EDGEWELL PERSONAL CARE Co
For the period ended Mar 31, 2024. Filed May 8, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 8, 2024
EPC$27.99-2.0%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2023-12-31; filed 2024-02-07.
0001628280-24-003698
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2024-03-31; filed 2024-05-08.
0001628280-24-021700
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 92 previous paragraphs and 110 current paragraphs.
58 unchanged; 29 reworded; 22 added; 5 removed; 0 previous and 1 current paragraphs rearranged.
Tables are not compared: 14 previous and 16 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (22)
Current report
Second Quarter of Fiscal 2024
Current report
•Net sales in the second quarter of fiscal 2024 increased $1.0, or 0.2%, to $599.4, as compared to the prior year quarter. Organic net sales increased $0.7, or 0.1%, compared to the prior year quarter, primarily driven by double-digit growth in global Grooming and Sun Care were mostly offset by declines in North America Wet Shave and Feminine Care. Net Sales in International markets increased 5.8% which were offset by lower net sales in North America of 2.8%. In aggregate, increased pricing and revenue management as well as higher volumes in International markets were largely offset by lower volumes in North America.
Current report
First Six Months of Fiscal 2024
Current report
•Net earnings for the first six months of fiscal 2024 were $40.8 compared to $31.8 in the prior year period. On an adjusted basis, net earnings for the first six months of fiscal 2024 were $56.0 compared to $45.9 in the prior year period. Adjusted net earnings increased primarily due to higher gross margin.
Current report
•Diluted net earnings per share during the first six months of fiscal 2024 were $0.81 compared to $0.61 in the prior year period. On an adjusted basis, diluted net earnings per share during the first six months of fiscal 2024 were $1.11 compared to $0.88 in the prior year period.
Current report
For the second quarter of fiscal 2024, net sales were $599.4, an increase of $1.0, or 0.2%, including a $0.3, or 0.1%, favorable impact from currency movements. Organic net sales increased $0.7, or 0.1%, primarily driven by double-digit growth in global Grooming and Sun Care, respectively, and were mostly offset by declines in North America Wet Shave and Feminine Care. Organic sales in International markets increased 5.8%, which were mostly offset by lower net sales in North America of 2.8%. In aggregate, increased pricing and revenue management as well as higher volumes in International markets were largely offset by lower volumes in North America.
Current report
Gross profit was $455.8 during the first six months of fiscal 2024, compared to $431.9 in the prior year period, an increase of $23.9, or 5.5%. Gross margin as a percent of net sales for the first six months of fiscal 2024 increased 140-basis points, to 41.9%. Adjusted gross margin as a percent of net sales increased 190-basis points, to 42.4%. The adjusted gross margin increase was primarily due toproductivity savings, the benefits of higher pricing and strategic revenue management as well as a favorable impact from currency, which more than offset heightened unit cost inflation trapped in inventory, core gross inflationary pressures and unfavorable mix and other costs.
Current report
SG&A was $210.8, or 19.4%, of net sales in the first six months of fiscal 2024 compared to $200.9, or 18.8%, of net sales in the prior year period. Adjusted SG&A as a percent of net sales was 19.0%, an increase of 60-basis points, primarily driven by higher people expenses, partially offset by operational efficiency savings and lower bad debt and other corporate costs.
Current report
For the first six months of fiscal 2024, A&P was $111.3, an increase of $2.5, or 2.3%, compared to $108.8 in the prior year period. A&P as a percent of net sales was 10.2%, which was flat compared to the prior year period.
Current report
R&D expense for the first six months of fiscal 2024 was $27.5, a decrease of $0.3, or 1.1%, compared to $27.8 in the prior year period. As a percent of net sales, R&D expense was 2.5% in the first six months of fiscal 2024 compared to 2.6% in the prior year period.
Current report
Other expense, net
Current report
Other expense, net, was $2.7 in the second quarter of fiscal 2024, a decrease of $6.8, or 71.6%, compared to $9.5 in the prior year quarter. Other expense, net, was $3.0 during the first six months of fiscal 2024, a decrease of $1.5 or 33.3% compared to $4.5 during the prior year period. The second quarter and first six months of 2023 included a $7.2 million charge for the wind-up of the Canada Plan.
