10-Q 1 epc-20220630.htm 10-Q epc-20220630
0001096752--09-302022Q3FALSEJune 30,
2022
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_______________________________
FORM 10-Q
_______________________________
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2022
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _______________ to _______________

Commission File Number: 001-15401
____________________________________________________________________________________________________________
epc-20220630_g1.jpg
EDGEWELL PERSONAL CARE COMPANY
(Exact name of registrant as specified in its charter)
Missouri43-1863181
(State or other jurisdiction of incorporation or organization)(I. R. S. Employer Identification No.)
6 Research Drive(203)944-5500
Shelton,CT06484(Registrant’s telephone number, including area code)
(Address of principal executive offices and zip code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01 per shareEPCNew York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filer (Do not check if a smaller reporting company)Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes No
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:
Common shares, $0.01 par value - 51,826,214 shares as of July 31, 2022.



EDGEWELL PERSONAL CARE COMPANY
INDEX TO FORM 10-Q
PART I.FINANCIAL INFORMATION
Item 1.Financial Statements.
Condensed Consolidated Statements of Earnings and Comprehensive Income for the three and nine months ended June 30, 2022 and 2021.
Condensed Consolidated Balance Sheets as of June 30, 2022 and September 30, 2021.
Condensed Consolidated Statements of Cash Flows for the nine months ended June 30, 2022 and 2021.
Condensed Consolidated Statements of Changes in Shareholders’ Equity for the three and nine months ended June 30, 2022 and 2021.
Notes to Condensed Consolidated Financial Statements.
Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations.
Item 3.Quantitative and Qualitative Disclosures About Market Risk.
Item 4.Controls and Procedures.
PART II.OTHER INFORMATION
Item 2.Unregistered Sales of Equity Securities and Use of Proceeds.
Item 6.Exhibits.
SIGNATURE


2



PART I - FINANCIAL INFORMATION
Item 1. Financial Statements.

EDGEWELL PERSONAL CARE COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS AND COMPREHENSIVE INCOME
(unaudited, in millions, except per share data)
 Three Months Ended
June 30,
Nine Months Ended
June 30,
 2022202120222021
Net sales$623.8 $573.7 $1,634.8 $1,544.1 
Cost of products sold383.2 303.4 974.2 838.8 
Gross profit240.6 270.3 660.6 705.3 
Selling, general and administrative expense92.7 97.5 290.9 284.0 
Advertising and sales promotion expense80.9 81.9 197.0 191.5 
Research and development expense13.6 14.6 40.1 42.6 
Restructuring charges3.5 5.2 9.2 11.6 
Operating income49.9 71.1 123.4 175.6 
Interest expense associated with debt18.0 16.4 53.3 51.1 
Cost of early retirement of long-term debt   26.1 
Other (income) expense, net(4.4)0.8 (9.5)(0.2)
Earnings before income taxes36.3 53.9 79.6 98.6 
Income tax provision5.8 13.1 14.7 25.7 
Net earnings$30.5 $40.8 $64.9 $72.9 
Earnings per share:
Basic net earnings per share $0.58 $0.75 $1.21 $1.34 
Diluted net earnings per share$0.57 $0.74 $1.20 $1.32 
Statements of Comprehensive Income:
Net earnings$30.5 $40.8 $64.9 $72.9 
Other comprehensive (loss) income, net of tax
Foreign currency translation adjustments(34.4)9.1 (50.3)23.0 
Pension and postretirement activity, net of tax of $0.4, $(0.2), $0.7, and $(0.2)
0.7 (0.7)0.8 (1.3)
Deferred gain on hedging activity, net of tax of $1.4, $0.1, $2.0, and $1.7
3.1 0.2 4.5 3.5 
Total other comprehensive (loss) income, net of tax(30.6)8.6 (45.0)25.2 
Total comprehensive (loss) income$(0.1)$49.4 $19.9 $98.1 

See accompanying Notes to Condensed Consolidated Financial Statements.
3


EDGEWELL PERSONAL CARE COMPANY
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited, in millions, except share data)
 
