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DIVESTITURES (Tables) | 12 Months Ended
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Sep. 30, 2022
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, 2022, 2021, and 2020:
(in millions) |  | 2022 |  | 2021 |  | 2020
Income from discontinued operations before income taxes - HHI |  | $ | 253.3 |  |  | $ | 288.2 |  |  | $ | 227.8 |
(Loss) income from discontinued operations before income taxes - Other |  | (3.8) |  |  | (7.3) |  |  | 4.1 |
Interest on corporate debt allocated to discontinued operations |  | 46.4 |  |  | 44.5 |  |  | 47.3 |
Income from discontinued operations before income taxes |  | 203.1 |  |  | 236.4 |  |  | 184.6 |
Income tax expense from discontinued operations |  | 53.4 |  |  | 62.1 |  |  | 33.7 |
Income from discontinued operations, net of tax |  | 149.7 |  |  | 174.3 |  |  | 150.9 |
Income (loss) from discontinued operations, net of tax attributable to noncontrolling interest |  | 0.9 |  |  | (0.2) |  |  | 0.4 |
Income from discontinued operations, net of tax attributable to controlling interest |  | $ | 148.8 |  |  | $ | 174.5 |  |  | $ | 150.5 |
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, 2022 and 2021:
(in millions) |  | 2022 |  | 2021
Assets |  |  |  |
Trade receivables, net |  | $ | 135.5 |  |  | $ | 130.2 |
Other receivables |  | 6.7 |  |  | 12.1 |
Inventories |  | 327.1 |  |  | 332.2 |
Prepaid expenses and other current assets |  | 33.1 |  |  | 39.1 |
Property, plant and equipment, net |  | 166.6 |  |  | 143.5 |
Operating lease assets |  | 63.6 |  |  | 55.5 |
Deferred charges and other |  | 11.7 |  |  | 11.7 |
Goodwill |  | 698.6 |  |  | 710.9 |
Intangible assets, net |  | 373.8 |  |  | 374.8 |
Total assets of business held for sale |  | $ | 1,816.7 |  |  | $ | 1,810.0 |
Liabilities |  |  |  |
Current portion of long-term debt |  | $ | 1.4 |  |  | $ | 1.5 |
Accounts payable |  | 224.7 |  |  | 206.6 |
Accrued wages and salaries |  | 32.7 |  |  | 41.7 |
Other current liabilities |  | 79.9 |  |  | 75.9 |
Long-term debt, net of current portion |  | 54.6 |  |  | 54.4 |
Long-term operating lease liabilities |  | 46.9 |  |  | 48.6 |
Deferred income taxes |  | 10.1 |  |  | 7.8 |
Other long-term liabilities |  | 13.4 |  |  | 17.8 |
Total liabilities of business held for sale |  | $ | 463.7 |  |  | $ | 454.3 |
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, 2022, 2021 and 2020:
(in millions) |  | 2022 |  | 2021 |  | 2020
Net sales |  | $ | 1,652.3 |  |  | $ | 1,615.8 |  |  | $ | 1,342.1 |
Cost of goods sold |  | 1,096.3 |  |  | 1,025.3 |  |  | 850.3 |
Gross profit |  | 556.0 |  |  | 590.5 |  |  | 491.8 |
Operating expenses |  | 298.0 |  |  | 293.1 |  |  | 257.1 |
Operating income |  | 258.0 |  |  | 297.4 |  |  | 234.7 |
Interest expense |  | 3.4 |  |  | 3.4 |  |  | 3.5 |
Other non-operating expense, net |  | 1.3 |  |  | 5.8 |  |  | 3.4 |
Income from discontinued operations before income taxes |  | $ | 253.3 |  |  | $ | 288.2 |  |  | $ | 227.8 |
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) |  | 2022 |  | 2021 |  | 2020
Depreciation and amortization |  | $ | — |  |  | $ | 31.1 |  |  | $ | 33.9 |
Share and incentive based compensation |  | $ | 5.3 |  |  | $ | 0.8 |  |  | $ | 6.0 |
Purchases of property, plant and equipment |  | $ | 23.9 |  |  | $ | 22.8 |  |  | $ | 16.9 |
Summary of Transaction Service Agreements | The following table summarizes the TSA income and expenses during the years ended September 30, 2021 and 2020:
(in millions) |  |  |  | 2021 |  | 2020
TSA income |  |  |  | $ | 0.9 |  |  | $ | 9.6 |
TSA expense |  |  |  | 2.6 |  |  | 13.5 |
Net TSA (loss) income |  |  |  | $ | (1.7) |  |  | $ | (3.9) |

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- Definition Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3A -URI https://asc.fasb.org/extlink&oid=109226691&loc=SL51724579-110230 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=109222650&loc=d3e1474-107760 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5D -URI https://asc.fasb.org/extlink&oid=109222650&loc=SL51721677-107760 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 11 -URI https://asc.fasb.org/extlink&oid=109222160&loc=SL51721533-107759 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3A -URI https://asc.fasb.org/extlink&oid=109222650&loc=SL51721659-107760 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 4B -URI https://asc.fasb.org/extlink&oid=109222650&loc=SL51721665-107760 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=109226691&loc=d3e2941-110230 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5C -URI https://asc.fasb.org/extlink&oid=109222650&loc=SL51721675-107760 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 7 -URI https://asc.fasb.org/extlink&oid=109222650&loc=SL51721683-107760 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=109222650&loc=d3e1361-107760 Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5A -URI https://asc.fasb.org/extlink&oid=109222650&loc=SL51721671-107760 Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5B -URI https://asc.fasb.org/extlink&oid=109222650&loc=SL51721673-107760 Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 4A -URI https://asc.fasb.org/extlink&oid=109222650&loc=SL51721663-107760 + Details
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- Definition Tabular disclosure of related party transactions. Examples of related party transactions include, but are not limited to, transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners and (d) affiliates. + References No definition available. + Details
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