Current report
Wet Shave net sales for the second quarter of fiscal 2024 decreased $15.5, or 5.0%, as compared to the prior year quarter, including a $1.6, or 0.5%, unfavorable impact from currency. Organic net sales decreased $13.9, or 4.5%, reflecting an increase in International organic sales of 5.3%, driven by higher volumes and price, which was more than offset by declines in North America. North America organic sales decreased 14.0% and were impacted by weakening category and channel dynamics, particularly in the highly promotional drug channel, the impact of cycling the effect of a new product introduction, primarily in the club channel and changes in the promotional calendar.
Current report
Wet Shave net sales for the first six months of fiscal 2024 increased $10.9, or 1.9%, as compared to the prior year period, including a $2.4, or 0.4%, favorable impact from currency. Organic net sales increased $8.5, or 1.5%, driven by a 11.4% increase in International organic sales related to strong performance in Men’s and Women’s Systems and Disposables. North America sales declined 8.4%, primarily due to lower sales for Men’s and Women’s Systems and Disposables.
Current report
Wet Shave segment profit for the second quarter of fiscal 2024 was $40.4, an increase of $5.0, or 14.1%, and inclusive of a $1.8 unfavorable impact from currency. Organic segment profit increased $6.8, or 19.2%, reflecting higher gross margins.
Current report
Sun and Skin Care net sales for the second quarter of fiscal 2024 increased $26.1, or 12.4%. Organic net sales increased $24.2, or 11.5%, driven by global Sun Care growth of 12.6% and growth in North America Grooming of 20.8%. Sun Care growth reflects strong early-season execution in the U.S., Mexico and Europe, while Grooming results were driven by strong Cremo and Bull Dog sales, and the initial launch of the Billie brand into women’s grooming.
Current report
Sun and Skin Care net sales for the first six months of fiscal 2024 increased $28.6, or 8.9%. Organic net sales increased $25.2, or 7.8%, driven by Sun Care growth of 11.3% in North America and 9.6% in International markets, as well as growth in global grooming, partially offset by lower sales in Wet Ones.
Current report
Segment profit for the second quarter of fiscal 2024 was $54.4, an increase of $14.4, or 36.0%. Organic segment profit increased $13.3, or 33.2%, primarily driven by higher gross margins, partially offset by higher marketing and SG&A expense.
Current report
Feminine Care net sales for the second quarter of fiscal 2024 was $70.5, a decrease of $9.6, or 12.0%, primarily due to a decline in Tampons and Pads, partly offset by growth in Liners.
Current report
Feminine Care segment profit for the first six months of fiscal 2024 was $16.0, a decrease of $8.1, or 33.6%. Organic segment profit decreased $8.0, or 33.2%, primarily driven by lower sales and the resulting impact on gross profit.
Current report
For the first six months of fiscal 2024, corporate expenses were $31.2, or 2.9%, of net sales, compared to $32.9, or 3.1%, of net sales in the prior year period. For the first six months of fiscal 2024, the decrease in corporate expenses is primarily due to a decrease in corporate consulting and project costs which was partially offset by higher people and incentive compensation costs.
Current report
On April 2, 2024, we amended our Revolving Credit Facility pursuant to the Restatement Agreement. Refer to Note 8 of Notes to Condensed Consolidated Financial Statement for additional discussion.
Removed paragraphs (5)
Previous report
First Quarter of Fiscal 2024
Previous report
Other expense (income), net
Previous report
Other expense (income), net was $0.3 of expense in the first quarter of fiscal 2024, a decrease in income of $5.3, or 106.0%, compared to $5.0 of income in the prior year quarter. The change compared to the prior year quarter was primarily driven by lower foreign currency hedge gains.