June 30,
2022
September 30,
2021
Assets
Current assets 
Cash and cash equivalents$181.6 $479.2 
Trade receivables, less allowance for doubtful accounts of $4.6 and $6.9
155.2 150.7 
Inventories414.1 345.7 
Other current assets182.8 160.1 
Total current assets933.7 1,135.7 
Property, plant and equipment, net347.8 362.6 
Goodwill1,332.3 1,162.8 
Other intangible assets, net1,010.7 906.4 
Other assets96.8 107.1 
Total assets$3,721.3 $3,674.6 
Liabilities and Shareholders’ Equity
Current liabilities
Notes payable$18.9 $26.5 
Accounts payable239.2 209.5 
Other current liabilities317.0 300.8 
Total current liabilities575.1 536.8 
Long-term debt1,356.9 1,234.2 
Deferred income tax liabilities137.8 129.0 
Other liabilities173.4 190.3 
Total liabilities2,243.2 2,090.3 
Shareholders’ equity
Preferred shares, $0.01 par value, 10,000,000 authorized; none issued or outstanding
  
Common shares, $0.01 par value, 300,000,000 authorized; 65,251,989 issued; 51,955,666 and 54,369,714 outstanding
0.7 0.7 
Additional paid-in capital1,599.9 1,631.1 
Retained earnings905.9 865.7 
Common shares in treasury at cost, 13,296,323 and 10,882,275
(846.5)(776.3)
Accumulated other comprehensive loss(181.9)(136.9)
Total shareholders’ equity1,478.1 1,584.3 
Total liabilities and shareholders’ equity$3,721.3 $3,674.6 

See accompanying Notes to Condensed Consolidated Financial Statements.


4


EDGEWELL PERSONAL CARE COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited, in millions)
 Nine Months Ended
June 30,
 20222021
Cash Flow from Operating Activities  
Net earnings$64.9 $72.9 
Depreciation and amortization67.1 65.9 
Share-based compensation expense18.4 19.6 
Loss on sale of assets0.6 0.6 
Deferred compensation payments(7.1)(9.2)
Deferred income taxes(10.6)(1.3)
Cost of early retirement of long-term debt 26.1 
Other, net(4.8)(0.8)
Changes in operating assets and liabilities(56.1)(17.9)
Net cash from operating activities$72.4 $155.9 
Cash Flow from Investing Activities
Capital expenditures(37.4)(34.1)
Acquisition of Billie, net of cash acquired(309.4) 
Proceeds from sale of Infant and Pet Care business5.0 7.5 
Acquisition of Cremo (0.3)
Collection of deferred purchase price on accounts receivable sold5.6 2.6 
Other, net(1.4)(1.8)
Net cash used by investing activities$(337.6)$(26.1)
Cash Flow from Financing Activities
Cash proceeds from the issuance of Senior Notes due 2029 500.0 
Cash payments on Senior Notes due 2022 (500.0)
Cash proceeds from debt with original maturities greater than 90 days534.0  
Cash payments on debt with original maturities greater than 90 days(413.0) 
Net (decrease) increase in debt with original maturities of 90 days or less(4.3)2.4 
Debt issuance costs for Senior Notes due 2029 (6.5)
Cost of early retirement of long-term debt (26.1)
Dividends to common shareholders(24.7)(16.7)
Repurchase of shares(110.1)(9.2)
Net financing inflow from the Accounts Receivable Facility6.5 0.8 
Employee shares withheld for taxes(10.4)(4.0)
Other, net0.6 (0.6)
Net cash used by financing activities$(21.4)$(59.9)
Effect of exchange rate changes on cash(11.0)2.9 
Net (decrease) increase in cash and cash equivalents(297.6)72.8 
Cash and cash equivalents, beginning of period479.2 364.7 
Cash and cash equivalents, end of period$181.6 $437.5 
See accompanying Notes to Condensed Consolidated Financial Statements.
5


EDGEWELL PERSONAL CARE COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
(unaudited, in millions)

