Divestitures (Tables)

12 Months Ended

Sep. 30, 2020

Discontinued Operations and Disposal Groups [Abstract]

Summary of Components of Income From Discontinued Operations, Net of Tax

The following table summarizes the components of Income from Discontinued Operations, Net of Tax in the accompanying Consolidated Statement of Income for the years ended September 30, 2020, 2019, and 2018:


(in millions)	2020		2019		2018
Income from discontinued operations before income taxes - GBL	$	4.2	$	974.9	$	21.8
Loss from discontinued operations before income taxes - GAC	(0.1)		(115.7)		(31.9)
Income from discontinued operations before income taxes - HRG Insurance Operations	—		—		476.4
Income from discontinued operations before income taxes	4.1		859.2		466.3
Income tax (benefit) expense from discontinued operations	(9.9)		176.7		21.3
Income from discontinued operations, net of tax	14.0		682.5		445.0
Income from discontinued operations, net of tax attributable to noncontrolling interest	—		—		33.2
Income from discontinued operations, net of tax attributable to controlling interest	$	14.0	$	682.5	$	411.8

Summary of Components of Income From Discontinued Operations Before Income Taxes

The following table summarizes the components of income from discontinued operations before income taxes associated with the GBL divestiture in the accompanying Consolidated Statements of Operations for the years ended September 30, 2019 and 2018 with the close of the GBL divestiture on January 2, 2019.


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

The following table summarizes the components of income from discontinued operations before income taxes associated with the GAC divestiture in the accompanying Consolidated Statements of Operations for the years ended September 30, 2019, and 2018, with the close of the GAC divestiture on January 28, 2019:


(in millions)	2019		2018
Net sales	$	87.7	$	465.6
Cost of goods sold	52.5		284.9
Gross profit	35.2		180.7
Operating expenses	35.7		117.8
Operating (loss) income	(0.5)		62.9
Interest expense	0.7		2.1
Other non-operating expense, net	0.2		0.2
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		—
Income from discontinued operations before income taxes	$	(115.7)	$	(31.9)

The following table summarizes the components of Income from Discontinued Operations – HRG Insurance Operations, in the accompanying Consolidated Statements of Income for the year ending September 30, 2018:


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