Previous report
Wet Shave net sales for the first quarter of fiscal 2024 increased $26.4, or 9.6%, including a $4.0 or 1.5% favorable impact from currency. Organic net sales increased $22.4, or 8.1%, reflecting an increase in Men’s and Women’s Systems, Disposables and Shave Preps. International organic sales increased 18.3%, driven by strong volume and price growth in most international markets, with notable growth in key Asian markets, partially offset by a 2.0% decrease in North American sales.
Previous report
Sun and Skin Care net sales for the first quarter of fiscal 2024 increased $2.5, or 2.2%. Organic net sales increased $1.0, or 0.9%, driven by mid-single-digit Sun Care growth across both North America and International markets, partially offset by lower sales in Men’s grooming and Wet One’s. Organic net sales in International markets increased 8.0%, led by strong Sun Care demand in Latin America and Europe, while North America organic net sales decreased 2.3%, primarily driven by lower volumes.
Reworded paragraphs (29)
Previous wording
•Additionally, we utilize “adjusted” non-GAAP measures including adjusted gross profit, adjusted selling general and administrative (“SG&A”), adjusted operating income, adjusted income taxes, adjusted net earnings, and adjusted diluted earnings per share internally to make operating decisions.
Current wording
•Additionally, we utilize “adjusted” non-GAAP measures, including adjusted gross margin, adjusted selling general and administrative (“SG&A”), adjusted operating income, adjusted effective tax rate, adjusted net earnings, and adjusted diluted net earnings per share internally to make operating decisions.
Previous wording
The following is a summary of key results for the first quarter of fiscal 2024, as compared to the corresponding periods in fiscal 2023. In addition to net sales, net earnings and earnings per share (“EPS”) for the periods presented were also impacted by certain costs or income, as described in the table below. The impact of these items on reported net earnings and EPS are provided as a reconciliation of net earnings and EPS to adjusted net earnings and adjusted diluted EPS, both of which are non-GAAP measures.
Current wording
The following is a summary of key results for the second quarter and the first six months of fiscal 2024, as compared to the corresponding periods in fiscal 2023. In addition to net sales, net earnings and earnings per share (“EPS”) for the periods presented were also impacted by certain costs or income, as described in the table below. The impact of these items on reported net earnings and EPS are provided as a reconciliation of net earnings and EPS to adjusted net earnings and adjusted diluted EPS, both of which are non-GAAP measures.
Previous wording
•Net earnings in the first quarter of fiscal 2024 were $4.8 compared to $12.4 in the prior year quarter. On an adjusted basis, net earnings for the first quarter of fiscal 2024 were $12.0 compared to $16.5 in the prior year quarter. Adjusted net earnings decreased primarily due to increased SG&A and advertising and promotion expense (“A&P”) in the current quarter.
Current wording
•Net earnings in the second quarter of fiscal 2024 were $36.0 compared to $19.4 in the prior year quarter. On an adjusted basis, net earnings for the second quarter of fiscal 2024 were $44.0 compared to $29.4 in the prior year quarter. Adjusted net earnings increased primarily due to higher gross margin.
Previous wording
•Net earnings per diluted share during the first quarter of fiscal 2024 were $0.09 compared to $0.24 in the prior year quarter. On an adjusted basis, net earnings per diluted share during the first quarter of fiscal 2024 were $0.24 compared to $0.32 in the prior year quarter.
Current wording
•Diluted net earnings per share during the second quarter of fiscal 2024 were $0.72 compared to $0.37 in the prior year quarter. On an adjusted basis, diluted net earnings per share during the second quarter of fiscal 2024 were $0.88 compared to $0.56 in the prior year quarter.
Previous wording
•Net sales in the first quarter of fiscal 2024 increased $19.8, or 4.2%, to $488.9, as compared to the prior year quarter. Organic net sales increased $14.3, or 3.1%, compared to the prior year quarter, as international markets increased $28.7 or 16.2%, primarily driven by strong performance across all segments, and reflecting growth from higher volumes and pricing across wet shave and grooming, partially offset by lower net sales in North America of $14.4 or 4.9%. In aggregate, organic net sales growth was driven by increased pricing, with volumes essentially flat.