Common SharesTreasury Shares
NumberPar ValueNumberAmountAdditional Paid-In CapitalRetained EarningsAccumulated Other Comprehensive LossTotal Shareholders’ Equity
Balance at September 30, 202165.2 $0.7 (10.9)$(776.3)$1,631.1 $865.7 $(136.9)$1,584.3 
Net earnings— — — — — 11.2 — 11.2 
Foreign currency translation adjustments— — — — — — (6.9)(6.9)
Deferred gain on hedging activity— — — — — — 0.4 0.4 
Dividends declared to common shareholders— — — — — (8.4)— (8.4)
Repurchase of shares— — (0.5)(24.5)— — — (24.5)
Activity under share plans— — 0.3 33.6 (37.4)— — (3.8)
Balance at December 31, 202165.2 $0.7 (11.1)$(767.2)$1,593.7 $868.5 $(143.4)$1,552.3 
Net earnings— — — — — 23.2 — 23.2 
Foreign currency translation adjustments— — — — — — (9.0)(9.0)
Pension and postretirement activity— — — — — — 0.1 0.1 
Deferred gain on hedging activity— — — — — — 1.0 1.0 
Dividends declared to common shareholders— — — — — (8.2)— (8.2)
Repurchase of shares— — (1.4)(50.9)— — — (50.9)
Activity under share plans— — 0.1 3.5 3.5 — — 7.0 
Balance at March 31, 202265.2 $0.7 (12.4)$(814.6)$1,597.2 $883.5 $(151.3)$1,515.5 
Net earnings—     30.5  30.5 
Foreign currency translation adjustments— — — — — — (34.4)(34.4)
Pension and postretirement activity— — — — — — 0.7 0.7 
Deferred gain on hedging activity— — — — — — 3.1 3.1 
Dividends declared to common shareholders— — — — — (8.1)— (8.1)
Repurchase of shares— — (1.0)(34.7)— — — (34.7)
Activity under share plans— — 0.1 2.8 2.7 — — 5.5 
Balance at June 30, 202265.2 $0.7 (13.3)$(846.5)$1,599.9 $905.9 $(181.9)$1,478.1 





6


Common SharesTreasury Shares
NumberPar ValueNumberAmountAdditional Paid-In CapitalRetained EarningsAccumulated Other Comprehensive LossTotal Shareholders’ Equity
Balance at September 30, 202065.2 $0.7 (10.9)$(790.4)$1,631.8 $782.4 $(191.6)$1,432.9 
Net earnings— — — — — 17.7 — 17.7 
Foreign currency translation adjustments— — — — — — 33.7 33.7 
Pension and postretirement activity— — — — — — (2.0)(2.0)
Deferred loss on hedging activity— — — — — — (1.8)(1.8)
Dividends declared to common shareholders— — — — — (8.5)— (8.5)
Repurchase of shares— — (0.3)(9.2)— — — (9.2)
Activity under share plans— — 0.2 15.4 (13.0)— — 2.4 
Balance at December 31, 202065.2 $0.7 (11.0)$(784.2)$1,618.8 $791.6 $(161.7)$1,465.2 
Net earnings— — — — — 14.4 — 14.4 
Foreign currency translation adjustments— — — — — — (19.8)(19.8)
Pension and postretirement activity— — — — — — 1.4 1.4 
Deferred gain on hedging activity— — — — — — 5.1 5.1 
Dividends declared to common shareholders— — — — — (8.3)— (8.3)
Activity under share plans— — 0.1 2.9 3.2 — — 6.1 
Balance at March 31, 202165.2 $0.7 (10.9)$(781.3)$1,622.0 $797.7 $(175.0)$1,464.1 
Net earnings—     40.8  40.8 
Foreign currency translation adjustments— — — — — — 9.1 9.1 
Pension and postretirement activity— — — — — — (0.7)(0.7)
Deferred gain on hedging activity— — — — — — 0.2 0.2 
Dividends declared— — — — — (8.6)— (8.6)
Activity under share plans— — — 4.0 2.7 — — 6.7 
Balance at June 30, 202165.2 $0.7 (10.9)$(777.3)$1,624.7 $829.9 $(166.4)$1,511.6 

See accompanying Notes to Condensed Consolidated Financial Statements.


