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Acquisition (Tables)

9 Months Ended

Jun. 30, 2019

Business Combinations [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table outlines the preliminary purchase price allocation as of the date of acquisition:

Cash and cash equivalents	$	3.3
Trade receivables	42.1
Inventories	96.1
Other current assets	8.9
Property, plant and equipment, net	66.5
Goodwill	270.1
Other intangible assets, net	972.5
Deferred tax assets	12.1
Other assets	3.2
Current portion of capital leases	(0.4		)
Accounts payable	(28.6		)
Other current liabilities	(13.6		)
Long-term debt	(31.9		)
Other liabilities (deferred tax liabilities)	(221.1		)
Net assets acquired	$	1,179.2

The purchase price allocation is as follows:

Trade receivables	$	2.4
Inventories	0.9
Goodwill	14.7
Other intangible assets, net	21.8
Accounts payable	(1.7		)
Net assets acquired	$	38.1

The following table outlines the preliminary purchase price allocation as of the date of acquisition:

Cash and cash equivalents	$	37.8
Trade receivables	59.4
Inventories	82.4
Other current assets	22.5
Assets held for sale	805.0
Property, plant and equipment, net	138.5
Goodwill	547.2
Other intangible assets, net	747.5
Other assets	14.1
Current portion of capital leases	(1.2		)
Accounts payable	(39.2		)
Other current liabilities	(24.8		)
Long-term debt	(14.7		)
Liabilities held for sale	(405.0		)
Other liabilities	(13.3		)
Net assets acquired	$	1,956.2

Schedule of Acquired Finite-Lived Intangible Assets by Major Class

The table below outlines the purchased identifiable intangible assets of $747.5:

		Total				Weighted Average Useful Lives
Trade names		$	513.0			Indefinite
Proprietary technology		61.0				5.9
Customer relationships		173.5				15.0
Total Other intangible assets, net		$	747.5

The table below outlines the purchased identifiable intangible assets of $972.5:

	Total				Weighted Average Useful Lives
Trade names	$	702.9			Indefinite
Trade names	16.7				15.0
Proprietary technology	113.5				9.8
Customer relationships	139.4				15.0
Total Other intangible assets, net	$	972.5

The table below outlines the purchased identifiable intangible assets of $21.8:

	Total				Weighted Average Useful Lives
Customer relationships	$	15.2			15.0
Trade names	4.2				14.0
Proprietary formula	2.4				11.0
Total Other intangible assets, net	$	21.8			14.4

Schedule of Pro Forma Information and Significant Adjustments

		For the Quarter Ended June 30,								For the Nine Months Ended June 30,
		2019				2018				2019				2018
Pro forma net sales		$	647.2			$	684.0			$	2,000.4			$	2,077.2
Pro forma net earnings from continuing operations		14.2				37.5				113.6				9.1
Pro forma mandatory preferred stock dividends		4.1				4.1				12.2				12.2
Pro forma net earnings from continuing operations attributable to common shareholders		$	10.1			$	33.4			$	101.4			$	(3.1	)
Pro forma diluted net earnings per common share - continuing operations		$	0.14			$	0.47			$	1.43			$	(0.04	)
Pro forma weighted average shares of common stock - Diluted		70.6				71.4				71.0				71.4

The Loss before income taxes includes the inventory fair value adjustment recorded for the acquisitions, but excludes all acquisition and integration costs as well as any additional interest incurred by the Company for the debt issuances to complete the acquisitions:

		For the Quarter Ended June 30, 2019								For the Nine Months Ended June 30, 2019
		Battery Acquisition				Auto Care Acquisition				Battery Acquisition				Auto Care Acquisition
Net sales		$	109.1			$	135.6			$	209.0			$	220.1
Inventory fair value adjustment		—				6.5				14.2				19.5
Income/(loss) before income taxes		6.1				13.6				(6.3		)		16.4

The following expenses, which are net of the applicable tax rates, were added to or removed from the net earnings amounts for each respective period:

		For the Quarter Ended June 30,								For the Nine Months Ended June 30,
Expense removed/(Additional Expense)		2019				2018				2019				2018
Inventory step up (1)		$	5.0			$	—			$	27.5			$	(26.5	)
Acquisition and integration costs (2)		—				13.2				30.1				(49.1		)
Interest and ticking fees on escrowed debt (3)		—				3.4				27.5				4.9
Gains on escrowed funds (4)		—				—				(12.0		)		—

X

- Definition

Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (h)(2)
-URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (h)(3)
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- Definition

Tabular disclosure of the characteristics, including initial carrying value, residual amount, weighted average useful life, of finite-lived intangible assets acquired during the period by major class. A major class is composed of intangible assets that can be grouped together because they are similar, either by nature or by their use in the operations of the company.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 30
-Section 50
-Paragraph 1
-Subparagraph (a)
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- Definition

Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree.

+ References

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-Name Accounting Standards Codification
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