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Divestitures and Amounts Held For Sale
12 Months Ended
Sep. 30, 2024
Assets and Liabilities Held for Sale [Abstract]  
Divestitures and Amounts Held For Sale DIVESTITURES AND AMOUNTS HELD FOR SALE
Divestiture
On December 1, 2021, the Company sold the Willamette Egg Farms business (the “WEF Transaction”), which included the sale of $62.8 book value of assets, for total proceeds of $56.1. Of the $56.1, $6.0 were initially held in escrow, subject to certain contingencies, and the Company received $0.6 and $4.6 of such proceeds during the years ended September 30, 2024 and 2023, respectively.
As a result of the WEF Transaction, during the year ended September 30, 2022, the Company recorded a net loss on sale of business of $6.3, which included a favorable working capital adjustment of $0.4. During the year ended September 30, 2024, the Company recorded an additional $0.8 loss on sales of business related to the final escrow settlement. These amounts were reported as “Other operating (income) expense, net” in the Consolidated Statements of Operations. Subsequent to the WEF Transaction, Willamette Egg Farms was no longer consolidated in the Company’s financial statements. Prior to the WEF Transaction, Willamette Egg Farms’ operating results were reported in the Refrigerated Retail segment.
There were no gains or losses on sale of business recorded during the year ended September 30, 2023.
Amounts Held For Sale
During the year ended September 30, 2022, a net gain on assets held for sale of $9.4 was recorded consisting of (i) a gain of $9.8 related to the sale of certain Foodservice production equipment in Klingerstown, Pennsylvania in November 2021 (the “Klingerstown Equipment”) and (ii) a loss of $0.4 related to the classification of certain Foodservice production equipment in Jefferson City, Tennessee (the “Jefferson City Equipment”) as held for sale, which was subsequently sold in fiscal 2023. The held for sale net gain was included in the “Other operating (income) expense, net” in the Consolidated Statements of Operations for the year ended September 30, 2022.
There were no held for sale gains or losses recorded in the years ended September 30, 2024 or 2023.