Business Combinations |
3 Months Ended |
|---|---|
Dec. 31, 2020 | |
| Business Combinations [Abstract] | |
| Business Combinations | BUSINESS COMBINATIONSOn July 1, 2020, the Company completed its acquisition of Henningsen Foods, Inc. (“Henningsen”) from a subsidiary of Kewpie Corporation for $20.0, subject to working capital and other adjustments, resulting in a payment at closing of $22.7. The acquisition was completed using cash on hand. Henningsen is a producer of egg and meat products and is reported in the Foodservice segment (see Note 19). Based upon the preliminary purchase price allocation at September 30, 2020, the Company identified and recorded $32.6 of net assets, including cash of $2.8, which exceeded the purchase price paid for Henningsen. As a result, the Company recorded a gain of $11.7, which was reported as other operating income in the consolidated statement of operations for the year ended September 30, 2020. At September 30, 2020, the Company had recorded an estimated working capital settlement receivable of $1.8, which was included in “Receivables, net” on the Condensed Consolidated Balance Sheet. In the three months ended December 31, 2020, the Company recorded measurement period adjustments related to inventory and deferred income taxes of $1.5 and reached a final settlement of net working capital, resulting in an amount received by the Company of $1.0. As a result of these adjustments, the Company recorded a loss of $2.3, which was included in “Other operating (income) expenses, net” in the Condensed Consolidated Statement of Operations for the three months ended December 31, 2020. |