Current wording
•Net sales for the first six months of fiscal 2024 increased $20.8, or 1.9%, to $1,088.3. Organic net sales increased $15.0, or 1.4%, compared to the prior year period, as International markets increased 10.7%, and were partially offset by lower organic net sales in North America of 3.7%. In aggregate, organic net sales growth was driven by increased pricing and revenue management, partially offset by lower volume.
Previous wording
The following table presents changes in net sales for the first quarter of fiscal 2024, as compared to the corresponding periods in fiscal 2023, and provides a reconciliation of organic net sales to reported amounts.
Current wording
The following table presents changes in net sales for the second quarter and first six months of fiscal 2024, as compared to the corresponding periods in fiscal 2023, and provides a reconciliation of organic net sales to reported amounts.
Previous wording
For the first quarter of fiscal 2024, net sales were $488.9, an increase of $19.8, or 4.2%, including a $5.5, or 1.1%, favorable impact from currency movements. Organic net sales increased $14.3, or 3.1%, as international markets across all segments increased 16.2%, reflecting growth from higher volumes and pricing across Wet Shave and Grooming, partially offset by lower net sales in North America which decreased by 4.9%. In aggregate, organic net sales growth was driven by increased pricing, with volumes essentially flat.
Current wording
For the first six months of fiscal 2024, net sales were $1,088.3, an increase of $20.8, or 1.9%, including a $5.8, or 0.5%, favorable impact from currency movements. Organic net sales increased $15.0, or 1.4%, as International markets across all segments increased 10.7%, and were partially offset by lower net sales in North America, which decreased 3.7%. In aggregate, organic net sales growth was driven by increased pricing and revenue management, partially offset by lower volume.
Previous wording
Gross profit was $197.7 during the first quarter of fiscal 2024, compared to $189.6 in the prior year quarter, an increase of $8.1 or 4.3%. Gross margin as a percent of net sales for the first quarter of fiscal 2023 was 40.4%, or flat compared to the prior year quarter. Adjusted gross margin as a percent of net sales was 40.7% compared to 40.4% in the prior year quarter. The increase of 30-basis points was due to productivity savings of approximately 380-basis points, the benefit of higher pricing of approximately 210-basis points, and approximately 70-basis points of favorable currency, more than offset core gross inflationary pressures of approximately 70-basis points, transitory cost headwinds related to unfavorable absorption and heightened unit cost inflation trapped in inventory of 520-basis points and 40-basis points of negative mix and other.
Current wording
Gross profit was $258.1 during the second quarter of fiscal 2024, compared to $242.3 in the prior year quarter, an increase of $15.8, or 6.5%. Gross margin as a percent of net sales for the second quarter of fiscal 2024 increased 260-basis points, to 43.1% in the quarter. Adjusted gross margin as a percent of net sales increased 320-basis points, to 43.7% in the quarter. The adjusted gross margin increase was due toproductivity savings of approximately 240-basis points and the benefit of higher pricing and strategic revenue management of approximately 190-basis points, which more than offset core gross inflationary pressures of approximately 60-basis points, unfavorable mix and other costs of 40-basis points, and a 10-basis point unfavorable impact from currency.
Previous wording
SG&A was $103.3, or 21.1%, of net sales in the first quarter of fiscal 2024 compared to $95.7, or 20.4%, of net sales in the prior year quarter. Adjusted SG&A as a percent of net sales was 21.0%, an increase of 110-basis points, primarily driven by higher people and incentive compensation expenses, and the impact of unfavorable currency movements.
Current wording
SG&A was $107.5, or 17.9%, of net sales in the second quarter of fiscal 2024 compared to $105.2, or 17.6%, of net sales in the prior year quarter. Adjusted SG&A as a percent of net sales was 17.4%, an increase of 20-basis points, primarily driven by higher people expenses, partially offset by operational efficiency savings and lower bad debt and other corporate costs.