7


EDGEWELL PERSONAL CARE COMPANY
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited, in millions, except per share data)

Note 1 - Background and Basis of Presentation
Background
Edgewell Personal Care Company and its subsidiaries (collectively, “Edgewell” or the “Company”) is one of the world’s largest manufacturers and marketers of personal care products in the wet shave, sun and skin care, and feminine care categories. Edgewell operates in more than 20 countries and has a global footprint in more than 50 countries.
The Company conducts its business in the following three segments:
Wet Shave consists of products sold under the Schick®, Wilkinson Sword®, Edge, Skintimate®, Billie®, Shave Guard and Personna® brands, as well as non-branded products. The Company’s wet shave products include razor handles and refillable blades, disposable shave products, and shaving gels and creams.
Sun and Skin Care consists of Banana Boat® and Hawaiian Tropic® sun care products, Jack Black®, Bulldog® and Cremo® men’s grooming products, and Wet Ones® products.
Feminine Care includes tampons, pads, and liners sold under the Playtex Gentle Glide® and Sport®, Stayfree®, Carefree®, and o.b.® brands.

Basis of Presentation
The accompanying unaudited Condensed Consolidated Financial Statements include the accounts of the Company and its controlled subsidiaries and have been prepared in accordance with United States (“U.S.”) generally accepted accounting principles (“GAAP”) under the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”). The preparation of the unaudited Condensed Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities, disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses. Actual results may differ materially from those estimates. All intercompany balances and transactions have been eliminated in consolidation and, in the opinion of management, all normal recurring adjustments considered necessary for a fair statement have been included in the interim results reported. The fiscal year-end balance sheet data was derived from audited consolidated financial statements, but do not include all of the annual disclosures required by GAAP; accordingly, these unaudited Condensed Consolidated Financial Statements should be read in conjunction with the Company’s audited annual consolidated financial statements included in its Annual Report on Form 10-K filed with the SEC on November 19, 2021.
Acquisition of Billie, Inc. On November 29, 2021, the Company completed the acquisition of Billie, Inc. (“Billie”) (the “Acquisition”), a leading U.S. based consumer brand company that offers a broad portfolio of personal care products for women. The results of Billie for the post-acquisition period are included within the Company’s results since the acquisition date. For more information on the Acquisition, see Note 2 of Notes to Condensed Consolidated Financial Statements.
Recently Adopted Accounting Pronouncements.
In December 2019, the Financial Accounting Standards Board issued Accounting Standards Update 2019-12, which eliminates certain exceptions related to the approach for intra-period tax allocation, the methodology for calculating income taxes in an interim period when interim loss exceeds anticipated loss for the year, and the recognition of deferred tax liabilities for outside basis differences related to changes in ownership of equity method investments and foreign subsidiaries. The guidance also simplifies aspects of accounting for franchise taxes and enacted changes in tax laws or rates and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. The Company adopted this standard as of October 1, 2021. There was no cumulative effect adjustment recorded to retained earnings as the amount was not material, and the effects of this standard on our financial position, results of operations and cash flows were not material.
Statement of Cash Flows Presentation
The net presentation of borrowings and repayments under the Company's U.S revolving credit facility in the Condensed Consolidated Statement of Cash Flows for the three months ended December 31, 2021 has been corrected in order to reflect borrowings and repayments on a gross basis, resulting in $93.0 of repayments presented gross that were previously netted against borrowings. Net cash from financing activities reported in the Condensed Consolidated Statement of Cash Flows for the three months ended December 31, 2021 was not impacted and the Company has concluded that this correction is not material to its financial statements.
8


