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ACQUISITIONS (Tables) | 12 Months Ended
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Sep. 30, 2022
Business Combination and Asset Acquisition [Abstract] |
Schedule of Purchase Price Allocation | The calculation of the preliminary purchase price is as follows:
(in millions) |  | Purchase Price
Cash paid at closing |  | $ | 314.6 |
Cash received for purchase price settlement |  | (42.2) |
Contingent consideration |  | 30.0 |
Total purchase price |  | $ | 302.4 |
The calculation of purchase price and purchase price allocation is as follows:
(in millions) |  | Amount
Cash consideration |  | $ | 301.5 |
The calculation of purchase price and purchase price allocation is as follows:
(in millions) |  | Amount
Cash paid |  | $ | 187.7 |
Debt assumed |  | 51.0 |
Cash consideration |  | $ | 136.7 |
Schedule of Assets Acquired and Liabilities Assumed | The following table summarizes the preliminary fair value of assets acquired and liabilities assumed as of the date of acquisition:
(in millions) |  | Purchase Price Allocation
Cash and cash equivalents |  | $ | 0.3 |
Trade receivables, net |  | 49.7 |
Other receivables |  | 0.4 |
Inventories |  | 102.0 |
Prepaid expenses and other current assets |  | 4.4 |
Property, plant and equipment, net |  | 0.4 |
Operating lease assets |  | 23.3 |
Goodwill |  | 108.1 |
Intangible assets, net |  | 95.0 |
Deferred charges and other |  | 3.7 |
Accounts payable |  | (52.5) |
Accrued wages and salaries |  | (0.6) |
Other current liabilities |  | (20.7) |
Long-term operating lease liabilities |  | (11.1) |
Net assets acquired |  | $ | 302.4 |
(in millions) |  | Purchase Price Allocation
Cash and cash equivalents |  | $ | 1.4 |
Trade receivables, net |  | 10.2 |
Inventories |  | 15.4 |
Prepaid expenses and other current assets |  | 0.3 |
Property, plant and equipment, net |  | 0.4 |
Goodwill |  | 147.0 |
Intangible assets, net |  | 128.7 |
Accounts payable |  | (1.7) |
Accrued wages and salaries |  | (0.1) |
Other current liabilities |  | (0.1) |
Net assets acquired |  | $ | 301.5 |
(in millions) |  | Purchase Price Allocation
Cash and cash equivalents |  | $ | 6.9 |
Trade receivables, net |  | 16.7 |
Other receivables |  | 1.9 |
Inventories |  | 16.3 |
Prepaid expenses and other current assets |  | 0.2 |
Property, plant and equipment, net |  | 3.0 |
Operating lease assets |  | 0.1 |
Deferred charges and other |  | 0.9 |
Goodwill |  | 90.7 |
Intangible assets, net |  | 88.6 |
Accounts payable |  | (9.2) |
Accrued wages and salaries |  | (1.5) |
Other current liabilities |  | (7.0) |
Long-term debt, net of current portion |  | (51.0) |
Long-term operating lease liabilities |  | (0.1) |
Deferred income taxes |  | (18.0) |
Other long-term liabilities |  | (1.8) |
Net assets acquired |  | $ | 136.7 |
Schedule of Intangible Assets and Weighted Average Useful Lives | The values allocated to intangible assets and the weighted average useful lives are as follows:
(in millions) |  | Carrying Amount |  | Weighted Average Useful Life (Years)
Tradename |  | $ | 66.0 |  |  | Indefinite
Customer relationships |  | 29.0 |  |  | 13 years
Total intangibles acquired |  | $ | 95.0 |  |  |
The values allocated to intangible assets and the weighted average useful lives are as follows:
(in millions) |  | Carrying Amount |  | Weighted Average Useful Life (Years)
Tradenames |  | $ | 119.0 |  |  | Indefinite
Customer relationships |  | 8.4 |  |  | 14 years
Technology |  | 1.3 |  |  | 11 years
Total intangibles acquired |  | $ | 128.7 |  |  |
The values allocated to intangible assets and the weighted average useful lives are as follows:
(in millions) |  | Carrying Amount |  | Weighted Average Useful Life (Years)
Tradenames |  | $ | 74.3 |  |  | Indefinite
Customer relationships |  | 14.3 |  |  | 12 years
Total intangibles acquired |  | $ | 88.6 |  |  |
Schedule of Pro Forma Information | The following pro forma financial information summarizes the combined results of operations for the Company and the acquired Tristar Business as though the companies were combined as of the beginning of the Company’s fiscal 2021. The unaudited pro forma financial information was as follows:
(in millions) |  | 2022 |  | 2021 |  |  |  |
Proforma net sales |  | $ | 3,332.6 |  |  | $ | 3,588.1 |  |  |  |  |
Proforma net (loss) income from continuing operations |  | (80.4) |  |  | 51.4 |  |  |  |  |
Proforma net income |  | 69.3 |  |  | 225.7 |  |  |  |  |
Proforma diluted earnings from continuing operations per share |  | (1.96) |  |  | 1.19 |  |  |  |  |
Proforma diluted earnings per share |  | 1.69 |  |  | 5.22 |  |  |  |  |

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- Definition Tabular disclosure of finite-lived and indefinite-lived intangible assets acquired as part of a business combination. + References No definition available. + Details
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- Definition Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=79982066&loc=d3e1486-128463 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 + Details
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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=128092470&loc=d3e4845-128472 + Details
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