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ACQUISITIONS (Tables) | 9 Months Ended
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Jul. 03, 2022
Business Combination and Asset Acquisition [Abstract] |
Schedule of Purchase Price Allocation | The calculation of preliminary purchase price is as follows:
(in millions) |  | Amount
Cash paid at closing |  | $ | 314.6 |
Cash received for purchase price settlement |  | (42.2) |
Contingent consideration |  | 30.0 |
Total purchase price |  | $ | 302.4 |
Schedule of Recognized Identified 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) |  | Amount
Cash and cash equivalents |  | $ | 0.3 |
Trade receivables, net |  | 54.2 |
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 |
Deferred charges and other |  | 2.5 |
Goodwill |  | 104.7 |
Intangible assets, net |  | 95.0 |
Accounts payable |  | (52.5) |
Accrued wages and salaries |  | (0.6) |
Other current liabilities |  | (20.6) |
Long-term operating lease liabilities |  | (11.1) |
Net assets acquired |  | $ | 302.4 |
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination | he values allocated to intangible assets and the weighted average useful lives are as follows:
(in millions) |  | Carrying Amount |  | Weighted Average Useful Life (Years)
Tradenames |  | $ | 66.0 |  |  | Indefinite
Customer relationships |  | 29.0 |  |  | 13 years
Total intangibles acquired |  | $ | 95.0 |  |  |
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:
|  | Three Month Periods Ended |  | Nine Month Periods Ended
(in millions) |  | July 3, 2022 |  | July 4, 2021 |  | July 3, 2022 |  | July 4, 2021
Proforma net sales |  | $ | 818.0 |  |  | $ | 839.9 |  |  | $ | 2,583.1 |  |  | $ | 2,687.9 |
Proforma net income (loss) from continuing operations |  | 3.3 |  |  | (2.0) |  |  | (29.9) |  |  | 21.1 |
Proforma net income |  | 33.2 |  |  | 30.6 |  |  | 79.9 |  |  | 151.3 |
Proforma diluted earnings from continuing operations per share |  | 0.08 |  |  | (0.05) |  |  | (0.73) |  |  | 0.49 |
Proforma diluted earnings per share |  | 0.81 |  |  | 0.72 |  |  | 1.95 |  |  | 3.53 |

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- Definition Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(2) -URI https://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(3) -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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