Divestitures (Tables)

12 Months Ended

Sep. 30, 2019


(in millions)	2019		2018		2017
Income from discontinued operations before income taxes - GBL	$	974.9	$	21.8	$	84.5
(Loss) income from discontinued operations before income taxes - GAC		(115.7)		(31.9)		94.5
Income from discontinued operations before income taxes - HRG Insurance Operations		—		476.4		287.1
Income from discontinued operations before income taxes		859.2		466.3		466.1
Income tax expense from discontinued operations		199.3		21.3		176.8
Income from discontinued operations, net of tax		659.9		445.0		289.3
Income from discontinued operations, net of tax attributable to noncontrolling interest		—		33.2		92.7
Income from discontinued operations, net of tax attributable to controlling interest	$	659.9	$	411.8	$	196.6


(in millions)	September 30, 2018
Assets
Trade receivables, net	$	99.3
Other receivables		17.9
Inventories		127.8
Prepaid expenses and other current assets		23.0
Property, plant and equipment, net		160.5
Deferred charges and other		13.4
Goodwill		226.6
Intangible assets, net		304.0
Total assets of business held for sale	$	972.5
Liabilities
Current portion of long-term debt		6.3
Accounts payable		124.1
Accrued wages and salaries		25.0
Other current liabilities		82.6
Long-term debt, net of current portion		45.0
Deferred income taxes		20.9
Other long-term liabilities		60.6
Total liabilities of business held for sale	$	364.5



(in millions)	2019		2018		2017
Net sales	$	249.0	$	870.5	$	865.6
Cost of goods sold		164.6		553.2		539.3
Gross profit		84.4		317.3		326.3
Operating expenses		57.0		241.0		193.6
Operating income		27.4		76.3		132.7
Interest expense		23.3		53.5		48.3
Other non-operating expense (income), net		0.5		1.0		(0.1)
Gain on sale		(989.8)		—		—
Reclassification of accumulated other comprehensive income		18.5		—		—
Income from discontinued operations before income taxes	$	974.9	$	21.8	$	84.5


(in millions)	September 30, 2018
Assets
Trade receivables, net	$	55.2
Other receivables		4.1
Inventories		72.8
Prepaid expenses and other current assets		2.9
Property, plant and equipment, net		58.2
Deferred charges and other		10.7
Goodwill		841.8
Intangible assets, net		384.4
Total assets of business held for sale	$	1,430.1
Liabilities
Current portion of long-term debt		0.4
Accounts payable		50.6
Accrued wages and salaries		3.2
Other current liabilities		13.3
Long-term debt, net of current portion		31.5
Deferred income taxes		71.6
Other long-term liabilities		2.5
Total liabilities of business held for sale	$	173.1



(in millions)	2019		2018		2017
Net sales	$	87.7	$	465.6	$	446.9
Cost of goods sold		52.5		284.9		233.7
Gross profit		35.2		180.7		213.2
Operating expenses		35.7		117.8		117.2
Operating (loss) income		(0.5)		62.9		96.0
Interest expense		0.7		2.1		1.4
Other non-operating expense, net		0.2		0.2		0.1
Write-down of assets of business held for sale to fair value less cost to sell		111.0		92.5		—
Reclassification of accumulated other comprehensive income		3.3		—		—
(Loss) Income from discontinued operations before income taxes	$	(115.7)	$	(31.9)	$	94.5


(in millions)	September 30, 2017
Assets
Investments, including loans and receivables from affiliates	$	23,211.1
Funds withheld receivables		742.7
Cash and cash equivalents		914.5
Accrued investment income		231.3
Reinsurance recoverable		2,358.8
Deferred acquisition costs and value of business acquired, net		1,163.6
Other assets		125.4
Write-down of assets of businesses held for sale to fair value less cost to sell		(421.2)
Total assets of business held for sale	$	28,326.2
Liabilities
Insurance reserves		24,989.6
Debt		405.0
Accounts payable and other current liabilities		56.2
Deferred tax liabilities		68.0
Other long-term liabilities		831.9
Total liabilities of business held for sale	$	26,350.7



(in millions)	2018		2017
Revenues
Insurance premiums	$	6.8	$	43.9
Net investment income		181.9		1,050.7
Net investment gains		154.8		377.4
Other		35.1		169.5
Total revenues		378.6		1,641.5
Operating costs and expenses
Benefits and other changes in policy reserves		241.3		925.9
Selling, acquisition, operating and general expenses		52.8		148.2
Amortization of intangibles		35.8		197.5
Total operating costs and expenses		329.9		1,271.6
Operating income		48.7		369.9
Interest expense and other		4.0		24.4
Write-down of assets of business held for sale to fair value less cost to sell		(14.2)		(58.4)
Reclassification of accumulated other comprehensive income		445.9		—
Income from discontinued operations before income taxes	$	476.4	$	287.1