Previous wording
For the first quarter of fiscal 2024, A&P was $48.2, an increase of $2.3, or 5.0%, compared to $45.9 in the prior year quarter. A&P as a percent of net sales was 9.9%, compared to 9.8% in the prior year quarter, primarily due to timing of brand investments and marketing campaigns.
Current wording
For the second quarter of fiscal 2024, A&P was $63.1, an increase of $0.2, or 0.3%, compared to $62.9 in the prior year quarter. A&P as a percent of net sales was 10.5%, which was flat compared to the prior year quarter.
Previous wording
Research and development expense (“R&D”) for the first quarter of fiscal 2024 was $13.3, a decrease of $0.1, or 0.7%, compared to $13.4 in the prior year quarter. As a percent of net sales, R&D was 2.7% in the first quarter of fiscal 2024 compared to 2.9% in the prior year quarter.
Current wording
Research and development (“R&D”) expense for the second quarter of fiscal 2024 was $14.2, a decrease of $0.2, or 1.4%, compared to $14.4 in the prior year quarter. As a percent of net sales, R&D expense was 2.4% in the second quarter of fiscal 2024, which was flat compared to the prior year quarter.
Previous wording
Interest expense associated with debt for the first quarter of fiscal 2024 was $19.8, a decrease of $0.1, or 0.5%, compared to $19.9 in the prior year quarter. The decrease in interest expense was the result of a lower overall debt balance on the Revolving Credit Facility, partially offset by higher interest rates.
Current wording
Interest expense associated with debt for the second quarter of fiscal 2024 was $20.4, a decrease of $0.3, or 1.4%, compared to $20.7 in the prior year quarter. For the first six months of fiscal 2024, interest expense was $40.2, a decrease of $0.4, or 1.0%, compared to $40.6 in the prior year period. The decrease in interest expense was the result of a lower overall debt balance on the Company’s revolving credit facility, partially offset by higher interest rates.
Previous wording
The effective tax rate for the first quarter of 2024 was 20.1% compared to 27.0% in the prior year period. The fiscal 2024 effective tax rate reflects a more favorable mix of earnings in lower tax rate jurisdictions and the impact of a change in our prior estimates. On an adjusted basis, the effective tax rate was 22.8% and 26.4% for the first quarter of 2024 and 2023, respectively.
Current wording
The effective tax rate for the second quarter and first six months ended March 31, 2024, was 23.4% and 23.0%, respectively, compared to 27.0% and 26.9% in the prior year period. The fiscal 2024 effective tax rate reflects the favorable mix of earnings in lower tax rate jurisdictions and the impact of a change in the Company’s prior estimates. On an adjusted basis, the effective tax rate was 23.6% and 23.5%, for the second quarter and first six months ended March 31, 2024, respectively, and 26.6% and 26.5% for the second quarter and first six months March 31, 2023 respectively.
Previous wording
In fiscal 2024, the Company is continuing to strengthen its operating model, simplify the organization and improve manufacturing and supply chain efficiency. As a result of these actions, we expect to incur charges of approximately $19 in fiscal 2024. We incurred $6.8 during the first quarter of fiscal 2024, primarily related to employee severance and related costs.
Current wording
In fiscal 2024, the Company is continuing to strengthen its operating model, simplify the organization’s ways of working and improve manufacturing and supply chain efficiency. As a result of these actions, we expect to incur charges of approximately $19 in fiscal 2024. We incurred $3.2 and $10.0 during the second quarter and first six months of fiscal 2024, respectively, primarily related to employee severance and related costs.
Previous wording
The following tables present changes in segment net sales and segment profit for the first quarter of fiscal 2024, compared to the corresponding periods in fiscal 2023, and provide a reconciliation of organic segment net sales and organic segment profit to reported amounts. For a reconciliation of segment profit to Earnings before income taxes, refer to Note 13 of Notes to Condensed Consolidated Financial Statements.
Current wording
The following tables present changes in segment net sales and segment profit for the second quarter and first six months of fiscal 2024, compared to the corresponding periods in fiscal 2023, and provide a reconciliation of organic segment net sales and organic segment profit to reported amounts. For a reconciliation of segment profit to Earnings before income taxes, refer to Note 13 of Notes to Condensed Consolidated Financial Statements.
