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Discontinued Operations, Assets Held for Sale and Divestitures | 12 Months Ended
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Sep. 30, 2017
Discontinued Operations and Disposal Groups [Abstract] |
Discontinued Operations, Assets Held for Sale and Divestitures | Divestiture On January 6, 2017, we sold Anvil 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.
| 2017 |  | 2016
| (in millions)
Net sales | $ | 83.1 |  |  | $ | 338.3 |
Cost of sales | 62.8 |  |  | 241.9 |
Gross profit | 20.3 |  |  | 96.4 |
Operating expenses: |  |  |
Selling, general and administrative | 17.2 |  |  | 67.6 |
Other charges | 0.2 |  |  | 1.1 |
Total operating expenses | 17.4 |  |  | 68.7 |
Operating income | 2.9 |  |  | 27.7 |
Interest expense, net | — |  |  | — |
Income before income taxes | 2.9 |  |  | 27.7 |
Income tax expense | 1.8 |  |  | 8.9 |
| 1.1 |  |  | 18.8 |
Gain on sale, net of tax | 67.9 |  |  | — |
Income from discontinued operations | $ | 69.0 |  |  | $ | 18.8 |

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2122178 + Details
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