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DIVESTITURES (Tables) | 12 Months Ended
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Sep. 30, 2021
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, 2021, 2020, and 2019:
(in millions) |  | 2021 |  | 2020 |  | 2019
Income from discontinued operations before income taxes - HHI |  | $ | 288.2 |  |  | $ | 227.8 |  |  | $ | 220.6 |
(Loss) income from discontinued operations before income taxes - GBL |  | (7.2) |  |  | 4.2 |  |  | 997.6 |
Loss from discontinued operations before income taxes - GAC |  | (0.1) |  |  | (0.1) |  |  | (115.7) |
Interest on corporate debt allocated to discontinued operations |  | 44.5 |  |  | 47.3 |  |  | 83.0 |
Income from discontinued operations before income taxes |  | 236.4 |  |  | 184.6 |  |  | 1,019.5 |
Income tax expense from discontinued operations |  | 62.1 |  |  | 33.7 |  |  | 221.5 |
Income from discontinued operations, net of tax |  | 174.3 |  |  | 150.9 |  |  | 798.0 |
(Loss) income from discontinued operations, net of tax attributable to noncontrolling interest |  | (0.2) |  |  | 0.4 |  |  | 0.5 |
Income from discontinued operations, net of tax attributable to controlling interest |  | $ | 174.5 |  |  | $ | 150.5 |  |  | $ | 797.5 |
Summary of Assets and Liabilities Held for Sale | The following table summarizes the assets and liabilities of the HHI disposal group classified as held for sale as of September 30, 2021 and 2020:
(in millions) |  | 2021 |  | 2020
Assets |  |  |  |
Trade receivables, net |  | $ | 130.2 |  |  | $ | 201.4 |
Other receivables |  | 12.1 |  |  | 27.8 |
Inventories |  | 332.2 |  |  | 239.0 |
Prepaid expenses and other current assets |  | 39.1 |  |  | 32.6 |
Property, plant and equipment, net |  | 143.5 |  |  | 140.9 |
Operating lease assets |  | 55.5 |  |  | 45.8 |
Deferred charges and other |  | 11.7 |  |  | 16.5 |
Goodwill |  | 710.9 |  |  | 704.8 |
Intangible assets, net |  | 374.8 |  |  | 385.0 |
Total assets of business held for sale |  | $ | 1,810.0 |  |  | $ | 1,793.8 |
Liabilities |  |  |  |
Current portion of long-term debt |  | $ | 1.5 |  |  | $ | 1.4 |
Accounts payable |  | 206.6 |  |  | 195.0 |
Accrued wages and salaries |  | 41.7 |  |  | 33.3 |
Other current liabilities |  | 75.9 |  |  | 73.9 |
Long-term debt, net of current portion |  | 54.4 |  |  | 55.3 |
Long-term operating lease liabilities |  | 48.6 |  |  | 39.2 |
Deferred income taxes |  | 7.8 |  |  | 10.2 |
Other long-term liabilities |  | 17.8 |  |  | 20.4 |
Total liabilities of business held for sale |  | $ | 454.3 |  |  | $ | 428.7 |
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 HHI divestiture in the accompanying Consolidated Statements of Operations for the years ended September 30, 2021, 2020 and 2019:
(in millions) |  | 2021 |  | 2020 |  | 2019
Net sales |  | $ | 1,615.8 |  |  | $ | 1,342.1 |  |  | $ | 1,355.7 |
Cost of goods sold |  | 1,025.3 |  |  | 850.3 |  |  | 868.4 |
Gross profit |  | 590.5 |  |  | 491.8 |  |  | 487.3 |
Operating expenses |  | 293.1 |  |  | 257.1 |  |  | 262.8 |
Operating income |  | 297.4 |  |  | 234.7 |  |  | 224.5 |
Interest expense |  | 3.4 |  |  | 3.5 |  |  | 3.4 |
Other non-operating expense, net |  | 5.8 |  |  | 3.4 |  |  | 0.5 |
Income from discontinued operations before income taxes |  | $ | 288.2 |  |  | $ | 227.8 |  |  | $ | 220.6 |
The following table summarizes the components of income from discontinued operations before income taxes associated with the GBL operations in the accompanying Consolidated Statements of Operations for the years ended September 30, 2019 with the close of the GBL divestiture on January 2, 2019.
(in millions) |  | 2019
Net sales |  | $ | 249.0 |
Cost of goods sold |  | 164.6 |
Gross profit |  | 84.4 |
Operating expenses |  | 57.0 |
Operating income |  | 27.4 |
Interest expense |  | 0.6 |
Other non-operating expense, net |  | 0.5 |
Gain on sale |  | (989.8) |
Reclassification of accumulated other comprehensive income |  | 18.5 |
Income from discontinued operations before income taxes |  | $ | 997.6 |
The following table summarizes the components of income from discontinued operations before income taxes associated with the GAC business in the accompanying Consolidated Statements of Operations for the year ended 2019, with the close of the GAC divestiture on January 28, 2019:
(in millions) |  | 2019 |  |
Net sales |  | $ | 87.7 |  |  |
Cost of goods sold |  | 52.5 |  |  |
Gross profit |  | 35.2 |  |  |
Operating expenses |  | 35.7 |  |  |
Operating loss |  | (0.5) |  |  |
Interest expense |  | 0.7 |  |  |
Other non-operating expense, net |  | 0.2 |  |  |
Loss on sale of business |  | 111.0 |  |  |
Reclassification of accumulated other comprehensive income |  | 3.3 |  |  |
Loss from discontinued operations before income taxes |  | $ | (115.7) |  |  |
Summary of Significant Non-cash Items and Capital Expenditures of Discontinued Operations | The following table presents significant non-cash items and capital expenditures of discontinued operations from the HHI divestiture:
(in millions) |  | 2021 |  | 2020 |  | 2019
Depreciation and amortization |  | $ | 31.1 |  |  | $ | 33.9 |  |  | $ | 33.5 |
Share and incentive based compensation |  | $ | 0.8 |  |  | $ | 6.0 |  |  | $ | 5.0 |
Purchases of property, plant and equipment |  | $ | 22.8 |  |  | $ | 16.9 |  |  | $ | 18.0 |

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