Previous wording
Wet Shave segment profit for the first quarter of fiscal 2024 was $53.7, an increase of $18.0, or 50.4%. Organic segment profit increased $14.4, or 40.3%, reflecting higher net sales and higher gross margins.
Current wording
Wet Shave segment profit for the first six months of fiscal 2024 was $94.1, an increase of $23.0, or 32.3%, and inclusive of a $1.8 favorable impact from currency. Organic segment profit increased $21.2, or 29.8%, reflecting higher net sales and higher gross margins.
Previous wording
Segment loss for the first quarter of fiscal 2024 was $1.3, a decrease of $14.6, or 109.8%. Organic segment profit decreased $15.1, or 113.6%, primarily driven by lower gross profit resulting from significantly higher inflation related costs.
Current wording
Segment profit for the first six months of fiscal 2024 was $53.1, a decrease of $0.2, or 0.4%. Organic segment profit decreased $1.8, or 3.4%, primarily driven by lower gross profit resulting from significantly higher inflation related costs which was mostly offset by higher sales volumes and pricing.
Previous wording
Feminine Care net sales for the first quarter of fiscal 2024 was $71.8, a decrease of $9.1, or 11.2%, primarily due to a decline in Tampons, reflective of the comparison to last years competitive product out-of-stocks and further retailer inventory reductions this fiscal quarter.
Current wording
Feminine Care net sales for the first six months of fiscal 2024 was $142.3, a decrease of $18.7, or 11.6%, primarily due to a decline in Tampons and Pads.
Previous wording
Feminine Care segment profit for the first quarter of fiscal 2024 was $7.3, a decrease of $4.6, or 38.7%. Organic segment profit decreased $4.5, or 37.9%, primarily driven by lower sales and the resulting impact on gross profit.
Current wording
Feminine Care segment profit for the second quarter of fiscal 2024 was $8.7, a decrease of $3.5, or 28.7%. Organic segment profit decreased $3.5, or 28.7%, primarily driven by lower sales and the resulting impact on gross profit.
Previous wording
For the first quarter of fiscal 2024, corporate expenses were $16.2, or 3.3%, of net sales, compared to $15.9, or 3.4%, of net sales in the prior year quarter. For the first quarter of fiscal 2024, the increase in corporate expenses was primarily due to higher people and incentive compensation costs.
Current wording
For the second quarter of fiscal 2024, corporate expenses were $15.0, or 2.5%, of net sales, compared to $17.0, or 2.8%, of net sales in the prior year quarter. For the second quarter of fiscal 2024, the decrease in corporate expenses was primarily due to a decrease in corporate consulting and project costs which was partially offset by higher people and incentive compensation costs.
Previous wording
On December 1, 2023, a fire occurred at our Wet Ones manufacturing plant in Sidney, Ohio. There were no injuries reported and damage was limited to a single manufacturing process. As a consequence of the fire damage, there was a partial shutdown of the operations that manufacture Wet Ones raw materials. Through the three months ended December 31, 2023, the Company has incurred $1.5 in costs related to incremental material charges, labor and absorption as a result of the fire.
Current wording
On December 1, 2023, a fire occurred at our Wet Ones manufacturing plant in Sidney, Ohio. There were no injuries reported and damage was limited to a single manufacturing process. As a consequence of the fire damage, there was a partial shutdown of the operations that manufacture Wet Ones raw materials. For the second quarter and the first six months of fiscal 2024, we incurred $3.8 and $5.3, respectively, in incremental costs related to material charges, increased labor and absorption and other inefficiency costs as a result of the fire.
Previous wording
Cash flow used by operating activities was $72.9 during the first quarter of fiscal 2024, compared to a use of $86.3 during the prior year period. The decrease in cash used versus the same period in the prior year was driven by a lower net working capital build.
