Discontinued Operations, Assets Held for Sale and Divestitures

9 Months Ended

Jun. 30, 2018

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]

Discontinued Operations and Divestitures

On December 4, 2017, we sold an idle property in Burlington, New Jersey that had previously been a plant in our former U.S. Pipe segment and recorded a gain of $9.0 million in our Corporate segment. We received $7.4 million in cash, recorded net current assets of $0.8 million and conveyed plant, property and equipment with a net carrying value of $0.4 million, and the buyer assumed related environmental liabilities with a carrying value of $1.2 million.

On January 6, 2017, we sold our former Anvil segment to affiliates of One Equity Partners. The final cash proceeds of this sale were $305.7 million. The table below presents a summary of the operating results for the Anvil discontinued operations during the quarter and nine months ended June 30, 2017. These operating results do not reflect what they would have been had Anvil not been sold.



	Three months ended			Nine months ended
	June 30,			June 30,
	2017			2017
	(in millions)
Net sales	$	—		$	83.1
Cost of sales	—			62.8
Gross profit	—			20.3
Operating expenses:
Selling, general and administrative	0.1			17.0
Other charges	—			0.2
Total operating expenses	0.1			17.2
Income before income taxes	(0.1		)	3.1
Income tax expense	—			1.2
	(0.1		)	1.9
Gain on sale, net of tax	—			67.9
Income from discontinued operations	$	(0.1	)	$	69.8