XML 65 R35.htm IDEA: XBRL DOCUMENT v3.21.2
DIVESTITURES (Tables)
 12 Months Ended
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)
202120202019
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 operations44.5 47.3 83.0 
Income from discontinued operations before income taxes236.4 184.6 1,019.5 
Income tax expense from discontinued operations62.1 33.7 221.5 
Income from discontinued operations, net of tax174.3 150.9 798.0 
(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)
20212020
Assets
Trade receivables, net$130.2 $201.4 
Other receivables12.1 27.8 
Inventories332.2 239.0 
Prepaid expenses and other current assets39.1 32.6 
Property, plant and equipment, net143.5 140.9 
Operating lease assets55.5 45.8 
Deferred charges and other11.7 16.5 
Goodwill710.9 704.8 
Intangible assets, net374.8 385.0 
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 payable206.6 195.0 
Accrued wages and salaries41.7 33.3 
Other current liabilities75.9 73.9 
Long-term debt, net of current portion54.4 55.3 
Long-term operating lease liabilities48.6 39.2 
Deferred income taxes7.8 10.2 
Other long-term liabilities17.8 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)
202120202019
Net sales$1,615.8 $1,342.1 $1,355.7 
Cost of goods sold1,025.3 850.3 868.4 
Gross profit590.5 491.8 487.3 
Operating expenses293.1 257.1 262.8 
Operating income297.4 234.7 224.5 
Interest expense3.4 3.5 3.4 
Other non-operating expense, net5.8 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, net0.5 
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)
202120202019
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