Note 2 - Business Combinations
Billie Inc.
On November 29, 2021 (the “Acquisition Date”), the Company completed the Acquisition for cash consideration of $309.4, net of cash acquired. As a result of the Acquisition, Billie became a wholly owned subsidiary of the Company. The Company accounted for the Acquisition utilizing the acquisition method of accounting, which requires assets and liabilities to be recognized based on estimates of their acquisition date fair values. The determination of the values of the acquired assets and assumed liabilities, including goodwill, other intangible assets and deferred taxes, requires significant judgement. The purchase price allocation remains preliminary, as certain information is not yet available. This includes, but is not limited to, the finalization of the fair value of certain assets and liabilities, including the completion of intangible asset valuations. Additionally, tax returns and analyses required to calculate the underlying tax basis of Billie’s assets, liabilities and net operating losses have not been finalized. We expect to complete the purchase price allocation during the 12-month period following the Acquisition Date, during which time the value of the assets and liabilities may be revised as appropriate.
The Company used variations of the income approach in determining the fair value of intangible assets acquired in the Acquisition. Specifically, we utilized the multi-period excess earnings method to determine the fair value of the definite lived customer relationships acquired and the relief from royalty method to determine the fair value of the definite lived trade name acquired. Our determination of the fair value of the intangible assets acquired involved the use of significant estimates and assumptions related to revenue growth rates, discount rates, customer attrition rates, and royalty rates. Edgewell believes that the fair value assigned to the assets acquired and liabilities assumed are based on reasonable assumptions and estimates that marketplace participants would use.
The following table provides the preliminary allocation of the purchase price related to the Acquisition based upon the fair value of assets and liabilities assumed:
Current assets$17.0 
Goodwill181.2
Intangible assets136.0
Other assets, including property, plant and equipment, net3.2
Current liabilities(6.9)
Deferred tax liabilities(21.1)
$309.4 
The acquired goodwill represented the value of expansion into new markets and channels of trade and is not deductible for tax purposes. The intangible assets acquired consisted primarily of the Billie trade name and customer relationships with a weighted average useful life of 19 years. All assets are included in the Company’s Wet Shave segment.
Billie contributed Net sales and a Loss before income taxes totaling $67.6 and $4.8, respectively, for the post-acquisition period ending June 30, 2022 in the Condensed Consolidated Statements of Earnings and Comprehensive Income. The Loss before income taxes was driven primarily by amortization expense of acquired intangible assets. Acquisition and integration costs related to Billie totaling $0.9 and $7.2 were included in Selling, general and administrative expense (“SG&A”) for the three and nine months ended June 30, 2022, respectively, and acquisition costs of $0.8 were included in Cost of products sold for the nine months ended June 30, 2022 in the Condensed Consolidated Statements of Earnings and Comprehensive Income.
The following summarizes the Company's unaudited pro forma consolidated results of operations for the three and nine months ended June 30, 2022 and June 30, 2021, as though the Acquisition occurred on October 1, 2020:
Three Months Ended
June 30,
Nine Months Ended
June 30,
2022202120222021
Pro forma net sales$623.8 $591.4 $1,644.8 $1,594.9 
Pro forma net earnings31.634.970.353.3
9


The unaudited pro forma consolidated results of operations were adjusted by pre-tax amortization expense of $1.3 for the nine months ended June 30, 2022, compared to $2.2 and $6.5 for the three and nine months ended June 30, 2021, respectively. Additionally, pro forma earnings for the three and nine months ended June 30, 2022 exclude $0.9 and $8.0 of pre-tax acquisition costs, respectively, which were included in the pro forma earnings for the three and nine months ended June 30, 2021, respectively. The pro forma earnings were also adjusted to reflect the capital structure as of the Acquisition Date, and all pro forma adjustments have been included with related tax effects. The unaudited pro forma consolidated results of operations are not necessarily indicative of the results obtained had the Acquisition occurred on October 1, 2020, or of those results that may be obtained in the future. Amounts do not reflect any anticipated cost savings or cross-selling opportunities expected to result from the Acquisition.

