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Discontinued Operations, Assets Held for Sale and Divestitures
 6 Months Ended
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