Discontinued Operations, Assets Held for Sale and Divestitures Tables

9 Months Ended

Jun. 30, 2017

Discontinued Operations and Disposal Groups [Abstract]

Disposal Group, Details of Gain on Sale [Table Text Block]

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

Schedule of Discontinued Operations Income (loss) [Table Text Block]

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					Nine months ended
	June 30,					June 30,
	2017			2016		2017		2016
	(in millions)
Net sales	$	—		$	85.4	$	83.1	$	251.4
Cost of sales	—			61.5		62.8		180.8
Gross profit	—			23.9		20.3		70.6
Operating expenses:
Selling, general and administrative	0.1			16.5		17.0		51.4
Other charges	—			0.4		0.2		0.4
Total operating expenses	0.1			16.9		17.2		51.8
Income (loss) before income taxes	(0.1		)	7.0		3.1		18.8
Income tax expense	—			2.5		1.2		6.7
	(0.1		)	4.5		1.9		12.1
Gain on sale, net of tax	—			—		67.9		—
Income (loss) from discontinued operations	$	(0.1	)	$	4.5	$	69.8	$	12.1

Schedule of Assets and Liabilities Held for Sale [Table Text Block]

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 operations	$	13.0