Note 3 - Restructuring Charges
Operating Model Redesign
In fiscal 2022, the Company is taking specific actions to strengthen its operating model, simplify the organization and improve manufacturing and supply chain efficiency and productivity. As a result of these actions, we expect to incur one-time restructuring charges of approximately $15 in fiscal 2022. The Company incurred the following restructuring charges for the three and nine months ended June 30, 2022:
Three Months Ended
 June 30, 2022
Nine Months Ended
June 30, 2022
Severance and related benefit costs$1.0 $4.0 
Asset write-off and accelerated depreciation0.3 0.4 
Consulting, project implementation and management, and other exit costs2.6 5.4 
Total restructuring$3.9 $9.8 
Pre-tax SG&A of $0.4 and $0.6 for the three and nine months ended June 30, 2022, respectively, associated with certain information technology enablement expenses and compensation expenses for restructuring programs were included in Consulting, project implementation and management, and other exit costs.

Project Fuel
Project Fuel was an enterprise-wide transformational initiative launched in fiscal 2018 to improve operational performance and reshape the business’ cost structure. Project Fuel was completed on September 30, 2021.
The Company incurred the following restructuring charges for the three and nine months ended June 30, 2021:
Three Months Ended
June 30, 2021
Nine Months Ended
June 30, 2021
Severance and related benefit costs$1.3 5.6 
Asset write-off and accelerated depreciation0.2 0.4 
Consulting, project implementation and management, and other exit costs6.7 12.1 
Total restructuring$8.2 $18.1 
Pre-tax SG&A of $2.8 and $6.2 for the three and nine months ended June 30, 2021, respectively, associated with certain information technology enablement expenses and compensation expenses related to Project Fuel were included in Consulting, project implementation and management, and other exit costs. Pre-tax Cost of products sold of $0.2 and $0.3 for the three and nine months ended June 30, 2021, respectively, related to inventory write-offs associated with Project Fuel, were included in Asset impairment and accelerated depreciation.
10


The following table summarizes the restructuring activities and related accrual for the nine months ended June 30, 2022:
Utilized
October 1, 2021Charge to
Income
CashNon-CashJune 30,
2022
Severance and related benefit costs$1.9 $4.0 $(4.9)$ $1.0 
Asset write-off and accelerated depreciation 0.4  (0.4) 
Consulting, project implementation and management, and other exit costs3.6 5.4 (8.4) 0.6 
Total restructuring$5.5 $9.8 $(13.3)$(0.4)$1.6 

Note 4 - Income Taxes
For the three and nine months ended June 30, 2022, the Company had income tax expense of $5.8 and $14.7, respectively, on Earnings before income taxes of $36.3 and $79.6, respectively. The effective tax rate for the three and nine months ended June 30, 2022 was 16.1% and 18.5%, respectively. The difference between the federal statutory rate and the effective rate is primarily due to a favorable mix of earnings in low tax jurisdictions and the favorable impact of a change in the Company’s prior estimates.
For the three and nine months ended June 30, 2021, the Company had income tax expense of $13.1 and $25.7, respectively, on Earnings before income taxes of $53.9 and $98.6, respectively. The effective tax rate for the three and nine months ended June 30, 2021 was 24.2% and 26.1%, respectively. The difference between the federal statutory rate and the effective rate for the three and nine months ended June 30, 2021 is primarily due to the unfavorable mix of earnings in higher tax rate jurisdictions as well as unfavorable global intangible low-tax income and Internal Revenue Service Code Section 162(m) permanent adjustments.

Note 5 - Earnings per Share
Basic earnings per share is based on the weighted-average number of common shares outstanding during the period. Diluted earnings per share is based on the number of shares used for the basic earnings per share calculation, adjusted for the dilutive effect of share options and restricted share equivalent (“RSE”) and performance restricted share equivalent (“PRSE”) awards.
The following is the reconciliation between the number of weighted-average shares used in the basic and diluted earnings per share calculation:    
Three Months Ended
June 30,
Nine Months Ended
June 30,
 2022202120222021
Basic weighted-average shares outstanding52.5 54.4 53.5 54.4 
Effect of dilutive securities:
RSE and PRSE awards0.6 1.0 0.6 0.7 
Total dilutive securities0.6 1.0 0.6 0.7 
Diluted weighted-average shares outstanding53.1 55.4 54.1 55.1 
For the three and nine months ended June 30, 2022, the calculation of diluted weighted-average shares outstanding excludes 1.0 of share options. For the three and nine months ended June 30, 2022 the calculation excludes 0.5 and 0.3, respectively, of RSE and PRSE awards because the effect of including these awards was anti-dilutive. For the three and nine months ended June 30, 2021, the calculation of diluted weighted-average shares outstanding excludes 0.9 of share options.
 
