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Discontinued Operations, Assets Held for Sale and Divestitures | 6 Months Ended
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Mar. 31, 2017
Discontinued Operations and Disposal Groups [Abstract] |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | Note 2. Divestiture On January 6, 2017, we sold our former Anvil segment to affiliates of One Equity Partners for cash proceeds of $305.7 million and the agreement by the purchaser to reimburse us for expenditures to settle certain previously existing liabilities. The table below presents a summary of the sale of Anvil, in millions.
Gross cash proceeds | $ | 305.7 |
Noncash proceeds | 1.9 |
Total proceeds | 307.6 |
Transaction expenses | (8.3 | )
Net proceeds | 299.3 |
Assets and liabilities disposed | (189.8 | )
Gain on sale, pre-tax | 109.5 |
Income tax | (41.6 | )
Gain on sale, net of tax | $ | 67.9 |
The table below presents a summary of the operating results for the Anvil discontinued operations. These operating results do not reflect what they would have been had Anvil not been classified as discontinued operations.
| Three months ended |  | Six months ended
| March 31, |  | March 31,
| 2017 |  | 2016 |  | 2017 |  | 2016
| (in millions)
Net sales | $ | — |  |  | $ | 86.4 |  |  | $ | 83.1 |  |  | $ | 166.0 |
Cost of sales | — |  |  | 60.8 |  |  | 62.8 |  |  | 119.3 |
Gross profit | — |  |  | 25.6 |  |  | 20.3 |  |  | 46.7 |
Operating expenses: |  |  |  |  |  |  |
Selling, general and administrative | (1.4 | ) |  | 17.3 |  |  | 16.9 |  |  | 34.9 |
Other charges | — |  |  | — |  |  | 0.2 |  |  | — |
Total operating expenses | (1.4 | ) |  | 17.3 |  |  | 17.1 |  |  | 34.9 |
Income before income taxes | 1.4 |  |  | 8.3 |  |  | 3.2 |  |  | 11.8 |
Income tax expense | 0.7 |  |  | 2.9 |  |  | 1.2 |  |  | 4.2 |
| 0.7 |  |  | 5.4 |  |  | 2.0 |  |  | 7.6 |
Gain on sale, net of tax | 67.9 |  |  | — |  |  | 67.9 |  |  | — |
Income from discontinued operations | $ | 68.6 |  |  | $ | 5.4 |  |  | $ | 69.9 |  |  | $ | 7.6 |
The table below presents the components of the balance sheet accounts classified as assets and liabilities held for sale and the related net deferred income tax liability.
| September 30,
| 2016
| (in millions)
Assets: |
Receivables, net | $ | 54.9 |
Inventories | 83.1 |
Other current assets | 4.1 |
Total current assets held for sale | 142.1 |
Property, plant and equipment, net | 46.7 |
Intangible assets | 51.4 |
Other noncurrent assets | 1.8 |
Total noncurrent assets held for sale | 99.9 |
Total assets held for sale | $ | 242.0 |
Liabilities: |
Current portion of long-term debt | $ | 0.3 |
Accounts payable | 27.1 |
Other current liabilities | 17.4 |
Total current liabilities held for sale | 44.8 |
Long-term debt | 0.4 |
Other noncurrent liabilities | 0.4 |
Total noncurrent liabilities held for sale | 0.8 |
Total liabilities held for sale | $ | 45.6 |
Net deferred income tax liability associated with discontinued operation | $ | 13.0 |

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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=51716988&loc=SL51721533-107759 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721665-107760 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5C -URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721675-107760 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3A -URI http://asc.fasb.org/extlink&oid=51719941&loc=SL51724579-110230 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 4A -URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721663-107760 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=51719941&loc=d3e2941-110230 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=51717284&loc=d3e1361-107760 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5B -URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721673-107760 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3A -URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721659-107760 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5A -URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721671-107760 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5D -URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721677-107760 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=51717284&loc=d3e1474-107760 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721683-107760 + Details
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