Current wording
Cash flow provided by operating activities was $56.1 during the first six months of fiscal 2024, compared to $1.9 of cash provided from operations during the prior year period. The increase in cash provided was largely driven by a lower net working capital build and increased earnings.
Previous wording
Net cash used by investing activities was $6.0 during the first quarter of fiscal 2024, compared to $11.2 during the prior year period. Capital expenditures were $6.5 during the first quarter of fiscal 2024, compared to $11.3 in the prior year period.
Current wording
Net cash used by investing activities was $19.7 during the first six months of fiscal 2024, compared to $20.0 of cash used during the prior year period. Capital expenditures were $18.0 during the first six months of fiscal 2024, compared to $18.8 in the prior year period.
Previous wording
Net cash from financing activities was $69.8 during the first quarter of fiscal 2024, compared to $82.9 in the prior year period. During the first quarter of fiscal 2024, we had net borrowings of $91.0 under the Revolving Credit Facility, compared to $100.0 in the prior year period. Dividend payments totaled $7.6 in the first quarter of fiscal 2024, compared to $8.3 in the prior year period. We had financing outflows for employee equity awards held for taxes totaling $7.0 in the first quarter of fiscal 2024, compared to $8.1 in the prior year period.
Current wording
Net cash used by financing activities was $59.4 during the first six months of fiscal 2024, compared to $29.0 of cash used in the prior year period. During the first six months of fiscal 2024, we had net borrowings of $11.0 under the Revolving Credit Facility, compared to $21.0 in the prior year period. Dividend payments totaled $15.8 in the first six months of fiscal 2024, compared to $16.1 in the prior year period. We had financing outflows for employee equity awards held for taxes totaling $7.0 in the first six months of fiscal 2024, compared to $8.1 in the prior year period.
Previous wording
During the first three months of fiscal 2024, we repurchased 0.4 shares of our common stock for $15.0. We have 4.2 shares remaining under the Repurchase Plan as of December 31, 2023. Future share repurchases, if any, would be made in the open market, privately negotiated transactions or otherwise, in such amounts and at such times as we deem appropriate based upon prevailing market conditions, business needs and other factors.
Current wording
During the first six months of fiscal 2024, we repurchased 0.8 shares of our common stock for $30.3. We have 3.8 shares remaining under the Repurchase Plan as of March 31, 2024. Future share repurchases, if any, would be made in the open market, privately negotiated transactions or otherwise, in such amounts and at such times as we deem appropriate based upon prevailing market conditions, business needs and other factors.
Previous wording
Dividend activity for the three months ended December 31, 2023 are as follows:
Current wording
Dividend activity for the six months ended March 31, 2024 are as follows:
Previous wording
On February 1, 2024, the Board declared a quarterly cash dividend of $0.15 per common share for the second fiscal quarter of 2024. The dividend will be payable on April 4, 2024 to shareholders of record as the close of business on March 7, 2024.
Current wording
On May 8, 2024, the Board declared a quarterly cash dividend of $0.15 per common share for the third fiscal quarter of 2024. The dividend will be payable on July 9, 2024 to shareholders of record as the close of business on June 6, 2024.
Previous wording
Dividends declared during the three months ended December 31, 2023 totaled $7.6. Payments made for dividends during the three months ended December 31, 2023 totaled $7.6.
Current wording
Dividends declared during the six months ended March 31, 2024 totaled $15.2. Payments made for dividends during the six months ended March 31, 2024 totaled $15.8.
Previous wording
As of December 31, 2023, we had outstanding borrowings of $213.0 under the Revolving Credit Facility. As of December 31, 2023, future minimum repayments of debt were: $213.0 in fiscal 2025, $750.0 in fiscal 2028 and $500.0 in fiscal 2029.
Current wording
As of March 31, 2024, we had outstanding borrowings of $111.0 under the Revolving Credit Facility. As of March 31, 2024, future minimum repayments of debt were: $111.0 in fiscal 2025, $750.0 in fiscal 2028 and $500.0 in fiscal 2029.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
(1)EBIT is defined as Earnings before Income taxes.