and
circumstances, a quantitative assessment is performed to determine the reporting
unit fair value and measure the impairment. If the fair value of a reporting
unit is less than its carrying value, an impairment loss is recorded for the
difference between the fair value of the reporting unit goodwill and its
carrying value. The estimated fair value represents the amount at which a
reporting unit could be bought or sold in a current transaction between willing
parties on an arms-length basis. In estimating the fair value of the reporting
unit, we use a discounted cash flows methodology, which requires us to estimate
future revenues, expenses, and capital expenditures and make assumptions about
our weighted average cost of capital and perpetuity growth rate, among other
variables. We test the aggregate estimated fair value of our reporting units by
comparison to our total market capitalization, including both equity and debt
capital. For the year ended September 30, 2021, we did not recognize an
impairment of goodwill or deem any reporting units as 'at risk' of impairment.
In addition to goodwill, the Company has indefinite-lived intangible assets that
consist of acquired tradenames. On an annual basis, during the Company's fourth
quarter, or more frequently if triggering events occur, the Company tests for
impairment by either performing a qualitative assessment or quantitative test
for some or all indefinite-lived intangible assets. The Company evaluates
qualitative factors to determine whether it is more likely than not that the
fair value of the indefinite lived intangible assets is less than its carrying
amount. In performing a qualitative assessment, the Company considers events and
circumstances including, but not limited to, macroeconomic conditions, industry
and market conditions, cost factors, changes in strategy and overall financial
performance. If we determine that it is more likely than not the carrying value
is greater than the fair value of an indefinite lived intangible asset, a
quantitative assessment is performed to determine the fair value and measure the
impairment. If the fair value is less than its carrying value, an impairment
loss is recorded for the excess. The fair value of indefinite-lived intangible
assets is determined using an income approach, the relief-from-royalty
methodology, which requires us to make estimates and assumptions about future
revenues, royalty rates, and the discount rate, among others. There was no
impairment on indefinite life intangible assets for the year ended September 30,
2021. As of September 30, 2021, there were no material intangible assets that
could be deemed at risk of future impairment due to the limited excess fair
value.
The Company also reviews other definite-lived intangible assets and tangible
fixed assets for impairment when events or changes in business circumstances
indicate that the carrying amount of the assets may not be fully recoverable.
Circumstances such as the discontinuation of a product or product line, a sudden
or consistent decline in the sales forecast for a product, changes in technology
or in the way an asset is being used, a history of operating or cash flow losses
or an adverse change in legal factors or in the business climate, among others,
may trigger an impairment review. If such indicators are present, the Company
performs undiscounted cash flow analyses to determine if impairment exists. The
asset value would be deemed impaired if the undiscounted cash flows expected to
be generated by the asset did not exceed the carrying value of the asset. If
impairment is determined to exist, any related impairment loss is calculated
based on fair value. During the year ended September 30, 2021, there was no
impairment of definite-lived intangible assets or tangible fixed assets.
A considerable amount of judgment and assumptions are required in performing the
impairment tests, principally in determining the fair value of each reporting
unit and assets subject to impairment testing. While the Company believes its
judgments and assumptions are reasonable, different assumptions could change the
estimated fair value and therefore, additional impairment charges could be
required. The Company is subject to financial statement risk in the event that
business or economic conditions unexpectedly decline and impairment is realized.
Income Taxes
The Company is subject to income taxes in the U.S. and numerous foreign
jurisdictions. Significant judgment is required in determining our worldwide
provision for income taxes and recording the related deferred tax assets and
liabilities.
The Company assesses its income tax positions and records tax liabilities for
all years subject to examination based upon management's evaluation of the facts
and circumstances and information available for reporting. For those income tax
positions where it is more-likely-than-not that a tax benefit will be sustained
upon conclusion of an examination, the Company has recorded a reserve based upon
the largest amount of tax benefit having a cumulatively greater than 50%
likelihood of being realized upon ultimate settlement with the applicable taxing
authority assuming that it has full knowledge of all relevant information. For
those income tax positions where it is more-likely-than-not that a tax benefit
will not be sustained, the Company did not recognize a tax benefit. As of
September 30, 2021, the total amount of unrecognized tax benefits, including
interest and penalties, that if not recognized would affect the effective tax
rate in future periods was $19.5 million. Our effective tax rate includes the
impact of income tax reserves and changes to those reserves when considered
appropriate. A number of years may elapse before a particular matter for which
we have established a reserve is finally resolved. Unfavorable settlement of any
particular issue may require the use of cash or a reduction in our net operating
loss carryforwards or tax credits. Favorable resolution would be recognized as a
reduction to the effective rate in the year of resolution.

                                       41

————————————————– ——————————

Contents

The Company recognizes deferred tax assets and liabilities for future tax
consequences attributable to differences between financial statement carrying
amounts of existing assets and liabilities and their respective tax bases, net
operating losses, tax credit, and other carryforwards. Deferred tax assets and
liabilities are measured using enacted tax rates expected to apply to taxable
income in the years in which those temporary differences are expected to be
recovered or settled. The Company does not adjust its measurement for proposed
future tax rate changes that have not yet been enacted into law. The Company
regularly reviews its deferred tax assets for recoverability and establishes a
valuation allowance based on historical losses, projected future taxable income,
expected timing of the reversals of existing temporary differences, and ongoing
prudent and feasible tax planning strategies. We base these estimates on
projections of future income, including tax planning strategies, in certain
jurisdictions. Changes in industry conditions and other economic conditions may
impact our ability to project future income. Should we determine that we would
not be able to realize all or part of our net deferred tax asset in the future,
an adjustment to the deferred tax asset would be charged to income in the period
we make that determination.
As of September 30, 2021, we have U.S. federal net operating loss carryforwards
("NOLs") of $1,389.3 million, with a federal tax benefit of $291.7 million and
future tax benefits related to state NOLs of $69.6 million. Our total valuation
allowance for the tax benefit of deferred tax assets that may not be realized is
$349.4 million at September 30, 2021. Of this amount, $253.0 million relates to
U.S. net deferred tax assets and $96.4 million relates to foreign net deferred
tax assets. We estimate that $149.1 million of valuation allowance related to
domestic deferred tax assets cannot be released regardless of the amount of
domestic operating income generated due to prior period ownership changes that
limit the amount of NOLs and credits we can use.
As of September 30, 2021, we have provided no significant residual U.S. taxes on
earnings not yet taxed in the U.S. As of September 30, 2021, we project $1.8
million of additional tax from non-U.S. withholding and other taxes expected to
be incurred on repatriation of foreign earnings.
See Note 16 - Income Taxes of Notes to the Consolidated Financial Statements
elsewhere included in this Annual Report.
New Accounting Pronouncements
See Note 2 - Significant Accounting Policies and Practices of Notes to the
Consolidated Financial Statements elsewhere included in this Annual Report for
information about recent accounting pronouncements not yet adopted.

© Edgar online, source Previews

Source link

About Andrew Estofan

Check Also

3 battered growth stocks to buy for 2022

IIf investing in your future is one of your New Year’s resolutions, it might be …