11


Note 6 - Goodwill and Intangible Assets
The following table sets forth goodwill by segment:
Wet
Shave
Sun and Skin
Care
Feminine
Care
Total
Gross balance at October 1, 2021$967.5 $357.6 $208.7 $1,533.8 
Accumulated goodwill impairment(369.0)(2.0) (371.0)
Net balance at October 1, 2021$598.5 $355.6 $208.7 $1,162.8 
Changes in the nine-month period ended June 30, 2022
Billie acquisition181.2   181.2 
Cumulative translation adjustment(9.3)(1.8)(0.6)(11.7)
Gross balance at June 30, 2022$1,139.4 $355.8 $208.1 $1,703.3 
Accumulated goodwill impairment(369.0)(2.0) (371.0)
Net balance at June 30, 2022$770.4 $353.8 $208.1 $1,332.3 
The following table sets forth intangible assets by class:
June 30, 2022September 30, 2021
Carrying
Amount
Accumulated
Amortization
Net
Carrying
Amount
Accumulated
Amortization
Net
Indefinite lived
Trade names and brands$592.3 $— $592.3 $600.8 $— $600.8 
Amortizable
Trade names and brands$339.6 $68.5 $271.1 $256.2 $57.7 $198.5 
Technology and patents78.3 75.4 2.9 79.1 75.8 3.3 
Customer related and other269.8 125.4 144.4 221.2 117.4 103.8 
Total amortizable intangible assets$687.7 $269.3 $418.4 $556.5 $250.9 $305.6 
Amortization expense was $7.8 and $21.8 for the three and nine months ended June 30, 2022, respectively, and $5.5 and $16.6 for the three and nine months ended June 30, 2021, respectively. Estimated amortization expense for amortizable intangible assets for the remainder of fiscal 2022 and for fiscal 2023, 2024, 2025, 2026 and 2027 is $7.7, $30.8, $30.7, $30.7, $30.4 and $30.4, respectively, and $257.7 thereafter.
Goodwill and intangible assets deemed to have an indefinite life are not amortized but are instead reviewed annually for impairment of value or when indicators of a potential impairment are present. The Company’s annual impairment testing date is July 1. An interim impairment analysis may indicate that carrying amounts of goodwill and other intangible assets require adjustment or that remaining useful lives should be revised. The Company determined there was no triggering event requiring an interim impairment analysis during the nine months ended June 30, 2022.
12


Note 7 - Supplemental Balance Sheet Information
June 30,
2022
September 30,
2021
Inventories  
Raw materials and supplies$68.3 $61.3 
Work in process93.9 83.4 
Finished products251.9 201.0 
Total inventories$414.1 $345.7 
Other Current Assets 
Miscellaneous receivables$45.4 $30.3 
Inventory returns receivable1.4 0.9 
Prepaid expenses73.8 67.3 
Value added tax collectible from customers23.5 19.6 
Income taxes receivable22.4 29.1 
Other16.3 12.9 
Total other current assets$182.8 $160.1 
Property, Plant and Equipment  
Land$18.4 $19.2 
Buildings141.5 144.5 
Machinery and equipment1,043.0 1,049.0 
Capitalized software costs56.4 57.0 
Construction in progress55.8 44.0 
Total gross property, plant and equipment1,315.1 1,313.7 
Accumulated depreciation and amortization(967.3)(951.1)
Total property, plant and equipment, net$347.8 $362.6 
Other Current Liabilities  
Accrued advertising, sales promotion and allowances$47.9 $33.8 
Accrued trade allowances32.4 34.0 
Accrued salaries, vacations and incentive compensation46.7 66.4